UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21145
----------
SPDR(R) INDEX SHARES FUNDS
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, Massachusetts 02111
(Address of principal executive offices) (zip code)
Ryan M. Louvar, Esq.
State Street Bank and Trust Company
One Lincoln Street - CPH0326
Boston, MA 02111
(Name and address of agent for service)
Copy to:
W. John McGuire, Esq.
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, N.W.
Washington, DC 20004
Registrant's telephone number, including area code: (866) 787-2257
Date of fiscal year end: September 30
Date of reporting period: March 31, 2010
ITEM 1: REPORT TO SHAREHOLDERS
TABLE OF CONTENTS
<Table>
PERFORMANCE & PORTFOLIO SUMMARIES
SPDR(R) STOXX Europe 50(R) ETF (FEU) (formerly SPDR(R) DJ STOXX 50(R)
ETF)................................................................. 1
SPDR(R) EURO STOXX 50(R) ETF (FEZ) (formerly SPDR(R) DJ EURO STOXX 50(R)
ETF)................................................................. 4
SPDR(R) S&P(R) Emerging Asia Pacific ETF (GMF).......................... 7
SPDR(R) S&P(R) Russia ETF (RBL)......................................... 10
SPDR(R) S&P(R) China ETF (GXC).......................................... 11
SPDR(R) S&P(R) Emerging Markets ETF (GMM)............................... 14
SPDR(R) S&P(R) BRIC 40 ETF (BIK)........................................ 17
SPDR(R) S&P(R) Emerging Europe ETF (GUR)................................ 20
SPDR(R) S&P(R) Emerging Latin America ETF (GML)......................... 23
SPDR(R) S&P(R) Emerging Middle East & Africa ETF (GAF).................. 26
SPDR(R) S&P(R) World ex-US ETF (GWL).................................... 29
SPDR(R) S&P(R) International Small Cap ETF (GWX)........................ 32
SPDR(R) Dow Jones International Real Estate ETF (RWX)................... 35
SPDR(R) FTSE/Macquarie Global Infrastructure 100 ETF (GII).............. 38
SPDR(R) MSCI ACWI ex-US ETF (CWI)....................................... 41
SPDR(R) Russell/Nomura PRIME(TM) Japan ETF (JPP)........................ 44
SPDR(R) Russell/Nomura Small Cap(TM) Japan ETF (JSC).................... 47
SPDR(R) S&P(R) International Dividend ETF (DWX)......................... 50
SPDR(R) S&P(R) International Mid Cap ETF (MDD).......................... 53
SPDR(R) S&P(R) Emerging Markets Small Cap ETF (EWX)..................... 56
SPDR(R) Dow Jones Global Real Estate ETF (RWO).......................... 59
SPDR(R) S&P(R) International Consumer Discretionary Sector ETF (IPD).... 62
SPDR(R) S&P(R) International Consumer Staples Sector ETF (IPS).......... 65
SPDR(R) S&P(R) International Energy Sector ETF (IPW).................... 68
SPDR(R) S&P(R) International Financial Sector ETF (IPF)................. 71
SPDR(R) S&P(R) International Health Care Sector ETF (IRY)............... 74
SPDR(R) S&P(R) International Industrial Sector ETF (IPN)................ 77
SPDR(R) S&P(R) International Materials Sector ETF (IRV)................. 80
SPDR(R) S&P(R) International Technology Sector ETF (IPK)................ 83
SPDR(R) S&P(R) International Telecommunications Sector ETF (IST)........ 86
SPDR(R) S&P(R) International Utilities Sector ETF (IPU)................. 89
SCHEDULES OF INVESTMENTS
SPDR(R) STOXX Europe 50(R) ETF (FEU).................................... 92
SPDR(R) EURO STOXX 50(R) ETF (FEZ)...................................... 93
SPDR(R) S&P(R) Emerging Asia Pacific ETF (GMF).......................... 94
SPDR(R) S&P(R) Russia ETF (RBL)......................................... 97
SPDR(R) S&P(R) China ETF (GXC).......................................... 98
SPDR(R) S&P(R) Emerging Markets ETF (GMM)............................... 101
SPDR(R) S&P(R) BRIC 40 ETF (BIK)........................................ 107
SPDR(R) S&P(R) Emerging Europe ETF (GUR)................................ 108
SPDR(R) S&P(R) Emerging Latin America ETF (GML)......................... 110
</Table>
<Table>
SPDR(R) S&P(R) Emerging Middle East & Africa ETF (GAF).................. 112
SPDR(R) S&P(R) World ex-US ETF (GWL).................................... 114
SPDR(R) S&P(R) International Small Cap ETF (GWX)........................ 121
SPDR(R) Dow Jones International Real Estate ETF (RWX)................... 128
SPDR(R) FTSE/Macquarie Global Infrastructure 100 ETF (GII).............. 130
SPDR(R) MSCI ACWI ex-US ETF (CWI)....................................... 132
SPDR(R) Russell/Nomura PRIME(TM) Japan ETF (JPP)........................ 139
SPDR(R) Russell/Nomura Small Cap(TM) Japan ETF (JSC).................... 144
SPDR(R) S&P(R) International Dividend ETF (DWX)......................... 149
SPDR(R) S&P(R) International Mid Cap ETF (MDD).......................... 151
SPDR(R) S&P(R) Emerging Markets Small Cap ETF (EWX)..................... 156
SPDR(R) Dow Jones Global Real Estate ETF (RWO).......................... 160
SPDR(R) S&P(R) International Consumer Discretionary Sector ETF (IPD).... 163
SPDR(R) S&P(R) International Consumer Staples Sector ETF (IPS).......... 165
SPDR(R) S&P(R) International Energy Sector ETF (IPW).................... 166
SPDR(R) S&P(R) International Financial Sector ETF (IPF)................. 167
SPDR(R) S&P(R) International Health Care Sector ETF (IRY)............... 169
SPDR(R) S&P(R) International Industrial Sector ETF (IPN)................ 171
SPDR(R) S&P(R) International Materials Sector ETF (IRV)................. 173
SPDR(R) S&P(R) International Technology Sector ETF (IPK)................ 175
SPDR(R) S&P(R) International Telecommunications Sector ETF (IST)........ 177
SPDR(R) S&P(R) International Utilities Sector ETF (IPU)................. 178
FINANCIAL STATEMENTS...................................................... 180
FINANCIAL HIGHLIGHTS...................................................... 204
NOTES TO FINANCIAL STATEMENTS............................................. 222
OTHER INFORMATION......................................................... 240
</Table>
(Logo/Semi-Annual Report)
SPDR STOXX EUROPE 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 STOXX EUROPE 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.29%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
STOXX STOXX
NET ASSET MARKET EUROPE 50 NET ASSET MARKET EUROPE 50
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 0.24% -0.37% 0.38% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 52.33% 51.65% 52.67% 52.33% 51.65% 52.67%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -20.00% -20.70% -20.04% -7.17% -7.44% -7.18%
----------------------------------------------------------------------------------------------------------------------
FIVE YEARS 11.61% 10.74% 12.16% 2.22% 2.06% 2.32%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 74.40% 73.69% 76.04% 7.74% 7.68% 7.88%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period October 15, 2002 to March 31, 2010.
</Table>
1
(Logo/Semi-Annual Report)
SPDR STOXX EUROPE 50 ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR STOXX EUROPE 50 ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
STOXX 50
SPDR STOXX EUROPE INDEX
EUROPE 50 - US
ETF DOLLAR DENOMINATED
---------- ------------------
10/15/02 10000 10000
12/31/02 10059 9978
3/31/03 9129 9132
6/30/03 11098 11096
9/30/03 11279 11287
12/31/03 13631 13660
3/31/04 13384 13423
6/30/04 13524 13552
9/30/04 13776 13815
12/31/04 15710 15814
3/31/05 15626 15695
6/30/05 15612 15682
9/30/05 16751 16856
12/31/05 16872 16994
3/31/06 18242 18401
6/30/06 18818 18954
9/30/06 19666 19835
12/31/06 21383 21577
3/31/07 21801 22014
6/30/07 23864 24079
9/30/07 24429 24672
12/31/07 24300 24556
3/31/08 21760 21990
6/30/08 21237 21420
9/30/08 17280 17416
12/3/08 13617 13722
3/9/09 11449 11531
6/30/09 14230 14321
9/30/09 17398 17538
12/31/09 18067 18234
3/31/10 17440 17604
</Table>
2
(Logo/Semi-Annual Report)
SPDR STOXX EUROPE 50 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------
DESCRIPTION NESTLE SA BP PLC HSBC HOLDINGS PLC NOVARTIS AG TOTAL SA
---------------------------------------------------------------------------------------------------------
MARKET VALUE $2,253,732 2,248,977 2,234,567 1,677,578 1,611,509
---------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.0% 5.0 5.0 3.7 3.6
---------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 17.2%
Pharmaceuticals 15.5
Oil, Gas & Consumable Fuels 14.7
Metals & Mining 7.3
Food Products 6.3
Diversified Telecommunication
Services 5.2
Capital Markets 4.6
Insurance 3.6
Wireless Telecommunication
Services 3.4
Electric Utilities 3.0
Communications Equipment 2.5
Industrial Conglomerates 2.5
Multi-Utilities 2.5
Tobacco 2.0
Chemicals 1.6
Food & Staples Retailing 1.5
Electrical Equipment 1.4
Automobiles 1.2
Beverages 1.2
Software 1.2
Diversified Financial Services 1.1
Short Term Investments 5.4
Other Assets & Liabilities (4.9)
-----------------------------------------------
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. (Note 2)
</Table>
3
(Logo/Semi-Annual Report)
SPDR 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 EURO STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.29%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
EURO EURO
NET ASSET MARKET STOXX 50 NET ASSET MARKET STOXX 50
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS -4.97% -5.47% -4.90% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 49.53% 49.02% 49.42% 49.53% 49.02% 49.42%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -20.82% -21.25% -21.44% -7.48% -7.66% -7.73%
----------------------------------------------------------------------------------------------------------------------
FIVE YEARS 16.46% 16.90% 15.63% 3.10% 3.17% 2.95%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 99.90% 99.44% 98.26% 9.73% 9.70% 9.61%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period October 15, 2002 to March 31, 2010.
</Table>
4
(Logo/Semi-Annual Report)
SPDR EURO STOXX 50 ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR EURO STOXX 50 ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
EURO STOXX
SPDR EURO 50 INDEX
STOXX 50 - US
ETF DOLLAR DENOMINATED
--------- ------------------
10/15/02 10000 10000
12/31/02 10343 10283
3/31/03 9148 9156
6/30/03 11657 11641
9/30/03 11746 11732
12/31/03 14658 14657
3/31/04 14443 14452
6/30/04 14685 14664
9/30/04 14590 14562
12/31/04 17299 17325
3/31/05 17161 17147
6/30/05 16958 16927
9/30/05 18211 18212
12/31/05 18626 18636
3/31/06 20603 20633
6/30/06 21028 21004
9/30/06 22306 22297
12/31/06 24591 24595
3/31/07 25448 25238
6/30/07 28094 28022
9/30/07 28944 28868
12/31/07 29961 29884
3/31/08 26801 26755
6/30/08 25335 25184
9/30/08 20550 20415
12/3/08 16486 16365
3/9/09 13366 13269
6/30/09 16849 16679
9/30/09 21036 20847
12/31/09 21408 21224
3/31/10 19990 19826
</Table>
5
(Logo/Semi-Annual Report)
SPDR EURO STOXX 50 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-----------------------------------------------------------------------------------------------------------------
DESCRIPTION TOTAL SA BANCO SANTANDER SA TELEFONICA SA SIEMENS AG SANOFI-AVENTIS
-----------------------------------------------------------------------------------------------------------------
MARKET VALUE $9,038,464 7,714,593 6,917,278 6,151,776 5,837,619
-----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.8% 4.9 4.4 3.9 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 17.8%
Oil, Gas & Consumable Fuels 9.3
Diversified Telecommunication
Services 9.0
Insurance 7.8
Electric Utilities 6.5
Pharmaceuticals 6.3
Industrial Conglomerates 5.4
Chemicals 4.0
Multi-Utilities 4.0
Food Products 3.8
Communications Equipment 2.7
Diversified Financial Services 2.4
Capital Markets 2.2
Electrical Equipment 2.0
Software 2.0
Automobiles 1.9
Metals & Mining 1.8
Beverages 1.7
Media 1.5
Construction & Engineering 1.4
Textiles, Apparel & Luxury
Goods 1.4
Food & Staples Retailing 1.3
Personal Products 1.2
Building Products 0.9
Construction Materials 0.8
Real Estate Investment Trusts 0.8
Short Term Investments 0.7
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. (Note 2)
</Table>
6
(Logo/Semi-Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING ASIA PACIFIC ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 9.13% 9.16% 10.01% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 71.58% 70.96% 77.87% 71.58% 70.96% 77.87%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS 26.47% 27.36% 26.19% 8.14% 8.40% 8.06%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 28.87% 29.22% 29.67% 8.72% 8.82% 8.93%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to March 31, 2010.
</Table>
7
(Logo/Semi-Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING ASIA PACIFIC ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P ASIA
SPDR S&P PACIFIC EMERGING
EMERGING ASIA BMI INDEX
PACIFIC ETF
------------- ----------------
3/20/07 10000 10000
3/31/07 10190 10276
4/30/07 10650 10718
5/31/07 11261 11400
6/30/07 12073 12233
7/31/07 12790 13117
8/31/07 12853 13016
9/30/07 14502 14702
10/31/07 16435 16401
11/30/07 14889 14924
12/31/07 14763 14986
1/31/08 12700 12746
2/29/08 13579 13726
3/31/08 12734 12793
4/30/08 13877 13876
5/31/08 13335 13255
6/30/08 11729 11504
7/31/08 11657 11460
8/31/08 11116 10950
9/30/08 9143 8881
10/1/08 7040 6805
11/2/08 6707 6476
12/3/08 7319 7064
1/9/09 6758 6564
2/9/09 6557 6426
3/9/09 7511 7288
4/30/09 8766 8471
5/31/09 10370 10206
6/30/09 10235 10126
7/9/09 11317 11266
8/31/09 10925 10865
9/30/09 11809 11784
10/31/09 11715 11773
11/30/09 12224 12303
12/31/09 12737 12817
1/31/10 11919 12028
2/28/10 12032 12059
3/31/10 12887 12967
</Table>
8
(Logo/Semi-Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
------------------------------------------------------------------------------------------------------------------------
CHINA TAIWAN SEMICONDUCTOR CHINA LIFE RELIANCE
DESCRIPTION MOBILE, LTD. MANUFACTURING CO., LTD. ADR INSURANCE CO., LTD. INDUSTRIES, LTD. GDR
------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $20,310,103 18,983,784 15,822,986 15,646,539
------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.2% 3.0 2.5 2.5
------------------------------------------------------------------------------------------------------------------------
------------------------------------------
DESCRIPTION CNOOC, LTD.
------------------------------------------
MARKET VALUE 13,085,761
------------------------------------------
% 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY ** NET ASSETS
-----------------------------------------------
Commercial Banks 13.0%
Oil, Gas & Consumable Fuels 11.9
Semiconductors & Semiconductor
Equipment 8.1
Wireless Telecommunication
Services 5.6
Computers & Peripherals 4.7
Electronic Equipment,
Instruments & Components 4.6
Insurance 4.2
Automobiles 3.7
Internet Software & Services 3.7
Metals & Mining 3.4
Chemicals 3.2
IT Services 2.9
Real Estate Management &
Development 2.8
Transportation Infrastructure 2.3
Construction & Engineering 2.1
Diversified Telecommunication
Services 1.9
Electrical Equipment 1.9
Food Products 1.9
Hotels, Restaurants & Leisure 1.8
Capital Markets 1.6
Marine 1.4
Construction Materials 1.2
Diversified Financial Services 1.2
Thrifts & Mortgage Finance 1.1
Energy Equipment & Services 1.0
Electric Utilities 0.9
Independent Power Producers &
Energy Traders 0.9
Industrial Conglomerates 0.9
Airlines 0.7
Textiles, Apparel & Luxury
Goods 0.7
Household Products 0.6
Beverages 0.5
Food & Staples Retailing 0.5
Gas Utilities 0.5
Machinery 0.5
Pharmaceuticals 0.5
Health Care Providers &
Services 0.4
Media 0.4
Building Products 0.3
Tobacco 0.2
Health Care Equipment &
Supplies 0.1
Household Durables 0.1
Paper & Forest Products 0.1
Short Term Investments 2.8
Other Assets & Liabilities (2.8)
-----------------------------------------------
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. (Note 2)
</Table>
9
(Logo/Semi-Annual Report)
SPDR S&P RUSSIA ETF --
PORTFOLIO SUMMARY
The Fund commenced operations during the reporting period and therefore does not
have performance history to provide in this report.
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------
MOBILE TELESYSTEMS NORILSK
DESCRIPTION GAZPROM ADR LUKOIL OAO ADR SBERBANK GDR OJSC ADR NICKEL ADR
----------------------------------------------------------------------------------------------------------------
MARKET VALUE $820,476 399,849 387,451 349,650 284,913
----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 17.7% 8.6 8.4 7.6 6.2
----------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 41.5%
Metals & Mining 16.0
Commercial Banks 10.9
Wireless Telecommunication
Services 9.6
Food & Staples Retailing 4.8
Diversified Telecommunication
Services 4.6
Electric Utilities 3.4
Food Products 1.9
Chemicals 1.6
Pharmaceuticals 1.3
Energy Equipment & Services 1.0
Media 0.7
Household Durables 0.5
Short Term Investments 0.2
Other Assets & Liabilities 2.0
-----------------------------------------------
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. (Note 2)
</Table>
10
(Logo/Semi-Annual Report)
SPDR S&P CHINA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P CHINA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 8.61% 8.31% 10.07% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 61.81% 61.39% 64.76% 61.81% 61.39% 64.76%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS 38.01% 39.28% 38.91% 11.34% 11.68% 11.58%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 42.89% 42.93% 44.09% 12.49% 12.50% 12.81%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to March 31, 2010.
</Table>
11
(Logo/Semi-Annual Report)
SPDR S&P CHINA ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P CHINA ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P CHINA
CHINA ETF BMI INDEX
--------- ---------
3/20/07 10000 10000
3/31/07 10354 10373
4/30/07 10718 10820
5/31/07 11549 11742
6/30/07 12837 12985
7/31/07 14139 14345
8/31/07 15072 15260
9/30/07 18062 18288
10/31/07 21099 21241
11/30/07 18484 18548
12/31/07 17665 17839
1/31/08 13857 14020
2/29/08 15214 15336
3/31/08 13298 13441
4/30/08 15517 15470
5/31/08 14889 14883
6/30/08 13088 13030
7/31/08 13344 13279
8/31/08 12440 12240
9/30/08 9888 9751
10/31/08 7646 7479
11/30/08 7839 7687
12/31/08 8712 8523
1/31/09 7945 7836
2/28/09 7688 7623
3/31/09 8831 8746
4/30/09 9920 9833
5/31/09 11667 11626
6/30/09 12021 12075
7/31/09 13450 13438
8/31/09 12510 12481
9/30/09 13157 13092
10/31/09 13899 13803
11/30/09 14316 14308
12/31/09 14410 14458
1/31/10 13151 13231
2/28/10 13580 13662
3/31/10 14289 14409
</Table>
12
(Logo/Semi-Annual Report)
SPDR S&P CHINA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
------------------------------------------------------------------------------------------------------------------------
CHINA CHINA LIFE INDUSTRIAL & COMMERCIAL CHINA CONSTRUCTION
DESCRIPTION MOBILE, LTD. INSURANCE CO., LTD. BANK OF CHINA BANK CORP.
------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $47,557,791 34,686,208 29,973,207 26,632,679
------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.5% 6.2 5.3 4.7
------------------------------------------------------------------------------------------------------------------------
---------------------------------------
PETROCHINA
DESCRIPTION CO., LTD.
---------------------------------------
MARKET VALUE 24,214,893
---------------------------------------
% OF NET ASSETS 4.3
---------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 16.6%
Oil, Gas & Consumable Fuels 15.8
Insurance 9.3
Wireless Telecommunication
Services 8.5
Internet Software & Services 7.2
Real Estate Management &
Development 5.5
Food Products 3.9
Metals & Mining 2.9
Transportation Infrastructure 2.7
Diversified Telecommunication
Services 2.5
Construction & Engineering 2.2
Industrial Conglomerates 2.0
Automobiles 1.8
Marine 1.6
Electronic Equipment,
Instruments & Components 1.4
Hotels, Restaurants & Leisure 1.4
Independent Power Producers &
Energy Traders 1.4
Textiles, Apparel & Luxury
Goods 1.3
Electrical Equipment 1.1
Construction Materials 0.9
Food & Staples Retailing 0.9
Computers & Peripherals 0.8
Machinery 0.8
Communications Equipment 0.7
Multiline Retail 0.7
Paper & Forest Products 0.7
Diversified Consumer Services 0.6
Energy Equipment & Services 0.6
Airlines 0.5
Chemicals 0.5
Health Care Equipment &
Supplies 0.5
Semiconductors & Semiconductor
Equipment 0.5
Beverages 0.4
Gas Utilities 0.3
Media 0.3
Software 0.3
Specialty Retail 0.3
Water Utilities 0.3
IT Services 0.2
Road & Rail 0.2
Commercial Services & Supplies 0.0***
Short Term Investments 1.6
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 except for China Milk
Products Group, Ltd., which was Level 2 and part of the Food Products
Industry, representing less than 0.05% of net assets. (Note 2)
*** Amount shown represents less than 0.05% of net assets.
</Table>
13
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MARKETS ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING MARKETS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF
THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 11.74% 11.59% 13.09% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 79.51% 79.69% 86.40% 79.51% 79.69% 86.40%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS 21.14% 22.15% 21.49% 6.60% 6.90% 6.71%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 25.23% 25.59% 26.22% 7.70% 7.80% 7.97%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to March 31, 2010.
</Table>
14
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MARKETS ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MARKETS ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P
EMERGING MARKETS S&P EMERGING
ETF BMI INDEX
---------------- ------------
3/20/07 10000 10000
3/31/07 10338 10389
4/30/07 10818 10863
5/31/07 11292 11357
6/30/07 11823 11927
7/31/07 12305 12467
8/31/07 12155 12226
9/30/07 13520 13574
10/31/07 15145 15077
11/30/07 14084 14145
12/31/07 14134 14293
1/31/08 12447 12515
2/29/08 13328 13473
3/31/08 12706 12785
4/30/08 13773 13743
5/31/08 14123 14065
6/30/08 12779 12675
7/31/08 12301 12202
8/31/08 11497 11337
9/30/08 9494 9237
10/31/08 6968 6706
11/30/08 6536 6276
12/31/08 6946 6652
1/31/09 6403 6197
2/28/09 6196 6003
3/31/09 6976 6771
4/30/09 8174 7889
5/31/09 9622 9464
6/30/09 9462 9347
7/31/09 10421 10279
8/31/09 10393 10276
9/30/09 11208 11160
10/31/09 11267 11257
11/30/09 11859 11813
12/31/09 12296 12281
1/31/10 11531 11635
2/28/10 11615 11689
3/31/10 12523 12622
</Table>
15
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MARKETS ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------------------------------------------
AMERICA
PETROLEO BRASILEIRO ITAU UNIBANCO MOVIL
DESCRIPTION GAZPROM OAO ADR SA ADR VALE SA ADR HOLDING SA ADR SAB DE CV
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $3,490,518 5,219,451 4,892,226 2,539,581 2,502,528
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 2.5% 3.8 3.6 1.8 1.8
--------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 16.6%
Commercial Banks 14.7
Metals & Mining 10.8
Wireless Telecommunication
Services 6.6
Semiconductors & Semiconductor
Equipment 3.2
Pharmaceuticals 2.5
Insurance 2.3
Diversified Telecommunication
Services 2.1
Beverages 2.0
Chemicals 1.8
Computers & Peripherals 1.7
Food Products 1.6
Industrial Conglomerates 1.6
Real Estate Management &
Development 1.6
Construction & Engineering 1.5
Diversified Financial Services 1.5
Electric Utilities 1.5
IT Services 1.5
Electronic Equipment,
Instruments & Components 1.4
Internet Software & Services 1.4
Automobiles 1.3
Food & Staples Retailing 1.3
Construction Materials 1.2
Media 1.2
Specialty Retail 1.0
Hotels, Restaurants & Leisure 0.9
Multiline Retail 0.9
Independent Power Producers &
Energy Traders 0.8
Transportation Infrastructure 0.8
Electrical Equipment 0.7
Capital Markets 0.6
Thrifts & Mortgage Finance 0.6
Household Durables 0.5
Machinery 0.5
Marine 0.5
Software 0.5
Airlines 0.4
Gas Utilities 0.4
Household Products 0.4
Paper & Forest Products 0.4
Tobacco 0.4
Leisure Equipment & Products 0.3
Personal Products 0.3
Communications Equipment 0.2
Energy Equipment & Services 0.2
Textiles, Apparel & Luxury
Goods 0.2
Water Utilities 0.2
Aerospace & Defense 0.1
Consumer Finance 0.1
Distributors 0.1
Health Care Providers &
Services 0.1
Professional Services 0.1
Road & Rail 0.1
Trading Companies &
Distributors 0.1
Air Freight & Logistics 0.0***
Biotechnology 0.0***
Building Products 0.0***
Short Term Investments 11.9
Other Assets & Liabilities (7.2)
-----------------------------------------------
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 except for Bajaj Holdings
& Investment, Ltd., which was Level 2 and part of the Diversified
Financial Services Industry, Banque Marocaine pour le Commerce et
l'Industrie SA, which was Level 2 and part of the Commercial Banks
Industry, Orascom which was Level 2 and part of the Wireless
Telecommunication Services Industry and BF Investment, Ltd., which was
Level 2 and part of the Independent Power Producers & Energy Traders
Industry, each representing less than 0.05% of net assets. (Note 2)
*** Amount represents less than 0.05% of net assets.
</Table>
16
(Logo/Semi-Annual Report)
SPDR S&P BRIC 40 ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (6/19/07, 6/22/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P BRIC 40 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 9.66% 9.37% 9.94% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 73.65% 74.54% 74.78% 73.65% 74.54% 74.78%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 9.67% 10.24% 10.88% 3.37% 3.56% 3.78%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period June 19, 2007 to March 31, 2010.
</Table>
17
(Logo/Semi-Annual Report)
SPDR S&P BRIC 40 ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P BRIC 40 ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P
BRIC 40 S&P BRIC
ETF 40 INDEX
-------- --------
6/19/07 10000 10000
6/30/07 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 13090 13139
5/31/08 13661 13731
6/30/08 12418 12473
7/31/08 11671 11722
8/31/08 10591 10639
9/30/08 8464 8510
10/1/08 6165 6173
11/2/08 5882 5893
12/3/08 6058 6073
1/9/09 5624 5640
2/9/09 5560 5576
3/9/09 6316 6344
4/30/09 7313 7350
5/31/09 8821 8870
6/30/09 8576 8625
7/9/09 9280 9339
8/31/09 9111 9173
9/30/09 10001 10086
10/31/09 10361 10454
11/30/09 10852 10954
12/31/09 10976 11073
1/31/10 10065 10166
2/28/10 10240 10344
3/31/10 10967 11088
</Table>
18
(Logo/Semi-Annual Report)
SPDR S&P BRIC 40 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------------------------------------------------------
GAZPROM CHINA PETROLEO BRASILEIRO SA VALE SA PREFERENCE ITAU UNIBANCO
DESCRIPTION OAO ADR MOBILE, LTD. PREFERENCE SHARES ADR SHARES ADR HOLDING SA ADR
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $41,129,763 28,341,880 27,535,840 25,510,382 21,036,140
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 9.4% 6.5 6.3 5.8 4.8
--------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 35.3%
Commercial Banks 25.4
Metals & Mining 10.9
Wireless Telecommunication
Services 9.3
Insurance 5.5
Internet Software & Services 4.2
IT Services 3.3
Diversified Telecommunication
Services 2.9
Beverages 1.6
Real Estate Management &
Development 1.0
Electric Utilities 0.6
Short Term Investments 12.1
Other Assets & Liabilities (12.1)
-----------------------------------------------
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. (Note 2)
</Table>
19
(Logo/Semi-Annual Report)
SPDR S&P EMERGING EUROPE ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING EUROPE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 15.35% 13.75% 18.86% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 100.48% 101.45% 116.35% 100.48% 101.45% 116.35%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -18.45% -18.53% -16.49% -6.57% -6.60% -5.83%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -13.57% -13.38% -11.67% -4.70% -4.63% -4.02%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to March 31, 2010.
</Table>
20
(Logo/Semi-Annual Report)
SPDR S&P EMERGING EUROPE ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING EUROPE ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P EUROPEAN
EMERGING EUROPE EMERGING CAPPED
ETF BMI INDEX
--------------- ---------------
3/20/07 10000 10000
3/31/07 10598 10577
4/30/07 10796 10655
5/31/07 10316 10385
6/30/07 11059 11109
7/31/07 11387 11588
8/31/07 10877 11120
9/30/07 11874 12055
10/31/07 12861 13155
11/30/07 12586 13063
12/31/07 13046 13553
1/31/07 10899 11377
2/29/08 11418 12109
3/31/08 11352 11803
4/30/08 11696 12140
5/31/08 13053 13562
6/30/08 12153 12547
7/31/08 11429 11601
8/31/08 9822 10020
9/30/08 7903 7900
10/1/08 5424 5140
11/2/08 4677 4420
12/3/08 4541 4254
1/9/09 3822 3611
2/9/09 3723 3424
3/9/09 4311 4083
4/30/09 5250 5009
5/31/09 6468 6162
6/30/09 5946 5859
7/9/09 6613 6388
8/31/09 6963 6748
9/30/09 7493 7431
10/31/09 7749 7648
11/30/09 7843 7759
12/31/09 8289 8162
1/31/10 8318 8360
2/28/10 7795 7906
3/31/10 8643 8833
</Table>
21
(Logo/Semi-Annual Report)
SPDR S&P EMERGING EUROPE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------------------------------
DESCRIPTION GAZPROM ADR LUKOIL OAO ADR SBERBANK MOBILE TELESYSTEMS OJSC ADR
--------------------------------------------------------------------------------------------------------
MARKET VALUE $41,070,843 16,483,314 13,788,853 12,062,204
--------------------------------------------------------------------------------------------------------
% OF NET ASSETS 17.0% 6.8 5.7 5.0
--------------------------------------------------------------------------------------------------------
--------------------------------------------------
DESCRIPTION ROSNEFT OIL CO. GDR
--------------------------------------------------
MARKET VALUE 11,228,238
--------------------------------------------------
% OF NET ASSETS 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 39.2%
Commercial Banks 21.2
Metals & Mining 12.0
Wireless Telecommunication
Services 6.2
Diversified Telecommunication
Services 5.8
Electric Utilities 2.3
Media 1.7
Household Durables 1.5
Industrial Conglomerates 1.5
Chemicals 1.2
Airlines 1.0
Pharmaceuticals 1.0
Beverages 0.8
Diversified Financial Services 0.7
Construction & Engineering 0.5
Real Estate Management &
Development 0.5
Distributors 0.4
Energy Equipment & Services 0.4
Insurance 0.3
Software 0.3
Auto Components 0.2
Building Products 0.2
Electronic Equipment,
Instruments & Components 0.2
Hotels, Restaurants & Leisure 0.2
Biotechnology 0.1
Short Term Investments 4.8
Other Assets & Liabilities (4.2)
-----------------------------------------------
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. (Note 2)
</Table>
22
(Logo/Semi-Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING LATIN AMERICA ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.60%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P LATIN S&P LATIN
NET ASSET MARKET AMERICA NET ASSET MARKET AMERICA
VALUE VALUE BMI INDEX VALUE VALUE BMI INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 15.46% 15.78% 15.22% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 102.56% 104.00% 101.64% 102.56% 104.00% 101.64%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS 42.36% 43.77% 44.94% 12.49% 12.87% 13.17%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 47.08% 47.87% 50.84% 13.57% 13.77% 14.52%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to March 31, 2010.
</Table>
23
(Logo/Semi-Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING LATIN AMERICA ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P LATIN
EMERGING LATIN AMERICA BMI
AMERICA ETF INDEX
-------------- -----------
3/20/07 10000 10000
3/31/07 10332 10407
4/30/07 10965 11050
5/31/07 12151 12210
6/30/07 12422 12580
7/31/07 12577 12803
8/31/07 12196 12391
9/30/07 13648 13850
10/31/07 15185 15452
11/30/07 14297 14592
12/31/07 14332 14711
1/31/08 13705 13749
2/29/08 14802 14980
3/31/08 14320 14446
4/30/08 15688 15782
5/31/08 16912 17185
6/30/08 15540 15887
7/31/08 14348 14705
8/31/08 13239 13505
9/30/08 10890 10880
10/1/08 7325 7448
11/2/08 6869 6967
12/3/08 7098 7139
1/9/09 7013 7151
2/9/09 6614 6792
3/9/09 7261 7481
4/30/09 8523 8808
5/31/09 10316 10658
6/30/09 10137 10429
7/9/09 11118 11401
8/31/09 11373 11762
9/30/09 12739 13092
10/31/09 13016 13378
11/30/09 14264 14493
12/31/09 14562 14848
1/31/10 13138 13590
2/28/10 13747 14149
3/31/10 14708 15084
</Table>
24
(Logo/Semi-Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
------------------------------------------------------------------------------------------------------------
PETROLEO BRASILEIRO VALE AMERICA MOVIL ITAU UNIBANCO HOLDING SA
DESCRIPTION SA ADR SA ADR SAB DE CV PREFERENCE SHARES
------------------------------------------------------------------------------------------------------------
MARKET VALUE $22,931,015 22,507,468 10,703,921 9,763,494
------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.0% 12.8 6.1 5.5
------------------------------------------------------------------------------------------------------------
---------------------------------------------
BANCO BRADESCO
DESCRIPTION SA ADR
---------------------------------------------
MARKET VALUE 6,421,528
---------------------------------------------
% OF NET ASSETS 3.6
---------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 25.5%
Commercial Banks 16.3
Oil, Gas & Consumable Fuels 13.8
Wireless Telecommunication
Services 7.2
Beverages 4.7
Food & Staples Retailing 3.4
Electric Utilities 3.1
Diversified Telecommunication
Services 2.7
Food Products 2.5
Multiline Retail 2.5
Industrial Conglomerates 2.4
Paper & Forest Products 2.3
Independent Power Producers &
Energy Traders 1.5
Media 1.5
Household Durables 1.4
Transportation Infrastructure 1.3
Diversified Financial Services 1.1
Construction Materials 1.0
Airlines 0.8
Household Products 0.8
Tobacco 0.6
Chemicals 0.5
Construction & Engineering 0.5
Personal Products 0.5
Aerospace & Defense 0.4
Internet & Catalog Retail 0.4
Water Utilities 0.4
Real Estate Management &
Development 0.2
Short Term Investments 17.8
Other Assets & Liabilities (17.1)
-----------------------------------------------
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. (Note 2)
</Table>
25
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P MID-EAST S&P MID-EAST
AND AND
NET ASSET MARKET AFRICA BMI NET ASSET MARKET AFRICA BMI
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 15.18% 14.15% 16.18% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 68.14% 67.01% 68.73% 68.14% 67.01% 68.73%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS 17.37% 17.82% 22.06% 5.48% 5.62% 6.87%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 22.68% 22.99% 27.78% 6.97% 7.06% 8.42%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period March 20, 2007 to March 31, 2010.
</Table>
26
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P MID-
EMERGING MIDDLE EAST &
EAST & AFRICA BMI
AFRICA ETF INDEX
--------------- ----------
3/20/07 10000 10000
3/31/07 10452 10469
4/30/07 11246 11263
5/31/07 11080 11158
6/30/07 10891 11037
7/31/07 10943 11092
8/31/07 10878 10957
9/30/07 11583 11653
10/31/07 12810 12921
11/30/07 12177 12474
12/31/07 12042 12467
1/31/08 10888 11424
2/29/08 11521 12178
3/31/08 10818 11523
4/30/08 11773 12305
5/31/08 12014 12508
6/30/08 11245 11640
7/31/08 11260 11555
8/31/08 10780 11029
9/30/08 9340 9663
10/1/08 7178 7372
11/2/08 6861 7078
12/3/08 7611 7819
1/9/09 6785 7020
2/9/09 6634 6886
3/9/09 7296 7573
4/30/09 8083 8358
5/31/09 9174 9472
6/30/09 9372 9682
7/9/09 10002 10345
8/31/09 10368 10710
9/30/09 10651 10998
10/31/09 10669 11026
11/30/09 11003 11403
12/31/09 11582 11980
1/31/10 11252 11683
2/28/10 11259 11726
3/31/10 12268 12778
</Table>
27
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------------------------
TEVA PHARMACEUTICAL STANDARD BANK IMPALA PLATINUM
DESCRIPTION INDUSTRIES, LTD. SASOL, LTD. MTN GROUP, LTD. GROUP, LTD. HOLDINGS, LTD.
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $15,976,946 7,287,664 7,193,578 5,039,391 4,926,667
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 12.0% 5.5 5.4 3.8 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 16.2%
Metals & Mining 14.5
Pharmaceuticals 13.8
Wireless Telecommunication
Services 6.8
Diversified Financial Services 6.2
Oil, Gas & Consumable Fuels 5.7
Media 3.8
Industrial Conglomerates 3.4
Chemicals 3.0
Food & Staples Retailing 2.8
Real Estate Management &
Development 2.7
Construction & Engineering 2.5
Specialty Retail 2.4
Insurance 2.0
Software 2.0
Diversified Telecommunication
Services 1.5
Construction Materials 1.2
Aerospace & Defense 1.1
Capital Markets 1.1
Food Products 1.1
Household Durables 0.9
Health Care Providers &
Services 0.7
Multiline Retail 0.7
Distributors 0.6
Tobacco 0.6
Semiconductors & Semiconductor
Equipment 0.5
Electronic Equipment,
Instruments & Components 0.4
Hotels, Restaurants & Leisure 0.3
Marine 0.3
Electrical Equipment 0.2
Paper & Forest Products 0.2
Health Care Equipment &
Supplies 0.1
Internet Software & Services 0.1
Trading Companies &
Distributors 0.1
Communications Equipment 0.0***
Short Term Investments 6.1
Other Assets & Liabilities (5.6)
-----------------------------------------------
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 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. (Note 2)
*** Amount represents less than 0.05% of net assets.
</Table>
28
(Logo/Semi-Annual Report)
SPDR S&P WORLD EX-US ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P WORLD EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.34%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 3.82% 3.34% 4.30% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 55.14% 54.26% 59.59% 55.14% 54.26% 59.59%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -20.62% -20.52% -19.62% -7.53% -7.49% -7.15%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period April 20, 2007 to March 31, 2010.
</Table>
29
(Logo/Semi-Annual Report)
SPDR S&P WORLD EX-US ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P WORLD EX-US ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
WORLD EX-US EX-US BMI
ETF INDEX (B)
----------- -------------
4/20/07 10000 10000
4/30/07 9982 9986
5/31/07 10190 10234
6/30/07 10233 10248
7/31/07 10132 10164
8/31/07 9936 9963
9/30/07 10454 10497
10/31/07 10900 10982
11/30/07 10473 10501
12/31/07 10237 10289
1/31/08 9332 9333
2/29/08 9495 9543
3/31/08 9369 9407
4/30/08 9865 9902
5/31/08 10031 10070
6/30/08 9228 9272
7/31/08 8899 8935
8/31/08 8520 8560
9/30/08 7304 7314
10/31/08 5847 5733
11/30/08 5528 5410
12/31/08 5853 5740
1/31/09 5334 5230
2/28/09 4776 4695
3/31/09 5117 5036
4/30/09 5781 5718
5/31/09 6472 6453
6/30/09 6414 6404
7/31/09 7023 7009
8/31/09 7322 7365
9/30/09 7646 7706
10/31/09 7490 7569
11/30/09 7672 7748
12/31/09 7804 7886
1/31/10 7464 7546
2/28/10 7438 7534
3/31/10 7938 8038
</Table>
30
(Logo/Semi-Annual Report)
SPDR S&P WORLD EX-US ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------------------------
SAMSUNG ELECTRONICS ROYAL DUTCH
DESCRIPTION BHP BILLITON, LTD. CO., LTD. GDR BP PLC SHELL PLC HSBC HOLDINGS PLC
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,696,253 1,605,240 1,369,196 1,346,297 1,249,639
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.6% 1.5 1.3 1.3 1.2
---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 13.6%
Oil, Gas & Consumable Fuels 8.2
Metals & Mining 6.9
Pharmaceuticals 5.3
Insurance 4.4
Chemicals 3.2
Diversified Telecommunication
Services 2.8
Machinery 2.6
Food Products 2.5
Semiconductors & Semiconductor
Equipment 2.3
Automobiles 2.2
Capital Markets 2.1
Electric Utilities 2.1
Food & Staples Retailing 2.1
Real Estate Management &
Development 2.1
Industrial Conglomerates 2.0
Wireless Telecommunication
Services 1.9
Construction & Engineering 1.7
Electronic Equipment,
Instruments & Components 1.7
Trading Companies &
Distributors 1.6
Beverages 1.5
Electrical Equipment 1.5
Health Care Equipment &
Supplies 1.4
Media 1.3
Energy Equipment & Services 1.2
Multi-Utilities 1.2
Road & Rail 1.2
Specialty Retail 1.2
Diversified Financial Services 1.1
Hotels, Restaurants & Leisure 1.0
Household Durables 1.0
Textiles, Apparel & Luxury
Goods 1.0
Real Estate Investment Trusts 0.9
Building Products 0.8
Tobacco 0.8
Commercial Services & Supplies 0.7
Aerospace & Defense 0.6
Auto Components 0.6
Communications Equipment 0.6
Computers & Peripherals 0.6
Marine 0.6
Software 0.6
Transportation Infrastructure 0.6
Gas Utilities 0.5
IT Services 0.5
Multiline Retail 0.5
Office Electronics 0.5
Professional Services 0.5
Construction Materials 0.4
Health Care Providers &
Services 0.4
Household Products 0.4
Air Freight & Logistics 0.3
Paper & Forest Products 0.3
Biotechnology 0.2
Consumer Finance 0.2
Distributors 0.2
Leisure Equipment & Products 0.2
Life Sciences Tools & Services 0.2
Personal Products 0.2
Airlines 0.1
Containers & Packaging 0.1
Independent Power Producers &
Energy Traders 0.1
Short Term Investments 15.1
Other Assets & Liabilities (14.2)
-----------------------------------------------
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 except for Nippon Mining
Holdings, Inc. and Nippon Oil Corp., which were Level 2 and part of the
Oil, Gas & Consumable Fuels Industry, Sompo Japan Insurance, Inc., which
was Level 2 and part of the Insurance Industry and Anglo Irish Bank Corp.
PLC, which was Level 3 and part of the Commercial Banks Industry,
representing 0.09%, 0.10%, 0.13% and 0.00% of net assets, respectively.
(Note 2)
</Table>
31
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL SMALL CAP ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
UNDER USD2 UNDER USD2
NET ASSET MARKET BILLION NET ASSET MARKET BILLION
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 5.09% 5.27% 6.06% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 67.47% 68.75% 69.25% 67.47% 68.75% 69.25%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -20.77% -20.27% -21.32% -7.60% -7.40% -7.81%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period April 20, 2007 to March 31, 2010.
</Table>
32
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL SMALL CAP ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. UNDER
INTERNATIONAL SMALL USD2 BILLION
CAP ETF INDEX
------------------- -------------
4/20/07 10000 10000
4/30/07 10053 10057
5/31/07 10261 10292
6/30/07 10250 10312
7/31/07 10368 10408
8/31/07 9927 9917
9/30/07 10315 10290
10/31/07 10885 10827
11/30/07 10053 9972
12/31/07 9776 9705
1/31/08 8878 8776
2/29/08 9238 9182
3/31/08 9154 8971
4/30/08 9356 9178
5/31/08 9523 9420
6/30/08 8849 8756
7/31/08 8484 8329
8/31/08 8104 7896
9/30/08 6826 6630
10/1/08 5150 4976
11/2/08 4923 4753
12/3/08 5332 5136
1/9/09 4969 4850
2/9/09 4440 4344
3/9/09 4731 4650
4/30/09 5441 5317
5/31/09 6181 6099
6/30/09 6283 6186
7/9/09 6730 6625
8/31/09 7216 7066
9/30/09 7539 7420
10/31/09 7423 7319
11/30/09 7432 7354
12/31/09 7544 7483
1/31/10 7413 7358
2/28/10 7410 7368
3/31/10 7923 7868
</Table>
33
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------
CAFE DE CORAL HONG LEONG
DESCRIPTION SHOCHIKU CO., LTD. HOLDINGS, LTD. FINANCE, LTD. UNI-SELECT, INC.
---------------------------------------------------------------------------------------------------------
MARKET VALUE $3,563,613 3,436,883 3,389,231 3,013,509
---------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.6% 0.6 0.6 0.5
---------------------------------------------------------------------------------------------------------
------------------------------------------------
DESCRIPTION HAW PAR CORP., LTD.
------------------------------------------------
MARKET VALUE 2,995,676
------------------------------------------------
% OF NET ASSETS 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 6.5%
Machinery 5.7
Oil, Gas & Consumable Fuels 4.4
Commercial Banks 4.0
Real Estate Management &
Development 3.6
Specialty Retail 3.6
Chemicals 3.5
Electronic Equipment,
Instruments & Components 3.5
Hotels, Restaurants & Leisure 3.4
Real Estate Investment Trusts 3.4
Media 3.3
Capital Markets 3.1
Commercial Services & Supplies 3.0
Construction & Engineering 2.9
Health Care Equipment &
Supplies 2.5
Food Products 2.3
Pharmaceuticals 2.2
Health Care Providers &
Services 2.0
Auto Components 1.9
Electrical Equipment 1.8
Professional Services 1.7
Industrial Conglomerates 1.6
Software 1.6
Textiles, Apparel & Luxury
Goods 1.6
Energy Equipment & Services 1.4
IT Services 1.4
Semiconductors & Semiconductor
Equipment 1.4
Trading Companies &
Distributors 1.4
Building Products 1.3
Household Durables 1.3
Communications Equipment 1.2
Insurance 1.2
Paper & Forest Products 1.2
Multiline Retail 1.1
Road & Rail 1.1
Distributors 1.0
Marine 1.0
Beverages 0.9
Gas Utilities 0.9
Consumer Finance 0.8
Biotechnology 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
Aerospace & Defense 0.5
Automobiles 0.5
Construction Materials 0.5
Thrifts & Mortgage Finance 0.4
Airlines 0.3
Food & Staples Retailing 0.3
Leisure Equipment & Products 0.3
Diversified Telecommunication
Services 0.2
Electric Utilities 0.2
Air Freight & Logistics 0.1
Health Care Technology 0.1
Internet & Catalog Retail 0.1
Life Sciences Tools & Services 0.1
Short Term Investments 11.1
Other Assets & Liabilities (10.2)
-----------------------------------------------
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 except for The Tokushima
Bank, Ltd., which was Level 2 and part of the Commercial Banks Industry,
Record Realty and New City Residence Investment Corp., which were Level 3
and part of the Real Estate Investment Trusts Industry, Carnegie
Investment Bank AB, which was Level 3 and part of the Capital Markets
Industry and Peace Mark (Holdings), Ltd., which was Level 3 and part of
the Textiles, Apparel & Luxury Goods Industry, each representing less than
0.05% of net assets except for The Tokushima Bank, Ltd., which represents
0.14% of net assets. (Note 2)
</Table>
34
(Logo/Semi-Annual Report)
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (12/15/06, 12/20/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 0.96% 0.93% 1.06% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 68.33% 66.97% 69.22% 68.33% 66.97% 69.22%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -40.60% -41.09% -40.35% -15.94% -16.17% -15.82%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -33.77% -33.73% -33.16% -11.76% -11.75% -11.52%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period December 15, 2006 to March 31, 2010.
</Table>
35
(Logo/Semi-Annual Report)
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
DOW JONES
SPDR DOW GLOBAL EX-U.S.
JONES INTERNATIONAL SELECT REAL
REAL ESTATE ESTATE SECURITIES
ETF INDEX (B)
------------------- -----------------
12/15/06 10000 10000
12/31/06 10401 10397
1/31/07 10546 10576
2/28/07 10836 10871
3/31/07 11150 11207
4/30/07 11391 11448
5/31/07 11606 11670
6/30/07 10859 10949
7/31/07 10298 10383
8/31/07 10271 10341
9/30/07 10810 10901
10/31/07 11010 11113
11/30/07 10175 10275
12/31/07 9683 9786
1/31/08 9172 9258
2/29/08 9208 9285
3/31/08 9033 9098
4/30/08 9452 9510
5/31/08 9251 9313
6/30/08 8218 8250
7/31/08 8103 8145
8/31/08 7736 7770
9/30/08 6661 6680
10/1/08 4963 4954
11/2/08 4534 4530
12/3/08 4733 4734
1/9/09 4281 4288
2/9/09 3682 3691
3/9/09 3935 3950
4/30/09 4471 4495
5/31/09 5141 5163
6/30/09 5229 5255
7/9/09 5724 5771
8/31/09 6220 6263
9/30/09 6560 6613
10/31/09 6508 6557
11/30/09 6470 6539
12/31/09 6564 6632
1/31/10 6297 6351
2/28/10 6331 6398
3/31/10 6623 6684
</Table>
36
(Logo/Semi-Annual Report)
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-----------------------------------------------------------------------------------------------------------------------
WESTFIELD MITSUI FUDOSAN BROOKFIELD ASSET
DESCRIPTION GROUP UNIBAIL-RODAMCO SE CO., LTD. MANAGEMENT, INC. (CLASS A)
-----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $107,634,102 82,815,976 66,798,705 58,380,539
-----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 9.5% 7.3 5.9 5.2
-----------------------------------------------------------------------------------------------------------------------
--------------------------------------------
LAND SECURITIES
DESCRIPTION GROUP PLC
--------------------------------------------
MARKET VALUE 35,209,218
--------------------------------------------
% 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Real Estate Management &
Development 33.8%
Retail REITs 32.7
Diversified REITs 15.1
Office REITs 12.5
Industrial REITs 4.4
Residential REITs 0.6
Specialized REITs 0.4
Short Term Investments 8.7
Other Assets & Liabilities (8.2)
-----------------------------------------------
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 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. (Note 2)
</Table>
37
(Logo/Semi-Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.59%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 0.06% -0.53% 0.59% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 28.77% 28.18% 30.16% 28.77% 28.18% 30.16%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -15.79% -16.53% -13.76% -5.57% -5.84% -4.81%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -10.02% -10.57% -7.80% -3.27% -3.45% -2.52%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period January 25, 2007 to March 31, 2010.
</Table>
38
(Logo/Semi-Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR FSTE/MACQUARIE MACQUARIE GLOBAL
GLOBAL INFRASTRUCTURE INFRASTRUCTURE 100
100 ETF INDEX
--------------------- ------------------
1/25/07 10000 10000
1/31/07 10089 10089
2/28/07 10274 10277
3/31/07 10684 10692
4/30/07 11113 11125
5/31/07 11383 11425
6/30/07 11079 11120
7/31/07 10714 10754
8/31/07 10893 10949
9/30/07 11442 11508
10/31/07 12133 12217
11/30/07 12293 12386
12/31/07 12244 12343
1/31/08 11363 11453
2/29/08 11312 11411
3/31/08 11244 11348
4/30/08 11652 11778
5/31/08 12074 12219
6/30/08 11615 11756
7/31/08 11175 11313
8/31/08 10799 10933
9/30/08 9505 9614
10/31/08 8163 8251
11/30/08 8014 8108
12/31/08 8385 8500
1/31/09 7857 7968
2/28/09 6946 7044
3/31/09 6988 7085
4/30/09 7367 7484
5/31/09 7955 8099
6/30/09 8019 8161
7/31/09 8373 8526
8/31/09 8697 8861
9/30/09 8993 9166
10/31/09 8598 8780
11/30/09 9006 9198
12/31/09 9312 9528
1/31/10 8841 9048
2/28/10 8732 8940
3/31/10 8998 9220
</Table>
39
(Logo/Semi-Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------------------------
DESCRIPTION E.ON AG GDF SUEZ IBERDROLA SA ENEL SPA RWE AG
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $4,319,856 3,712,942 2,754,873 2,289,088 2,031,349
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 6.5% 5.6 4.2 3.5 3.1
---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Electric Utilities 47.8%
Multi-Utilities 27.8
Oil, Gas & Consumable Fuels 7.4
Gas Utilities 5.5
Independent Power Producers &
Energy Traders 4.3
Wireless Telecommunication
Services 2.9
Transportation Infrastructure 2.6
Water Utilities 0.8
Road & Rail 0.4
Short Term Investments 18.2
Other Assets & Liabilities (17.7)
-----------------------------------------------
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. (Note 2)
</Table>
40
(Logo/Semi-Annual Report)
SPDR MSCI ACWI EX-US ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR MSCI ACWI EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2010 IS 0.34%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
MSCI ALL MSCI ALL
COUNTRY COUNTRY
NET ASSET MARKET WORLD INDEX NET ASSET MARKET WORLD INDEX
VALUE VALUE EX USA VALUE VALUE EX USA
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 4.94% 4.76% 5.51% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 60.66% 60.83% 61.67% 60.66% 60.83% 61.67%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -10.89% -11.17% -10.74% -3.77% -3.87% -3.72%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -5.04% -4.89% -4.76% -1.59% -1.54% -1.51%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period January 10, 2007 to March 31, 2010.
</Table>
41
(Logo/Semi-Annual Report)
SPDR MSCI ACWI EX-US ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR MSCI ACWI EX-US ETF FUND (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
MSCI ALL
SPDR MSCI COUNTRY WORLD
ACWI EX-US INDEX EX
ETF USA
---------- -------------
1/10/07 10000 10000
1/31/07 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 11228 11359
9/30/07 11955 12111
10/31/07 12607 12787
11/30/07 12042 12213
12/31/07 11861 12036
1/31/08 10763 10871
2/29/08 11010 11186
3/31/08 10783 10944
4/30/08 11457 11617
5/31/08 11658 11818
6/30/08 10709 10849
7/31/08 10296 10461
8/31/08 9838 9974
9/30/08 8424 8479
10/31/08 6670 6613
11/30/08 6266 6233
12/31/08 6608 6590
1/31/09 6028 6009
2/28/09 5457 5450
3/31/09 5911 5890
4/30/09 6749 6700
5/31/09 7671 7617
6/30/09 7572 7536
7/31/09 8310 8275
8/31/09 8614 8583
9/30/09 9049 9026
10/31/09 8915 8915
11/30/09 9189 9173
12/31/09 9388 9368
1/31/10 8908 8911
2/28/10 8896 8912
3/31/10 9496 9524
</Table>
42
(Logo/Semi-Annual Report)
SPDR MSCI ACWI EX-US ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION NESTLE SA BHP BILLITON BP PLC ROYAL DUTCH SHELL PLC HSBC HOLDINGS PLC
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $5,556,584 5,453,247 5,046,972 4,989,570 4,707,845
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.4% 1.4 1.3 1.3 1.2
----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 15.3%
Oil, Gas & Consumable Fuels 10.8
Metals & Mining 7.6
Pharmaceuticals 5.5
Insurance 3.9
Diversified Telecommunication
Services 3.7
Automobiles 2.8
Chemicals 2.7
Wireless Telecommunication
Services 2.6
Food Products 2.4
Electric Utilities 2.3
Machinery 2.1
Semiconductors & Semiconductor
Equipment 2.1
Capital Markets 1.9
Electronic Equipment,
Instruments & Components 1.9
Food & Staples Retailing 1.9
Real Estate Management &
Development 1.8
Beverages 1.7
Media 1.7
Industrial Conglomerates 1.5
Multi-Utilities 1.2
Road & Rail 1.2
Electrical Equipment 1.1
Household Durables 1.1
Trading Companies &
Distributors 1.1
Diversified Financial Services 1.0
Construction & Engineering 0.9
Real Estate Investment Trusts 0.9
Tobacco 0.9
Communications Equipment 0.8
Hotels, Restaurants & Leisure 0.8
Textiles, Apparel & Luxury
Goods 0.8
Transportation Infrastructure 0.7
Auto Components 0.6
Building Products 0.6
IT Services 0.6
Aerospace & Defense 0.5
Construction Materials 0.5
Gas Utilities 0.5
Health Care Equipment &
Supplies 0.5
Independent Power Producers &
Energy Traders 0.5
Marine 0.5
Specialty Retail 0.5
Air Freight & Logistics 0.4
Commercial Services & Supplies 0.4
Multiline Retail 0.4
Office Electronics 0.4
Software 0.4
Computers & Peripherals 0.3
Energy Equipment & Services 0.3
Health Care Providers &
Services 0.3
Household Products 0.3
Internet Software & Services 0.3
Professional Services 0.3
Airlines 0.2
Biotechnology 0.2
Consumer Finance 0.2
Distributors 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 14.2
Other Assets & Liabilities (13.5)
-----------------------------------------------
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 Nippon Mining
Holdings, Inc. and Nippon Oil Corp., which were Level 2 and part of the
Oil, Gas & Consumable Fuels Industry and Sompo Japan Insurance, Inc.,
which was Level 2 and part of the Insurance Industry, representing 0.07%,
0.08% and 0.11% of net assets, respectively. (Note 2)
</Table>
43
(Logo/Semi-Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR RUSSELL/NOMURA PRIME JAPAN ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 4.29% 5.17% 4.38% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 35.65% 34.00% 36.80% 35.65% 34.00% 36.80%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -24.58% -24.36% -23.62% -8.98% -8.89% -8.59%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -18.11% -18.25% -16.85% -5.72% -5.77% -5.30%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period November 9, 2006 to March 31, 2010.
</Table>
44
(Logo/Semi-Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA PRIME JAPAN ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR RUSSELL/NOMURA
PRIME JAPAN RUSSELL/ NOMURA
ETF PRIME INDEX
------------------- ---------------
11/09/06 10000 10000
11/30/06 10321 10323
12/31/06 10515 10520
1/31/07 10606 10611
2/28/07 11003 11025
3/31/07 10859 10886
4/7/07 10657 10688
5/7/07 10800 10822
6/7/07 10766 10803
7/31/07 10718 10771
8/31/07 10422 10451
9/30/07 10619 10661
10/31/07 10604 10666
11/30/07 10408 10483
12/31/07 9988 9921
1/31/08 9546 9591
2/29/08 9600 9650
3/31/08 9284 9329
4/30/08 9897 9944
5/31/08 10161 10204
6/30/08 9462 9520
7/31/08 9152 9206
8/31/08 8782 8844
9/30/08 7807 7870
10/1/08 6714 6767
11/2/08 6691 6732
12/3/08 7243 7322
1/9/09 6746 6790
2/9/09 5898 5943
3/9/09 6037 6078
4/30/09 6548 6609
5/31/09 7239 7297
6/30/09 7399 7467
7/9/09 7654 7749
8/31/09 7973 8074
9/30/09 7852 7965
10/31/09 7619 7741
11/30/09 7531 7641
12/31/09 7552 7693
1/31/10 7698 7819
2/28/10 7804 7923
3/31/10 8189 8315
</Table>
45
(Logo/Semi-Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-----------------------------------------------------------------------------------------------------------------------------
TOYOTA MITSUBISHI UFJ HONDA NIPPON TELEGRAPH &
DESCRIPTION MOTOR CORP. CANON, INC. FINANCIAL GROUP, INC. MOTOR CO., LTD. TELEPHONE CORP.
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $548,163 354,871 317,262 306,338 269,863
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.5% 2.2 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 8.2%
Automobiles 7.3
Electronic Equipment,
Instruments & Components 6.1
Machinery 4.9
Chemicals 4.4
Pharmaceuticals 4.4
Household Durables 4.3
Trading Companies &
Distributors 4.3
Electric Utilities 4.1
Road & Rail 3.8
Metals & Mining 3.3
Office Electronics 3.1
Auto Components 2.5
Real Estate Management &
Development 2.4
Wireless Telecommunication
Services 2.3
Insurance 2.0
Semiconductors & Semiconductor
Equipment 1.9
Software 1.9
Diversified Telecommunication
Services 1.7
Electrical Equipment 1.7
Capital Markets 1.6
Computers & Peripherals 1.6
Food & Staples Retailing 1.6
Specialty Retail 1.5
Building Products 1.4
Commercial Services & Supplies 1.1
Leisure Equipment & Products 1.1
Oil, Gas & Consumable Fuels 1.1
Beverages 1.0
Construction & Engineering 1.0
Food Products 0.9
Gas Utilities 0.9
Household Products 0.8
Consumer Finance 0.7
Multiline Retail 0.7
Tobacco 0.7
Health Care Equipment &
Supplies 0.6
IT Services 0.6
Marine 0.6
Media 0.6
Personal Products 0.5
Textiles, Apparel & Luxury
Goods 0.5
Health Care Providers &
Services 0.4
Industrial Conglomerates 0.4
Air Freight & Logistics 0.3
Internet & Catalog Retail 0.3
Paper & Forest Products 0.3
Airlines 0.2
Diversified Consumer Services 0.2
Hotels, Restaurants & Leisure 0.2
Independent Power Producers &
Energy Traders 0.2
Internet Software & Services 0.2
Transportation Infrastructure 0.2
Construction Materials 0.1
Containers & Packaging 0.1
Distributors 0.1
Professional Services 0.1
Communications Equipment 0.0***
Short Term Investments 29.0
Other Assets & Liabilities (28.0)
-----------------------------------------------
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 Nippon Mining
Holdings, Inc. and Nippon Oil Corp., which were Level 2 and part of the
Oil, Gas & Consumable Fuels Industry, and Nipponkoa Insurance Co., Ltd.
and Sompo Japan Insurance, Inc., which were Level 2 and part of the
Insurance Industry, representing 0.23%, 0.33%, 0.18% and 0.23% of net
assets, respectively. (Note 2)
*** Amount represents less than 0.05% of net assets.
</Table>
46
(Logo/Semi-Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.55%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
RUSSELL/NO- RUSSELL/NO-
MURA MURA
JAPAN SMALL JAPAN SMALL
NET ASSET MARKET CAP NET ASSET MARKET CAP
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 0.27% 1.34% 0.14% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 35.49% 33.99% 36.34% 35.49% 33.99% 36.34%
----------------------------------------------------------------------------------------------------------------------
THREE YEARS -20.28% -20.80% -17.42% -7.28% -7.48% -6.18%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -12.83% -12.66% -11.33% -3.97% -3.91% -3.48%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period November 9, 2006 to March 31, 2010.
</Table>
47
(Logo/Semi-Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR RUSSELL/
NOMURA SMALL RUSSELL/ NOMURA
CAP JAPAN JAPAN SMALL
ETF CAP INDEX
------------- ---------------
11/09/06 10000 10000
11/30/06 10421 10352
12/31/06 10437 10359
1/31/07 10616 10518
2/28/07 11009 10854
3/31/07 10935 10738
4/30/07 10680 10511
5/31/07 10437 10302
6/30/07 10449 10378
7/31/07 10447 10379
8/31/07 9970 9893
9/30/07 9943 9923
10/31/07 10046 10088
11/30/07 9760 9806
12/31/07 9229 9164
1/31/08 8783 8903
2/29/08 8869 8995
3/31/08 8927 9026
4/30/08 9077 9166
5/31/08 9384 9429
6/30/08 8852 8897
7/31/08 8560 8648
8/31/08 8245 8304
9/30/08 7472 7533
10/1/08 6769 6800
11/2/08 7049 7079
12/3/08 7582 7681
1/9/09 7138 7209
2/9/09 6186 6248
3/9/09 6434 6503
4/30/09 6812 6899
5/31/09 7652 7764
6/30/09 8131 8246
7/9/09 8316 8437
8/31/09 8799 8933
9/30/09 8694 8855
10/31/09 8344 8541
11/30/09 8080 8243
12/31/09 7968 8131
1/31/10 8180 8297
2/28/10 8340 8467
3/31/10 8717 8867
</Table>
48
(Logo/Semi-Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-------------------------------------------------------------------------------------------------------------
THE AWA AICA KOGYO OKAMOTO SKY PERFECT
DESCRIPTION BANK, LTD. DENA CO., LTD. CO., LTD. INDUSTRIES, INC. JSAT CORP.
-------------------------------------------------------------------------------------------------------------
MARKET VALUE $423,234 399,914 392,746 388,493 385,049
-------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.5% 0.5 0.5 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 9.1%
Machinery 7.6
Chemicals 7.4
Electronic Equipment,
Instruments & Components 5.5
Auto Components 5.0
Food Products 4.3
Construction & Engineering 3.8
Specialty Retail 3.8
Metals & Mining 3.2
Building Products 3.0
Textiles, Apparel & Luxury
Goods 2.6
Pharmaceuticals 2.5
Hotels, Restaurants & Leisure 2.4
Commercial Services & Supplies 2.3
Trading Companies &
Distributors 2.3
Food & Staples Retailing 2.2
Electrical Equipment 2.1
Household Durables 2.1
IT Services 2.1
Media 1.9
Capital Markets 1.6
Health Care Equipment &
Supplies 1.5
Road & Rail 1.5
Real Estate Management &
Development 1.4
Internet Software & Services 1.3
Personal Products 1.2
Consumer Finance 1.1
Diversified Financial Services 1.1
Software 1.1
Communications Equipment 1.0
Semiconductors & Semiconductor
Equipment 1.0
Leisure Equipment & Products 0.9
Transportation Infrastructure 0.9
Computers & Peripherals 0.7
Distributors 0.7
Internet & Catalog Retail 0.7
Multiline Retail 0.7
Beverages 0.6
Construction Materials 0.6
Household Products 0.6
Containers & Packaging 0.5
Electric Utilities 0.4
Professional Services 0.4
Air Freight & Logistics 0.3
Gas Utilities 0.3
Insurance 0.3
Marine 0.3
Oil, Gas & Consumable Fuels 0.3
Paper & Forest Products 0.3
Industrial Conglomerates 0.2
Office Electronics 0.2
Biotechnology 0.1
Energy Equipment & Services 0.1
Short Term Investments 29.5
Other Assets & Liabilities (28.6)
-----------------------------------------------
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 Nissay Dowa
General Insurance Co., Ltd., which was Level 2 and part of the Insurance
Industry, The Tokushima Bank, Ltd., which was Level 2 and part of the
Commercial Banks Industry and Suruga Corp., which was Level 3 and part of
the Real Estate Management & Development Industry, representing 0.26%,
0.20% and 0.00% of net assets, respectively. (Note 2)
</Table>
49
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PERFORMANCE SUMMARY
The following Performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (2/12/08, 2/19/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL DIVIDEND ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.46%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 4.70% 4.07% 5.19% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 87.66% 86.40% 91.41% 87.66% 86.40% 91.41%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -12.88% -13.01% -11.45% -6.27% -6.33% -5.53%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period February 12, 2008 to March 31, 2010.
</Table>
50
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL DIVIDEND ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P INTERNATIONAL
INTERNATIONAL DIVIDEND DIVIDEND OPPORTUNITIES
ETF INDEX
---------------------- ----------------------
10000.00 10000.00
2/12/08 10577.00 10510.00
3/31/08 10431.00 10373.00
4/30/08 10433.00 10393.00
5/31/08 10267.00 10264.00
6/30/08 9265.00 9239.00
7/31/08 8833.00 8827.00
8/31/08 8777.00 8776.00
9/30/08 7307.00 7289.00
10/1/08 5256.00 5236.00
11/2/08 4889.00 4870.00
12/3/08 5261.00 5246.00
1/9/09 4577.00 4577.00
2/9/09 4093.00 4084.00
3/9/09 4642.00 4626.00
4/30/09 5828.00 5840.00
5/31/09 6734.00 6768.00
6/30/09 6623.00 6661.00
7/9/09 7306.00 7370.00
8/31/09 7784.00 7859.00
9/30/09 8320.00 8418.00
10/31/09 8254.00 8354.00
11/30/09 8522.00 8629.00
12/31/09 8704.00 8821.00
1/31/10 8351.00 8473.00
2/28/10 8255.00 8378.00
3/31/10 8712.00 8855.00
</Table>
51
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-------------------------------------------------------------------------------------------------------------
PENN WEST YELLOW PAGES OESTERREICHISCHE
DESCRIPTION ENERGY TRUST INCOME FUND BELGACOM SA POST AG ACEA SPA
-------------------------------------------------------------------------------------------------------------
MARKET VALUE $8,118,061 7,987,659 7,137,297 7,039,557 6,730,426
-------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.7% 3.6 3.2 3.2 3.0
-------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 18.3%
Commercial Banks 15.5
Diversified Telecommunication
Services 8.3
Electric Utilities 6.8
Media 5.6
Construction & Engineering 4.6
Pharmaceuticals 4.3
Wireless Telecommunication
Services 4.1
Multi-Utilities 3.5
Capital Markets 3.3
Air Freight & Logistics 3.2
Industrial Conglomerates 2.7
Real Estate Management &
Development 2.3
Software 2.0
Hotels, Restaurants & Leisure 1.7
Insurance 1.6
Machinery 1.6
Chemicals 1.5
Communications Equipment 1.2
Diversified Financial Services 1.0
Gas Utilities 1.0
Metals & Mining 1.0
Transportation Infrastructure 0.9
Food & Staples Retailing 0.6
Airlines 0.5
Electrical Equipment 0.5
Household Durables 0.5
Office Electronics 0.5
Real Estate Investment Trusts 0.5
Textiles, Apparel & Luxury
Goods 0.5
Short Term Investments 14.6
Other Assets & Liabilities (14.2)
-----------------------------------------------
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. (Note 2)
</Table>
52
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL MID CAP ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL MID CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.45%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BETWEEN BETWEEN
USD2 BILLION USD2 BILLION
AND AND
NET ASSET MARKET USD5 BILLION NET ASSET MARKET USD5 BILLION
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 5.46% 7.19% 5.06% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 57.45% 57.42% 63.49% 57.45% 57.42% 63.49%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -17.21% -16.91% -16.58% -9.45% -9.28% -9.11%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period May 7, 2008 to March 31, 2010.
</Table>
53
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL MID CAP ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL MID CAP ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
EX-U.S. BETWEEN
USD2 BILLION
SPDR S&P AND USD5
INTERNATIONAL MID BILLION INDEX
CAP ETF (B)
----------------- ---------------
10000.00 10000.00
5/7/08 10042.00 10041.00
6/30/08 9351.00 9309.00
7/31/08 8917.00 8876.00
8/31/08 8587.00 8572.00
9/30/08 7346.00 7241.00
10/1/08 5570.00 5462.00
11/2/08 5400.00 5254.00
12/3/08 5775.00 5632.00
1/9/09 5371.00 5217.00
2/9/09 4901.00 4693.00
3/9/09 5258.00 5103.00
4/30/09 5924.00 5836.00
5/31/09 6611.00 6536.00
6/30/09 6717.00 6622.00
7/9/09 7159.00 7132.00
8/31/09 7561.00 7577.00
9/30/09 7851.00 7940.00
10/31/09 7582.00 7681.00
11/30/09 7680.00 7820.00
12/31/09 7847.00 7968.00
1/31/10 7664.00 7776.00
2/28/10 7688.00 7776.00
3/31/10 8279.00 8342.00
</Table>
54
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL MID CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------------------------------
KEIHIN ELECTRIC
EXPRESS BASELLANDSCHAFTLICHE SINGAPORE PRESS PSP SWISS
DESCRIPTION RAILWAY CO., LTD. KANTONALBANK HOLDINGS, LTD. KURARAY CO., LTD. PROPERTY AG
---------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $271,233 269,631 256,843 249,069 222,804
---------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.0% 1.0 1.0 1.0 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 6.1%
Commercial Banks 5.8
Chemicals 5.4
Real Estate Investment Trusts 4.9
Machinery 4.8
Oil, Gas & Consumable Fuels 4.3
Construction & Engineering 3.9
Insurance 3.4
Food Products 3.0
Diversified Financial Services 2.8
Media 2.8
Multiline Retail 2.6
Industrial Conglomerates 2.4
Capital Markets 2.3
Energy Equipment & Services 2.3
Road & Rail 2.2
Auto Components 2.0
Health Care Providers &
Services 2.0
Hotels, Restaurants & Leisure 1.9
IT Services 1.9
Real Estate Management &
Development 1.8
Food & Staples Retailing 1.7
Health Care Equipment &
Supplies 1.7
Commercial Services & Supplies 1.6
Electrical Equipment 1.5
Electronic Equipment,
Instruments & Components 1.4
Leisure Equipment & Products 1.4
Aerospace & Defense 1.2
Diversified Telecommunication
Services 1.2
Electric Utilities 1.2
Paper & Forest Products 1.1
Trading Companies &
Distributors 1.1
Office Electronics 1.0
Pharmaceuticals 1.0
Professional Services 1.0
Automobiles 0.9
Construction Materials 0.9
Beverages 0.8
Household Durables 0.8
Semiconductors & Semiconductor
Equipment 0.8
Computers & Peripherals 0.7
Independent Power Producers &
Energy Traders 0.7
Transportation Infrastructure 0.7
Airlines 0.6
Building Products 0.6
Air Freight & Logistics 0.5
Personal Products 0.5
Water Utilities 0.5
Biotechnology 0.4
Consumer Finance 0.4
Internet Software & Services 0.4
Software 0.4
Textiles, Apparel & Luxury
Goods 0.4
Containers & Packaging 0.3
Internet & Catalog Retail 0.3
Marine 0.3
Distributors 0.2
Specialty Retail 0.2
Gas Utilities 0.1
Household Products 0.1
Short Term Investments 20.4
Other Assets & Liabilities (19.6)
-----------------------------------------------
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 Nippon Mining
Holding, Inc., which was Level 2 and part of the Oil, Gas & Consumable
Fuels Industry and Nipponkoa Insurance Co., Ltd., which was Level 2 and
part of the Insurance Industry, representing 0.15% and 0.31% of net
assets, respectively. (Note 2)
</Table>
55
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MARKETS SMALL CAP ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (5/12/08, 5/16/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING MARKETS SMALL CAP ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.66%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 14.03% 14.11% 17.07% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 100.81% 102.07% 110.90% 100.81% 102.07% 110.90%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -3.44% -2.95% 3.47% -1.84% -1.57% 1.83%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period May 12, 2008 to March 31, 2010.
</Table>
56
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MARKETS SMALL CAP ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MARKETS SMALL CAP ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P EMERGING
EMERGING MARKETS MARKETS UNDER
SMALL CAP USD2 BILLION
ETF INDEX
---------------- -------------
10000.00 10000.00
5/12/08 9836.00 9863.00
6/30/08 8629.00 8648.00
7/31/08 8394.00 8454.00
8/31/08 7948.00 7961.00
9/30/08 6252.00 6372.00
10/1/08 4594.00 4696.00
11/2/08 4320.00 4380.00
12/3/08 4681.00 4795.00
1/9/09 4357.00 4473.00
2/9/09 4267.00 4369.00
3/9/09 4809.00 4906.00
4/30/09 5785.00 5893.00
5/31/09 7034.00 7211.00
6/30/09 7021.00 7239.00
7/9/09 7878.00 8144.00
8/31/09 7828.00 8150.00
9/30/09 8468.00 8839.00
10/31/09 8472.00 8863.00
11/30/09 8820.00 9291.00
12/31/09 9389.00 9941.00
1/31/10 8962.00 9512.00
2/28/10 8947.00 9484.00
3/31/10 9656.00 10347.00
</Table>
57
(Logo/Semi-Annual Report)
SPDR S&P EMERGING MARKETS SMALL CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-------------------------------------------------------------------------------------------------------------------
THANACHART DIAGNOSTICOS DA E.SUN FINANCIAL
DESCRIPTION FOSCHINI, LTD. TOTVS SA CAPITAL PCL AMERICA SA HOLDING CO., LTD.
-------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,525,583 1,510,582 1,414,273 1,337,429 1,231,494
-------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.9% 0.9 0.9 0.8 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Semiconductors & Semiconductor
Equipment 6.9%
Electronic Equipment,
Instruments & Components 6.1
Construction & Engineering 4.9
Metals & Mining 4.6
Commercial Banks 4.5
Computers & Peripherals 4.4
Real Estate Management &
Development 4.3
Food Products 3.8
Electrical Equipment 3.3
Construction Materials 3.1
Capital Markets 3.0
Media 2.6
Multiline Retail 2.4
Specialty Retail 2.4
Textiles, Apparel & Luxury
Goods 2.4
Industrial Conglomerates 2.3
Software 2.3
Chemicals 2.2
Hotels, Restaurants & Leisure 2.0
Machinery 1.9
Transportation Infrastructure 1.9
Automobiles 1.7
Marine 1.7
Electric Utilities 1.5
Health Care Providers &
Services 1.4
Household Durables 1.4
IT Services 1.3
Auto Components 1.1
Paper & Forest Products 1.1
Pharmaceuticals 1.1
Building Products 1.0
Diversified Financial Services 1.0
Independent Power Producers &
Energy Traders 1.0
Consumer Finance 0.9
Oil, Gas & Consumable Fuels 0.9
Communications Equipment 0.8
Food & Staples Retailing 0.8
Tobacco 0.8
Airlines 0.7
Energy Equipment & Services 0.7
Leisure Equipment & Products 0.7
Diversified Consumer Services 0.6
Diversified Telecommunication
Services 0.6
Real Estate Investment Trusts 0.6
Beverages 0.5
Gas Utilities 0.5
Internet Software & Services 0.5
Air Freight & Logistics 0.4
Commercial Services & Supplies 0.4
Insurance 0.4
Life Sciences Tools & Services 0.4
Road & Rail 0.3
Containers & Packaging 0.2
Health Care Equipment &
Supplies 0.2
Thrifts & Mortgage Finance 0.2
Short Term Investments 1.5
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 except for China Bills
Finance Corp., which was Level 2 and part of the Capital Markets Industry,
representing 0.27% of net assets. (Note 2)
</Table>
58
(Logo/Semi-Annual Report)
SPDR DOW JONES GLOBAL REAL ESTATE ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (5/7/08, 5/13/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR DOW JONES GLOBAL REAL ESTATE ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 9.24% 8.64% 8.96% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 87.13% 86.23% 86.78% 87.13% 86.23% 86.78%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -26.46% -26.31% -27.42% -14.93% -14.83% -15.53%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period May 7, 2008 to March 31, 2010.
</Table>
59
(Logo/Semi-Annual Report)
SPDR DOW JONES GLOBAL REAL ESTATE ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DOW JONES GLOBAL REAL ESTATE ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR DOW DOW JONES
JONES GLOBAL GLOBAL SELECT
REAL ESTATE REAL ESTATE
ETF SECURITIES INDEX
------------ ----------------
10000.00 10000.00
5/7/08 9840.00 9836.00
6/30/08 8746.00 8722.00
7/31/08 8791.00 8769.00
8/31/08 8670.00 8637.00
9/30/08 8011.00 7955.00
10/1/08 5669.00 5618.00
11/2/08 4734.00 4689.00
12/3/08 5217.00 5160.00
1/9/09 4510.00 4463.00
2/9/09 3726.00 3687.00
3/9/09 3930.00 3886.00
4/30/09 4771.00 4719.00
5/31/09 5216.00 5156.00
6/30/09 5187.00 5131.00
7/9/09 5700.00 5648.00
8/31/09 6339.00 6271.00
9/30/09 6732.00 6660.00
10/31/09 6557.00 6486.00
11/30/09 6732.00 6665.00
12/31/09 6997.00 6919.00
1/31/10 6662.00 6580.00
2/28/10 6857.00 6776.00
3/31/10 7354.00 7258.00
</Table>
60
(Logo/Semi-Annual Report)
SPDR DOW JONES GLOBAL REAL ESTATE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------
WESTFIELD SIMON PROPERTY UNIBAIL- MITSUI VORNADO
DESCRIPTION GROUP GROUP, INC. RODAMCO SE FUDOSAN CO., LTD. REALTY TRUST
----------------------------------------------------------------------------------------------------------------
SHARES 527,265 69,010 22,069 213,000 43,585
----------------------------------------------------------------------------------------------------------------
MARKET VALUE $5,836,437 5,789,939 4,479,233 3,617,626 3,299,384
----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.9% 4.8 3.7 3.0 2.7
----------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Retail REITs 28.2%
Real Estate Management &
Development 18.4
Office REITs 15.0
Specialized REITs 12.9
Diversified REITs 12.1
Residential REITs 7.9
Industrial REITs 5.1
Short Term Investments 23.3
Other Assets & Liabilities (22.9)
-----------------------------------------------
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 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. (Note 2)
</Table>
61
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF AS STATED IN THE
FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI CONSUMER BMI CONSUMER
DISCRETION- DISCRETION-
NET ASSET MARKET ARY NET ASSET MARKET ARY
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 5.82% 5.87% 6.10% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 58.71% 57.36% 61.08% 58.71% 57.36% 61.08%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 2.45% 2.33% 1.28% 1.43% 1.36% 0.75%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
62
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF (BASED ON NET ASSET
VALUE)
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL CONSUMER EX-U.S. BMI
DISCRETIONARY SECTOR CONSUMER DISCRETIONARY
ETF SECTOR INDEX
---------------------- ----------------------
10000.00 10000.00
7/16/08 10235.00 10251.00
8/31/08 10027.00 10047.00
9/30/08 8771.00 8725.00
10/1/08 7407.00 7187.00
11/2/08 6560.00 6384.00
12/3/08 6969.00 6788.00
1/9/09 6485.00 6309.00
2/9/09 6029.00 5887.00
3/9/09 6455.00 6289.00
4/30/09 7801.00 7543.00
5/31/09 8238.00 8058.00
6/30/09 8221.00 8065.00
7/9/09 9099.00 8966.00
8/31/09 9376.00 9222.00
9/30/09 9682.00 9545.00
10/31/09 9537.00 9448.00
11/30/09 9573.00 9476.00
12/31/09 9918.00 9796.00
1/31/10 9636.00 9529.00
2/28/10 9475.00 9384.00
3/31/10 10245.00 10128.00
</Table>
63
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MOTOR CORP. HONDA MOTOR CO., LTD. DAIMLER AG SONY CORP. VIVENDI SA
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $589,164 296,661 240,528 210,723 184,813
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.2% 3.9 3.2 2.8 2.4
--------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Automobiles 25.3%
Media 17.9
Household Durables 10.9
Hotels, Restaurants & Leisure 9.8
Specialty Retail 9.6
Textiles, Apparel & Luxury
Goods 8.1
Auto Components 7.3
Multiline Retail 4.3
Distributors 2.5
Leisure Equipment & Products 1.8
Internet & Catalog Retail 0.9
Diversified Consumer Services 0.6
Containers & Packaging 0.0***
Short Term Investments 0.6
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 Containers & Packaging
Industry, representing less than 0.05% of net assets. (Note 2)
*** Amount shown represents less than 0.05% of net assets.
</Table>
64
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI CONSUMER BMI CONSUMER
STAPLES STAPLES
NET ASSET MARKET SECTOR NET ASSET MARKET SECTOR
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 9.97% 10.39% 9.74% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 53.25% 53.94% 55.13% 53.25% 53.94% 55.13%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 8.35% 8.84% 11.37% 4.80% 5.08% 6.51%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
65
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL CONSUMER EX-U.S. BMI
STAPLES SECTOR CONSUMER STAPLES
ETF SECTOR INDEX
---------------------- ----------------
10000.00 10000.00
7/16/08 10258.00 10267.00
8/31/08 10127.00 10158.00
9/30/08 9430.00 9468.00
10/1/08 8001.00 8060.00
11/2/08 7752.00 7755.00
12/3/08 8171.00 8240.00
1/9/09 7562.00 7669.00
2/9/09 6954.00 7044.00
3/9/09 7070.00 7180.00
4/30/09 7456.00 7597.00
5/31/09 8354.00 8508.00
6/30/09 8504.00 8696.00
7/9/09 9175.00 9408.00
8/31/09 9443.00 9685.00
9/30/09 9852.00 10149.00
10/31/09 10126.00 10423.00
11/30/09 10361.00 10669.00
12/31/09 10599.00 10890.00
1/31/10 10396.00 10676.00
2/28/10 10475.00 10738.00
3/31/10 10835.00 11137.00
</Table>
66
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------------------------
BRITISH AMERICAN DIAGEO
DESCRIPTION NESTLE SA UNILEVER TOBACCO PLC TESCO PLC PLC
--------------------------------------------------------------------------------------------------
MARKET VALUE $1,143,001 561,191 393,113 309,361 261,099
--------------------------------------------------------------------------------------------------
% OF NET ASSETS 15.9% 7.8 5.5 4.3 3.6
--------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
---------------------------------------------
PERCENT OF
INDUSTRY ** NET ASSETS
---------------------------------------------
Food Products 34.7%
Food & Staples Retailing 24.7
Beverages 18.3
Tobacco 10.7
Household Products 6.5
Personal Products 4.4
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. (Note 2)
*** Amount shown represents less than 0.05% of net assets.
</Table>
67
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL ENERGY SECTOR ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI ENERGY BMI ENERGY
NET ASSET MARKET SECTOR NET ASSET MARKET SECTOR
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 3.47% 3.64% 4.53% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 44.65% 45.54% 49.09% 44.65% 45.54% 49.09%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -13.32% -13.35% -11.68% -8.02% -8.04% -7.03%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
68
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL ENERGY ENERGY SECTOR
SECTOR ETF INDEX
-------------------- -------------
10000.00 10000.00
7/16/08 9937.00 9918.00
8/31/08 9760.00 9686.00
9/30/08 7972.00 7830.00
10/1/08 6535.00 6403.00
11/2/08 6353.00 6197.00
12/3/08 6234.00 6138.00
1/9/09 5961.00 5862.00
2/9/09 5634.00 5541.00
3/9/09 5993.00 5924.00
4/30/09 6519.00 6497.00
5/31/09 7785.00 7778.00
6/30/09 7317.00 7352.00
7/9/09 7622.00 7681.00
8/31/09 7860.00 7945.00
9/30/09 8377.00 8449.00
10/31/09 8404.00 8509.00
11/30/09 8598.00 8701.00
12/31/09 8859.00 8995.00
1/31/10 8276.00 8431.00
2/28/10 8163.00 8310.00
3/31/10 8668.00 8832.00
</Table>
69
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------
ROYAL DUTCH BG GROUP
DESCRIPTION BP PLC SHELL PLC TOTAL SA ENI SPA PLC
----------------------------------------------------------------------------------------------
MARKET VALUE $1,402,860 1,267,871 1,079,089 516,509 431,053
----------------------------------------------------------------------------------------------
% OF NET ASSETS 13.5% 12.2 10.4 5.0 4.1
----------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Oil, Gas & Consumable Fuels 88.9%
Energy Equipment & Services 10.9
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 except for Nippon Mining
Holdings, Inc. and Nippon Oil Corp., which were Level 2 and part of the
Oil, Gas & Consumable Fuels Industry, representing 0.67% and 0.82% of net
assets, respectively. (Note 2)
*** Amount shown represents less than 0.05% of net assets.
</Table>
70
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI BMI
NET ASSET MARKET FINANCIALS NET ASSET MARKET FINANCIALS
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS -3.09% -3.23% -2.86% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 72.54% 68.59% 73.74% 72.54% 68.59% 73.74%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -12.75% -12.79% -13.17% -7.67% -7.69% -7.93%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
71
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL FINANCIAL FINANCIALS SECTOR
SECTOR ETF INDEX
----------------------- -----------------
10000.00 10000.00
7/16/08 10608.00 10703.00
8/31/08 9988.00 10146.00
9/30/08 8797.00 8960.00
10/1/08 6409.00 6466.00
11/2/08 5791.00 5875.00
12/3/08 6129.00 6097.00
1/9/09 5292.00 5311.00
2/9/09 4443.00 4446.00
3/9/09 5057.00 4998.00
4/30/09 6233.00 6126.00
5/31/09 7169.00 7066.00
6/30/09 7121.00 7030.00
7/9/09 7981.00 7909.00
8/31/09 8728.00 8581.00
9/30/09 9004.00 8939.00
10/31/09 8675.00 8620.00
11/30/09 8747.00 8675.00
12/31/09 8671.00 8599.00
1/31/10 8137.00 8089.00
2/28/10 8175.00 8102.00
3/31/10 8725.00 8683.00
</Table>
72
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
------------------------------------------------------------------------------------------------------------------
ROYAL
BANK
BANCO COMMONWEALTH BANK WESTPAC OF
DESCRIPTION HSBC HOLDINGS PLC SANTANDER SA OF AUSTRALIA BANKING CORP. CANADA
------------------------------------------------------------------------------------------------------------------
MARKET VALUE $607,447 383,737 299,248 295,929 291,766
------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.4% 3.4 2.7 2.6 2.6
------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Commercial Banks 56.1%
Insurance 17.1
Capital Markets 9.1
Real Estate Management &
Development 8.5
Real Estate Investment Trusts 3.9
Diversified Financial Services 3.3
Consumer Finance 1.6
Short Term Investments 0.0***
Other Assets & Liabilities 0.4
-----------------------------------------------
TOTAL 100.0%
-----------------------------------------------
</Table>
<Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and my change over time.
** Each security is valued based on Level 1 inputs except for Sompo Japan
Insurance, Inc., which was Level 2 and part of the Insurance Industry,
representing 0.56% of net assets. (Note 2)
*** Amounts shown represents less than 0.05% of net assets.
</Table>
73
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI HEALTH BMI HEALTH
NET ASSET MARKET CARE NET ASSET MARKET CARE
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 4.54% 4.74% 4.89% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 39.18% 39.47% 40.84% 39.18% 39.47% 40.84%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -2.19% -1.76% -0.01% -1.29% -1.03% -0.01%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
74
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
SPDR S&P S&P DEVELOPED
INTERNATIONAL HEALTH EX-U.S. BMI
CARE SECTOR HEALTH CARE
ETF SECTOR INDEX
-------------------- -------------
10000.00 10000.00
7/16/08 10163.00 10204.00
8/31/08 10042.00 10044.00
9/30/08 9103.00 9082.00
10/1/08 8048.00 8070.00
11/2/08 7602.00 7615.00
12/3/08 8235.00 8237.00
1/9/09 7708.00 7708.00
2/9/09 6852.00 6852.00
3/9/09 7028.00 7099.00
4/30/09 7216.00 7282.00
5/31/09 7897.00 7978.00
6/30/09 7972.00 8094.00
7/9/09 8604.00 8741.00
8/31/09 8948.00 9086.00
9/30/09 9356.00 9533.00
10/31/09 9267.00 9476.00
11/30/09 9605.00 9799.00
12/31/09 9741.00 9946.00
1/31/10 9557.00 9767.00
2/28/10 9557.00 9784.00
3/31/10 9781.00 9999.00
</Table>
75
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------------------------
NOVO-NORDISK A/S
DESCRIPTION ROCHE HOLDING AG NOVARTIS AG GLAXOSMITHKLINE PLC SANOFI-AVENTIS (CLASS B)
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $633,636 589,601 521,700 436,789 405,942
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.6% 8.0 7.1 5.9 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Pharmaceuticals 66.8%
Health Care Equipment &
Supplies 18.0
Health Care Providers &
Services 7.5
Biotechnology 5.0
Life Sciences Tools & Services 0.9
Chemicals 0.7
Short Term Investments 0.0***
Other Assets & Liabilities 1.1
-----------------------------------------------
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. (Note 2)
*** Amount shown represents less than 0.05% of net assets.
</Table>
76
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI BMI
NET ASSET MARKET INDUSTRIAL NET ASSET MARKET INDUSTRIAL
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 7.88% 7.80% 7.77% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 67.37% 67.36% 67.46% 67.37% 67.36% 67.46%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -5.90% -5.60% -7.32% -3.50% -3.31% -4.35%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
77
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFROMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL INDUSTRIAL INDUSTRIAL SECTOR
SECTOR ETF INDEX
------------------------ -----------------
10000.00 10000.00
7/16/08 10237.00 10271.00
8/31/08 9847.00 9763.00
9/30/08 8051.00 8028.00
10/1/08 6121.00 5996.00
11/2/08 6008.00 5836.00
12/3/08 6505.00 6396.00
1/9/09 5857.00 5783.00
2/9/09 5276.00 5155.00
3/9/09 5622.00 5534.00
4/30/09 6534.00 6469.00
5/31/09 7261.00 7186.00
6/30/09 7228.00 7141.00
7/9/09 7830.00 7756.00
8/31/09 8331.00 8215.00
9/30/09 8723.00 8599.00
10/31/09 8517.00 8373.00
11/30/09 8708.00 8506.00
12/31/09 8907.00 8738.00
1/31/10 8746.00 8566.00
2/28/10 8708.00 8564.00
3/31/10 9410.00 9268.00
</Table>
78
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
-------------------------------------------------------------------------------------------------------------
CANADIAN NATIONAL
DESCRIPTION SIEMENS AG ABB, LTD. MITSUBISHI CORP. RAILWAY CO. VINCI SA
-------------------------------------------------------------------------------------------------------------
MARKET VALUE $380,159 210,969 159,942 141,683 137,274
-------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.1% 2.8 2.1 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Machinery 17.6%
Industrial Conglomerates 13.4
Electrical Equipment 10.5
Trading Companies &
Distributors 9.2
Construction & Engineering 7.4
Road & Rail 5.8
Commercial Services & Supplies 5.6
Building Products 5.4
Transportation Infrastructure 5.4
Professional Services 5.3
Aerospace & Defense 4.7
Air Freight & Logistics 3.2
Marine 2.9
Airlines 1.3
Short Term Investments 0.4
Other Assets & Liabilities 1.9
-----------------------------------------------
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. (Note 2)
</Table>
79
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI BMI
NET ASSET MARKET MATERIALS NET ASSET MARKET MATERIALS
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 14.25% 13.53% 15.14% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 76.23% 76.48% 80.66% 76.23% 76.48% 80.66%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -14.72% -15.11% -10.66% -8.89% -9.14% -6.39%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
80
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL MATERIAL MATERIAL SECTOR
SECTOR ETF INDEX
---------------------- ---------------
10000.00 10000.00
7/16/08 9968.00 9987.00
8/31/08 9185.00 9147.00
9/30/08 6856.00 6920.00
10/1/08 4931.00 4926.00
11/2/08 4711.00 4686.00
12/3/08 5116.00 5124.00
1/9/09 4662.00 4709.00
2/9/09 4375.00 4415.00
3/9/09 4839.00 4945.00
4/30/09 5455.00 5618.00
5/31/09 6478.00 6667.00
6/30/09 6254.00 6428.00
7/9/09 6978.00 7193.00
8/31/09 7105.00 7355.00
9/30/09 7465.00 7760.00
10/31/09 7406.00 7699.00
11/30/09 8090.00 8425.00
12/31/09 8325.00 8686.00
1/31/10 7639.00 7968.00
2/28/10 7778.00 8138.00
3/31/10 8528.00 8934.00
</Table>
81
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
---------------------------------------------------------------------------------------------------------------
POTASH CORP. OF
DESCRIPTION BHP BILLITON RIO TINTO ANGLO AMERICAN PLC BASF SE SASKATCHEWAN, INC.
---------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,809,403 1,339,044 778,402 654,958 512,471
---------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 14.3% 7.1 4.0 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 MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Metals & Mining 63.2%
Chemicals 28.9
Construction Materials 5.4
Paper & Forest Products 2.2
Containers & Packaging 0.1
Short Term Investments 0.6
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. (Note 2)
</Table>
82
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.51%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI BMI
INFORMATION INFORMATION
TECHNOLOGY TECHNOLOGY
NET ASSET MARKET SECTOR NET ASSET MARKET SECTOR
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS 8.89% 9.08% 9.01% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 62.72% 62.76% 64.02% 62.72% 62.76% 64.02%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -2.37% -2.11% -2.62% -1.39% -1.24% -1.54%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
83
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL TECHNOLOGY INFORMATION TECHNOLOGY
SECTOR ETF SECTOR INDEX
------------------------ ----------------------
10000.00 10000.00
7/16/08 10238.00 10224.00
8/31/08 9838.00 9824.00
9/30/08 8019.00 8021.00
10/1/08 6327.00 6322.00
11/2/08 5895.00 5880.00
12/3/08 6275.00 6274.00
1/9/09 5996.00 5988.00
2/9/09 5349.00 5310.00
3/9/09 6000.00 5937.00
4/30/09 6919.00 6870.00
5/31/09 7454.00 7445.00
6/30/09 7544.00 7508.00
7/9/09 8281.00 8183.00
8/31/09 8572.00 8532.00
9/30/09 8967.00 8933.00
10/31/09 8474.00 8482.00
11/30/09 8434.00 8425.00
12/31/09 8933.00 8882.00
1/31/10 9006.00 8956.00
2/28/10 8867.00 8866.00
3/31/10 9763.00 9738.00
</Table>
84
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
------------------------------------------------------------------------------------------------------------
RESEARCH
IN
SAMSUNG ELECTRONICS CO., MOTION,
DESCRIPTION LTD. GDR NOKIA OYJ CANON, INC. SAP AG LTD.
------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,866,500 1,198,253 1,102,890 886,694 810,687
------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 14.3% 6.0 5.5 4.4 4.1
------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Semiconductors & Semiconductor
Equipment 23.8%
Electronic Equipment,
Instruments & Components 22.7
Communications Equipment 14.8
Software 12.9
IT Services 9.7
Office Electronics 8.1
Computers & Peripherals 6.2
Internet Software & Services 1.1
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. (Note 2)
*** Amount represents less than 0.05% of net assets.
</Table>
85
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF AS STATED IN THE FEES
AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. BMI EX-U.S. BMI
TELECOMMUNI- TELECOMMUNI-
CATION CATION
SERVICES SERVICES
NET ASSET MARKET SECTOR NET ASSET MARKET SECTOR
VALUE VALUE INDEX VALUE VALUE INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS -1.25% -1.46% -1.29% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 32.84% 33.19% 33.65% 32.84% 33.19% 33.65%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -9.26% -9.22% -8.17% -5.53% -5.50% -4.88%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
86
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF (BASED ON NET ASSET
VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL TELECOMMUNICATIONS TELECOMMUNICATIONS SECTOR
SECTOR ETF INDEX
-------------------------------- -------------------------
10000.00 10000.00
7/16/08 9771.00 9788.00
8/31/08 9437.00 9466.00
9/30/08 8455.00 8456.00
10/1/08 7129.00 7133.00
11/2/08 7423.00 7451.00
12/3/08 8061.00 8094.00
1/9/09 7185.00 7195.00
2/9/09 6770.00 6795.00
3/9/09 6831.00 6871.00
4/30/09 6951.00 7014.00
5/31/09 7642.00 7711.00
6/30/09 7796.00 7882.00
7/9/09 8460.00 8553.00
8/31/09 8779.00 8884.00
9/30/09 9189.00 9303.00
10/31/09 9111.00 9231.00
11/30/09 9454.00 9573.00
12/31/09 9349.00 9485.00
1/31/10 8873.00 8978.00
2/28/10 8783.00 8888.00
3/31/10 9074.00 9183.00
</Table>
87
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
--------------------------------------------------------------------------------------------------------------------------------
KONINKLIJKE
DESCRIPTION VODAFONE GROUP PLC TELEFONICA SA FRANCE TELECOM SA DEUTSCHE TELEKOM AG ROYAL KPN NV
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,839,272 2,242,684 1,033,977 840,093 635,604
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 19.0% 15.0 6.9 5.6 4.2
--------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Diversified Telecommunication
Services 65.3%
Wireless Telecommunication
Services 34.4
Short Term Investments 1.3
Other Assets & Liabilities (1.0)
-----------------------------------------------
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. (Note 2)
</Table>
88
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (7/16/08, 7/22/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2010 IS 0.50%.
PERFORMANCE AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------
S&P S&P
DEVELOPED DEVELOPED
EX-U.S. EX-U.S.
BMI BMI
NET ASSET MARKET UTILITIES NET ASSET MARKET UTILITIES
VALUE VALUE SECTOR INDEX VALUE VALUE SECTOR INDEX
----------------------------------------------------------------------------------------------------------------------
SIX MONTHS -4.09% -4.17% -3.33% N/A N/A N/A
----------------------------------------------------------------------------------------------------------------------
ONE YEAR 27.19% 27.78% 28.93% 27.19% 27.78% 28.93%
----------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -21.49% -21.35% -20.73% -13.20% -13.10% -12.71%
----------------------------------------------------------------------------------------------------------------------
<Table>
(1) For the period July 16, 2008 to March 31, 2010.
</Table>
89
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF (BASED ON NET ASSET VALUE)
(PERFORMANCE GRAPH)
<Table>
<Caption>
S&P DEVELOPED
SPDR S&P EX-U.S. BMI
INTERNATIONAL UTILILIES UTILITIES SECTOR
SECTOR ETF INDEX
----------------------- ----------------
10000.00 10000.00
7/16/08 10214.00 10188.00
8/31/08 9762.00 9715.00
9/30/08 8613.00 8555.00
10/1/08 7312.00 7257.00
11/2/08 7146.00 7086.00
12/3/08 7771.00 7738.00
1/9/09 7027.00 7001.00
2/9/09 6253.00 6216.00
3/9/09 6173.00 6148.00
4/30/09 6630.00 6571.00
5/31/09 7249.00 7230.00
6/30/09 7148.00 7127.00
7/9/09 7405.00 7401.00
8/31/09 7891.00 7888.00
9/30/09 8186.00 8200.00
10/31/09 7747.00 7780.00
11/30/09 8060.00 8090.00
12/31/09 8190.00 8215.00
1/31/10 7739.00 7802.00
2/28/10 7635.00 7700.00
3/31/10 7851.00 7927.00
</Table>
90
(Logo/Semi-Annual Report)
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF MARCH 31, 2010
----------------------------------------------------------------------------------------------
DESCRIPTION E.ON AG GDF SUEZ RWE AG IBERDROLA SA ENEL SPA
----------------------------------------------------------------------------------------------
MARKET VALUE $936,362 743,362 556,369 518,347 489,236
----------------------------------------------------------------------------------------------
% OF NET ASSETS 10.8% 8.6 6.4 6.0 5.6
----------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF MARCH 31, 2010*
<Table>
<Caption>
-----------------------------------------------
PERCENT OF
INDUSTRY** NET ASSETS
-----------------------------------------------
Electric Utilities 54.4%
Multi-Utilities 29.8
Gas Utilities 9.3
Independent Power Producers &
Energy Traders 4.6
Water Utilities 1.4
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. (Note 2)
</Table>
91
SPDR STOXX EUROPE 50 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
FINLAND -- 1.7%
Nokia Oyj (a)........................... 47,492 $ 740,934
-----------
FRANCE -- 13.2%
AXA SA.................................. 22,928 510,963
BNP Paribas............................. 12,482 960,331
France Telecom SA....................... 24,191 579,862
GDF Suez................................ 16,896 653,852
Sanofi-Aventis (a)(b)................... 13,960 1,042,499
Societe Generale........................ 9,398 592,140
Total SA................................ 27,710 1,611,509
-----------
5,951,156
-----------
GERMANY -- 15.2%
Allianz SE (a)(b)....................... 5,725 719,107
BASF SE (b)............................. 11,654 724,113
Bayer AG (b)............................ 10,496 711,243
Daimler AG (a).......................... 11,299 532,887
Deutsche Bank AG (b).................... 7,885 608,464
Deutsche Telekom AG..................... 37,836 513,750
E.ON AG (b)............................. 25,335 937,065
RWE AG (b).............................. 5,241 465,209
SAP AG.................................. 11,300 548,300
Siemens AG.............................. 10,949 1,098,539
-----------
6,858,677
-----------
ITALY -- 5.1%
Assicurazioni Generali SpA.............. 16,964 407,892
Eni SpA................................. 30,900 726,253
Intesa Sanpaolo SpA (a)................. 121,763 454,319
UniCredit SpA (a)....................... 232,044 686,828
-----------
2,275,292
-----------
LUXEMBOURG -- 1.1%
ArcelorMittal........................... 11,734 515,852
-----------
NETHERLANDS -- 2.4%
Fortis VVPR Strip (a)................... 33,296 90
ING Groep NV (a)........................ 49,036 490,464
Unilever NV............................. 19,647 595,356
-----------
1,085,910
-----------
SPAIN -- 8.2%
Banco Bilbao Vizcaya Argentaria SA (b).. 47,431 650,132
Banco Santander SA...................... 103,487 1,377,877
Iberdrola SA............................ 49,672 421,750
Telefonica SA........................... 52,054 1,235,417
-----------
3,685,176
-----------
SWEDEN -- 0.9%
Telefonaktiebolaget LM Ericsson (Class
B) (b)................................ 37,679 398,412
-----------
SWITZERLAND -- 16.6%
ABB, Ltd. (a)........................... 29,448 644,328
Credit Suisse Group AG (a).............. 13,675 706,129
Nestle SA............................... 43,929 2,253,732
Novartis AG............................. 31,005 1,677,578
Roche Holding AG........................ 8,915 1,448,354
UBS AG (a).............................. 45,419 739,615
-----------
7,469,736
-----------
UNITED KINGDOM -- 35.1%
Anglo American PLC (a).................. 17,015 741,781
AstraZeneca PLC......................... 18,400 820,303
Barclays PLC............................ 144,424 789,334
BG Group PLC............................ 42,513 735,486
BHP Billiton PLC........................ 28,249 968,431
BP PLC.................................. 237,827 2,248,977
British American Tobacco PLC............ 25,631 883,152
Diageo PLC.............................. 31,753 532,718
GlaxoSmithKline PLC..................... 66,436 1,275,330
HSBC Holdings PLC....................... 220,526 2,234,567
Rio Tinto PLC........................... 17,898 1,060,187
Royal Dutch Shell PLC (Class A)......... 44,925 1,301,775
Tesco PLC............................... 100,672 664,973
Vodafone Group PLC...................... 668,891 1,542,255
-----------
15,799,269
-----------
TOTAL COMMON STOCKS --
(Cost $62,325,840).................... 44,780,414
-----------
SHORT TERM INVESTMENTS -- 5.4%
UNITED STATES -- 5.4%
MONEY MARKET FUNDS -- 5.4%
State Street Institutional Liquid
Reserves Fund (c)..................... 100 100
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 2,405,270 2,405,270
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $2,405,370)..................... 2,405,370
-----------
TOTAL INVESTMENTS -- 104.9%
(Cost $64,731,210).................... 47,185,784
OTHER ASSETS AND LIABILITIES -- (4.9)%.. (2,192,956)
-----------
NET ASSETS -- 100.0%.................... $44,992,828
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(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.
92
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.9%
BELGIUM -- 1.7%
Anheuser-Busch InBev NV................. 51,220 $ 2,584,758
------------
FINLAND -- 2.7%
Nokia Oyj (a)........................... 265,949 4,149,133
------------
FRANCE -- 35.9%
Air Liquide SA.......................... 18,812 2,262,397
Alstom SA............................... 14,322 894,733
AXA SA.................................. 129,906 2,895,026
BNP Paribas............................. 70,042 5,388,838
Carrefour SA............................ 43,468 2,098,868
Compagnie de Saint-Gobain (b)........... 29,870 1,438,848
Credit Agricole SA...................... 75,272 1,319,982
Danone SA (a)........................... 43,712 2,637,942
France Telecom SA....................... 135,499 3,247,932
GDF Suez................................ 94,638 3,662,362
L'Oreal SA.............................. 16,999 1,790,884
LVMH Moet Hennessy Louis Vuitton SA..... 18,375 2,151,661
Sanofi-Aventis (a)...................... 78,171 5,837,619
Schneider Electric SA................... 18,705 2,197,896
Societe Generale........................ 52,520 3,309,132
Total SA................................ 155,417 9,038,464
Unibail-Rodamco SE...................... 6,501 1,319,475
Vinci SA................................ 37,100 2,190,476
Vivendi SA.............................. 87,299 2,340,632
------------
56,023,167
------------
GERMANY -- 26.6%
Allianz SE (a).......................... 32,120 4,034,536
BASF SE................................. 65,265 4,055,197
Bayer AG................................ 58,737 3,980,208
Daimler AG (a).......................... 63,277 2,984,288
Deutsche Bank AG........................ 44,077 3,401,301
Deutsche Boerse AG...................... 13,806 1,025,207
Deutsche Telekom AG..................... 211,455 2,871,211
E.ON AG................................. 142,121 5,256,625
Muenchener Rueckversicherungs-
Gesellschaft AG....................... 13,291 2,160,783
RWE AG.................................. 29,501 2,618,607
SAP AG.................................. 63,161 3,064,707
Siemens AG.............................. 61,314 6,151,776
------------
41,604,446
------------
IRELAND -- 0.8%
CRH PLC................................. 50,221 1,256,470
------------
ITALY -- 10.5%
Assicurazioni Generali SpA.............. 95,303 2,291,520
Enel SpA................................ 454,622 2,546,716
Eni SpA................................. 173,043 4,067,088
Intesa Sanpaolo SpA (a)................. 683,412 2,549,928
Telecom Italia SpA (a).................. 728,393 1,050,637
UniCredit SpA (a)....................... 1,299,555 3,846,559
------------
16,352,448
------------
LUXEMBOURG -- 1.8%
ArcelorMittal........................... 65,569 2,882,557
------------
NETHERLANDS -- 5.8%
Aegon NV (a)............................ 111,057 761,875
Fortis VVPR Strip (a)................... 129,370 350
ING Groep NV (a)........................ 274,110 2,741,679
Koninklijke Philips Electronics NV (b).. 69,358 2,227,958
Unilever NV............................. 110,247 3,340,777
------------
9,072,639
------------
SPAIN -- 14.1%
Banco Bilbao Vizcaya Argentaria SA...... 266,131 3,647,830
Banco Santander SA...................... 579,413 7,714,593
Iberdrola SA............................ 279,058 2,369,398
Repsol YPF SA........................... 56,388 1,337,514
Telefonica SA........................... 291,458 6,917,278
------------
21,986,613
------------
TOTAL COMMON STOCKS --
(Cost $223,121,727)................... 155,912,231
------------
SHORT TERM INVESTMENTS -- 0.7%
UNITED STATES -- 0.7%
MONEY MARKET FUNDS -- 0.7%
State Street Institutional Liquid
Reserves Fund (c)..................... 48,338 48,338
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 1,060,464 1,060,464
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $1,108,802)..................... 1,108,802
------------
TOTAL INVESTMENTS -- 100.6%
(Cost $224,230,529)................... 157,021,033
OTHER ASSETS AND LIABILITIES -- (0.6)%.. (875,397)
------------
NET ASSETS -- 100.0%.................... $156,145,636
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(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.
93
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.0%
CHINA -- 28.2%
Air China, Ltd. (a)..................... 2,197,414 $ 2,269,664
Aluminum Corp. of China, Ltd. (a)....... 2,212,304 2,285,044
Angang Steel Co., Ltd. ................. 867,244 1,590,474
Anhui Conch Cement Co., Ltd. ........... 505,750 3,341,401
Baidu, Inc. ADR (a)(b).................. 18,338 10,947,786
Bank of China, Ltd. .................... 9,538,382 5,085,696
Bank of Communications Co., Ltd. ....... 3,016,723 3,593,788
China CITIC Bank Corp., Ltd. ........... 2,691,285 2,017,242
China Communications Construction
Co., Ltd. ............................ 1,366,000 1,289,526
China Construction Bank Corp. .......... 11,801,768 9,666,728
China COSCO Holdings Co., Ltd. ......... 2,049,532 2,713,458
China Life Insurance Co., Ltd. ......... 3,302,708 15,822,986
China Mengniu Dairy Co., Ltd. (a)....... 675,390 2,104,967
China Merchants Bank Co., Ltd. ......... 1,919,380 5,191,054
China Merchants Property Development
Co., Ltd. ............................ 692,300 1,550,491
China Oilfield Services, Ltd. .......... 3,182,557 4,672,576
China Petroleum & Chemical Corp. ....... 8,151,462 6,676,794
China Railway Construction
Corp., Ltd. .......................... 470,000 579,276
China Shenhua Energy Co., Ltd. ......... 1,677,556 7,248,445
China Shipping Container Lines Co.,
Ltd. (a).............................. 8,879,339 3,545,012
China Shipping Development Co.,
Ltd. (a).............................. 1,351,215 2,206,577
China Telecom Corp., Ltd. .............. 7,981,930 3,937,150
Ctrip.com International, Ltd. ADR (a)... 107,732 4,223,094
Dongfeng Motor Group Co., Ltd. ......... 2,956,763 4,805,640
Focus Media Holding, Ltd. ADR (a)(b).... 49,236 899,049
Guangzhou R&F Properties Co., Ltd. ..... 1,246,576 2,042,120
Huaneng Power International, Inc. ...... 2,706,472 1,572,010
Industrial & Commercial Bank of China... 15,468,180 11,793,324
Inner Mongolia Yitai Coal Co., Ltd. .... 218,092 2,034,798
Jiangsu Expressway Co., Ltd. ........... 2,622,060 2,475,266
Jiangxi Copper Co., Ltd. ............... 1,191,578 2,691,705
Lenovo Group, Ltd. ..................... 4,169,703 2,878,361
Maanshan Iron & Steel (a)............... 2,038,971 1,181,677
Mindray Medical International, Ltd.
ADR (b)............................... 22,783 829,757
NetEase.com ADR (a)(b).................. 75,682 2,684,441
PetroChina Co., Ltd. ................... 9,745,379 11,396,196
Ping An Insurance Group Co. of
China, Ltd. .......................... 625,364 5,388,084
Samling Global, Ltd. ................... 4,368,707 506,373
Semiconductor Manufacturing
International Corp. (a)............... 15,278,837 1,967,731
Shanghai Electric Group Co., Ltd. ...... 3,687,179 1,794,987
SINA Corp. (a)(b)....................... 30,450 1,147,661
Sinopec Shanghai Petrochemical Co.,
Ltd. (a).............................. 2,677,252 1,061,977
Sohu.com, Inc. (a)...................... 7,854 428,828
Suntech Power Holdings Co., Ltd.
ADR (a)(b)............................ 58,059 813,987
Tencent Holdings, Ltd. ................. 435,594 8,740,266
Tingyi Cayman Islands Holding Corp. .... 1,348,383 3,188,315
Yanzhou Coal Mining Co., Ltd. .......... 1,520,882 3,658,876
Zijin Mining Group Co., Ltd. ........... 2,213,790 1,744,870
------------
180,285,528
------------
HONG KONG -- 8.3%
Agile Property Holdings, Ltd. .......... 2,528,088 3,451,226
China Merchants Holdings International
Co., Ltd. ............................ 694,960 2,559,771
China Mobile, Ltd. ..................... 2,111,136 20,310,103
China Overseas Land &
Investment, Ltd. ..................... 2,039,084 4,606,171
China Resources Enterprise, Ltd. ....... 844,746 3,138,682
China Unicom (Hong Kong), Ltd. ......... 1,876,172 2,111,832
CNOOC, Ltd. ............................ 7,950,470 13,085,761
COSCO Pacific, Ltd. .................... 1,026,143 1,554,141
Denway Motors, Ltd. .................... 4,006,205 2,130,878
------------
52,948,565
------------
INDIA -- 19.7%
Anant Raj Industries, Ltd. ............. 129,587 385,052
Apollo Hospitals Enterprise, Ltd. ...... 144,723 2,353,220
Axis Bank, Ltd. ........................ 52,621 1,373,104
Bharat Heavy Electricals, Ltd. ......... 94,283 4,996,085
Bharti Airtel, Ltd. .................... 869,715 6,077,060
Cipla, Ltd. ............................ 382,832 2,886,483
Godrej Industries, Ltd. ................ 41,308 129,090
Gujarat Mineral Development
Corp., Ltd. .......................... 97,327 307,947
HDFC Bank, Ltd. ........................ 123,722 5,329,733
Hero Honda Motors, Ltd. ................ 138,919 6,030,499
Hindustan Construction Co. ............. 40,770 121,779
Hindustan Unilever, Ltd. ............... 695,740 3,689,072
Hindustan Zinc, Ltd. ................... 81,164 2,174,859
Housing Development & Infrastructure,
Ltd. (a).............................. 22,679 144,980
Housing Development Finance
Corp., Ltd. .......................... 117,819 7,126,350
ICICI Bank, Ltd. ....................... 265 5,637
ICICI Bank, Ltd. ADR.................... 118,364 5,054,143
Idea Cellular, Ltd. (a)................. 1,065,763 1,558,466
IFCI, Ltd. ............................. 19,440 21,629
India Infoline, Ltd. ................... 243,251 618,761
Indiabulls Financial Services, Ltd. .... 195,392 460,680
Indiabulls Real Estate, Ltd. (a)........ 37,396 126,902
Indiabulls Securities, Ltd. ............ 219,798 135,859
Indian Hotels Co., Ltd. ................ 1,250,872 2,847,514
Infosys Technologies, Ltd. ADR (b)...... 188,230 11,077,336
ITC, Ltd. GDR (a)....................... 225,345 1,320,296
IVRCL Infrastructures &
Projects, Ltd. ....................... 92,058 339,771
JAI Corp., Ltd. ........................ 41,171 239,625
Jaiprakash Associates, Ltd. ............ 46,361 154,692
Jindal Steel & Power, Ltd. ............. 52,781 827,073
KEC International, Ltd. ................ 7,150 92,132
Lanco Infratech, Ltd. (a)............... 431,957 505,128
Larsen & Toubro, Ltd. GDR............... 143,426 5,197,758
Mahindra & Mahindra, Ltd. .............. 235,168 2,872,355
Mercator Lines, Ltd. ................... 497,826 617,639
Oil & Natural Gas Corp., Ltd. .......... 179,007 4,356,256
</Table>
See accompanying notes to financial statements.
94
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Patel Engineering, Ltd. ................ 11,882 $ 120,686
Reliance Capital, Ltd. ................. 73,440 1,236,678
Reliance Communications, Ltd. .......... 433,798 1,661,467
Reliance Industries, Ltd. GDR (c)....... 324,617 15,646,539
Reliance Infrastructure, Ltd. .......... 156,350 3,468,814
Satyam Computer Services, Ltd.
ADR (a)(b)............................ 127,761 666,912
Siemens India, Ltd. .................... 161,296 2,650,902
State Bank of India..................... 26,559 1,229,304
Steel Authority of India, Ltd. ......... 492,738 2,777,310
Sterlite Industries India, Ltd. ........ 94,982 1,801,474
Suzlon Energy, Ltd. (a)................. 293,796 471,173
Tata Consultancy Services, Ltd. ........ 195,738 3,398,547
Tata Motors, Ltd. ...................... 183,831 3,093,537
Unitech, Ltd. .......................... 287,997 473,420
United Spirits, Ltd. ................... 23,698 696,239
Wipro, Ltd. ADR (b)..................... 150,058 3,497,852
Zee Entertainment Enterprises, Ltd. .... 268,842 1,607,842
------------
126,053,661
------------
INDONESIA -- 4.0%
Astra International Tbk PT.............. 1,515,720 6,979,358
Bakrieland Development Tbk PT (a)....... 7,161,000 188,872
Bank Central Asia Tbk PT................ 9,369,796 5,663,375
Bank Rakyat Indonesia Tbk PT............ 4,467,648 4,050,563
Bumi Resources Tbk PT................... 7,758,964 1,918,531
Indosat Tbk PT.......................... 1,388,748 839,399
Perusahaan Gas Negara Tbk PT............ 6,614,140 3,089,191
Telekomunikasi Indonesia Tbk PT......... 3,460,094 3,061,020
------------
25,790,309
------------
MALAYSIA -- 5.6%
Alliance Financial Group Bhd............ 3,009,400 2,656,981
Bintulu Port Holdings Bhd............... 1,044,906 2,018,059
Bursa Malaysia Bhd...................... 818,607 1,972,487
Carlsberg Brewery Malay Bhd............. 1,760,703 2,725,797
Ecm Libra Financial Group Bhd........... 6,411,200 1,326,659
Genting Bhd............................. 1,689,100 3,417,554
IJM Corp. Bhd........................... 1,848,040 2,764,695
IOI Corp. Bhd........................... 2,279,296 3,766,219
Landmarks Bhd (a)....................... 2,102,600 818,609
Lingkaran Trans Kota Holdings Bhd....... 3,787,700 3,541,534
Malaysian Airline System Bhd (a)........ 3,305,866 2,178,912
Naim Holdings Bhd....................... 2,278,313 2,416,604
OSK Holdings Bhd........................ 2,970,825 1,256,817
OSK Ventures International Bhd (a)...... 382,864 69,249
Star Publications Malaysia Bhd.......... 117,000 121,950
Tan Chong Motor Holdings Bhd............ 906,700 1,036,784
Uchi Technologies Bhd................... 2,891,700 1,223,343
Wah Seong Corp Bhd...................... 2,227,206 1,775,210
Zelan Bhd (a)........................... 2,285,300 388,823
------------
35,476,286
------------
PHILIPPINES -- 1.5%
Ayala Land, Inc. ....................... 9,535,158 2,743,020
First Gen Corp. (a)..................... 8,966,943 2,182,703
First Philippine Holdings Corp. ........ 1,725,763 2,157,681
Philippine Long Distance
Telephone Co. ........................ 48,964 2,622,104
------------
9,705,508
------------
TAIWAN -- 29.3%
Acer, Inc. ............................. 1,453,071 4,291,771
Advanced Semiconductor
Engineering, Inc. .................... 3,055,758 2,790,383
Asia Cement Corp. ...................... 2,008,260 1,960,327
Asustek Computer, Inc. ................. 1,695,404 2,952,196
AU Optronics Corp. ADR (b).............. 374,173 4,239,380
Catcher Technology Co., Ltd. ........... 541,539 1,330,060
Cathay Financial Holding Co., Ltd. (a).. 2,373,900 3,961,732
Chang Hwa Commercial Bank............... 4,700,000 2,131,117
Chimei Innolux Corp. ................... 341,643 521,211
China Development Financial Holding
Corp. (a)............................. 6,924,553 1,962,371
China Steel Chemical Corp. ............. 1,869,877 5,269,664
China Steel Corp. ...................... 4,114,119 4,255,583
Chinatrust Financial Holding
Co., Ltd. ............................ 4,681,614 2,653,475
Chunghwa Picture Tubes, Ltd. (a)........ 6,883,000 786,740
Chunghwa Telecom Co., Ltd. ............. 1,517,086 2,966,529
Compal Electronics, Inc. ............... 3,023,461 3,955,690
Delta Electronics, Inc. ................ 947,893 2,999,661
Epistar Corp. .......................... 426,170 1,415,736
Everlight Electronics Co., Ltd. ........ 345,996 1,074,224
Far Eastern New Century Corp. .......... 2,864,099 3,147,461
First Financial Holding Co., Ltd........ 3,396,796 1,866,430
Formosa Chemicals & Fibre Corp. ........ 1,588,390 3,716,146
Formosa Plastics Corp. ................. 2,340,940 5,159,827
Foxconn Technology Co., Ltd. ........... 583,853 2,141,787
Fubon Financial Holding Co., Ltd. (a)... 3,096,000 3,763,008
Hon Hai Precision Industry Co., Ltd. ... 2,712,440 11,743,828
HTC Corp. .............................. 362,949 4,240,005
Hua Nan Financial Holdings Co., Ltd. ... 3,048,044 1,866,757
King Yuan Electronics Co., Ltd. ........ 4,280,898 2,082,621
Largan Precision Co., Ltd. ............. 87,710 1,318,771
Lite-On Technology Corp. ............... 1,299,175 1,724,297
Macronix International Co., Ltd. ....... 3,037,411 2,008,490
MediaTek, Inc. ......................... 494,279 8,575,720
Mega Financial Holding Co., Ltd. ....... 3,911,000 2,265,961
Motech Industries, Inc. ................ 192,510 818,340
Nan Ya Plastics Corp. .................. 2,381,960 4,860,224
Novatek Microelectronics Corp., Ltd. ... 337,062 1,050,732
Polaris Securities Co., Ltd. (a)........ 9,631,150 5,003,904
Powerchip Semiconductor Corp. (a)....... 4,828,638 790,633
Powertech Technology, Inc. ............. 732,744 2,618,756
ProMOS Technologies, Inc. (a)........... 3,389,000 247,575
Quanta Computer, Inc. .................. 2,060,194 3,996,094
Realtek Semiconductor Corp. ............ 670,463 1,809,266
Shin Kong Financial Holding Co.,
Ltd. (a).............................. 4,435,926 1,745,988
Siliconware Precision Industries Co. ... 1,610,745 1,942,551
SinoPac Financial Holdings Co.,
Ltd. (a).............................. 5,006,000 1,781,214
Tainan Enterprises...................... 4,050,567 4,189,846
Taishin Financial Holdings Co.,
Ltd. (a).............................. 4,311,677 1,751,390
Taiwan Cement Corp. .................... 2,373,322 2,238,208
Taiwan Fu Hsing Industrial Co., Ltd. ... 3,213,000 2,084,130
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 1,809,703 18,983,784
Tatung Co., Ltd. (a).................... 3,602,000 861,994
</Table>
See accompanying notes to financial statements.
95
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tripod Technology Corp. ................ 772,839 $ 2,616,040
Uni-President Enterprises Corp. ........ 2,521,403 2,870,103
United Integrated Services Co., Ltd. ... 2,380,000 2,311,953
United Microelectronics Corp.
ADR (a)(b)............................ 1,274,497 4,792,109
Via Technologies, Inc. (a).............. 695,981 401,047
Walsin Lihwa Corp. (a).................. 8,441,000 3,322,391
Wistron Corp. .......................... 1,294,955 2,352,758
Yageo Corp. ............................ 6,828,000 2,666,012
Yuanta Financial Holding Co., Ltd. ..... 2,718,000 1,630,389
------------
186,876,390
------------
THAILAND -- 3.4%
Advanced Info Service PCL............... 960,823 2,562,888
Bangkok Expressway PCL.................. 3,648,665 2,313,209
Electricity Generating PCL (Foreign
ownership limit)...................... 926,496 2,299,406
IRPC PCL................................ 6,197,639 893,181
Kasikornbank PCL........................ 1,351,098 4,032,193
PTT Exploration & Production PCL........ 808,805 3,714,475
PTT PCL................................. 515,236 4,174,790
Thai Oil PCL............................ 968,591 1,497,743
------------
21,487,885
------------
TOTAL COMMON STOCKS --
(Cost $554,965,759)................... 638,624,132
------------
PREFERRED STOCK -- 0.0% (D)
MALAYSIA -- 0.0% (D)
Malaysian Airline System Bhd
(Cost $980)........................... 4,692 1,137
------------
WARRANTS -- 0.0% (D)
MALAYSIA -- 0.0% (D)
IJM Land Bhd
(expiring 9/11/13) (a)
(Cost $0)............................. 27,580 9,554
------------
SHORT TERM INVESTMENTS -- 2.8%
UNITED STATES -- 2.8%
MONEY MARKET FUNDS -- 2.8%
State Street Institutional Liquid
Reserves Fund (e)(f).................. 287,892 287,892
State Street Navigator Securities
Lending Prime Portfolio (e)(g)........ 17,816,312 17,816,312
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $18,104,204).................... 18,104,204
------------
TOTAL INVESTMENTS -- 102.8%
(Cost $573,070,943)................... 656,739,027
OTHER ASSETS AND
LIABILITIES -- (2.8)%................. (17,766,480)
------------
NET ASSETS -- 100.0%.................... $638,972,547
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(c) Security purchased pursuant to Rule 144A of the
Securities Act of 1933. This security, which represents
2.4% of net assets as of March 31, 2010, 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) Security, or a portion thereof, is designated on the
Fund's books or pledged as collateral for futures
contracts.
(g) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At March 31, 2010, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION
- ------- ---------- --------- ---------- -------- ------------
MSCI Taiwan Index Futures..... 4/29/2010 14 $387,166 $395,080 $7,914
</Table>
See accompanying notes to financial statements.
96
SPDR S&P RUSSIA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.8%
RUSSIA -- 97.8%
CHEMICALS -- 1.6%
Uralkali GDR (a)........................ 3,529 $ 74,074
----------
COMMERCIAL BANKS -- 10.9%
Sberbank GDR............................ 1,309 387,451
VTB Bank OJSC GDR....................... 20,809 115,282
----------
502,733
----------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 4.6%
Comstar United Telesystems OJSC GDR..... 7,570 53,066
Rostelecom OJSC ADR (a)................. 1,720 51,170
Vimpel-Communications ADR............... 5,962 109,760
----------
213,996
----------
ELECTRIC UTILITIES -- 3.4%
RusHydro ADR (a)........................ 30,054 158,685
----------
ENERGY EQUIPMENT & SERVICES -- 1.0%
Integra Group Holdings GDR (a).......... 5,267 15,854
OAO TMK GDR (a)......................... 1,525 31,491
----------
47,345
----------
FOOD & STAPLES RETAILING -- 4.8%
Magnit OJSC GDR......................... 8,209 152,030
X5 Retail Group N.V. GDR (a)............ 2,016 70,157
----------
222,187
----------
FOOD PRODUCTS -- 1.9%
Wimm-Bill-Dann Foods OJSC ADR........... 3,954 88,649
----------
HOUSEHOLD DURABLES -- 0.5%
PIK Group GDR (a)....................... 4,719 24,303
----------
MEDIA -- 0.7%
CTC Media, Inc. ........................ 1,849 31,840
----------
METALS & MINING -- 16.0%
Evraz Group SA GDR (a).................. 2,517 100,000
Magnitogorsk Iron & Steel Works GDR..... 3,185 38,602
Mechel ADR.............................. 2,888 82,077
Norilsk Nickel ADR (a).................. 15,476 284,913
Novolipetsk Steel GDR................... 1,438 49,827
Polymetal GDR (a)....................... 4,719 48,134
Polyus Gold Co. ADR..................... 2,984 76,838
Severstal GDR (a)....................... 4,203 61,196
----------
741,587
----------
OIL, GAS & CONSUMABLE FUELS -- 41.5%
Gazprom Neft JSC ADR.................... 3,769 98,786
Gazprom OAO ADR......................... 30,934 721,690
LUKOIL OAO ADR.......................... 7,052 399,849
NovaTek OAO GDR......................... 1,579 114,951
Rosneft Oil Co. GDR..................... 25,599 203,000
Surgutneftegaz ADR...................... 12,534 124,212
Surgutneftegaz ADR Preference Shares.... 10,908 60,539
Tatneft ADR............................. 6,258 195,875
----------
1,918,902
----------
PHARMACEUTICALS -- 1.3%
Pharmstandard GDR (a)................... 2,295 57,145
----------
WIRELESS TELECOMMUNICATION SERVICES -- 9.6%
Mobile TeleSystems OJSC ADR............. 6,300 349,650
Sistema JSFC GDR (a).................... 3,523 95,826
----------
445,476
----------
TOTAL COMMON STOCKS --
(Cost $4,401,120)..................... 4,526,922
----------
SHORT TERM INVESTMENTS -- 0.2%
UNITED STATES -- 0.2%
MONEY MARKET FUND -- 0.2%
State Street Institutional Liquid
Reserves Fund (b)
(Cost $8,233)......................... 8,233 8,233
----------
TOTAL INVESTMENTS -- 98.0%
(Cost $4,409,353)..................... 4,535,155
OTHER ASSETS AND
LIABILITIES -- 2.0%................... 92,846
----------
NET ASSETS -- 100.0%.................... $4,628,001
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
97
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.1%
CHINA -- 100.1%
AIRLINES -- 0.5%
Air China, Ltd. (a)..................... 2,924,000 $ 3,020,140
------------
AUTOMOBILES -- 1.8%
Brilliance China Automotive Holdings,
Ltd. (a).............................. 3,576,000 1,017,806
Denway Motors, Ltd. .................... 6,694,000 3,560,501
Dongfeng Motor Group Co., Ltd. ......... 3,426,300 5,568,780
------------
10,147,087
------------
BEVERAGES -- 0.4%
Tsingtao Brewery Co., Ltd. ............. 472,000 2,373,768
------------
CHEMICALS -- 0.5%
China Bluechemical, Ltd. ............... 2,488,000 1,621,348
Sinopec Shanghai Petrochemical Co.,
Ltd. (a).............................. 3,234,000 1,282,821
------------
2,904,169
------------
COMMERCIAL BANKS -- 16.6%
Bank of China, Ltd. .................... 26,972,000 14,380,991
Bank of Communications Co., Ltd. ....... 6,383,000 7,603,996
China CITIC Bank Corp., Ltd. ........... 4,125,393 3,092,172
China Construction Bank Corp. .......... 32,514,900 26,632,679
China Merchants Bank Co., Ltd. ......... 4,264,260 11,532,894
Industrial & Commercial Bank of China... 39,313,000 29,973,207
------------
93,215,939
------------
COMMERCIAL SERVICES & SUPPLIES -- 0.0% (B)
Bio-Treat Technology, Ltd. (a).......... 1,449,015 93,281
------------
COMMUNICATIONS EQUIPMENT -- 0.7%
AAC Acoustic Technology
Holdings, Inc. ....................... 940,000 1,571,368
ZTE Corp. .............................. 420,444 2,547,669
------------
4,119,037
------------
COMPUTERS & PERIPHERALS -- 0.8%
Lenovo Group, Ltd. ..................... 4,484,000 3,095,321
TPV Technology, Ltd. ................... 1,904,000 1,282,461
------------
4,377,782
------------
CONSTRUCTION & ENGINEERING -- 2.2%
China Communications Construction
Co., Ltd. ............................ 4,310,394 4,069,080
China Railway Construction
Corp., Ltd. .......................... 2,413,000 2,974,025
China Railway Group, Ltd. (a)........... 4,593,000 3,312,530
Metallurgical Corp. of China, Ltd. (a).. 4,125,000 2,257,814
------------
12,613,449
------------
CONSTRUCTION MATERIALS -- 0.9%
Anhui Conch Cement Co., Ltd. ........... 472,000 3,118,421
China National Building Material
Co., Ltd. ............................ 1,096,000 2,122,920
------------
5,241,341
------------
DIVERSIFIED CONSUMER SERVICES -- 0.6%
New Oriental Education & Technology
Group, Inc. ADR (a)(c)................ 42,232 3,611,258
------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.5%
China Telecom Corp., Ltd. .............. 16,970,000 8,370,587
China Unicom (Hong Kong), Ltd. ......... 4,982,492 5,608,328
------------
13,978,915
------------
ELECTRICAL EQUIPMENT -- 1.1%
China BAK Battery, Inc. (a)(c).......... 12,010 28,944
China High Speed Transmission Equipment
Group Co., Ltd. ...................... 875,000 1,933,752
Shanghai Electric Group Co., Ltd. ...... 4,372,000 2,128,371
Suntech Power Holdings Co., Ltd.
ADR (a)(c)............................ 136,712 1,916,702
------------
6,007,769
------------
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS -- 1.4%
Byd Co., Ltd. .......................... 473,000 4,711,908
Kingboard Chemical Holdings, Ltd. ...... 744,000 3,387,175
------------
8,099,083
------------
ENERGY EQUIPMENT & SERVICES -- 0.6%
China Oilfield Services, Ltd. .......... 2,321,900 3,408,974
------------
FOOD & STAPLES RETAILING -- 0.9%
China Resources Enterprise, Ltd. ....... 1,402,000 5,209,177
------------
FOOD PRODUCTS -- 3.9%
Chaoda Modern Agriculture
Holdings, Ltd. ....................... 2,192,254 2,334,918
China Mengniu Dairy Co., Ltd. (a)....... 1,395,000 4,347,753
China Milk Products Group, Ltd. (a)(d).. 15,000 2,575
China Yurun Food Group, Ltd. ........... 926,000 2,826,407
Tingyi Cayman Islands Holding Corp. .... 2,336,000 5,523,582
Want Want China Holdings, Ltd. ......... 9,497,000 6,739,278
------------
21,774,513
------------
GAS UTILITIES -- 0.3%
China Resources Gas Group, Ltd. ........ 1,256,000 1,756,689
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.5%
Mindray Medical International,
Ltd. ADR.............................. 81,932 2,983,963
------------
HOTELS, RESTAURANTS & LEISURE -- 1.4%
China Travel International Investment
Hong Kong, Ltd. ...................... 3,236,000 879,359
Ctrip.com International, Ltd.
ADR (a)(c)............................ 141,102 5,531,198
Shanghai Jin Jiang International Hotels
Group Co., Ltd. ...................... 4,330,000 1,405,283
------------
7,815,840
------------
INDEPENDENT POWER PRODUCERS & ENERGY
TRADERS -- 1.4%
China Resources Power Holdings
Co., Ltd. ............................ 1,562,000 3,343,393
Datang International Power Generation
Co., Ltd. (a)......................... 4,328,000 1,962,028
Huaneng Power International, Inc. ...... 4,330,000 2,515,010
------------
7,820,431
------------
INDUSTRIAL CONGLOMERATES -- 2.0%
Beijing Enterprises Holdings, Ltd. ..... 586,000 4,071,593
</Table>
See accompanying notes to financial statements.
98
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Citic Pacific, Ltd. .................... 1,550,000 $ 3,704,972
Shanghai Industrial Holdings, Ltd. ..... 699,000 3,204,812
------------
10,981,377
------------
INSURANCE -- 9.3%
China Life Insurance Co., Ltd. ......... 7,240,000 34,686,208
China Taiping Insurance Holdings Co.,
Ltd. (a).............................. 793,200 2,773,498
PICC Property & Casualty Co., Ltd. (a).. 2,491,600 2,538,225
Ping An Insurance Group Co. of
China, Ltd. .......................... 1,401,300 12,073,483
------------
52,071,414
------------
INTERNET SOFTWARE & SERVICES -- 7.2%
Alibaba.com, Ltd. ...................... 1,206,500 2,427,078
Baidu, Inc. ADR (a)..................... 22,698 13,550,706
NetEase.com ADR (a)(c).................. 160,007 5,675,448
SINA Corp. (a)(c)....................... 51,579 1,944,013
Sohu.com, Inc. (a)...................... 34,692 1,894,183
Tencent Holdings, Ltd. ................. 740,000 14,848,223
------------
40,339,651
------------
IT SERVICES -- 0.2%
Travelsky Technology, Ltd. ............. 1,150,000 961,209
------------
MACHINERY -- 0.8%
Weichai Power Co., Ltd. ................ 311,300 2,605,960
Yangzijiang Shipbuilding Holdings,
Ltd. (c).............................. 1,926,000 1,598,055
------------
4,204,015
------------
MARINE -- 1.6%
China COSCO Holdings Co., Ltd. ......... 2,956,675 3,914,461
China Shipping Container Lines Co.,
Ltd. (a).............................. 5,438,500 2,171,282
China Shipping Development Co.,
Ltd. (a).............................. 1,711,800 2,795,423
------------
8,881,166
------------
MEDIA -- 0.3%
Focus Media Holding, Ltd. ADR (a)(c).... 105,149 1,920,021
------------
METALS & MINING -- 2.9%
Aluminum Corp. of China, Ltd. (a)....... 4,178,000 4,315,371
Angang Steel Co., Ltd. ................. 1,557,720 2,856,766
Jiangxi Copper Co., Ltd. ............... 1,868,000 4,219,702
Maanshan Iron & Steel (a)............... 2,452,000 1,421,047
Zijin Mining Group Co., Ltd. ........... 4,514,500 3,558,249
------------
16,371,135
------------
MULTILINE RETAIL -- 0.7%
Golden Eagle Retail Group, Ltd. ........ 856,000 1,710,964
Parkson Retail Group, Ltd. ............. 1,231,000 2,124,409
------------
3,835,373
------------
OIL, GAS & CONSUMABLE FUELS -- 15.8%
China Coal Energy Co. .................. 3,892,013 6,075,083
China Petroleum & Chemical Corp. ....... 17,178,500 14,070,764
China Shenhua Energy Co., Ltd. ......... 2,841,700 12,278,521
CNOOC, Ltd. ............................ 14,400,600 23,702,096
Kunlun Energy Co., Ltd. ................ 2,495,400 3,503,015
PetroChina Co., Ltd. ................... 20,707,200 24,214,893
Yanzhou Coal Mining Co., Ltd. .......... 2,023,900 4,869,017
------------
88,713,389
------------
PAPER & FOREST PRODUCTS -- 0.7%
Lee & Man Paper Manufacturing, Ltd. .... 1,964,000 1,535,343
Nine Dragons Paper Holdings, Ltd. ...... 1,462,000 2,443,979
------------
3,979,322
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 5.5%
Agile Property Holdings, Ltd. .......... 2,024,000 2,763,069
China Overseas Land &
Investment, Ltd. ..................... 3,891,680 8,791,076
China Resources Land, Ltd. ............. 1,556,000 3,382,652
Country Garden Holdings Co. ............ 7,551,000 2,713,214
Guangzhou R&F Properties Co., Ltd. ..... 1,324,800 2,170,265
Renhe Commercial Holdings Co., Ltd. .... 10,430,000 2,417,865
Shimao Property Holdings, Ltd. ......... 1,479,000 2,720,018
Sino-Ocean Land Holdings, Ltd. ......... 3,347,000 2,948,405
Yanlord Land Group, Ltd. (c)............ 1,246,000 1,666,621
Yuexiu Property Co., Ltd. .............. 4,986,000 1,342,066
------------
30,915,251
------------
ROAD & RAIL -- 0.2%
Guangshen Railway Co., Ltd. ............ 2,300,000 921,220
------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
Actions Semiconductor Co., Ltd.
ADR (a)............................... 128,128 299,820
Semiconductor Manufacturing
International Corp. (a)............... 18,054,000 2,325,138
------------
2,624,958
------------
SOFTWARE -- 0.3%
Shanda Interactive Entertainment, Ltd.
ADR (a)(c)............................ 33,667 1,467,545
------------
SPECIALTY RETAIL -- 0.3%
Hengdeli Holdings, Ltd. (a)............. 3,735,360 1,592,340
------------
TEXTILES, APPAREL & LUXURY GOODS -- 1.3%
China Dongxiang Group Co. .............. 3,814,000 2,750,705
Li Ning Co., Ltd. ...................... 934,000 3,386,106
Ports Design, Ltd. ..................... 430,000 1,090,963
------------
7,227,774
------------
TRANSPORTATION INFRASTRUCTURE -- 2.7%
Anhui Expressway Co., Ltd. ............. 1,538,000 1,049,802
Beijing Capital International Airport
Co.,
Ltd. (a).............................. 2,298,000 1,373,230
China Merchants Holdings International
Co., Ltd. ............................ 1,400,406 5,158,166
COSCO Pacific, Ltd. .................... 1,402,083 2,123,520
GZI Transportation, Ltd. ............... 466,217 238,972
Jiangsu Expressway Co., Ltd. ........... 2,180,000 2,057,954
Shenzhen Expressway Co., Ltd. .......... 2,180,000 1,145,492
Zhejiang Expressway Co., Ltd. .......... 2,492,000 2,249,787
------------
15,396,923
------------
WATER UTILITIES -- 0.3%
Guangdong Investment, Ltd. ............. 3,486,000 1,885,611
------------
</Table>
See accompanying notes to financial statements.
99
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
WIRELESS TELECOMMUNICATION SERVICES -- 8.5%
China Mobile, Ltd. ..................... 4,943,400 $ 47,557,791
------------
TOTAL COMMON STOCKS --
(Cost $495,210,848)................... 562,420,090
------------
SHORT TERM INVESTMENTS -- 1.6%
UNITED STATES -- 1.6%
MONEY MARKET FUNDS -- 1.6%
State Street Institutional Liquid
Reserves Fund (e)..................... 306,244 306,244
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 8,809,613 8,809,613
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $9,115,857)..................... 9,115,857
------------
TOTAL INVESTMENTS -- 101.7%
(Cost $504,326,705)................... 571,535,947
OTHER ASSETS AND
LIABILITIES -- (1.7)%................. (9,481,529)
------------
NET ASSETS -- 100.0%.................... $562,054,418
============
</Table>
<Table>
(a) Non-income producing security.
(b) Amount represents less than 0.05% of net assets.
(c) Security, or portion thereof, was on loan at March 31,
2010.
(d) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is determined based on Level 2
inputs.
(e) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(f) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
100
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 95.3%
BRAZIL -- 16.8%
Banco Bradesco SA ADR (a)............... 78,896 $ 1,454,053
Banco do Brasil SA...................... 16,453 275,185
Bradespar SA Preference Shares.......... 14,549 358,283
Brasil Telecom SA ADR (a)(b)............ 3,537 29,958
Brasil Telecom SA Preference Shares
ADR (a)(b)............................ 6,239 119,103
Braskem SA Preference Shares ADR (a).... 6,009 86,950
BRF -- Brasil Foods SA ADR (a).......... 4,106 225,584
Centrais Eletricas Brasileiras SA
ADR (a)............................... 19,245 283,602
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar ADR (a)........... 3,803 255,676
Companhia de Bebidas das Americas
Preference Shares ADR (a)............. 9,952 912,200
Companhia de Saneamento Basico do Estado
de Sao Paulo.......................... 7,636 136,573
Companhia Energetica de Minas Gerais
ADR (a)............................... 21,165 352,186
Companhia Siderurgica Nacional SA
ADR (a)............................... 24,611 982,717
Cosan SA Industria e Comercio (b)....... 5,755 69,910
Cyrela Brazil Realty SA................. 16,217 191,365
Cyrela Commercial Properties SA
Empreendimentos e Participacoes....... 1,519 10,290
Duratex SA.............................. 12,115 104,200
Empresa Brasileira de Aeronautica SA.... 24,762 145,961
Fibria Celulose SA ADR (a)(b)........... 10,763 235,494
Gerdau SA ADR (a)....................... 36,655 597,476
Investimentos Itau SA .................. 26,558 181,399
Investimentos Itau SA Preference
Shares................................ 141,791 967,678
Itau Unibanco Holding SA Preference
Shares ADR (a)........................ 115,488 2,539,581
Lojas Americanas SA Preference Shares... 14,254 105,825
Lojas Renner SA......................... 10,489 239,789
Metalurgica Gerdau SA Preference
Shares................................ 18,070 369,358
MMX Mineracao e Metalicos SA (b)........ 7,660 57,932
Natura Cosmeticos SA.................... 8,859 179,195
Petroleo Brasileiro SA ADR (a).......... 71,707 2,838,880
Petroleo Brasileiro SA Preference Shares
ADR (a)............................... 53,508 2,380,571
Souza Cruz SA........................... 5,850 203,227
Tam SA ADR (a).......................... 4,577 77,626
Tim Participacoes SA ADR (a)............ 4,534 125,864
Tractebel Energia SA ADR (a)............ 7,723 85,725
Usinas Siderurgicas de Minas Gerais SA
ADR (a)............................... 14,401 494,074
Vale SA ADR (a)......................... 92,743 2,574,546
Vale SA Preference Shares ADR (a)....... 72,000 2,317,680
Vivo Participacoes SA ADR............... 4,004 108,548
Vivo Participacoes SA Preference
Shares................................ 9,463 256,101
Weg SA.................................. 14,380 153,090
------------
23,083,455
------------
CHILE -- 2.0%
Antarchile SA........................... 10,306 186,578
Cementos Bio-Bio SA..................... 48,382 140,605
Companhia General de Electricidad....... 23,200 145,898
Cuprum AFP.............................. 3,414 141,830
Empresa Nacional de Electricidad
SA ADR................................ 5,668 266,339
Empresas COPEC SA....................... 23,726 354,929
Enersis SA ADR.......................... 13,847 276,801
Farmacias Ahumada SA.................... 40,547 131,358
Lan Airlines SA ADR (a)................. 9,124 161,039
Parque Arauco SA........................ 132,691 177,006
SACI Falabella.......................... 71,919 423,483
Vina Concha y Toro SA ADR (a)........... 3,714 166,758
Vina San Pedro SA....................... 16,602,846 132,570
------------
2,705,194
------------
CHINA -- 13.3%
AAC Acoustic Technology
Holdings, Inc. ....................... 84,000 140,420
Air China, Ltd. (b)..................... 126,000 130,143
Aluminum Corp. of China, Ltd. (b)....... 210,000 216,905
Angang Steel Co., Ltd. ................. 44,640 81,867
Anhui Conch Cement Co., Ltd. ........... 42,000 277,487
Baidu, Inc. ADR (b)..................... 1,393 831,621
Bank of China, Ltd. .................... 1,042,000 555,576
Bank of Communications Co., Ltd. ....... 275,000 327,604
Beijing Capital International Airport
Co.,
Ltd. (b).............................. 126,000 75,295
China CITIC Bank Corp., Ltd. ........... 237,000 177,642
China Coal Energy Co. .................. 210,000 327,791
China Communications Construction
Co., Ltd. ............................ 194,000 183,139
China Construction Bank Corp. .......... 1,407,000 1,152,462
China COSCO Holdings Co., Ltd. ......... 149,925 198,492
China Life Insurance Co., Ltd. ......... 361,000 1,729,519
China Mengniu Dairy Co., Ltd. (b)....... 63,000 196,350
China Merchants Bank Co., Ltd. ......... 188,145 508,847
China Oilfield Services, Ltd. .......... 168,000 246,655
China Petroleum & Chemical Corp. ....... 820,000 671,655
China Railway Construction
Corp., Ltd. .......................... 105,000 129,413
China Railway Group, Ltd. (b)........... 189,000 136,309
China Shenhua Energy Co., Ltd. ......... 168,000 725,900
China Shipping Container Lines Co.,
Ltd. (b).............................. 340,350 135,882
China Shipping Development Co.,
Ltd. (b).............................. 84,000 137,175
China Telecom Corp., Ltd. .............. 758,000 373,889
Ctrip.com International, Ltd. ADR (b)... 8,554 335,317
Datang International Power Generation
Co., Ltd. (b)......................... 252,000 114,240
Dongfang Electric Corp., Ltd. .......... 4,200 23,908
Dongfeng Motor Group Co., Ltd. ......... 210,000 341,314
Focus Media Holding, Ltd. ADR (a)(b).... 4,768 87,064
Guangshen Railway Co., Ltd. ............ 168,000 67,289
Guangzhou R&F Properties Co., Ltd. ..... 75,600 123,847
Harbin Power Equipment Co., Ltd. ....... 42,000 34,672
Huadian Power International Co. (b)..... 252,000 63,286
</Table>
See accompanying notes to financial statements.
101
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Huaneng Power International, Inc. ...... 210,000 $ 121,975
Industrial & Commercial Bank of China... 1,903,000 1,450,894
Jiangsu Expressway Co., Ltd. ........... 128,000 120,834
Jiangxi Copper Co., Ltd. ............... 44,000 99,393
Kunlun Energy Co., Ltd. ................ 210,000 294,796
Lenovo Group, Ltd. ..................... 294,000 202,949
Li Ning Co., Ltd. ...................... 42,000 152,266
Maanshan Iron & Steel (b)............... 126,000 73,023
NetEase.com ADR (a)(b).................. 5,045 178,946
Nine Dragons Paper Holdings, Ltd. ...... 63,000 105,315
Parkson Retail Group, Ltd. ............. 52,134 89,971
PetroChina Co., Ltd. ................... 924,000 1,080,521
PICC Property & Casualty Co., Ltd. (b).. 168,000 171,144
Pine Agritech, Ltd. (b)................. 171,000 13,454
Ping An Insurance Group Co. of
China, Ltd. .......................... 63,000 542,803
Semiconductor Manufacturing
International Corp. (b)............... 714,000 91,955
Shanghai Electric Group Co., Ltd. ...... 210,000 102,232
Shenzhen Expressway Co., Ltd. .......... 168,000 88,276
SINA Corp. (a)(b)....................... 2,424 91,361
Sinopec Shanghai Petrochemical Co.,
Ltd. (b).............................. 168,000 66,640
Sinotrans, Ltd. ........................ 210,000 58,148
Suntech Power Holdings Co., Ltd.
ADR (a)(b)............................ 4,106 57,566
Tencent Holdings, Ltd. ................. 42,000 842,737
Tingyi Cayman Islands Holding Corp. .... 126,000 297,933
TPV Technology, Ltd. ................... 168,000 113,158
Travelsky Technology, Ltd. ............. 105,000 87,763
Weiqiao Textile Co. .................... 53,000 42,047
Yanzhou Coal Mining Co., Ltd. .......... 126,000 303,126
Zhejiang Expressway Co., Ltd. .......... 168,000 151,671
Zijin Mining Group Co., Ltd. ........... 170,000 133,991
ZTE Corp. .............................. 30,752 186,341
------------
18,272,204
------------
CZECH REPUBLIC -- 0.6%
CEZ AS.................................. 8,820 417,068
Komercni Banka AS....................... 961 195,229
Telefonica O2 Czech Republic AS......... 6,198 144,891
Unipetrol (b)........................... 6,282 54,259
------------
811,447
------------
EGYPT -- 0.8%
Commercial International Bank
Egypt SAE............................. 24,325 287,164
Egyptian Co. for Mobile Services........ 3,877 150,686
Egyptian Financial Group-Hermes
Holding............................... 15,184 86,923
Egyptian Kuwait Holding Co. ............ 19,502 43,685
Orascom Construction Industries......... 6,116 293,581
Orascom Telecom Holding SAE............. 38,247 39,247
Orascom Telecom Holding SAE GDR (c)..... 24,408 122,460
Orascom Telecom Holding SAE GDR (c)..... 200 1,024
Orascom Telecom Holding SAE
GDR (a)(c)(d)......................... 980 5,018
------------
1,029,788
------------
HONG KONG -- 4.6%
Agile Property Holdings, Ltd. .......... 126,000 172,009
Chaoda Modern Agriculture
Holdings, Ltd. ....................... 124,550 132,655
China Merchants Holdings International
Co., Ltd. ............................ 43,380 159,783
China Mobile, Ltd. ..................... 235,500 2,265,619
China Overseas Land &
Investment, Ltd. ..................... 171,200 386,731
China Power International Development,
Ltd. (b).............................. 210,000 50,034
China Resources Enterprise, Ltd. ....... 42,000 156,052
China Resources Land, Ltd. ............. 84,000 182,611
China Resources Power Holdings
Co., Ltd. ............................ 89,600 191,785
China Travel International Investment
Hong Kong, Ltd. ...................... 210,000 57,066
China Unicom (Hong Kong), Ltd. ......... 173,668 195,482
Citic Pacific, Ltd. .................... 42,000 100,393
CNOOC, Ltd. ............................ 804,000 1,323,312
COSCO Pacific, Ltd. .................... 84,691 128,268
Denway Motors, Ltd. .................... 294,000 156,377
Guangdong Investment, Ltd. ............. 170,000 91,955
GZI Transportation, Ltd. ............... 25,258 12,947
Hengdeli Holdings, Ltd. (b)............. 504,000 214,849
Kingboard Chemical Holdings, Ltd. ...... 31,500 143,409
Shimao Property Holdings, Ltd. ......... 63,000 115,863
Yuexiu Property Co., Ltd. .............. 294,000 79,135
------------
6,316,335
------------
HUNGARY -- 0.8%
FHB Mortgage Bank NyRt (b).............. 14,359 107,111
MOL Hungarian Oil and Gas NyRt (a)(b)... 3,521 360,359
OTP Bank NyRt (b)....................... 12,754 446,210
Richter Gedeon NyRt..................... 1,049 227,006
Tiszai Vegyi Kominat NyRt............... 1,482 23,355
------------
1,164,041
------------
INDIA -- 8.7%
Ambuja Cements, Ltd. ................... 11,317 30,211
Ambuja Cements, Ltd. GDR................ 17,217 45,962
Anant Raj Industries, Ltd. ............. 31,949 94,932
Bajaj Holdings & Investment, Ltd. (e)... 1,786 23,039
BF Investment, Ltd. (e)................. 7,339 25,421
BF Utilities, Ltd. (b).................. 7,339 139,898
Bharat Heavy Electricals, Ltd. ......... 7,418 393,082
Bharti Airtel, Ltd. .................... 96,779 676,235
Cipla, Ltd. ............................ 25,315 190,870
Dr. Reddy's Laboratories, Ltd. ADR (a).. 7,848 221,549
Gail India, Ltd. ....................... 27,854 253,847
Godrej Industries, Ltd. ................ 13,605 42,517
Grasim Industries, Ltd. (d)............. 288 18,057
Grasim Industries, Ltd. GDR (d)......... 731 45,797
HCL Technologies, Ltd. ................. 7,121 57,339
</Table>
See accompanying notes to financial statements.
102
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
HDFC Bank, Ltd. ........................ 10,255 $ 441,768
Hero Honda Motors, Ltd. ................ 8,101 351,666
Hindustan Unilever, Ltd. ............... 64,318 341,038
Housing Development Finance
Corp., Ltd. .......................... 11,009 665,886
ICICI Bank, Ltd. ADR.................... 12,183 520,214
India Infoline, Ltd. ................... 99,677 253,550
Indian Hotels Co., Ltd. ................ 34,818 79,260
Infosys Technologies, Ltd. ADR (a)...... 21,211 1,248,267
ITC, Ltd. .............................. 1,982 11,637
ITC, Ltd. GDR (c)(d).................... 22,171 129,905
ITC, Ltd. GDR (b)(c).................... 200 1,172
ITC, Ltd. GDR (b)(c).................... 2,611 15,298
JAI Corp., Ltd. ........................ 31,802 185,095
Larsen & Toubro, Ltd. GDR............... 8,684 314,708
Mahindra & Mahindra, Ltd. GDR........... 7,441 186,025
Maruti Suzuki India, Ltd. .............. 6,112 193,727
Mercator Lines, Ltd. ................... 84,391 104,702
Monnet Ispat, Ltd. ..................... 3,208 30,376
Oil & Natural Gas Corp., Ltd. .......... 18,124 441,060
Reliance Capital, Ltd. ................. 3,206 53,987
Reliance Communications, Ltd. .......... 39,438 151,049
Reliance Industries, Ltd. GDR (d)....... 33,628 1,620,870
Reliance Infrastructure, Ltd. .......... 9,424 209,083
Reliance MediaWorks, Ltd. (b)........... 29,202 140,172
Siemens India, Ltd. .................... 8,588 141,144
State Bank of India GDR................. 1,973 185,462
Suzlon Energy, Ltd. (b)................. 175,409 281,311
Tata Consultancy Services, Ltd. ........ 17,472 303,362
Tata Motors, Ltd. ADR (a)............... 10,169 187,720
Tata Power Co., Ltd. ................... 7,783 237,954
Tata Steel, Ltd. ....................... 13,658 192,344
Unitech, Ltd. .......................... 59,775 98,260
United Breweries Holdings, Ltd. (b)..... 8,560 53,387
Wipro, Ltd. ADR (a)..................... 12,775 297,785
------------
11,928,000
------------
INDONESIA -- 2.2%
Astra International Tbk PT.............. 127,000 584,790
Bank Central Asia Tbk PT................ 749,500 453,019
Bank Danamon Indonesia Tbk PT........... 157,710 90,125
Bank Mandiri Tbk PT..................... 397,000 233,414
Bank Rakyat Indonesia Tbk PT............ 341,500 309,619
Barito Pacific Tbk PT (b)............... 358,000 51,539
Bumi Resources Tbk PT................... 645,000 159,487
Indofood Sukses Makmur Tbk PT........... 473,500 196,435
Indosat Tbk PT.......................... 94,500 57,118
Kalbe Farma Tbk PT...................... 520,000 106,863
Medco Energi Internasional Tbk PT....... 246,000 70,290
Perusahaan Gas Negara Tbk PT............ 541,000 252,679
Telekomunikasi Indonesia Tbk PT......... 273,000 241,513
United Tractors Tbk PT.................. 138,000 278,290
------------
3,085,181
------------
ISRAEL -- 3.9%
Avner Oil & Gas, Ltd. (b)............... 1,248,246 537,243
Bank Hapoalim BM (b).................... 57,114 253,548
Bank Leumi Le-Israel BM (b)............. 58,204 273,197
Check Point Software
Technologies (a)(b)................... 9,615 337,102
Formula Systems (1985), Ltd. ........... 7,567 118,803
Israel Chemicals, Ltd. ................. 26,275 355,620
Israel Discount Bank, Ltd. (b).......... 50,197 114,818
Koor Industries, Ltd. .................. 1,304 36,251
Makhteshim-Agan Industries, Ltd. ....... 22,673 102,494
Mizrahi Tefahot Bank, Ltd. (b).......... 19,398 183,465
NICE Systems, Ltd. (b).................. 4,023 128,283
Ormat Industries, Ltd. ................. 11,409 87,090
Partner Communications Co., Ltd. ....... 7,677 172,482
Retalix, Ltd. (b)....................... 5,211 74,760
Teva Pharmaceutical Industries, Ltd. ... 37,917 2,427,386
The Israel Corp., Ltd. (b).............. 189 160,644
------------
5,363,186
------------
JORDAN -- 0.1%
Arab Bank PLC........................... 12,120 184,580
------------
MALAYSIA -- 2.5%
Aeon Co. (M) Bhd........................ 151,100 232,533
Alliance Financial Group Bhd............ 163,000 143,912
Berjaya Sports Toto Bhd................. 79,400 109,047
Bintulu Port Holdings Bhd............... 69,294 133,830
Bursa Malaysia Bhd...................... 33,293 80,222
Carlsberg Brewery Malay Bhd............. 242,597 375,572
Dialog Group Bhd........................ 351,108 118,399
Digi.Com Bhd............................ 21,000 145,365
Genting Bhd............................. 127,400 257,768
Genting Malaysia Bhd.................... 16,800 14,781
IGB Corp. Bhd........................... 171,500 99,367
IOI Corp. Bhd........................... 205,360 339,329
KFC Holdings Bhd........................ 82,900 202,040
KNM Group Bhd (b)....................... 408,650 90,199
Malaysian Airline System Bhd (b)........ 224,400 147,903
Malaysian Resources Corp. Bhd (b)....... 257,100 130,047
Multi-Purpose Holdings Bhd.............. 121,760 88,838
Naim Holdings Bhd....................... 103,187 109,450
OSK Holdings Bhd........................ 195,750 82,813
OSK Property Holdings Bhd............... 14,164 2,518
OSK Ventures International Bhd (b)...... 23,500 4,250
SP Setia Bhd............................ 103,200 132,243
Sunrise Bhd............................. 171,076 110,135
TA Enterprise Bhd....................... 207,100 43,807
TA Global Bhd (b)....................... 123,540 16,853
Tebrau Teguh Bhd (b).................... 14,700 3,109
UEM Land Holdings Bhd (b)............... 42,525 22,032
WCT Bhd................................. 190,900 160,937
------------
3,397,299
------------
MEXICO -- 6.0%
Alfa SAB de CV (a)...................... 22,481 177,656
America Movil SAB de CV................. 990,822 2,502,528
Axtel SAB de CV (b)..................... 68,858 53,018
Cemex SAB de CV (b)..................... 384,837 396,226
Coca-Cola Femsa SAB de CV............... 34,689 232,250
Consorcio ARA SAB de CV (a)(b).......... 68,417 46,239
Corporacion GEO SAB de CV (b)........... 29,050 88,386
Desarrolladora Homex SAB de CV (b)...... 12,774 60,578
Empresas ICA SAB de CV (a)(b)........... 28,051 72,032
Fomento Economico Mexicano SAB de
CV (a)................................ 104,057 496,509
</Table>
See accompanying notes to financial statements.
103
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grupo Aeroportuario del Sureste SAB de
CV (a)................................ 27,105 $ 143,890
Grupo Bimbo SAB de CV (a)............... 33,597 300,936
Grupo Elektra SA de CV.................. 4,960 249,504
Grupo Financiero Banorte SAB de CV...... 70,509 313,723
Grupo Iusacell SA de CV (b)............. 817 3,248
Grupo Mexico SAB de CV.................. 233,299 626,724
Grupo Modelo SAB de CV.................. 39,393 233,317
Grupo Televisa SA de CV (Series CPO).... 79,927 338,767
Impulsora Del Desarrollo Y El Empleo en
America Latina SA de CV (a)(b)........ 71,225 99,395
Industrias CH SAB, Series B (b)......... 18,302 73,429
Industrias Penoles SA de CV (a)......... 6,346 135,928
Kimberly-Clark de Mexico SAB de CV...... 36,888 209,202
Sare Holding SAB de CV (Class B) (b).... 81,353 30,164
Telefonos de Mexico SA de CV (a)........ 285,476 224,207
Telmex Internacional SAB de CV.......... 384,129 372,122
TV Azteca SAB de CV..................... 157,393 91,561
Urbi Desarrollos Urbanos SA de CV (b)... 30,654 71,006
Wal-Mart de Mexico SAB de CV (a)........ 129,669 666,480
------------
8,309,025
------------
MOROCCO -- 0.6%
Banque Marocaine du Commerce Exterieur.. 11,139 337,490
Banque Marocaine pour le Commerce et
l'Industrie SA (c).................... 957 112,053
Banque Marocaine pour le Commerce et
l'Industrie SA (b)(c)(e).............. 31 3,630
Douja Promotion Groupe Addoha SA........ 6,253 85,292
Holcim Maroc SA......................... 592 151,567
ONA SA.................................. 1,073 171,616
------------
861,648
------------
PERU -- 0.9%
Compania de Minas Buenaventura SA....... 11,345 354,818
Credicorp, Ltd. ........................ 4,101 361,626
Southern Copper Corp. .................. 10,659 337,571
Volcan Compania Minera SAA (Class B).... 98,382 118,370
------------
1,172,385
------------
PHILIPPINES -- 0.5%
Ayala Land, Inc. ....................... 547,980 157,640
Banco de Oro Universal Bank, Inc. ...... 94,700 86,967
Bank of the Philippine Islands.......... 163,080 162,394
Filinvest Land, Inc. ................... 2,517,000 49,571
Philippine Long Distance
Telephone Co. ........................ 4,230 226,524
------------
683,096
------------
POLAND -- 1.3%
Asseco Poland SA........................ 2,970 59,127
Bank BPH SA (b)......................... 701 16,216
Bank Pekao SA (b)....................... 6,046 351,770
Bioton SA (b)........................... 139,012 11,206
BRE Bank SA (b)......................... 745 67,865
Cersanit SA (b)......................... 6,924 38,902
Getin Holding SA (b).................... 11,834 44,589
Globe Trade Centre SA (b)............... 7,421 64,506
Grupa Lotos SA (b)...................... 4,519 46,725
KGHM Polska Miedz SA.................... 6,482 243,776
Orbis SA (b)............................ 3,097 43,202
PBG SA (b).............................. 830 62,692
Polimex- Mostostal SA................... 28,994 51,828
Polski Koncern Naftowy Orlen GDR (b).... 9,057 246,337
Powszechna Kasa Oszczednosci Bank
Polski SA............................. 19,337 270,763
Telekomunikacja Polska SA............... 39,668 225,375
------------
1,844,879
------------
RUSSIA -- 7.2%
Comstar United Telesystems OJSC GDR..... 18,733 131,318
Gazprom OAO ADR......................... 149,615 3,490,518
LUKOIL OAO ADR.......................... 24,069 1,364,712
Mechel ADR.............................. 7,078 201,157
MMC Norilsk Nickel ADR (b).............. 39,597 728,981
Mobile TeleSystems OJSC ADR............. 9,468 525,474
NovaTek OAO GDR......................... 4,875 354,900
Polyus Gold Co. ADR..................... 8,054 207,390
Rosneft Oil Co. GDR..................... 61,829 490,304
Rostelecom OJSC ADR (b)................. 4,185 124,504
Severstal GDR (b)....................... 13,957 203,214
Surgutneftegaz ADR (a).................. 105,187 1,042,403
Tatneft ADR............................. 12,253 383,519
Vimpel-Communications ADR............... 21,251 391,231
VTB Bank OJSC GDR (d)................... 32,037 177,485
Wimm-Bill-Dann Foods OJSC ADR........... 4,868 109,141
------------
9,926,251
------------
SOUTH AFRICA -- 9.3%
ABSA Group, Ltd. ....................... 14,530 281,540
Adcock Ingram Holdings, Ltd. ........... 4,469 34,930
Adcorp Holdings, Ltd. .................. 19,290 67,242
Afgri, Ltd. ............................ 106,320 92,654
African Bank Investments, Ltd. ......... 60,981 295,607
African Rainbow Minerals, Ltd. ......... 7,037 183,678
Allied Electronics Corp., Ltd. ......... 24,628 90,545
Anglo Platinum, Ltd. (a)(b)............. 3,024 304,708
AngloGold Ashanti, Ltd. ................ 10,634 402,470
Aquarius Platinum, Ltd. ................ 17,664 115,404
ArcelorMittal South Africa, Ltd. (b).... 9,001 113,445
Aspen Pharmacare Holdings, Ltd. (b)..... 27,106 293,613
Aveng, Ltd. ............................ 23,830 122,006
Avusa, Ltd. ............................ 4,129 10,964
Barloworld, Ltd. ....................... 10,198 68,445
Bidvest Group, Ltd. .................... 14,950 277,363
Business Connexion Group, Ltd. ......... 87,746 67,507
Cadiz Holdings.......................... 57,419 23,456
Coronation Fund Managers, Ltd. ......... 82,018 108,777
Discovery Holdings, Ltd. ............... 13,434 63,110
Eqstra Holdings, Ltd. (b)............... 9,255 7,687
FirstRand, Ltd. ........................ 226,978 624,317
Foschini, Ltd. ......................... 13,439 122,606
Freeworld Coatings, Ltd. ............... 11,964 15,020
Gold Fields, Ltd. ...................... 32,057 402,461
</Table>
See accompanying notes to financial statements.
104
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grindrod, Ltd. ......................... 40,115 $ 83,628
Group Five, Ltd. ....................... 11,387 57,525
Harmony Gold Mining Co., Ltd. .......... 9,594 89,879
Impala Platinum Holdings, Ltd. ......... 27,834 811,073
Imperial Holdings, Ltd. ................ 7,869 107,460
Investec, Ltd. ......................... 8,693 73,969
Invicta Holdings, Ltd. ................. 24,332 95,387
JD Group, Ltd. ......................... 8,562 51,589
Kagiso Media, Ltd. ..................... 44,641 94,218
Kumba Iron Ore, Ltd. ................... 2,489 119,604
Lewis Group, Ltd. ...................... 10,303 79,265
Massmart Holdings, Ltd. ................ 13,693 202,320
Metorex, Ltd. (b)....................... 29,712 15,576
MTN Group, Ltd. ........................ 78,425 1,196,032
Murray & Roberts Holdings, Ltd. ........ 21,087 124,300
Mvelaphanda Resources, Ltd. (b)......... 11,007 68,195
Naspers, Ltd. .......................... 18,921 815,433
Nedbank Group, Ltd. .................... 22,066 420,651
Netcare, Ltd. (b)....................... 89,709 161,243
Pretoria Portland Cement Co., Ltd. ..... 8,734 40,673
PSG Group, Ltd. ........................ 17,775 62,445
Reinet Investments SCA ADR (b).......... 7,173 11,623
Remgro, Ltd. ........................... 18,407 245,629
RMB Holdings, Ltd. ..................... 40,818 179,914
Sanlam, Ltd. ........................... 88,912 301,097
Sappi, Ltd. (a)(b)...................... 12,115 53,449
Sasol, Ltd. ............................ 21,679 893,645
Shoprite Holdings, Ltd. ................ 33,982 336,398
Standard Bank Group, Ltd. .............. 44,183 689,462
Steinhoff International Holdings,
Ltd. (b).............................. 69,433 189,089
Sun International, Ltd. (a)(b).......... 7,091 88,880
Super Group, Ltd. (b)................... 56,001 5,338
Telkom SA, Ltd. ........................ 11,472 53,346
Tiger Brands, Ltd. ..................... 8,374 209,123
Truworths International, Ltd. .......... 30,990 220,696
Wilson Bayly Holmes-Ovcon, Ltd. ........ 9,870 159,327
Woolworths Holdings, Ltd. .............. 54,702 167,817
------------
12,764,853
------------
TAIWAN -- 9.7%
Acer, Inc. ............................. 108,640 320,878
Advanced Semiconductor
Engineering, Inc. .................... 214,365 195,749
Asustek Computer, Inc. ................. 125,932 219,285
AU Optronics Corp. ADR (a).............. 47,214 534,935
Cathay Financial Holding Co., Ltd. (b).. 167,550 279,619
Chang Hwa Commercial Bank............... 234,000 106,102
Chimei Innolux Corp. ................... 92,874 141,688
China Development Financial Holding
Corp. (b)............................. 505,758 143,328
China Steel Chemical Corp. ............. 167,345 471,610
China Steel Corp. ...................... 293,719 303,818
Chinatrust Financial Holding
Co., Ltd. ............................ 319,290 180,969
Chunghwa Telecom Co., Ltd. ............. 133,322 260,699
CMC Magnetics Corp. (b)................. 129,000 35,380
Compal Electronics, Inc. ............... 215,342 281,739
Delta Electronics, Inc. ................ 83,340 263,734
Elite Semiconductor Memory
Technology, Inc. ..................... 68,750 108,132
Epistar Corp. .......................... 24,850 82,552
Far Eastern New Century Corp. .......... 207,063 227,549
Formosa Chemicals & Fibre Corp. ........ 109,460 256,089
Formosa Plastics Corp. ................. 171,610 378,257
Foxconn Technology Co., Ltd. ........... 41,318 151,570
Fubon Financial Holding Co., Ltd. (b)... 234,000 284,413
Giant Manufacturing Co., Ltd. .......... 125,960 365,291
Grape King, Inc. ....................... 110,000 162,794
Hon Hai Precision Industry Co., Ltd. ... 167,564 725,488
Hotai Motor Co., Ltd. .................. 63,000 139,061
HTC Corp. .............................. 41,578 485,718
Hua Nan Financial Holdings Co., Ltd. ... 215,376 131,906
Lite-On Technology Corp. ............... 109,313 145,083
MediaTek, Inc. ......................... 21,283 369,259
Mosel Vitelic, Inc. (b)................. 5,995 3,134
Nan Ya Plastics Corp. .................. 167,690 342,160
National Petroleum Co., Ltd. ........... 235,000 256,770
Novatek Microelectronics Corp., Ltd. ... 21,225 66,165
Pou Chen Corp. ......................... 152,207 124,371
Powerchip Semiconductor Corp. (b)....... 299,660 49,066
Powertech Technology, Inc. ............. 41,714 149,082
Precision Silicon Corp. (b)............. 20,098 24,175
ProMOS Technologies, Inc. (b)........... 279,000 20,382
Quanta Computer, Inc. .................. 146,664 284,479
Shin Kong Financial Holding Co.,
Ltd. (b).............................. 154,368 60,759
Siliconware Precision Industries Co. ... 107,578 129,738
SinoPac Financial Holdings Co.,
Ltd. (b).............................. 339,000 120,622
Solar Applied Materials
Technology Corp. ..................... 69,611 165,271
Taishin Financial Holdings Co.,
Ltd. (b).............................. 274,101 111,339
Taiwan Cement Corp. .................... 167,681 158,135
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 220,209 2,309,992
Taiwan Tea Corp. (b).................... 68,913 42,965
Tatung Co., Ltd. (b).................... 258,000 61,742
Tripod Technology Corp. ................ 41,244 139,610
United Microelectronics Corp.
ADR (a)(b)............................ 160,010 601,638
Visual Photonics Epitaxy Co., Ltd. (b).. 62,490 172,173
Wistron Corp. .......................... 83,635 151,953
------------
13,298,416
------------
THAILAND -- 1.6%
Advanced Info Service PCL............... 76,615 204,362
Bangkok Expressway PCL.................. 220,759 139,958
Banpu PCL............................... 8,808 168,342
Electricity Generating PCL (Foreign
ownership limit)...................... 49,873 123,776
IRPC PCL................................ 563,058 81,146
Kasikornbank PCL........................ 36,100 107,736
PTT Exploration & Production PCL........ 68,298 313,662
PTT PCL................................. 46,224 374,538
Siam Commercial Bank PCL................ 72,502 206,284
Thai Oil PCL............................ 69,495 107,461
The Siam Cement PCL..................... 24,900 197,906
The Siam Cement PCL..................... 300 2,431
Tisco Financial Group PCL............... 107,947 90,137
</Table>
See accompanying notes to financial statements.
105
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TMB Bank PCL (b)........................ 2,818,817 $ 122,046
------------
2,239,785
------------
TURKEY -- 1.8%
Akbank TAS.............................. 47,861 308,132
Anadolu Efes Biracilik Ve Malt
Sanayii AS............................ 13,717 144,181
Dogan Sirketler Grubu Holdings AS....... 92,340 70,368
Dogan Yayin Holding AS (b).............. 30,552 32,716
Eregli Demir ve Celik Fabrikalari
TAS (b)............................... 43,140 129,233
Haci Omer Sabanci Holding AS............ 34,044 145,372
KOC Holding AS (b)...................... 48,651 166,197
Migros Ticaret AS (b)................... 536 9,771
Tupras-Turkiye Petrol Rafinerileri AS... 7,734 175,288
Turkcell Iletisim Hizmetleri AS......... 29,332 178,243
Turkiye Garanti Bankasi AS.............. 149,087 695,387
Turkiye Is Bankasi (c).................. 54,552 177,038
Turkiye Is Bankasi (b)(c)............... 25,158 78,670
Ulker Biskuvi Sanayi AS................. 32,404 78,338
Yapi ve Kredi Bankasi AS (b)............ 51,277 130,029
------------
2,518,963
------------
UNITED KINGDOM -- 0.1%
British American Tobacco PLC............ 4,574 157,949
------------
TOTAL COMMON STOCKS --
(Cost $117,832,837)................... 131,117,960
------------
PREFERRED STOCK -- 0.0% (F)
MALAYSIA -- 0.0% (F)
TA Global Bhd
(Cost $0)............................. 123,540 13,066
------------
RIGHTS -- 0.0% (F)
EGYPT -- 0.0% (F)
Orascom
(expired 2/18/10) (e)................. 490 2,293
------------
SOUTH AFRICA -- 0.0% (F)
Metorex, Ltd.
(expiring 4/9/10) (b)................. 9,874 336
------------
TOTAL RIGHTS --
(Cost $0)............................. 2,629
------------
SHORT TERM INVESTMENTS -- 11.9%
UNITED STATES -- 11.9%
MONEY MARKET FUNDS -- 11.9%
State Street Institutional Liquid
Reserves Fund (g)(h).................. 2,979,529 2,979,529
State Street Navigator Securities
Lending Prime Portfolio (h)(i)........ 13,420,027 13,420,027
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $16,399,556).................... 16,399,556
------------
TOTAL INVESTMENTS -- 107.2%
(Cost $134,232,393)................... 147,533,211
OTHER ASSETS AND
LIABILITIES -- (7.2)%................. (9,956,100)
------------
NET ASSETS -- 100.0%.................... $137,577,111
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Reflects separate holdings of the issuer's common stock
traded on different securities exchanges.
(d) Securities purchased pursuant to Rule 144A of the
Securities Act of 1933. These securities, which represent
1.5% of net assets as of March 31, 2010, are considered
liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(e) Securities are valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Securities' values are determined based on
Level 2 inputs.
(f) Amount shown represents less than 0.05% of net assets.
(g) Security, or a portion thereof, is designated on the
Fund's books or pledged as collateral for futures
contracts.
(h) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(i) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At March 31, 2010, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Index Futures..... 4/29/2010 209 $5,778,330 $5,897,980 $119,650
</Table>
See accompanying notes to financial statements.
106
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.0%
BRAZIL -- 27.1%
Banco Bradesco SA ADR (a)............... 809,636 $ 14,921,591
Banco Santander Brazil SA ADS........... 289,225 3,595,067
Companhia de Bebidas das Americas
Preference Shares ADR (a)............. 77,788 7,130,048
Companhia Energetica de Minas Gerais
ADR (a)............................... 156,699 2,607,471
Companhia Siderurgica Nacional SA
ADR (a)............................... 214,521 8,565,823
Gerdau SA ADR (a)....................... 327,549 5,339,049
Itau Unibanco Holding SA Preference
Shares ADR............................ 956,623 21,036,140
Petroleo Brasileiro SA Preference Shares
ADR (a)............................... 618,922 27,535,840
Tele Norte Leste Participacoes SA ADR... 133,824 2,363,332
Vale SA Preference Shares ADR (a)....... 792,494 25,510,382
------------
118,604,743
------------
CHINA -- 30.8%
Baidu, Inc. ADR (b)..................... 18,507 11,048,679
Bank of China, Ltd. .................... 33,003,000 17,596,613
Bank of Communications Co., Ltd. ....... 2,969,000 3,536,936
China Construction Bank Corp. .......... 18,153,000 14,868,969
China Life Insurance Co., Ltd. ......... 3,782,000 18,119,232
China Merchants Bank Co., Ltd. ......... 2,131,436 5,764,570
China Petroleum & Chemical Corp. ....... 9,094,000 7,448,818
China Shenhua Energy Co., Ltd. ......... 1,505,000 6,502,859
China Telecom Corp., Ltd. .............. 7,654,000 3,775,396
Industrial & Commercial Bank of China... 25,207,000 19,218,443
PetroChina Co., Ltd. ................... 11,426,000 13,361,505
Ping An Insurance Group Co. of
China, Ltd. .......................... 697,500 6,009,601
Tencent Holdings, Ltd. ................. 374,300 7,510,392
------------
134,762,013
------------
HONG KONG -- 11.4%
China Mobile, Ltd. ..................... 2,946,000 28,341,880
China Overseas Land &
Investment, Ltd. ..................... 1,848,560 4,175,788
China Unicom (Hong Kong), Ltd. ......... 3,012,000 3,390,328
CNOOC, Ltd. ............................ 8,647,000 14,232,187
------------
50,140,183
------------
INDIA -- 7.9%
HDFC Bank, Ltd. ADR (a)................. 31,444 4,382,979
ICICI Bank, Ltd. ADR.................... 150,365 6,420,586
Infosys Technologies, Ltd. ADR (a)...... 248,322 14,613,750
Reliance Industries, Ltd. GDR (c)....... 186,831 9,005,254
------------
34,422,569
------------
RUSSIA -- 22.8%
Gazprom OAO ADR......................... 1,762,956 41,129,763
LUKOIL OAO ADR.......................... 254,650 14,438,655
MMC Norilsk Nickel ADR (b).............. 440,024 8,100,842
Mobile TeleSystems OJSC ADR............. 223,691 12,414,850
NovaTek OAO GDR......................... 65,652 4,779,466
Rosneft Oil Co. GDR (d)................. 900,184 7,138,459
Rosneft Oil Co. GDR (b)(d).............. 5,891 46,716
Surgutneftegaz ADR...................... 529,849 5,250,804
Tatneft ADR (d)......................... 117,550 3,679,315
Tatneft ADR (b)(d)...................... 3,019 94,495
Vimpel-Communications ADR............... 160,733 2,959,094
------------
100,032,459
------------
TOTAL COMMON STOCKS --
(Cost $416,023,702)................... 437,961,967
------------
SHORT TERM INVESTMENTS -- 12.1%
UNITED STATES -- 12.1%
MONEY MARKET FUNDS -- 12.1%
State Street Institutional Liquid
Reserves Fund (e)..................... 840,649 840,649
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 52,286,783 52,286,783
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $53,127,432).................... 53,127,432
------------
TOTAL INVESTMENTS -- 112.1%
(Cost $469,151,134)................... 491,089,399
OTHER ASSETS AND
LIABILITIES -- (12.1)%................ (52,925,106)
------------
NET ASSETS -- 100.0%.................... $438,164,293
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Security purchased pursuant to Rule 144A of the
Securities Act of 1933. This security, which represents
2.1% of net assets as of March 31, 2010, is considered
liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(d) Reflects separate holdings of the issuer's common stock
traded on different securities exchanges.
(e) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(f) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
ADS = American Depositary Shares
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
107
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
CZECH REPUBLIC -- 3.9%
CEZ AS.................................. 116,684 $ 5,517,591
Komercni Banka AS....................... 9,015 1,831,410
Telefonica O2 Czech Republic AS......... 54,557 1,275,382
Unipetrol (a)........................... 89,358 771,808
------------
9,396,191
------------
HUNGARY -- 5.3%
Magyar Telekom Telecommunications PLC... 528,774 2,159,322
MOL Hungarian Oil and Gas NyRt (a)(b)... 27,366 2,800,788
OTP Bank NyRt (a)(b).................... 152,963 5,351,545
Richter Gedeon NyRt..................... 11,703 2,532,556
------------
12,844,211
------------
POLAND -- 10.9%
Agora SA (a)............................ 80,013 752,707
Apator SA............................... 66,096 502,479
Asseco Poland SA........................ 36,083 718,346
Bank Pekao SA (a)....................... 57,767 3,361,019
Bank Zachodni WBK SA (a)................ 16,753 1,209,016
Bioton SA (a)........................... 1,926,142 155,274
BRE Bank SA (a)......................... 6,628 603,770
Cersanit SA (a)......................... 76,210 428,182
Debica SA............................... 18,510 493,064
Echo Investment SA (a).................. 237,073 365,610
Getin Holding SA (a).................... 142,974 538,702
Globe Trade Centre SA (a)............... 95,454 829,715
ING Bank Slaski SA (a).................. 4,537 1,186,289
KGHM Polska Miedz SA.................... 63,071 2,371,988
Netia SA (a)............................ 713,120 1,269,724
Orbis SA (a)............................ 35,094 489,552
PBG SA (a).............................. 7,782 587,789
Polimex- Mostostal SA................... 316,500 565,753
Polski Koncern Naftowy Orlen SA (a)..... 106,484 1,448,102
Powszechna Kasa Oszczednosci Bank
Polski SA............................. 278,961 3,906,099
Telekomunikacja Polska SA............... 563,154 3,199,582
TVN SA.................................. 146,929 926,964
Zaklad Przetworstwa Hutniczego
Stalprodukt SA........................ 2,536 419,630
------------
26,329,356
------------
RUSSIA -- 64.5%
Comstar United Telesystems GDR (a)(c)... 11,547 80,944
Comstar United Telesystems OJSC
GDR (c)............................... 197,052 1,381,335
CTC Media, Inc. (b)..................... 61,146 1,052,934
Evraz Group SA GDR (a)(c)............... 51,449 2,044,069
Evraz Group SA GDR (a)(c)............... 41,802 1,660,793
Gazprom Neft JSC ADR (c)................ 563 14,756
Gazprom Neft JSC ADR (c)................ 104,977 2,751,447
Gazprom OAO ADR......................... 1,641,862 38,304,640
Integra Group Holdings GDR (a)(c)....... 124,114 373,583
Integra Group Holdings GDR (a)(c)....... 200,602 603,812
LUKOIL OAO ADR.......................... 290,711 16,483,314
Mechel ADR.............................. 65,985 1,875,294
Mobile TeleSystems OJSC ADR............. 217,337 12,062,204
Norilsk Nickel ADR (a)(b)............... 539,854 9,938,712
NovaTek OAO GDR......................... 128,849 9,380,207
PIK Group GDR (a)....................... 202,566 1,043,215
Polymetal GDR (a)(c).................... 108,314 1,104,803
Polymetal GDR (a)(c).................... 362 3,692
Polyus Gold Co. ADR (c)................. 353 9,090
Polyus Gold Co. ADR (c)................. 109,165 2,810,999
Rosneft Oil Co. GDR (c)................. 1,312,546 10,408,490
Rosneft Oil Co. GDR (a)(c).............. 103,373 819,748
Rostelecom OJSC ADR (a)(b).............. 67,232 2,000,152
Sberbank................................ 4,706,093 13,788,853
Severstal GDR (a)(c).................... 3,047 44,364
Severstal GDR (a)(c).................... 364,857 5,312,318
Surgutneftegaz ADR (b).................. 771,140 7,641,997
Tatneft ADR (a)......................... 87,355 2,734,212
Uralkali GDR (a)........................ 107,156 2,249,204
Vimpel-Communications ADR (b)........... 143,811 2,647,561
VTB Bank OJSC GDR....................... 845,856 4,686,042
------------
155,312,784
------------
TURKEY -- 14.8%
Akbank TAS.............................. 570,046 3,669,985
Anadolu Anonim Turk Sigorta............. 699,475 624,942
Anadolu Efes Biracilik Ve Malt
Sanayii AS............................ 175,701 1,846,811
Arcelik AS.............................. 453,546 1,832,419
Dogan Sirketler Grubu Holdings AS....... 847,687 645,984
Dogan Yayin Holding AS (a).............. 704,552 754,447
Dogus Otomotiv Servis ve Ticaret
AS (a)................................ 241,050 934,302
Enka Insaat ve Sanayi AS................ 237,528 1,100,100
Eregli Demir ve Celik Fabrikalari
TAS (a)............................... 503,814 1,509,258
Haci Omer Sabanci Holding AS............ 402,238 1,717,611
Hurriyet Gazetecilik ve Matbaacilik
AS (a)................................ 631,626 688,805
KOC Holding AS (a)...................... 517,226 1,766,900
Tupras-Turkiye Petrol Rafinerileri AS... 74,833 1,696,057
Turk Hava Yollari Anonim Ortakligi...... 676,796 2,312,008
Turkcell Iletisim Hizmetleri AS......... 463,524 2,816,711
Turkiye Garanti Bankasi AS.............. 1,528,945 7,131,461
Turkiye Is Bankasi (a)(c)............... 203,940 637,731
Turkiye Is Bankasi (c).................. 442,209 1,435,102
Vestel Elektronik Sanayi (a)............ 428,884 743,827
Yapi ve Kredi Bankasi AS (a)............ 716,123 1,815,946
------------
35,680,407
------------
TOTAL COMMON STOCKS --
(Cost $232,623,583)................... 239,562,949
------------
</Table>
See accompanying notes to financial statements.
108
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 4.8%
UNITED STATES -- 4.8%
MONEY MARKET FUNDS -- 4.8%
State Street Institutional Liquid
Reserves Fund (d)..................... 1,356,113 $ 1,356,113
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 10,254,051 10,254,051
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $11,610,164).................... 11,610,164
------------
TOTAL INVESTMENTS -- 104.2%
(Cost $244,233,747)................... 251,173,113
OTHER ASSETS AND
LIABILITIES -- (4.2)%................. (10,154,589)
------------
NET ASSETS -- 100.0%.................... $241,018,524
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(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.
109
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
BRAZIL -- 65.9%
AES Tiete SA Preference Shares.......... 47,396 $ 512,547
B2W Companhia Global Do Varejo.......... 29,326 630,985
Banco Bradesco SA ADR (a)............... 348,428 6,421,528
Banco do Brasil SA...................... 100,412 1,679,441
BM&FBOVESPA SA.......................... 287,933 1,942,463
Bradespar SA Preference Shares.......... 101,992 2,511,654
Brasil Telecom SA ADR (b)............... 15,491 131,209
Brasil Telecom SA Preference
Shares ADR............................ 27,305 521,252
Braskem SA Preference Shares
ADR (a)(b)............................ 30,012 434,274
BRF -- Brasil Foods SA.................. 19,771 530,639
BRF -- Brasil Foods SA ADR (a).......... 18,573 1,020,401
Centrais Eletricas Brasileiras SA....... 8,918 130,919
Centrais Eletricas Brasileiras SA ADR... 65,813 969,847
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar ADR (a)........... 19,383 1,303,119
Companhia de Bebidas das Americas
Preference Shares ADR................. 43,445 3,982,169
Companhia de Concessoes Rodoviarias..... 41,169 910,945
Companhia de Saneamento Basico do Estado
de Sao Paulo.......................... 38,629 690,893
Companhia Energetica de Minas Gerais
ADR (a)............................... 89,033 1,481,509
Companhia Energetica de Sao Paulo
Preference Shares..................... 58,274 799,321
Companhia Paranaense de Energia
Preference Shares..................... 31,886 650,512
Companhia Siderurgica Nacional SA
ADR (a)............................... 112,547 4,494,002
Cosan SA Industria e Comercio (b)....... 37,772 458,843
Cyrela Brazil Realty SA................. 78,914 931,209
Cyrela Commercial Properties SA
Empreendimentos e Participacoes....... 61,681 417,842
Duratex SA.............................. 106,947 919,839
Empresa Brasileira de Aeronautica SA.... 112,830 665,082
Fertilizantes Heringer SA (b)........... 4,527 25,721
Fibria Celulose SA ADR (a)(b)........... 64,608 1,413,623
Gafisa SA............................... 55,702 383,581
Gerdau SA ADR (a)....................... 153,898 2,508,537
Gerdau SA Preference Shares............. 21,184 343,037
Gol Linhas Aereas Inteligentes SA
Preference Shares..................... 36,195 452,260
Investimentos Itau SA .................. 98,033 669,593
Investimentos Itau SA Preference
Shares................................ 667,518 4,555,594
Itau Unibanco Holding SA Preference
Shares ADR (a)........................ 443,997 9,763,494
JBS SA.................................. 175,537 781,935
LLX Logistica SA (b).................... 103,111 483,576
Lojas Americanas SA Preference Shares... 155,494 1,154,421
Lojas Renner SA......................... 54,821 1,253,262
Metalurgica Gerdau SA Preference
Shares................................ 94,745 1,936,627
MMX Mineracao e Metalicos SA (b)(c)..... 13,700 103,861
MMX Mineracao e Metalicos SA (b)(c)..... 7,743 58,310
MRV Engenharia e Participacoes SA....... 3,301 22,954
Natura Cosmeticos SA.................... 45,136 912,988
NET Servicos de Comunicacao SA
Preference Shares (b)................. 59,433 775,922
OGX Petroleo e Gas Participacoes SA..... 142,994 1,334,034
Petroleo Brasileiro SA ADR.............. 325,544 12,888,287
Petroleo Brasileiro SA Preference Shares
ADR (a)............................... 225,730 10,042,728
Souza Cruz SA........................... 29,523 1,025,621
Tam SA ADR (a).......................... 19,277 326,938
Tele Norte Leste Participacoes SA ADR... 49,373 871,927
Tele Norte Leste Participacoes SA
Preference Shares..................... 3,341 58,987
Tim Participacoes SA.................... 38,838 108,155
Tim Participacoes SA ADR................ 22,917 636,176
Tractebel Energia SA ADR (a)............ 5,866 65,113
Usinas Siderurgicas de Minas Gerais SA.. 16,354 558,237
Usinas Siderurgicas de Minas Gerais SA
ADR (a)............................... 57,278 1,965,111
Vale SA ADR (a)......................... 416,502 11,562,095
Vale SA Preference Shares ADR (a)....... 340,024 10,945,373
Vivo Participacoes SA Preference
Shares................................ 41,034 1,110,518
------------
116,241,040
------------
CHILE -- 8.8%
Almendral SA............................ 3,766,349 380,403
Antarchile SA........................... 58,258 1,054,695
Banco de Credito e Inversiones.......... 41,404 1,601,717
Banco Santander Chile ADR............... 4,502 307,126
CAP SA.................................. 29,214 934,180
Cencosud SA ADR (d)..................... 22,236 1,309,371
Companhia General de Electricidad....... 156,709 985,497
Empresa Nacional de Electricidad
SA ADR................................ 28,416 1,335,268
Empresas CMPC SA........................ 40,922 1,734,360
Empresas COPEC SA....................... 110,267 1,649,540
Enersis SA ADR.......................... 58,943 1,178,270
Lan Airlines SA ADR (a)................. 39,863 703,582
SACI Falabella.......................... 334,473 1,969,487
Sociedad Quimica y Minera de Chile
SA ADR................................ 10,963 409,907
------------
15,553,403
------------
MEXICO -- 21.0%
Alfa SAB de CV (a)...................... 110,881 876,235
America Movil SAB de CV (a)............. 4,237,986 10,703,921
Cemex SAB de CV (a)(b).................. 1,741,630 1,793,171
Corporacion GEO SAB de CV (b)........... 147,461 448,655
Desarrolladora Homex SAB de CV (b)...... 72,643 344,495
Empresas ICA SAB de CV (a)(b)........... 132,215 339,515
Fomento Economico Mexicano SAB de
CV (a)................................ 532,236 2,539,567
Grupo Aeroportuario del Sureste SAB de
CV (a)................................ 155,565 825,835
Grupo Bimbo SAB de CV (a)............... 173,326 1,552,520
</Table>
See accompanying notes to financial statements.
110
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grupo Carso SA de CV (a)................ 171,333 $ 657,516
Grupo Financiero Banorte SAB de CV...... 377,355 1,679,004
Grupo Iusacell SA de CV (b)............. 16,286 64,746
Grupo Mexico SAB de CV.................. 1,020,704 2,741,974
Grupo Modelo SAB de CV (b).............. 312,702 1,852,072
Grupo Televisa SA de CV (Series CPO).... 338,927 1,436,526
Grupo Televisa SA de CV ADR............. 2,672 56,165
Impulsora Del Desarrollo Y El Empleo en
America Latina SA de CV (a)(b)........ 429,088 598,796
Kimberly-Clark de Mexico SAB de CV...... 236,305 1,340,153
Telefonos de Mexico SA de CV (a)........ 1,628,434 1,278,939
Telmex Internacional SAB de CV.......... 1,628,434 1,577,534
TV Azteca SAB de CV..................... 770,360 448,144
Urbi Desarrollos Urbanos SA de CV (b)... 178,373 413,180
Wal-Mart de Mexico SAB de CV............ 670,358 3,445,543
------------
37,014,206
------------
PERU -- 3.6%
Compania de Minas Buenaventura SA....... 51,619 1,614,399
Compania Minera Milpo SA................ 168,686 443,895
Credicorp, Ltd. ........................ 22,728 2,004,155
Minsur SA (b)........................... 204,343 506,814
Southern Copper Corp. .................. 43,552 1,379,292
Volcan Compania Minera SAA (Class B).... 356,567 429,008
------------
6,377,563
------------
TOTAL COMMON STOCKS --
(Cost $162,616,063)................... 175,186,212
------------
SHORT TERM INVESTMENTS -- 17.8%
UNITED STATES -- 17.8%
MONEY MARKET FUNDS -- 17.8%
State Street Institutional Liquid
Reserves Fund (e)..................... 452,914 452,914
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 30,891,626 30,891,626
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $31,344,540).................... 31,344,540
------------
TOTAL INVESTMENTS -- 117.1%
(Cost $193,960,603)................... 206,530,752
OTHER ASSETS AND
LIABILITIES -- (17.1)%................ (30,163,189)
------------
NET ASSETS -- 100.0%.................... $176,367,563
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Reflects separate holdings of the issuer's common stock
traded on different securities exchanges.
(d) Security purchased pursuant to Rule 144A of the
Securities Act of 1933. This security, which represents
0.7% of net assets as of March 31, 2010, is considered
liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(e) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(f) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
111
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
EGYPT -- 5.5%
Commercial International Bank
Egypt SAE............................. 149,847 $ 1,768,989
Eastern Tobacco......................... 32,837 745,482
Egyptian Financial Group-Hermes
Holding............................... 90,247 516,634
Egyptian Kuwait Holding Co. ............ 189,669 424,858
ElSwedy Cables Holding Co. ............. 19,044 259,581
Orascom Construction Industries......... 27,165 1,303,979
Orascom Telecom Holding SAE GDR (a)..... 186,191 953,298
Sidi Kerir Petrochemicals Co. .......... 94,065 249,428
Six of October Development & Investment
Co. (b)............................... 15,538 271,195
Suez Cement Co. ........................ 49,330 398,690
Telecom Egypt........................... 153,400 474,465
------------
7,366,599
------------
ISRAEL -- 25.6%
Africa-Israel Investments, Ltd. (b)..... 11,364 134,242
Alvarion, Ltd. (a)(b)................... 790 3,128
Bank Hapoalim BM (b).................... 375,822 1,668,397
Bank Leumi Le-Israel BM (b)............. 368,049 1,727,541
Bezeq Israeli Telecommunication
Corp., Ltd. .......................... 403,436 1,145,576
Cellcom Israel, Ltd. ................... 12,588 430,132
Check Point Software
Technologies (a)(b)................... 55,290 1,938,467
Delek Automotive Systems, Ltd. ......... 72,272 899,915
Delek Group, Ltd. ...................... 2,972 680,601
Elbit Imaging, Ltd. (b)................. 5,649 128,753
Elbit Systems, Ltd. .................... 23,607 1,511,283
Gazit-Globe, Ltd. ...................... 42,152 442,486
Harel Insurance Investments & Financial
Services, Ltd. (b).................... 826 46,552
Israel Chemicals, Ltd. ................. 182,904 2,475,523
Israel Discount Bank, Ltd. (b).......... 265,593 607,501
Makhteshim-Agan Industries, Ltd. ....... 59,723 269,980
Mellanox Technologies, Ltd. (a)(b)...... 27,701 652,913
Mizrahi Tefahot Bank, Ltd. (b).......... 99,300 939,174
NICE Systems, Ltd. (b).................. 22,112 705,094
Oil Refineries, Ltd. ................... 471,523 274,675
Ormat Industries, Ltd. ................. 4,044 30,870
Partner Communications Co., Ltd. ....... 23,333 524,231
RADVision, Ltd. (a)(b).................. 13,693 93,797
Syneron Medical, Ltd. (b)............... 10,120 110,612
Teva Pharmaceutical Industries, Ltd. ... 249,568 15,976,946
The Israel Corp., Ltd. (b).............. 943 801,521
------------
34,219,910
------------
MOROCCO -- 5.8%
Attijariwafa Bank....................... 57,361 2,001,042
Banque Centrale Populaire............... 18,101 612,117
Banque Marocaine du Commerce Exterieur.. 75,330 2,282,355
Banque Marocaine pour le Commerce et
l'Industrie SA (b)(c)................. 234 27,399
Banque Marocaine pour le Commerce et
l'Industrie SA........................ 4,690 549,144
Ciments du Maroc........................ 2,890 608,046
Douja Promotion Groupe Addoha SA........ 28,170 384,244
ONA SA.................................. 7,888 1,261,608
------------
7,725,955
------------
SOUTH AFRICA -- 62.6%
ABSA Group, Ltd. ....................... 98,569 1,909,922
Adcock Ingram Holdings, Ltd. ........... 70,797 553,346
African Bank Investments, Ltd. ......... 197,422 957,009
African Rainbow Minerals, Ltd. ......... 30,621 799,262
Anglo Platinum, Ltd. (a)(b)............. 19,291 1,943,823
AngloGold Ashanti, Ltd. ................ 94,377 3,571,932
Aquarius Platinum, Ltd. (a)............. 92,378 603,532
ArcelorMittal South Africa, Ltd. (b).... 55,439 698,729
Aspen Pharmacare Holdings, Ltd. (b)..... 172,707 1,870,770
Assore, Ltd. ........................... 4,310 451,896
Aveng, Ltd. ............................ 162,291 830,907
Avusa, Ltd. ............................ 76,689 203,628
Barloworld, Ltd. ....................... 55,979 375,711
Bidvest Group, Ltd. .................... 91,363 1,695,029
DataTec, Ltd. .......................... 119,926 530,722
Discovery Holdings, Ltd. ............... 132,932 624,481
Eqstra Holdings, Ltd. (b)............... 103,419 85,901
Exxaro Resources, Ltd. ................. 52,506 900,129
FirstRand, Ltd. ........................ 1,539,936 4,235,692
Foschini, Ltd. ......................... 78,807 718,968
Fountainhead Property Trust............. 721,454 668,017
Freeworld Coatings, Ltd. ............... 144,710 181,677
Gold Fields, Ltd. (a)................... 212,248 2,664,678
Grindrod, Ltd. ......................... 204,794 426,936
Growthpoint Properties, Ltd. ........... 471,290 946,565
Harmony Gold Mining Co., Ltd. (a)....... 99,066 928,076
Hyprop Investments, Ltd. ............... 97,695 663,809
Impala Platinum Holdings, Ltd. ......... 169,071 4,926,667
Imperial Holdings, Ltd. ................ 59,385 810,970
Investec, Ltd. ......................... 65,552 557,785
JD Group, Ltd. ......................... 47,778 287,880
Kumba Iron Ore, Ltd. (a)................ 27,080 1,301,280
Massmart Holdings, Ltd. (a)............. 76,297 1,127,321
Metorex, Ltd. (b)....................... 145,963 76,520
MTN Group, Ltd. ........................ 471,690 7,193,578
Murray & Roberts Holdings, Ltd. ........ 104,245 614,488
Mvelaphanda Resources, Ltd. (b)......... 73,775 457,079
Naspers, Ltd. .......................... 113,180 4,877,684
Nedbank Group, Ltd. (a)................. 142,484 2,716,217
Netcare, Ltd. (a)(b).................... 527,716 948,516
Pick n Pay Stores, Ltd. ................ 136,505 799,259
Pretoria Portland Cement Co., Ltd. ..... 121,211 564,467
Remgro, Ltd. ........................... 139,741 1,864,748
Reunert, Ltd. .......................... 72,084 569,197
RMB Holdings, Ltd. ..................... 266,103 1,172,905
Sanlam, Ltd. ........................... 605,264 2,049,703
Sappi, Ltd. (a)(b)...................... 75,532 333,232
Sasol, Ltd. ............................ 176,792 7,287,664
Shoprite Holdings, Ltd. ................ 187,947 1,860,545
Standard Bank Group, Ltd. .............. 322,941 5,039,391
Steinhoff International Holdings,
Ltd. (a)(b)........................... 422,614 1,150,917
Sun International, Ltd. (a)(b).......... 33,766 423,227
Telkom SA, Ltd. ........................ 69,684 324,037
</Table>
See accompanying notes to financial statements.
112
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tiger Brands, Ltd. ..................... 60,730 $ 1,516,606
Truworths International, Ltd. .......... 176,876 1,259,624
Wilson Bayly Holmes-Ovcon, Ltd. ........ 33,184 535,674
Woolworths Holdings, Ltd. .............. 315,059 966,548
------------
83,654,876
------------
TOTAL COMMON STOCKS --
(Cost $132,096,346)................... 132,967,340
------------
RIGHTS -- 0.0% (D)
SOUTH AFRICA -- 0.0% (D)
Metorex, Ltd.
(expiring 4/9/10) (b)
(Cost $0)............................. 48,507 1,651
------------
SHORT TERM INVESTMENTS -- 6.1%
UNITED STATES -- 6.1%
MONEY MARKET FUNDS -- 6.1%
State Street Institutional Liquid
Reserves Fund (e)..................... 24,451 24,451
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 8,145,539 8,145,539
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $8,169,990)..................... 8,169,990
------------
TOTAL INVESTMENTS -- 105.6%
(Cost $140,266,336)................... 141,138,981
OTHER ASSETS AND
LIABILITIES -- (5.6)%................. (7,546,460)
------------
NET ASSETS -- 100.0%.................... $133,592,521
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with the procedures approved by the Board of
Trustees. Security value is determined based on Level 2
inputs.
(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.
113
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
AUSTRALIA -- 7.7%
Abacus Property Group................... 293,313 $ 107,687
Alumina, Ltd. .......................... 52,891 83,742
Amcor, Ltd. ............................ 10,513 61,659
AMP, Ltd. .............................. 20,178 115,938
Ansell, Ltd. ........................... 13,368 148,956
APA Group (a)........................... 54,641 178,542
Aristocrat Leisure, Ltd. (a)............ 19,295 80,226
Australia & New Zealand Banking
Group, Ltd. .......................... 16,725 389,302
BHP Billiton, Ltd. ..................... 27,179 1,087,406
Billabong International, Ltd. (a)....... 10,794 111,952
BlueScope Steel, Ltd. (b)............... 25,388 67,810
Brambles, Ltd. ......................... 17,824 120,408
Bunnings Warehouse Property Trust....... 139,284 248,013
Commonwealth Bank of Australia.......... 10,372 535,877
Computershare, Ltd. .................... 10,887 125,108
ConnectEast Group....................... 202,699 83,721
CSL, Ltd. .............................. 6,344 212,126
CSR, Ltd. .............................. 54,218 82,359
DUET Group.............................. 75,105 123,394
Envestra, Ltd. ......................... 228,990 107,191
Foster's Group, Ltd. ................... 21,200 102,935
GWA International, Ltd. (a)............. 43,997 134,070
Harvey Norman Holdings, Ltd. (a)........ 32,827 109,071
Hills Industries, Ltd. (a).............. 37,714 91,386
Insurance Australia Group, Ltd. ........ 24,784 88,262
Lend Lease Group........................ 13,971 111,050
Macquarie Group, Ltd. (a)............... 3,392 147,106
MAp Group............................... 34,387 97,527
National Australia Bank, Ltd. .......... 13,118 331,350
Newcrest Mining, Ltd. .................. 5,198 156,584
Origin Energy, Ltd. .................... 9,811 149,033
OZ Minerals, Ltd. (b)................... 66,609 70,002
Perpetual, Ltd. (a)..................... 2,671 86,492
QBE Insurance Group, Ltd. .............. 8,584 164,116
Rio Tinto, Ltd. (a)..................... 3,918 281,937
Santos, Ltd. ........................... 9,933 133,655
Sonic Healthcare, Ltd. (a).............. 10,042 132,449
Suncorp-Metway, Ltd. ................... 14,629 114,668
Tatts Group, Ltd. ...................... 42,525 96,018
Toll Holdings, Ltd. .................... 10,705 72,906
Wesfarmers, Ltd. ....................... 9,865 287,845
Westfield Group......................... 13,244 146,601
Westpac Banking Corp. .................. 16,314 416,871
Woodside Petroleum, Ltd. ............... 5,915 254,624
Woolworths, Ltd. ....................... 11,621 298,657
WorleyParsons, Ltd. (a)................. 3,248 75,871
------------
8,222,503
------------
AUSTRIA -- 0.3%
Erste Group Bank AG..................... 2,155 90,686
OMV AG.................................. 2,295 86,267
Voestalpine AG.......................... 2,435 98,679
------------
275,632
------------
BELGIUM -- 1.1%
Anheuser-Busch InBev NV................. 5,812 293,296
Bekaert NV.............................. 935 168,518
Delhaize Group.......................... 1,648 132,679
Dexia SA (b)............................ 10,707 63,977
Fortis (b).............................. 30,343 108,226
Fortis VVPR Strip (b)................... 592 2
Gimv NV................................. 1,818 98,274
KBC Groep NV (b)........................ 1,760 85,387
UCB SA.................................. 2,215 94,754
Umicore (b)............................. 3,230 113,000
------------
1,158,113
------------
CANADA -- 8.3%
AGF Management, Ltd. ................... 4,352 77,384
Agnico-Eagle Mines, Ltd. (a)............ 1,840 102,904
Agrium, Inc. ........................... 2,461 174,214
Bank of Montreal........................ 3,940 239,417
Bank of Nova Scotia..................... 5,871 294,432
Barrick Gold Corp. ..................... 7,871 302,334
Bombardier, Inc. (a).................... 19,360 118,883
Brookfield Asset Management, Inc. (Class
A) (a)................................ 4,744 120,874
Cameco Corp. (a)........................ 5,184 142,099
Canadian Imperial Bank of Commerce (a).. 2,904 212,387
Canadian National Railway Co. (a)....... 4,525 274,921
Canadian Natural Resources, Ltd. ....... 4,953 366,977
Canadian Oil Sands Trust................ 4,526 135,840
Canadian Pacific Railway, Ltd. ......... 2,323 131,062
Canadian Western Bank (a)............... 5,503 131,263
Cenovus Energy, Inc. ................... 5,023 131,349
CGI Group, Inc. (Class A) (b)........... 9,687 145,131
Crescent Point Energy Corp. (a)......... 4,646 178,458
EnCana Corp. ........................... 6,160 191,864
Fairfax Financial Holdings, Ltd. ....... 281 105,775
First Quantum Minerals, Ltd. (a)........ 1,143 94,151
Gildan Activewear, Inc. (a)(b).......... 3,274 86,227
Goldcorp, Inc. ......................... 6,556 245,232
Husky Energy, Inc. ..................... 4,515 129,636
IAMGOLD Corp. .......................... 5,518 73,425
Imperial Oil, Ltd. ..................... 3,931 152,001
Kinross Gold Corp. ..................... 7,164 122,654
Magna International, Inc. (Class
A) (b)................................ 1,847 114,419
Manulife Financial Corp. ............... 13,570 268,043
MDS, Inc. (b)........................... 7,204 58,084
Nexen, Inc. ............................ 6,453 159,838
Potash Corp. of Saskatchewan, Inc. ..... 2,740 327,541
Research In Motion, Ltd. (b)............ 4,222 313,149
Richelieu Hardware, Ltd. ............... 6,200 140,799
Rogers Communications, Inc. (Class
B) (a)................................ 4,917 168,125
Royal Bank of Canada (c)................ 7,258 423,504
Royal Bank of Canada (c)................ 1,986 116,355
Russel Metals, Inc. (a)................. 6,087 121,374
Shaw Communications, Inc. (a)........... 5,322 105,491
Sherritt International Corp. ........... 10,632 84,465
Sino-Forest Corp. (b)................... 3,679 72,162
Sun Life Financial, Inc. ............... 5,047 162,521
Suncor Energy, Inc. .................... 14,211 462,658
Talisman Energy, Inc. .................. 11,240 192,439
Teck Resources, Ltd. (Class B) (b)...... 5,241 228,588
</Table>
See accompanying notes to financial statements.
114
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TELUS Corp. (Non-Voting)................ 2,430 $ 87,040
TMX Group, Inc. ........................ 2,687 79,242
Toronto-Dominion Bank (a)............... 5,838 435,599
TransCanada Corp. (a)................... 5,788 212,340
Yamana Gold, Inc. (a)................... 8,775 86,924
------------
8,901,594
------------
CHINA -- 0.6%
Chong Hing Bank, Ltd. .................. 48,000 89,018
Dah Sing Banking Group, Ltd. (b)........ 76,470 104,590
Dah Sing Financial Holdings, Ltd. (b)... 11,617 63,585
Hongkong Land Holdings, Ltd. (a)........ 25,000 126,750
Sino Land Co., Ltd. .................... 54,190 106,221
Transport International
Holdings, Ltd. ....................... 40,800 141,873
------------
632,037
------------
DENMARK -- 1.0%
A P Moller -- Maersk A/S................ 22 167,942
Danske Bank A/S (b)..................... 4,905 120,889
DSV A/S (a)............................. 5,967 106,827
FLSmidth & Co. A/S...................... 1,535 106,687
GN Store Nord A/S (b)................... 14,057 84,313
Novo-Nordisk A/S (Class B) (a).......... 3,633 282,418
SimCorp A/S............................. 438 81,042
Vestas Wind Systems A/S (b)............. 2,089 113,716
------------
1,063,834
------------
FINLAND -- 1.4%
Amer Sports Oyj (Class A) (a)........... 9,776 115,612
Elisa Oyj (b)........................... 3,621 74,816
Fortum Oyj.............................. 2,937 71,970
Kemira Oyj (a)(b)....................... 4,798 51,353
Kesko Oyj (Class B) (a)................. 2,309 91,042
Kone Oyj (Class B) (a).................. 3,165 131,046
Konecranes Oyj (a)...................... 2,802 82,918
Lassila & Tikanoja Oyj.................. 4,830 101,038
Metso Oyj (a)........................... 2,398 77,582
Neste Oil Oyj (a)....................... 3,804 66,450
Pohjola Bank PLC (a).................... 5,951 66,995
Sampo Oyj (Class A)..................... 3,974 105,608
Sanoma Oyj (a).......................... 4,002 88,808
Stockmann Oyj Abp (Class B)............. 2,567 93,574
Stora Enso Oyj (a)...................... 7,804 59,556
Tikkurila Oy (a)(b)..................... 1,199 24,709
UPM-Kymmene Oyj (a)..................... 5,685 75,578
Wartsila Oyj (a)........................ 1,716 87,072
YIT Oyj................................. 3,528 81,631
------------
1,547,358
------------
FRANCE -- 7.9%
Accor SA................................ 2,217 122,873
Air Liquide SA.......................... 1,657 199,277
Alcatel-Lucent (a)(b)................... 25,931 82,139
Alstom SA............................... 2,005 125,257
AXA SA.................................. 14,445 321,915
BNP Paribas............................. 6,204 477,319
Bourbon SA (a).......................... 1,774 76,825
Bouygues SA (b)......................... 2,458 123,791
Cap Gemini SA........................... 1,859 91,737
Carrefour SA............................ 5,034 243,068
Casino Guichard-Perrachon SA............ 1,036 87,823
Compagnie de Saint-Gobain (a)........... 3,865 186,178
Compagnie Generale de Geophysique-
Veritas (b)........................... 2,878 81,798
Compagnie Generale des Etablissements
Michelin.............................. 1,460 107,785
Credit Agricole SA...................... 7,513 131,749
Danone SA (b)........................... 5,234 315,863
EDF SA.................................. 1,986 108,565
Essilor International SA (a)............ 2,741 175,317
France Telecom SA....................... 13,572 325,323
GDF Suez................................ 9,810 379,634
Guyenne et Gascogne SA.................. 1,060 99,052
Hermes International.................... 971 135,130
L'Oreal SA.............................. 1,904 200,591
Lafarge SA.............................. 1,521 107,225
Lagardere SCA........................... 2,020 81,888
LVMH Moet Hennessy Louis Vuitton SA..... 1,623 190,049
Nexans SA............................... 1,105 94,360
Pernod -- Ricard SA (a)................. 2,050 174,392
Peugeot SA (b).......................... 1,960 57,815
PPR..................................... 885 118,037
Publicis Groupe SA (a).................. 2,603 111,581
Renault SA (b).......................... 1,780 83,575
Sanofi-Aventis (b)...................... 7,620 569,043
Schneider Electric SA................... 2,140 251,457
Societe Generale........................ 4,881 307,537
Sodexo (a).............................. 1,506 90,171
Technip SA (a).......................... 1,587 129,272
Total SA................................ 16,919 983,945
Unibail-Rodamco SE...................... 632 128,274
Valeo SA (b)............................ 1,895 67,757
Vallourec SA (a)........................ 643 129,897
Veolia Environnement.................... 4,129 143,473
Vinci SA (a)............................ 4,112 242,783
Vivendi SA (a).......................... 7,940 212,885
------------
8,474,425
------------
GERMANY -- 6.6%
Adidas AG............................... 2,518 134,921
Allianz SE (b).......................... 3,404 427,570
BASF SE (a)............................. 6,612 410,832
Bayer AG (a)............................ 6,082 412,136
Bayerische Motoren Werke AG (a)......... 2,858 132,180
Bilfinger Berger AG..................... 1,363 91,098
Commerzbank AG (a)(b)................... 9,092 78,009
Daimler AG (b).......................... 7,804 368,054
Deutsche Bank AG (a).................... 4,755 366,930
Deutsche Boerse AG...................... 1,904 141,387
Deutsche Post AG........................ 7,743 134,578
Deutsche Telekom AG..................... 21,952 298,072
E.ON AG (a)............................. 13,210 488,598
Fresenius Medical Care AG & Co. KGaA.... 2,264 127,974
Fresenius SE Preferenece Shares......... 1,530 115,727
GEA Group AG............................ 4,391 101,956
Henkel AG & Co. KGaA Preference Shares.. 2,912 157,057
Hochtief AG............................. 1,128 94,966
Infineon Technologies AG (b)............ 16,918 117,641
</Table>
See accompanying notes to financial statements.
115
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
K+S AG.................................. 1,734 $ 105,418
Lanxess AG (a).......................... 2,348 108,386
Linde AG................................ 1,180 141,049
MAN SE.................................. 1,329 111,457
Merck KGaA (a).......................... 1,048 85,083
Muenchener Rueckversicherungs-
Gesellschaft AG (a)................... 1,694 275,402
Porsche Automobil Holding SE............ 973 59,489
Puma AG Rudolf Dassler Sport............ 260 82,516
Rheinmetall AG.......................... 1,578 113,229
RWE AG (a).............................. 3,427 304,192
Salzgitter AG........................... 674 62,681
SAP AG.................................. 7,190 348,874
Siemens AG.............................. 6,682 670,421
ThyssenKrupp AG......................... 3,383 116,521
Volkswagen AG........................... 737 71,302
Volkswagen AG Preference Shares (a)..... 919 84,434
Wincor Nixdorf AG....................... 1,457 98,869
------------
7,039,009
------------
GREECE -- 0.2%
Hellenic Telecommunications Organization
SA ADR (a)............................ 15,029 94,382
National Bank of Greece SA ADR (a)...... 41,748 169,497
------------
263,879
------------
HONG KONG -- 2.0%
Bank of East Asia, Ltd. ................ 31,854 117,329
CLP Holdings, Ltd. ..................... 18,500 132,233
Esprit Holdings, Ltd. .................. 19,689 155,312
Giordano International, Ltd. ........... 304,000 121,761
Hang Lung Group, Ltd. .................. 26,000 137,958
Hang Lung Properties, Ltd. ............. 38,000 153,180
Hong Kong Exchanges and
Clearing, Ltd. ....................... 12,200 203,629
Hopewell Holdings....................... 26,500 78,496
Hysan Development Co., Ltd. ............ 43,988 127,182
Li & Fung, Ltd. ........................ 44,000 216,467
New World Development Co., Ltd. ........ 63,859 125,009
Pacific Basin Shipping, Ltd. ........... 112,000 89,142
Swire Pacific, Ltd. .................... 15,000 180,432
The Link REIT........................... 50,691 124,953
Wheelock & Co., Ltd. ................... 43,000 126,818
Wing Hang Bank, Ltd. ................... 9,000 82,296
------------
2,172,197
------------
IRELAND -- 0.9%
Anglo Irish Bank Corp. PLC (d).......... 5,635 0
C&C Group PLC........................... 65 294
Covidien PLC (a)........................ 3,925 197,349
CRH PLC................................. 6,275 156,993
DCC PLC................................. 4,694 121,948
Grafton Group PLC....................... 15,757 67,694
Ingersoll-Rand PLC (a).................. 3,311 115,455
Kingspan Group PLC (b).................. 9,715 84,130
United Drug PLC......................... 27,586 95,929
Willis Group Holdings PLC (a)........... 3,108 97,249
------------
937,041
------------
ITALY -- 2.7%
Assicurazioni Generali SpA.............. 9,304 223,711
Atlantia SpA............................ 4,529 105,895
Banca Piccolo Credito Valtellinese
Scarl (a)............................. 9,844 64,668
Banca Popolare dell'Etruria e del
Lazio Scrl............................ 15,391 82,053
Banca Popolare di Milano Scarl.......... 10,418 64,809
Banco Popolare Societa Cooperativa
Scarl (b)............................. 10,149 70,723
Davide Campari-Milano SpA............... 12,224 130,916
Enel SpA................................ 28,721 160,890
Eni SpA................................. 18,481 434,365
Fiat SpA................................ 8,663 112,999
Finmeccanica SpA........................ 5,045 67,445
Intesa Sanpaolo SpA (b)................. 79,011 294,804
Parmalat SpA............................ 38,957 106,875
Pirelli & C. SpA (b).................... 138,380 85,195
Saipem SpA.............................. 3,982 154,367
Societa Cattolica di Assicurazioni
Scrl (b).............................. 2,829 89,420
Telecom Italia SpA (b).................. 116,083 167,439
UBI Banca ScpA.......................... 7,500 101,381
UniCredit SpA (b)....................... 134,617 398,454
------------
2,916,409
------------
JAPAN -- 18.8%
Advantest Corp. (a)..................... 3,900 97,583
Aeon Co., Ltd. (a)...................... 8,620 97,879
Aoyama Trading Co., Ltd. (a)............ 6,800 112,290
Asahi Breweries, Ltd. (a)............... 7,936 148,885
Asahi Kasei Corp. (a)................... 21,550 116,007
Astellas Pharma, Inc. (a)............... 4,310 156,136
Bridgestone Corp. ...................... 6,465 110,425
Canon, Inc. (a)......................... 8,416 389,997
Casio Computer Co., Ltd. (a)............ 11,000 84,643
Central Japan Railway Co. .............. 22 167,637
Chubu Electric Power Co., Inc. (a)...... 6,465 161,694
Chugai Pharmaceutical Co., Ltd. ........ 4,580 86,169
Chuo Mitsui Trust Holdings, Inc. (a).... 21,550 80,951
Credit Saison Co., Ltd. (a)............. 6,800 105,522
Daiichi Sankyo Co., Ltd. (a)............ 6,465 121,150
Daikin Industries, Ltd. (a)............. 4,310 176,431
Daito Trust Construction Co., Ltd. (a).. 2,155 104,014
Daiwa Securities Group, Inc. (a)........ 21,550 113,470
Denso Corp. (a)......................... 4,310 128,460
East Japan Railway Co. (a).............. 2,300 159,996
Eisai Co., Ltd. (a)..................... 2,251 80,341
Fanuc, Ltd. (a)......................... 2,155 228,784
Fast Retailing Co., Ltd. (a)............ 1,000 173,908
FUJIFILM Holdings Corp. (a)............. 4,310 148,525
Fujitsu, Ltd. (a)....................... 25,513 167,101
Fukuoka Financial Group, Inc. (a)....... 21,550 91,560
Furukawa Electric Co., Ltd. (a)......... 20,550 106,885
Hankyu Hanshin Holdings, Inc. (a)....... 22,513 104,325
Hitachi, Ltd. (a)(b).................... 38,475 143,705
Honda Motor Co., Ltd. (a)............... 10,375 366,412
Hoya Corp. (a).......................... 5,806 159,628
Ibiden Co., Ltd. (a).................... 2,600 89,598
Isuzu Motors, Ltd. (b).................. 28,000 75,813
ITOCHU Corp. (a)........................ 21,550 188,885
Japan Digital Laboratory Co., Ltd. ..... 13,120 139,990
</Table>
See accompanying notes to financial statements.
116
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Japan Tobacco, Inc. (a)................. 40 $ 148,973
JFE Holdings, Inc. (a).................. 4,310 173,664
JSR Corp. (a)........................... 4,400 91,965
Kajima Corp. (a)........................ 36,475 89,392
KDDI Corp. (a).......................... 22 113,955
Kintetsu Corp. (a)...................... 37,101 115,544
Kirin Holdings Co., Ltd. ............... 7,000 103,307
Kiyo Holdings, Inc. (a)................. 64,651 85,795
Komatsu, Ltd. (a)....................... 8,320 174,521
Konica Minolta Holdings, Inc. (a)....... 10,775 125,808
Kubota Corp. (a)........................ 17,550 160,024
Kurita Water Industries, Ltd. (a)....... 2,910 82,373
Kyocera Corp. (a)....................... 2,155 210,103
Marubeni Corp. (a)...................... 23,550 146,431
MEDIPAL HOLDINGS Corp. (a).............. 6,999 82,918
MISUMI Group, Inc. (a).................. 6,657 136,645
Mitsubishi Corp. (a).................... 12,338 323,503
Mitsubishi Electric Corp. .............. 21,550 198,111
Mitsubishi Estate Co., Ltd. (a)......... 7,925 129,765
Mitsubishi Heavy Industries, Ltd. (a)... 43,101 178,511
Mitsubishi Motors Corp. (a)(b).......... 63,613 86,460
Mitsubishi UFJ Financial Group,
Inc. (a).............................. 83,024 435,378
Mitsui & Co., Ltd. (a).................. 18,626 313,158
Mitsui Chemicals, Inc. (a).............. 21,550 65,268
Mitsui OSK Lines, Ltd. (a).............. 18,550 133,209
Mizuho Financial Group, Inc. (a)........ 105,600 209,075
MS&AD Insurance Group Holdings,
Inc. (a).............................. 4,599 127,723
Murata Manufacturing Co., Ltd. (a)...... 2,200 125,021
NGK Insulators, Ltd. (a)................ 3,000 61,226
Nidec Corp. (a)......................... 2,200 235,916
Nikon Corp. (a)......................... 4,000 87,372
Nintendo Co., Ltd. (a).................. 300 100,492
Nippon Mining Holdings, Inc. (a)(d)..... 20,738 96,987
Nippon Oil Corp. (a)(d)................. 21,550 108,626
Nippon Steel Corp. (a).................. 43,101 169,286
Nippon Telegraph & Telephone Corp. ..... 2,500 105,415
Nippon Yusen KK (a)..................... 21,550 85,102
Nissan Motor Co., Ltd. (a)(b)........... 17,141 146,939
Nitto Denko Corp. ...................... 3,600 139,854
Nomura Holdings, Inc. (a)............... 27,385 201,929
NTT Data Corp. (a)...................... 23 76,675
NTT DoCoMo, Inc. (a).................... 145 220,976
Obayashi Corp. (a)...................... 21,550 95,711
Olympus Corp. (a)....................... 3,000 96,318
ORIX Corp. (a)(b)....................... 851 75,501
Panasonic Corp. (a)..................... 17,450 267,054
Resona Holdings, Inc. (a)............... 6,500 82,224
Rohm Co., Ltd. (a)...................... 2,200 164,341
Rohto Pharmaceutical Co., Ltd. (a)...... 7,701 84,642
Sanyo Electric Co., Ltd. (a)(b)......... 37,000 59,396
Secom Co., Ltd. ........................ 2,348 102,775
Seven & I Holdings Co., Ltd. (a)........ 8,128 196,502
Sharp Corp. (a)......................... 8,000 100,086
Shimizu Corp. (a)....................... 22,513 93,965
Shin-Etsu Chemical Co., Ltd. (a)........ 4,117 239,248
Softbank Corp. (a)...................... 7,936 195,597
Sompo Japan Insurance, Inc. (a)(b)(d)... 19,626 137,785
Sony Corp. (a).......................... 8,320 318,767
Stanley Electric Co., Ltd. ............. 3,873 75,147
Sumitomo Chemical Co., Ltd. (a)......... 21,550 105,398
Sumitomo Corp. (a)...................... 12,775 146,973
Sumitomo Electric Industries, Ltd. ..... 8,320 102,041
Sumitomo Metal Industries, Ltd. (a)..... 42,101 127,511
Sumitomo Metal Mining Co., Ltd. (a)..... 5,000 74,433
Sumitomo Mitsui Financial Group,
Inc. (a).............................. 6,500 214,951
Sumitomo Realty & Development Co.,
Ltd. (a).............................. 4,000 76,156
T&D Holdings, Inc. (a).................. 3,355 79,459
Taisei Corp. (a)........................ 44,438 97,969
Taiyo Yuden Co., Ltd. (a)............... 6,000 94,842
Takeda Pharmaceutical Co., Ltd. (a)..... 6,465 284,712
Takeuchi Manufacturing Co., Ltd. (b).... 8,300 116,008
TDK Corp. (a)........................... 2,155 143,451
Teijin, Ltd. (a)........................ 25,550 85,859
Terumo Corp. (a)........................ 2,348 125,140
The Akita Bank, Ltd. ................... 21,550 86,717
The Aomori Bank, Ltd. .................. 43,101 101,479
The Awa Bank, Ltd. (a).................. 21,550 128,460
The Bank of Iwate, Ltd. (a)............. 2,155 125,232
The Bank of Okinawa, Ltd. .............. 2,155 87,870
The Bank of Yokohama, Ltd. (a).......... 21,550 105,628
The Chiba Bank, Ltd. (a)................ 17,550 104,992
The Daisan Bank, Ltd. .................. 64,651 182,661
The Daishi Bank, Ltd. .................. 38,176 132,374
The Eighteenth Bank, Ltd. .............. 39,251 118,039
The Higo Bank, Ltd. (a)................. 21,550 119,927
The Hokkoku Bank, Ltd. (a).............. 21,550 80,028
The Hyakugo Bank, Ltd. (a).............. 21,550 101,246
The Musashino Bank, Ltd. (a)............ 2,155 61,901
The Nanto Bank, Ltd. (a)................ 19,550 109,634
The Ogaki Kyoritsu Bank, Ltd. .......... 21,550 74,493
The San-In Godo Bank, Ltd. ............. 16,550 138,153
The Shiga Bank, Ltd. (a)................ 21,550 136,071
The Shikoku Bank, Ltd. (a).............. 38,101 127,629
The Sumitomo Trust & Banking Co.,
Ltd. (a).............................. 21,550 126,385
The Toho Bank, Ltd. .................... 43,101 137,458
The Tokyo Electric Power Co., Inc. (a).. 8,975 239,359
The Yamagata Bank, Ltd. (a)............. 29,176 128,644
The Yamanashi Chuo Bank, Ltd. .......... 21,550 94,789
Tokio Marine Holdings, Inc. (a)......... 6,465 182,174
Tokyo Electron, Ltd. ................... 2,155 142,990
Tokyo Gas Co., Ltd. .................... 23,475 103,507
Tokyu Corp. (a)......................... 21,550 90,176
Toray Industries, Inc. (a).............. 21,550 125,924
Toshiba Corp. (a)(b).................... 36,513 188,739
Toyota Motor Corp. (a).................. 17,788 712,929
USS Co., Ltd. (a)....................... 1,891 128,509
Yamada Denki Co., Ltd. (a).............. 1,498 110,619
------------
20,082,892
------------
LUXEMBOURG -- 0.6%
ArcelorMittal........................... 6,588 289,623
Millicom International Cellular SA...... 1,226 109,298
</Table>
See accompanying notes to financial statements.
117
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tenaris SA.............................. 5,028 $ 108,718
Ternium SA ADR (b)...................... 1,961 80,460
------------
588,099
------------
NETHERLANDS -- 2.3%
Aegon NV (b)............................ 15,964 109,516
Akzo Nobel NV........................... 2,741 156,495
ASML Holding NV......................... 5,213 186,641
European Aeronautic Defence and Space
Co. NV (a)............................ 4,443 89,546
Fugro NV................................ 1,643 107,578
Heineken NV............................. 2,741 141,121
ING Groep NV (b)........................ 29,489 294,952
Koninklijke (Royal) KPN NV (a).......... 11,753 186,542
Koninklijke Ahold NV.................... 12,362 165,096
Koninklijke DSM NV (a).................. 2,847 127,183
Koninklijke Philips Electronics NV (a).. 8,841 283,996
SBM Offshore NV......................... 3,602 72,206
TNT NV.................................. 4,196 120,535
Unilever NV (a)......................... 12,525 379,541
Wolters Kluwer NV....................... 3,882 84,333
------------
2,505,281
------------
NEW ZEALAND -- 0.3%
Fisher & Paykel Healthcare
Corp., Ltd. .......................... 76,340 177,668
Port of Tauranga, Ltd. ................. 33,232 165,058
------------
342,726
------------
NORWAY -- 0.8%
DnB NOR ASA............................. 10,851 124,128
Norsk Hydro ASA (b)..................... 10,082 76,944
Orkla ASA............................... 12,602 111,568
Statoil ASA............................. 8,887 206,016
Storebrand ASA (b)...................... 9,207 72,887
Telenor ASA (b)......................... 7,317 99,357
Yara International ASA.................. 3,253 141,394
------------
832,294
------------
PAPUA NEW GUINEA -- 0.1%
Lihir Gold, Ltd. ....................... 31,394 87,309
------------
PORTUGAL -- 0.3%
Banco Comercial Portugues SA (a)........ 47,468 52,925
Mota -- Engil, SGPS SA (a).............. 18,700 82,058
Portugal Telecom, SGPS SA (b)........... 11,019 123,423
Teixeira Duarte -- Engenharia
Construcoes SA (b).................... 56,777 81,434
------------
339,840
------------
SINGAPORE -- 1.2%
Ascendas REIT........................... 80,000 109,867
CapitaLand, Ltd. ....................... 40,000 113,587
City Developments, Ltd. (a)............. 22,000 166,804
Cosco Corp. Singapore, Ltd. (a)......... 91,000 80,712
Flextronics International, Ltd. (a)(b).. 15,551 121,920
Genting Singapore PLC (a)(b)............ 88,400 55,959
Keppel Corp., Ltd. ..................... 24,978 162,941
SembCorp Industries, Ltd. .............. 50,000 147,706
Singapore Exchange, Ltd. (a)............ 20,000 109,438
UOL Group, Ltd. ........................ 53,000 147,849
Wilmar International, Ltd. (a).......... 19,000 91,055
------------
1,307,838
------------
SOUTH KOREA -- 3.5%
Hyundai Securities Co., Ltd. (b)........ 5,720 68,754
KIWOOM Securities Co., Ltd. (b)......... 2,319 94,281
Korea Electric Power Corp. ADR (b)...... 15,534 252,272
KT Corp. ADR............................ 16,308 338,554
LG Display Co., Ltd. ADR (a)............ 13,978 247,131
LG Electronics, Inc. ................... 695 70,640
POSCO ADR............................... 5,183 606,463
Samsung Electronics Co., Ltd. GDR....... 4,368 1,605,240
SK Energy Co., Ltd. .................... 906 97,290
SK Telecom Co., Ltd. ADR (a)............ 19,346 333,912
------------
3,714,537
------------
SPAIN -- 3.9%
Abertis Infraestructuras SA (a)......... 7,382 142,337
Acciona SA.............................. 688 76,439
Acerinox SA (a)......................... 4,167 82,179
ACS, Actividades de Construccion y
Servicios SA (a)...................... 2,773 128,173
Banco Bilbao Vizcaya Argentaria SA (a).. 21,983 301,319
Banco de Sabadell SA (a)................ 15,541 85,965
Banco de Valencia SA (a)................ 10,599 67,692
Banco Popular Espanol SA (a)............ 13,274 97,888
Banco Santander SA...................... 50,018 665,965
Ebro Puleva SA.......................... 7,121 131,379
Enagas.................................. 6,303 138,376
Faes Farma SA (a)(c).................... 14,637 67,635
Faes Farma SA (a)(b)(c)................. 1,218 5,628
Ferrovial SA (a)........................ 6,576 64,065
Gamesa Corp. Tecnologica SA............. 4,759 65,360
Gestevision Telecinco SA (a)............ 9,022 141,853
Iberdrola SA (a)........................ 31,972 271,465
Iberia Lineas Aereas de Espana (a)(b)... 26,037 91,177
Indra Sistemas SA (a)................... 5,936 121,926
Industria de Diseno Textil SA........... 2,904 191,774
NH Hoteles SA (a)(b).................... 14,031 59,899
Red Electrica Corporacion SA............ 2,746 147,640
Repsol YPF SA........................... 9,019 213,929
Sacyr Vallehermoso SA (a)(b)............ 4,786 42,301
Telefonica SA........................... 30,234 717,554
------------
4,119,918
------------
SWEDEN -- 2.2%
Alfa Laval AB (a)....................... 7,331 108,279
Assa Abloy AB (Class B) (a)............. 6,299 123,669
Atlas Copco AB (Class B)................ 13,860 194,891
Boliden AB (a).......................... 4,938 70,807
Electrolux AB (a)....................... 4,743 108,739
Hennes & Mauritz AB (Class B)........... 3,344 217,962
Investor AB............................. 2,438 46,917
Kinnevik Investment AB (Class B) (a).... 5,604 103,561
Nordea Bank AB (a)...................... 16,458 162,934
Sandvik AB (a)(b)....................... 10,094 126,578
Scania AB (Class B)..................... 6,108 96,920
Securitas AB (Class B).................. 8,998 96,269
</Table>
See accompanying notes to financial statements.
118
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Skandinaviska Enskilda Banken AB
(Class C) (b)......................... 14,594 $ 93,887
Skanska AB (Class B) (a)................ 7,631 139,112
Tele2 AB (Class B)...................... 6,081 101,815
Telefonaktiebolaget LM Ericsson
(Class B)............................. 27,160 287,186
TeliaSonera AB (a)...................... 16,623 118,373
Volvo AB ADR (Class A) (b).............. 14,758 146,616
------------
2,344,515
------------
SWITZERLAND -- 7.5%
ABB, Ltd. (b)........................... 17,844 390,430
ACE, Ltd. (a)........................... 2,085 109,045
Adecco SA............................... 1,969 111,961
Alcon, Inc. ............................ 769 124,240
Bachem Holding AG (Class B) (b)......... 1,845 121,738
Clariant AG (b)......................... 6,774 86,304
Compagnie Financiere Richemont SA....... 2,536 98,375
Credit Suisse Group AG (b).............. 7,863 406,018
Foster Wheeler AG (a)(b)................ 2,208 59,925
Geberit AG.............................. 651 116,711
Holcim, Ltd. (b)........................ 2,323 173,472
Julius Baer Group, Ltd. ................ 1,964 71,372
Kuehne & Nagel International AG......... 1,208 122,458
Lonza Group AG (a)...................... 1,094 89,387
Nestle SA............................... 22,553 1,157,059
Nobel Biocare Holding AG (a)............ 2,767 74,134
Noble Corp. (b)......................... 2,329 97,399
Novartis AG............................. 18,144 981,712
PSP Swiss Property AG (b)............... 2,099 135,008
Roche Holding AG........................ 5,630 914,664
SGS SA.................................. 82 113,275
STMicroelectronics NV................... 14,186 140,316
Sulzer AG............................... 805 78,393
Swiss Life Holding AG (b)............... 557 73,293
Swiss Reinsurance Co., Ltd. ............ 3,557 175,391
Syngenta AG............................. 912 253,702
The Swatch Group AG..................... 503 160,666
Transocean, Ltd. (a)(b)................. 2,453 211,890
Tyco Electronics, Ltd. ................. 5,028 138,169
Tyco International, Ltd. ............... 4,293 164,207
UBS AG (b).............................. 26,955 438,942
Weatherford International, Ltd. (a)(b).. 6,010 95,319
Xstrata PLC............................. 15,634 296,084
Zurich Financial Services AG............ 1,108 284,540
------------
8,065,599
------------
UNITED KINGDOM -- 16.8%
3i Group PLC............................ 13,578 59,977
AMEC PLC................................ 7,139 86,525
Anglo American PLC (b).................. 10,366 451,913
AstraZeneca PLC......................... 12,079 538,502
Aviva PLC............................... 22,176 129,610
BAE Systems PLC......................... 28,623 161,212
Balfour Beatty PLC...................... 19,850 87,983
Barclays PLC............................ 86,255 471,417
Barratt Developments PLC (b)............ 12,174 22,899
BG Group PLC............................ 28,833 498,818
BHP Billiton PLC........................ 17,760 608,847
BP PLC.................................. 144,791 1,369,196
British American Tobacco PLC............ 12,733 438,733
British Land Co. PLC.................... 10,347 75,510
British Sky Broadcasting Group PLC...... 13,175 120,311
BT Group PLC............................ 61,732 116,022
Burberry Group PLC...................... 8,596 93,166
Cable & Wireless Communications PLC..... 29,574 24,830
Cable & Wireless Worldwide PLC (b)...... 29,574 41,272
Cairn Energy PLC (b).................... 17,000 107,533
Capita Group PLC........................ 12,748 146,288
Carnival PLC............................ 2,886 118,419
Centrica PLC............................ 39,582 176,463
Compass Group PLC....................... 22,432 178,983
Diageo PLC.............................. 17,651 296,129
Experian PLC............................ 13,934 137,070
FirstGroup PLC.......................... 10,016 54,544
G4S PLC................................. 23,447 93,007
GlaxoSmithKline PLC..................... 40,911 785,343
Hays PLC................................ 44,317 72,939
HSBC Holdings PLC....................... 123,325 1,249,639
ICAP PLC................................ 10,442 59,208
Imperial Tobacco Group PLC.............. 8,482 258,614
Informa PLC............................. 14,447 84,876
Intercontinental Hotels Group PLC....... 7,838 122,699
International Power PLC................. 18,357 88,800
Invensys PLC............................ 14,405 74,446
J Sainsbury PLC......................... 14,787 73,482
Kingfisher PLC.......................... 28,867 93,882
Land Securities Group PLC............... 7,813 80,353
Legal & General Group PLC............... 62,984 84,123
Lloyds Banking Group PLC (b)............ 260,713 248,240
Lonmin PLC (b).......................... 2,197 67,919
Man Group PLC........................... 17,882 65,507
Marks & Spencer Group PLC............... 18,805 105,572
Mondi PLC............................... 9,647 67,914
National Grid PLC....................... 21,148 205,789
Next PLC................................ 3,020 99,134
Old Mutual PLC (b)...................... 54,071 100,475
Pearson PLC............................. 9,343 146,826
Persimmon PLC (b)....................... 8,247 58,233
Prudential PLC.......................... 20,911 173,667
Randgold Resources, Ltd. ............... 1,349 102,622
Reckitt Benckiser Group PLC............. 5,410 296,827
Rentokil Initial PLC (b)................ 45,073 89,156
Resolution, Ltd. ....................... 21,308 26,488
Rio Tinto PLC........................... 10,733 635,769
Rolls-Royce Group PLC (b)............... 18,410 166,300
Royal Bank of Scotland Group PLC (b).... 153,318 102,330
Royal Dutch Shell PLC (Class A)......... 26,826 777,224
Royal Dutch Shell PLC (Class B)......... 20,664 569,073
RSA Insurance Group PLC................. 36,058 69,738
SABMiller PLC........................... 7,752 227,184
Scottish & Southern Energy PLC.......... 7,425 124,005
Serco Group PLC......................... 13,422 122,363
Shire PLC............................... 6,968 153,684
Smith & Nephew PLC...................... 13,588 135,315
Smiths Group PLC........................ 6,386 110,044
Standard Chartered PLC.................. 11,731 319,861
</Table>
See accompanying notes to financial statements.
119
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Standard Life PLC....................... 25,540 $ 77,600
Tate & Lyle PLC......................... 11,089 76,401
Tesco PLC............................... 61,596 406,863
The Sage Group PLC...................... 23,385 84,815
Tomkins PLC............................. 28,248 101,125
Tullow Oil PLC.......................... 9,760 185,062
Unilever PLC............................ 10,967 321,904
Virgin Media, Inc. (a).................. 4,804 82,917
Vodafone Group PLC...................... 395,224 911,264
William Hill PLC........................ 34,027 109,012
William Morrison Supermarkets PLC....... 26,679 118,778
Wolseley PLC (b)........................ 3,996 96,500
WPP PLC................................. 12,539 129,909
------------
17,902,992
------------
UNITED STATES -- 0.1%
Kraft Foods, Inc. ...................... 2,278 68,887
------------
TOTAL COMMON STOCKS --
(Cost $95,594,935).................... 105,906,758
------------
RIGHTS -- 0.0% (E)
GERMANY -- 0.0% (E)
Volkswagen AG
(expiring 4/09/10) (b)
(Cost $0)............................. 1,656 1,031
------------
SHORT TERM INVESTMENTS -- 15.1%
UNITED STATES -- 15.1%
MONEY MARKET FUNDS -- 15.1%
State Street Institutional Liquid
Reserves Fund (f)..................... 161,025 161,025
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 16,053,218 16,053,218
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $16,214,243).................... 16,214,243
------------
TOTAL INVESTMENTS -- 114.2%
(Cost $111,809,178)................... 122,122,032
OTHER ASSETS AND
LIABILITIES -- (14.2)%................ (15,224,304)
------------
NET ASSETS -- 100.0%.................... $106,897,728
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(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. Anglo Irish Bank Corp. PLC's value is
determined based on Level 3 inputs. Nippon Mining
Holdings, Inc., Nippon Oil Corp. and Sompo Japan
Insurance, Inc.'s values are based on Level 2 inputs.
(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>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
120
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
AUSTRALIA -- 7.7%
Adelaide Brighton, Ltd. (a)............. 574,881 $ 1,361,348
Andean Resources, Ltd. (b).............. 92,212 225,980
Aquila Resources, Ltd. (a)(b)........... 38,553 372,613
Ausenco, Ltd. (a)....................... 120,193 485,404
Austar United Communications,
Ltd. (a)(b)........................... 866,937 946,904
Austereo Group, Ltd. ................... 1,161,976 1,823,748
AWE, Ltd. (b)........................... 958,320 2,392,495
Beach Energy, Ltd. ..................... 1,445,165 981,569
Boart Longyear Group (b)................ 1,027,889 316,055
Campbell Brothers, Ltd. ................ 85,820 2,327,649
Centennial Coal Co., Ltd. (a)........... 480,126 1,877,312
Consolidated Media Holdings, Ltd. ...... 55,405 160,188
Cudeco, Ltd. (a)(b)..................... 32,971 146,167
Eastern Star Gas, Ltd. (a)(b)........... 185,496 157,488
Elders, Ltd. (a)(b)..................... 114,440 134,450
Emeco Holdings, Ltd. ................... 197,355 110,497
Extract Resources, Ltd. (a)(b).......... 29,495 209,537
FKP Property Group (a).................. 262,941 172,558
Fleetwood Corp., Ltd. (a)............... 257,468 2,126,852
Goodman Fielder, Ltd. .................. 921,376 1,209,329
Healthscope, Ltd. (a)................... 321,870 1,305,793
Iluka Resources, Ltd. (a)(b)............ 262,365 1,054,755
ING Office Fund (a)..................... 882,689 473,953
International Ferro Metals, Ltd. (b).... 248,218 161,904
Invocare, Ltd. (a)...................... 507,387 2,770,945
IOOF Holdings, Ltd. (a)................. 357,090 2,235,289
JB Hi-Fi, Ltd. ......................... 160,072 2,982,517
Kagara, Ltd. (b)........................ 181,484 134,093
Karoon Gas Australia, Ltd. (a)(b)....... 45,810 353,192
Linc Energy, Ltd. (b)................... 129,183 192,084
MacArthur Coal, Ltd. (a)................ 35,527 458,149
Mirabela Nickel, Ltd. (a)(b)............ 87,317 197,154
Monadelphous Group, Ltd. (a)............ 124,797 1,752,537
Mount Gibson Iron, Ltd. (b)............. 436,464 749,138
Oakton, Ltd. ........................... 204,579 600,873
Pacific Brands, Ltd. (b)................ 1,270,464 1,545,076
PanAust, Ltd. (b)....................... 1,845,146 880,655
PaperlinX, Ltd. (b)..................... 558,843 343,666
Programmed Maintenance Services, Ltd. .. 249,076 704,132
Record Realty (c)....................... 213,188 0
Riversdale Mining, Ltd. (b)............. 117,229 973,767
Roc Oil Co., Ltd. (a)(b)................ 829,389 289,277
SAI Global, Ltd. ....................... 741,035 2,707,032
Sigma Pharmaceuticals, Ltd. ............ 1,760,146 751,230
Silex Systems, Ltd. (b)................. 23,509 121,483
Spark Infrastructure Group.............. 1,201,105 1,328,433
Spotless Group, Ltd. ................... 352,646 922,477
STW Communications Group, Ltd. ......... 698,231 544,740
Transfield Services, Ltd. .............. 177,457 658,031
Transpacific Industries Group,
Ltd. (a)(b)........................... 115,953 140,484
Whitehaven Coal Ltd. ................... 62,951 296,409
WHK Group, Ltd. (a)..................... 763,966 767,821
------------
45,935,232
------------
AUSTRIA -- 0.7%
Atrium European Real Estate, Ltd. ...... 71,424 458,092
bwin Interactive Entertainment AG (b)... 19,137 1,127,695
BWT AG.................................. 30,760 837,005
Immofinanz AG (b)....................... 153,186 557,572
Schoeller-Bleckmann Oilfield
Equipment AG.......................... 22,822 1,204,646
------------
4,185,010
------------
BELGIUM -- 1.1%
AGFA-Gevaert NV (b)..................... 110,073 853,425
Barco NV (a)(b)......................... 35,673 1,611,223
EVS Broadcast Equipment SA.............. 17,604 1,001,391
KBC Ancora (b).......................... 8,358 209,220
Nyrstar (a)(b).......................... 15,640 232,364
RHJ International (b)................... 162,586 1,412,368
Tessenderlo Chemie NV................... 33,391 1,118,690
------------
6,438,681
------------
BERMUDA -- 0.5%
Catlin Group, Ltd. ..................... 156,306 854,037
Frontline, Ltd. (a)..................... 32,950 1,015,862
Golden Ocean Group, Ltd. (b)............ 178,121 338,795
Ship Finance International, Ltd. (a).... 25,798 458,172
------------
2,666,866
------------
CANADA -- 11.4%
Alamos Gold, Inc. ...................... 37,879 506,646
AltaGas Income Trust.................... 92,438 1,676,467
Anvil Mining, Ltd. (a)(b)............... 138,820 530,897
Aurizon Mines, Ltd. (b)................. 59,617 280,882
Bankers Petroleum, Ltd. (b)............. 82,707 746,731
Birchcliff Energy, Ltd. (a)(b).......... 31,298 270,547
Canadian Western Bank (a)............... 95,837 2,285,994
Centerra Gold, Inc. (b)................. 31,736 416,035
Compton Petroleum Corp. (b)............. 185,697 172,052
Corus Entertainment, Inc. (Class B)..... 135,902 2,658,967
Cott Corp. (b).......................... 26,694 208,385
Daylight Resources Trust................ 104,494 1,083,512
Denison Mines Corp. (b)................. 139,474 203,461
Detour Gold Corp. (b)................... 19,877 371,659
Dundee Corp. (Class A) (b).............. 83,537 1,139,571
Dundee Real Estate Investment Trust..... 112,747 2,877,157
DundeeWealth, Inc. ..................... 84,191 1,237,285
Eldorado Gold Corp. (b)................. 201,093 2,399,451
Equinox Minerals, Ltd. (a)(b)........... 210,199 793,517
European Goldfields, Ltd. (a)(b)........ 42,501 292,821
First Uranium Corp. (a)(b).............. 33,574 43,351
FirstService Corp. (b).................. 60,508 1,383,653
FNX Mining Co., Inc. (b)................ 104,153 1,393,087
Freehold Royalty Trust.................. 77,802 1,299,065
Fronteer Development Group, Inc. (b).... 35,724 183,453
Gammon Gold, Inc. (b)................... 100,117 717,412
GMP Capital, Inc. ...................... 90,933 1,277,212
Golden Star Resources, Ltd. (b)......... 451,637 1,731,672
Great Canadian Gaming Corp. (a)(b)...... 111,167 805,359
Groupe Aeroplan, Inc. .................. 53,212 558,580
Guardian Capital Group, Ltd. ........... 243,895 1,899,138
Home Capital Group, Inc. ............... 50,417 2,148,270
HudBay Minerals, Inc. (b)............... 99,935 1,251,958
</Table>
See accompanying notes to financial statements.
121
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Ivanhoe Energy, Inc. (b)................ 79,856 $ 261,320
Jaguar Mining, Inc. (a)(b).............. 28,379 261,538
Linamar Corp. .......................... 109,777 2,060,179
MacDonald, Dettwiler & Associates,
Ltd. (b).............................. 52,194 1,942,066
Major Drilling Group
International, Inc. .................. 29,829 752,671
Martinrea International, Inc. (b)....... 91,306 791,970
Methanex Corp. ......................... 35,002 848,701
New Gold, Inc. (a)(b)................... 264,062 1,137,402
Northgate Minerals Corp. (b)............ 65,417 196,660
Novagold Resources, Inc. (a)(b)......... 157,119 1,124,325
NuVista Energy, Ltd. (a)................ 129,829 1,490,816
Osisko Mining Corp. (a)(b).............. 77,181 673,256
Pan American Silver Corp. .............. 28,038 646,127
Peyto Energy Trust...................... 100,455 1,337,684
Precision Drilling Trust (b)............ 62,075 478,465
Progress Energy Resources Corp. (a)..... 239,352 2,776,771
Quadra Mining, Ltd. (b)................. 30,770 471,612
Quebecor, Inc. (Class B)................ 60,275 2,054,418
Red Back Mining, Inc. (a)(b)............ 4,215 86,207
Rubicon Minerals Corp. (b).............. 49,570 189,573
Russel Metals, Inc. (a)................. 77,252 1,540,395
Savanna Energy Services Corp. .......... 98,532 675,948
Seabridge Gold, Inc. (b)................ 13,659 330,923
ShawCor, Ltd. (Class A) (a)............. 19,880 551,400
Sherritt International Corp. ........... 75,391 598,937
Silver Standard Resources, Inc. (a)(b).. 23,353 413,405
Silvercorp Metals, Inc. ................ 54,592 375,049
Stantec, Inc. (b)....................... 66,198 1,723,216
The Forzani Group, Ltd. ................ 74,210 1,045,984
Thompson Creek Metals Co., Inc. (a)(b).. 48,869 660,867
Trican Well Service, Ltd. .............. 40,019 518,308
Uni-Select, Inc. ....................... 114,123 3,013,509
Uranium One, Inc. (a)(b)................ 264,328 698,240
UTS Energy Corp. (a)(b)................. 199,227 477,179
Western Coal Corp. (b).................. 54,082 324,103
WestJet Airlines, Ltd. (b).............. 80,109 1,072,279
------------
68,445,750
------------
CHINA -- 3.5%
Allied Properties HK, Ltd. (b).......... 3,650,791 761,688
Cafe de Coral Holdings, Ltd. ........... 1,459,867 3,436,883
China Gas Holdings, Ltd. ............... 890,000 499,749
Chow Sang Sang Holding
International, Ltd. .................. 912,939 1,258,059
Daphne International Holdings, Ltd. .... 370,000 357,387
Far East Consortium
International, Ltd. .................. 3,175,098 940,503
G-Resources Group, Ltd. (b)............. 4,032,000 257,040
Galaxy Entertainment Group, Ltd. (b).... 339,000 156,300
Geely Automobile Holdings, Ltd. ........ 25,000 13,233
Hi Sun Technology China, Ltd. (b)....... 678,000 502,953
HKR International, Ltd. ................ 2,460,779 1,023,648
Integrated Distribution Services
Group, Ltd. .......................... 552,953 1,011,234
Jinhui Shipping & Transportation,
Ltd. (b).............................. 60,302 282,426
K Wah International Holdings, Ltd. ..... 2,268,565 844,354
Kai Yuan Holdings, Ltd. (b)............. 4,100,000 184,811
Melco International Development,
Ltd. (b).............................. 227,000 101,737
Midland Holdings, Ltd. ................. 381,790 417,945
PCCW, Ltd. ............................. 2,582,000 768,146
REXLot Holdings, Ltd. .................. 1,475,000 210,858
Road King Infrastructure, Ltd. ......... 1,078,544 888,982
Shun Tak Holdings, Ltd. ................ 604,000 389,718
Techtronic Industries Co., Ltd. ........ 1,382,500 1,121,711
Texwinca Holdings, Ltd. ................ 1,916,050 2,114,769
Xinao Gas Holdings, Ltd. ............... 888,000 2,268,976
Xinyi Glass Holdings Co., Ltd. ......... 1,483,809 1,354,876
------------
21,167,986
------------
DENMARK -- 1.1%
Bang & Olufsen A/S (a)(b)............... 23,453 283,470
D/S Norden A/S.......................... 12,854 559,540
East Asiatic Co., Ltd. A/S (a).......... 32,870 1,027,580
Genmab A/S (a)(b)....................... 9,946 125,367
GN Store Nord A/S (b)................... 184,880 1,108,897
IC Companys A/S (b)..................... 24,300 1,020,247
NeuroSearch A/S (b)..................... 30,757 944,752
SimCorp A/S (a)......................... 7,862 1,454,682
------------
6,524,535
------------
FINLAND -- 2.5%
Amer Sports Oyj (Class A) (a)........... 151,653 1,793,462
Atria PLC............................... 55,674 926,589
Citycon Oyj............................. 238,722 952,893
Cramo Oyj (b)........................... 53,102 1,046,169
HKScan Oyj.............................. 115,328 1,549,579
Kemira Oyj (a)(b)....................... 22,388 239,619
Lassila & Tikanoja Oyj.................. 75,108 1,571,178
Outotec Oyj............................. 10,575 381,336
Poyry Oyj (a)........................... 79,279 1,153,178
Talvivaara Mining Co. PLC (a)(b)........ 70,943 478,019
Tieto Oyj (a)........................... 65,213 1,512,428
Tikkurila Oy (a)(b)..................... 5,493 113,198
Vacon Oyj............................... 38,661 1,574,597
Vaisala Oyj (Class A) (a)............... 39,329 1,184,057
YIT Oyj (a)............................. 24,966 577,663
------------
15,053,965
------------
FRANCE -- 2.9%
Canal + (b)............................. 36,470 289,719
Carbone Lorraine SA..................... 31,152 1,133,882
Club Mediterranee SA (b)................ 31,754 584,986
GL Events SA............................ 29,696 795,597
Groupe Steria SCA....................... 30,836 955,901
IMS International Metal Service (b)..... 35,477 546,765
Ingenico SA............................. 44,478 1,114,291
IPSOS................................... 53,424 1,890,692
Rhodia SA (b)........................... 61,731 1,281,322
Rubis................................... 32,926 2,878,069
Saft Groupe SA.......................... 41,176 1,634,963
Sequana (b)............................. 75,521 968,737
Societe de la Tour Eiffel............... 11,508 965,587
SOITEC (a)(b)........................... 90,597 1,398,715
Sperian Protection...................... 10,289 845,207
</Table>
See accompanying notes to financial statements.
122
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
UbiSoft Entertainment SA (a)(b)......... 22,785 $ 313,853
------------
17,598,286
------------
GERMANY -- 2.7%
Aixtron AG (a).......................... 25,372 914,059
Aurubis AG.............................. 12,815 661,607
Demag Cranes AG (b)..................... 28,130 987,917
Deutsche Wohnen AG (b).................. 136,118 1,382,832
DIC Asset AG (a)........................ 43,557 427,293
Draegerwerk AG & Co. KGaA Preference
Shares................................ 14,204 991,722
Gerresheimer AG (b)..................... 22,336 699,659
Gildemeister AG......................... 58,615 790,185
Indus Holding AG........................ 63,390 1,195,675
Jenoptik AG (b)......................... 140,909 833,201
Kloeckner & Co. SE (b).................. 25,730 761,932
Kontron AG.............................. 79,686 780,747
KUKA AG (a)(b).......................... 47,779 660,397
Leoni AG................................ 40,415 938,950
MLP AG.................................. 58,653 619,113
Nordex SE (a)(b)........................ 15,655 178,994
Patrizia Immobilien AG (a)(b)........... 108,859 478,715
Pfleiderer AG (b)....................... 51,180 338,364
Q-Cells SE (a)(b)....................... 17,523 174,508
Solar Millennium AG (a)(b).............. 20,234 485,970
Stada Arzneimittel AG................... 19,411 766,151
Symrise AG.............................. 47,247 1,127,084
Wirecard AG (a)......................... 25,737 243,773
------------
16,438,848
------------
GREECE -- 0.7%
Alapis Holding Industrial and
Commercial SA......................... 520,596 309,944
Diana Shipping, Inc. (a)(b)............. 20,226 305,817
DryShips, Inc. (a)(b)................... 100,299 585,746
Ellaktor SA............................. 107,290 603,924
Fourlis Holdings SA..................... 46,326 555,377
Hellenic Exchanges SA................... 74,171 652,345
Intracom Holdings SA (b)................ 386,763 507,629
Michaniki SA............................ 177,897 204,606
Paragon Shipping, Inc. (a).............. 30,220 140,825
------------
3,866,213
------------
HONG KONG -- 0.9%
Champion REIT........................... 767,000 366,475
Giordano International, Ltd. ........... 4,860,000 1,946,579
Pacific Basin Shipping, Ltd. ........... 1,312,000 1,044,234
Peace Mark (Holdings), Ltd. (b)(c)...... 504,228 0
Sino Union Energy Investment Group
Ltd. (b).............................. 1,840,000 208,533
VTech Holdings, Ltd. ................... 147,000 1,590,274
------------
5,156,095
------------
IRELAND -- 1.0%
C&C Group PLC........................... 246,658 1,116,737
Fyffes PLC.............................. 1,460,980 751,203
Irish Life & Permanent Group Holdings
PLC (b)(d)............................ 67,849 270,186
Irish Life & Permanent Group Holdings
PLC (b)(d)............................ 4,712 18,809
Kingspan Group PLC (b).................. 112,612 975,201
Paddy Power PLC (d)..................... 13,145 469,030
Paddy Power PLC (d)..................... 68,211 2,432,007
Smurfit Kappa Group PLC (b)............. 27,861 232,601
------------
6,265,774
------------
ITALY -- 1.9%
Amplifon SpA (b)........................ 265,350 1,368,859
Astaldi SpA............................. 204,603 1,560,040
Banca Popolare dell'Etruria e del
Lazio Scrl............................ 201,352 1,073,450
Digital Multimedia Technologies
SpA (b)............................... 27,275 589,016
Esprinet SpA............................ 89,570 935,036
IMMSI SpA (b)........................... 672,771 807,004
Interpump Group SpA (b)................. 258,671 1,279,278
Recordati SpA........................... 271,457 2,069,782
Sorin SpA (b)........................... 879,550 1,844,684
Tiscali SpA (b)......................... 47,251 11,022
------------
11,538,171
------------
JAPAN -- 27.8%
Alps Electric Co., Ltd. (b)............. 165,336 1,141,286
Asahi Holdings, Inc. (a)................ 43,148 744,839
Bank of the Ryukyus, Ltd. .............. 127,700 1,439,085
Best Denki Co., Ltd. (a)(b)............. 214,269 525,124
Central Glass Co., Ltd. ................ 487,145 2,408,615
COMSYS Holdings Corp. (a)............... 191,050 1,850,388
DA Office Investment Corp. ............. 284 606,965
Daifuku Co., Ltd. (a)................... 112,500 886,130
Daihen Corp. (a)........................ 225,000 1,069,135
DAIICHI CHUO KISEN KAISHA (a)(b)........ 141,834 447,785
Daimei Telecom Engineering Corp. ....... 124,400 895,989
Dainippon Screen Manufacturing Co.,
Ltd. (a)(b)........................... 228,000 1,066,310
DCM Japan Holdings Co., Ltd. (a)........ 160,333 919,718
Don Quijote Co., Ltd. (a)............... 70,800 1,768,485
DOUTOR NICHIRES Holdings Co., Ltd. (a).. 154,432 2,047,744
DTS Corp. .............................. 81,982 814,205
eAccess, Ltd. (a)....................... 1,873 1,367,065
EDION Corp. (a)......................... 94,400 972,894
FCC Co., Ltd. (a)....................... 93,948 1,865,085
Fukuoka REIT Corp. ..................... 284 1,515,133
Furukawa Co., Ltd. (a)(b)............... 663,387 809,355
Glory, Ltd. (a)......................... 67,800 1,684,842
H2O Retailing Corp. (a)................. 225,000 1,538,688
Hanwa Co., Ltd. (a)..................... 361,000 1,529,923
Heiwa Real Estate Co., Ltd. (a)......... 300,000 902,183
Hitachi Kokusai Electric, Inc. (a)...... 148,372 1,483,085
Hitachi Zosen Corp. (a)................. 750,500 1,100,369
Horiba, Ltd. (a)........................ 47,713 1,373,587
Hosiden Corp. (a)....................... 105,000 1,374,304
Iino Kaiun Kaisha, Ltd. (a)............. 130,400 869,426
IT Holdings Corp. (a)................... 87,508 1,065,755
Izumiya Co., Ltd. ...................... 234,000 1,026,755
Japan Airport Terminal Co., Ltd. (a).... 88,900 1,234,934
Japan Asia Investment Co., Ltd. (a)(b).. 211,000 115,165
Japan Aviation Electronics Industry,
Ltd. (a).............................. 137,000 1,038,056
</Table>
See accompanying notes to financial statements.
123
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Japan Excellent, Inc. .................. 231 $ 1,102,590
Japan Logistics Fund, Inc. ............. 231 1,851,659
Juki Corp. (a)(b)....................... 130,332 245,488
K's Holdings Corp. ..................... 56,280 1,382,305
Kanematsu Corp. (a)(b).................. 712,698 587,305
Katakura Industries Co., Ltd. (a)....... 89,874 928,172
Kayaba Industry Co., Ltd. (a)(b)........ 289,832 1,070,120
Kenedix, Inc. (a)(b).................... 377 110,550
Kitz Corp. ............................. 142,000 828,232
Kiyo Holdings, Inc. (a)................. 1,073,000 1,423,930
Komori Corp. ........................... 101,236 1,255,699
Kurabo Industries, Ltd. ................ 657,000 1,117,969
Kyowa Exeo Corp. (a).................... 124,400 1,027,791
Makino Milling Machine Co.,
Ltd. (a)(b)........................... 147,000 953,360
Marudai Food Co., Ltd. ................. 505,656 1,444,886
Maruha Nichiro Holdings, Inc. (a)....... 718,485 1,022,672
Marusan Securities Co., Ltd. (a)........ 153,598 935,330
Miraca Holdings, Inc. (a)............... 73,600 2,244,863
Mitsui Mining & Smelting Co., Ltd. (a).. 617,000 1,848,887
Mitsui-Soko Co., Ltd. .................. 282,000 1,056,293
Nabtesco Corp. (a)...................... 137,000 1,826,862
Nakanishi, Inc. ........................ 8,483 885,159
Net One Systems Co., Ltd. (a)........... 875 1,112,479
Neturen Co., Ltd. ...................... 199,203 1,528,559
New City Residence Investment
Corp. (c)(e).......................... 4 0
Nihon Dempa Kogyo Co., Ltd. (a)......... 23,800 497,446
Nihon Kohden Corp. ..................... 63,800 1,174,401
Nikkiso Co., Ltd. (a)................... 223,000 1,632,406
Nippon Accommodations Fund, Inc. (a).... 235 1,209,707
Nippon Carbon Co., Ltd. (a)............. 215,712 708,728
Nippon Konpo Unyu Soko Co., Ltd. ....... 209,000 2,366,460
Nippon Light Metal Co., Ltd. (b)........ 1,348,000 1,961,986
Nippon Seiki Co., Ltd. (a).............. 81,000 957,887
Nippon Shinyaku Co., Ltd. (a)........... 201,000 2,278,029
Nippon Soda Co., Ltd. .................. 238,000 1,054,495
Nippon Suisan Kaisha, Ltd. (a).......... 377,699 1,095,424
Nippon Thompson Co., Ltd. (a)........... 206,000 1,435,210
Nishimatsu Construction Co., Ltd. ...... 625,000 816,032
Nishimatsuya Chain Co., Ltd. (a)........ 109,093 1,134,829
Nitto Boseki Co., Ltd. (a)(b)........... 493,153 1,050,272
NOF Corp. (a)........................... 410,000 1,623,502
NSD Co., Ltd. (a)....................... 87,008 1,045,698
OKASAN SECURITES GROUP, Inc. ........... 240,682 1,151,379
Oki Electric Industry Co., Ltd. (a)(b).. 1,301,000 1,086,023
Orix JREIT, Inc. ....................... 364 1,649,765
Osaka Securities Exchange Co., Ltd. .... 276 1,444,392
OSG Corp. (a)........................... 138,700 1,463,594
Park24 Co., Ltd. ....................... 174,313 1,783,425
Point, Inc. (a)......................... 22,710 1,361,045
Premier Investment Corp. ............... 439 1,444,697
Rengo Co., Ltd. ........................ 185,000 1,088,934
Rohto Pharmaceutical Co., Ltd. (a)...... 162,000 1,780,544
Ryohin Keikaku Co., Ltd. (a)............ 29,203 1,232,939
Sakai Chemical Industry Co., Ltd. ...... 310,565 1,512,276
Sanden Corp. (a)........................ 443,000 1,630,908
Sankyu, Inc. (a)........................ 251,000 1,238,345
Sanyo Shokai, Ltd. (a).................. 181,000 687,661
Sanyo Special Steel Co., Ltd. (a)(b).... 197,937 855,806
Sato Corp. (a).......................... 111,200 1,586,361
Seiren Co., Ltd. (a).................... 185,200 1,149,572
Shima Seiki Manufacturing, Ltd. (a)..... 64,625 1,445,486
Shimachu Co., Ltd. ..................... 88,100 1,880,045
Shochiku Co., Ltd. (a).................. 428,000 3,563,613
Shoei Co., Ltd. ........................ 101,900 773,192
Sinfonia Technology Co., Ltd. (a)....... 419,000 977,547
SMK Corp. (a)........................... 223,343 1,147,310
Star Micronics Co., Ltd. (a)............ 60,000 660,103
Sumitomo Osaka Cement Co., Ltd. ........ 868,793 1,506,255
Tadano, Ltd. (a)........................ 141,526 766,397
Takara Holdings, Inc. (a)............... 283,000 1,587,029
Takasago International Corp. (a)........ 306,694 1,654,257
Takefuji Corp. (a)...................... 65,580 279,333
Takuma Co., Ltd. (a)(b)................. 242,000 582,727
The Bank of Nagoya, Ltd. ............... 227,000 923,159
The Bank of Okinawa, Ltd. .............. 45,700 1,863,410
The Ehime Bank, Ltd. (a)................ 633,000 1,781,667
The Eighteenth Bank, Ltd. .............. 602,730 1,812,576
The Hokuetsu Bank, Ltd. (a)............. 855,000 1,399,989
The Michinoku Bank, Ltd. ............... 568,000 1,167,123
The Minato Bank, Ltd. (a)............... 708,000 924,401
The Miyazaki Bank, Ltd. ................ 563,000 1,705,148
The Musashino Bank, Ltd. ............... 37,500 1,077,162
The Oita Bank, Ltd. .................... 373,000 1,373,202
The Tochigi Bank, Ltd. ................. 235,000 1,028,628
The Tokushima Bank, Ltd. (a)(c)......... 242,000 862,436
The Tokyo Tomin Bank, Ltd. ............. 41,300 549,400
Toagosei Co., Ltd. ..................... 520,818 2,212,808
TOC Co., Ltd. (a)....................... 185,500 702,772
Toei Co., Ltd. ......................... 287,000 1,468,172
Toho Holdings Co., Ltd. (a)............. 68,919 902,792
Toho Zinc Co., Ltd. (a)................. 217,000 1,065,957
Tokai Tokyo Financial Holdings, Inc. ... 227,000 947,453
Tokyo Dome Corp. ....................... 225,000 640,518
Tokyo Tatemono Co., Ltd. ............... 199,000 715,582
Topy Industries, Ltd. .................. 678,381 1,539,135
Toyo Corp/Chuo-ku....................... 157,148 1,380,763
Toyo Tire & Rubber Co., Ltd. (a)........ 362,000 844,563
Toyobo Co., Ltd. (a).................... 922,788 1,471,483
Ulvac, Inc. (a)......................... 43,200 1,122,072
Unitika, Ltd. (b)....................... 936,000 761,301
Yodogawa Steel Works, Ltd. ............. 378,000 1,695,013
Zenrin Co., Ltd. (a).................... 51,377 615,820
------------
166,857,544
------------
NETHERLANDS -- 2.5%
Aalberts Industries NV (a).............. 81,761 1,306,549
ASM International NV (a)(b)............. 64,923 1,739,376
BinckBank NV............................ 20,919 370,802
Chicago Bridge & Iron Co. NV (b)........ 37,875 880,972
Crucell NV (b).......................... 70,062 1,442,395
Draka Holding NV (b).................... 25,676 453,733
Exact Holding NV........................ 44,973 1,202,150
KAS Bank NV............................. 87,701 1,616,854
Koninklijke BAM Groep NV (a)............ 34,814 271,335
</Table>
See accompanying notes to financial statements.
124
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Mediq NV................................ 142,016 $ 2,623,008
Nutreco Holding NV...................... 12,021 758,791
Ordina NV (b)........................... 88,215 497,150
Orthofix International NV (a)(b)........ 27,130 986,989
ProLogis European Properties (b)........ 35,903 253,249
VistaPrint NV (b)....................... 13,676 782,951
------------
15,186,304
------------
NEW ZEALAND -- 0.5%
Auckland International Airport, Ltd. ... 628,999 865,834
Fisher & Paykel Appliances Holdings,
Ltd. (a)(b)........................... 926,487 407,581
Fisher & Paykel Healthcare
Corp., Ltd. .......................... 649,845 1,512,400
Nuplex Industries, Ltd. (a)............. 100,448 251,593
------------
3,037,408
------------
NORWAY -- 2.0%
Deep Sea Supply PLC (b)................. 162,651 284,982
DNO International ASA (a)(b)............ 962,446 1,198,254
Ekornes ASA............................. 114,125 2,499,494
Ganger Rolf ASA......................... 3,530 93,369
Norske Skogindustrier ASA (a)(b)........ 239,488 362,720
Norwegian Property ASA (b).............. 378,990 791,731
Petroleum Geo-Services ASA (b).......... 81,768 1,072,433
Prosafe Production Public, Ltd. (b)..... 117,813 292,761
Sevan Marine ASA (a)(b)................. 158,307 248,034
Songa Offshore SE (b)................... 117,761 535,665
Subsea 7, Inc. (a)(b)................... 35,823 726,635
TGS Nopec Geophysical Co. ASA (b)....... 42,776 908,748
Tomra Systems ASA....................... 177,981 872,559
Veidekke ASA............................ 237,625 1,941,610
------------
11,828,995
------------
PORTUGAL -- 0.4%
Altri SGPS SA (a)(b).................... 171,042 1,152,555
Semapa-Sociedade de Investimento e
Gestao, SGPS, SA (b).................. 132,425 1,406,596
------------
2,559,151
------------
SINGAPORE -- 3.0%
Bukit Sembawang Estates, Ltd. .......... 243,080 815,454
CapitaCommercial Trust (a).............. 618,000 477,408
Cosco Corp. Singapore, Ltd. (a)......... 416,000 368,971
Ezra Holdings, Ltd. (a)................. 209,000 352,806
Haw Par Corp., Ltd. .................... 700,352 2,995,676
Hong Leong Finance, Ltd. ............... 1,558,656 3,389,231
Indofood Agri Resources, Ltd. (b)....... 203,000 325,253
Mapletree Logistics Trust............... 3,631,965 2,208,197
Parkway Holdings, Ltd. ................. 1,089,309 2,617,988
Straits Asia Resources, Ltd. ........... 288,000 444,962
Suntec REIT............................. 2,215,000 2,123,028
Verigy, Ltd. (a)(b)..................... 57,848 646,741
Wing Tai Holdings, Ltd. ................ 1,149,000 1,487,565
------------
18,253,280
------------
SOUTH KOREA -- 5.9%
Asiana Airlines (b)..................... 185,062 677,146
Celltrion, Inc. (b)..................... 18,373 322,333
Cheil Communications, Inc. ............. 8,324 2,464,572
CJ CheilJedang Corp. ................... 2,429 483,031
Daewoo Motor Sales (b).................. 41,331 141,916
Daum Communications Corp. (b)........... 14,337 854,049
Dong-A Pharmaceutical Co., Ltd. ........ 10,754 1,097,783
Doosan Corp. ........................... 4,564 518,338
Eugene Investment & Securities Co.,
Ltd. (b).............................. 484,538 364,008
Hana Tour Service, Inc. ................ 20,671 866,887
Hanjin Heavy Industries & Construction
Co., Ltd. ............................ 8,460 192,536
Hanjin Shipping Co., Ltd. (b)........... 15,442 423,770
Hanjin Shipping Holdings Co., Ltd. (b).. 3,187 57,602
Hanmi Pharm Co., Ltd. .................. 9,710 939,719
Hansol Paper Co. ....................... 62,866 572,292
Hanwha Chemical Corp. .................. 81,635 995,681
Hanwha Securities Co. (b)............... 77,053 549,576
Hite Brewery Co., Ltd. ................. 7,354 926,197
Hotel Shilla Co., Ltd. ................. 58,382 1,171,304
Humax Co., Ltd. ........................ 38,962 538,915
Humax Holdings Co., Ltd. ............... 9,827 91,630
Hyundai Department Store Co., Ltd. ..... 16,452 1,504,956
Hyundai Marine & Fire Insurance Co.,
Ltd. (b).............................. 69,372 1,122,018
Jeonbuk Bank............................ 196,972 1,223,840
Korean Reinsurance Co. ................. 99,920 883,115
LG International Corp. ................. 54,779 1,476,653
LG Life Sciences, Ltd. (b).............. 19,798 999,130
LG Telecom, Ltd. ....................... 64,584 440,663
LIG Insurance Co., Ltd. ................ 47,222 918,188
LS Industrial Systems Co., Ltd. ........ 17,962 1,274,779
MegaStudy Co., Ltd. .................... 4,550 749,989
Meritz Fire & Marine Insurance
Co., Ltd. ............................ 131,487 854,151
Meritz Securities Co., Ltd. (b)......... 620,890 647,532
ORION Corp. ............................ 5,218 1,300,522
Poongsan Corp. ......................... 98,885 2,097,521
Samsung Fine Chemicals Co., Ltd. ....... 23,093 1,036,833
Seoul Semiconductor Co., Ltd. .......... 9,599 369,894
SFA Engineering Corp. .................. 17,695 744,427
SK Chemicals Co., Ltd. ................. 24,857 1,159,971
STX Offshore & Shipbuilding Co., Ltd. .. 18,680 212,976
STX Pan Ocean Co. Ltd. ................. 42,810 507,008
Taekwang Industrial Co. Ltd. ........... 361 228,447
Yuhan Corp. ............................ 8,333 1,270,443
------------
35,272,341
------------
SPAIN -- 1.7%
Almirall SA............................. 13,662 172,290
Amper, SA (a)........................... 111,156 797,147
Campofrio Food Group SA (a)(b).......... 165,922 1,567,073
Construcciones y Auxiliar de
Ferrocarriles SA...................... 4,767 2,812,298
Ercros SA (a)(b)........................ 198,140 345,317
Faes Farma SA (a)(d).................... 163,668 756,283
Faes Farma SA (a)(b)(d)................. 13,368 61,771
General de Alquiler de
Maquinaria (a)(d)..................... 25,013 109,996
General de Alquiler de
Maquinaria (a)(b)(d).................. 52,661 231,581
Tubacex SA (a).......................... 220,801 885,840
Tubos Reunidos SA....................... 263,806 756,746
</Table>
See accompanying notes to financial statements.
125
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Vidrala SA.............................. 58,645 $ 1,492,621
------------
9,988,963
------------
SWEDEN -- 2.5%
Carnegie Investment Bank AB (a)(c)...... 59,625 0
Castellum AB (a)........................ 178,077 1,800,070
Elekta AB (Class B) (a)................. 97,227 2,728,895
Haldex AB (b)........................... 235,299 1,928,948
Intrum Justitia AB (a).................. 96,859 1,231,430
Kungsleden AB........................... 148,044 1,167,361
New Wave Group AB (Class B) (a)......... 222,008 1,141,350
Q-Med AB................................ 132,785 1,291,503
TradeDoubler AB (a)(b).................. 78,949 435,497
Trelleborg AB (Class B) (a)............. 230,647 1,690,514
Wihlborgs Fastigheter AB (a)............ 86,070 1,823,770
------------
15,239,338
------------
SWITZERLAND -- 2.5%
Basilea Pharmaceutica AG (a)(b)......... 8,324 646,513
Belimo Holding AG....................... 2,208 2,790,024
Daetwyler Holding AG.................... 28,397 1,834,588
Georg Fischer AG (a)(b)................. 2,773 1,019,572
Kudelski SA............................. 58,389 1,801,236
Kuoni Reisen Holding (Class B).......... 4,175 1,675,871
Meyer Burger Technology AG (b).......... 7,884 197,746
Mobimo Holding AG (b)................... 2,842 515,721
Petroplus Holdings AG (b)............... 34,927 650,059
Temenos Group AG (a)(b)................. 65,397 1,929,198
Valora Holding AG....................... 7,642 1,982,106
------------
15,042,634
------------
UNITED KINGDOM -- 11.7%
Arriva PLC.............................. 108,462 1,205,976
Barratt Developments PLC (b)............ 280,898 528,357
Bellway PLC............................. 82,581 964,557
Bodycote PLC............................ 189,048 602,498
Bovis Homes Group PLC (b)............... 161,401 979,317
Britvic PLC............................. 204,708 1,440,821
BTG PLC (b)............................. 92,318 249,686
Charter International PLC............... 53,389 607,798
Chemring Group PLC...................... 37,990 1,908,032
Chloride Group (a)...................... 446,003 1,421,415
Connaught PLC (a)....................... 298,173 1,117,178
Cookson Group PLC (b)................... 89,458 741,594
Croda International PLC................. 105,522 1,499,822
CSR PLC (b)............................. 62,470 434,004
Dairy Crest Group PLC................... 154,929 873,774
Debenhams PLC (b)....................... 484,936 556,849
Dimension Data Holdings PLC............. 1,289,380 1,784,723
DS Smith PLC............................ 292,929 598,976
DSG International PLC (b)............... 1,870,314 991,560
Elementis PLC........................... 798,709 690,590
Enterprise Inns PLC (b)................. 159,148 289,694
Fenner PLC.............................. 315,352 1,018,423
Galliford Try PLC....................... 110,727 536,638
Game Group PLC.......................... 364,787 543,662
Gem Diamonds, Ltd. (b).................. 57,639 216,833
Hardy Oil & Gas PLC (b)................. 26,738 85,985
Helphire PLC (b)........................ 336,340 278,056
Henderson Group PLC..................... 452,697 968,242
HMV Group PLC (a)....................... 699,274 896,847
Hochschild Mining PLC................... 46,767 199,911
Hunting PLC............................. 52,657 491,633
Intermediate Capital Group PLC.......... 152,941 628,710
International Personal Finance.......... 257,102 937,166
Interserve PLC.......................... 163,586 537,851
ITE Group PLC (a)....................... 454,287 987,492
J.D. Wetherspoon PLC.................... 140,987 1,081,079
Jardine Lloyd Thompson Group PLC........ 174,452 1,468,676
JKX Oil & Gas PLC....................... 61,986 265,155
Keller Group PLC........................ 87,938 901,738
Kier Group PLC.......................... 51,814 864,564
Laird PLC............................... 181,211 338,376
Lamprell PLC............................ 67,746 248,689
Melrose PLC............................. 504,902 1,686,481
Michael Page International PLC.......... 236,122 1,432,694
Micro Focus International PLC........... 84,048 639,375
Mitchells & Butlers PLC (b)............. 200,394 963,610
Mitie Group PLC......................... 434,686 1,507,992
Mondi PLC............................... 299,447 2,108,088
Morgan Crucible Co. PLC................. 263,749 814,965
Morgan Sindall PLC...................... 58,841 486,445
N Brown Group PLC....................... 223,626 742,210
National Express Group PLC.............. 179,658 624,078
Northern Foods PLC...................... 837,166 739,080
Northgate PLC (b)....................... 44,521 126,288
Pace PLC................................ 88,692 258,445
PayPoint PLC............................ 93,552 496,682
Premier Farnell PLC..................... 411,403 1,407,874
Premier Foods PLC (b)................... 1,158,321 557,690
Punch Taverns PLC (b)................... 164,392 199,493
PV Crystalox Solar PLC.................. 233,585 170,076
Rank Group PLC.......................... 730,587 1,303,276
Redrow PLC (b).......................... 269,097 578,410
Regus PLC............................... 190,569 322,318
Restaurant Group PLC.................... 297,780 1,052,467
RPS Group PLC........................... 271,011 839,460
Salamander Energy PLC (b)............... 77,582 311,628
Senior PLC.............................. 590,209 988,398
Shaftesbury PLC......................... 286,811 1,673,255
Shanks Group PLC........................ 370,615 567,808
SIG PLC (b)............................. 262,536 452,402
SOCO International PLC (b).............. 26,082 654,385
Spectris PLC............................ 99,416 1,247,905
Spirent Communications PLC.............. 262,357 493,084
SSL International PLC................... 178,315 2,199,052
St. James's Place PLC................... 165,446 653,764
Stagecoach Group PLC.................... 272,942 758,495
Tullett Prebon PLC...................... 225,915 1,198,389
UK Coal PLC (b)......................... 147,962 112,783
Ultra Electronics Holdings PLC.......... 45,709 1,040,734
Unite Group PLC (b)..................... 254,871 997,851
Victrex PLC............................. 137,069 1,830,736
Wellstream Holdings PLC................. 42,053 417,826
WH Smith PLC............................ 149,633 1,102,888
Wincanton PLC........................... 209,269 638,849
Yell Group PLC (b)...................... 1,041,349 648,592
------------
70,029,268
------------
</Table>
See accompanying notes to financial statements.
126
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TOTAL COMMON STOCKS --
(Cost $636,518,618)................... $594,576,638
------------
RIGHTS -- 0.0% (F)
SOUTH KOREA -- 0.0% (F)
Hanwha Securities Co.
(expiring 4/27/10) (b)
(Cost $0)............................. 18,317 40,473
------------
WARRANTS -- 0.0% (F)
ITALY -- 0.0% (F)
Interpump Group SpA
(expiring 10/31/12) (b)
(Cost $0)............................. 51,560 18,802
------------
SHORT TERM INVESTMENTS -- 11.1%
UNITED STATES -- 11.1%
MONEY MARKET FUNDS -- 11.1%
State Street Institutional Liquid
Reserves Fund (g)..................... 256,051 256,051
State Street Navigator Securities
Lending Prime Portfolio (g)(h)........ 66,475,199 66,475,199
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $66,731,250).................... 66,731,250
------------
TOTAL INVESTMENTS -- 110.2%
(Cost $703,249,868)................... 661,367,163
OTHER ASSETS AND
LIABILITIES -- (10.2)%................ (61,171,160)
------------
NET ASSETS -- 100.0%.................... $600,196,003
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Securities are valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Record Realty, Peace Mark (Holdings), Ltd., New
City Residence Investment Corp. and Carnegie Investment
Bank AB, values are determined based on Level 3 inputs.
The Tokushima Bank, Ltd., value is determined based on
Level 2 inputs.
(d) Reflects separate holdings of the issuer's common stock
traded on different securities exchanges.
(e) Company has filed for insolvency.
(f) Amount shown represents less than 0.05% of net assets.
(g) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(h) Investments of cash collateral for securities loaned.
</Table>
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
127
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 17.9%
Abacus Property Group................... 5,956,151 $ 2,186,741
Astro Japan Property Group (a).......... 2,250,684 754,013
Bunnings Warehouse Property Trust....... 1,333,519 2,374,502
CFS Retail Property Trust (a)........... 7,371,272 12,685,725
Charter Hall Office REIT (a)............ 20,178,710 5,278,491
Charter Hall Retail REIT (a)............ 6,193,948 3,183,663
Commonwealth Property Office Fund (a)... 7,845,891 6,517,221
Dexus Property Group.................... 19,657,379 14,614,441
Goodman Group........................... 25,533,319 15,350,416
GPT Group............................... 41,492,815 21,898,396
ING Industrial Fund..................... 10,444,718 4,266,073
ING Office Fund (a)..................... 10,839,058 5,819,946
Westfield Group......................... 9,723,688 107,634,102
--------------
202,563,730
--------------
AUSTRIA -- 2.3%
Atrium European Real Estate, Ltd. (a)... 899,262 5,767,589
CA Immobilien Anlagen AG (a)(b)......... 351,226 4,262,936
Immoeast AG (a)(b)...................... 1,691,925 9,294,731
Immofinanz AG (a)(b).................... 1,888,522 6,873,913
--------------
26,199,169
--------------
BELGIUM -- 1.1%
Befimmo S.C.A. ......................... 60,973 5,132,482
Cofinimmo (b)........................... 49,962 7,054,431
--------------
12,186,913
--------------
CANADA -- 8.7%
Artis REIT.............................. 103,160 1,187,629
Boardwalk REIT.......................... 105,595 4,189,245
Brookfield Asset Management, Inc. (Class
A) (a)................................ 2,291,295 58,380,539
Calloway REIT........................... 186,438 3,897,639
Canadian Apartment Properties REIT...... 148,902 2,106,100
Canadian REIT........................... 144,331 3,933,519
Chartwell Seniors Housing REIT.......... 279,417 1,996,721
Extendicare REIT........................ 172,245 1,777,542
First Capital Realty, Inc. (a).......... 159,959 3,493,856
H&R REIT................................ 315,214 5,166,831
Primaris Retail REIT.................... 136,778 2,264,916
RioCan REIT............................. 529,175 9,638,908
--------------
98,033,445
--------------
CHINA -- 3.8%
Hongkong Land Holdings, Ltd. (a)........ 5,469,000 27,727,830
Kerry Properties, Ltd. ................. 2,759,170 14,800,241
--------------
42,528,071
--------------
FRANCE -- 11.2%
Fonciere des Regions (a)(b)............. 111,680 12,323,358
Gecina SA............................... 93,557 10,372,942
Klepierre (a)........................... 392,683 15,451,342
Societe Immobiliere de Location pour
l'Industrie et le Commerce (a)........ 41,947 5,306,349
Unibail-Rodamco SE...................... 408,031 82,815,976
--------------
126,269,967
--------------
GERMANY -- 0.3%
IVG Immobilien AG (a)(b)................ 378,547 3,314,010
--------------
HONG KONG -- 9.0%
Champion REIT........................... 7,780,319 3,717,463
GZI REIT................................ 3,200,000 1,360,001
Hang Lung Group, Ltd. .................. 3,747,808 19,886,111
Hang Lung Properties, Ltd. ............. 8,189,755 33,013,424
Hysan Development Co., Ltd. ............ 2,733,893 7,904,478
Prosperity REIT......................... 4,992,000 932,219
The Link REIT........................... 9,845,311 24,268,710
Wheelock & Co., Ltd. ................... 3,699,545 10,910,863
--------------
101,993,269
--------------
ITALY -- 0.1%
Beni Stabili SpA (a).................... 1,695,277 1,644,711
--------------
JAPAN -- 17.9%
Aeon Mall Co., Ltd. .................... 356,340 7,516,547
DA Office Investment Corp. (a).......... 1,154 2,466,329
Daibiru Corp. (a)....................... 253,700 2,139,508
Frontier Real Estate Investment
Corp. (a)............................. 650 5,050,300
Fukuoka REIT Corp. ..................... 404 2,155,330
Global One Real Estate Investment Co.,
Ltd. (a).............................. 430 3,009,632
Hankyu REIT, Inc. ...................... 377 1,488,795
Heiwa Real Estate Co., Ltd. (a)......... 665,500 2,001,343
Japan Excellent, Inc. .................. 628 2,997,517
Japan Hotel and Resort, Inc. ........... 337 477,873
JAPAN OFFICE Investment Corp. .......... 656 589,024
Japan Prime Realty Investment Corp. .... 3,142 6,997,541
Japan Real Estate Investment Corp. (a).. 2,189 18,671,158
Japan Retail Fund Investment Corp. (a).. 7,553 8,891,588
Kenedix Realty Investment Corp. ........ 1,042 2,800,152
Mitsui Fudosan Co., Ltd. ............... 3,933,000 66,798,705
Mori Hills REIT Investment Corp. (a).... 740 1,625,878
Mori Trust Sogo REIT, Inc. (a).......... 505 4,431,721
Nippon Building Fund, Inc. (a).......... 2,417 20,822,827
Nippon Commercial Investment Corp. ..... 1,156 1,561,293
Nomura Real Estate Office Fund,
Inc. (a).............................. 1,296 7,281,678
NTT Urban Development Corp. (a)......... 4,835 4,087,810
Orix JREIT, Inc. (a).................... 1,115 5,053,537
Premier Investment Corp. ............... 589 1,938,329
Shoei Co., Ltd. (a)..................... 161,290 1,223,829
Tokyu Land Corp. (a).................... 2,042,000 7,801,734
Tokyu REIT, Inc. (a).................... 754 3,966,085
Top REIT, Inc. ......................... 692 3,132,663
United Urban Investment Corp. .......... 896 5,158,904
--------------
202,137,630
--------------
NETHERLANDS -- 2.3%
Corio NV................................ 216,334 14,470,683
Eurocommercial Properties NV............ 160,261 6,451,260
VastNed Retail NV....................... 81,690 5,465,940
--------------
26,387,883
--------------
</Table>
See accompanying notes to financial statements.
128
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NEW ZEALAND -- 0.7%
AMP NZ Office Trust (a)................. 3,411,993 $ 1,815,735
Goodman Property Trust.................. 2,800,925 1,987,396
ING Property Trust (a).................. 2,402,882 1,261,674
Kiwi Income Property Trust (a).......... 3,610,285 2,561,677
--------------
7,626,482
--------------
SINGAPORE -- 7.0%
Ascendas REIT (a)....................... 5,805,940 7,973,538
Cambridge Industrial Trust.............. 3,179,232 1,057,432
CapitaCommercial Trust (a).............. 7,190,978 5,555,063
CapitaLand, Ltd. (a).................... 11,184,999 31,761,701
CapitaMall Trust........................ 8,992,078 11,384,413
Frasers Commercial Trust (a)............ 10,384,642 1,114,192
Guocoland, Ltd. ........................ 1,083,000 1,843,668
Mapletree Logistics Trust (a)........... 4,856,000 2,952,398
Singapore Land, Ltd. ................... 584,000 2,840,528
Starhill Global REIT (a)................ 4,462,000 1,787,289
Suntec REIT (a)......................... 8,053,366 7,718,973
United Industrial Corp., Ltd. .......... 1,715,000 2,527,020
--------------
78,516,215
--------------
SOUTH AFRICA -- 0.7%
Capital Property Fund................... 1,591,686 1,560,487
Fountainhead Property Trust............. 4,435,692 4,107,150
SA Corporate Real Estate Fund........... 3,527,078 1,344,756
Sycom Property Fund..................... 439,692 1,303,399
--------------
8,315,792
--------------
SPAIN -- 0.0% (C)
Martinsa-Fadesa SA (b)(d)(e)............ 35,998 0
--------------
SWEDEN -- 1.5%
Castellum AB (a)........................ 769,154 7,774,900
Fabege AB (a)........................... 652,941 4,427,334
Kungsleden AB........................... 610,487 4,813,830
--------------
17,016,064
--------------
SWITZERLAND -- 2.0%
PSP Swiss Property AG (b)............... 155,384 9,994,297
Swiss Prime Site AG (b)................. 208,892 13,088,620
--------------
23,082,917
--------------
UNITED KINGDOM -- 13.0%
Big Yellow Group PLC (b)................ 455,141 2,347,372
British Land Co. PLC.................... 3,894,528 28,421,520
Derwent London PLC...................... 450,847 9,341,938
Grainger PLC............................ 1,852,622 3,793,829
Great Portland Estates PLC.............. 1,398,403 6,669,173
Hammerson PLC........................... 3,116,876 18,599,916
Land Securities Group PLC............... 3,423,494 35,209,218
Liberty International PLC............... 2,569,851 19,627,479
Segro PLC............................... 3,283,989 15,920,825
Shaftesbury PLC......................... 1,008,996 5,886,482
Workspace Group PLC..................... 3,994,984 1,454,399
--------------
147,272,151
--------------
TOTAL COMMON STOCKS --
(Cost $1,331,801,652)................. 1,125,088,419
--------------
SHORT TERM INVESTMENTS -- 8.7%
UNITED STATES -- 8.7%
MONEY MARKET FUNDS -- 8.7%
State Street Institutional Liquid
Reserves Fund (f)..................... 101,938 101,938
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 98,152,076 98,152,076
--------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $98,254,014).................... 98,254,014
--------------
TOTAL INVESTMENTS -- 108.2%
(Cost $1,430,055,666)................. 1,223,342,433
OTHER ASSETS AND
LIABILITIES -- (8.2)%................. (93,187,682)
--------------
NET ASSETS -- 100.0%.................... $1,130,154,751
==============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Amount shown represents less than 0.05% of net assets.
(d) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is determined based on Level 3
inputs.
(e) Company has filed for insolvency.
(f) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(g) Investments of cash collateral for securities loaned.
</Table>
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
129
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 1.7%
AGL Energy, Ltd. (a).................... 25,907 $ 357,394
Asciano Group (b)....................... 169,216 294,322
Intoll Group............................ 133,896 137,644
Macquarie Atlas Roads Group (b)......... 779 672
Transurban Group........................ 76,936 356,609
------------
1,146,641
------------
BRAZIL -- 0.8%
Centrais Eletricas Brasileiras SA ADR... 15,258 224,848
Companhia Energetica de Minas Gerais
ADR (a)............................... 20,092 334,331
------------
559,179
------------
CANADA -- 4.7%
Enbridge, Inc. (a)...................... 22,120 1,056,126
Fortis, Inc. (a)........................ 9,993 284,557
TransAlta Corp. (a)..................... 12,664 280,479
TransCanada Corp. (a)................... 40,095 1,470,934
------------
3,092,096
------------
FINLAND -- 1.0%
Fortum Oyj.............................. 26,046 638,248
------------
FRANCE -- 8.3%
EDF SA.................................. 15,126 826,866
GDF Suez................................ 95,945 3,712,942
Veolia Environnement.................... 27,324 949,443
------------
5,489,251
------------
GERMANY -- 9.6%
E.ON AG (a)............................. 116,794 4,319,856
RWE AG (a).............................. 22,885 2,031,349
------------
6,351,205
------------
HONG KONG -- 3.1%
CLP Holdings, Ltd. ..................... 106,500 761,233
Hong Kong & China Gas Co., Ltd. ........ 284,320 708,905
HongKong Electric Holdings, Ltd. ....... 93,000 551,554
------------
2,021,692
------------
ITALY -- 5.9%
A2A SpA................................. 90,429 169,957
Atlantia SpA............................ 24,584 574,812
Enel SpA................................ 408,632 2,289,088
Snam Rete Gas SpA (a)................... 97,844 496,803
Terna Rete Elettrica Nationale SpA...... 86,875 376,456
------------
3,907,116
------------
JAPAN -- 9.8%
Chubu Electric Power Co., Inc. (a)...... 34,270 857,117
Electric Power Development Co.,
Ltd. (a).............................. 9,800 323,031
Hokkaido Electric Power Co., Inc. (a)... 9,300 178,555
Hokuriku Electric Power Co. (a)......... 9,500 209,032
Kyushu Electric Power Co., Inc. (a)..... 20,609 448,837
Osaka Gas Co., Ltd. (a)................. 94,000 337,008
Shikoku Electric Power Co., Inc. (a).... 10,326 292,739
The Chugoku Electric Power Co.,
Inc. (a).............................. 16,100 320,139
The Kansai Electric Power Co.,
Inc. (a).............................. 41,429 949,710
The Tokyo Electric Power Co., Inc. (a).. 59,127 1,576,889
Tohoku Electric Power Co., Inc. (a)..... 22,200 469,469
Tokyo Gas Co., Ltd. .................... 120,000 529,110
------------
6,491,636
------------
PORTUGAL -- 1.3%
Brisa Auto- Estradas de Portugal SA..... 26,026 221,155
EDP -- Energias de Portugal SA.......... 159,123 633,655
------------
854,810
------------
SOUTH KOREA -- 0.7%
Korea Electric Power Corp. ADR (b)...... 29,654 481,581
------------
SPAIN -- 5.9%
Abertis Infraestructuras SA (a)......... 20,397 393,288
Enagas.................................. 10,348 227,180
Gas Natural SDG SA (a).................. 26,728 494,384
Iberdrola Renovables SA................. 48,828 203,163
Iberdrola SA............................ 300,530 2,551,710
------------
3,869,725
------------
UNITED KINGDOM -- 7.5%
Centrica PLC............................ 297,357 1,325,668
Drax Group PLC.......................... 21,783 123,447
International Power PLC................. 88,011 425,744
National Grid PLC....................... 144,455 1,405,680
Pennon Group PLC........................ 20,186 159,990
Scottish & Southern Energy PLC.......... 53,703 896,898
Severn Trent PLC........................ 13,944 252,763
United Utilities Group PLC.............. 39,076 331,344
------------
4,921,534
------------
UNITED STATES -- 39.2%
Allegheny Energy, Inc. (a).............. 10,022 230,506
Alliant Energy Corp. ................... 6,487 215,758
Ameren Corp. ........................... 13,744 358,444
American Electric Power Co., Inc. ...... 27,773 949,281
American Tower Corp. (Class A) (b)...... 23,390 996,648
Aqua America, Inc. (a).................. 8,191 143,916
Calpine Corp. (b)....................... 19,200 228,288
CenterPoint Energy, Inc. ............... 22,604 324,593
CMS Energy Corp. (a).................... 13,486 208,494
Consolidated Edison, Inc. (a)........... 16,420 731,347
Constellation Energy Group, Inc. ....... 11,754 412,683
Crown Castle International
Corp. (a)(b).......................... 17,089 653,312
Dominion Resources, Inc. (a)............ 35,078 1,442,057
DTE Energy Co. (a)...................... 9,498 423,611
Duke Energy Corp. ...................... 75,655 1,234,690
Edison International.................... 19,105 652,818
El Paso Corp. .......................... 40,927 443,649
Entergy Corp. .......................... 11,005 895,257
EQT Corp. .............................. 8,344 342,104
Exelon Corp. ........................... 38,505 1,686,904
FirstEnergy Corp. ...................... 17,775 694,825
FPL Group, Inc. ........................ 23,854 1,152,864
Integrys Energy Group, Inc. (a)......... 4,416 209,230
Kinder Morgan Management, LLC (b)....... 4,994 292,748
Mirant Corp. (b)........................ 8,568 93,048
National Fuel Gas Co. (a)............... 4,753 240,264
NiSource, Inc. ......................... 16,074 253,969
</Table>
See accompanying notes to financial statements.
130
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Northeast Utilities (a)................. 10,110 $ 279,440
NRG Energy, Inc. (a)(b)................. 15,275 319,247
NSTAR (a)............................... 6,241 221,056
ONEOK, Inc. (a)......................... 6,208 283,395
Pepco Holdings, Inc. (a)................ 13,040 223,636
PG&E Corp. (a).......................... 21,639 917,926
Pinnacle West Capital Corp. ............ 5,861 221,136
PPL Corp. .............................. 21,993 609,426
Progress Energy, Inc. (a)............... 16,372 644,402
Public Service Enterprise Group, Inc. .. 29,573 872,995
SBA Communications Corp. (Class
A) (a)(b)............................. 6,862 247,512
SCANA Corp. (a)......................... 7,170 269,520
Sempra Energy........................... 14,343 715,716
Southern Co. ........................... 47,904 1,588,497
Spectra Energy Corp. (a)................ 37,519 845,303
The AES Corp. (b)....................... 38,407 422,477
The Williams Cos., Inc. ................ 34,006 785,539
Wisconsin Energy Corp. ................. 6,901 340,978
Xcel Energy, Inc. (a)................... 26,467 561,100
------------
25,880,609
------------
TOTAL COMMON STOCKS --
(Cost $87,039,041).................... 65,705,323
------------
SHORT TERM INVESTMENTS -- 18.2%
UNITED STATES -- 18.2%
MONEY MARKET FUNDS -- 18.2%
State Street Institutional Liquid
Reserves Fund (c)..................... 87,775 87,775
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 11,912,025 11,912,025
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $11,999,800).................... 11,999,800
------------
TOTAL INVESTMENTS -- 117.7%
(Cost $99,038,841).................... 77,705,123
OTHER ASSETS AND
LIABILITIES -- (17.7)%................ (11,697,942)
------------
NET ASSETS -- 100.0%.................... $ 66,007,181
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(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>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
131
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
AUSTRALIA -- 6.2%
Alumina, Ltd. .......................... 219,045 $ 346,812
Amcor, Ltd. ............................ 92,523 542,653
AMP, Ltd. .............................. 64,466 370,405
Australia & New Zealand Banking
Group, Ltd. .......................... 43,710 1,017,423
BHP Billiton, Ltd. ..................... 95,963 3,839,390
BlueScope Steel, Ltd. (a)............... 136,220 363,836
Boral, Ltd. (b)......................... 113,580 584,839
Brambles, Ltd. ......................... 50,844 343,470
CFS Retail Property Trust (b)........... 158,311 272,448
Coca-Cola Amatil, Ltd. ................. 66,725 688,990
Commonwealth Bank of Australia.......... 33,651 1,738,604
CSL, Ltd. .............................. 20,050 670,417
Fortescue Metals Group, Ltd. (a)........ 60,023 269,951
Foster's Group, Ltd. ................... 80,581 391,255
Insurance Australia Group, Ltd. ........ 75,238 267,942
Intoll Group............................ 276,309 284,043
Lend Lease Group........................ 74,372 591,152
Macquarie Group, Ltd. .................. 17,682 766,840
National Australia Bank, Ltd. .......... 43,120 1,089,178
Newcrest Mining, Ltd. .................. 17,049 513,581
Origin Energy, Ltd. .................... 54,999 835,457
OZ Minerals, Ltd. (a)................... 307,097 322,740
Perpetual, Ltd. (b)..................... 13,361 432,652
Qantas Airways, Ltd. (a)................ 175,209 456,716
QBE Insurance Group, Ltd. (b)........... 23,809 455,200
Rio Tinto, Ltd. (b)..................... 9,186 661,019
Santos, Ltd. ........................... 50,004 672,838
Sonic Healthcare, Ltd. (b).............. 25,732 339,392
Suncorp-Metway, Ltd. ................... 63,612 498,619
Toll Holdings, Ltd. .................... 70,256 478,475
Transurban Group (b).................... 59,648 276,477
Wesfarmers, Ltd. ....................... 4 117
Wesfarmers, Ltd. PPS.................... 13,028 381,093
Westfield Group......................... 39,956 442,284
Westpac Banking Corp. .................. 47,775 1,220,791
Woodside Petroleum, Ltd. ............... 19,611 844,198
Woolworths, Ltd. ....................... 34,142 877,442
------------
24,148,739
------------
AUSTRIA -- 0.4%
Erste Group Bank AG..................... 13,916 585,605
OMV AG.................................. 7,052 265,078
Raiffeisen International Bank-Holding
AG (b)................................ 9,408 448,095
Telekom Austria AG...................... 14,412 201,834
------------
1,500,612
------------
BELGIUM -- 0.7%
Anheuser-Busch InBev NV................. 15,368 775,528
Anheuser-Busch InBev NV -- VVPR
Strip (a)............................. 8,694 82
Delhaize Group.......................... 3,177 255,778
Dexia SA (a)............................ 43,914 262,399
Fortis (a).............................. 111,449 397,513
Fortis VVPR Strip (a)................... 5,332 15
KBC Groep NV (a)........................ 9,121 442,509
Solvay SA............................... 2,816 290,004
UCB SA.................................. 4,741 202,812
------------
2,626,640
------------
BRAZIL -- 3.3%
Banco Bradesco SA ADR (b)............... 58,597 1,079,943
Companhia de Bebidas das Americas
Preference Shares ADR................. 9,001 825,032
Companhia Energetica de Minas Gerais
ADR (b)............................... 45,229 752,610
Companhia Siderurgica Nacional SA
ADR (b)............................... 22,283 889,760
Gerdau SA ADR (b)....................... 50,103 816,679
Itau Unibanco Holding SA Preference
Shares ADR............................ 90,971 2,000,452
Petroleo Brasileiro SA ADR (b).......... 82,658 3,272,430
Tele Norte Leste Participacoes SA
ADR (b)............................... 17,920 316,467
Vale SA ADR (b)......................... 104,593 2,903,502
------------
12,856,875
------------
CANADA -- 7.5%
Agnico-Eagle Mines, Ltd. (b)............ 3,193 178,573
Agrium, Inc. ........................... 5,227 370,019
Bank of Montreal........................ 17,421 1,058,602
Bank of Nova Scotia..................... 26,055 1,306,666
Barrick Gold Corp. ..................... 27,769 1,066,638
Brookfield Asset Management, Inc. (Class
A) (b)................................ 17,609 448,665
Brookfield Properties Corp. ............ 29,468 454,560
Cameco Corp. (b)........................ 11,792 323,232
Canadian Imperial Bank of Commerce (b).. 10,683 781,311
Canadian National Railway Co. .......... 15,899 965,960
Canadian Natural Resources, Ltd. ....... 16,164 1,197,622
Canadian Pacific Railway, Ltd. ......... 7,029 396,570
Canadian Tire Corp., Ltd. (Class
A) (b)................................ 5,244 286,558
Cenovus Energy, Inc. ................... 22,102 577,957
Enbridge, Inc. (b)...................... 14,382 686,673
EnCana Corp. (b)........................ 23,301 725,752
Enerplus Resources Fund................. 9,256 219,597
Gildan Activewear, Inc. (a)(b).......... 12,330 324,733
Goldcorp, Inc. ......................... 21,789 815,034
Husky Energy, Inc. ..................... 11,919 342,221
IGM Financial, Inc. (b)................. 9,957 437,713
Imperial Oil, Ltd. ..................... 13,371 517,022
Kinross Gold Corp. ..................... 14,365 245,942
Loblaw Co., Ltd. ....................... 9,507 351,493
Manulife Financial Corp. ............... 41,886 827,357
National Bank of Canada (b)............. 9,068 552,723
Nexen, Inc. ............................ 11,558 286,287
Onex Corp. ............................. 16,034 456,579
Penn West Energy Trust.................. 12,675 268,729
Potash Corp. of Saskatchewan, Inc. ..... 9,151 1,093,917
Research In Motion, Ltd. (a)............ 14,763 1,094,984
Rogers Communications, Inc. (Class
B) (b)................................ 14,199 485,499
Royal Bank of Canada.................... 33,704 1,974,635
Shaw Communications, Inc. (b)........... 15,212 301,526
Shoppers Drug Mart Corp. (b)............ 9,552 410,871
</Table>
See accompanying notes to financial statements.
132
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SNC-Lavalin Group, Inc. (b)............. 12,528 $ 612,601
Sun Life Financial, Inc. ............... 16,912 544,591
Suncor Energy, Inc. .................... 34,997 1,139,373
Talisman Energy, Inc. .................. 37,242 637,616
Teck Resources, Ltd. (Class B) (a)...... 21,111 920,765
TELUS Corp. (Non-Voting)................ 7,709 276,127
Thomson Reuters Corp. .................. 16,822 612,825
TMX Group, Inc. (b)..................... 7,298 215,225
Toronto-Dominion Bank (b)............... 20,964 1,564,215
TransAlta Corp. (b)..................... 18,187 402,801
TransCanada Corp. (b)................... 17,289 634,268
------------
29,392,627
------------
CHILE -- 0.3%
Empresa Nacional de Electricidad
SA ADR................................ 15,457 726,324
Enersis SA ADR.......................... 30,106 601,819
------------
1,328,143
------------
CHINA -- 2.1%
Bank of China, Ltd. .................... 1,696,760 904,682
Bank of Communications Co., Ltd. ....... 304,000 362,152
China Construction Bank Corp. .......... 1,275,000 1,044,342
China COSCO Holdings Co., Ltd. ......... 298,500 395,196
China Huiyuan Juice Group, Ltd. ........ 155,500 111,548
China Life Insurance Co., Ltd. ......... 242,000 1,159,401
China Petroleum & Chemical Corp. ....... 618,000 506,199
China Shenhua Energy Co., Ltd. ......... 59,500 257,090
China Telecom Corp., Ltd. .............. 716,000 353,173
Huaneng Power International, Inc. ...... 496,000 288,093
Industrial & Commercial Bank of China... 1,201,000 915,672
PetroChina Co., Ltd. ................... 602,000 703,976
Ping An Insurance Group Co. of
China, Ltd. .......................... 60,000 516,955
Tencent Holdings, Ltd. ................. 24,000 481,564
Zijin Mining Group Co., Ltd. ........... 370,000 291,627
------------
8,291,670
------------
DENMARK -- 0.7%
A P Moller -- Maersk A/S................ 60 458,024
Danske Bank A/S (a)..................... 24,661 607,796
DSV A/S (b)............................. 15,851 283,779
Novo-Nordisk A/S (Class B) (b).......... 14,831 1,152,914
Vestas Wind Systems A/S (a)............. 6,587 358,568
------------
2,861,081
------------
FINLAND -- 1.1%
Elisa Oyj (a)........................... 10,137 209,449
Fortum Oyj (b).......................... 15,100 370,020
Kesko Oyj (Class B) (b)................. 6,083 239,849
Kone Oyj (Class B) (b).................. 11,164 462,244
Metso Oyj (b)........................... 13,699 443,198
Neste Oil Oyj (b)....................... 9,684 169,165
Nokia Oyj (a)........................... 35,184 548,914
Outokumpu Oyj (b)....................... 17,617 387,360
Sampo Oyj (Class A)..................... 16,131 428,679
Stora Enso Oyj (b)...................... 41,117 313,784
UPM-Kymmene Oyj (b)..................... 25,942 344,878
Wartsila Oyj (b)........................ 9,698 492,088
YIT Oyj................................. 1 23
------------
4,409,651
------------
FRANCE -- 6.8%
Accor SA................................ 7,276 403,257
Air France-KLM (a)...................... 18,647 295,332
Air Liquide SA.......................... 7,576 911,116
Alcatel-Lucent (a)(b)................... 145,855 462,011
Alstom SA............................... 6,485 405,135
AXA SA.................................. 40,010 891,645
BNP Paribas............................. 24,425 1,879,192
Bouygues SA (a)......................... 6,921 348,558
Cap Gemini SA........................... 4,773 235,536
Carrefour SA............................ 17,484 844,221
Credit Agricole SA (b).................. 22,092 387,409
Danone SA (a)........................... 16,448 992,608
Essilor International SA (b)............ 10,062 643,576
France Telecom SA....................... 52,516 1,258,817
GDF Suez (b)............................ 29,894 1,156,857
Hermes International (b)................ 2,937 408,731
L'Oreal SA (b).......................... 8,201 863,994
Lagardere SCA........................... 5,513 223,491
LVMH Moet Hennessy Louis Vuitton SA..... 6,685 782,795
Neopost SA (b).......................... 2,587 207,123
Pernod -- Ricard SA (b)................. 5,657 481,237
Peugeot SA (a).......................... 12,694 374,442
PPR..................................... 4,196 559,642
Publicis Groupe SA (b).................. 7,247 310,651
Renault SA (a).......................... 12,909 606,110
Sanofi-Aventis (a)...................... 27,610 2,061,847
Schneider Electric SA................... 7,309 858,830
Societe Generale........................ 17,099 1,077,358
Sodexo.................................. 4,300 257,461
Technip SA.............................. 4,474 364,437
Total SA................................ 57,570 3,348,053
Unibail-Rodamco SE...................... 1,974 400,653
Vallourec SA (b)........................ 1,295 261,613
Veolia Environnement.................... 9,526 331,006
Vinci SA (b)............................ 14,020 827,776
Vivendi SA.............................. 35,600 954,495
------------
26,677,015
------------
GERMANY -- 5.4%
Adidas AG............................... 9,514 509,786
Allianz SE (a).......................... 12,475 1,566,963
BASF SE................................. 25,500 1,584,425
Bayer AG (b)............................ 20,426 1,384,132
Commerzbank AG (a)(b)................... 51,746 443,981
Daimler AG (a).......................... 25,705 1,212,306
Deutsche Bank AG (b).................... 15,451 1,192,311
Deutsche Boerse AG...................... 7,349 545,723
Deutsche Lufthansa AG (a)............... 11,330 188,260
Deutsche Post AG........................ 30,247 525,710
Deutsche Telekom AG..................... 85,204 1,156,930
E.ON AG................................. 50,453 1,866,104
Fresenius Medical Care AG & Co.
KGaA (b).............................. 8,504 480,695
Linde AG................................ 3,996 477,653
MAN SE (b).............................. 4,416 370,348
</Table>
See accompanying notes to financial statements.
133
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Merck KGaA.............................. 3,124 $ 253,625
Metro AG (b)............................ 5,574 331,252
Muenchener Rueckversicherungs-
Gesellschaft AG (b)................... 6,309 1,025,685
RWE AG (b).............................. 14,204 1,260,794
Salzgitter AG........................... 1,851 172,140
SAP AG.................................. 26,592 1,290,301
Siemens AG.............................. 22,851 2,292,694
ThyssenKrupp AG......................... 11,090 381,975
TUI AG (a)(b)........................... 30,700 345,822
Volkswagen AG (b)....................... 3,128 302,623
------------
21,162,238
------------
GREECE -- 0.2%
Hellenic Telecommunications Organization
SA ADR (b)............................ 36,604 229,873
National Bank of Greece SA ADR (b)...... 176,400 716,184
------------
946,057
------------
HONG KONG -- 3.4%
Bank of East Asia, Ltd. ................ 193,611 713,134
Cheung Kong Holdings, Ltd. ............. 61,000 785,607
China Merchants Holdings International
Co., Ltd. ............................ 119,471 440,052
China Mobile, Ltd. ..................... 182,500 1,755,734
China Overseas Land &
Investment, Ltd. ..................... 124,000 280,109
China Resources Enterprise, Ltd. ....... 124,000 460,726
Citic Pacific, Ltd. .................... 124,000 296,398
CNOOC, Ltd. ............................ 547,217 900,670
COSCO Pacific, Ltd. .................... 240,594 364,391
Esprit Holdings, Ltd. .................. 49,092 387,251
Hang Lung Properties, Ltd. ............. 124,000 499,852
Henderson Land Development Co., Ltd. ... 62,000 436,772
Hong Kong & China Gas Co., Ltd. ........ 301,420 751,541
Hong Kong Exchanges and
Clearing, Ltd. ....................... 48,000 801,164
Hutchison Whampoa, Ltd. ................ 60,000 438,909
Li & Fung, Ltd. ........................ 124,000 610,043
Mongolia Energy Co., Ltd. (a)........... 365,000 168,757
New World Development Co., Ltd. ........ 368,031 720,449
Pacific Basin Shipping, Ltd. ........... 110,000 87,550
Shangri-La Asia, Ltd. .................. 124,000 243,378
Sun Hung Kai Properties, Ltd. .......... 61,000 917,589
Swire Pacific, Ltd. .................... 60,000 721,728
The Link REIT........................... 155,242 382,672
------------
13,164,476
------------
HUNGARY -- 0.3%
MOL Hungarian Oil and Gas NyRt (a)(b)... 3,805 389,425
Richter Gedeon NyRt..................... 3,556 769,526
------------
1,158,951
------------
INDIA -- 1.9%
Dr. Reddy's Laboratories, Ltd. ADR (b).. 24,047 678,847
HDFC Bank, Ltd. ADR (b)................. 8,436 1,175,894
ICICI Bank, Ltd. ADR.................... 28,155 1,202,218
Infosys Technologies, Ltd. ADR (b)...... 20,981 1,234,732
Reliance Industries, Ltd. GDR (c)....... 36,029 1,736,598
Tata Motors, Ltd. ADR (b)............... 82,626 1,525,276
------------
7,553,565
------------
INDONESIA -- 0.5%
Astra International Tbk PT.............. 240,000 1,105,116
Bank Rakyat Indonesia Tbk PT............ 834,550 756,639
Telekomunikasi Indonesia Tbk PT......... 339,500 300,343
------------
2,162,098
------------
IRELAND -- 0.1%
CRH PLC................................. 6,431 160,896
Elan Corp. PLC (a)...................... 32,263 243,595
------------
404,491
------------
ISRAEL -- 0.7%
Bank Hapoalim BM (a).................... 120,052 532,951
Bank Leumi Le-Israel BM (a)............. 109,610 514,485
Teva Pharmaceutical Industries,
Ltd. ADR.............................. 27,859 1,757,346
------------
2,804,782
------------
ITALY -- 2.3%
Assicurazioni Generali SpA.............. 28,693 689,911
Atlantia SpA............................ 17,913 418,834
Banca Monte dei Paschi di Siena
SpA (b)............................... 181,448 269,087
Banca Popolare di Milano Scarl.......... 47,644 296,387
Enel SpA................................ 170,311 954,053
Eni SpA................................. 67,201 1,579,448
Fiat SpA................................ 44,466 580,009
Finmeccanica SpA........................ 13,620 182,081
Intesa Sanpaolo SpA (a)................. 229,985 858,113
Lottomatica SpA......................... 18,154 346,846
Mediaset SpA............................ 34,764 299,169
Mediobanca SpA (a)...................... 19,638 211,382
Pirelli & C. SpA (a).................... 807,875 497,376
Saipem SpA.............................. 12,385 480,121
Telecom Italia SpA (a).................. 404,456 583,389
UBI Banca ScpA.......................... 28,901 390,668
UniCredit SpA (a)....................... 175,084 518,232
------------
9,155,106
------------
JAPAN -- 15.3%
Aeon Co., Ltd. (b)...................... 18,100 205,523
Aisin Seiki Co., Ltd. (b)............... 11,900 356,592
Asahi Breweries, Ltd. (b)............... 18,500 347,073
Asahi Glass Co., Ltd. (b)............... 60,000 676,156
Asahi Kasei Corp. (b)................... 62,000 333,754
Astellas Pharma, Inc. (b)............... 18,100 655,699
Bridgestone Corp. ...................... 18,500 315,989
Canon, Inc. ............................ 24,200 1,121,425
Central Japan Railway Co. .............. 60 457,192
Chubu Electric Power Co., Inc. (b)...... 24,600 615,263
Credit Saison Co., Ltd. (b)............. 17,800 276,220
Daiichi Sankyo Co., Ltd. (b)............ 24,700 462,861
Daikin Industries, Ltd. (b)............. 18,100 740,930
Daiwa Securities Group, Inc. (b)........ 60,000 315,925
Denso Corp. (b)......................... 12,400 369,585
East Japan Railway Co. (b).............. 12,100 841,717
Eisai Co., Ltd. (b)..................... 6,200 221,286
</Table>
See accompanying notes to financial statements.
134
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Electric Power Development Co.,
Ltd. (b).............................. 6,200 $ 204,366
Elpida Memory, Inc. (a)................. 24,400 480,741
Fanuc, Ltd. (b)......................... 6,000 636,986
FUJIFILM Holdings Corp. (b)............. 18,000 620,291
Fujitsu, Ltd. .......................... 62,000 406,079
Furukawa Electric Co., Ltd. (b)......... 62,000 322,474
Hankyu Hanshin Holdings, Inc. (b)....... 62,000 287,307
Haseko Corp. (a)(b)..................... 80,000 74,486
Hitachi, Ltd. (a)(b).................... 123,000 459,407
Hokuhoku Financial Group, Inc. (b)...... 124,000 272,046
Honda Motor Co., Ltd. (b)............... 42,600 1,504,495
Hoya Corp. (b).......................... 12,400 340,920
Inpex Corp. ............................ 60 440,497
ITOCHU Corp. (b)........................ 60,000 525,899
Japan Real Estate Investment Corp. (b).. 60 511,772
Japan Retail Fund Investment Corp. ..... 248 291,952
Japan Tobacco, Inc. (b)................. 120 446,918
JFE Holdings, Inc. (b).................. 18,100 729,308
JS Group Corp. (b)...................... 12,100 246,429
JSR Corp. (b)........................... 12,400 259,174
Kajima Corp. (b)........................ 62,000 151,948
Kamigumi Co., Ltd. ..................... 60,000 482,877
KDDI Corp. (b).......................... 62 321,147
Keihin Electric Express Railway Co.,
Ltd. (b).............................. 61,423 504,847
Kintetsu Corp. (b)...................... 123,000 383,059
Kobe Steel, Ltd. (b).................... 124,000 266,738
Komatsu, Ltd. (b)....................... 30,000 629,281
Konica Minolta Holdings, Inc. (b)....... 31,000 361,954
Kubota Corp. (b)........................ 60,000 547,089
Kyocera Corp. (b)....................... 6,000 584,974
Makita Corp. ........................... 6,000 197,774
Marubeni Corp. (b)...................... 59,000 366,856
Marui Group Co., Ltd. (b)............... 37,100 269,197
Mitsubishi Chemical Holdings Corp. ..... 62,000 317,166
Mitsubishi Corp. (b).................... 42,300 1,109,107
Mitsubishi Electric Corp. .............. 60,000 551,584
Mitsubishi Estate Co., Ltd. (b)......... 60,618 992,568
Mitsubishi Heavy Industries, Ltd. (b)... 123,000 509,429
Mitsubishi UFJ Financial Group,
Inc. (b).............................. 237,000 1,242,830
Mitsui & Co., Ltd. ..................... 60,300 1,013,820
Mitsui Chemicals, Inc. (b).............. 62,000 187,778
Mitsui Mining & Smelting Co., Ltd. (b).. 119,000 356,592
Mizuho Financial Group, Inc. (b)........ 324,600 642,669
MS&AD Insurance Group Holdings,
Inc. (b).............................. 18,000 499,893
Murata Manufacturing Co., Ltd. (b)...... 6,200 352,333
NEC Corp. .............................. 62,000 186,451
Nidec Corp. (b)......................... 6,000 643,408
Nippon Mining Holdings, Inc. (b)(d)..... 62,000 289,961
Nippon Oil Corp. (b)(d)................. 62,000 312,521
Nippon Steel Corp. ..................... 181,000 710,905
Nippon Telegraph & Telephone Corp. ..... 12,300 518,643
Nippon Yusen KK (b)..................... 62,000 244,842
Nissan Motor Co., Ltd. (a)(b)........... 61,800 529,771
Nitto Denko Corp. ...................... 12,300 477,836
Nomura Holdings, Inc. (b)............... 67,400 496,988
NTT Data Corp. (b)...................... 62 206,689
NTT DoCoMo, Inc. (b).................... 482 734,555
Obayashi Corp. (b)...................... 62,000 275,364
ORIX Corp. (a)(b)....................... 6,590 584,665
Osaka Gas Co., Ltd. (b)................. 123,000 440,978
Panasonic Corp. (b)..................... 61,600 942,723
Resona Holdings, Inc. (b)............... 18,500 234,022
Rohm Co., Ltd. (b)...................... 6,000 448,202
Secom Co., Ltd. ........................ 6,200 271,383
Seven & I Holdings Co., Ltd. ........... 24,100 582,640
Sharp Corp. (b)......................... 60,000 750,642
Shin-Etsu Chemical Co., Ltd. (b)........ 12,300 714,780
Softbank Corp. (b)...................... 24,300 598,918
Sompo Japan Insurance, Inc. (a)(d)...... 60,000 421,233
Sony Corp. (b).......................... 30,200 1,157,063
Sumitomo Chemical Co., Ltd. (b)......... 62,000 303,232
Sumitomo Corp. (b)...................... 30,900 355,496
Sumitomo Electric Industries, Ltd. ..... 24,700 302,934
Sumitomo Metal Industries, Ltd. (b)..... 124,000 375,557
Sumitomo Mitsui Financial Group,
Inc. (b).............................. 18,500 611,783
T&D Holdings, Inc. (b).................. 6,050 143,286
Takeda Pharmaceutical Co., Ltd. (b)..... 24,200 1,065,743
TDK Corp. (b)........................... 6,200 412,714
Teijin, Ltd. (b)........................ 123,000 413,335
Terumo Corp. (b)........................ 12,300 655,544
The 77 Bank, Ltd. (b)................... 120,697 689,771
The Bank of Yokohama, Ltd. (b).......... 62,000 303,896
The Chiba Bank, Ltd. (b)................ 60,000 358,947
The Joyo Bank, Ltd. (b)................. 62,000 276,691
The Kansai Electric Power Co.,
Inc. (b).............................. 30,100 690,006
The Shizuoka Bank, Ltd. (b)............. 60,000 523,330
The Sumitomo Trust & Banking Co.,
Ltd. (b).............................. 62,000 363,613
The Tokyo Electric Power Co., Inc. (b).. 43,100 1,149,456
Tokio Marine Holdings, Inc. (b)......... 18,500 521,302
Tokyo Electron, Ltd. ................... 6,200 411,387
Tokyo Gas Co., Ltd. .................... 123,000 542,337
Tokyu Corp. (b)......................... 62,000 259,439
Toppan Printing Co., Ltd. (b)........... 60,000 541,952
Toray Industries, Inc. (b).............. 62,000 362,286
Toshiba Corp. (a)(b).................... 62,000 320,484
Toyota Motor Corp. (b).................. 73,300 2,937,805
Toyota Tsusho Corp. (b)................. 17,800 279,268
West Japan Railway Co. (b).............. 123 423,866
Yahoo! Japan Corp. (b).................. 803 292,617
Yamada Denki Co., Ltd. (b).............. 3,630 268,054
Yamaha Corp. (b)........................ 23,800 307,434
Yamaha Motor Co., Ltd. (a)(b)........... 24,700 370,341
------------
59,827,336
------------
LUXEMBOURG -- 0.2%
ArcelorMittal (b)....................... 20,254 890,410
------------
MEXICO -- 1.1%
America Movil SAB de CV................. 552,714 1,395,995
Cemex SAB de CV (a)..................... 265,188 273,036
</Table>
See accompanying notes to financial statements.
135
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Fomento Economico Mexicano SAB de
CV (b)................................ 57,730 $ 275,459
Grupo Financiero Banorte SAB de CV...... 128,677 572,536
Grupo Modelo SAB de CV.................. 73,403 434,751
Grupo Televisa SA de CV (Series CPO).... 113,782 482,260
Telefonos de Mexico SA de CV (b)........ 431,649 339,008
Telmex Internacional SAB de CV.......... 411,928 399,052
------------
4,172,097
------------
NETHERLANDS -- 2.3%
Aegon NV (a)............................ 17,249 118,332
Akzo Nobel NV (b)....................... 9,391 536,170
ASML Holding NV......................... 14,816 530,457
European Aeronautic Defence and Space
Co. NV (b)............................ 14,521 292,662
Heineken NV............................. 7,841 403,697
ING Groep NV (a)........................ 75,817 758,330
James Hardie Industries SE (a).......... 76,143 507,386
Koninklijke (Royal) KPN NV (b).......... 59,859 950,073
Koninklijke Ahold NV.................... 40,235 537,342
Koninklijke DSM NV (b).................. 7,865 351,350
Koninklijke Philips Electronics NV (b).. 36,053 1,158,115
Reed Elsevier NV (b).................... 29,092 354,201
SBM Offshore NV......................... 11,945 239,451
TNT NV.................................. 15,336 440,547
Unilever NV (b)......................... 50,193 1,520,982
Wolters Kluwer NV....................... 13,698 297,576
------------
8,996,671
------------
NORWAY -- 0.7%
DnB NOR ASA............................. 80,903 925,470
Norsk Hydro ASA (a)..................... 57,510 438,904
Statoil ASA............................. 28,824 668,191
Telenor ASA (a)......................... 23,930 324,942
Yara International ASA.................. 6,129 266,402
------------
2,623,909
------------
POLAND -- 0.1%
Telekomunikacja Polska SA GDR (b)....... 81,382 207,524
------------
PORTUGAL -- 0.3%
Banco Comercial Portugues SA (b)........ 250,302 279,075
Portugal Telecom, SGPS SA (a)........... 46,284 518,425
Zon Multimedia Servicos de
Telecomunicacoes e Multimedia SGPS
SA (b)................................ 42,025 215,856
------------
1,013,356
------------
RUSSIA -- 1.5%
Gazprom OAO ADR......................... 71,777 1,674,557
LUKOIL ADR.............................. 18,484 1,048,043
Mechel ADR.............................. 29,597 841,147
Mobile TeleSystems OJSC ADR............. 11,548 640,914
Tatneft ADR (e)......................... 22,927 717,615
Tatneft ADR (a)(e)...................... 989 30,956
Vimpel-Communications ADR............... 42,001 773,238
------------
5,726,470
------------
SINGAPORE -- 1.2%
CapitaLand, Ltd. ....................... 123,000 349,279
DBS Group Holdings, Ltd. ............... 61,500 629,055
Fraser and Neave, Ltd. ................. 121,000 415,436
Parkway Holdings, Ltd. ................. 118,000 283,595
Singapore Exchange, Ltd. (b)............ 123,000 673,044
Singapore Press Holdings, Ltd. (b)...... 185,000 505,490
Singapore Telecommunications, Ltd. ..... 493,000 1,117,850
United Overseas Bank, Ltd. ............. 61,000 838,611
------------
4,812,360
------------
SOUTH AFRICA -- 1.4%
Anglo Platinum, Ltd. (a)................ 4,879 491,624
AngloGold Ashanti, Ltd. ................ 12,847 486,226
Discovery Holdings, Ltd. ............... 1 5
FirstRand, Ltd. ........................ 120,778 332,207
Gold Fields, Ltd. ...................... 29,246 367,170
Harmony Gold Mining Co., Ltd. .......... 25,525 239,125
Impala Platinum Holdings, Ltd. ......... 18,551 540,569
MTN Group, Ltd. ........................ 43,894 669,412
Naspers, Ltd. .......................... 12,700 547,328
Sanlam, Ltd. ........................... 118,780 402,244
Sasol, Ltd. ............................ 18,882 778,348
Standard Bank Group, Ltd. .............. 37,874 591,012
Telkom SA, Ltd. ........................ 20,171 93,797
------------
5,539,067
------------
SOUTH KOREA -- 3.0%
Hana Financial Group, Inc. ............. 19,620 607,787
Hyundai Development Co. ................ 9,570 279,543
Hyundai Heavy Industries................ 1,831 383,532
Hyundai Mobis........................... 4,867 645,234
Hyundai Motor Co. ...................... 4,016 409,959
KB Financial Group, Inc. ............... 13,762 664,108
Kia Motors Corp. ....................... 41,480 925,688
Korea Electric Power Corp. ADR (a)...... 17,416 282,836
KT Corp. ADR............................ 12,523 259,977
KT&G Corp. ............................. 4,760 263,358
LG Electronics, Inc. ................... 4,760 483,804
NHN Corp. (a)........................... 1,670 265,677
POSCO ADR............................... 9,171 1,073,099
Samsung C&T Corp. ...................... 8,577 461,655
Samsung Electronics Co., Ltd. GDR....... 6,026 2,214,555
Samsung Fire & Marine Insurance
Co., Ltd. ............................ 1,758 282,007
Samsung Heavy Industries Co., Ltd. ..... 13,520 314,863
Samsung Securities Co., Ltd. (a)........ 5,554 299,433
Shinhan Financial Group Co., Ltd. ...... 10,734 421,695
Shinsegae Co., Ltd. .................... 467 220,818
SK Energy Co., Ltd. .................... 4,277 459,283
SK Holdings Co., Ltd. .................. 3,751 333,179
SK Telecom Co., Ltd. ADR................ 14,412 248,751
------------
11,800,841
------------
SPAIN -- 3.1%
Abertis Infraestructuras SA (b)......... 20,418 393,693
Acciona SA.............................. 2,396 266,203
Acerinox SA (b)......................... 21,420 422,433
ACS, Actividades de Construccion y
Servicios SA (b)...................... 10,488 484,775
Banco Bilbao Vizcaya Argentaria SA (b).. 68,719 941,924
Banco Popular Espanol SA (b)............ 57,802 426,255
</Table>
See accompanying notes to financial statements.
136
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Banco Santander SA...................... 183,368 $ 2,441,453
Ferrovial SA (b)........................ 33,024 321,730
Gamesa Corp. Tecnologica SA............. 12,523 171,990
Gas Natural SDG SA (b).................. 19,317 357,304
Iberdrola SA (b)........................ 111,499 946,705
Indra Sistemas SA (b)................... 26,223 538,622
Industria de Diseno Textil SA........... 9,585 632,974
Mapfre SA (b)........................... 66,465 244,260
Repsol YPF SA........................... 27,348 648,690
Telefonica SA........................... 121,773 2,890,083
------------
12,129,094
------------
SWEDEN -- 2.0%
Assa Abloy AB (Class B) (b)............. 16,154 317,154
Atlas Copco AB (Class B)................ 37,161 522,536
Hennes & Mauritz AB (Class B) (b)....... 13,620 887,751
Husqvarna AB (Class B) (b).............. 74,928 546,578
Nordea Bank AB (b)...................... 96,652 956,851
Sandvik AB (a)(b)....................... 33,282 417,355
Securitas AB (Class B) (b).............. 20,074 214,770
Skandinaviska Enskilda Banken AB
(Class A) (a)(b)...................... 96,194 616,566
Skanska AB (Class B) (b)................ 20,010 364,779
SKF AB (Class B) (b).................... 19,453 346,786
Svenska Handelsbanken AB (Class A)...... 17,098 502,701
Tele2 AB (Class B) (b).................. 24,925 417,321
Telefonaktiebolaget LM Ericsson (Class
B) (b)................................ 88,079 931,334
TeliaSonera AB (b)...................... 59,082 420,724
Volvo AB ADR (Class A) (a).............. 54,030 536,772
------------
7,999,978
------------
SWITZERLAND -- 5.8%
ABB, Ltd. (a)........................... 60,393 1,321,411
Adecco SA............................... 4,983 283,343
Credit Suisse Group AG (a).............. 25,709 1,327,523
Geberit AG.............................. 1,847 331,128
Givaudan SA............................. 487 427,984
Holcim, Ltd. (a)........................ 7,792 581,874
Kuehne & Nagel International AG......... 6,069 615,232
Logitech International SA (a)(b)........ 22,394 369,138
Nestle SA............................... 108,502 5,566,584
Nobel Biocare Holding AG (b)............ 10,046 269,153
Novartis AG............................. 56,688 3,067,200
Roche Holding AG........................ 19,470 3,163,146
SGS SA.................................. 238 328,775
Swiss Reinsurance Co., Ltd. ............ 8,415 414,934
Syngenta AG............................. 3,431 954,441
The Swatch Group AG..................... 1,912 610,721
UBS AG (a).............................. 84,069 1,369,001
Xstrata PLC............................. 42,560 806,023
Zurich Financial Services AG............ 3,952 1,014,893
------------
22,822,504
------------
TAIWAN -- 2.2%
AU Optronics Corp. ADR (b).............. 83,116 941,704
Hon Hai Precision Industry Co., Ltd.
GDR (e)............................... 240,550 2,205,844
Hon Hai Precision Industry Co., Ltd.
GDR (e)............................... 118,434 1,086,040
Taiwan Semiconductor Manufacturing Co.,
Ltd. ADR.............................. 251,200 2,635,088
United Microelectronics Corp.
ADR (a)(b)............................ 434,370 1,633,231
------------
8,501,907
------------
THAILAND -- 0.5%
Bangkok Bank PCL........................ 365,376 1,553,710
PTT PCL................................. 47,677 386,311
------------
1,940,021
------------
TURKEY -- 0.3%
Akbank TAS.............................. 105,165 677,058
Turkiye Is Bankasi (e).................. 69,731 226,298
Turkiye Is Bankasi (a)(e)............... 32,158 100,560
------------
1,003,916
------------
UNITED KINGDOM -- 14.4%
3i Group PLC............................ 72,577 320,588
Anglo American PLC (a).................. 38,714 1,687,765
AstraZeneca PLC......................... 39,645 1,767,442
BAE Systems PLC......................... 94,858 534,264
Barclays PLC............................ 281,643 1,539,290
BG Group PLC............................ 95,520 1,652,520
BHP Billiton PLC........................ 47,076 1,613,857
BP PLC.................................. 533,712 5,046,972
British American Tobacco PLC............ 52,772 1,818,333
British Land Co. PLC.................... 63,045 460,090
British Sky Broadcasting Group PLC...... 39,860 363,991
BT Group PLC............................ 96,077 180,571
Burberry Group PLC...................... 49,520 536,710
Cable & Wireless Communications PLC..... 81,930 68,789
Cable & Wireless Worldwide PLC (a)...... 81,930 114,337
Capita Group PLC........................ 25,920 297,441
Centrica PLC............................ 188,552 840,597
Cobham PLC.............................. 86,093 335,628
Compass Group PLC....................... 74,552 594,843
Diageo PLC.............................. 74,688 1,253,035
Experian PLC............................ 43,586 428,760
FirstGroup PLC.......................... 53,851 293,255
G4S PLC................................. 64,625 256,348
GlaxoSmithKline PLC..................... 138,198 2,652,901
Hammerson PLC........................... 53,977 322,107
HSBC Holdings PLC....................... 464,610 4,707,845
ICAP PLC................................ 67,371 382,005
Imperial Tobacco Group PLC.............. 28,897 881,061
Inchcape PLC (a)........................ 436 195
Intercontinental Hotels Group PLC....... 30,124 471,573
International Power PLC................. 50,602 244,782
J Sainsbury PLC......................... 56,609 281,311
Land Securities Group PLC............... 29,857 307,067
Lloyds Banking Group PLC (a)............ 261,427 248,920
Marks & Spencer Group PLC............... 51,811 290,869
National Grid PLC....................... 87,137 847,923
Next PLC................................ 10,370 340,403
Old Mutual PLC (a)...................... 362,383 673,381
Pearson PLC............................. 27,848 437,634
Prudential PLC.......................... 36,768 305,359
Reckitt Benckiser Group PLC............. 19,656 1,078,452
</Table>
See accompanying notes to financial statements.
137
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Reed Elsevier PLC....................... 40,553 $ 323,261
Rio Tinto PLC........................... 35,874 2,124,995
Rolls-Royce Group PLC (a)............... 57,129 516,054
Royal Bank of Scotland Group PLC (a).... 681,337 454,749
Royal Dutch Shell PLC (Class A)......... 101,779 2,948,823
Royal Dutch Shell PLC (Class B)......... 74,103 2,040,747
RSA Insurance Group PLC................. 96,759 187,136
SABMiller PLC........................... 26,299 770,732
Scottish & Southern Energy PLC.......... 29,817 497,976
Severn Trent PLC........................ 17,965 325,651
Smith & Nephew PLC...................... 38,631 384,705
Smiths Group PLC........................ 15,646 269,612
Standard Chartered PLC.................. 31,125 848,663
Standard Life PLC....................... 90,973 276,408
Tesco PLC............................... 218,128 1,440,810
The Sage Group PLC...................... 58,922 213,705
Tomkins PLC............................. 138,376 495,370
Tullow Oil PLC.......................... 6,105 115,758
Unilever PLC............................ 38,733 1,136,892
United Utilities Group PLC.............. 27,148 230,201
Vodafone Group PLC...................... 1,458,574 3,363,018
Whitbread PLC........................... 20,546 459,390
Wolseley PLC (a)........................ 15,428 372,572
WPP PLC................................. 38,872 402,732
------------
56,679,174
------------
TOTAL COMMON STOCKS --
(Cost $413,158,204)................... 389,291,452
------------
RIGHTS -- 0.0% (F)
GERMANY -- 0.0% (F)
Volkswagen AG
(expiring 4/09/10) (a)
(Cost $0)............................. 3,128 1,947
------------
WARRANTS -- 0.0% (F)
ITALY -- 0.0% (F)
Mediobanca Spa
(expiring 3/18/11) (a)................ 15,365 1,946
UBI Banca ScpA
(expiring 6/30/11) (a)................ 21,885 1,084
------------
TOTAL WARRANTS --
(Cost $0)............................. 3,030
------------
SHORT TERM INVESTMENTS -- 14.2%
UNITED STATES -- 14.2%
MONEY MARKET FUNDS -- 14.2%
State Street Institutional Liquid
Reserves Fund (g)..................... 216,805 216,805
State Street Navigator Securities
Lending Prime Portfolio (g)(h)........ 55,500,521 55,500,521
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $55,717,326).................... 55,717,326
------------
TOTAL INVESTMENTS -- 113.5%
(Cost $468,875,530)................... 445,013,755
OTHER ASSETS AND
LIABILITIES -- (13.5)%................ (52,830,108)
------------
NET ASSETS -- 100.0%.................... $392,183,647
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(c) Securiy purchased pursuant to Rule 144A of the Securities
Act of 1933. This security, which represents 0.4% of net
assets as of March 31, 2010, is considered liquid and may
be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(d) Securities are valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Securities' values are determined based on
Level 2 inputs.
(e) Reflects separate holdings of the issuer's common stock
traded on different securities exchanges.
(f) Amount shown represents less than 0.05% of net assets.
(g) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(h) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
138
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
AIR FREIGHT & LOGISTICS -- 0.3%
Yamato Holdings Co., Ltd. .............. 3,180 $ 44,719
-----------
AIRLINES -- 0.2%
All Nippon Airways Co., Ltd. (a)........ 11,000 31,432
-----------
AUTO COMPONENTS -- 2.5%
Aisin Seiki Co., Ltd. .................. 1,168 35,000
Bridgestone Corp. ...................... 3,903 66,665
Denso Corp. (b)......................... 2,747 81,875
FCC Co., Ltd. (b)....................... 884 17,549
Futaba Industrial Co., Ltd. (a)(b)...... 508 4,409
Keihin Corp. ........................... 556 10,746
NGK Spark Plug Co., Ltd. ............... 1,160 15,766
NHK Spring Co., Ltd. ................... 1,340 12,304
Nifco, Inc. (b)......................... 1,028 23,654
Nissin Kogyo Co., Ltd. (b).............. 616 10,060
NOK Corp. (b)........................... 1,116 16,805
Showa Corp. (a)......................... 2,112 16,816
Stanley Electric Co., Ltd. ............. 744 14,436
Sumitomo Rubber Industries, Inc. (b).... 1,908 16,826
Tokai Rika Co., Ltd. ................... 120 2,465
Toyo Tire & Rubber Co., Ltd. (b)........ 2,851 6,652
Toyoda Gosei Co., Ltd. ................. 68 1,907
Toyota Boshoku Corp. ................... 100 1,922
Toyota Industries Corp. ................ 1,172 33,489
-----------
389,346
-----------
AUTOMOBILES -- 7.3%
Daihatsu Motor Co., Ltd. (b)............ 2,464 23,548
Fuji Heavy Industries, Ltd. (a)......... 6,347 32,876
Honda Motor Co., Ltd. (b)............... 8,674 306,338
Isuzu Motors, Ltd. (a).................. 9,651 26,131
Mazda Motor Corp. (b)................... 6,123 17,234
Mitsubishi Motors Corp. (a)(b).......... 27,173 36,933
Nissan Motor Co., Ltd. (a)(b)........... 11,862 101,685
Suzuki Motor Corp. (b).................. 2,192 48,396
Toyota Motor Corp. ..................... 13,677 548,163
Yamaha Motor Co., Ltd. (a)(b)........... 1,316 19,732
-----------
1,161,036
-----------
BEVERAGES -- 1.0%
Asahi Breweries, Ltd. (b)............... 2,584 48,478
Ito En, Ltd. (b)........................ 1,556 24,096
Kirin Holdings Co., Ltd. ............... 5,207 76,845
Takara Holdings, Inc. (b)............... 2,479 13,902
-----------
163,321
-----------
BUILDING PRODUCTS -- 1.4%
Aica Kogyo Co., Ltd. ................... 2,284 25,470
Asahi Glass Co., Ltd. (b)............... 5,299 59,716
Daikin Industries, Ltd. (b)............. 1,532 62,713
JS Group Corp. (b)...................... 1,872 38,125
TOTO, Ltd. (b).......................... 4,444 30,296
-----------
216,320
-----------
CAPITAL MARKETS -- 1.6%
Daiwa Securities Group, Inc. (b)........ 8,482 44,661
JAFCO Co., Ltd. (b)..................... 312 8,197
Mizuko Securities Co., Ltd. (b)......... 5,587 17,699
Nomura Holdings, Inc. .................. 16,476 121,489
OKASAN SECURITES GROUP, Inc. ........... 3,107 14,863
SBI Holdings, Inc. (b).................. 160 31,593
Tokai Tokyo Financial Holdings, Inc. ... 3,967 16,558
-----------
255,060
-----------
CHEMICALS -- 4.4%
Asahi Kasei Corp. (b)................... 6,859 36,923
Daicel Chemical Industries, Ltd. (b).... 2,055 14,141
DIC Corp. .............................. 6,391 13,816
Hitachi Chemical Co., Ltd. (b).......... 976 21,099
JSR Corp. (b)........................... 1,360 28,426
Kaneka Corp. (b)........................ 3,224 20,909
Kansai Paint Co., Ltd. ................. 3,092 25,215
Kuraray Co., Ltd. (b)................... 3,471 46,731
Mitsubishi Chemical Holdings Corp. (b).. 6,623 33,881
Mitsubishi Gas Chemical Co., Inc. (b)... 3,268 19,691
Mitsui Chemicals, Inc. ................. 4,843 14,668
Nissan Chemical Industries, Ltd. ....... 1,416 19,822
Nitto Denko Corp. ...................... 784 30,457
Shin-Etsu Chemical Co., Ltd. ........... 2,420 140,631
Showa Denko K.K. ....................... 6,723 15,181
Sumitomo Chemical Co., Ltd. (b)......... 8,674 42,423
Taiyo Nippon Sanso Corp. (b)............ 3,180 31,106
Teijin, Ltd. (b)........................ 7,367 24,756
Tokai Carbon Co., Ltd. (b).............. 2,828 16,464
Toray Industries, Inc. (b).............. 8,758 51,176
Tosoh Corp. (b)......................... 5,599 14,261
Ube Industries, Ltd. (b)................ 8,543 21,943
Zeon Corp. (b).......................... 3,132 18,301
-----------
702,021
-----------
COMMERCIAL BANKS -- 8.2%
Chuo Mitsui Trust Holdings, Inc. (b).... 5,981 22,467
Fukuoka Financial Group, Inc. (b)....... 7,000 29,741
Hokuhoku Financial Group, Inc. (b)...... 9,658 21,189
Mitsubishi UFJ Financial Group,
Inc. (b).............................. 60,500 317,262
Mizuho Financial Group, Inc. ........... 75,000 148,491
Mizuho Trust & Banking Co.,
Ltd. (a)(b)........................... 10,370 10,432
Resona Holdings, Inc. (b)............... 3,200 40,479
Shinsei Bank, Ltd. (b).................. 9,726 11,762
Sumitomo Mitsui Financial Group,
Inc. (b).............................. 5,600 185,188
Suruga Bank, Ltd. (b)................... 2,496 22,331
The 77 Bank, Ltd. (b)................... 4,803 27,449
The Awa Bank, Ltd. (b).................. 4,731 28,202
The Bank of Kyoto, Ltd. (b)............. 2,916 26,869
The Bank of Yokohama, Ltd. (b).......... 7,947 38,953
The Chiba Bank, Ltd. (b)................ 6,063 36,272
The Chugoku Bank, Ltd. ................. 1,504 20,313
The Hachijuni Bank, Ltd. (b)............ 4,719 26,868
The Hiroshima Bank, Ltd. (b)............ 5,811 24,565
The Hyakugo Bank, Ltd. ................. 5,147 24,182
The Iyo Bank, Ltd. (b).................. 3,180 30,255
The Joyo Bank, Ltd. (b)................. 5,155 23,005
The Juroku Bank, Ltd. .................. 4,883 19,388
The Musashino Bank, Ltd. (b)............ 520 14,937
The Nanto Bank, Ltd. (b)................ 3,391 19,016
The Nishi-Nippon City Bank, Ltd. (b).... 7,799 23,036
The Shizuoka Bank, Ltd. (b)............. 3,363 29,333
</Table>
See accompanying notes to financial statements.
139
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Sumitomo Trust & Banking Co.,
Ltd. (b).............................. 9,634 $ 56,501
Yamaguchi Financial Group, Inc. ........ 2,076 22,728
-----------
1,301,214
-----------
COMMERCIAL SERVICES & SUPPLIES -- 1.1%
Aeon Delight Co., Ltd. (b).............. 200 2,812
Dai Nippon Printing Co., Ltd. (b)....... 3,739 50,539
Daiseki Co., Ltd. (b)................... 400 8,335
Nissha Printing Co., Ltd. (b)........... 236 9,219
Park24 Co., Ltd. (b).................... 1,100 11,254
Secom Co., Ltd. ........................ 1,368 59,879
Toppan Printing Co., Ltd. (b)........... 4,299 38,831
-----------
180,869
-----------
COMMUNICATIONS EQUIPMENT -- 0.0% (C)
Aiphone Co., Ltd. ...................... 200 3,497
-----------
COMPUTERS & PERIPHERALS -- 1.6%
Fujitsu, Ltd. (b)....................... 11,498 75,308
NEC Corp. (b)........................... 12,918 38,848
Seiko Epson Corp. (b)................... 1,276 19,828
Toshiba Corp. (a)(b).................... 23,633 122,161
-----------
256,145
-----------
CONSTRUCTION & ENGINEERING -- 1.0%
Chiyoda Corp. .......................... 1,688 16,764
COMSYS Holdings Corp. (b)............... 2,000 19,371
JGC Corp. .............................. 1,460 26,063
Kajima Corp. (b)........................ 7,595 18,614
Kyowa Exeo Corp. (b).................... 548 4,528
Maeda Corp. (b)......................... 4,855 14,444
Obayashi Corp. (b)...................... 5,679 25,222
Shimizu Corp. (b)....................... 4,559 19,028
Taisei Corp. (b)........................ 9,995 22,035
-----------
166,069
-----------
CONSTRUCTION MATERIALS -- 0.1%
Taiheiyo Cement Corp. (a)............... 9,607 13,777
-----------
CONSUMER FINANCE -- 0.7%
Acom Co., Ltd. ......................... 12 196
Aeon Credit Service Co., Ltd. (b)....... 1,040 12,354
Aiful Corp. (a)(b)...................... 1,331 1,952
Credit Saison Co., Ltd. (b)............. 1,264 19,615
Orient Corp. (a)(b)..................... 4,501 3,950
ORIX Corp. (a)(b)....................... 626 55,539
Promise Co., Ltd. (b)................... 764 7,089
Takefuji Corp. (b)...................... 1,054 4,489
-----------
105,184
-----------
CONTAINERS & PACKAGING -- 0.1%
Toyo Seikan Kaisha, Ltd. (b)............ 1,048 18,573
-----------
DISTRIBUTORS -- 0.1%
Canon Marketing Japan, Inc. (b)......... 992 13,515
-----------
DIVERSIFIED CONSUMER SERVICES -- 0.2%
Benesse Holdings, Inc. (b).............. 628 27,220
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.7%
Nippon Telegraph & Telephone Corp. ..... 6,400 269,863
-----------
ELECTRIC UTILITIES -- 4.1%
Chubu Electric Power Co., Inc. (b)...... 3,963 99,117
Hokkaido Electric Power Co., Inc. (b)... 1,328 25,497
Hokuriku Electric Power Co. (b)......... 1,412 31,069
Kyushu Electric Power Co., Inc. (b)..... 2,376 51,746
Shikoku Electric Power Co., Inc. (b).... 1,572 44,566
The Chugoku Electric Power Co.,
Inc. (b).............................. 1,748 34,758
The Kansai Electric Power Co.,
Inc. (b).............................. 4,811 110,286
The Okinawa Electric Power Co., Inc. ... 136 7,103
The Tokyo Electric Power Co., Inc. ..... 6,767 180,473
Tohoku Electric Power Co., Inc. (b)..... 2,843 60,122
-----------
644,737
-----------
ELECTRICAL EQUIPMENT -- 1.7%
Fuji Electric Holdings Co.,
Ltd. (a)(b)........................... 6,099 16,644
Fujikura, Ltd. ......................... 4,107 23,691
Furukawa Electric Co., Ltd. (b)......... 4,899 25,481
Mitsubishi Electric Corp. .............. 10,974 100,885
Panasonic Electric Works, Co. Ltd. (b).. 3,151 39,792
Sumitomo Electric Industries, Ltd. ..... 3,887 47,672
Ushio, Inc. (b)......................... 1,136 19,282
-----------
273,447
-----------
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS -- 6.1%
Alps Electric Co., Ltd. (a)............. 1,868 12,895
Canon Electronics, Inc. ................ 100 2,212
Citizen Holdings Co., Ltd. (b).......... 3,103 21,220
FUJIFILM Holdings Corp. (b)............. 2,927 100,866
Hamamatsu Photonics K.K. (b)............ 668 18,895
Hirose Electric Co., Ltd. (b)........... 408 47,070
Hitachi, Ltd. (a)(b).................... 16,933 63,245
Horiba, Ltd. (b)........................ 504 14,509
Hoya Corp. (b).......................... 2,732 75,112
Ibiden Co., Ltd. (b).................... 996 34,323
Keyence Corp. (b)....................... 340 81,289
Kyocera Corp. .......................... 992 96,716
Murata Manufacturing Co., Ltd. (b)...... 1,328 75,467
Nidec Corp. (b)......................... 964 103,374
Nippon Electric Glass Co., Ltd. (b)..... 2,548 35,913
Oki Electric Industry Co., Ltd. (a)(b).. 12,166 10,156
OMRON Corp. (b)......................... 1,480 34,371
Shimadzu Corp. (b)...................... 3,312 26,548
Taiyo Yuden Co., Ltd. .................. 776 12,266
TDK Corp. (b)........................... 996 66,301
Yaskawa Electric Corp. ................. 1,604 14,677
Yokogawa Electric Corp. (a)(b).......... 1,864 16,238
-----------
963,663
-----------
FOOD & STAPLES RETAILING -- 1.6%
Aeon Co., Ltd. (b)...................... 4,503 51,131
Cawachi, Ltd. .......................... 548 10,504
FamilyMart Co., Ltd. (b)................ 952 30,310
Izumiya Co., Ltd. ...................... 2,740 12,023
Lawson, Inc. (b)........................ 400 17,081
Seven & I Holdings Co., Ltd. (b)........ 4,639 112,152
UNY Co., Ltd. (b)....................... 2,000 16,545
-----------
249,746
-----------
FOOD PRODUCTS -- 0.9%
Ajinomoto Co., Inc. .................... 4,003 39,670
Hokuto Corp. (b)........................ 500 10,258
</Table>
See accompanying notes to financial statements.
140
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Kikkoman Corp. ......................... 2,256 $ 26,413
MEIJI Holdings Co. Ltd. (b)............. 400 15,539
Nissin Food Products Co., Ltd. (b)...... 640 21,541
Sakata Seed Corp. (b)................... 1,584 21,275
Yakult Honsha Co., Ltd. (b)............. 464 12,524
-----------
147,220
-----------
GAS UTILITIES -- 0.9%
Osaka Gas Co., Ltd. (b)................. 13,150 47,145
Saibu Gas Co., Ltd. .................... 10,273 28,805
Tokyo Gas Co., Ltd. .................... 13,873 61,170
-----------
137,120
-----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.6%
Nakanishi, Inc. ........................ 100 10,435
Olympus Corp. (b)....................... 492 15,796
Sysmex Corp. (b)........................ 200 11,729
Terumo Corp. (b)........................ 956 50,951
-----------
88,911
-----------
HEALTH CARE PROVIDERS & SERVICES -- 0.4%
Alfresa Holdings Corp. ................. 84 3,623
MEDIPAL HOLDINGS Corp. (b).............. 1,192 14,122
Miraca Holdings, Inc. (b)............... 636 19,399
Suzuken Co., Ltd. (b)................... 632 22,286
-----------
59,430
-----------
HOTELS, RESTAURANTS & LEISURE -- 0.2%
Oriental Land Co., Ltd. (b)............. 404 28,190
Round One Corp. ........................ 800 5,265
-----------
33,455
-----------
HOUSEHOLD DURABLES -- 4.3%
Casio Computer Co., Ltd. (b)............ 2,248 17,298
Funai Electric Co., Ltd. (b)............ 495 20,872
Haseko Corp. (a)(b)..................... 9,139 8,509
Makita Corp. (b)........................ 976 32,171
Panasonic Corp. ........................ 11,981 183,357
Pioneer Corp. (a)(b).................... 2,260 8,296
Sangetsu Co., Ltd. ..................... 176 3,995
Sanyo Electric Co., Ltd. (a)(b)......... 11,422 18,336
Sekisui Chemical Co., Ltd. ............. 3,079 20,891
Sekisui House, Ltd. .................... 3,679 36,774
Sharp Corp. (b)......................... 5,519 69,047
Sony Corp. (b).......................... 6,411 245,627
Sumitomo Forestry Co., Ltd. (b)......... 1,268 10,354
-----------
675,527
-----------
HOUSEHOLD PRODUCTS -- 0.8%
Kao Corp. (b)........................... 3,339 84,690
UNICHARM Corp. (b)...................... 444 42,908
-----------
127,598
-----------
INDEPENDENT POWER PRODUCERS & ENERGY
TRADERS -- 0.2%
Electric Power Development Co.,
Ltd. (b).............................. 840 27,688
-----------
INDUSTRIAL CONGLOMERATES -- 0.4%
Hankyu Hanshin Holdings, Inc. (b)....... 8,486 39,324
Keihan Electric Railway Co., Ltd. (b)... 5,747 23,864
-----------
63,188
-----------
INSURANCE -- 2.0%
MS&AD Insurance Group Holdings,
Inc. (b).............................. 3,816 105,977
Nipponkoa Insurance Co., Ltd. (a)(d).... 4,479 28,137
Sompo Japan Insurance, Inc. (a)(b)(d)... 5,111 35,882
T&D Holdings, Inc. (b).................. 1,310 31,026
Tokio Marine Holdings, Inc. (b)......... 3,947 111,221
-----------
312,243
-----------
INTERNET & CATALOG RETAIL -- 0.3%
DeNA Co., Ltd. ......................... 1 7,406
Rakuten, Inc. (b)....................... 51 36,896
-----------
44,302
-----------
INTERNET SOFTWARE & SERVICES -- 0.2%
Yahoo! Japan Corp. (b).................. 106 38,627
-----------
IT SERVICES -- 0.6%
CSK Holdings Corp. (a).................. 756 3,285
IT Holdings Corp. (b)................... 832 10,133
Itochu Techno-Solutions Corp. (b)....... 608 19,976
Net One Systems Co., Ltd. .............. 15 19,071
Nomura Research Institute, Ltd. (b)..... 300 6,839
NTT Data Corp. (b)...................... 8 26,669
Otsuka Corp. ........................... 112 7,120
TKC Corp. .............................. 400 7,397
-----------
100,490
-----------
LEISURE EQUIPMENT & PRODUCTS -- 1.1%
Namco Bandai Holdings, Inc. (b)......... 2,332 22,736
Nikon Corp. (b)......................... 2,440 53,297
Roland Corp. ........................... 300 3,596
Sankyo Co., Ltd. ....................... 640 31,678
Sega Sammy Holdings, Inc. (b)........... 2,131 25,816
Shimano, Inc. .......................... 592 26,198
Yamaha Corp. (b)........................ 1,292 16,689
-----------
180,010
-----------
MACHINERY -- 4.9%
Amada Co., Ltd. ........................ 2,527 21,203
Amano Corp. (b)......................... 1,336 12,168
Fanuc, Ltd. (b)......................... 1,180 125,274
Fuji Machine Manufacturing Co., Ltd. ... 100 1,799
Glory, Ltd. (b)......................... 1,044 25,944
Hitachi Construction Machinery
Co., Ltd. ............................ 100 2,364
IHI Corp. (b)........................... 10,311 18,870
JTEKT Corp. ............................ 1,508 17,817
Kawasaki Heavy Industries, Ltd. (b)..... 8,978 24,789
Komatsu, Ltd. .......................... 5,539 116,186
Komori Corp. ........................... 788 9,774
Kubota Corp. (b)........................ 4,663 42,518
Kurita Water Industries, Ltd. (b)....... 976 27,628
Minebea Co., Ltd. (b)................... 3,255 19,821
Mitsubishi Heavy Industries, Ltd. (b)... 18,676 77,350
Mitsui Engineering & Shipbuilding Co.,
Ltd. (b).............................. 6,567 16,375
Mori Seiki Co., Ltd. (b)................ 868 10,711
NGK Insulators, Ltd. ................... 1,320 26,940
NSK, Ltd. (b)........................... 2,463 19,453
NTN Corp. (b)........................... 2,495 11,268
OKUMA Corp. (a)......................... 1,648 12,028
</Table>
See accompanying notes to financial statements.
141
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
OSG Corp. (b)........................... 1,112 $ 11,734
SMC Corp. .............................. 320 43,459
Sumitomo Heavy Industries, Ltd. ........ 3,795 22,866
Tadano, Ltd. ........................... 780 4,224
The Japan Steel Works, Ltd. (b)......... 2,708 31,039
THK Co., Ltd. (b)....................... 1,100 24,015
Toshiba Machine Co., Ltd. .............. 1,944 8,280
-----------
785,897
-----------
MARINE -- 0.6%
Kawasaki Kisen Kaisha, Ltd. (a)(b)...... 4,759 18,997
Mitsui OSK Lines, Ltd. (b).............. 5,491 39,431
Nippon Yusen KK (b)..................... 7,995 31,573
-----------
90,001
-----------
MEDIA -- 0.6%
Dentsu, Inc. (b)........................ 1,600 42,072
Jupiter Telecommunications Co. (b)...... 24 27,740
Toho Co, Ltd. (b)....................... 1,352 21,791
Tokyo Broadcasting System, Inc. ........ 100 1,515
-----------
93,118
-----------
METALS & MINING -- 3.3%
Daido Steel Co., Ltd. (b)............... 3,199 13,455
Dowa Holdings Co., Ltd. ................ 1,767 10,647
JFE Holdings, Inc. (b).................. 3,447 138,891
Kobe Steel, Ltd. (b).................... 17,645 37,956
Mitsubishi Materials Corp. (a)(b)....... 8,027 23,109
Mitsui Mining & Smelting Co., Ltd. (b).. 4,839 14,500
Nippon Steel Corp. (b).................. 27,755 109,012
Nisshin Steel Co., Ltd. ................ 6,951 14,506
OSAKA Titanium Technologies Co. ........ 36 1,493
Pacific Metals Co., Ltd. ............... 988 8,216
Sumitomo Metal Industries, Ltd. (b)..... 24,340 73,718
Sumitomo Metal Mining Co., Ltd. (b)..... 3,575 53,219
Toho Titanium Co., Ltd. ................ 56 1,387
Tokyo Steel Manufacturing Co., Ltd. .... 1,144 14,337
Yodogawa Steel Works, Ltd. ............. 3,963 17,771
-----------
532,217
-----------
MULTILINE RETAIL -- 0.7%
Isetan Mitsukoshi Holdings, Ltd. (b).... 2,441 26,254
J Front Retailing Co., Ltd. (b)......... 3,778 22,238
Marui Group Co., Ltd. .................. 2,616 18,982
Ryohin Keikaku Co., Ltd. (b)............ 236 9,964
Takashimaya Co., Ltd. (b)............... 3,332 27,386
The Daiei, Inc. (a)(b).................. 1,402 6,017
-----------
110,841
-----------
OFFICE ELECTRONICS -- 3.1%
Brother Industries, Ltd. (b)............ 1,932 23,364
Canon, Inc. (b)......................... 7,658 354,871
Konica Minolta Holdings, Inc. (b)....... 4,075 47,580
Ricoh Co., Ltd. (b)..................... 4,555 71,172
-----------
496,987
-----------
OIL, GAS & CONSUMABLE FUELS -- 1.1%
Cosmo Oil Co., Ltd. (b)................. 5,927 14,335
Inpex Corp. (b)......................... 6 44,050
Nippon Mining Holdings, Inc. (b)(d)..... 7,751 36,250
Nippon Oil Corp. (b)(d)................. 10,430 52,574
TonenGeneral Sekiyu K.K. (b)............ 2,547 21,507
-----------
168,716
-----------
PAPER & FOREST PRODUCTS -- 0.3%
Nippon Paper Group, Inc. (b)............ 800 20,591
OJI Paper Co., Ltd. (b)................. 5,839 25,620
-----------
46,211
-----------
PERSONAL PRODUCTS -- 0.5%
Mandom Corp. ........................... 1,116 30,456
Shiseido Co., Ltd. (b).................. 2,232 48,490
-----------
78,946
-----------
PHARMACEUTICALS -- 4.4%
Astellas Pharma, Inc. (b)............... 2,871 104,006
Chugai Pharmaceutical Co., Ltd. ........ 1,716 32,285
Daiichi Sankyo Co., Ltd. (b)............ 4,251 79,661
Dainippon Sumitomo Pharma Co.,
Ltd. (b).............................. 960 8,805
Eisai Co., Ltd. (b)..................... 1,140 40,688
Hisamitsu Pharmaceutical Co., Inc. (b).. 504 18,744
Kissei Pharmaceutical Co., Ltd. ........ 1,000 20,794
Kyowa Hakko Kirin Co., Ltd. ............ 1,833 18,930
Mitsubishi Tanabe Pharma Corp. ......... 1,000 14,127
Mochida Pharmaceutical Co., Ltd. ....... 1,000 9,525
Nichi-iko Pharmaceutical Co., Ltd. ..... 200 5,623
Ono Pharmaceutical Co., Ltd. (b)........ 432 19,233
Santen Pharmaceutical Co., Ltd. (b)..... 956 28,709
Seikagaku Corp. ........................ 800 8,365
Shionogi & Co., Ltd. (b)................ 2,496 47,494
Taisho Pharmaceutical Co., Ltd. ........ 592 10,770
Takeda Pharmaceutical Co., Ltd. (b)..... 5,055 222,617
Torii Pharmaceutical Co., Ltd. ......... 200 3,925
Tsumura & Co. .......................... 100 2,906
-----------
697,207
-----------
PROFESSIONAL SERVICES -- 0.1%
MEITEC Corp. (b)........................ 912 17,871
-----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.4%
Daikyo, Inc. (a)(b)..................... 4,256 8,290
Daito Trust Construction Co., Ltd. (b).. 764 36,875
Daiwa House Industry Co., Ltd. ......... 3,363 37,970
Heiwa Real Estate Co., Ltd. ............ 4,356 13,100
Leopalace21 Corp. (a)(b)................ 1,044 5,419
Mitsubishi Estate Co., Ltd. (b)......... 7,111 116,437
Mitsui Fudosan Co., Ltd. ............... 4,923 83,613
Sumitomo Realty & Development Co.,
Ltd. (b).............................. 2,843 54,128
Tokyo Tatemono Co., Ltd. ............... 2,540 9,134
Tokyu Land Corp. (b).................... 4,664 17,819
-----------
382,785
-----------
ROAD & RAIL -- 3.8%
Central Japan Railway Co. .............. 9 68,579
East Japan Railway Co. (b).............. 2,400 166,952
Keihin Electric Express Railway Co.,
Ltd. (b).............................. 4,355 35,795
Keisei Electric Railway Co., Ltd. (b)... 3,147 19,164
Kintetsu Corp. (b)...................... 12,038 37,490
Nagoya Railroad Co., Ltd. .............. 9,362 26,852
Nankai Electric Railway Co., Ltd. ...... 6,111 24,263
</Table>
See accompanying notes to financial statements.
142
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Nippon Express Co., Ltd. (b)............ 6,555 $ 28,201
Odakyu Electric Railway Co., Ltd. (b)... 4,483 37,326
Sotetsu Holdings, Inc. (b).............. 8,254 34,892
Tobu Railway Co., Ltd. (b).............. 7,007 38,919
Tokyu Corp. (b)......................... 6,391 26,743
West Japan Railway Co. ................. 15 51,691
-----------
596,867
-----------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
Advantest Corp. (b)..................... 1,316 32,928
Dainippon Screen Manufacturing Co.,
Ltd. (a).............................. 4,364 20,410
Disco Corp. (b)......................... 484 29,784
Elpida Memory, Inc. (a)(b).............. 2,176 42,873
Rohm Co., Ltd. (b)...................... 676 50,497
Sanken Electric Co., Ltd. (a)(b)........ 3,404 13,006
Shinko Electric Industries Co.,
Ltd. (b).............................. 592 9,161
SUMCO Corp. (a)(b)...................... 1,046 22,254
Tokyo Electron, Ltd. ................... 1,140 75,642
-----------
296,555
-----------
SOFTWARE -- 1.9%
Konami Corp. (b)........................ 792 15,282
Nintendo Co., Ltd. ..................... 748 250,561
NSD Co., Ltd. (b)....................... 932 11,201
Square Enix Co., Ltd. (b)............... 896 19,600
Trend Micro, Inc. (b)................... 368 12,839
-----------
309,483
-----------
SPECIALTY RETAIL -- 1.5%
Aoyama Trading Co., Ltd. ............... 984 16,249
Autobacs Seven Co., Ltd. ............... 180 5,750
Culture Convenience Club Co., Ltd. (b).. 1,532 7,460
Fast Retailing Co., Ltd. (b)............ 276 47,999
Hikari Tsushin, Inc. ................... 184 2,989
Nitori Co., Ltd. ....................... 510 38,752
Sanrio Co., Ltd. (b).................... 548 5,214
Shimachu Co., Ltd. ..................... 884 18,864
Shimamura Co., Ltd. .................... 332 29,420
USS Co., Ltd. (b)....................... 410 27,863
Yamada Denki Co., Ltd. (b).............. 610 45,045
-----------
245,605
-----------
TEXTILES, APPAREL & LUXURY GOODS -- 0.5%
Asics Corp. ............................ 1,064 10,408
Gunze, Ltd. (b)......................... 4,223 15,592
Nisshinbo Industries, Inc. ............. 1,584 16,409
ONWARD HOLDINGS Co., Ltd. .............. 1,580 12,327
The Japan Wool Textile Co., Ltd. (b).... 2,031 15,802
Toyobo Co., Ltd. (b).................... 9,302 14,833
-----------
85,371
-----------
TOBACCO -- 0.7%
Japan Tobacco, Inc. .................... 31 115,454
-----------
TRADING COMPANIES & DISTRIBUTORS -- 4.3%
Hanwa Co., Ltd. (b)..................... 3,207 13,591
Inaba Denki Sangyo Co., Ltd. ........... 956 22,171
ITOCHU Corp. (b)........................ 8,266 72,451
Iwatani Corp. (b)....................... 7,451 21,849
Marubeni Corp. (b)...................... 10,402 64,679
Mitsubishi Corp. (b).................... 7,807 204,700
Mitsui & Co., Ltd. ..................... 10,202 171,526
Sojitz Corp. (b)........................ 8,528 16,519
Sumitomo Corp. (b)...................... 6,475 74,493
Toyota Tsusho Corp. .................... 1,039 16,301
-----------
678,280
-----------
TRANSPORTATION INFRASTRUCTURE -- 0.2%
Kamigumi Co., Ltd. ..................... 2,395 19,275
Mitsubishi Logistics Corp. ............. 1,216 15,122
-----------
34,397
-----------
WIRELESS TELECOMMUNICATION SERVICES -- 2.3%
KDDI Corp. ............................. 23 119,135
NTT DoCoMo, Inc. (b).................... 100 152,397
Softbank Corp. (b)...................... 3,915 96,493
-----------
368,025
-----------
TOTAL COMMON STOCKS --
(Cost $19,741,487).................... 15,717,417
-----------
SHORT TERM INVESTMENTS -- 29.0%
UNITED STATES -- 29.0%
MONEY MARKET FUNDS -- 29.0%
State Street Institutional Liquid
Reserves Fund (e)..................... 17,836 17,836
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 4,592,627 4,592,627
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $4,610,463)..................... 4,610,463
-----------
TOTAL INVESTMENTS -- 128.0%
(Cost $24,351,950).................... 20,327,880
OTHER ASSETS AND
LIABILITIES -- (28.0)%................ (4,444,311)
-----------
NET ASSETS -- 100.0%.................... $15,883,569
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(c) Amount represents less than 0.05% of net assets.
(d) Securities are valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Securities' values are determined based on
Level 2 inputs.
(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.
143
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
JAPAN -- 99.1%
AIR FREIGHT & LOGISTICS -- 0.3%
Kintetsu World Express, Inc. (a)........ 8,500 $ 219,505
------------
AUTO COMPONENTS -- 5.0%
Ahresty Corp. .......................... 9,900 103,090
FCC Co., Ltd. (a)....................... 14,513 288,117
Futaba Industrial Co., Ltd. (a)(b)...... 16,794 145,761
Kayaba Industry Co., Ltd. (b)........... 61,902 228,555
Keihin Corp. (a)........................ 12,341 238,526
Musashi Seimitsu Industry Co., Ltd. .... 10,852 231,232
Nifco, Inc. (a)......................... 15,479 356,163
Nippon Seiki Co., Ltd. ................. 11,939 141,188
Nissan Shatai Co., Ltd. (a)............. 23,000 183,626
Nissin Kogyo Co., Ltd. ................. 14,534 237,360
Press Kogyo Co., Ltd. (b)............... 46,569 116,123
Showa Corp. (b)......................... 19,639 156,372
Takata Corp. (a)........................ 8,700 223,086
The Yokohama Rubber Co., Ltd. (a)....... 41,986 197,708
Tokai Rika Co., Ltd. (a)................ 12,500 256,716
Topre Corp. ............................ 22,234 176,796
Toyo Tire & Rubber Co., Ltd. (a)........ 59,372 138,518
Toyota Boshoku Corp. (a)................ 11,800 226,806
TS Tech Co., Ltd. (a)................... 10,800 202,500
Unipres Corp. (a)....................... 10,900 153,981
------------
4,002,224
------------
BEVERAGES -- 0.6%
Ito En, Ltd. (a)........................ 15,700 243,128
Mikuni Coca-Cola Bottling Co.,
Ltd. (a).............................. 34,845 275,583
------------
518,711
------------
BIOTECHNOLOGY -- 0.1%
AnGes MG, Inc. (b)...................... 34 53,562
------------
BUILDING PRODUCTS -- 3.0%
Aica Kogyo Co., Ltd. ................... 35,219 392,746
Bunka Shutter Co., Ltd. ................ 67,577 188,035
Central Glass Co., Ltd. ................ 67,309 332,799
Nichias Corp. (a)....................... 45,000 201,306
Nitto Boseki Co., Ltd. (a)(b)........... 102,020 217,273
Noritz Corp. (a)........................ 22,065 340,279
Sankyo-Tateyama Holdings, Inc. (a)(b)... 154,467 208,292
Sanwa Holdings Corp. (a)................ 78,910 263,484
Sekisui Jushi Corp. .................... 29,938 258,882
------------
2,403,096
------------
CAPITAL MARKETS -- 1.6%
JAFCO Co., Ltd. (a)..................... 7,100 186,542
Japan Asia Investment Co., Ltd. (a)(b).. 7,000 3,821
kabu.com Securities Co., Ltd (a)........ 1,400 7,551
Matsui Securities Co., Ltd (a).......... 21,300 152,273
Mito Securities Co., Ltd. .............. 58,129 146,816
Monex Group, Inc. (a)................... 353 173,780
OKASAN SECURITES GROUP, Inc. ........... 42,447 203,059
Sparx Group Co., Ltd. (b)............... 25 3,162
Tokai Tokyo Financial Holdings,
Inc. (a).............................. 75,721 316,044
Toyo Securities Co., Ltd. .............. 65,457 135,902
------------
1,328,950
------------
CHEMICALS -- 7.4%
ADEKA Corp. (a)......................... 31,013 309,997
Asahi Organic Chemicals Industry Co.,
Ltd. (a).............................. 113,540 273,400
C. Uyemura & Co., Ltd. (a).............. 3,876 157,214
Chugoku Marine Paints, Ltd. (a)......... 21,000 144,510
DIC Corp. .............................. 129,000 278,874
Fujikura Kasei Co., Ltd. ............... 27,038 145,838
Fujimi, Inc. (a)........................ 8,473 149,620
Ishihara Sangyo Kaisha, Ltd. (b)........ 147,811 121,805
KUREHA Corp. ........................... 39,000 189,073
Lintec Corp. ........................... 15,708 307,301
Nihon Parkerizing Co., Ltd. (a)......... 14,401 195,270
Nippon Paint Co., Ltd. (a).............. 45,000 294,735
Nippon Shokubai Co., Ltd. (a)........... 28,000 253,211
Nippon Soda Co., Ltd. .................. 41,065 181,945
Nippon Valqua Industries, Ltd. ......... 80,025 175,569
NOF Corp. .............................. 61,731 244,440
Okamoto Industries, Inc. (a)............ 92,841 388,493
SK Kaken Co., Ltd. ..................... 780 20,552
Stella Chemifa Corp. (a)................ 3,600 152,954
Sumitomo Bakelite Co., Ltd. (a)......... 48,000 275,342
Taiyo Ink Manufacturing Co., Ltd. (a)... 9,600 257,363
The Nippon Synthetic Chemical Industry
Co., Ltd. (a)......................... 21,000 144,510
Toagosei Co., Ltd. ..................... 70,000 297,410
Toda Kogyo Corp. (a).................... 9,000 66,460
Tokai Carbon Co., Ltd. (a).............. 48,542 282,607
Tokyo Ohka Kogyo Co., Ltd. (a).......... 9,700 180,318
Toyo Ink Manufacturing Co., Ltd. ....... 59,000 265,197
Zeon Corp. ............................. 42,000 245,419
------------
5,999,427
------------
COMMERCIAL BANKS -- 9.1%
Aozora Bank, Ltd. (a)................... 176,290 249,040
Bank of the Ryukyus, Ltd. .............. 15,681 176,713
Kansai Urban Banking Corp. (a).......... 205,000 318,119
Kiyo Holdings, Inc. (a)................. 235,754 312,859
Sapporo Hokuyo Holdings, Inc. (a)....... 74,800 341,819
The Aichi Bank, Ltd. ................... 3,849 311,413
The Awa Bank, Ltd. (a).................. 71,000 423,234
The Bank of Iwate, Ltd. (a)............. 4,256 247,325
The Bank of Nagoya, Ltd. ............... 45,000 183,005
The Bank of Okinawa, Ltd. .............. 6,500 265,036
The Daishi Bank, Ltd. .................. 77,000 266,995
The Fukushima Bank, Ltd. ............... 326,478 174,699
The Higo Bank, Ltd. (a)................. 48,000 267,123
The Hokkoku Bank, Ltd. (a).............. 68,000 252,526
The Hyakugo Bank, Ltd. ................. 75,000 352,365
The Hyakujushi Bank, Ltd. .............. 66,000 257,106
The Juroku Bank, Ltd. .................. 79,000 313,667
The Kagoshima Bank, Ltd. ............... 41,000 288,281
The Keiyo Bank, Ltd. ................... 55,000 265,465
The Musashino Bank, Ltd. (a)............ 9,900 284,371
The Nagano Bank, Ltd. .................. 115,534 227,507
The Nanto Bank, Ltd. (a)................ 61,000 342,081
The Shikoku Bank, Ltd. (a).............. 82,000 274,679
</Table>
See accompanying notes to financial statements.
144
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Taiko Bank, Ltd. ................... 80,000 $ 179,795
The Tochigi Bank, Ltd. ................. 41,846 183,166
The Tokushima Bank, Ltd. (a)(c)......... 45,305 161,457
The Tokyo Tomin Bank, Ltd. ............. 11,605 154,377
Tomato Bank, Ltd. ...................... 128,872 271,701
------------
7,345,924
------------
COMMERCIAL SERVICES & SUPPLIES -- 2.3%
Aeon Delight Co., Ltd. (a).............. 8,000 112,500
Asahi Holdings, Inc. (a)................ 9,600 165,719
Daiseki Co., Ltd. (a)................... 9,593 199,888
Duskin Co., Ltd. ....................... 18,600 331,034
Moshi Moshi Hotline, Inc. (a)........... 10,722 205,054
Nippon Kanzai Co., Ltd. ................ 10,452 169,017
Okamura Corp. .......................... 33,884 216,489
Oyo Corp. .............................. 20,860 179,935
Park24 Co., Ltd. (a).................... 26,585 271,996
------------
1,851,632
------------
COMMUNICATIONS EQUIPMENT -- 1.0%
Aiphone Co., Ltd. (a)................... 14,406 251,920
Denki Kogyo Co., Ltd. .................. 40,303 209,624
Hitachi Kokusai Electric, Inc. (a)...... 31,634 316,205
------------
777,749
------------
COMPUTERS & PERIPHERALS -- 0.7%
Eizo Nanao Corp. ....................... 9,600 236,815
Melco Holdings, Inc. ................... 7,300 161,875
Wacom Co., Ltd. (a)..................... 116 176,905
------------
575,595
------------
CONSTRUCTION & ENGINEERING -- 3.8%
Chugai Ro Co., Ltd. .................... 65,522 192,835
Daimei Telecom Engineering Corp. ....... 24,629 177,390
Kandenko Co., Ltd. (a).................. 36,000 228,853
Kinden Corp. ........................... 38,924 341,168
Kyowa Exeo Corp. (a).................... 33,476 276,578
Kyudenko Corp. ......................... 45,657 274,118
Maeda Corp. (a)......................... 62,158 184,931
Maeda Road Construction Co., Ltd. (a)... 30,000 244,649
Penta-Ocean Construction Co., Ltd. ..... 132,000 182,235
Sanki Engineering Co., Ltd. ............ 28,196 198,555
Toda Corp. (a).......................... 64,000 230,822
Tokyu Construction Co., Ltd. ........... 63,892 192,141
Toshiba Plant Systems &
Services Corp. ....................... 15,000 168,878
Toyo Engineering Corp. (a).............. 37,000 142,155
------------
3,035,308
------------
CONSTRUCTION MATERIALS -- 0.6%
Sumitomo Osaka Cement Co., Ltd. (a)..... 112,000 194,178
Taiheiyo Cement Corp. (a)(b)............ 202,000 289,683
------------
483,861
------------
CONSUMER FINANCE -- 1.1%
Acom Co., Ltd. (a)...................... 8,440 138,198
Aeon Credit Service Co., Ltd. (a)....... 21,000 249,465
Aiful Corp. (a)(b)...................... 25,550 37,461
Cedyna Financial Corp. (a)(b)........... 54,362 96,576
Orient Corp. (a)(b)..................... 77,000 67,573
Promise Co., Ltd. (a)................... 20,500 190,213
Takefuji Corp. (a)...................... 24,330 103,631
------------
883,117
------------
CONTAINERS & PACKAGING -- 0.5%
FP Corp. (a)............................ 4,300 196,730
Fuji Seal International, Inc. (a)....... 10,470 216,482
------------
413,212
------------
DISTRIBUTORS -- 0.7%
Canon Marketing Japan, Inc. (a)......... 13,300 181,195
Yokohama Reito Co., Ltd. (a)............ 50,580 362,678
------------
543,873
------------
DIVERSIFIED FINANCIAL SERVICES -- 1.1%
Century Tokyo Leasing Corp. ............ 18,100 250,851
Fuyo General Lease Co., Ltd. ........... 7,300 206,640
Japan Securities Finance Co., Ltd. (a).. 26,419 194,241
Ricoh Leasing Co., Ltd. ................ 8,567 200,331
------------
852,063
------------
ELECTRIC UTILITIES -- 0.4%
Japan Wind Development Co., Ltd. (a).... 28 83,694
The Okinawa Electric Power Co., Inc. ... 5,100 266,353
------------
350,047
------------
ELECTRICAL EQUIPMENT -- 2.1%
Daihen Corp. (a)........................ 41,971 199,434
Fuji Electric Holdings Co.,
Ltd. (a)(b)........................... 129,000 352,044
Hitachi Cable, Ltd. (a)................. 63,000 188,110
Nippon Carbon Co., Ltd. (a)............. 44,000 144,564
Nippon Signal Co., Ltd. ................ 21,700 194,148
Sinfonia Technology Co., Ltd. (a)....... 75,826 176,906
SWCC Showa Holdings Co., Ltd. (b)....... 141,075 143,430
Toyo Electric Manufacturing. Co.,
Ltd. (a).............................. 15,000 109,322
Toyo Tanso Co., Ltd. (a)................ 2,600 147,474
------------
1,655,432
------------
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS -- 5.5%
Alps Electric Co., Ltd. (b)............. 36,100 249,192
Anritsu Corp. (b)....................... 43,000 165,668
Arisawa Manufacturing Co., Ltd. (a)..... 15,572 110,991
Dai-ichi Seiko Co. Ltd. (a)............. 2,100 68,771
Enplas Corp. ........................... 17,189 338,298
ESPEC Corp. ............................ 23,031 196,444
Hakuto Co., Ltd. (a).................... 23,211 225,801
Horiba, Ltd. (a)........................ 10,165 292,635
Hosiden Corp. (a)....................... 15,895 208,044
Japan Aviation Electronics Industry,
Ltd. (a).............................. 15,971 121,013
Japan Cash Machine Co., Ltd. (a)........ 23,624 209,339
Koa Corp. (a)........................... 18,591 181,254
Meiko Electronics Co., Ltd. ............ 3,600 76,631
Nichicon Corp. ......................... 15,100 186,003
Nidec Sankyo Corp. ..................... 25,917 229,381
Nihon Dempa Kogyo Co., Ltd. (a)......... 6,795 142,023
Nippon Ceramic Co., Ltd. (a)............ 14,823 180,211
Nippon Chemi-Con Corp. (b).............. 39,432 155,297
Oki Electric Industry Co., Ltd. (a)(b).. 185,000 154,431
Ryosan Co., Ltd. ....................... 11,396 290,388
Ryoyo Electro Corp. .................... 24,004 229,918
</Table>
See accompanying notes to financial statements.
145
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Star Micronics Co., Ltd. ............... 14,369 $ 158,084
Toko, Inc. (a)(b)....................... 93,739 150,480
Topcon Corp. (a)........................ 17,719 98,039
------------
4,418,336
------------
ENERGY EQUIPMENT & SERVICES -- 0.1%
Shinko Plantech Co., Ltd. (a)........... 13,386 118,617
------------
FOOD & STAPLES RETAILING -- 2.2%
Cawachi, Ltd. .......................... 8,935 171,260
Circle K Sunkus Co., Ltd. .............. 21,298 264,174
Izumiya Co., Ltd. ...................... 40,933 179,607
Matsumotokiyoshi Holdings Co.,
Ltd. (a).............................. 12,100 273,882
Ministop Co., Ltd. ..................... 18,394 213,783
Sugi Pharmacy Co., Ltd. (a)............. 10,900 260,718
Sundrug Co., Ltd. (a)................... 9,900 235,210
Tsuruha Holdings, Inc. ................. 5,900 211,526
------------
1,810,160
------------
FOOD PRODUCTS -- 4.3%
Ariake Japan Co., Ltd. (a).............. 11,964 174,646
Ezaki Glico Co., Ltd. (a)............... 26,000 303,574
Fuji Oil Co., Ltd. (a).................. 18,100 255,887
Fujicco Co., Ltd. ...................... 30,657 352,700
Hokuto Corp. (a)........................ 12,921 265,085
Marudai Food Co., Ltd. ................. 96,417 275,507
Maruha Nichiro Holdings, Inc. (a)....... 121,000 172,228
MEGMILK SNOW BRAND Co., Ltd. (a)........ 18,500 288,073
Mitsui Sugar Co., Ltd. ................. 45,497 151,916
Morinaga Milk Industry Co., Ltd. (a).... 59,000 232,363
Nakamuraya Co., Ltd. ................... 63,952 318,939
Nichirei Corp. ......................... 64,000 239,726
Nippon Suisan Kaisha, Ltd. (a).......... 67,775 196,565
Riken Vitamin Co., Ltd. ................ 9,580 256,314
------------
3,483,523
------------
GAS UTILITIES -- 0.3%
Shizuoka Gas Co., Ltd. (a).............. 46,319 265,204
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.5%
Asahi Intecc Co., Ltd. ................. 4,800 75,976
Fukuda Denshi Co., Ltd. (a)............. 8,286 191,543
Nakanishi, Inc. ........................ 1,847 192,725
Nihon Kohden Corp. ..................... 9,800 180,394
Nipro Corp. (a)......................... 10,800 208,742
Paramount Bed Co., Ltd. (a)............. 16,910 330,997
------------
1,180,377
------------
HOTELS, RESTAURANTS & LEISURE -- 2.4%
DOUTOR NICHIRES Holdings Co., Ltd. (a).. 15,175 201,218
Joban Kosan Co., Ltd. .................. 231,000 343,632
Kabuki-Za Co., Ltd...................... 5,000 191,299
MOS Food Services, Inc. (a)............. 23,514 385,022
Nissin Healthcare Food Service
Co., Ltd. ............................ 17,108 219,709
Ohsho Food Service Corp. ............... 4,800 125,086
Round One Corp. ........................ 12,900 84,905
Tokyo Dome Corp. ....................... 65,085 185,281
Zensho Co., Ltd. (a).................... 27,546 206,064
------------
1,942,216
------------
HOUSEHOLD DURABLES -- 2.1%
Arnest One Corp. (a).................... 13,200 121,490
Clarion Co., Ltd. (a)(b)................ 58,000 140,903
Foster Electric Co. Ltd. (a)............ 4,800 133,356
France Bed Holdings Co., Ltd. (a)....... 154,734 223,556
Funai Electric Co., Ltd. (a)............ 5,400 227,697
Haseko Corp. (a)(b)..................... 283,000 263,495
JVC KENWOOD Holdings, Inc. (a)(b)....... 171,315 71,504
Misawa Homes Holdings, Inc. (a)(b)...... 8,466 29,446
Pioneer Corp. (a)(b).................... 37,500 137,655
Sumitomo Forestry Co., Ltd. (a)......... 42,600 347,858
------------
1,696,960
------------
HOUSEHOLD PRODUCTS -- 0.6%
Lion Corp. ............................. 57,000 287,318
Pigeon Corp. (a)........................ 5,300 197,389
------------
484,707
------------
INDUSTRIAL CONGLOMERATES -- 0.2%
Katakura Industries Co., Ltd. (a)....... 16,180 167,099
------------
INSURANCE -- 0.3%
Nissay Dowa General Insurance Co.,
Ltd. (a)(c)........................... 40,000 212,177
------------
INTERNET & CATALOG RETAIL -- 0.7%
DeNA Co., Ltd. (a)...................... 54 399,914
Senshukai Co., Ltd. .................... 31,824 171,654
------------
571,568
------------
INTERNET SOFTWARE & SERVICES -- 1.3%
Access Co., Ltd. (a).................... 65 98,502
eAccess, Ltd. (a)....................... 439 320,417
GMO Internet, Inc. ..................... 29,600 113,091
Gree, Inc. ............................. 2,100 128,328
Index Holdings (b)...................... 35 2,570
Kakaku.com, Inc. (a).................... 75 272,100
mixi, Inc. (a)(b)....................... 12 81,806
------------
1,016,814
------------
IT SERVICES -- 2.1%
CSK Holdings Corp. (a)(b)............... 16,400 71,259
INES Corp. (a).......................... 36,160 268,955
IT Holdings Corp. (a)................... 19,137 233,068
Itochu Techno-Solutions Corp. (a)....... 8,800 289,127
Net One Systems Co., Ltd. (a)........... 91 115,698
OBIC Co., Ltd. (a)...................... 1,951 354,537
Otsuka Corp. (a)........................ 3,600 228,853
transcosmos, Inc. (a)(b)................ 11,467 94,740
------------
1,656,237
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.9%
Heiwa Corp. (a)......................... 18,300 188,210
Mars Engineering Corp. ................. 4,358 89,035
Roland Corp. ........................... 15,076 180,706
Tomy Co., Ltd. (a)...................... 20,500 159,717
Universal Entertainment Corp. .......... 8,000 116,438
------------
734,106
------------
</Table>
See accompanying notes to financial statements.
146
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
MACHINERY -- 7.6%
Amano Corp. (a)......................... 22,932 $ 208,852
Asahi Diamond Industrial Co., Ltd. (a).. 37,942 348,397
CKD Corp. (a)........................... 23,705 198,387
Daifuku Co., Ltd. (a)................... 28,681 225,912
Fuji Machine Manufacturing Co., Ltd. ... 11,771 211,762
Furukawa Co., Ltd. (a)(b)............... 118,280 144,306
Hino Motors, Ltd. (a)................... 53,998 228,266
Hitachi Zosen Corp. (a)................. 236,226 346,350
Iseki & Co., Ltd. (a)(b)................ 38,000 112,650
Juki Corp. (a)(b)....................... 55,450 104,444
Kitz Corp. ............................. 39,502 230,400
Komori Corp. ........................... 15,840 196,474
Kyokuto Kaihatsu Kogyo Co., Ltd. ....... 38,640 145,148
Makino Milling Machine Co.,
Ltd. (a)(b)........................... 38,739 251,240
Meidensha Corp. (a)..................... 41,000 182,534
Miura Co., Ltd. (a)..................... 8,500 221,506
Mori Seiki Co., Ltd. (a)................ 20,100 248,023
Nachi-Fujikoshi Corp. .................. 73,418 240,431
Namura Shipbuilding Co., Ltd. .......... 17,100 88,758
Nippon Sharyo, Ltd. .................... 32,970 197,241
Nippon Thompson Co., Ltd. (a)........... 32,511 226,505
OKUMA Corp. (a)(b)...................... 29,192 213,067
OSG Corp. (a)........................... 20,600 217,376
Ryobi, Ltd. (b)......................... 40,723 137,283
Shima Seiki Manufacturing, Ltd. (a)..... 7,700 172,228
Sintokogio, Ltd. (a).................... 19,519 162,310
Tadano, Ltd. (a)........................ 36,913 199,893
Tocalo Co., Ltd. (a).................... 8,536 178,321
Toshiba Machine Co., Ltd. (a)........... 40,009 170,415
Tsubakimoto Chain Co. .................. 41,124 197,610
Union Tool Co. (a)...................... 5,332 149,221
------------
6,155,310
------------
MARINE -- 0.3%
Iino Kaiun Kaisha, Ltd. (a)............. 34,806 232,065
------------
MEDIA -- 1.9%
Avex Group Holdings, Inc. (a)........... 17,792 153,852
CyberAgent, Inc. (a).................... 68 120,368
Daiichikosho Co., Ltd. (a).............. 16,981 219,168
Kadokawa Group Holdings, Inc. (a)....... 7,987 180,785
Shochiku Co., Ltd. (a).................. 38,243 318,419
SKY Perfect JSAT Holdings, Inc. (a)..... 895 385,049
Usen Corp. (a)(b)....................... 3,280 2,036
Zenrin Co., Ltd. ....................... 12,724 152,514
------------
1,532,191
------------
METALS & MINING -- 3.2%
Aichi Steel Corp. ...................... 36,000 161,430
Daido Steel Co., Ltd. (a)............... 59,000 248,149
Godo Steel, Ltd. ....................... 36,440 81,896
Maruichi Steel Tube, Ltd. (a)........... 12,800 259,726
Nakayama Steel Works, Ltd. (b).......... 69,212 108,144
Nippon Denko Co., Ltd. (a).............. 24,000 179,024
Nippon Yakin Kogyo Co., Ltd. (a)(b)..... 33,000 130,672
Nisshin Steel Co., Ltd. (a)............. 141,000 294,253
OSAKA Titanium Technologies Co. (a)..... 5,300 219,794
Sanyo Special Steel Co., Ltd. (a)(b).... 39,750 171,864
Sumitomo Light Metal Industries,
Ltd. (b).............................. 157,135 169,848
Toho Titanium Co., Ltd. (a)............. 11,100 275,005
Toho Zinc Co., Ltd. (a)................. 34,796 170,927
Tokyo Rope Manufacturing Co., Ltd. (a).. 51,654 143,176
------------
2,613,908
------------
MULTILINE RETAIL -- 0.7%
H2O Retailing Corp. (a)................. 41,107 281,115
Matsuya Co., Ltd. (a)(b)................ 12,908 121,289
Parco Co., Ltd. (a)..................... 23,525 198,391
------------
600,795
------------
OFFICE ELECTRONICS -- 0.2%
Riso Kagaku Corp. ...................... 12,847 153,163
------------
OIL, GAS & CONSUMABLE FUELS -- 0.3%
Itochu Enex Co., Ltd. (a)............... 39,104 206,317
------------
PAPER & FOREST PRODUCTS -- 0.3%
Daio Paper Corp. (a).................... 32,940 270,387
------------
PERSONAL PRODUCTS -- 1.2%
Aderans Holdings Co., Ltd. (b).......... 15,404 182,824
Fancl Corp. (a)......................... 13,200 250,325
Mandom Corp. (a)........................ 11,845 323,253
Milbon Co., Ltd. (a).................... 8,008 183,402
------------
939,804
------------
PHARMACEUTICALS -- 2.5%
Kaken Pharmaceutical Co., Ltd. ......... 40,428 333,583
Kyorin Co., Ltd. ....................... 15,000 217,038
Mochida Pharmaceutical Co., Ltd. ....... 33,483 318,920
Nichi-iko Pharmaceutical Co., Ltd. (a).. 7,065 198,627
Rohto Pharmaceutical Co., Ltd. (a)...... 29,493 324,158
Sawai Pharmaceutical Co., Ltd. (a)...... 4,400 287,243
Torii Pharmaceutical Co., Ltd. ......... 17,800 349,371
------------
2,028,940
------------
PROFESSIONAL SERVICES -- 0.4%
en-japan, Inc. (a)...................... 40 53,510
MEITEC Corp. (a)........................ 11,744 230,129
------------
283,639
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.4%
Daibiru Corp. (a)....................... 22,626 190,810
Daikyo, Inc. (a)(b)..................... 63,352 123,395
Goldcrest Co., Ltd. (a)................. 5,909 156,389
Heiwa Real Estate Co., Ltd. ............ 56,755 170,678
K.K. daVinci Holdings (a)(b)............ 262 9,351
Kenedix, Inc. (a)(b).................... 134 39,294
Leopalace21 Corp. (a)(b)................ 34,700 180,110
Shoei Co., Ltd. (a)..................... 12,898 97,867
Suruga Corp. (c)(d)..................... 10,689 0
TOC Co., Ltd. (a)....................... 42,000 159,118
------------
1,127,012
------------
ROAD & RAIL -- 1.5%
Hitachi Transport System, Ltd. (a)...... 16,800 236,789
Kobe Electric Railway Co., Ltd. (b)..... 86,000 352,504
Sankyu, Inc. (a)........................ 74,830 369,185
</Table>
See accompanying notes to financial statements.
147
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Seino Holdings Co., Ltd. (a)............ 35,000 $ 249,465
------------
1,207,943
------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.0%
Dainippon Screen Manufacturing Co.,
Ltd. (a)(b)........................... 50,000 233,840
Micronics Japan Co., Ltd. (a)........... 5,900 102,732
Renesas Electronics Corp. (a)(b)........ 7,400 74,998
Tokyo Seimitsu Co., Ltd. (a)(b)......... 13,700 236,642
Ulvac, Inc. (a)......................... 7,602 197,453
------------
845,665
------------
SOFTWARE -- 1.1%
Capcom Co., Ltd. (a).................... 15,700 296,727
DTS Corp. .............................. 15,732 156,242
FUJI SOFT, Inc. (a)..................... 12,374 206,984
NSD Co., Ltd. (a)....................... 18,078 217,269
------------
877,222
------------
SPECIALTY RETAIL -- 3.8%
ABC-Mart, Inc. (a)...................... 6,900 220,794
Aoyama Trading Co., Ltd. (a)............ 19,200 317,055
Autobacs Seven Co., Ltd. (a)............ 8,788 280,738
Chiyoda Co., Ltd. (a)................... 15,513 191,588
Culture Convenience Club Co., Ltd. (a).. 30,628 149,141
DCM Japan Holdings Co., Ltd. (a)........ 26,600 152,586
EDION Corp. (a)......................... 19,350 199,423
Gulliver International Co., Ltd. (a).... 3,163 111,368
Honeys Co., Ltd. (a).................... 13,992 120,094
Joshin Denki Co., Ltd. (a).............. 21,000 189,683
Komeri Co., Ltd. (a).................... 8,630 224,894
MEGANE TOP Co., Ltd. ................... 10,900 72,091
Nishimatsuya Chain Co., Ltd. (a)........ 15,666 162,964
Right On Co., Ltd. ..................... 12,800 97,397
Sanrio Co., Ltd. (a).................... 20,505 195,087
United Arrows, Ltd. .................... 15,729 172,373
Xebio Co., Ltd. (a)..................... 9,161 184,906
------------
3,042,182
------------
TEXTILES, APPAREL & LUXURY GOODS -- 2.6%
Atsugi Co., Ltd. ....................... 220,470 280,779
Daidoh, Ltd. ........................... 24,911 192,751
Daiwabo Co., Ltd. (a)................... 39,635 82,290
Gunze, Ltd. (a)......................... 67,348 248,663
ONWARD HOLDINGS Co., Ltd. (a)........... 35,000 273,063
Sanyo Shokai, Ltd. (a).................. 64,516 245,111
SEIKO HOLDINGS Corp. (a)(b)............. 39,649 104,384
The Japan Wool Textile Co., Ltd. (a).... 37,170 289,197
Toyobo Co., Ltd. (a).................... 168,000 267,894
Unitika, Ltd. (b)....................... 176,084 143,219
------------
2,127,351
------------
TRADING COMPANIES & DISTRIBUTORS -- 2.3%
Hanwa Co., Ltd. (a)..................... 77,032 326,463
Inaba Denki Sangyo Co., Ltd. ........... 11,763 272,800
Inabata & Co., Ltd. .................... 50,775 239,638
Iwatani Corp. (a)....................... 123,422 361,918
Kuroda Electric Co., Ltd. (a)........... 8,500 117,075
Nagase & Co., Ltd. (a).................. 26,000 325,278
Okaya & Co., Ltd. ...................... 20,105 189,560
------------
1,832,732
------------
TRANSPORTATION INFRASTRUCTURE -- 0.9%
Japan Airport Terminal Co., Ltd. (a).... 17,348 240,986
Mitsui-Soko Co., Ltd. (a)............... 50,686 189,855
The Sumitomo Warehouse Co., Ltd. (a).... 63,563 282,306
------------
713,147
------------
TOTAL COMMON STOCKS --
(Cost $95,823,042).................... 79,841,162
------------
SHORT TERM INVESTMENTS -- 29.5%
UNITED STATES -- 29.5%
MONEY MARKET FUNDS -- 29.5%
State Street Institutional Liquid
Reserves Fund (e)..................... 14,784 14,784
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 23,766,220 23,766,220
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $23,781,004).................... 23,781,004
------------
TOTAL INVESTMENTS -- 128.6%
(Cost $119,604,046)................... 103,622,166
OTHER ASSETS AND
LIABILITIES -- (28.6)%................ (23,058,088)
------------
NET ASSETS -- 100.0%.................... $ 80,564,078
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. The Tokushima Bank, Ltd. and Nissay Dowa
General Insurance Co., Ltd.'s values are determined based
on Level 2 inputs and Suruga Corp.'s value is determined
based on Level 3 inputs.
(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.
148
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 3.3%
ASX, Ltd. .............................. 35,858 $ 1,117,042
Bank of Queensland, Ltd. ............... 109,643 1,186,496
Commonwealth Bank of Australia.......... 21,952 1,134,167
TABCORP Holdings, Ltd. ................. 413,547 2,619,060
UGL, Ltd. (a)........................... 90,314 1,247,565
------------
7,304,330
------------
AUSTRIA -- 3.2%
Oesterreichische Post AG (a)............ 240,970 7,039,557
------------
BELGIUM -- 4.2%
Belgacom SA............................. 182,392 7,137,297
Mobistar SA............................. 17,104 1,054,530
Solvay SA............................... 10,865 1,118,925
------------
9,310,752
------------
BERMUDA -- 2.8%
Nordic American Tanker Shipping,
Ltd. (a).............................. 206,257 6,243,399
------------
CANADA -- 18.6%
ARC Energy Trust........................ 56,399 1,139,598
Baytex Energy Trust..................... 38,076 1,289,153
Brookfield Properties Corp. ............ 93,447 1,441,472
Crescent Point Energy Corp. (a)......... 114,261 4,388,893
EnCana Corp. ........................... 33,300 1,037,189
Enerplus Resources Fund................. 49,300 1,169,633
IGM Financial, Inc. (a)................. 28,100 1,235,287
Keyera Facilities Income Fund........... 47,500 1,262,703
Manitoba Telecom Services, Inc. ........ 203,842 6,409,304
NAL Oil & Gas Trust..................... 83,600 1,067,094
Pembina Pipeline Income Fund............ 67,317 1,155,181
Penn West Energy Trust.................. 382,900 8,118,061
Peyto Energy Trust...................... 82,500 1,098,590
TELUS Corp. ............................ 35,140 1,309,243
Vermilion Energy Trust.................. 34,737 1,211,712
Yellow Pages Income Fund................ 1,317,704 7,987,659
------------
41,320,772
------------
CHILE -- 0.5%
Lan Airlines SA ADR (a)................. 68,323 1,205,901
------------
CZECH REPUBLIC -- 1.0%
CEZ AS.................................. 22,655 1,071,278
Komercni Banka AS....................... 5,311 1,078,937
------------
2,150,215
------------
FINLAND -- 3.2%
Fortum Oyj.............................. 42,720 1,046,838
Kesko Oyj (Class B) (a)................. 34,255 1,350,651
Konecranes Oyj (a)...................... 37,926 1,122,317
Nokia Oyj ADR (a)(b).................... 86,714 1,347,535
Orion Oyj (Class B) (a)................. 50,076 1,109,873
Sampo Oyj (Class A)..................... 45,116 1,198,952
------------
7,176,166
------------
FRANCE -- 4.5%
Bouygues SA (b)......................... 21,142 1,064,761
ICADE................................... 10,703 1,193,480
Lagardere SCA........................... 27,540 1,116,440
Metropole Television SA................. 41,339 1,071,170
Neopost SA (a).......................... 13,871 1,110,552
Nexity.................................. 28,985 1,141,290
Schneider Electric SA................... 10,048 1,180,672
Total SA................................ 17,851 1,038,147
Vallourec SA (a)........................ 6,025 1,217,157
------------
10,133,669
------------
GERMANY -- 1.0%
BASF SE (a)............................. 18,863 1,172,040
RWE AG.................................. 11,664 1,035,335
------------
2,207,375
------------
HONG KONG -- 4.6%
CLP Holdings, Ltd. ..................... 170,000 1,215,114
Hang Seng Bank Ltd. .................... 471,500 6,570,286
HongKong Electric Holdings, Ltd. ....... 208,000 1,233,583
VTech Holdings, Ltd. ................... 114,000 1,233,274
------------
10,252,257
------------
ISRAEL -- 5.4%
Cellcom Israel, Ltd. ................... 106,080 3,624,754
Israel Chemicals, Ltd. ................. 81,480 1,102,795
Koor Industries, Ltd. .................. 213,421 5,933,095
Partner Communications Co., Ltd. ....... 56,729 1,274,550
------------
11,935,194
------------
ITALY -- 10.7%
ACEA SpA (a)............................ 661,887 6,730,426
Enel SpA................................ 1,151,397 6,449,932
Eni SpA................................. 258,277 6,070,371
Geox SpA (a)............................ 165,081 1,147,010
Lottomatica SpA......................... 56,251 1,074,718
Mediaset SpA............................ 136,675 1,176,186
Recordati SpA........................... 153,689 1,171,835
------------
23,820,478
------------
JAPAN -- 2.5%
Nintendo Co., Ltd. ..................... 13,100 4,388,164
TonenGeneral Sekiyu K.K. ............... 137,000 1,156,817
------------
5,544,981
------------
MEXICO -- 0.5%
Grupo Televisa SA de CV ADR............. 56,000 1,177,120
------------
NETHERLANDS -- 3.1%
Koninklijke BAM Groep NV (a)............ 610,724 4,759,893
Koninklijke Boskalis Westminster NV..... 28,065 1,077,533
Smit Internationale NV.................. 13,152 1,067,758
------------
6,905,184
------------
PHILIPPINES -- 0.4%
Philippine Long Distance Telephone
Co. ADR............................... 18,902 1,007,099
------------
PORTUGAL -- 1.1%
Brisa Auto- Estradas de Portugal
SA (a)................................ 108,215 919,553
Portugal Telecom, SGPS SA (b)........... 131,436 1,472,209
------------
2,391,762
------------
RUSSIA -- 0.6%
Mobile TeleSystems OJSC ADR (a)......... 22,595 1,254,023
------------
</Table>
See accompanying notes to financial statements.
149
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SINGAPORE -- 1.0%
DBS Group Holdings, Ltd. ............... 105,000 $ 1,073,996
Singapore Exchange, Ltd. (a)............ 193,000 1,056,078
------------
2,130,074
------------
SOUTH AFRICA -- 1.0%
ArcelorMittal South Africa, Ltd. (b).... 75,301 949,062
Kumba Iron Ore, Ltd. (a)................ 26,191 1,258,560
------------
2,207,622
------------
SPAIN -- 15.2%
ACS, Actividades de Construccion y
Servicios SA (a)...................... 21,823 1,008,700
Banco Bilbao Vizcaya Argentaria SA (a).. 61,747 846,360
Banco de Sabadell SA (a)................ 1,146,094 6,339,585
Banco Espanol de Credito SA (a)......... 536,307 5,660,278
Banco Popular Espanol SA (a)............ 840,639 6,199,201
Banco Santander SA...................... 329,455 4,386,528
Enagas.................................. 50,857 1,116,516
Endesa SA............................... 109,715 3,141,314
Fomento de Construcciones y Contratas
SA (a)................................ 26,615 976,125
Gas Natural SDG SA (a).................. 53,700 993,282
Iberdrola SA............................ 120,126 1,019,954
Repsol YPF SA........................... 42,826 1,015,826
Telefonica SA........................... 43,141 1,023,881
------------
33,727,550
------------
SWEDEN -- 0.6%
Ratos AB (Class B) (a).................. 41,494 1,380,827
------------
SWITZERLAND -- 3.2%
Baloise Holding AG...................... 12,553 1,115,106
Swiss Prime Site AG (b)................. 58,337 3,655,242
Swisscom AG............................. 3,042 1,112,120
Zurich Financial Services AG............ 4,993 1,282,227
------------
7,164,695
------------
TURKEY -- 0.4%
Turkcell Iletisim Hizmetleri AS......... 146,012 887,276
------------
UNITED KINGDOM -- 7.0%
AstraZeneca PLC......................... 140,381 6,258,425
BP PLC.................................. 113,056 1,069,098
Close Brothers Group PLC................ 408,690 4,804,551
GlaxoSmithKline PLC..................... 55,394 1,063,364
IMI PLC................................. 126,548 1,266,941
Royal Dutch Shell PLC (Class A)......... 38,207 1,106,964
------------
15,569,343
------------
TOTAL COMMON STOCKS --
(Cost $213,319,984)................... 221,447,621
------------
SHORT TERM INVESTMENTS -- 14.6%
UNITED STATES -- 14.6%
MONEY MARKET FUNDS -- 14.6%
State Street Institutional Liquid
Reserves Fund (c)..................... 100 100
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 32,377,974 32,377,974
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $32,378,074).................... 32,378,074
------------
TOTAL INVESTMENTS -- 114.2%
(Cost $245,698,058)................... 253,825,695
OTHER ASSETS AND
LIABILITIES -- (14.2)%................ (31,484,588)
------------
NET ASSETS -- 100.0%.................... $222,341,107
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(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>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
150
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
AUSTRALIA -- 9.8%
Alumina, Ltd. .......................... 26,379 $ 41,766
Aristocrat Leisure, Ltd. (a)............ 8,870 36,880
Arrow Energy, Ltd. (a)(b)............... 11,471 52,959
Asciano Group (b)....................... 52,023 90,485
ASX, Ltd. .............................. 1,358 42,304
Bendigo and Adelaide Bank, Ltd. ........ 5,154 47,306
BlueScope Steel, Ltd. (b)............... 28,454 75,999
Boral, Ltd. (a)......................... 26,546 136,689
Caltex Australia, Ltd. ................. 3,450 35,814
CFS Retail Property Trust (a)........... 119,804 206,179
Cochlear, Ltd. (a)...................... 2,194 146,683
Computershare, Ltd. .................... 6,448 74,097
CSR, Ltd. (a)........................... 55,961 85,007
David Jones, Ltd. (a)................... 2,844 12,399
Dexus Property Group.................... 159,661 118,701
Downer EDI, Ltd. ....................... 1,833 12,719
Energy Resources of Australia Ltd. ..... 610 10,582
Fairfax Media, Ltd. (a)................. 19,170 31,671
Goodman Group........................... 88,533 53,225
GPT Group............................... 122,873 64,848
Harvey Norman Holdings, Ltd. (a)........ 27,952 92,874
Incitec Pivot, Ltd. .................... 24,422 77,783
Intoll Group............................ 15,263 15,690
Lend Lease Group........................ 1,762 14,005
Macquarie Atlas Roads Group (b)......... 2,568 2,216
MAp Group............................... 20,538 58,249
Metcash, Ltd. .......................... 43,249 164,342
Mirvac Group............................ 63,280 85,670
OneSteel, Ltd. ......................... 17,708 63,388
OZ Minerals, Ltd. (b)................... 53,974 56,723
Paladin Energy, Ltd. (b)................ 16,177 58,650
Qantas Airways, Ltd. (b)................ 9,156 23,867
Sims Metal Management, Ltd. ............ 1,838 36,541
Sonic Healthcare, Ltd. (a).............. 14,539 191,762
TABCORP Holdings, Ltd. ................. 9,082 57,518
Tatts Group, Ltd. ...................... 23,595 53,275
Toll Holdings, Ltd. (a)................. 13,182 89,775
Transurban Group........................ 9,305 43,130
-----------
2,561,771
-----------
AUSTRIA -- 0.7%
Andritz AG (a).......................... 2,233 132,491
Immoeast AG (b)......................... 4,394 24,139
Wienerberger AG (b)..................... 1,932 37,697
-----------
194,327
-----------
BELGIUM -- 0.4%
Ackermans & van haaren NV............... 1,512 110,805
-----------
CANADA -- 8.7%
Alimentation Couche-Tard, Inc.
(Class B)............................. 5,522 100,746
Biovail Corp. (a)....................... 973 16,294
Canadian Tire Corp., Ltd. (Class
A) (a)................................ 1,102 60,219
Celestica, Inc. (b)..................... 2,316 25,339
Eldorado Gold Corp. (a)(b).............. 6,211 75,483
Ensign Energy Services, Inc. (a)........ 853 12,359
Finning International, Inc. ............ 5,889 106,804
First Quantum Minerals, Ltd. (a)........ 1,346 110,872
Fortis, Inc. (a)........................ 7,457 212,343
Franco-Nevada Corp. .................... 1,843 49,502
Gerdau Ameristeel Corp. (a)(b).......... 1,955 15,416
Gildan Activewear, Inc. (a)(b).......... 3,023 79,616
IAMGOLD Corp. .......................... 5,495 73,119
Inmet Mining Corp. ..................... 1,493 86,838
Ivanhoe Mines, Ltd. (b)................. 4,824 84,398
Lundin Mining Corp. (b)................. 10,381 55,151
Metro, Inc. (a)......................... 3,941 163,575
Niko Resources, Ltd. (a)................ 1,493 159,417
Onex Corp. ............................. 5,464 155,591
Open Text Corp. (b)..................... 372 17,758
Pacific Rubiales Energy Corp. (b)....... 3,501 68,084
Petrobank Energy & Resources, Ltd. (b).. 1,987 108,932
Red Back Mining, Inc. (a)(b)............ 3,501 71,604
Silver Wheaton Corp. (b)................ 6,089 95,727
Sino-Forest Corp. (a)(b)................ 4,474 87,756
TMX Group, Inc. ........................ 2,984 88,001
TransAlta Corp. ........................ 1,833 40,597
Viterra, Inc. (b)....................... 5,967 56,403
-----------
2,277,944
-----------
CHINA -- 0.1%
Shui On Land, Ltd. ..................... 29,500 15,083
-----------
DENMARK -- 1.1%
DSV A/S (a)............................. 8,446 151,208
FLSmidth & Co. A/S...................... 372 25,855
Jyske Bank A/S (b)...................... 2,835 100,891
-----------
277,954
-----------
FINLAND -- 2.5%
Elisa Oyj (b)........................... 5,464 112,896
Metso Oyj (a)........................... 2,443 79,037
Neste Oil Oyj (a)....................... 610 10,656
Nokian Renkaat Oyj (a).................. 1,833 47,695
Orion Oyj (Class B) (a)................. 6,056 134,224
Outokumpu Oyj........................... 2,569 56,487
Pohjola Bank PLC (a).................... 3,358 37,803
Rautaruukki Oyj (a)..................... 1,225 26,521
Stora Enso Oyj (a)...................... 13,126 100,171
Wartsila Oyj (a)........................ 1,225 62,158
-----------
667,648
-----------
FRANCE -- 4.4%
Air France-KLM (a)(b)................... 2,627 41,607
Atos Origin SA (b)...................... 2,235 112,439
Bourbon SA (a).......................... 2,613 113,158
Compagnie Generale de Geophysique-
Veritas (b)........................... 2,255 64,091
EDF Energies Nouvelles SA (a)........... 243 11,645
Euler Hermes SA......................... 184 13,743
Eurazeo................................. 243 16,910
Fonciere des Regions (a)(b)............. 118 13,021
Groupe Eurotunnel SA (a)................ 5,329 54,405
Neopost SA.............................. 1,712 137,068
Nexans SA............................... 1,118 95,471
Nexity.................................. 270 10,631
SCOR SE................................. 7,266 183,851
Valeo SA (b)............................ 3,518 125,788
Wendel (a).............................. 672 40,095
</Table>
See accompanying notes to financial statements.
151
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Zodiac Aerospace (a).................... 2,301 $ 113,393
-----------
1,147,316
-----------
GERMANY -- 2.6%
Bilfinger Berger AG..................... 1,852 123,781
GEA Group AG............................ 1,041 24,171
Lanxess AG.............................. 3,247 149,885
MTU Aero Engines Holding AG............. 302 17,602
ProSiebenSat.1 Media AG Preference
Shares................................ 2,809 47,511
Rhoen-Klinikum AG....................... 4,480 114,873
SGL Carbon AG (a)(b).................... 1,361 39,870
Sky Deutschland AG (b).................. 5,338 13,795
Solarworld AG (a)....................... 1,343 20,289
Tognum AG............................... 1,284 24,184
TUI AG (a)(b)........................... 1,833 20,648
United Internet AG (a)(b)............... 5,570 84,638
-----------
681,247
-----------
GREECE -- 0.3%
Marfin Investment Group SA (b).......... 11,599 26,681
Titan Cement Co. SA..................... 2,215 58,743
-----------
85,424
-----------
HONG KONG -- 2.6%
ASM Pacific Technology, Ltd. ........... 2,300 21,786
Chinese Estates Holdings, Ltd. ......... 37,623 62,893
Fosun International..................... 21,000 16,795
Fushan International Energy
Group, Ltd. .......................... 40,000 30,394
GCL Poly Energy Holdings, Ltd. ......... 134,000 31,409
GOME Electrical Appliances Holdings,
Ltd. (b).............................. 152,000 51,093
Hopewell Holdings....................... 40,000 118,485
Melco Crown Entertainment Ltd,
ADR (a)(b)............................ 2,629 12,672
Mongolia Energy Co., Ltd. (b)........... 88,000 40,686
NWS Holdings, Ltd. ..................... 34,139 68,149
Shangri-La Asia, Ltd. .................. 26,000 51,031
The Link REIT........................... 75,963 187,249
-----------
692,642
-----------
IRELAND -- 1.6%
Allied Irish Banks PLC (b).............. 14,657 23,759
Dragon Oil PLC (b)...................... 6,402 47,237
Elan Corp. PLC (b)...................... 8,552 64,570
Kerry Group PLC (Class A)............... 5,495 171,012
The Governor & Co. of the Bank of
Ireland (b)........................... 17,096 37,012
Willis Group Holdings PLC (a)........... 2,722 85,171
-----------
428,761
-----------
ITALY -- 2.3%
Banca Popolare dell'Emilia
Romagna Scrl.......................... 1,225 16,642
Banca Popolare di Milano Scarl.......... 10,839 67,428
Davide Campari-Milano SpA............... 20,236 216,723
EXOR SpA................................ 4,029 40,479
Fondiaria-Sai SpA (a)................... 853 12,858
Geox SpA (a)............................ 1,465 10,179
Mediolanum SpA (a)...................... 2,076 12,170
Parmalat SpA............................ 34,916 95,789
Pirelli & C. SpA (b).................... 51,045 31,426
Prysmian SpA............................ 2,443 48,097
Saras SpA (a)........................... 11,617 31,752
Unipol Gruppo Finanziario SpA (a)(b).... 9,285 10,503
Unipol Gruppo Finanziario SpA Preference
Shares (b)............................ 22,227 16,677
-----------
610,723
-----------
JAPAN -- 25.7%
Advantest Corp. (a)..................... 3,300 82,571
Alfresa Holdings Corp. (a).............. 1,500 64,694
Amada Co., Ltd. (a)..................... 19,000 159,418
Aozora Bank, Ltd. (a)................... 19,000 26,841
Brother Industries, Ltd. (a)............ 2,300 27,815
Casio Computer Co., Ltd. (a)............ 9,500 73,100
Cosmo Oil Co., Ltd. (a)................. 38,000 91,909
Credit Saison Co., Ltd. (a)............. 6,000 93,108
Electric Power Development Co.,
Ltd. (a).............................. 1,300 42,851
Elpida Memory, Inc. (a)(b).............. 3,400 66,988
Fuji Heavy Industries, Ltd. (a)(b)...... 25,000 129,495
Fukuoka Financial Group, Inc. (a)....... 33,000 140,208
Furukawa Electric Co., Ltd. (a)......... 23,000 119,628
Hirose Electric Co., Ltd. (a)........... 1,500 173,052
Hitachi Metals, Ltd. ................... 1,000 10,520
Hokkaido Electric Power Co., Inc. (a)... 3,700 71,038
Hokuhoku Financial Group, Inc. (a)...... 52,000 114,084
Idemitsu Kosan Co., Ltd. (a)............ 1,500 113,656
IHI Corp. (a)........................... 5,000 9,150
Isetan Mitsukoshi Holdings, Ltd. (a).... 11,500 123,689
Isuzu Motors, Ltd. (b).................. 15,000 40,614
J Front Retailing Co., Ltd. (a)......... 23,000 135,381
Japan Real Estate Investment Corp. (a).. 19 162,061
JSR Corp. (a)........................... 1,300 27,171
Kajima Corp. (a)........................ 41,000 100,482
Kawasaki Heavy Industries, Ltd. (a)..... 4,000 11,045
Kawasaki Kisen Kaisha, Ltd. (a)(b)...... 3,000 11,976
Keihin Electric Express Railway Co.,
Ltd. (a).............................. 33,000 271,233
Konami Corp. (a)........................ 4,100 79,113
Konica Minolta Holdings, Inc. (a)....... 7,500 87,570
Kuraray Co., Ltd. (a)................... 18,500 249,069
Kurita Water Industries, Ltd. (a)....... 3,300 93,413
Makita Corp. (a)........................ 1,300 42,851
Marui Group Co., Ltd. (a)............... 17,400 126,254
Mazda Motor Corp. (a)................... 2,000 5,629
MEDIPAL HOLDINGS Corp. (a).............. 7,500 88,854
Mitsubishi Gas Chemical Co., Inc. ...... 19,000 114,480
Mitsubishi Materials Corp. (a)(b)....... 3,000 8,637
Mitsui Chemicals, Inc. (a).............. 15,000 45,430
Mitsui Engineering & Shipbuilding Co.,
Ltd. (a).............................. 37,000 92,262
Mitsumi Electric Co., Ltd. (a).......... 1,300 28,465
Namco Bandai Holdings, Inc. (a)......... 9,500 92,621
NGK Spark Plug Co., Ltd. (a)............ 12,000 163,099
Nippon Mining Holdings, Inc. (a)(c)..... 8,500 39,753
Nippon Paper Group, Inc. (a)............ 1,300 33,460
Nippon Sheet Glass Co., Ltd. (a)........ 33,000 97,474
Nipponkoa Insurance Co., Ltd. (b)(c).... 13,000 81,667
Nisshin Steel Co., Ltd. (a)............. 37,000 77,215
NTN Corp. (a)........................... 23,000 103,874
Obayashi Corp. (a)...................... 32,000 142,123
</Table>
See accompanying notes to financial statements.
152
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
OJI Paper Co., Ltd. (a)................. 14,000 $ 61,430
OMRON Corp. (a)......................... 1,300 30,190
SBI Holdings, Inc. (a).................. 349 68,911
Sega Sammy Holdings, Inc. (a)........... 1,300 15,749
Seiko Epson Corp. (a)................... 1,300 20,201
Shimano, Inc. (a)....................... 3,700 163,736
Shimizu Corp. (a)....................... 23,000 95,997
Shinko Electric Industries Co.,
Ltd. (a).............................. 1,300 20,118
Shinsei Bank, Ltd. (a).................. 19,000 22,977
Showa Denko K.K. ....................... 52,000 117,423
Showa Shell Sekiyu K.K. (a)............. 18,800 127,158
Sojitz Corp. (a)........................ 22,600 43,778
Stanley Electric Co., Ltd. (a).......... 5,800 112,536
Sumitomo Heavy Industries, Ltd. (a)..... 2,000 12,051
Suzuken Co., Ltd. ...................... 1,800 63,474
Taisei Corp. (a)........................ 52,000 114,640
Taiyo Nippon Sanso Corp. ............... 1,000 9,782
Takashimaya Co., Ltd. (a)............... 15,000 123,288
Teijin, Ltd. (a)........................ 3,000 10,081
The Bank of Kyoto, Ltd. (a)............. 15,000 138,217
The Gunma Bank, Ltd. ................... 23,000 127,258
The Hachijuni Bank, Ltd. (a)............ 33,000 187,885
The Joyo Bank, Ltd. (a)................. 33,000 147,271
THK Co., Ltd. (a)....................... 7,100 155,009
Ube Industries, Ltd. (a)................ 41,000 105,308
Yakult Honsha Co., Ltd. (a)............. 1,300 35,088
Yamaha Corp. (a)........................ 7,500 96,880
Yokogawa Electric Corp. (a)(b).......... 12,600 109,765
-----------
6,723,292
-----------
LUXEMBOURG -- 0.7%
Acergy SA............................... 3,445 63,088
GAGFAH SA (a)........................... 1,225 10,981
Oriflame Cosmetics SA SDR............... 1,738 108,671
-----------
182,740
-----------
NETHERLANDS -- 2.9%
Core Laboratories NV (a)................ 672 87,898
Fugro NV................................ 853 55,851
Gemalto NV (b).......................... 3,146 136,390
James Hardie Industries SE (b).......... 4,198 27,974
Koninklijke Boskalis Westminster NV..... 2,321 89,113
QIAGEN NV (b)........................... 4,052 93,481
SBM Offshore NV......................... 3,557 71,304
SNS REAAL NV (b)........................ 2,196 13,790
TomTom NV (a)(b)........................ 2,207 18,697
Wereldhave NV........................... 1,805 173,309
-----------
767,807
-----------
NEW ZEALAND -- 0.2%
Contact Energy, Ltd. (b)................ 7,083 32,165
Fletcher Building, Ltd. ................ 3,364 19,931
-----------
52,096
-----------
NORWAY -- 0.7%
Aker Solutions ASA (a).................. 1,225 19,193
Marine Harvest (b)...................... 46,209 41,105
Renewable Energy Corp. ASA (a)(b)....... 4,884 22,874
Storebrand ASA (b)...................... 12,249 96,969
-----------
180,141
-----------
PORTUGAL -- 0.1%
Banco BPI SA (a)........................ 10,138 26,997
Sonae (a)............................... 10,499 12,501
-----------
39,498
-----------
SINGAPORE -- 2.5%
CapitaMall Trust........................ 75,000 94,954
Fraser and Neave, Ltd. ................. 58,000 199,135
Golden Agri-Resources, Ltd. (b)......... 114,000 47,294
Neptune Orient Lines, Ltd. (a)(b)....... 16,000 23,004
Olam International, Ltd. (a)............ 14,096 26,114
Singapore Press Holdings, Ltd. (a)...... 94,000 256,843
-----------
647,344
-----------
SOUTH KOREA -- 4.5%
Amorepacific Corp. Preference Shares.... 118 26,073
Cheil Industries, Inc. ................. 1,267 71,555
Daelim Industrial Co. Ltd. ............. 610 40,435
Daewoo Engineering & Construction
Co., Ltd. ............................ 2,662 25,880
Daewoo International Corp. ............. 909 28,922
Daewoo Securities Co., Ltd. (b)......... 1,980 35,699
Daewoo Securities Co., Ltd. Preference
Shares (b)............................ 1,918 12,612
Daewoo Shipbuilding & Marine Engineering
Co., Ltd. ............................ 1,710 32,796
Dongbu Insurance Co., Ltd. ............. 950 27,120
Doosan Infracore Co., Ltd. (b).......... 1,350 24,460
Glovis Co., Ltd. ....................... 243 21,133
GS Engineering & Construction Corp. .... 490 42,225
GS Holdings............................. 562 19,918
Hanwha Corp. ........................... 2,048 74,665
Hyosung Corp. .......................... 372 26,697
Hyundai Development Co. ................ 656 19,162
Hyundai Merchant Marine Co., Ltd. ...... 1,180 31,861
Hyundai Mipo Dockyard Co., Ltd. ........ 112 15,393
Hyundai Securities Co., Ltd. (b)........ 3,912 47,022
KCC Corp. .............................. 107 33,477
Kia Motors Corp. ....................... 2,948 65,789
Korea Zinc Co., Ltd. ................... 134 23,923
Korean Air Lines Co., Ltd. (b).......... 530 31,150
LG Household & Health Care, Ltd. ....... 118 31,548
LS Corp. ............................... 243 21,219
Mirae Asset Securities Co., Ltd. (b).... 619 31,184
NCSoft Corp. ........................... 243 30,819
OCI Co., Ltd. .......................... 243 42,310
Samsung Engineering Co., Ltd. .......... 491 50,773
Samsung Securities Co., Ltd. (b)........ 870 46,904
Samsung Techwin Co., Ltd. .............. 720 54,026
SK Holdings Co., Ltd. .................. 490 43,524
SK Networks Co., Ltd. .................. 1,180 11,994
Woori Investment & Securities Co.,
Ltd. (b).............................. 2,196 30,472
-----------
1,172,740
-----------
SPAIN -- 2.1%
Bolsas y Mercados Espanoles (a)......... 2,683 71,954
Ebro Puleva SA.......................... 11,334 209,107
Enagas.................................. 1,225 26,893
Grifols SA (a).......................... 1,100 16,462
</Table>
See accompanying notes to financial statements.
153
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grupo Catalana Occidente SA............. 610 $ 12,438
Indra Sistemas SA (a)................... 9,260 190,201
Tecnicas Reunidas SA.................... 243 15,306
-----------
542,361
-----------
SWEDEN -- 2.9%
Alfa Laval AB (a)....................... 3,051 45,063
Boliden AB (a).......................... 4,272 61,258
Getinge AB (Class B) (a)................ 7,556 181,735
Hexagon AB (Class B).................... 2,929 41,918
Husqvarna AB (Class B) (a).............. 5,860 42,747
Industrivarden AB....................... 1,586 21,321
Kinnevik Investment AB (Class B) (a).... 3,912 72,293
Lundin Petroleum AB (a)(b).............. 7,072 60,088
Meda AB (Class A) (a)................... 3,505 38,595
Modern Times Group AB (Class B) (a)..... 1,981 115,607
SSAB AB (Series A) (a).................. 3,911 70,536
-----------
751,161
-----------
SWITZERLAND -- 5.1%
Aryzta AG............................... 1,712 75,145
Baloise Holding AG...................... 1,215 107,931
Banque Cantonale Vaudoise............... 75 35,058
Basellandschaftliche Kantonalbank....... 258 269,631
Clariant AG (b)......................... 5,489 69,933
EFG International AG.................... 1,439 25,019
Foster Wheeler AG (a)(b)................ 1,943 52,733
Logitech International SA (a)(b)........ 1,645 27,116
Nobel Biocare Holding AG (a)............ 2,696 72,231
Panalpina Welttransport Holding AG...... 345 29,352
PSP Swiss Property AG (b)............... 3,464 222,804
Sika AG................................. 110 186,024
Straumann Holding AG (a)................ 154 38,407
Sulzer AG............................... 909 88,521
Swiss Life Holding AG (b)............... 372 48,950
-----------
1,348,855
-----------
UNITED KINGDOM -- 14.7%
3i Group PLC............................ 16,484 72,813
Aberdeen Asset Management PLC........... 7,450 14,691
Admiral Group PLC....................... 6,936 138,880
Aggreko PLC............................. 9,937 179,675
AMEC PLC................................ 2,196 26,616
ARM Holdings PLC........................ 4,350 15,724
Ashmore Group PLC....................... 3,660 14,640
Balfour Beatty PLC...................... 24,302 107,716
British Airways PLC (a)(b).............. 9,036 33,307
Bunzl PLC............................... 7,342 80,298
Burberry Group PLC...................... 1,715 18,588
Cobham PLC.............................. 47,657 185,788
Dana Petroleum PLC (b).................. 1,661 30,285
Drax Group PLC.......................... 12,032 68,187
easyJet PLC (b)......................... 3,658 25,464
FirstGroup PLC.......................... 11,687 63,644
GKN PLC (b)............................. 18,593 38,921
Hammerson PLC........................... 8,181 48,820
Hays PLC................................ 59,379 97,728
Home Retail Group PLC................... 15,607 64,157
ICAP PLC................................ 4,641 26,315
IG Group Holdings PLC................... 3,176 19,377
Inchcape PLC (b)........................ 128,670 57,539
Informa PLC............................. 24,662 144,888
Inmarsat PLC............................ 17,736 203,392
Intercontinental Hotels Group PLC....... 3,910 61,209
Intertek Group PLC...................... 7,378 163,175
Invensys PLC............................ 15,107 78,074
Investec PLC............................ 16,664 136,246
ITV PLC (b)............................. 57,614 53,092
Johnson Matthey PLC..................... 1,225 32,444
Liberty International PLC............... 3,539 27,030
Logica PLC.............................. 57,015 118,054
London Stock Exchange Group PLC (a)..... 3,921 42,259
Lonmin PLC (b).......................... 2,443 75,524
Pennon Group PLC........................ 15,234 120,742
Persimmon PLC (b)....................... 3,298 23,288
Petrofac, Ltd. ......................... 3,828 69,797
Petropavlovsk PLC....................... 2,316 41,806
Premier Oil PLC (b)..................... 610 11,428
Randgold Resources, Ltd. ............... 1,570 119,434
Rentokil Initial PLC (b)................ 27,503 54,402
Resolution, Ltd. ....................... 25,330 31,488
Rexam PLC............................... 17,840 79,263
Segro PLC............................... 11,109 53,857
Serco Group PLC......................... 19,885 181,283
Tate & Lyle PLC......................... 8,342 57,474
Taylor Wimpey PLC (b)................... 17,337 9,901
Thomas Cook Group PLC................... 7,061 28,898
Tomkins PLC............................. 35,926 128,611
Travis Perkins PLC (b).................. 2,196 27,265
Tui Travel PLC (a)...................... 23,779 108,752
Virgin Media, Inc. (a).................. 4,257 73,476
William Hill PLC........................ 18,189 58,272
-----------
3,843,997
-----------
TOTAL COMMON STOCKS --
(Cost $23,789,627).................... 26,003,677
-----------
WARRANTS -- 0.0% (D)
FRANCE -- 0.0% (D)
Fonciere des Regions
(expiring 12/31/10) (a)(b)
(Cost $0)............................. 88 99
-----------
SHORT TERM INVESTMENTS -- 20.4%
UNITED STATES -- 20.4%
MONEY MARKET FUNDS -- 20.4%
State Street Institutional Liquid
Reserves Fund (e)..................... 17,219 17,219
State Street Navigator Securities
Lending Prime Portfolio (e)(f)........ 5,310,349 5,310,349
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $5,327,568)..................... 5,327,568
-----------
TOTAL INVESTMENTS -- 119.6%
(Cost $29,117,195).................... 31,331,344
OTHER ASSETS AND
LIABILITIES -- (19.6)%................ (5,124,854)
-----------
NET ASSETS -- 100.0%.................... $26,206,490
===========
</Table>
See accompanying notes to financial statements.
154
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is detemined based on Level 2
inputs.
(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
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
155
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.7%
BRAZIL -- 8.0%
Anhanguera Educacional Participacoes
SA (a)................................ 40,291 $ 582,229
Centrais Eletricas de Santa Catarina SA
Preference Shares (a)................. 32,119 662,105
Companiha de Tecidos Norte de Minas-
Coteminas Preference Shares........... 124,310 402,595
Confab Industrial SA Preference Shares.. 278,076 736,986
Diagnosticos da America SA.............. 153,007 1,337,429
Eternit SA.............................. 110,971 503,651
LLX Logistica SA (a)(b)................. 249,131 1,168,390
Localiza Rent a Car SA.................. 44,138 464,949
Lojas Renner SA......................... 51,593 1,179,467
Lupatech SA (a)......................... 29,062 392,444
Magnesita Refratarios SA (a)............ 76,076 607,432
Marcopolo SA Preference Shares.......... 220,968 990,499
Randon SA Implementos e Participacoes
Preference Shares..................... 104,754 804,716
Rossi Residencial SA.................... 23,107 160,417
Sao Martinho SA......................... 50,062 456,945
Totvs SA(b)............................. 24,073 1,510,582
Transmissora Alianca de Energia
Electrica SA.......................... 44,445 955,292
------------
12,916,128
------------
CHILE -- 2.4%
Almendral SA............................ 5,658,841 571,546
Companhia Sudamericana de Vapores
SA (a)................................ 616,420 495,720
Empresas La Polar SA.................... 212,081 1,168,011
Masisa SA............................... 5,277,718 784,492
Vina Concha Y Toro SA................... 370,713 847,748
------------
3,867,517
------------
CHINA -- 10.3%
AAC Acoustic Technology
Holdings, Inc. ....................... 466,000 778,997
Anhui Expressway Co., Ltd. ............. 1,116,000 761,755
BBMG Corp. (a).......................... 426,000 429,583
Brilliance China Automotive Holdings,
Ltd. (a).............................. 3,152,000 897,127
China Green Holdings, Ltd. ............. 495,000 623,476
China Hongxing Sports, Ltd. ............ 1,252,000 129,852
China Huiyuan Juice Group, Ltd. ........ 625,900 448,989
China Medical Technologies, Inc.
ADR (c)............................... 11,857 161,492
China Shanshui Cement Group, Ltd. ...... 1,058,000 591,358
E-House China Holdings, Ltd. (c)........ 12,386 235,706
Focus Media Holding, Ltd. ADR (a)(c).... 21,951 400,825
Giant Interactive Group, Inc. ADR (c)... 57,654 438,170
Great Wall Motor Co., Ltd. ............. 444,500 923,955
Harbin Power Equipment Co., Ltd. ....... 526,000 434,229
Home Inns & Hotels Management, Inc.
ADR (a)............................... 31,320 1,025,417
Metallurgical Corp. of China, Ltd. (a).. 777,000 425,290
Ports Design, Ltd. ..................... 312,500 792,851
Semiconductor Manufacturing
International Corp. (a)............... 9,497,000 1,223,100
Shanghai Electric Group Co., Ltd. ...... 1,368,000 665,968
Shenzhen International Holdings, Ltd. .. 7,795,000 602,341
SINA Corp. (a)(c)....................... 20,437 770,271
TPV Technology, Ltd. ................... 1,274,000 858,117
Wumart Stores, Inc. .................... 326,000 657,483
WuXi PharmaTech Cayman, Inc.
ADR (a)(c)............................ 16,109 250,817
Xinjiang Xinxin Mining Industry
Co., Ltd. ............................ 1,116,000 620,902
Zhejiang Southeast Electric Power
Co. (a)............................... 706,400 459,160
Zhuzhou CSR Times Electric Co., Ltd. ... 625,000 1,184,849
------------
16,792,080
------------
CZECH REPUBLIC -- 0.5%
Philip Morris CR AS..................... 1,540 811,860
------------
EGYPT -- 2.4%
Eastern Tobacco......................... 20,495 465,288
Egyptian Financial Group-Hermes
Holding............................... 99,482 569,501
Egyptian for Tourism Resorts (a)........ 503,902 199,511
Egyptian Kuwait Holding Co. ............ 285,951 640,530
Maridive & Oil Services SAE............. 42,164 196,063
Misr Beni Suef Cement Co. .............. 26,021 836,490
Olympic Group Financial Investments..... 41,143 233,512
Six of October Development & Investment
Co. (a)............................... 20,075 350,383
Suez Cement Co. ........................ 41,357 334,251
------------
3,825,529
------------
HONG KONG -- 2.9%
Chaoda Modern Agriculture
Holdings, Ltd. ....................... 923,120 983,193
China Everbright International, Ltd. ... 1,343,000 683,201
China Power International Development,
Ltd. (a).............................. 2,777,000 661,642
China Travel International Investment
Hong Kong, Ltd. ...................... 2,246,000 610,334
GZI Transportation, Ltd. ............... 248,549 127,400
Lee & Man Paper Manufacturing, Ltd. .... 434,000 339,276
Shougang Concord International
Enterprises Co., Ltd. ................ 2,900,000 612,516
Yuexiu Property Co., Ltd. .............. 2,828,000 761,204
------------
4,778,766
------------
INDIA -- 9.2%
Amtek Auto, Ltd. ....................... 89,929 387,599
Anant Raj Industries, Ltd. ............. 181,548 539,448
Ashok Leyland, Ltd. .................... 760,761 946,397
Bharat Forge, Ltd. ..................... 134,088 764,596
CESC, Ltd. ............................. 69,572 592,358
Divi's Laboratories, Ltd. .............. 45,773 692,279
Educomp Solutions, Ltd. ................ 27,479 457,830
Glenmark Pharmaceuticals, Ltd. ......... 108,281 644,814
GTL, Ltd. .............................. 90,639 827,753
India Cements, Ltd. .................... 121,104 353,372
Indiabulls Financial Services, Ltd. .... 63,075 148,713
IRB Infrastructure Developers, Ltd. .... 134,990 765,981
IVRCL Infrastructures &
Projects, Ltd. ....................... 297,114 1,096,599
</Table>
See accompanying notes to financial statements.
156
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
LIC Housing Finance, Ltd. .............. 12,881 $ 250,892
MAX India, Ltd. (a)..................... 117,840 543,594
Moser Baer India, Ltd. ................. 229,589 373,827
Nagarjuna Construction Co., Ltd. ....... 171,338 622,076
Patni Computer Systems, Ltd. ........... 102,110 1,219,088
Punj Lloyd, Ltd. ....................... 131,367 519,674
Sintex Industries, Ltd. ................ 80,450 537,677
United Phosphorus, Ltd. ................ 177,295 585,652
Welspun-Gujarat Stahl, Ltd. ............ 83,917 511,502
Yes Bank, Ltd. (a)...................... 135,831 769,089
Zee Entertainment Enterprises, Ltd. .... 139,491 834,243
------------
14,985,053
------------
INDONESIA -- 1.8%
Bakrie and Brothers Tbk PT (a).......... 29,816,500 239,200
Bank Panin Indonesia Tbk PT (a)......... 9,405,500 1,023,292
Darma Henwa PT Tbk (a).................. 30,510,049 352,058
Energi Mega Persada Tbk PT (a).......... 7,500,000 121,161
Kalbe Farma Tbk PT...................... 3,556,000 730,779
Lippo Karawaci Tbk PT (a)............... 6,766,500 446,167
------------
2,912,657
------------
ISRAEL -- 3.6%
Clal Industries and Investments, Ltd. .. 107,123 736,529
Elbit Imaging, Ltd. (a)................. 13,249 301,974
First International Bank of Israel,
Ltd. (a).............................. 37,338 700,520
Isramco Negev 2 -- LP (a)............... 5,600,299 859,544
Koor Industries, Ltd. .................. 17,910 497,897
NICE Systems, Ltd. (a).................. 36,561 1,165,835
Orbotech, Ltd. (a)(c)................... 62,361 675,370
Osem Investments, Ltd. ................. 55,460 851,960
------------
5,789,629
------------
MALAYSIA -- 4.8%
Alliance Financial Group Bhd............ 1,242,200 1,096,731
Bursa Malaysia Bhd...................... 299,000 720,460
Gamuda Bhd.............................. 1,249,800 1,111,104
IGB Corp. Bhd........................... 1,645,400 953,343
KNM Group Bhd (a)....................... 2,358,250 520,521
Kulim Malaysia Bhd...................... 280,700 611,826
Malaysian Bulk Carriers Bhd............. 427,600 416,851
Media Prima Bhd......................... 1,425,400 939,488
Parkson Holdings Bhd.................... 323,494 585,106
SP Setia Bhd............................ 698,100 894,561
------------
7,849,991
------------
MEXICO -- 3.1%
Axtel SAB de CV (a)..................... 548,213 422,104
Consorcio ARA SAB de CV (a)(c).......... 697,887 471,666
Corporacion GEO SAB de CV (a)........... 218,370 664,398
Empresas ICA SAB de CV (a)(c)........... 234,442 602,023
Grupo Aeroportuario del Sureste SAB de
CV (c)................................ 179,601 953,433
Industrias CH SAB, Series B (a)......... 152,876 613,352
Promotora y Operadora de
Infraestructura, SAB de CV (a)........ 185,110 465,582
TV Azteca SAB de CV..................... 1,409,169 819,760
------------
5,012,318
------------
MOROCCO -- 0.3%
Samir (a)............................... 5,707 430,556
------------
PERU -- 0.2%
Sociedad Minera El Brocal SA............ 17,925 287,304
------------
PHILIPPINES -- 0.3%
Megaworld Corp. ........................ 17,458,000 494,495
------------
POLAND -- 2.6%
Agora SA (a)............................ 44,014 414,053
Asseco Poland SA........................ 26,731 532,165
Ciech SA (a)............................ 22,879 269,920
Echo Investment SA (a).................. 258,184 398,167
Emperia Holding SA...................... 9,025 241,354
Grupa Lotos SA (a)...................... 51,616 533,690
LPP SA (a).............................. 612 395,759
Orbis SA (a)............................ 31,645 441,440
PBG SA (a).............................. 6,255 472,452
Polimex- Mostostal SA................... 260,828 466,238
------------
4,165,238
------------
RUSSIA -- 1.3%
AK Transneft OAO Preference Shares...... 335 388,600
Integra Group Holdings GDR (a).......... 146,634 441,368
Inter Rao Ues OAO (a)................... 96,888,036 174,399
LSR Group GDR (a)....................... 17,859 166,089
OGK-2 OAO (a)........................... 3,479,563 207,034
PIK Group GDR (a)....................... 80,748 415,852
Vsmpo-Avisma Corp. ..................... 3,146 352,352
------------
2,145,694
------------
SOUTH AFRICA -- 10.0%
Afgri, Ltd. ............................ 942,501 821,357
Aquarius Platinum, Ltd. ................ 107,218 700,486
Aveng, Ltd. ............................ 132,162 676,651
Coronation Fund Managers, Ltd. ......... 235,245 311,997
DataTec, Ltd. .......................... 172,810 764,755
Foschini, Ltd. ......................... 167,221 1,525,583
Gold Reef Resorts, Ltd. ................ 245,424 633,281
Grindrod, Ltd. ......................... 265,348 553,173
Hosken Consolidated Investments,
Ltd. (a).............................. 67,404 715,897
Investec, Ltd. ......................... 73,371 624,317
JD Group, Ltd. ......................... 140,168 844,564
JSE, Ltd. .............................. 78,148 689,546
Lewis Group, Ltd. ...................... 145,999 1,123,230
Merafe Resources, Ltd. ................. 1,231,661 275,046
Metorex, Ltd. (a)....................... 277,497 145,475
Mvelaphanda Resources, Ltd. (a)......... 90,095 558,190
Netcare, Ltd. (a)....................... 504,493 906,775
Northam Platinum, Ltd. ................. 85,675 559,971
Reunert, Ltd. .......................... 125,617 991,909
SA Corporate Real Estate Fund........... 2,403,952 916,546
The Spar Group, Ltd. ................... 44,120 447,571
Tongaat Hulett, Ltd. ................... 21,934 307,628
Wilson Bayly Holmes-Ovcon, Ltd. ........ 27,449 443,097
Woolworths Holdings, Ltd. .............. 229,675 704,604
------------
16,241,649
------------
TAIWAN -- 29.2%
A-DATA Technology Co., Ltd. (a)......... 54,000 153,372
</Table>
See accompanying notes to financial statements.
157
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Asia Optical Co., Inc. ................. 180,540 $ 361,558
BES Engineering Corp. .................. 1,258,000 306,201
Capital Securities Corp. (a)............ 1,057,100 544,228
Catcher Technology Co., Ltd. ........... 179,000 439,637
Cathay Real Estate Development Co.,
Ltd. (a).............................. 789,000 334,154
Chicony Electronics Co., Ltd. .......... 238,372 634,248
China Bills Finance Corp. (d)........... 1,498,394 442,564
China Life Insurance Co., Ltd. (a)...... 789,655 609,187
China Petrochemical Development
Corp. (a)............................. 1,165,780 504,738
China Synthetic Rubber Corp. ........... 307,000 306,439
Chinese Gamer International Corp. ...... 7,000 75,713
Chong Hong Construction Co., Ltd. ...... 55,000 98,542
Clevo Co. (a)........................... 307,053 651,659
CMC Magnetics Corp. (a)................. 1,609,000 441,287
Coretronic Corp. ....................... 642,420 911,299
D-Link Corp. ........................... 497,904 514,241
Dynamic Electronics Co., Ltd. .......... 194,000 214,415
E.Sun Financial Holding Co., Ltd. (a)... 3,043,562 1,231,494
Epistar Corp. .......................... 209,000 694,297
Eternal Chemical Co., Ltd. ............. 155,000 158,377
Everlight Electronics Co., Ltd. ........ 190,503 591,460
Far Eastern Department Stores, Ltd. .... 402,629 333,432
Far Eastern International Bank (a)...... 1,456,669 470,145
Faraday Technology Corp. ............... 151,323 281,128
Farglory Land Development Co., Ltd. .... 52,000 110,687
Feng Hsin Iron & Steel Co., Ltd. ....... 267,270 452,772
Formosa Taffeta Co., Ltd. .............. 721,000 574,384
Formosan Rubber Group, Inc. ............ 103,000 90,974
Giant Manufacturing Co., Ltd. .......... 279,660 811,030
Gintech Energy Corp. (a)................ 288,294 935,017
Global Unichip Corp. ................... 60,669 275,091
Goldsun Development & Construction
Co., Ltd. ............................ 986,516 416,251
Greatek Electronics, Inc. .............. 528,900 544,588
HannStar Display Corp. (a).............. 2,434,474 536,599
Highwealth Construction Corp. .......... 128,000 201,524
Himax Technologies, Inc. ADR (c)........ 159,892 500,462
Hotai Motor Co., Ltd. .................. 191,000 421,598
Huaku Development Co., Ltd. ............ 57,000 147,893
Huang Hsiang Construction Co. (a)....... 42,000 73,531
Inventec Co., Ltd. ..................... 1,801,405 1,029,520
KGI Securities Co., Ltd. ............... 1,187,000 556,909
King Yuan Electronics Co., Ltd. ........ 752,994 366,325
Kinsus Interconnect Technology Corp. ... 179,030 469,025
Largan Precision Co., Ltd. ............. 32,220 484,446
LEE Chang Yung Chemical
Industry Corp. ....................... 132,000 155,866
Macronix International Co., Ltd. ....... 1,193,656 789,306
Makalot Industrial Co., Ltd. ........... 406,000 919,183
Mitac International Corp. .............. 786,999 361,804
Motech Industries, Inc. ................ 68,000 289,061
Nan Kang Rubber Tire Co., Ltd. (a)...... 384,000 562,857
Nan Ya Printed Circuit Board Corp. ..... 59,000 234,083
Nanya Technology Corp. (a).............. 871,948 831,917
Novatek Microelectronics Corp., Ltd. ... 199,000 620,348
Oriental Union Chemical Corp. .......... 140,000 117,041
Phison Electronics Corp. ............... 29,000 234,681
PixArt Imaging, Inc. ................... 22,000 144,090
Polaris Securities Co., Ltd. (a)........ 1,541,920 801,111
Pou Chen Corp. ......................... 495,000 404,473
Powertech Technology, Inc. ............. 203,000 725,502
President Securities Corp. (a).......... 795,924 459,891
Prime View International Co., Ltd. (a).. 133,000 240,805
Qisda Corp. (a)......................... 862,080 485,901
Radium Life Tech Co., Ltd. (a).......... 129,000 108,455
Realtek Semiconductor Corp. ............ 187,000 504,626
RichTek Technology Corp. ............... 57,455 615,111
Ritek Corp. (a)......................... 2,300,596 599,815
Ruentex Development Co., Ltd. .......... 328,000 464,765
Ruentex Industries, Ltd. (a)............ 145,000 330,106
Silicon Motion Technology Corp.
ADR (a)(c)............................ 36,947 165,153
Simplo Technology Co., Ltd. ............ 92,530 527,361
Solar Applied Materials
Technology Corp. ..................... 123,423 293,031
St. Shine Optical Co., Ltd. ............ 13,000 94,559
Taichung Commercial Bank................ 1,057,848 272,473
Taishin Financial Holdings Co.,
Ltd. (a).............................. 1,009,266 409,961
Taiwan Business Bank (a)................ 1,609,000 425,074
Taiwan Glass Industrial Corp. .......... 955,787 1,014,233
Taiwan Hon Chuan Enterprise Co., Ltd. .. 174,000 325,997
Taiwan Life Insurance Co., Ltd. (a)..... 94,000 114,252
Tatung Co., Ltd. (a).................... 1,717,000 410,895
Teco Electric & Machinery Co., Ltd. .... 2,312,000 1,015,568
Transcend Information, Inc. ............ 59,000 213,647
Tripod Technology Corp. ................ 298,255 1,009,585
TSRC Corp. ............................. 358,000 476,837
TTY Biopharm Co., Ltd. ................. 30,000 86,246
Tung Ho Steel Enterprise Corp. ......... 405,258 460,027
Unimicron Technology Corp. ............. 387,130 496,742
Universal Cement Corp. (a).............. 426,800 218,386
Via Technologies, Inc. (a).............. 318,062 183,278
Visual Photonics Epitaxy Co., Ltd. (a).. 112,000 308,584
Wafer Works Corp. ...................... 138,821 224,680
Walsin Lihwa Corp. (a).................. 2,012,000 791,926
Wan Hai Lines, Ltd. (a)................. 907,400 510,016
Winbond Electronics Corp. (a)........... 3,602,000 1,013,977
Wintek Corp. (a)........................ 640,000 580,389
WPG Holdings Co., Ltd. ................. 327,304 534,891
Yageo Corp. ............................ 1,954,000 762,945
Yang Ming Marine Transport Corp. ....... 987,899 370,174
Yosun Industrial Corp. ................. 577,801 790,524
Young Fast Optoelectronics Co.,
Ltd. (a).............................. 34,000 360,256
Yuen Foong Yu Paper Manufacturing Co.,
Ltd. (a).............................. 1,531,080 636,383
Yulon Motor Co., Ltd. .................. 844,462 937,316
------------
47,338,605
------------
THAILAND -- 4.0%
BEC World PCL........................... 1,045,989 802,243
Cal-Comp Electronics Thailand PCL....... 5,820,662 529,233
Central Pattana PCL..................... 864,965 553,728
Charoen Pokphand Foods PCL.............. 2,427,968 1,126,319
Glow Energy PCL......................... 311,912 371,381
</Table>
See accompanying notes to financial statements.
158
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Hana Microelectronics PCL............... 1,475,752 $ 990,376
Minor International PCL................. 900,242 306,252
Thanachart Capital PCL.................. 1,843,972 1,414,273
Thoresen Thai Agencies PCL.............. 486,485 365,597
------------
6,459,402
------------
TURKEY -- 1.8%
Albaraka Turk Katilim Bankasi........... 341,672 583,594
Kardemir Karabuk Demir Celik Sanayi ve
Ticaret AS (a)........................ 575,089 238,015
Petkim Petrokimya Holding AS (a)........ 116,149 682,915
Sekerbank TAS........................... 170,199 277,292
Turk Hava Yollari Anonim Ortakligi...... 327,898 1,120,135
------------
2,901,951
------------
TOTAL COMMON STOCKS --
(Cost $141,527,743)................... 160,006,422
------------
RIGHTS -- 0.0% (E)
CHILE -- 0.0% (E)
Companhia Sudamericana de Vapores SA
(expiring 4/6/10) (a)................. 130,998 0
------------
SOUTH AFRICA -- 0.0% (E)
Metorex, Ltd.
(expiring 4/9/10) (a)................. 89,311 3,041
------------
TOTAL RIGHTS --
(Cost $0)............................. 3,041
------------
WARRANTS -- 0.0% (E)
MALAYSIA -- 0.0% (E)
Media Prima Bhd
(expiring 12/31/14) (a)
(Cost $0)............................. 31,497 6,083
------------
SHORT TERM INVESTMENTS -- 1.5%
UNITED STATES -- 1.5%
MONEY MARKET FUNDS -- 1.5%
State Street Institutional Liquid
Reserves Fund (b)(f).................. 100 100
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 2,433,729 2,433,729
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $2,433,829)..................... 2,433,829
------------
TOTAL INVESTMENTS -- 100.2%
(Cost $143,961,572)................... 162,449,375
OTHER ASSETS AND
LIABILITIES -- (0.2)%................. (269,892)
------------
NET ASSETS -- 100.0%.................... $162,179,483
============
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or a portion thereof, is designated on the
Fund's books or pledged as collateral for futures
contracts.
(c) Security, or portion thereof, was on loan at March 31,
2010.
(d) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is determined based on Level 2
inputs.
(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>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At March 31, 2010, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE DEPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Index Futures..... 4/29/2010 60 $1,699,780 $1,693,200 $(6,580)
</Table>
See accompanying notes to financial statements.
159
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 9.1%
Abacus Property Group................... 334,105 $ 122,663
Astro Japan Property Group (a).......... 125,989 42,208
Bunnings Warehouse Property Trust....... 74,801 133,193
CFS Retail Property Trust (a)........... 399,327 687,229
Charter Hall Office REIT................ 1,100,470 287,869
Charter Hall Retail REIT (a)............ 345,303 177,484
Commonwealth Property Office Fund (a)... 423,450 351,741
Dexus Property Group.................... 1,064,909 791,716
Goodman Group........................... 1,381,537 830,568
GPT Group............................... 2,247,812 1,186,313
ING Industrial Fund..................... 568,743 232,299
ING Office Fund (a)..................... 587,701 315,562
Westfield Group......................... 527,265 5,836,437
------------
10,995,282
------------
AUSTRIA -- 1.2%
Atrium European Real Estate, Ltd. ...... 48,759 312,725
CA Immobilien Anlagen AG (b)............ 19,044 231,143
Immoeast AG (b)......................... 91,737 503,965
Immofinanz AG (b)....................... 102,108 371,656
------------
1,419,489
------------
BELGIUM -- 0.5%
Befimmo S.C.A. ......................... 3,305 278,203
Cofinimmo (b)........................... 2,658 375,299
------------
653,502
------------
CANADA -- 5.2%
Artis REIT.............................. 5,584 64,286
Boardwalk REIT.......................... 5,749 228,079
Brookfield Asset Management, Inc. (Class
A) (a)................................ 123,964 3,158,513
Brookfield Properties Corp. (a)......... 62,734 963,594
Calloway REIT........................... 9,864 206,215
Canadian Apartment Properties REIT...... 8,069 114,129
Canadian REIT........................... 7,859 214,185
Chartwell Seniors Housing REIT.......... 15,147 108,241
Extendicare REIT........................ 9,329 96,274
First Capital Realty, Inc. (a).......... 8,688 189,765
H&R REIT................................ 17,100 280,295
Primaris Retail REIT.................... 7,413 122,752
RioCan REIT............................. 28,623 521,367
------------
6,267,695
------------
CHINA -- 1.9%
Hongkong Land Holdings, Ltd. (a)........ 296,000 1,500,720
Kerry Properties, Ltd. ................. 149,135 799,963
------------
2,300,683
------------
FRANCE -- 5.7%
Fonciere des Regions (a)(b)............. 6,043 666,816
Gecina SA (a)........................... 5,060 561,017
Klepierre (a)........................... 21,274 837,092
Societe Immobiliere de Location pour
l'Industrie et le Commerce (a)........ 2,262 286,146
Unibail-Rodamco SE...................... 22,069 4,479,233
------------
6,830,304
------------
GERMANY -- 0.2%
IVG Immobilien AG (b)................... 20,379 178,409
------------
HONG KONG -- 4.6%
Champion REIT........................... 425,110 203,119
GZI REIT................................ 180,000 76,500
Hang Lung Group, Ltd. .................. 203,996 1,082,416
Hang Lung Properties, Ltd. ............. 443,018 1,785,834
Hysan Development Co., Ltd. ............ 148,371 428,983
Prosperity REIT......................... 281,000 52,475
The Link REIT........................... 532,830 1,313,427
Wheelock & Co., Ltd. ................... 201,016 592,845
------------
5,535,599
------------
ITALY -- 0.1%
Beni Stabili SpA (a).................... 95,304 92,461
------------
JAPAN -- 9.1%
Aeon Mall Co., Ltd. (a)................. 19,400 409,219
DA Office Investment Corp. (a).......... 62 132,506
Daibiru Corp. (a)....................... 14,300 120,595
Frontier Real Estate Investment
Corp. (a)............................. 35 271,939
Fukuoka REIT Corp. ..................... 23 122,704
Global One Real Estate Investment
Co., Ltd. ............................ 24 167,980
Hankyu REIT, Inc. ...................... 22 86,879
Heiwa Real Estate Co., Ltd. (a)......... 37,000 111,269
Japan Excellent, Inc. .................. 34 162,286
Japan Hotel and Resort, Inc. ........... 20 28,360
JAPAN OFFICE Investment Corp. .......... 34 30,529
Japan Prime Realty Investment Corp. .... 171 380,834
Japan Real Estate Investment Corp. (a).. 118 1,006,486
Japan Retail Fund Investment Corp. ..... 411 483,840
Kenedix Realty Investment Corp. ........ 59 158,550
Mitsui Fudosan Co., Ltd. ............... 213,000 3,617,626
Mori Hills REIT Investment Corp. ....... 40 87,885
Mori Trust Sogo REIT, Inc. (a).......... 28 245,719
Nippon Building Fund, Inc. ............. 131 1,128,585
Nippon Commercial Investment Corp. ..... 66 89,140
Nomura Real Estate Office Fund, Inc. ... 71 398,919
NTT Urban Development Corp. (a)......... 262 221,511
Orix JREIT, Inc. ....................... 62 281,004
Premier Investment Corp. ............... 33 108,599
Shoei Co., Ltd. (a)..................... 8,900 67,531
Tokyu Land Corp. (a).................... 111,000 424,090
Tokyu REIT, Inc. (a).................... 41 215,663
Top REIT, Inc. ......................... 38 172,025
United Urban Investment Corp. .......... 48 276,370
------------
11,008,643
------------
NETHERLANDS -- 1.2%
Corio NV................................ 11,700 782,618
Eurocommercial Properties NV............ 8,503 342,286
VastNed Retail NV....................... 4,429 296,348
------------
1,421,252
------------
NEW ZEALAND -- 0.4%
AMP NZ Office Trust (a)................. 191,814 102,076
Goodman Property Trust.................. 155,670 110,456
ING Property Trust (a).................. 137,668 72,285
</Table>
See accompanying notes to financial statements.
160
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Kiwi Income Property Trust (a).......... 199,942 $ 141,869
------------
426,686
------------
SINGAPORE -- 3.5%
Ascendas REIT........................... 316,000 433,976
Cambridge Industrial Trust.............. 179,473 59,694
CapitaCommercial Trust.................. 391,000 302,049
CapitaLand, Ltd. ....................... 606,500 1,722,260
CapitaMall Trust........................ 490,086 620,473
Frasers Commercial Trust (a)............ 565,206 60,642
Guocoland, Ltd. ........................ 61,000 103,845
Mapletree Logistics Trust............... 261,000 158,685
Singapore Land, Ltd. (a)................ 32,000 155,645
Starhill Global REIT.................... 250,000 100,140
Suntec REIT............................. 434,080 416,056
United Industrial Corp., Ltd. .......... 91,000 134,087
------------
4,267,552
------------
SOUTH AFRICA -- 0.4%
Capital Property Fund................... 89,006 87,262
Fountainhead Property Trust............. 241,536 223,646
SA Corporate Real Estate Fund........... 198,361 75,628
Sycom Property Fund..................... 24,614 72,964
------------
459,500
------------
SPAIN(C) -- 0.0%
Martinsa-Fadesa SA (b)(d)(e)............ 178 0
------------
SWEDEN -- 0.8%
Castellum AB (a)........................ 41,541 419,912
Fabege AB (a)........................... 35,580 241,254
Kungsleden AB........................... 33,101 261,009
------------
922,175
------------
SWITZERLAND -- 1.0%
PSP Swiss Property AG (b)............... 8,398 540,159
Swiss Prime Site AG (b)................. 11,296 707,778
------------
1,247,937
------------
UNITED KINGDOM -- 6.6%
Big Yellow Group PLC (b)................ 22,841 117,802
British Land Co. PLC.................... 210,980 1,539,692
Derwent London PLC...................... 24,385 505,278
Grainger PLC............................ 100,450 205,703
Great Portland Estates PLC.............. 75,824 361,615
Hammerson PLC........................... 168,852 1,007,622
Land Securities Group PLC............... 185,463 1,907,410
Liberty International PLC............... 139,218 1,063,291
Segro PLC............................... 177,618 861,094
Shaftesbury PLC......................... 54,708 319,166
Workspace Group PLC..................... 196,540 71,552
------------
7,960,225
------------
UNITED STATES -- 48.1%
Acadia Realty Trust (a)................. 9,617 171,760
Alexander's, Inc. (a)(b)................ 639 191,144
Alexandria Real Estate Equities,
Inc. (a).............................. 10,578 715,073
AMB Property Corp. (a).................. 35,369 963,452
American Campus Communities, Inc. (a)... 12,779 353,467
Apartment Investment & Management Co.
(Class A) (a)......................... 28,241 519,917
Ashford Hospitality Trust (a)(b)........ 14,980 107,407
AvalonBay Communities, Inc. (a)......... 19,660 1,697,641
BioMed Realty Trust, Inc. (a)........... 24,028 397,423
Boston Properties, Inc. (a)............. 33,518 2,528,598
Brandywine Realty Trust (a)............. 31,181 380,720
BRE Properties, Inc. (a)................ 13,220 472,615
Camden Property Trust (a)............... 15,537 646,805
CBL & Associates Properties, Inc. (a)... 33,430 457,991
Cedar Shopping Centers, Inc. (a)........ 14,424 114,094
Colonial Properties Trust (a)........... 16,079 207,097
Corporate Office Properties Trust (a)... 14,034 563,184
Cousins Properties, Inc. (a)............ 21,499 178,657
DCT Industrial Trust, Inc. (a).......... 50,247 262,792
Developers Diversified Realty
Corp. (a)............................. 45,451 553,139
DiamondRock Hospitality Co. (a)(b)...... 29,599 299,246
Digital Realty Trust, Inc. (a).......... 18,764 1,017,009
Douglas Emmett, Inc. (a)................ 29,452 452,677
Duke Realty Corp. (a)................... 54,231 672,464
DuPont Fabros Technology, Inc. (a)...... 10,118 218,448
EastGroup Properties, Inc. (a).......... 6,297 237,649
Education Realty Trust, Inc. (a)........ 12,846 73,736
Equity Lifestyle Properties, Inc. (a)... 7,363 396,718
Equity One, Inc. ....................... 10,127 191,299
Equity Residential (a).................. 66,311 2,596,076
Essex Property Trust, Inc. (a).......... 7,043 633,518
Extra Space Storage, Inc. (a)........... 20,961 265,785
Federal Realty Investment Trust (a)..... 14,759 1,074,603
FelCor Lodging Trust, Inc. (b).......... 15,697 89,473
First Industrial Realty Trust,
Inc. (a)(b)........................... 13,050 101,268
First Potomac Realty Trust (a).......... 8,599 129,243
Forest City Enterprises, Inc. (Class
A) (a)(b)............................. 29,317 422,458
Franklin Street Properties Corp. (a).... 17,262 249,091
HCP, Inc. (a)........................... 70,929 2,340,657
Health Care REIT, Inc. ................. 29,804 1,348,035
Healthcare Realty Trust, Inc. (a)....... 14,265 332,232
Hersha Hospitality Trust (a)............ 30,644 158,736
Highwoods Properties, Inc. (a).......... 17,141 543,884
Home Properties, Inc. (a)............... 8,133 380,624
Hospitality Properties Trust (a)........ 29,788 713,423
Host Hotels & Resorts, Inc. (a)......... 152,872 2,239,575
HRPT Properties Trust (a)............... 61,787 480,703
Inland Real Estate Corp. (a)............ 17,768 162,577
Kilroy Realty Corp. (a)................. 10,465 322,741
Kimco Realty Corp. (a).................. 97,338 1,522,366
Kite Realty Group Trust (a)............. 15,262 72,189
LaSalle Hotel Properties (a)............ 16,643 387,782
Liberty Property Trust (a).............. 27,051 918,111
Mack-Cali Realty Corp. (a).............. 19,107 673,522
Mid-America Apartment Communities,
Inc. (a).............................. 7,001 362,582
Nationwide Health Properties, Inc. (a).. 28,379 997,522
Parkway Properties, Inc. (a)............ 5,212 97,881
Pennsylvania Real Estate Investment
Trust (a)............................. 10,818 134,900
</Table>
See accompanying notes to financial statements.
161
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Piedmont Office Realty Trust, Inc.
(Class A) (a)......................... 13,500 $ 267,975
Post Properties, Inc. (a)............... 11,752 258,779
ProLogis (a)............................ 114,650 1,513,380
PS Business Parks, Inc. (a)............. 4,556 243,290
Public Storage (a)...................... 31,095 2,860,429
Ramco-Gershenson Properties Trust (a)... 7,508 84,540
Regency Centers Corp. (a)............... 21,540 807,104
Saul Centers, Inc. ..................... 1,794 74,272
Senior Housing Properties Trust (a)..... 30,762 681,378
Simon Property Group, Inc. (a).......... 69,010 5,789,939
SL Green Realty Corp. (a)............... 18,616 1,066,138
Sovran Self Storage, Inc. (a)........... 6,526 227,496
Sun Communities, Inc. (a)............... 4,161 104,857
Sunstone Hotel Investors, Inc. (a)(b)... 23,079 257,792
Tanger Factory Outlet Centers,
Inc. (a).............................. 9,654 416,667
Taubman Centers, Inc. (a)............... 12,727 508,062
The Macerich Co. (a).................... 23,213 889,290
U-Store-It Trust (a).................... 18,951 136,447
UDR, Inc. (a)........................... 37,025 653,121
Universal Health Realty Income
Trust (a)............................. 2,658 93,934
Ventas, Inc. (a)........................ 37,919 1,800,394
Vornado Realty Trust (a)................ 43,585 3,299,384
Washington Real Estate Investment
Trust (a)............................. 14,448 441,386
Weingarten Realty Investors (a)......... 28,979 624,787
------------
57,894,620
------------
TOTAL COMMON STOCKS --
(Cost $97,595,715).................... 119,882,014
------------
SHORT TERM INVESTMENTS -- 23.3%
UNITED STATES -- 23.3%
MONEY MARKET FUNDS -- 23.3%
State Street Institutional Liquid
Reserves Fund (f)..................... 75,494 75,494
State Street Navigator Securities
Lending Prime Portfolio (f)(g)........ 27,913,756 27,913,756
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $27,989,250).................... 27,989,250
------------
TOTAL INVESTMENTS -- 122.9%
(Cost $125,584,965)................... 147,871,264
OTHER ASSETS AND
LIABILITIES -- (22.9)%................ (27,506,864)
------------
NET ASSETS -- 100.0%.................... $120,364,400
============
</Table>
<Table>
(a) Security, or portion thereof, was on loan at March 31,
2010.
(b) Non-income producing security.
(c) Amount shown represents less than 0.05% of net assets.
(d) Company has filed for insolvency.
(e) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is determined based on Level 3
inputs.
(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 S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
AUSTRALIA -- 2.4%
Aristocrat Leisure, Ltd. ............... 7,252 $ 30,153
Crown, Ltd. ............................ 7,019 52,699
Fairfax Media, Ltd. .................... 33,058 54,616
Tatts Group, Ltd. ...................... 18,545 41,873
----------
179,341
----------
AUSTRIA -- 0.4%
bwin Interactive Entertainment AG (a)... 452 26,635
----------
BELGIUM -- 1.2%
S.A. D'Ieteren NV....................... 178 90,319
----------
CANADA -- 4.5%
Canadian Tire Corp., Ltd. (Class A)..... 943 51,530
Gildan Activewear, Inc. (a)............. 1,110 29,234
Magna International, Inc. (Class
A) (a)................................ 892 55,258
Shaw Communications, Inc. .............. 3,141 62,260
Thomson Reuters Corp. .................. 3,140 114,390
Tim Hortons, Inc. ...................... 1,054 34,345
----------
347,017
----------
FINLAND -- 0.9%
Nokian Renkaat Oyj...................... 845 21,987
Sanoma Oyj.............................. 2,140 47,488
----------
69,475
----------
FRANCE -- 11.2%
Accor SA................................ 1,238 68,614
Compagnie Generale des Etablissements
Michelin.............................. 1,091 80,543
Havas SA................................ 7,936 40,021
Hermes International.................... 401 55,806
Lagardere SCA........................... 978 39,647
LVMH Moet Hennessy Louis Vuitton SA..... 1,402 164,170
Peugeot SA (a).......................... 1,247 36,783
PPR..................................... 556 74,157
Renault SA (a).......................... 1,185 55,639
Sodexo.................................. 886 53,049
Vivendi SA.............................. 6,893 184,813
----------
853,242
----------
GERMANY -- 7.3%
Adidas AG............................... 1,393 74,641
Bayerische Motoren Werke AG............. 1,985 91,804
Daimler AG (a).......................... 5,100 240,528
Porsche Automobil Holding SE............ 571 34,911
TUI AG (a).............................. 2,056 23,160
Volkswagen AG........................... 472 45,664
Volkswagen AG Preference Shares......... 526 48,326
----------
559,034
----------
GREECE -- 0.5%
JUMBO SA................................ 1,482 15,039
OPAP SA................................. 874 19,868
----------
34,907
----------
HONG KONG -- 3.9%
Belle International Holdings, Ltd. ..... 28,000 37,647
Esprit Holdings, Ltd. .................. 8,916 70,332
Giordano International, Ltd. ........... 74,000 29,639
GOME Electrical Appliances Holdings,
Ltd. (a).............................. 55,000 18,488
Li & Fung, Ltd. ........................ 20,000 98,394
Shangri-La Asia, Ltd. .................. 12,000 23,553
Skyworth Digital Holdings, Ltd. ........ 14,000 16,317
----------
294,370
----------
ITALY -- 2.5%
Fiat SpA................................ 5,695 74,285
Lottomatica SpA......................... 1,771 33,836
Mediaset SpA............................ 6,172 53,115
Pirelli & C. SpA (a).................... 53,668 33,041
----------
194,277
----------
JAPAN -- 37.2%
Aisin Seiki Co., Ltd. .................. 1,700 50,942
Aoyama Trading Co., Ltd. ............... 3,000 49,540
Benesse Holdings, Inc. ................. 1,000 43,343
Bridgestone Corp. ...................... 4,700 80,278
Casio Computer Co., Ltd. ............... 2,900 22,315
Denso Corp. ............................ 2,500 74,513
Dentsu, Inc. ........................... 2,300 60,478
Fast Retailing Co., Ltd. ............... 600 104,345
Fuji Heavy Industries, Ltd. (a)......... 10,000 51,798
Gunze, Ltd. ............................ 11,000 40,614
Honda Motor Co., Ltd. .................. 8,400 296,661
Isetan Mitsukoshi Holdings, Ltd. ....... 4,000 43,022
Isuzu Motors, Ltd. (a).................. 10,000 27,076
Makita Corp. ........................... 1,300 42,851
Mazda Motor Corp. ...................... 11,000 30,961
Mitsubishi Motors Corp. (a)............. 25,000 33,979
Namco Bandai Holdings, Inc. ............ 3,000 29,249
Nikon Corp. ............................ 3,000 65,529
Nissan Motor Co., Ltd. (a).............. 12,000 102,868
Panasonic Corp. ........................ 10,600 162,222
PARIS MIKI HOLDINGS, Inc. .............. 3,000 28,863
Rakuten, Inc. .......................... 47 34,003
Resorttrust, Inc. ...................... 3,400 49,887
Sanyo Electric Co., Ltd. (a)............ 16,000 25,685
Sekisui Chemical Co., Ltd. ............. 6,000 40,711
Sekisui House, Ltd. .................... 5,000 49,979
Sharp Corp. ............................ 6,000 75,064
Shimano, Inc. .......................... 1,000 44,253
Sony Corp. ............................. 5,500 210,723
Stanley Electric Co., Ltd. ............. 1,800 34,925
Sumitomo Forestry Co., Ltd. ............ 5,200 42,462
Suzuki Motor Corp. ..................... 2,800 61,819
Toyobo Co., Ltd. ....................... 25,000 39,865
Toyota Industries Corp. ................ 1,600 45,719
Toyota Motor Corp. ..................... 14,700 589,164
Yamada Denki Co., Ltd. ................. 760 56,122
----------
2,841,828
----------
LUXEMBOURG -- 0.7%
SES..................................... 2,139 54,109
----------
NETHERLANDS -- 1.7%
Reed Elsevier NV........................ 5,468 66,574
Wolters Kluwer NV....................... 2,990 64,955
----------
131,529
----------
</Table>
See accompanying notes to financial statements.
163
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NORWAY -- 0.5%
Schibsted ASA (a)....................... 1,440 $ 36,390
----------
SINGAPORE -- 0.9%
Genting Singapore PLC (a)............... 36,000 22,789
Singapore Press Holdings, Ltd. ......... 16,000 43,718
----------
66,507
----------
SOUTH KOREA -- 3.5%
Hyundai Mobis........................... 440 58,332
Hyundai Motor Co. ...................... 837 85,442
Kia Motors Corp. ....................... 1,100 24,548
LG Electronics, Inc. ................... 674 68,505
Lotte Shopping Co., Ltd. ............... 100 28,990
----------
265,817
----------
SPAIN -- 1.3%
Industria de Diseno Textil SA........... 1,328 87,698
La Seda de Barcelona SA (Class
B) (a)(b)............................. 23,359 0
NH Hoteles SA (a)....................... 3,126 13,345
----------
101,043
----------
SWEDEN -- 3.1%
Electrolux AB........................... 3,222 73,868
Hennes & Mauritz AB (Class B)........... 2,522 164,384
----------
238,252
----------
SWITZERLAND -- 2.4%
Compagnie Financiere Richemont SA....... 1,466 56,869
The Swatch Group AG..................... 389 124,252
----------
181,121
----------
UNITED KINGDOM -- 12.9%
British Sky Broadcasting Group PLC...... 7,948 72,579
Burberry Group PLC...................... 3,162 34,271
Carnival PLC............................ 1,592 65,323
Compass Group PLC....................... 12,421 99,106
GKN PLC (a)............................. 10,990 23,006
Home Retail Group PLC................... 8,774 36,068
Informa PLC............................. 5,570 32,723
ITV PLC (a)............................. 25,590 23,582
Kingfisher PLC.......................... 21,336 69,390
Marks & Spencer Group PLC............... 11,381 63,893
Next PLC................................ 1,920 63,025
Pearson PLC............................. 7,280 114,406
Reed Elsevier PLC....................... 8,305 66,202
Tui Travel PLC.......................... 8,917 40,782
Virgin Media, Inc. ..................... 2,555 44,099
Whitbread PLC........................... 2,248 50,263
WPP PLC................................. 8,459 87,639
----------
986,357
----------
TOTAL COMMON STOCKS --
(Cost $7,473,086)..................... 7,551,570
----------
RIGHTS -- 0.0% (C)
GERMANY -- 0.0% (C)
Volkswagen AG
(expiring 4/09/10) (a)
(Cost $0)............................. 998 621
----------
SHORT TERM INVESTMENTS -- 0.6%
UNITED STATES -- 0.6%
MONEY MARKET FUND -- 0.6%
State Street Institutional Liquid
Reserves Fund (d)
(Cost $46,481)........................ 46,481 46,481
----------
TOTAL INVESTMENTS -- 99.6%
(Cost $7,519,567)..................... 7,598,672
OTHER ASSETS AND
LIABILITIES -- 0.4%................... 30,924
----------
NET ASSETS -- 100.0%.................... $7,629,596
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is determined based on Level 3
inputs.
(c) Amount represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
See accompanying notes to financial statements.
164
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
AUSTRALIA -- 8.9%
Coca-Cola Amatil, Ltd. ................. 7,862 $ 81,182
Foster's Group, Ltd. ................... 20,564 99,847
Wesfarmers, Ltd. ....................... 7,938 231,618
Woolworths, Ltd. ....................... 8,860 227,700
----------
640,347
----------
BELGIUM -- 4.5%
Anheuser-Busch InBev NV................. 4,835 243,993
Anheuser-Busch InBev NV -- VVPR
Strip (a)............................. 2,040 19
Delhaize Group.......................... 1,032 83,086
----------
327,098
----------
CANADA -- 2.8%
Loblaw Co., Ltd. ....................... 1,987 73,463
Shoppers Drug Mart Corp. ............... 2,090 89,900
Viterra, Inc. (a)....................... 3,671 34,700
----------
198,063
----------
DENMARK -- 1.0%
Carlsberg A/S (Class B)................. 897 75,420
----------
FINLAND -- 0.6%
Kesko Oyj (Class B)..................... 1,153 45,462
----------
FRANCE -- 10.2%
Carrefour SA............................ 3,398 164,074
Casino Guichard-Perrachon SA............ 589 49,930
Danone SA (a)........................... 4,043 243,988
L'Oreal SA.............................. 1,489 156,870
Pernod -- Ricard SA..................... 1,377 117,140
----------
732,002
----------
GERMANY -- 2.6%
Beiersdorf AG........................... 941 56,387
Henkel AG & Co. KGaA Preference Shares.. 2,399 129,389
----------
185,776
----------
IRELAND -- 0.4%
Kerry Group PLC (Class A)............... 881 27,418
----------
ITALY -- 0.8%
Parmalat SpA............................ 20,117 55,189
----------
JAPAN -- 12.6%
Aeon Co., Ltd. ......................... 5,600 63,587
Ajinomoto Co., Inc. .................... 7,000 69,371
Asahi Breweries, Ltd. .................. 4,600 86,299
Japan Tobacco, Inc. .................... 34 126,627
Kao Corp. .............................. 5,000 126,819
Kirin Holdings Co., Ltd. ............... 7,000 103,307
Lawson, Inc. ........................... 1,400 59,782
Nichirei Corp. ......................... 10,000 37,457
Seven & I Holdings Co., Ltd. ........... 4,900 118,462
Shiseido Co., Ltd. ..................... 3,800 82,556
UNY Co., Ltd. .......................... 3,800 31,436
----------
905,703
----------
LUXEMBOURG -- 0.3%
Oriflame Cosmetics SA SDR............... 291 18,195
----------
NETHERLANDS -- 7.3%
Heineken NV............................. 1,927 99,213
Koninklijke Ahold NV.................... 8,055 107,575
Unilever NV............................. 10,385 314,693
----------
521,481
----------
NORWAY -- 0.4%
Marine Harvest (a)...................... 29,445 26,192
----------
SINGAPORE -- 1.6%
Golden Agri-Resources, Ltd. (a)......... 62,105 25,765
Wilmar International, Ltd. ............. 19,000 91,055
----------
116,820
----------
SPAIN -- 1.0%
Ebro Puleva SA.......................... 3,432 63,319
SOS Corporacion Alimentaria SA (a)...... 2,800 9,415
----------
72,734
----------
SWEDEN -- 0.7%
Swedish Match AB........................ 2,244 53,816
----------
SWITZERLAND -- 16.9%
Lindt & Spruengli AG.................... 30 71,113
Nestle SA............................... 22,279 1,143,001
----------
1,214,114
----------
UNITED KINGDOM -- 26.7%
British American Tobacco PLC............ 11,409 393,113
Diageo PLC.............................. 15,563 261,099
Imperial Tobacco Group PLC.............. 6,483 197,665
J Sainsbury PLC......................... 10,003 49,709
Reckitt Benckiser Group PLC............. 3,886 213,211
SABMiller PLC........................... 5,079 148,848
Tate & Lyle PLC......................... 4,560 31,417
Tesco PLC............................... 46,835 309,361
Unilever PLC............................ 8,398 246,498
William Morrison Supermarkets PLC....... 15,479 68,914
----------
1,919,835
----------
TOTAL COMMON STOCKS --
(Cost $6,760,737)..................... 7,135,665
----------
WARRANTS -- 0.0% (B)
SINGAPORE -- 0.0% (B)
Golden Agri-Resources, Ltd.
(expiring 7/23/12) (a)
(Cost $0)............................. 2,970 266
----------
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
State Street Institutional Liquid
Reserves Fund (c)
(Cost $100)........................... 100 100
----------
TOTAL INVESTMENTS -- 99.3%
(Cost $6,760,837)..................... 7,136,031
OTHER ASSETS AND
LIABILITIES -- 0.7%................... 50,749
----------
NET ASSETS -- 100.0%.................... $7,186,780
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
(c) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
SDR = Swedish Depositary Receipt
See accompanying notes to financial statements.
165
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.8%
AUSTRALIA -- 5.8%
Origin Energy, Ltd. .................... 9,527 $ 144,719
Santos, Ltd. ........................... 10,038 135,068
Woodside Petroleum, Ltd. ............... 5,913 254,538
WorleyParsons, Ltd. .................... 2,864 66,901
-----------
601,226
-----------
AUSTRIA -- 0.7%
OMV AG.................................. 1,864 70,066
-----------
CANADA -- 26.0%
Bonavista Energy Trust.................. 2,803 64,511
Cameco Corp. ........................... 4,203 115,209
Canadian Natural Resources, Ltd. ....... 4,274 316,669
Canadian Oil Sands Trust................ 2,738 82,176
Cenovus Energy, Inc. ................... 7,341 191,964
Enbridge, Inc. ......................... 3,671 175,273
EnCana Corp. ........................... 7,341 228,649
Enerplus Resources Fund................. 2,337 55,445
Husky Energy, Inc. ..................... 3,269 93,860
Imperial Oil, Ltd. ..................... 3,269 126,404
Nexen, Inc. ............................ 5,604 138,809
Niko Resources, Ltd. ................... 934 99,729
Pacific Rubiales Energy Corp. (a)....... 1,800 35,005
Penn West Energy Trust.................. 2,803 59,199
Provident Energy Trust.................. 9,344 72,575
Suncor Energy, Inc. .................... 12,372 402,787
Talisman Energy, Inc. .................. 8,011 137,155
TransCanada Corp. ...................... 6,177 226,611
Vermilion Energy Trust.................. 2,337 81,520
-----------
2,703,550
-----------
FRANCE -- 12.5%
Bourbon SA.............................. 1,106 47,896
Compagnie Generale de Geophysique-
Veritas (a)........................... 1,971 56,020
Technip SA.............................. 1,402 114,202
Total SA................................ 18,555 1,079,089
-----------
1,297,207
-----------
HONG KONG -- 0.2%
Mongolia Energy Co., Ltd. (a)........... 48,000 22,193
-----------
ITALY -- 6.5%
Eni SpA................................. 21,976 516,509
Saipem SpA.............................. 2,911 112,849
Saras SpA............................... 17,718 48,428
-----------
677,786
-----------
JAPAN -- 2.1%
Inpex Corp. ............................ 9 66,075
Nippon Mining Holdings, Inc. (b)........ 15,000 70,152
Nippon Oil Corp. (b).................... 17,000 85,691
-----------
221,918
-----------
LUXEMBOURG -- 0.9%
Acergy SA............................... 2,307 42,248
Tenaris SA.............................. 2,600 56,218
-----------
98,466
-----------
NETHERLANDS -- 0.5%
SBM Offshore NV......................... 2,800 56,129
-----------
NORWAY -- 3.6%
Aker Solutions ASA...................... 4,886 76,553
Statoil ASA............................. 12,750 295,568
-----------
372,121
-----------
PAPUA NEW GUINEA -- 0.8%
Oil Search, Ltd. ....................... 15,518 84,889
-----------
PORTUGAL -- 0.9%
Galp Energia SGPS SA (Class B).......... 5,131 89,284
-----------
SPAIN -- 2.0%
Repsol YPF SA........................... 8,843 209,754
-----------
SWITZERLAND -- 4.2%
Noble Corp. (a)......................... 2,140 89,495
Transocean, Ltd. (a).................... 3,039 262,509
Weatherford International, Ltd. (a)..... 5,522 87,579
-----------
439,583
-----------
UNITED KINGDOM -- 33.1%
AMEC PLC................................ 5,763 69,848
BG Group PLC............................ 24,916 431,053
BP PLC.................................. 148,351 1,402,860
Cairn Energy PLC (a).................... 15,194 96,109
Royal Dutch Shell PLC (Class A)......... 25,255 731,708
Royal Dutch Shell PLC (Class B)......... 19,469 536,163
Tullow Oil PLC.......................... 9,454 179,260
-----------
3,447,001
-----------
TOTAL COMMON STOCKS --
(Cost $11,190,599).................... 10,391,173
-----------
SHORT TERM INVESTMENTS -- 0.0% (C)
UNITED STATES -- 0.0% (C)
MONEY MARKET FUND -- 0.0% (C)
State Street Institutional Liquid
Reserves Fund (d)
(Cost $3,953)......................... 3,953 3,953
-----------
TOTAL INVESTMENTS -- 99.8%
(Cost $11,194,552).................... 10,395,126
OTHER ASSETS AND
LIABILITIES -- 0.2%................... 16,153
-----------
NET ASSETS -- 100.0%.................... $10,411,279
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Securities are valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Securities' values are determined based on
Level 2 inputs.
(c) Amount represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
See accompanying notes to financial statements.
166
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 12.8%
ASX, Ltd. .............................. 1,975 $ 61,525
Australia & New Zealand Banking
Group, Ltd. .......................... 9,392 218,615
Commonwealth Bank of Australia.......... 5,792 299,248
Commonwealth Property Office Fund....... 98 81
Macquarie Group, Ltd. .................. 1,605 69,606
National Australia Bank, Ltd. .......... 8,058 203,539
QBE Insurance Group, Ltd. .............. 4,624 88,405
Stockland............................... 21,849 80,016
Westfield Group......................... 11,455 126,798
Westpac Banking Corp. .................. 11,581 295,929
-----------
1,443,762
-----------
AUSTRIA -- 0.8%
Erste Group Bank AG..................... 1,248 52,518
Sparkassen Immobilien AG (a)............ 6,164 41,285
-----------
93,803
-----------
BELGIUM -- 0.6%
Dexia SA (a)............................ 5,479 32,739
Fortis (a).............................. 9,975 35,578
-----------
68,317
-----------
BERMUDA -- 0.4%
Lancashire Holdings, Ltd. .............. 6,300 46,005
-----------
CANADA -- 12.8%
Bank of Montreal........................ 2,340 142,192
Bank of Nova Scotia..................... 3,922 196,689
Brookfield Asset Management, Inc.
(Class A)............................. 3,637 92,668
Canadian Imperial Bank of Commerce...... 1,525 111,532
IGM Financial, Inc. .................... 1,663 73,106
Manulife Financial Corp. ............... 6,618 130,723
National Bank of Canada................. 1,109 67,597
Royal Bank of Canada.................... 4,980 291,766
Sun Life Financial, Inc. ............... 2,902 93,449
Toronto-Dominion Bank................... 3,302 246,377
-----------
1,446,099
-----------
DENMARK -- 1.1%
Danske Bank A/S (a)..................... 3,046 75,072
Sydbank A/S (a)......................... 1,653 44,405
-----------
119,477
-----------
FINLAND -- 1.0%
Pohjola Bank PLC........................ 6,135 69,066
Technopolis Oyj......................... 8,025 39,960
-----------
109,026
-----------
FRANCE -- 6.2%
AXA SA.................................. 6,821 152,010
BNP Paribas............................. 3,622 278,667
Credit Agricole SA...................... 3,668 64,323
Societe Generale........................ 2,209 139,182
Unibail-Rodamco SE...................... 335 67,993
-----------
702,175
-----------
GERMANY -- 5.7%
Allianz SE (a).......................... 1,729 217,176
Commerzbank AG (a)...................... 2,878 24,693
Deutsche Bank AG........................ 2,043 157,653
Deutsche Beteiligungs AG................ 2,320 53,586
Deutsche Boerse AG...................... 848 62,971
Muenchener Rueckversicherungs-
Gesellschaft AG....................... 810 131,686
-----------
647,765
-----------
HONG KONG -- 5.1%
Bank of East Asia, Ltd. ................ 19,346 71,258
Cheung Kong Holdings, Ltd. ............. 10,000 128,788
Hang Lung Properties, Ltd. ............. 12,000 48,373
Hong Kong Exchanges and
Clearing, Ltd. ....................... 3,400 56,749
New World Development Co., Ltd. ........ 31,697 62,049
Sun Hung Kai Properties, Ltd. .......... 10,000 150,425
Wharf Holdings, Ltd. ................... 11,000 61,979
-----------
579,621
-----------
IRELAND -- 0.6%
Willis Group Holdings PLC............... 2,216 69,339
-----------
ITALY -- 5.3%
Assicurazioni Generali SpA.............. 4,646 111,711
Banca Monte dei Paschi di Siena SpA..... 29,890 44,327
Banca Popolare dell'Etruria e del
Lazio Scrl............................ 8,802 46,925
Banco Popolare Societa Cooperativa
Scarl (a)............................. 4,982 34,717
Intesa Sanpaolo SpA (a)................. 35,726 133,300
UBI Banca ScpA.......................... 4,584 61,964
UniCredit SpA (a)....................... 56,930 168,508
-----------
601,452
-----------
JAPAN -- 11.5%
Chuo Mitsui Trust Holdings, Inc. ....... 11,000 41,321
Daiwa House Industry Co., Ltd. ......... 8,000 90,325
Daiwa Securities Group, Inc. ........... 10,000 52,654
Mitsubishi Estate Co., Ltd. ............ 8,990 147,204
Mitsubishi UFJ Financial Group, Inc. ... 36,800 192,979
Mizuho Financial Group, Inc. ........... 46,500 92,064
MS&AD Insurance Group Holdings, Inc. ... 2,300 63,875
Nomura Holdings, Inc. .................. 12,900 95,121
ORIX Corp. (a).......................... 550 48,796
Resona Holdings, Inc. .................. 4,200 53,129
Sompo Japan Insurance, Inc. (a)(b)...... 9,000 63,185
Sumitomo Mitsui Financial Group, Inc. .. 3,300 109,129
T&D Holdings, Inc. ..................... 1,550 36,710
The Sumitomo Trust & Banking
Co., Ltd. ............................ 11,000 64,512
Tokai Tokyo Financial Holdings, Inc. ... 12,000 50,086
Tokio Marine Holdings, Inc. ............ 3,400 95,807
-----------
1,296,897
-----------
NETHERLANDS -- 1.2%
Aegon NV (a)............................ 5,862 40,214
ING Groep NV (a)........................ 9,841 98,431
-----------
138,645
-----------
NEW ZEALAND -- 0.6%
AMP NZ Office Trust..................... 125,627 66,854
-----------
NORWAY -- 0.7%
Sparebanken Rogaland.................... 9,483 77,964
-----------
PORTUGAL -- 0.3%
Banif SGPS SA........................... 18,622 28,473
-----------
</Table>
See accompanying notes to financial statements.
167
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SINGAPORE -- 3.3%
CapitaLand, Ltd. ....................... 12,000 $ 34,076
Hong Leong Finance, Ltd. ............... 39,000 84,804
Oversea-Chinese Banking Corp., Ltd. .... 20,434 127,306
United Overseas Bank, Ltd. ............. 9,000 123,729
-----------
369,915
-----------
SPAIN -- 7.4%
Banco Bilbao Vizcaya Argentaria SA...... 15,573 213,458
Banco de Sabadell SA.................... 9,506 52,582
Banco Guipuzcoano SA.................... 6,008 47,151
Banco Popular Espanol SA................ 7,107 52,410
Banco Santander SA...................... 28,821 383,737
Bolsas y Mercados Espanoles............. 1,096 29,393
Realia Business SA (a).................. 10,599 23,018
Reyal Urbis SA (a)...................... 8,561 34,346
-----------
836,095
-----------
SWEDEN -- 2.1%
Nordea Bank AB.......................... 11,289 111,761
Skandinaviska Enskilda Banken AB
(Class A) (a)......................... 8,868 56,840
Svenska Handelsbanken AB (Class A)...... 2,496 73,385
-----------
241,986
-----------
SWITZERLAND -- 6.7%
ACE, Ltd. .............................. 1,663 86,975
Credit Suisse Group AG (a).............. 3,819 197,200
GAM Holding, Ltd. (a)................... 1,374 16,905
Julius Baer Group, Ltd. ................ 1,140 41,428
Swiss Life Holding AG (a)............... 9 1,184
Swiss Reinsurance Co., Ltd. ............ 1,604 79,091
UBS AG (a).............................. 11,295 183,931
Zurich Financial Services AG............ 564 144,838
-----------
751,552
-----------
UNITED KINGDOM -- 13.4%
Aviva PLC............................... 11,744 68,639
Barclays PLC............................ 30,098 164,497
British Land Co. PLC.................... 5,926 43,247
HSBC Holdings PLC....................... 59,948 607,447
Land Securities Group PLC............... 4,959 51,001
Lloyds Banking Group PLC (a)............ 126,609 120,552
Man Group PLC........................... 9,407 34,461
Provident Financial PLC................. 3,290 43,293
Prudential PLC.......................... 10,623 88,224
Royal Bank of Scotland Group PLC (a).... 66,357 44,289
RSA Insurance Group PLC................. 24,990 48,332
Standard Chartered PLC.................. 5,684 154,982
Standard Life PLC....................... 12,800 38,891
-----------
1,507,855
-----------
TOTAL COMMON STOCKS --
(Cost $11,466,212).................... 11,243,077
-----------
WARRANTS -- 0.0% (C)
ITALY -- 0.0% (C)
UBI Banca ScpA
(expiring 6/30/11) (a)
(Cost $0)............................. 1,679 83
-----------
SHORT TERM INVESTMENTS -- 0.0% (C)
UNITED STATES -- 0.0% (C)
MONEY MARKET FUND -- 0.0% (C)
State Street Institutional Liquid
Reserves Fund (d)
(Cost $100)........................... 100 100
-----------
TOTAL INVESTMENTS -- 99.6%
(Cost $11,466,312).................... 11,243,260
OTHER ASSETS AND
LIABILITIES -- 0.4%................... 47,322
-----------
NET ASSETS -- 100.0%.................... $11,290,582
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Security is valued at fair value as determined in good
faith by the Trust's Pricing and Investment Committee in
accordance with procedures approved by the Board of
Trustees. Security value is determined based on Level 2
inputs.
(c) Amount shown represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
See accompanying notes to financial statements.
168
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.9%
AUSTRALIA -- 4.5%
Cochlear, Ltd. ......................... 550 $ 36,771
CSL, Ltd. .............................. 5,960 199,286
Primary Health Care, Ltd. .............. 4,681 19,119
Sonic Healthcare, Ltd. ................. 5,958 78,583
----------
333,759
----------
BELGIUM -- 1.1%
UCB SA.................................. 1,831 78,327
----------
CANADA -- 0.2%
MDS, Inc. (a)........................... 2,091 16,859
----------
DENMARK -- 7.3%
Coloplast A/S (Class B)................. 668 73,698
Genmab A/S (a).......................... 348 4,386
H. Lundbeck A/S......................... 1,278 24,134
Novo-Nordisk A/S (Class B).............. 5,222 405,942
William Demant Holding (a).............. 390 27,645
----------
535,805
----------
FINLAND -- 0.7%
Orion Oyj (Class A)..................... 1,150 25,302
Orion Oyj (Class B)..................... 1,125 24,934
----------
50,236
----------
FRANCE -- 9.9%
bioMerieux.............................. 348 40,039
Essilor International SA................ 2,777 177,620
Ipsen SA................................ 655 32,043
Orpea................................... 1,061 44,325
Sanofi-Aventis (a)...................... 5,849 436,789
----------
730,816
----------
GERMANY -- 10.5%
Bayer AG................................ 4,844 328,245
Celesio AG.............................. 1,546 49,515
Fresenius Medical Care AG & Co. KGaA.... 2,684 151,715
Fresenius SE............................ 407 30,350
Fresenius SE Preferenece Shares......... 1,218 92,127
Merck KGaA.............................. 737 59,834
Rhoen-Klinikum AG....................... 1,143 29,308
Stada Arzneimittel AG................... 866 34,181
----------
775,275
----------
IRELAND -- 0.4%
Elan Corp. PLC (a)...................... 4,190 31,636
----------
ITALY -- 0.4%
Recordati SpA........................... 3,270 24,933
----------
JAPAN -- 17.6%
Alfresa Holdings Corp. ................. 300 12,939
Astellas Pharma, Inc. .................. 4,300 155,774
Chugai Pharmaceutical Co., Ltd. ........ 2,625 49,387
Daiichi Sankyo Co., Ltd. ............... 6,400 119,932
Dainippon Sumitomo Pharma Co., Ltd. .... 1,300 11,923
Eisai Co., Ltd. ........................ 3,000 107,074
Hisamitsu Pharmaceutical Co., Inc. ..... 800 29,752
Kyowa Hakko Kirin Co., Ltd. ............ 3,422 35,341
MEDIPAL HOLDINGS Corp. ................. 2,000 23,694
Mitsubishi Tanabe Pharma Corp. ......... 3,000 42,380
Olympus Corp. .......................... 2,500 80,265
Ono Pharmaceutical Co., Ltd. ........... 1,500 66,781
Shionogi & Co., Ltd. ................... 3,800 72,307
Suzuken Co., Ltd. ...................... 900 31,737
Taisho Pharmaceutical Co., Ltd. ........ 3,000 54,580
Takeda Pharmaceutical Co., Ltd. ........ 7,000 308,273
Terumo Corp. ........................... 1,800 95,933
----------
1,298,072
----------
NETHERLANDS -- 1.2%
Mediq NV................................ 1,408 26,005
QIAGEN NV (a)........................... 2,695 62,175
----------
88,180
----------
NEW ZEALAND -- 0.4%
Fisher & Paykel Healthcare
Corp., Ltd. .......................... 13,551 31,538
----------
SINGAPORE -- 0.7%
Parkway Holdings, Ltd. ................. 20,000 48,067
----------
SPAIN -- 0.6%
Faes Farma SA........................... 2,601 12,019
Grifols SA.............................. 1,981 29,646
----------
41,665
----------
SWEDEN -- 1.8%
Elekta AB (Class B)..................... 922 25,878
Getinge AB (Class B).................... 3,601 86,610
Meda AB (Class A)....................... 2,046 22,530
----------
135,018
----------
SWITZERLAND -- 24.5%
Acino Holding AG........................ 84 12,769
Actelion, Ltd. (a)...................... 1,342 61,162
Bachem Holding AG (Class B) (a)......... 623 41,107
Basilea Pharmaceutica AG (a)............ 150 11,650
Galenica AG............................. 98 39,012
Lonza Group AG.......................... 620 50,658
Nobel Biocare Holding AG................ 2,174 58,246
Novartis AG............................. 10,897 589,601
Roche Holding AG (b).................... 286 47,796
Roche Holding AG (b).................... 3,606 585,840
Sonova Holding AG....................... 910 113,258
Straumann Holding AG.................... 145 36,162
Synthes, Inc. .......................... 1,006 125,780
Tecan Group AG.......................... 392 30,148
----------
1,803,189
----------
UNITED KINGDOM -- 17.1%
AstraZeneca PLC......................... 8,777 391,294
Consort Medical PLC..................... 1,745 9,516
GlaxoSmithKline PLC..................... 27,177 521,700
Hikma Pharmaceuticals PLC............... 2,695 25,837
Shire PLC............................... 7,112 156,860
Smith & Nephew PLC...................... 10,006 99,644
SSL International PLC................... 4,691 57,851
----------
1,262,702
----------
TOTAL COMMON STOCKS --
(Cost $7,517,776)..................... 7,286,077
----------
</Table>
See accompanying notes to financial statements.
169
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 0.0% (C)
UNITED STATES -- 0.0% (C)
MONEY MARKET FUND -- 0.0% (C)
State Street Institutional Liquid
Reserves Fund (d)
(Cost $100)........................... 100 $ 100
----------
TOTAL INVESTMENTS -- 98.9%
(Cost $7,517,876)..................... 7,286,177
OTHER ASSETS AND
LIABILITIES -- 1.1%................... 84,347
----------
NET ASSETS -- 100.0%.................... $7,370,524
==========
</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.
(d) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
See accompanying notes to financial statements.
170
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.7%
AUSTRALIA -- 4.5%
Boom Logistics, Ltd. (a)................ 48,894 $ 13,463
Bradken, Ltd. .......................... 4,937 34,711
Brambles, Ltd. ......................... 9,055 61,170
GWA International, Ltd. ................ 23,286 70,958
Intoll Group............................ 23,886 24,555
Leighton Holdings, Ltd. ................ 664 23,769
Macquarie Atlas Roads Group (a)......... 4,777 4,121
Toll Holdings, Ltd. .................... 6,795 46,277
Transurban Group........................ 12,128 56,215
----------
335,239
----------
AUSTRIA -- 1.1%
Andritz AG.............................. 689 40,881
Zumtobel AG (a)......................... 2,051 41,350
----------
82,231
----------
BELGIUM -- 0.8%
Bekaert NV.............................. 353 63,622
----------
CANADA -- 5.2%
Bombardier, Inc. ....................... 7,546 46,338
CAE, Inc. .............................. 3,473 33,958
Canadian National Railway Co. .......... 2,332 141,683
Canadian Pacific Railway, Ltd. ......... 983 55,460
SNC-Lavalin Group, Inc. ................ 1,094 53,495
Toromont Industries, Ltd. .............. 1,976 57,826
----------
388,760
----------
DENMARK -- 2.1%
A P Moller -- Maersk A/S................ 7 53,436
FLSmidth & Co. A/S...................... 417 28,983
NKT Holding A/S......................... 540 29,886
Vestas Wind Systems A/S (a)............. 853 46,434
----------
158,739
----------
FINLAND -- 2.2%
Kone Oyj (Class B)...................... 1,534 63,515
Metso Oyj............................... 983 31,803
Wartsila Oyj............................ 691 35,062
YIT Oyj................................. 1,429 33,064
----------
163,444
----------
FRANCE -- 7.8%
Air France-KLM (a)...................... 2,074 32,848
Alstom SA............................... 951 59,411
Bouygues SA (a)......................... 1,459 73,479
Compagnie de Saint-Gobain............... 1,716 82,660
Eiffage SA.............................. 413 21,400
Schneider Electric SA................... 1,065 125,141
Vallourec SA............................ 254 51,313
Vinci SA................................ 2,325 137,274
----------
583,526
----------
GERMANY -- 9.1%
Deutsche Lufthansa AG (a)............... 2,444 40,610
Deutsche Post AG........................ 3,797 65,994
GEA Group AG............................ 1,329 30,858
Hochtief AG............................. 423 35,612
Kloeckner & Co. SE (a).................. 864 25,585
MAN SE.................................. 542 45,455
Pfeiffer Vacuum Technology AG........... 467 35,702
Q-Cells SE (a).......................... 251 2,500
SGL Carbon AG (a)....................... 503 14,735
Siemens AG.............................. 3,789 380,159
Solarworld AG........................... 413 6,240
----------
683,450
----------
HONG KONG -- 1.4%
Hopewell Highway Infrastructure, Ltd. .. 73,000 49,828
Hutchison Whampoa, Ltd. ................ 8,000 58,521
----------
108,349
----------
IRELAND -- 0.7%
DCC PLC................................. 1,985 51,569
----------
ITALY -- 2.1%
Ansaldo STS SpA......................... 4,157 85,216
Autostrada Torino-Milano SpA............ 3,034 42,695
Finmeccanica SpA........................ 2,268 30,320
----------
158,231
----------
JAPAN -- 28.0%
Asahi Glass Co., Ltd. .................. 6,000 67,616
Central Japan Railway Co. .............. 8 60,959
Daikin Industries, Ltd. ................ 1,300 53,216
East Japan Railway Co. ................. 1,500 104,345
Fanuc, Ltd. ............................ 1,000 106,164
Futaba Corp. ........................... 3,500 69,146
Hankyu Hanshin Holdings, Inc. .......... 11,000 50,974
IHI Corp. .............................. 18,000 32,941
ITOCHU Corp. ........................... 7,000 61,355
Iwatani Corp. .......................... 22,000 64,512
Kajima Corp. ........................... 11,000 26,958
Kamigumi Co., Ltd. ..................... 10,000 80,479
Kawasaki Heavy Industries, Ltd. ........ 17,000 46,939
Kawasaki Kisen Kaisha, Ltd. (a)......... 5,000 19,959
Kokuyo Co., Ltd. ....................... 5,800 48,354
Komatsu, Ltd. .......................... 4,100 86,002
Kubota Corp. ........................... 7,000 63,827
Marubeni Corp. ......................... 6,000 37,307
MEITEC Corp. ........................... 2,400 47,029
MISUMI Group, Inc. ..................... 3,000 61,580
Mitsubishi Corp. ....................... 6,100 159,942
Mitsubishi Electric Corp. .............. 8,000 73,545
Mitsubishi Heavy Industries, Ltd. ...... 18,000 74,551
Mitsui & Co., Ltd. ..................... 7,400 124,416
Mitsui OSK Lines, Ltd. ................. 6,000 43,086
Nippon Sheet Glass Co., Ltd. ........... 7,000 20,676
Nippon Yusen KK......................... 6,000 23,694
Secom Co., Ltd. ........................ 1,400 61,280
Sojitz Corp. ........................... 9,100 17,627
Sumitomo Corp. ......................... 5,900 67,878
Sumitomo Electric Industries, Ltd. ..... 4,300 52,738
Sumitomo Heavy Industries, Ltd. ........ 6,000 36,152
THK Co., Ltd. .......................... 2,200 48,031
Tokyu Corp. ............................ 10,000 41,845
Yamato Holdings Co., Ltd. .............. 4,400 61,875
----------
2,096,998
----------
NETHERLANDS -- 4.7%
Aalberts Industries NV.................. 2,269 36,259
</Table>
See accompanying notes to financial statements.
171
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
European Aeronautic Defence and Space
Co. NV................................ 2,822 $ 56,876
Koninklijke BAM Groep NV................ 1,857 14,473
Koninklijke Philips Electronics NV (b).. 4,100 131,703
Randstad Holding NV (a)................. 1,027 48,894
TNT NV.................................. 2,250 64,634
----------
352,839
----------
NORWAY -- 0.7%
Orkla ASA............................... 5,388 47,701
Renewable Energy Corp. ASA (a).......... 1,188 5,564
----------
53,265
----------
SINGAPORE -- 3.4%
Fraser and Neave, Ltd. ................. 17,000 58,367
Haw Par Corp., Ltd. .................... 18,000 76,993
Jardine Matheson Holdings, Ltd. ........ 1,468 48,884
Keppel Corp., Ltd. ..................... 7,000 45,664
Neptune Orient Lines, Ltd. (a).......... 15,750 22,644
----------
252,552
----------
SPAIN -- 2.4%
Abertis Infraestructuras SA............. 3,063 59,060
ACS, Actividades de Construccion y
Servicios SA.......................... 1,555 71,875
Ferrovial SA............................ 2,540 24,746
Gamesa Corp. Tecnologica SA............. 997 13,693
Sacyr Vallehermoso SA (a)............... 1,235 10,915
----------
180,289
----------
SWEDEN -- 4.9%
Alfa Laval AB........................... 2,749 40,603
Atlas Copco AB (Class B)................ 5,248 73,794
B&B Tools AB............................ 1,764 25,920
Sandvik AB (a).......................... 4,638 58,160
Securitas AB (Class B).................. 3,737 39,982
Trelleborg AB (Class B)................. 7,877 57,734
Volvo AB ADR (Class A) (a).............. 7,070 70,238
----------
366,431
----------
SWITZERLAND -- 6.5%
ABB, Ltd. (a)........................... 9,642 210,969
Adecco SA............................... 950 54,019
Geberit AG.............................. 334 59,879
Kaba Holding AG......................... 165 49,458
Kuehne & Nagel International AG......... 537 54,437
SGS SA.................................. 41 56,638
----------
485,400
----------
UNITED KINGDOM -- 10.1%
Aggreko PLC............................. 2,831 51,189
Babcock International Group PLC......... 3,219 29,419
BAE Systems PLC......................... 16,365 92,172
British Airways PLC (a)................. 7,440 27,424
Capita Group PLC........................ 5,770 66,213
Charter International PLC............... 970 11,043
De La Rue PLC........................... 1,967 27,644
Experian PLC............................ 7,105 69,893
FirstGroup PLC.......................... 5,084 27,686
Intertek Group PLC...................... 2,367 52,350
Invensys PLC............................ 3,886 20,083
Rentokil Initial PLC (a)................ 20,790 41,123
Rolls-Royce Group PLC (a)............... 10,614 95,878
Serco Group PLC......................... 6,265 57,115
Smiths Group PLC........................ 3,302 56,900
Wolseley PLC (a)........................ 1,441 34,799
----------
760,931
----------
TOTAL COMMON STOCKS --
(Cost $7,787,084)..................... 7,325,865
----------
SHORT TERM INVESTMENTS -- 0.4%
UNITED STATES -- 0.4%
MONEY MARKET FUNDS -- 0.4%
State Street Institutional Liquid
Reserves Fund (c)..................... 25,596 25,596
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 6,924 6,924
----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $32,520)........................ 32,520
----------
TOTAL INVESTMENTS -- 98.1%
(Cost $7,819,604)..................... 7,358,385
OTHER ASSETS AND
LIABILITIES -- 1.9%................... 140,774
----------
NET ASSETS -- 100.0%.................... $7,499,159
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(c) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
(d) Investments of cash collateral for securities loaned.
</Table>
ADR = American Depositary Receipt
See accompanying notes to financial statements.
172
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.8%
AUSTRALIA -- 17.0%
Alumina, Ltd. .......................... 29,119 $ 46,104
Amcor, Ltd. ............................ 2,152 12,622
BHP Billiton, Ltd. ..................... 45,235 1,809,810
BlueScope Steel, Ltd. (a)............... 19,764 52,789
Boral, Ltd. ............................ 24,811 127,755
Fortescue Metals Group, Ltd. (a)........ 23,532 105,834
Iluka Resources, Ltd. (a)............... 20,129 80,922
Incitec Pivot, Ltd. .................... 20,889 66,530
Mineral Deposits, Ltd. (a).............. 12,804 11,223
Newcrest Mining, Ltd. .................. 7,270 219,000
OneSteel, Ltd. ......................... 25,525 91,370
Orica, Ltd. ............................ 6,677 164,182
OZ Minerals, Ltd. (a)................... 61,725 64,869
Rio Tinto, Ltd. ........................ 5,505 396,137
Sims Metal Management, Ltd. ............ 4,985 99,105
-----------
3,348,252
-----------
AUSTRIA -- 1.0%
RHI AG (a).............................. 3,014 103,873
Voestalpine AG.......................... 2,412 97,747
-----------
201,620
-----------
BELGIUM -- 1.0%
Tessenderlo Chemie NV................... 2,910 97,493
Umicore (a)............................. 3,089 108,067
-----------
205,560
-----------
CANADA -- 16.1%
Agnico-Eagle Mines, Ltd. ............... 2,511 140,431
Agrium, Inc. ........................... 2,520 178,391
Barrick Gold Corp. ..................... 12,517 480,792
ECU Silver Mining, Inc. (a)............. 6,482 3,961
Eldorado Gold Corp. (a)................. 10,614 128,994
Equinox Minerals, Ltd. (a).............. 12,934 48,827
First Quantum Minerals, Ltd. ........... 1,494 123,063
FNX Mining Co., Inc. (a)................ 3,287 43,965
Gammon Gold, Inc. (a)................... 1,145 8,205
Gerdau Ameristeel Corp. (a)............. 5,444 42,927
Goldcorp, Inc. ......................... 10,314 385,803
HudBay Minerals, Inc. (a)............... 2,669 33,436
Inmet Mining Corp. ..................... 1,303 75,787
Ivanhoe Mines, Ltd. (a)................. 6,462 113,056
Kinross Gold Corp. ..................... 8,948 153,198
Lundin Mining Corp. (a)................. 8,029 42,656
Pan American Silver Corp. .............. 2,597 59,847
Potash Corp. of Saskatchewan, Inc. ..... 4,287 512,471
Sherritt International Corp. ........... 8,823 70,093
Silver Wheaton Corp. (a)................ 3,013 47,368
Sino-Forest Corp. (a)................... 2,463 48,311
Teck Resources, Ltd. (Class B) (a)...... 7,229 315,296
Thompson Creek Metals Co., Inc. (a)..... 1,686 22,800
Yamana Gold, Inc. ...................... 9,324 92,362
-----------
3,172,040
-----------
DENMARK -- 0.9%
Novozymes A/S........................... 1,586 175,841
-----------
FINLAND -- 1.8%
Rautaruukki Oyj......................... 3,426 74,171
Stora Enso Oyj.......................... 16,165 123,363
UPM-Kymmene Oyj......................... 11,417 151,780
-----------
349,314
-----------
FRANCE -- 3.3%
Air Liquide SA.......................... 3,771 453,514
Eramet.................................. 56 19,311
Lafarge SA.............................. 2,466 173,844
-----------
646,669
-----------
GERMANY -- 7.6%
BASF SE................................. 10,541 654,958
K+S AG.................................. 2,478 150,649
Lanxess AG.............................. 2,797 129,112
Linde AG................................ 2,090 249,823
Salzgitter AG........................... 965 89,744
ThyssenKrupp AG......................... 6,575 226,464
-----------
1,500,750
-----------
HONG KONG -- 0.8%
AMVIG Holdings, Ltd. ................... 26,000 12,021
China Grand Forestry Green Resources
Group, Ltd. (a)....................... 210,000 8,519
China Mining Resources Group, Ltd. (a).. 150,000 5,409
China Rare Earth Holdings, Ltd. (a)..... 142,000 34,564
Fushan International Energy
Group, Ltd. .......................... 98,000 74,465
Sino Union Energy Investment Group
Ltd. (a).............................. 130,000 14,734
-----------
149,712
-----------
IRELAND -- 1.1%
CRH PLC................................. 8,341 208,682
-----------
ITALY -- 0.3%
Buzzi Unicem SpA........................ 5,062 63,870
-----------
JAPAN -- 15.6%
Asahi Kasei Corp. ...................... 29,967 161,316
Denki Kagaku Kogyo Kabushiki Kaisha..... 33,949 146,056
JFE Holdings, Inc. ..................... 8,590 346,119
JSR Corp. .............................. 5,900 123,317
Kobe Steel, Ltd. ....................... 71,916 154,699
Mitsubishi Chemical Holdings Corp. ..... 21,500 109,985
Mitsubishi Materials Corp. (a).......... 30,000 86,366
Mitsui Chemicals, Inc. ................. 26,000 78,746
Mitsui Mining & Smelting Co., Ltd. ..... 25,933 77,710
Nippon Steel Corp. ..................... 86,900 341,313
Nitto Denko Corp. ...................... 4,095 159,084
Shin-Etsu Chemical Co., Ltd. ........... 5,693 330,833
Sumitomo Chemical Co., Ltd. ............ 27,967 136,782
Sumitomo Metal Industries, Ltd. ........ 60,933 184,547
Sumitomo Metal Mining Co., Ltd. ........ 12,984 193,287
Taiheiyo Cement Corp. (a)............... 55,000 78,874
Teijin, Ltd. ........................... 39,949 134,246
Toray Industries, Inc. ................. 27,967 163,420
Ube Industries, Ltd. ................... 30,000 77,055
-----------
3,083,755
-----------
LUXEMBOURG -- 2.4%
ArcelorMittal........................... 10,867 477,737
-----------
NETHERLANDS -- 2.0%
Akzo Nobel NV........................... 4,057 231,631
</Table>
See accompanying notes to financial statements.
173
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Koninklijke DSM NV (b).................. 3,521 $ 157,292
-----------
388,923
-----------
NORWAY -- 1.0%
Norsk Hydro ASA (a)..................... 9,445 72,082
Yara International ASA.................. 2,805 121,922
-----------
194,004
-----------
PAPUA NEW GUINEA -- 0.6%
Lihir Gold, Ltd. ....................... 42,189 117,331
-----------
PORTUGAL -- 0.5%
Semapa-Sociedade de Investimento e
Gestao, SGPS, SA (a).................. 10,114 107,429
-----------
SINGAPORE -- 0.1%
Jiutian Chemical Group, Ltd. (a)........ 239,000 23,933
-----------
SOUTH KOREA -- 2.2%
POSCO ADR............................... 3,685 431,182
-----------
SPAIN -- 0.3%
Cementos Portland Valderrivas SA........ 2,555 65,652
-----------
SWEDEN -- 1.5%
Boliden AB.............................. 10,929 156,714
SSAB AB (Series A)...................... 7,492 135,121
-----------
291,835
-----------
SWITZERLAND -- 6.3%
Givaudan SA............................. 205 180,158
Holcim, Ltd. (a)........................ 3,140 234,482
Syngenta AG............................. 1,484 412,821
Xstrata PLC............................. 21,928 415,284
-----------
1,242,745
-----------
UNITED KINGDOM -- 16.4%
Anglo American PLC (a).................. 17,855 778,402
Antofagasta PLC......................... 8,439 133,132
BHP Billiton PLC........................ 29,158 999,593
Lonmin PLC (a).......................... 3,337 103,161
Randgold Resources, Ltd. ............... 1,811 137,767
Rio Tinto PLC........................... 16,931 1,002,907
Vedanta Resources PLC................... 1,800 75,797
-----------
3,230,759
-----------
TOTAL COMMON STOCKS --
(Cost $18,940,869).................... 19,677,595
-----------
SHORT TERM INVESTMENTS -- 0.6%
UNITED STATES -- 0.6%
MONEY MARKET FUNDS -- 0.6%
State Street Institutional Liquid
Reserves Fund (c)..................... 28,560 28,560
State Street Navigator Securities
Lending Prime Portfolio (c)(d)........ 77,528 77,528
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $106,088)....................... 106,088
-----------
TOTAL INVESTMENTS -- 100.4%
(Cost $19,046,957).................... 19,783,683
OTHER ASSETS AND
LIABILITIES -- (0.4)%................. (71,006)
-----------
NET ASSETS -- 100.0%.................... $19,712,677
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at March 31,
2010.
(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.
174
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
AUSTRALIA -- 1.1%
Computershare, Ltd. .................... 14,336 $ 164,742
Iress Market Technology, Ltd. .......... 7,137 52,405
-----------
217,147
-----------
BELGIUM -- 0.4%
Barco NV (a)............................ 1,596 72,086
-----------
CANADA -- 5.1%
CGI Group, Inc. (Class A) (a)........... 8,434 126,358
MacDonald, Dettwiler & Associates,
Ltd. (a).............................. 2,003 74,529
Research In Motion, Ltd. (a)............ 10,930 810,687
-----------
1,011,574
-----------
DENMARK -- 0.4%
SimCorp A/S............................. 435 80,487
-----------
FINLAND -- 7.0%
F-Secure Oyj............................ 18,597 63,160
Nokia Oyj (a)........................... 76,805 1,198,253
Tieto Oyj............................... 4,106 95,227
Vaisala Oyj (Class A)................... 1,287 38,747
-----------
1,395,387
-----------
FRANCE -- 2.8%
Alcatel-Lucent (a)...................... 55,956 177,247
Atos Origin SA (a)...................... 1,499 75,412
Cap Gemini SA........................... 3,691 182,142
Groupe Steria SCA....................... 1,092 33,851
Neopost SA.............................. 917 73,418
UbiSoft Entertainment SA (a)............ 2,008 27,659
-----------
569,729
-----------
GERMANY -- 6.4%
Infineon Technologies AG (a)............ 24,741 172,038
SAP AG.................................. 18,274 886,694
Software AG............................. 436 52,016
United Internet AG (a).................. 5,181 78,727
Wincor Nixdorf AG....................... 1,365 92,626
-----------
1,282,101
-----------
HONG KONG -- 0.5%
ASM Pacific Technology, Ltd. ........... 10,300 97,565
-----------
IRELAND -- 2.6%
Accenture PLC (Class A)................. 12,477 523,410
-----------
JAPAN -- 40.9%
Advantest Corp. ........................ 5,100 127,609
Alps Electric Co., Ltd. (a)............. 7,500 51,771
Brother Industries, Ltd. ............... 7,300 88,281
Canon, Inc. ............................ 23,800 1,102,890
Citizen Holdings Co., Ltd. ............. 9,000 61,548
CSK Holdings Corp. (a).................. 4,700 20,422
Dainippon Screen Manufacturing Co.,
Ltd. (a).............................. 12,000 56,122
Elpida Memory, Inc. (a)................. 3,200 63,048
FUJIFILM Holdings Corp. ................ 10,400 358,390
Fujitsu, Ltd. .......................... 45,000 294,735
Hirose Electric Co., Ltd. .............. 1,100 126,905
Hitachi High-Technologies Corp. ........ 3,200 73,459
Hitachi, Ltd. (a)....................... 85,000 317,477
Horiba, Ltd. ........................... 2,800 80,608
Hoya Corp. ............................. 9,000 247,442
Ibiden Co., Ltd. ....................... 4,100 141,289
IT Holdings Corp. ...................... 4,100 49,934
Japan Digital Laboratory Co., Ltd. ..... 3,600 38,412
Keyence Corp. .......................... 1,100 262,992
Konami Corp. ........................... 3,000 57,887
Konica Minolta Holdings, Inc. .......... 13,000 151,787
Kyocera Corp. .......................... 3,200 311,986
Mitsumi Electric Co., Ltd. ............. 4,100 89,775
Murata Manufacturing Co., Ltd. ......... 4,200 238,677
NEC Corp. .............................. 47,000 141,342
Nidec Corp. ............................ 2,600 278,810
Nintendo Co., Ltd. ..................... 2,300 770,441
Nippon Electric Glass Co., Ltd. ........ 13,000 183,230
Nomura Research Institute, Ltd. ........ 4,100 93,461
NTT Data Corp. ......................... 41 136,681
OBIC Co., Ltd. ......................... 470 85,409
Oki Electric Industry Co., Ltd. (a)..... 45,000 37,564
OMRON Corp. ............................ 5,600 130,051
Ricoh Co., Ltd. ........................ 13,000 203,125
Rohm Co., Ltd. ......................... 2,800 209,161
Seiko Epson Corp. ...................... 4,100 63,712
SUMCO Corp. (a)......................... 4,300 91,485
TDK Corp. .............................. 3,000 199,700
Tokyo Electron, Ltd. ................... 4,100 272,046
Toshiba Corp. (a)....................... 78,000 403,189
Trend Micro, Inc. ...................... 1,600 55,822
Yahoo! Japan Corp. ..................... 390 142,118
Yamatake Corp. ......................... 2,800 65,505
Yaskawa Electric Corp. ................. 13,000 118,953
Yokogawa Electric Corp. (a)............. 10,100 87,986
-----------
8,183,237
-----------
NETHERLANDS -- 2.7%
ASM International NV (a)................ 2,370 63,496
ASML Holding NV......................... 9,862 353,089
Gemalto NV (a).......................... 2,848 123,470
-----------
540,055
-----------
SINGAPORE -- 1.3%
Flextronics International, Ltd. (a)..... 21,151 165,824
Venture Corp., Ltd. (a)................. 15,000 93,559
-----------
259,383
-----------
SOUTH KOREA -- 15.9%
LG Display Co., Ltd. ADR................ 17,832 315,270
Samsung Electronics Co., Ltd. GDR....... 7,800 2,866,500
-----------
3,181,770
-----------
SPAIN -- 0.6%
Amper, SA............................... 6,034 43,273
Indra Sistemas SA....................... 3,498 71,849
-----------
115,122
-----------
SWEDEN -- 3.7%
Telefonaktiebolaget LM Ericsson
(Class B)............................. 69,926 739,387
-----------
SWITZERLAND -- 3.0%
Logitech International SA (a)........... 4,589 75,644
STMicroelectronics NV................... 20,746 205,202
Temenos Group AG (a).................... 2,321 68,469
</Table>
See accompanying notes to financial statements.
175
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tyco Electronics, Ltd. ................. 9,394 $ 258,147
-----------
607,462
-----------
UNITED KINGDOM -- 4.9%
ARM Holdings PLC........................ 49,863 180,244
Autonomy Corp. PLC (a).................. 5,796 160,277
Aveva Group PLC......................... 2,831 50,888
Dimension Data Holdings PLC............. 83,934 116,179
Diploma PLC............................. 23,744 71,494
Logica PLC.............................. 50,239 104,023
Misys PLC (a)........................... 27,812 102,264
Spectris PLC............................ 5,364 67,331
The Sage Group PLC...................... 35,435 128,520
-----------
981,220
-----------
TOTAL COMMON STOCKS --
(Cost $18,057,731).................... 19,857,122
-----------
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
State Street Institutional Liquid
Reserves Fund (c)
(Cost $3,815)......................... 3,815 3,815
-----------
TOTAL INVESTMENTS -- 99.3%
(Cost $18,061,546).................... 19,860,937
OTHER ASSETS AND
LIABILITIES -- 0.7%................... 148,445
-----------
NET ASSETS -- 100.0%.................... $20,009,382
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
(c) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
176
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.7%
AUSTRALIA -- 1.3%
Telstra Corp., Ltd. .................... 69,515 $ 190,775
-----------
AUSTRIA -- 1.0%
Telekom Austria AG...................... 10,659 149,275
-----------
BELGIUM -- 0.6%
Telenet Group Holding NV (a)............ 2,807 84,984
-----------
BELGIUM -- 1.7%
Belgacom SA............................. 5,116 200,198
Mobistar SA............................. 967 59,619
-----------
259,817
-----------
CANADA -- 5.9%
BCE, Inc. .............................. 7,147 209,765
Bell Aliant Regional Communications
Income Fund........................... 1,789 44,807
Rogers Communications, Inc. (Class B)... 12,045 411,096
TELUS Corp. ............................ 1,789 66,654
TELUS Corp. (non -- voting)............. 4,170 149,369
-----------
881,691
-----------
FINLAND -- 0.7%
Elisa Oyj (a)........................... 4,766 98,474
-----------
FRANCE -- 7.3%
France Telecom SA....................... 43,136 1,033,977
Iliad SA................................ 581 60,022
-----------
1,093,999
-----------
GERMANY -- 5.6%
Deutsche Telekom AG..................... 61,870 840,093
-----------
HONG KONG -- 0.1%
Hutchison Telecommunications
International, Ltd. (a)............... 60,000 16,459
-----------
ITALY -- 3.7%
Telecom Italia SpA (a)(b)............... 230,404 332,336
Telecom Italia SpA (a)(b)............... 192,420 217,403
-----------
549,739
-----------
JAPAN -- 13.1%
KDDI Corp. ............................. 72 372,945
Nippon Telegraph & Telephone Corp. ..... 13,300 560,809
NTT DoCoMo, Inc. ....................... 339 516,627
Softbank Corp. ......................... 20,700 510,189
-----------
1,960,570
-----------
LUXEMBOURG -- 1.5%
COLT Telecom Group SA (a)............... 19,617 37,821
Millicom International Cellular SA...... 2,074 184,897
-----------
222,718
-----------
NETHERLANDS -- 4.2%
Koninklijke (Royal) KPN NV.............. 40,046 635,604
-----------
NEW ZEALAND -- 0.3%
Telecom Corporation of New
Zealand, Ltd. ........................ 29,717 45,756
-----------
NORWAY -- 1.7%
Telenor ASA (a)......................... 18,556 251,969
-----------
PORTUGAL -- 1.6%
Portugal Telecom, SGPS SA (a)........... 21,721 243,296
-----------
SINGAPORE -- 2.9%
Singapore Telecommunications, Ltd. ..... 177,000 401,338
StarHub, Ltd. .......................... 24,000 39,312
-----------
440,650
-----------
SOUTH KOREA -- 2.5%
KT Corp. ADR (c)........................ 8,468 175,795
SK Telecom Co., Ltd. ADR (c)............ 11,626 200,665
-----------
376,460
-----------
SPAIN -- 15.0%
Telefonica SA........................... 94,495 2,242,684
-----------
SWEDEN -- 3.8%
Tele2 AB (Class B)...................... 8,570 143,488
TeliaSonera AB.......................... 60,186 428,586
-----------
572,074
-----------
SWITZERLAND -- 1.6%
Swisscom AG............................. 673 246,041
-----------
UNITED KINGDOM -- 23.6%
BT Group PLC............................ 201,990 379,628
Cable & Wireless Communications PLC..... 69,696 58,518
Cable & Wireless Worldwide PLC (a)...... 69,696 97,264
Inmarsat PLC............................ 13,327 152,831
Vodafone Group PLC...................... 1,231,420 2,839,272
-----------
3,527,513
-----------
TOTAL COMMON STOCKS --
(Cost $15,736,742).................... 14,930,641
-----------
SHORT TERM INVESTMENTS -- 1.3%
UNITED STATES -- 1.3%
MONEY MARKET FUNDS -- 1.3%
State Street Institutional Liquid
Reserves Fund (d)..................... 121 121
State Street Navigator Securities
Lending Prime Portfolio (d)(e)........ 194,607 194,607
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $194,728)....................... 194,728
-----------
TOTAL INVESTMENTS -- 101.0%
(Cost $15,931,470).................... 15,125,369
OTHER ASSETS AND
LIABILITIES -- (1.0)%................. (142,628)
-----------
NET ASSETS -- 100.0%.................... $14,982,741
===========
</Table>
<Table>
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock
traded on different securities exchanges.
(c) Represents security, or portion thereof, on loan as of
March 31, 2010.
(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.
177
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
SCHEDULE OF INVESTMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
AUSTRALIA -- 2.5%
AGL Energy, Ltd. ....................... 8,176 $ 112,790
APA Group............................... 22,545 73,667
Envestra, Ltd. ......................... 72,959 34,152
----------
220,609
----------
AUSTRIA -- 0.6%
Oesterreichische
Elektrizitaetswirtschafts
Aktiengesellschaft
(Verbundgesellschaft)................. 1,255 49,908
----------
CANADA -- 2.8%
ATCO, Ltd. (Class I).................... 1,473 73,973
Fortis, Inc. ........................... 3,229 91,948
TransAlta Corp. ........................ 3,647 80,773
----------
246,694
----------
FINLAND -- 1.7%
Fortum Oyj.............................. 5,935 145,435
----------
FRANCE -- 13.9%
EDF SA.................................. 3,585 195,975
GDF Suez................................ 19,209 743,362
Sechilienne-Sidec SA.................... 621 20,587
Suez Environnement SA................... 2,880 66,403
Veolia Environnement.................... 5,361 186,282
----------
1,212,609
----------
GERMANY -- 17.2%
E.ON AG................................. 25,316 936,362
RWE AG.................................. 6,268 556,369
----------
1,492,731
----------
HONG KONG -- 5.8%
CLP Holdings, Ltd. ..................... 24,500 175,119
Hong Kong & China Gas Co., Ltd. ........ 71,000 177,027
HongKong Electric Holdings, Ltd. ....... 25,000 148,267
----------
500,413
----------
ITALY -- 8.6%
A2A SpA................................. 27,096 50,926
Enel SpA................................ 87,335 489,236
Hera SpA................................ 14,737 34,717
Snam Rete Gas SpA....................... 14,566 73,959
Terna Rete Elettrica Nationale SpA...... 22,762 98,634
----------
747,472
----------
JAPAN -- 19.4%
Chubu Electric Power Co., Inc. ......... 8,888 222,295
Electric Power Development Co., Ltd. ... 2,500 82,406
Hokuriku Electric Power Co. ............ 2,994 65,878
Kyushu Electric Power Co., Inc. ........ 6,592 143,565
Osaka Gas Co., Ltd. .................... 31,958 114,575
Shikoku Electric Power Co., Inc. ....... 1,800 51,030
The Chugoku Electric Power Co., Inc. ... 3,987 79,279
The Kansai Electric Power Co., Inc. .... 10,198 233,777
The Tokyo Electric Power Co., Inc. ..... 15,199 405,350
Tohoku Electric Power Co., Inc. ........ 6,972 147,439
Tokyo Gas Co., Ltd. .................... 32,958 145,320
----------
1,690,914
----------
NEW ZEALAND -- 0.4%
Vector, Ltd. ........................... 23,858 35,888
----------
PORTUGAL -- 1.3%
EDP -- Energias de Portugal SA.......... 27,916 111,166
----------
SOUTH KOREA -- 1.2%
Korea Electric Power Corp. ADR (a)...... 6,650 107,996
----------
SPAIN -- 10.2%
Acciona SA.............................. 412 45,774
EDP Renovaveis SA (a)................... 4,594 35,960
Enagas.................................. 4,059 89,112
Gas Natural SDG SA...................... 5,397 99,828
Iberdrola Renovables SA................. 12,117 50,416
Iberdrola SA............................ 55,111 467,931
Red Electrica Corporacion SA............ 1,820 97,853
----------
886,874
----------
SWITZERLAND -- 0.3%
BKW FMB Energie AG...................... 309 23,003
----------
UNITED KINGDOM -- 13.6%
Centrica PLC............................ 71,503 318,773
Drax Group PLC.......................... 5,331 30,212
International Power PLC................. 21,499 103,999
National Grid PLC....................... 33,984 330,696
Pennon Group PLC........................ 6,142 48,680
Scottish & Southern Energy PLC.......... 12,023 200,797
Severn Trent PLC........................ 3,859 69,952
United Utilities Group PLC.............. 9,724 82,454
----------
1,185,563
----------
TOTAL COMMON STOCKS --
(Cost $10,119,611).................... 8,657,275
----------
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
State Street Institutional Liquid
Reserves Fund (b)
(Cost $3,904)......................... 3,904 3,904
----------
TOTAL INVESTMENTS -- 99.6%
(Cost $10,123,515).................... 8,661,179
OTHER ASSETS AND
LIABILITIES -- 0.4%................... 36,620
----------
NET ASSETS -- 100.0%.................... $8,697,799
==========
</Table>
<Table>
(a) Non-income producing security.
(b) Affiliated Fund managed by SSgA Funds Management, Inc.
(Note 3)
</Table>
See accompanying notes to financial statements.
178
(This page intentionally left blank)
179
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR STOXX SPDR EURO STOXX EMERGING ASIA SPDR S&P RUSSIA
EUROPE 50 ETF 50 ETF PACIFIC ETF ETF
--------------- --------------- --------------- ---------------
ASSETS
Investments in securities of
unaffiliated issuers, at value *
(Note 2)........................... $ 44,780,414 $155,912,231 $638,634,823 $4,526,922
Investments in securities of
affiliated issuers, at value (Note
3)................................. 2,405,370 1,108,802 18,104,204 8,233
------------ ------------ ------------ ----------
Total Investments.................. 47,185,784 157,021,033 656,739,027 4,535,155
Cash.................................. -- -- -- --
Foreign currency, at value............ 142,769 47,271 1,713,735 --
Margin deposit on futures............. -- -- 316,099 --
Receivable for investments sold....... -- -- -- 92,724
Receivable for foreign taxes
recoverable........................ 85,389 132,376 2,582 --
Dividends and interest
receivable -- unaffiliated
issuers............................ 98,795 122,193 411,875 1,387
Dividends receivable -- affiliated
issuers............................ 6 8 22 --
------------ ------------ ------------ ----------
TOTAL ASSETS..................... 47,512,743 157,322,881 659,183,340 4,629,266
------------ ------------ ------------ ----------
LIABILITIES
Payable upon return of securities
loaned............................. 2,405,270 1,060,464 17,816,312 --
Due to custodian...................... 75,571 -- -- --
Payable for investments purchased..... 549 -- -- --
Futures variation margin.............. -- -- 2,380 --
Accrued advisory fee (Note 3)......... 38,267 115,998 868,054 1,262
Deferred foreign taxes payable........ -- -- 1,521,665 --
Accrued trustees' fees and expenses
(Note 3)........................... 258 783 2,382 3
------------ ------------ ------------ ----------
TOTAL LIABILITIES................ 2,519,915 1,177,245 20,210,793 1,265
------------ ------------ ------------ ----------
NET ASSETS....................... $ 44,992,828 $156,145,636 $638,972,547 $4,628,001
============ ============ ============ ==========
NET ASSETS CONSIST OF:
Paid in capital (Note 4).............. $ 75,642,368 $252,407,189 $567,968,180 $4,496,152
Undistributed (distribution in excess
of) net investment income.......... (63,103) (46,829) (488,931) 122
Accumulated net realized gain (loss)
on investments, foreign currency
transactions and futures........... (13,045,482) (29,003,875) (10,625,991) 5,925
Net unrealized appreciation
(depreciation) on :
Investments (net of deferred
foreign taxes of $0, $0,
$1,579,183, $0, $0, $93,020, $0,
$0, $0, $0, $0, respectively).... (17,545,426) (67,209,496) 82,088,901 125,802
Foreign currency................... 4,471 (1,353) 22,474 --
Futures............................ -- -- 7,914 --
------------ ------------ ------------ ----------
NET ASSETS....................... $ 44,992,828 $156,145,636 $638,972,547 $4,628,001
============ ============ ============ ==========
NET ASSET VALUE PER SHARE
Net asset value per share............. $ 34.60 $ 39.03 $ 75.17 $ 30.85
============ ============ ============ ==========
Shares outstanding (unlimited amount
authorized, $0.01 par value)....... 1,300,370 4,000,967 8,500,000 150,000
============ ============ ============ ==========
COST OF INVESTMENTS:
Unaffiliated issuers.................. $ 62,325,840 $223,121,727 $554,966,739 $4,401,120
Affiliated issuers.................... 2,405,370 1,108,802 18,104,204 8,233
------------ ------------ ------------ ----------
Total cost of investments............. $ 64,731,210 $224,230,529 $573,070,943 $4,409,353
============ ============ ============ ==========
Foreign currency, at cost............. $ 141,979 $ 46,632 $ 1,695,426 $ --
============ ============ ============ ==========
* Includes investments in securities
on loan, at value.................. $ 2,303,301 $ 1,016,660 $ 17,208,724 $ --
============ ============ ============ ==========
</Table>
See accompanying notes to financial statements.
180
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR S&P SPDR S&P EMERGING MIDDLE SPDR S&P WORLD
SPDR S&P CHINA EMERGING SPDR S&P BRIC EMERGING EUROPE EMERGING LATIN EAST & AFRICA EX-US
ETF MARKETS ETF 40 ETF ETF AMERICA ETF ETF ETF
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$562,420,090 $131,133,655 $437,961,967 $239,562,949 $175,186,212 $132,968,991 $105,907,789
9,115,857 16,399,556 53,127,432 11,610,164 31,344,540 8,169,990 16,214,243
------------ ------------ ------------ ------------ ------------ ------------ ------------
571,535,947 147,533,211 491,089,399 251,173,113 206,530,752 141,138,981 122,122,032
-- -- -- -- -- 6,984 --
116,729 2,603,679 -- 286,398 284,357 524,730 513,710
-- 914,511 -- -- -- -- --
-- -- -- -- -- -- 2,116
-- 3,620 -- 12,271 -- -- 42,638
27,670 248,089 172,220 149,519 696,654 251,813 355,045
52 300 65 142 35 6 16
------------ ------------ ------------ ------------ ------------ ------------ ------------
571,680,398 151,303,410 491,261,684 251,621,443 207,511,798 141,922,514 123,035,557
------------ ------------ ------------ ------------ ------------ ------------ ------------
8,809,613 13,420,027 52,286,783 10,254,051 30,891,626 8,145,539 16,053,218
-- -- 290,430 -- -- -- --
-- -- -- -- -- -- --
-- 35,530 -- -- -- -- --
813,891 191,893 518,330 347,936 251,877 183,873 84,192
-- 78,298 -- -- -- -- --
2,476 551 1,848 932 732 581 419
------------ ------------ ------------ ------------ ------------ ------------ ------------
9,625,980 13,726,299 53,097,391 10,602,919 31,144,235 8,329,993 16,137,829
------------ ------------ ------------ ------------ ------------ ------------ ------------
$562,054,418 $137,577,111 $438,164,293 $241,018,524 $176,367,563 $133,592,521 $106,897,728
============ ============ ============ ============ ============ ============ ============
$513,735,941 $125,481,443 $463,807,518 $261,685,101 $173,281,045 $148,464,266 $ 99,297,428
(1,317,348) 258,806 128,367 (171,693) 893,567 62,988 450,688
(17,573,712) (1,533,872) (47,709,863) (27,431,940) (10,381,426) (15,810,490) (3,166,860)
67,209,242 13,207,798 21,938,265 6,939,366 12,570,149 872,645 10,312,854
295 43,286 6 (2,310) 4,228 3,112 3,618
-- 119,650 -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------ ------------
$562,054,418 $137,577,111 $438,164,293 $241,018,524 $176,367,563 $133,592,521 $106,897,728
============ ============ ============ ============ ============ ============ ============
$ 72.06 $ 65.51 $ 25.18 $ 45.48 $ 80.17 $ 66.80 $ 24.29
============ ============ ============ ============ ============ ============ ============
7,800,000 2,100,000 17,400,000 5,300,000 2,200,000 2,000,000 4,400,000
============ ============ ============ ============ ============ ============ ============
$495,210,848 $117,832,837 $416,023,702 $232,623,583 $162,616,063 $132,096,346 $ 95,594,935
9,115,857 16,399,556 53,127,432 11,610,164 31,344,540 8,169,990 16,214,243
------------ ------------ ------------ ------------ ------------ ------------ ------------
$504,326,705 $134,232,393 $469,151,134 $244,233,747 $193,960,603 $140,266,336 $111,809,178
============ ============ ============ ============ ============ ============ ============
$ 116,456 $ 2,560,964 $ -- $ 285,702 $ 282,674 $ 523,415 $ 512,411
============ ============ ============ ============ ============ ============ ============
$ 8,445,075 $ 13,143,971 $ 51,258,164 $ 9,805,265 $ 30,274,373 $ 7,946,009 $ 15,230,918
============ ============ ============ ============ ============ ============ ============
</Table>
181
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR FTSE/
MACQUARIE
SPDR S&P SPDR DOW JONES GLOBAL
INTERNATIONAL INTERNATIONAL INFRASTRUCTURE
SMALL CAP ETF REAL ESTATE ETF 100 ETF
--------------- --------------- ---------------
ASSETS
Investments in securities of
unaffiliated issuers, at value *
(Note 2)........................... $594,635,913 $1,125,088,419 $ 65,705,323
Investments in securities of
affiliated issuers, at value (Note
3)................................. 66,731,250 98,254,014 11,999,800
------------ -------------- ------------
Total Investments.................. 661,367,163 1,223,342,433 77,705,123
Foreign currency, at value............ 3,175,643 1,418,895 51,876
Margin deposit on futures............. -- -- --
Receivable for investments sold....... -- 7,013,322 --
Receivable for fund shares sold in-
kind............................... 10,625,163 3,526,587 --
Receivable for foreign taxes
recoverable........................ 91,531 465,909 33,793
Dividends and interest
receivable -- unaffiliated
issuers............................ 2,827,567 4,600,726 253,371
Dividends receivable -- affiliated
issuers............................ 23 157 10
------------ -------------- ------------
TOTAL ASSETS..................... 678,087,090 1,240,368,029 78,044,173
------------ -------------- ------------
LIABILITIES
Payable upon return of securities
loaned............................. 66,475,199 98,152,076 11,912,025
Payable for investments purchased..... 10,612,150 -- 28,756
Due to custodian...................... -- -- --
Futures variation margin.............. -- -- --
Payable for Fund shares repurchased
in-kind............................ -- 10,551,586 --
Accrued advisory fee (Note 3)......... 801,318 1,505,118 95,908
Deferred foreign taxes payable........ -- -- --
Accrued trustees' fees and expenses
(Note 3)........................... 2,420 4,498 303
------------ -------------- ------------
TOTAL LIABILITIES................ 77,891,087 110,213,278 12,036,992
------------ -------------- ------------
NET ASSETS....................... $600,196,003 $1,130,154,751 $ 66,007,181
============ ============== ============
NET ASSETS CONSIST OF:
Paid in capital (Note 4).............. $672,359,000 $1,660,580,819 $ 92,005,582
Undistributed (distribution in excess
of) net investment income.......... 2,713,893 (6,804,939) 434,237
Accumulated net realized gain (loss)
on investments, foreign currency
transactions and futures........... (32,937,147) (316,796,597) (5,097,319)
Net unrealized appreciation
(depreciation) on :
Investments (net of deferred
foreign taxes of $0, $7,702, $0,
$56,538, $0, $0, $1,274, $0,
$513,712, $0, respectively)...... (41,882,705) (206,720,935) (21,333,718)
Foreign currency................... (57,038) (103,597) (1,601)
Futures............................ -- -- --
------------ -------------- ------------
NET ASSETS....................... $600,196,003 $1,130,154,751 $ 66,007,181
============ ============== ============
NET ASSET VALUE PER SHARE
Net asset value per share............. $ 26.56 $ 35.17 $ 41.25
============ ============== ============
Shares outstanding (unlimited amount
authorized, $0.01 par value)....... 22,600,000 32,135,379 1,600,000
============ ============== ============
COST OF INVESTMENTS:
Unaffiliated issuers.................. $636,518,618 $1,331,801,652 $ 87,039,041
Affiliated issuers.................... 66,731,250 98,254,014 11,999,800
------------ -------------- ------------
Total cost of investments............. $703,249,868 $1,430,055,666 $ 99,038,841
============ ============== ============
Foreign currency, at cost............. $ 3,225,642 $ 1,402,694 $ 51,566
============ ============== ============
* Includes investments in securities
on loan, at value.................. $ 63,011,457 $ 92,405,921 $ 11,420,196
============ ============== ============
</Table>
See accompanying notes to financial statements.
182
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR MSCI ACWI SPDR RUSSELL/ SPDR RUSSELL/ SPDR S&P SPDR S&P EMERGING SPDR DOW JONES
EX-US NOMURA PRIME NOMURA SMALL INTERNATIONAL INTERNATIONAL MARKETS SMALL GLOBAL REAL
ETF JAPAN ETF CAP JAPAN ETF DIVIDEND ETF MID CAP ETF CAP ETF ESTATE ETF
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$389,296,429 $15,717,417 $ 79,841,162 $221,447,621 $26,003,776 $160,015,546 $119,882,014
55,717,326 4,610,463 23,781,004 32,378,074 5,327,568 2,433,829 27,989,250
------------ ----------- ------------ ------------ ----------- ------------ ------------
445,013,755 20,327,880 103,622,166 253,825,695 31,331,344 162,449,375 147,871,264
1,657,318 45,314 82,911 259,063 95,442 841,580 109,649
-- -- -- -- -- 113,620 --
-- -- -- 156,672 584 1,785 --
-- -- -- -- -- 4,926,178 --
201,112 -- -- 14,688 6,036 122 8,668
1,184,291 121,905 729,020 1,089,980 108,267 309,332 420,080
106 2 1 10 2 23 14
------------ ----------- ------------ ------------ ----------- ------------ ------------
448,056,582 20,495,101 104,434,098 255,346,108 31,541,675 168,642,015 148,409,675
------------ ----------- ------------ ------------ ----------- ------------ ------------
55,500,521 4,592,627 23,766,220 32,377,974 5,310,349 2,433,729 27,913,756
-- -- -- 120 -- 1,422,207 --
305 -- -- 387,394 -- 62,753 --
-- -- -- -- -- 10,200 --
-- -- -- -- -- 1,978,836 --
313,959 18,843 103,455 238,659 24,750 238,958 131,088
56,538 -- -- -- -- 315,291 --
1,612 62 345 854 86 558 431
------------ ----------- ------------ ------------ ----------- ------------ ------------
55,872,935 4,611,532 23,870,020 33,005,001 5,335,185 6,462,532 28,045,275
------------ ----------- ------------ ------------ ----------- ------------ ------------
$392,183,647 $15,883,569 $ 80,564,078 $222,341,107 $26,206,490 $162,179,483 $120,364,400
============ =========== ============ ============ =========== ============ ============
$458,630,243 $20,881,939 $101,153,242 $224,521,519 $24,610,830 $143,942,098 $105,879,713
1,642,628 88,502 628,072 409,959 123,636 343,781 (783,699)
(44,160,663) (1,061,029) (5,225,495) (10,726,174) (741,872) (73,835) (7,015,639)
(23,918,313) (4,024,070) (15,981,880) 8,126,363 2,214,149 17,974,091 22,286,299
(10,248) (1,773) (9,861) 9,440 (253) (72) (2,274)
-- -- -- -- -- (6,580) --
------------ ----------- ------------ ------------ ----------- ------------ ------------
$392,183,647 $15,883,569 $ 80,564,078 $222,341,107 $26,206,490 $162,179,483 $120,364,400
============ =========== ============ ============ =========== ============ ============
$ 31.63 $ 39.71 $ 40.28 $ 54.21 $ 27.59 $ 49.15 $ 33.43
============ =========== ============ ============ =========== ============ ============
12,400,000 400,000 2,000,075 4,101,326 950,000 3,300,000 3,600,000
============ =========== ============ ============ =========== ============ ============
$413,158,204 $19,741,487 $ 95,823,042 $213,319,984 $23,789,627 $141,527,743 $ 97,595,715
55,717,326 4,610,463 23,781,004 32,378,074 5,327,568 2,433,829 27,989,250
------------ ----------- ------------ ------------ ----------- ------------ ------------
$468,875,530 $24,351,950 $119,604,046 $245,698,058 $29,117,195 $143,961,572 $125,584,965
============ =========== ============ ============ =========== ============ ============
$ 1,665,922 $ 45,923 $ 85,052 $ 257,594 $ 96,030 $ 838,217 $ 108,940
============ =========== ============ ============ =========== ============ ============
$ 52,892,091 $ 4,333,578 $ 22,392,505 $ 30,813,635 $ 5,034,237 $ 2,344,590 $ 26,844,403
============ =========== ============ ============ =========== ============ ============
</Table>
183
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL SPDR S&P
CONSUMER CONSUMER INTERNATIONAL
DISCRETIONARY STAPLES SECTOR ENERGY SECTOR
SECTOR ETF ETF ETF
--------------- --------------- ---------------
ASSETS
Investments in securities of
unaffiliated issuers, at value *
(Note 2)........................... $7,552,191 $7,135,931 $10,391,173
Investments in securities of
affiliated issuers, at value (Note
3)................................. 46,481 100 3,953
---------- ---------- -----------
Total Investments.................. 7,598,672 7,136,031 10,395,126
Cash.................................. -- -- --
Foreign currency, at value............ 18,232 19,240 16,210
Receivable for investments sold....... -- -- --
Receivable for foreign taxes
recoverable........................ 470 5,707 1,154
Dividends and interest
receivable -- unaffiliated
issuers............................ 18,860 37,624 10,970
Dividends receivable -- affiliated
issuers............................ 4 2 2
---------- ---------- -----------
TOTAL ASSETS..................... 7,636,238 7,198,604 10,423,462
---------- ---------- -----------
LIABILITIES
Payable upon return of securities
loaned............................. -- -- --
Payable for investments purchased..... -- -- --
Due to custodian...................... -- 3,143 --
Accrued advisory fee (Note 3)......... 6,620 8,653 12,143
Accrued trustees' fees and expenses
(Note 3)........................... 22 28 40
---------- ---------- -----------
TOTAL LIABILITIES................ 6,642 11,824 12,183
---------- ---------- -----------
NET ASSETS....................... $7,629,596 $7,186,780 $10,411,279
========== ========== ===========
NET ASSETS CONSIST OF:
Paid in capital (Note 4).............. $7,612,139 $6,910,896 $11,551,147
Undistributed (distribution in excess
of) net investment income.......... 11,721 17,429 (20,046)
Accumulated net realized gain (loss)
on investments, foreign currency
transactions and futures........... (73,173) (117,302) (320,325)
Net unrealized appreciation
(depreciation) on :
Investments (net of deferred
foreign taxes of $0, $0, $0, $0,
$0, $0, $0, $0, $0, $0,
respectively).................... 79,105 375,194 (799,426)
Foreign currency................... (196) 563 (71)
---------- ---------- -----------
NET ASSETS....................... $7,629,596 $7,186,780 $10,411,279
========== ========== ===========
NET ASSET VALUE PER SHARE
Net asset value per share............. $ 25.43 $ 28.75 $ 26.03
========== ========== ===========
Shares outstanding (unlimited amount
authorized, $0.01 par value)....... 300,000 250,000 400,000
========== ========== ===========
COST OF INVESTMENTS:
Unaffiliated issuers.................. $7,473,086 $6,760,737 $11,190,599
Affiliated issuers.................... 46,481 100 3,953
---------- ---------- -----------
Total cost of investments............. $7,519,567 $6,760,837 $11,194,552
========== ========== ===========
Foreign currency, at cost............. $ 18,441 $ 19,091 $ 16,283
========== ========== ===========
* Includes investments in securities
on loan, at value.................. $ -- $ -- $ --
========== ========== ===========
</Table>
See accompanying notes to financial statements.
184
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P INTERNATIONAL SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL TELECOMMUNICA- INTERNATIONAL
FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY TIONS SECTOR UTILITIES
SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF ETF SECTOR ETF
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$11,243,160 $7,286,077 $7,325,865 $19,677,595 $19,857,122 $14,930,641 $ 8,657,275
100 100 32,520 106,088 3,815 194,728 3,904
----------- ---------- ---------- ----------- ----------- ----------- -----------
11,243,260 7,286,177 7,358,385 19,783,683 19,860,937 15,125,369 8,661,179
-- -- -- 833 -- -- --
13,419 94,645 127,669 98,772 23,952 36,593 14,920
-- -- -- 248,426 91,563 -- --
1,132 13,996 3,366 3,165 800 1,069 446
50,051 28,976 25,223 48,980 54,796 33,272 32,020
1 1 4 2 3 1 --
----------- ---------- ---------- ----------- ----------- ----------- -----------
11,307,863 7,423,795 7,514,647 20,183,861 20,032,051 15,196,304 8,708,565
----------- ---------- ---------- ----------- ----------- ----------- -----------
-- -- 6,924 77,528 -- 194,607 --
-- 73 -- 373,489 -- -- --
6,702 47,460 -- -- -- -- --
10,547 5,716 8,535 20,108 22,602 18,897 10,735
32 22 29 59 67 59 31
----------- ---------- ---------- ----------- ----------- ----------- -----------
17,281 53,271 15,488 471,184 22,669 213,563 10,766
----------- ---------- ---------- ----------- ----------- ----------- -----------
$11,290,582 $7,370,524 $7,499,159 $19,712,677 $20,009,382 $14,982,741 $ 8,697,799
=========== ========== ========== =========== =========== =========== ===========
$12,172,326 $7,644,236 $7,997,380 $19,169,531 $18,265,970 $15,999,631 $10,399,605
7,599 30,005 19,912 22,905 24,492 (17,431) 32,277
(666,445) (73,334) (54,005) (215,584) (74,848) (193,143) (272,020)
(223,052) (231,699) (461,219) 736,726 1,799,391 (806,101) (1,462,336)
154 1,316 (2,909) (901) (5,623) (215) 273
----------- ---------- ---------- ----------- ----------- ----------- -----------
$11,290,582 $7,370,524 $7,499,159 $19,712,677 $20,009,382 $14,982,741 $ 8,697,799
=========== ========== ========== =========== =========== =========== ===========
$ 20.53 $ 29.48 $ 25.00 $ 26.28 $ 26.68 $ 23.05 $ 21.74
=========== ========== ========== =========== =========== =========== ===========
550,000 250,000 300,000 750,000 750,000 650,000 400,000
=========== ========== ========== =========== =========== =========== ===========
$11,466,212 $7,517,776 $7,787,084 $18,940,869 $18,057,731 $15,736,742 $10,119,611
100 100 32,520 106,088 3,815 194,728 3,904
----------- ---------- ---------- ----------- ----------- ----------- -----------
$11,466,312 $7,517,876 $7,819,604 $19,046,957 $18,061,546 $15,931,470 $10,123,515
=========== ========== ========== =========== =========== =========== ===========
$ 13,488 $ 93,924 $ 130,522 $ 99,235 $ 24,028 $ 36,785 $ 14,595
=========== ========== ========== =========== =========== =========== ===========
$ -- $ -- $ 6,639 $ 78,496 $ -- $ 188,230 $ --
=========== ========== ========== =========== =========== =========== ===========
</Table>
185
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR STOXX SPDR EURO STOXX EMERGING ASIA SPDR S&P RUSSIA
EUROPE 50 ETF 50 ETF PACIFIC ETF ETF
--------------- --------------- --------------- ---------------
INVESTMENT INCOME
Dividend income on securities of
unaffiliated issuers (Note 2)...... $ 768,950 $ 1,493,527 $ 1,173,614 $ 1,632
Dividend income on securities of
affiliated issuers (Note 2)........ 27 74 330 --
Affiliated securities lending -- net
(Note 3 and Note 8)................ 9,088 46,754 32,387 --
Interest income (Note 2).............. -- 246 72 --
Foreign taxes withheld................ (62,461) (206,360) (103,124) (245)
----------- ------------ ----------- --------
TOTAL INVESTMENT INCOME............... 715,604 1,334,241 1,103,279 1,387
----------- ------------ ----------- --------
EXPENSES
Advisory fee (Note 3)................. 80,579 245,871 1,576,984 1,262
Trustees' fees and expenses (Note 3).. 682 2,311 8,214 3
Miscellaneous expenses................ 67 -- 7,011 --
----------- ------------ ----------- --------
TOTAL EXPENSES........................ 81,328 248,182 1,592,209 1,265
----------- ------------ ----------- --------
NET INVESTMENT INCOME (LOSS).......... 634,276 1,086,059 (488,930) 122
----------- ------------ ----------- --------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) on:
Investments........................ (1,957,876) 1,422,494 180,205 5,925
Foreign currency transactions...... (23,742) (63,820) (155,030) --
Futures............................ -- -- (211,256) --
Net change in unrealized appreciation
(depreciation) on:
Investments in securities of
unaffiliated issuers (net of
deferred foreign taxes of $0, $0,
$1,579,183, $0, $0, $93,020, $0,
$0, $0, $0, $0, respectively).... 1,331,622 (10,588,411) 46,703,849 125,802
Foreign currency transactions...... 383 (11,492) 14,007 --
Futures............................ -- -- 7,914 --
----------- ------------ ----------- --------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FOREIGN
CURRENCY TRANSACTIONS AND FUTURES.. (649,613) (9,241,229) 46,539,689 131,727
----------- ------------ ----------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............. $ (15,337) $ (8,155,170) $46,050,759 $131,849
=========== ============ =========== ========
</Table>
See accompanying notes to financial statements.
186
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR S&P SPDR S&P EMERGING MIDDLE
SPDR S&P CHINA EMERGING SPDR S&P BRIC EMERGING EUROPE EMERGING LATIN EAST & AFRICA SPDR S&P WORLD
ETF MARKETS ETF 40 ETF ETF AMERICA ETF ETF EX-US ETF
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$ 237,037 $ 874,238 $ 2,060,602 $ 525,306 $ 2,365,739 $ 1,400,886 $1,043,953
529 2,421 383 970 267 121 75
61,487 16,585 36,865 13,570 41,834 5,796 21,355
-- 439 -- -- -- 3,257 61
(496) (74,438) (335,882) (88,364) (256,153) (46,391) (81,425)
----------- ----------- ----------- ----------- ----------- ----------- ----------
298,557 819,245 1,761,968 451,482 2,151,687 1,363,669 984,019
----------- ----------- ----------- ----------- ----------- ----------- ----------
1,605,541 360,987 1,018,989 613,352 477,750 377,204 158,743
8,746 1,824 6,452 3,239 2,509 1,750 1,352
1,618 1,066 304 1,676 9,601 501 331
----------- ----------- ----------- ----------- ----------- ----------- ----------
1,615,905 363,877 1,025,745 618,267 489,860 379,455 160,426
----------- ----------- ----------- ----------- ----------- ----------- ----------
(1,317,348) 455,368 736,223 (166,785) 1,661,827 984,214 823,593
----------- ----------- ----------- ----------- ----------- ----------- ----------
(931,047) 6,653,179 (7,085,272) (925,567) 617,731 434,079 (212,574)
(10,878) (15,505) 115 6,866 8,631 (3,842) (4,966)
-- 236,383 -- -- -- -- --
36,775,802 4,779,589 39,100,060 20,275,602 16,776,198 16,961,795 3,194,926
(1,947) (17,583) (155) 7,886 1,537 (6,448) (1,850)
-- (22,317) -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------
35,831,930 11,613,746 32,014,748 19,364,787 17,404,097 17,385,584 2,975,536
----------- ----------- ----------- ----------- ----------- ----------- ----------
$34,514,582 $12,069,114 $32,750,971 $19,198,002 $19,065,924 $18,369,798 $3,799,129
=========== =========== =========== =========== =========== =========== ==========
</Table>
187
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR FTSE/
MACQUARIE
SPDR S&P SPDR DOW JONES GLOBAL
INTERNATIONAL INTERNATIONAL INFRASTRUCTURE
SMALL CAP ETF REAL ESTATE ETF 100 ETF
--------------- --------------- ---------------
INVESTMENT INCOME
Dividend income on securities of
unaffiliated issuers (Note 2)...... $ 5,714,635 $ 19,983,103 $ 1,193,974
Dividend income on securities of
affiliated issuers (Note 2)........ 216 780 82
Affiliated securities lending -- net
(Note 3 and Note 8)................ 236,572 485,664 21,602
Interest income (Note 2).............. 602 595 1
Foreign taxes withheld................ (423,515) (1,389,377) (74,454)
----------- ------------ -----------
TOTAL INVESTMENT INCOME............... 5,528,510 19,080,765 1,141,205
----------- ------------ -----------
EXPENSES
Advisory fee (Note 3)................. 1,582,066 2,947,386 195,571
Trustees' fees and expenses (Note 3).. 7,741 14,616 764
Miscellaneous expenses................ 5,883 702 92
----------- ------------ -----------
TOTAL EXPENSES........................ 1,595,690 2,962,704 196,427
----------- ------------ -----------
NET INVESTMENT INCOME (LOSS).......... 3,932,820 16,118,061 944,778
----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) on:
Investments........................ (2,927,845) (41,210,579) (1,100,908)
Foreign currency transactions...... 71,431 314,933 (9,778)
Futures............................ -- -- --
Net change in unrealized appreciation
(depreciation) on:
Investments in securities of
unaffiliated issuers (net of
deferred foreign taxes of $0,
$7,702, $0, $56,538, $0, $0,
$1,274, $0, $513,712, $0,
respectively).................... 27,632,617 38,639,962 257,969
Foreign currency transactions...... (97,400) (96,071) (1,354)
Futures............................ -- -- --
----------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FOREIGN
CURRENCY TRANSACTIONS AND FUTURES.. 24,678,803 (2,351,755) (854,071)
----------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............. $28,611,623 $ 13,766,306 $ 90,707
=========== ============ ===========
</Table>
See accompanying notes to financial statements.
188
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR RUSSELL/ SPDR RUSSELL/ SPDR S&P SPDR S&P EMERGING SPDR DOW JONES
SPDR MSCI ACWI NOMURA PRIME NOMURA SMALL INTERNATIONAL INTERNATIONAL MARKETS SMALL GLOBAL REAL
EX-US ETF JAPAN ETF CAP JAPAN ETF DIVIDEND ETF MID CAP ETF CAP ETF ESTATE ETF
- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
$ 3,842,066 $141,261 $ 856,170 $ 4,137,731 $ 240,639 $ 942,676 $2,048,899
245 12 113 161 49 614 107
82,641 3,929 64,010 74,149 5,692 10,100 25,769
107 -- -- 248 -- 190 --
(308,085) (9,887) (59,933) (432,812) (17,017) (62,272) (83,361)
----------- -------- ----------- ----------- ---------- ----------- ----------
3,616,974 135,315 860,360 3,779,477 229,363 891,308 1,991,414
----------- -------- ----------- ----------- ---------- ----------- ----------
607,175 37,524 209,143 430,243 44,491 409,395 242,605
4,778 162 923 3,014 296 1,877 1,521
72 -- 55 2,142 199 2,380 --
----------- -------- ----------- ----------- ---------- ----------- ----------
612,025 37,686 210,121 435,399 44,986 413,652 244,126
----------- -------- ----------- ----------- ---------- ----------- ----------
3,004,949 97,629 650,239 3,344,078 184,377 477,656 1,747,288
----------- -------- ----------- ----------- ---------- ----------- ----------
(831,843) (38,506) 1,715,288 13,460,092 982,802 2,546,933 (920,606)
(38,850) (836) 15,180 (137,682) 389 (178,933) 5,257
-- -- -- -- -- 351,074 --
14,645,772 593,871 (2,413,717) (9,792,192) 9,907 12,578,325 8,536,428
(17,390) (3,530) (40,222) (524) (985) 88 (3,811)
-- -- -- -- -- (67,345) --
----------- -------- ----------- ----------- ---------- ----------- ----------
13,757,689 550,999 (723,471) 3,529,694 992,113 15,230,142 7,617,268
----------- -------- ----------- ----------- ---------- ----------- ----------
$16,762,638 $648,628 $ (73,232) $ 6,873,772 $1,176,490 $15,707,798 $9,364,556
=========== ======== =========== =========== ========== =========== ==========
</Table>
189
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P BRIC 40 ETF SPDR S&P EMERGING EUROPE ETF
---------------------------------- ----------------------------------
Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss).......... $ 736,223 $ 4,398,055 $ (166,785) $ 942,663
Net realized gain (loss) on
investments, foreign currency
transactions and futures........... (7,085,157) (41,750,849) (918,701) (27,633,495)
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions and
futures............................ 39,099,905 81,472,098 20,283,488 29,174,553
------------ ------------ ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.......... 32,750,971 44,119,304 19,198,002 2,483,721
------------ ------------ ------------ -------------
Net equalization credits and charges.. -- 113,062 -- (543,985)
------------ ------------ ------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................. (1,234,658) (6,664,146) -- (1,309,844)
------------ ------------ ------------ -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS... (1,234,658) (6,664,146) -- (1,309,844)
------------ ------------ ------------ -------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold..... 72,564,329 133,070,128 128,801,535 158,972,908
Cost of shares redeemed............... (6,728,732) (18,446,715) (44,956,265) (103,360,848)
Net income equalization............... -- (113,062) -- 543,985
------------ ------------ ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST
TRANSACTIONS....................... 65,835,597 114,510,351 83,845,270 56,156,045
------------ ------------ ------------ -------------
Net increase (decrease) in net assets
during the period.................. 97,351,910 152,078,571 103,043,272 56,785,937
Net assets at beginning of period..... 340,812,383 188,733,812 137,975,252 81,189,315
------------ ------------ ------------ -------------
NET ASSETS END OF PERIOD (1) ........... $438,164,293 $340,812,383 $241,018,524 $ 137,975,252
============ ============ ============ =============
SHARES OF BENEFICIAL INTEREST:
Shares sold........................... 2,900,000 6,800,000 2,900,000 4,900,000
Shares issued to shareholders from
reinvestment of distributions...... -- -- -- --
Shares redeemed....................... (300,000) (1,300,000) (1,100,000) (3,300,000)
------------ ------------ ------------ -------------
NET INCREASE (DECREASE)............... 2,600,000 5,500,000 1,800,000 1,600,000
============ ============ ============ =============
(1) Including undistributed
(distribution in excess of) net
investment income..................... $ 128,367 $ 626,802 $ (171,693) $ (4,908)
============ ============ ============ =============
</Table>
<Table>
* Commencement of operations
</Table>
See accompanying notes to financial statements.
194
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING LATIN AMERICA SPDR S&P EMERGING MIDDLE EAST & SPDR S&P WORLD
ETF AFRICA ETF EX-US ETF
- ---------------------------------- ---------------------------------- ----------------------------------
Six Months Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09 (Unaudited) 9/30/09
- --------------- --------------- --------------- --------------- --------------- ---------------
$ 1,661,827 $ 1,548,152 $ 984,214 $ 3,020,778 $ 823,593 $ 1,711,050
626,362 (6,562,270) 430,237 (22,202,027) (217,540) (1,488,887)
16,777,735 22,586,232 16,955,347 24,607,159 3,193,076 14,547,684
------------ ------------ ------------ ------------ ------------ -----------
19,065,924 17,572,114 18,369,798 5,425,910 3,799,129 14,769,847
------------ ------------ ------------ ------------ ------------ -----------
-- 508,324 -- (1,130,621) -- 1,683,188
------------ ------------ ------------ ------------ ------------ -----------
(1,105,426) (2,110,805) (1,698,094) (5,932,397) (715,620) (1,928,626)
------------ ------------ ------------ ------------ ------------ -----------
(1,105,426) (2,110,805) (1,698,094) (5,932,397) (715,620) (1,928,626)
------------ ------------ ------------ ------------ ------------ -----------
39,856,905 70,190,340 -- 14,706,403 18,927,884 48,405,229
(14,293,377) (27,009,814) (12,311,419) (37,505,238) -- (4,333,053)
-- (508,324) -- 1,130,621 -- (1,683,188)
------------ ------------ ------------ ------------ ------------ -----------
25,563,528 42,672,202 (12,311,419) (21,668,214) 18,927,884 42,388,988
------------ ------------ ------------ ------------ ------------ -----------
43,524,026 58,641,835 4,360,285 (23,305,322) 22,011,393 56,913,397
132,843,537 74,201,702 129,232,236 152,537,558 84,886,335 27,972,938
------------ ------------ ------------ ------------ ------------ -----------
$176,367,563 $132,843,537 $133,592,521 $129,232,236 $106,897,728 $84,886,335
============ ============ ============ ============ ============ ===========
500,000 1,200,000 -- 300,000 800,000 2,600,000
-- -- -- -- -- --
(200,000) (500,000) (200,000) (900,000) -- (200,000)
------------ ------------ ------------ ------------ ------------ -----------
300,000 700,000 (200,000) (600,000) 800,000 2,400,000
============ ============ ============ ============ ============ ===========
$ 893,567 $ 337,166 $ 62,988 $ 776,868 $ 450,688 $ 342,715
============ ============ ============ ============ ============ ===========
</Table>
195
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL SMALL CAP SPDR DOW JONES INTERNATIONAL REAL
ETF ESTATE ETF
---------------------------------- ----------------------------------
Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss).......... $ 3,932,820 $ 7,230,253 $ 16,118,061 $ 28,363,711
Net realized gain (loss) on
investments, foreign currency
transactions and futures........... (2,856,414) (25,350,032) (40,895,646) (270,907,310)
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions and
futures............................ 27,535,217 54,633,302 38,543,891 232,639,976
------------ ------------- -------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.......... 28,611,623 36,513,523 13,766,306 (9,903,623)
------------ ------------- -------------- -------------
Net equalization credits and charges.. -- 1,978,065 (490,944) 1,027,510
------------ ------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................. (3,747,927) (9,931,796) (20,059,200) (29,224,112)
------------ ------------- -------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS... (3,747,927) (9,931,796) (20,059,200) (29,224,112)
------------ ------------- -------------- -------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold..... 66,299,218 292,056,790 204,145,350 257,256,740
Proceeds from reinvestment of
distributions...................... -- -- 71,215 320,184
Cost of shares redeemed............... -- (141,495,234) (7,033,695) (90,302,470)
Net income equalization............... -- (1,978,065) 490,944 (1,027,510)
------------ ------------- -------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST
TRANSACTIONS....................... 66,299,218 148,583,491 197,673,814 166,246,944
------------ ------------- -------------- -------------
Net increase (decrease) in net assets
during the period.................. 91,162,914 177,143,283 190,889,976 128,146,719
Net assets at beginning of period..... 509,033,089 331,889,806 939,264,775 811,118,056
------------ ------------- -------------- -------------
NET ASSETS END OF PERIOD (1) ........... $600,196,003 $ 509,033,089 $1,130,154,751 $ 939,264,775
============ ============= ============== =============
SHARES OF BENEFICIAL INTEREST:
Shares sold........................... 2,600,000 14,200,000 5,900,000 8,600,000
Shares issued to shareholders from
reinvestment of distributions...... -- -- 2,007 11,050
Shares redeemed....................... -- (8,200,000) (200,000) (3,600,000)
------------ ------------- -------------- -------------
NET INCREASE (DECREASE)............... 2,600,000 6,000,000 5,702,007 5,011,050
============ ============= ============== =============
(1) Including undistributed
(distribution in excess of) net
investment income..................... $ 2,713,893 $ 2,529,000 $ (6,804,939) $ (2,863,800)
============ ============= ============== =============
</Table>
<Table>
* Commencement of operations
</Table>
See accompanying notes to financial statements.
196
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR FTSE/MACQUARIE GLOBAL SPDR MSCI ACWI SPDR RUSSELL/NOMURA PRIME JAPAN
INFRASTRUCTURE 100 ETF EX-US ETF ETF
- ---------------------------------- ---------------------------------- ----------------------------------
Six Months Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09 (Unaudited) 9/30/09
- --------------- --------------- --------------- --------------- --------------- ---------------
$ 944,778 $ 2,665,822 $ 3,004,949 $ 6,894,851 $ 97,629 $ 195,086
(1,110,686) (4,208,862) (870,693) (49,427,689) (39,342) (4,213,911)
256,615 (3,250,982) 14,628,382 64,434,326 590,341 2,757,176
----------- ------------ ------------ ------------- ----------- -----------
90,707 (4,794,022) 16,762,638 21,901,488 648,628 (1,261,649)
----------- ------------ ------------ ------------- ----------- -----------
-- 112,019 -- 751,207 -- 125,790
----------- ------------ ------------ ------------- ----------- -----------
(1,182,402) (4,047,042) (2,939,156) (9,566,256) (128,189) (536,558)
----------- ------------ ------------ ------------- ----------- -----------
(1,182,402) (4,047,042) (2,939,156) (9,566,256) (128,189) (536,558)
----------- ------------ ------------ ------------- ----------- -----------
-- 3,343,323 68,458,956 151,270,608 -- --
-- -- -- -- -- --
-- (7,347,274) -- (112,343,451) -- (6,624,718)
-- (112,019) -- (751,207) -- (125,790)
----------- ------------ ------------ ------------- ----------- -----------
-- (4,115,970) 68,458,956 38,175,950 -- (6,750,508)
----------- ------------ ------------ ------------- ----------- -----------
(1,091,695) (12,845,015) 82,282,438 51,262,389 520,439 (8,422,925)
67,098,876 79,943,891 309,901,209 258,638,820 15,363,130 23,786,055
----------- ------------ ------------ ------------- ----------- -----------
$66,007,181 $ 67,098,876 $392,183,647 $ 309,901,209 $15,883,569 $15,363,130
=========== ============ ============ ============= =========== ===========
-- 100,000 2,200,000 6,600,000 -- --
-- -- -- -- -- --
-- (200,000) -- (5,200,000) -- (200,000)
----------- ------------ ------------ ------------- ----------- -----------
-- (100,000) 2,200,000 1,400,000 -- (200,000)
=========== ============ ============ ============= =========== ===========
$ 434,237 $ 671,861 $ 1,642,628 $ 1,576,835 $ 88,502 $ 119,062
=========== ============ ============ ============= =========== ===========
</Table>
197
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR RUSSELL/NOMURA SMALL CAP SPDR S&P INTERNATIONAL DIVIDEND
JAPAN ETF ETF
---------------------------------- ----------------------------------
Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss).......... $ 650,239 $ 1,222,277 $ 3,344,078 $ 2,578,027
Net realized gain (loss) on
investments, foreign currency
transactions and futures........... 1,730,468 (9,931,441) 13,322,410 (13,626,670)
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions and
futures............................ (2,453,939) 17,783,697 (9,792,716) 27,923,448
----------- ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.......... (73,232) 9,074,533 6,873,772 16,874,805
----------- ------------ ------------ ------------
Net equalization credits and charges.. -- (304,073) 201,420 489,788
----------- ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................. (603,148) (1,990,267) (2,842,913) (2,825,162)
Net realized gains.................... -- -- -- --
----------- ------------ ------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS... (603,148) (1,990,267) (2,842,913) (2,825,162)
----------- ------------ ------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold..... 1,905,762 31,690,345 107,916,032 84,721,669
Proceeds from reinvestment of
distributions...................... -- 1,830 14,312 28,801
Cost of shares redeemed............... (5,746,244) (30,752,771) (15,657,513) (16,131,455)
Net income equalization............... -- 304,073 (201,420) (489,788)
----------- ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST
TRANSACTIONS....................... (3,840,482) 1,243,477 92,071,411 68,129,227
----------- ------------ ------------ ------------
Net increase (decrease) in net assets
during the period.................. (4,516,862) 8,023,670 96,303,690 82,668,658
Net assets at beginning of period..... 85,080,940 77,057,270 126,037,417 43,368,759
----------- ------------ ------------ ------------
NET ASSETS END OF PERIOD (1) ........... $80,564,078 $ 85,080,940 $222,341,107 $126,037,417
=========== ============ ============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold........................... 50,000 850,000 2,000,000 1,900,000
Shares issued to shareholders from
reinvestment of distributions...... -- 50 273 673
Shares redeemed....................... (150,000) (900,000) (300,000) (400,000)
----------- ------------ ------------ ------------
NET INCREASE (DECREASE)............... (100,000) (49,950) 1,700,273 1,500,673
=========== ============ ============ ============
(1) Including undistributed
(distribution in excess of) net
investment income..................... $ 628,072 $ 580,981 $ 409,959 $ (91,206)
=========== ============ ============ ============
</Table>
<Table>
* Commencement of operations
</Table>
See accompanying notes to financial statements.
198
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING MARKETS SMALL SPDR DOW JONES GLOBAL REAL ESTATE
SPDR S&P INTERNATIONAL MID CAP ETF CAP ETF ETF
- ---------------------------------- ---------------------------------- ----------------------------------
Six Months Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09 (Unaudited) 9/30/09
- --------------- --------------- --------------- --------------- --------------- ---------------
$ 184,377 $ 281,114 $ 477,656 $ 361,384 $ 1,747,288 $ 1,643,227
983,191 396,765 2,719,074 1,192,298 (915,349) (6,011,005)
8,922 3,751,321 12,511,068 7,650,958 8,532,617 15,500,580
----------- ----------- ------------ ----------- ------------ -----------
1,176,490 4,429,200 15,707,798 9,204,640 9,364,556 11,132,802
----------- ----------- ------------ ----------- ------------ -----------
-- 167,045 -- 309,535 48,488 429,766
----------- ----------- ------------ ----------- ------------ -----------
(163,273) (229,354) (187,881) (135,395) (1,950,318) (2,175,297)
(521,348) -- (1,762,433) -- -- --
----------- ----------- ------------ ----------- ------------ -----------
(684,621) (229,354) (1,950,314) (135,395) (1,950,318) (2,175,297)
----------- ----------- ------------ ----------- ------------ -----------
9,324,943 12,307,996 96,528,252 50,908,357 31,874,376 56,386,995
-- -- -- -- -- --
(5,325,824) -- (13,779,878) (4,110,805) -- --
-- (167,045) -- (309,535) (48,488) (429,766)
----------- ----------- ------------ ----------- ------------ -----------
3,999,119 12,140,951 82,748,374 46,488,017 31,825,888 55,957,229
----------- ----------- ------------ ----------- ------------ -----------
4,490,988 16,507,842 96,505,858 55,866,797 39,288,614 65,344,500
21,715,502 5,207,660 65,673,625 9,806,828 81,075,786 15,731,286
----------- ----------- ------------ ----------- ------------ -----------
$26,206,490 $21,715,502 $162,179,483 $65,673,625 $120,364,400 $81,075,786
=========== =========== ============ =========== ============ ===========
350,000 600,000 2,100,000 1,300,000 1,000,000 2,200,000
-- -- -- -- -- --
(200,000) -- (300,000) (100,000) -- --
----------- ----------- ------------ ----------- ------------ -----------
150,000 600,000 1,800,000 1,200,000 1,000,000 2,200,000
=========== =========== ============ =========== ============ ===========
$ 123,636 $ 102,532 $ 343,781 $ 54,006 $ (783,699) $ (580,669)
=========== =========== ============ =========== ============ ===========
</Table>
199
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL CONSUMER SPDR S&P INTERNATIONAL CONSUMER
DISCRETIONARY SECTOR ETF STAPLES SECTOR ETF
---------------------------------- ----------------------------------
Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss).......... $ 17,814 $ 85,207 $ 50,521 $ 113,476
Net realized gain (loss) on
investments, foreign currency
transactions and futures........... (46,678) (25,533) (2,658) (112,708)
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions and
futures............................ 349,401 380,646 501,624 213,926
---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.......... 320,537 440,320 549,487 214,694
---------- ---------- ---------- ----------
Net equalization credits and charges.. (315) -- (1,531) --
---------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................. (19,338) (90,667) (41,937) (112,594)
Return of capital..................... -- -- -- --
---------- ---------- ---------- ----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS... (19,338) (90,667) (41,937) (112,594)
---------- ---------- ---------- ----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold..... 2,504,139 -- 1,416,917 --
Cost of shares redeemed............... -- -- -- --
Net income equalization............... 315 -- 1,531 --
---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST
TRANSACTIONS....................... 2,504,454 -- 1,418,448 --
---------- ---------- ---------- ----------
Net increase (decrease) in net assets
during the period.................. 2,805,338 349,653 1,924,467 102,100
Net assets at beginning of period..... 4,824,258 4,474,605 5,262,313 5,160,213
---------- ---------- ---------- ----------
NET ASSETS END OF PERIOD (1) ........... $7,629,596 $4,824,258 $7,186,780 $5,262,313
========== ========== ========== ==========
SHARES OF BENEFICIAL INTEREST:
Shares sold........................... 100,000 -- 50,000 --
Shares issued to shareholders from
reinvestment of distributions...... -- -- -- --
Shares redeemed....................... -- -- -- --
---------- ---------- ---------- ----------
NET INCREASE (DECREASE)............... 100,000 -- 50,000 --
========== ========== ========== ==========
(1) Including undistributed
(distribution in excess of) net
investment income..................... $ 11,721 $ 13,245 $ 17,429 $ 8,845
========== ========== ========== ==========
</Table>
<Table>
* Commencement of operations
</Table>
See accompanying notes to financial statements.
200
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL ENERGY SPDR S&P INTERNATIONAL FINANCIAL SPDR S&P INTERNATIONAL HEALTH CARE
SECTOR ETF SECTOR ETF SECTOR ETF
- ---------------------------------- ---------------------------------- ----------------------------------
Six Months Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09 (Unaudited) 9/30/09
- --------------- --------------- --------------- --------------- --------------- ---------------
$ 104,598 $ 153,853 $ 88,154 $ 91,083 $ 63,359 $ 114,303
(196,563) (126,522) (31,185) (630,368) (97,409) (3,788)
294,839 215,153 (230,985) 618,250 255,541 26,126
----------- ---------- ----------- ---------- ----------- ----------
202,874 242,484 (174,016) 78,965 221,491 136,641
----------- ---------- ----------- ---------- ----------- ----------
12,131 7,542 22,845 2,586 (4,860) --
----------- ---------- ----------- ---------- ----------- ----------
(124,506) (151,090) (88,004) (90,651) (46,978) (111,716)
-- (2,964) -- -- -- --
----------- ---------- ----------- ---------- ----------- ----------
(124,506) (154,054) (88,004) (90,651) (46,978) (111,716)
----------- ---------- ----------- ---------- ----------- ----------
3,964,126 1,266,652 6,204,140 1,064,853 2,936,939 --
-- -- -- -- (1,441,597) --
(12,131) (7,542) (22,845) (2,586) 4,860 --
----------- ---------- ----------- ---------- ----------- ----------
3,951,995 1,259,110 6,181,295 1,062,267 1,500,202 --
----------- ---------- ----------- ---------- ----------- ----------
4,042,494 1,355,082 5,942,120 1,053,167 1,669,855 24,925
6,368,785 5,013,703 5,348,462 4,295,295 5,700,669 5,675,744
----------- ---------- ----------- ---------- ----------- ----------
$10,411,279 $6,368,785 $11,290,582 $5,348,462 $ 7,370,524 $5,700,669
=========== ========== =========== ========== =========== ==========
150,000 50,000 300,000 50,000 100,000 --
-- -- -- -- -- --
-- -- -- -- (50,000) --
----------- ---------- ----------- ---------- ----------- ----------
150,000 50,000 300,000 50,000 50,000 --
=========== ========== =========== ========== =========== ==========
$ (20,046) $ (138) $ 7,599 $ 7,449 $ 30,005 $ 13,624
=========== ========== =========== ========== =========== ==========
</Table>
201
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL INDUSTRIAL SPDR S&P INTERNATIONAL MATERIALS
SECTOR ETF SECTOR ETF
---------------------------------- ----------------------------------
Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income (loss).......... $ 45,301 $ 94,003 $ 61,348 $ 84,022
Net realized gain (loss) on
investments, foreign currency
transactions and futures........... 29,923 (47,131) 19,158 (36,639)
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions and
futures............................ 321,457 298,320 1,420,229 1,299,159
----------- ---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.......... 396,681 345,192 1,500,735 1,346,542
----------- ---------- ----------- -----------
Net equalization credits and charges.. (415) -- 4,859 47,598
----------- ---------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................. (25,389) (105,673) (38,443) (134,554)
Net realized gains.................... -- -- -- --
----------- ---------- ----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS... (25,389) (105,673) (38,443) (134,554)
----------- ---------- ----------- -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold..... 3,635,695 -- 9,029,426 7,397,033
Cost of shares redeemed............... (1,160,515) -- -- (3,696,572)
Net income equalization............... 415 -- (4,859) (47,598)
----------- ---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST
TRANSACTIONS....................... 2,475,595 -- 9,024,567 3,652,863
----------- ---------- ----------- -----------
Net increase (decrease) in net assets
during the period.................. 2,846,472 239,519 10,491,718 4,912,449
Net assets at beginning of period..... 4,652,687 4,413,168 9,220,959 4,308,510
----------- ---------- ----------- -----------
NET ASSETS END OF PERIOD (1) ........... $ 7,499,159 $4,652,687 $19,712,677 $ 9,220,959
=========== ========== =========== ===========
SHARES OF BENEFICIAL INTEREST:
Shares sold........................... 150,000 -- 350,000 400,000
Shares issued to shareholders from
reinvestment of distributions...... -- -- -- --
Shares redeemed....................... (50,000) -- -- (200,000)
----------- ---------- ----------- -----------
NET INCREASE (DECREASE)............... 100,000 -- 350,000 200,000
=========== ========== =========== ===========
(1) Including undistributed
(distribution in excess of) net
investment income..................... $ 19,912 $ -- $ 22,905 $ --
=========== ========== =========== ===========
</Table>
<Table>
* Commencement of operations
</Table>
See accompanying notes to financial statements.
202
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL TECHNOLOGY SPDR S&P INTERNATIONAL SPDR S&P INTERNATIONAL UTILITIES
SECTOR ETF TELECOMMUNICATIONS SECTOR ETF SECTOR ETF
- ---------------------------------- ---------------------------------- ----------------------------------
Six Months Six Months Six Months
Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 (Unaudited) 9/30/09 (Unaudited) 9/30/09
- --------------- --------------- --------------- --------------- --------------- ---------------
$ 49,539 $ 58,711 $ 115,384 $ 217,113 $ 76,903 $ 172,223
(42,630) (23,102) 97,794 (97,089) (98,936) (163,791)
1,792,944 1,112,595 (652,626) 713,033 (302,989) (272,233)
----------- ----------- ----------- ---------- ---------- ----------
1,799,853 1,148,204 (439,448) 833,057 (325,022) (263,801)
----------- ----------- ----------- ---------- ---------- ----------
4,651 3,477 41,797 5,021 2,474 --
----------- ----------- ----------- ---------- ---------- ----------
(43,947) (54,548) (145,602) (212,353) (44,626) (163,595)
(6,227) -- -- -- -- (5,037)
----------- ----------- ----------- ---------- ---------- ----------
(50,174) (54,548) (145,602) (212,353) (44,626) (168,632)
----------- ----------- ----------- ---------- ---------- ----------
7,198,055 5,514,039 8,401,686 4,269,323 4,510,642 --
-- -- (2,265,660) -- -- --
(4,651) (3,477) (41,797) (5,021) (2,474) --
----------- ----------- ----------- ---------- ---------- ----------
7,193,404 5,510,562 6,094,229 4,264,302 4,508,168 --
----------- ----------- ----------- ---------- ---------- ----------
8,947,734 6,607,695 5,550,976 4,890,027 4,140,994 (432,433)
11,061,648 4,453,953 9,431,765 4,541,738 4,556,805 4,989,238
----------- ----------- ----------- ---------- ---------- ----------
$20,009,382 $11,061,648 $14,982,741 $9,431,765 $8,697,799 $4,556,805
=========== =========== =========== ========== ========== ==========
300,000 250,000 350,000 200,000 200,000 --
-- -- -- -- -- --
-- -- (100,000) -- -- --
----------- ----------- ----------- ---------- ---------- ----------
300,000 250,000 250,000 200,000 200,000 --
=========== =========== =========== ========== ========== ==========
$ 24,492 $ 18,900 $ (17,431) $ 12,787 $ 32,277 $ --
=========== =========== =========== ========== ========== ==========
</Table>
203
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR STOXX EUROPE 50 ETF
--------------------------------------------------------------------------------------
Six Months Ended
3/31/10 Year Ended Year Ended Year Ended Year Ended Year Ended
(Unaudited) 9/30/09 9/30/08 9/30/07 9/30/06 9/30/05
---------------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 35.31 $ 36.33 $ 53.69 $ 44.48 $ 39.31 $ 33.20
------- ------- ------- -------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.40(1) 1.11(1) 1.88 1.50 1.30(1) 1.01
Net realized and unrealized gain
(loss) (2)............................ (0.36) (1.05) (17.09) 9.22 5.05 6.10
------- ------- ------- -------- ------- -------
Total from investment operations........ 0.04 0.06 (15.21) 10.72 6.35 7.11
------- ------- ------- -------- ------- -------
Net equalization credits and
charges (1)........................... 0.06 (0.01) (0.12) (0.03) 0.38 0.00(6)
------- ------- ------- -------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.81) (1.07) (1.69) (1.47) (1.41) (1.00)
Net realized gains...................... -- -- (0.34) (0.01) (0.15) --
------- ------- ------- -------- ------- -------
Total distributions..................... (0.81) (1.07) (2.03) (1.48) (1.56) (1.00)
------- ------- ------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 34.60 $ 35.31 $ 36.33 $ 53.69 $ 44.48 $ 39.31
======= ======= ======= ======== ======= =======
TOTAL RETURN (3)........................ 0.24% 0.69% (29.27)% 24.22% 17.40% 21.60%
Net Assets, end of period (in 000's).... $44,993 $56,514 $76,311 $185,256 $71,175 $31,447
Ratio of expenses to average
net assets............................ 0.29%(4) 0.29% 0.29% 0.30% 0.33% 0.32%
Ratio of net investment income (loss) to
average net assets.................... 2.28%(4) 3.93% 3.35% 3.16% 3.13% 2.75%
Portfolio turnover rate (5)............. 3% 11% 14% 9% 14% 9%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Amount is less than $0.005 per share.
</Table>
204
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING ASIA
SPDR EURO STOXX 50 ETF PACIFIC ETF
- -------------------------------------------------------------------------------------- ------------------------------
Six Months Ended Six Months Ended
3/31/10 Year Ended Year Ended Year Ended Year Ended Year Ended 3/31/10 Year Ended
(Unaudited) 9/30/09 9/30/08 9/30/07 9/30/06 9/30/05 (Unaudited) 9/30/09
- ---------------- ---------- ---------- ---------- ---------- ---------- ---------------- ----------
$ 41.34 $ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 69.33 $ 54.59
-------- -------- -------- -------- -------- -------- -------- --------
0.26(1) 1.21(1) 2.17 1.40 1.32(1) 0.94 (0.07)(1) 1.21(1)
(2.30) (0.65) (19.32) 12.80 7.92 7.39 6.40 13.92
-------- -------- -------- -------- -------- -------- -------- --------
(2.04) 0.56 (17.15) 14.20 9.24 8.33 6.33 15.13
-------- -------- -------- -------- -------- -------- -------- --------
-- 0.15 (0.24) 0.35 (0.08) 0.02 -- 0.43
-------- -------- -------- -------- -------- -------- -------- --------
(0.27) (1.25) (1.95) (1.66) (1.24) (0.98) (0.49) (0.82)
-- -- (0.90) -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
(0.27) (1.25) (2.85) (1.66) (1.24) (0.98) (0.49) (0.82)
-------- -------- -------- -------- -------- -------- -------- --------
$ 39.03 $ 41.34 $ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 75.17 $ 69.33
======== ======== ======== ======== ======== ======== ======== ========
(4.97)% 2.35% (29.00)% 29.76% 22.48% 24.82% 9.13% 29.15%
$156,146 $181,922 $224,080 $484,541 $233,865 $179,688 $638,973 $436,766
0.29%(4) 0.29% 0.29% 0.30% 0.33% 0.32% 0.60%(4) 0.59%
1.28%(4) 3.67% 3.53% 2.86% 2.92% 2.79% (0.18)%(4) 2.25%
4% 12% 14% 11% 6% 15% 2% 4%
<Caption>
SPDR S&P EMERGING ASIA
PACIFIC ETF
- ----------------------------
For the Period
Year Ended 3/20/07*-
9/30/08 9/30/07
- ---------- --------------
$ 87.74 $ 60.50
-------- -------
0.90 0.64
(35.04) 25.50
-------- -------
(34.14) 26.14
-------- -------
2.13 1.10
-------- -------
(1.03) --
(0.11) --
-------- -------
(1.14) --
-------- -------
$ 54.59 $ 87.74
======== =======
(36.95)% 45.03%
$163,780 $61,420
0.59% 0.63%(4)
2.28% 3.33%(4)
7% 1%
</Table>
205
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P RUSSIA ETF SPDR S&P CHINA ETF
------------------- --------------------------------------------------------------
For the Period
3/10/10*- Six Months Ended For the Period
3/31/10 3/31/10 Year Ended Year Ended 3/20/07*-
(Unaudited) (Unaudited) 9/30/09 9/30/08 9/30/07
------------------- ---------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $30.00 $ 66.50 $ 51.29 $ 94.34 $ 52.23
------ -------- -------- -------- --------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.00(1)(6) (0.17)(1) 1.21(1) 0.75 0.50
Net realized and unrealized gain
(loss) (2)............................ 0.85 5.90 14.81 (43.64) 40.90
------ -------- -------- -------- --------
Total from investment operations........ 0.85 5.73 16.02 (42.89) 41.40
------ -------- -------- -------- --------
Net equalization credits and
charges (1)........................... -- -- 0.53 0.47 0.71
------ -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... -- (0.17) (1.34) (0.63) --
Net realized gains...................... -- -- -- -- --
------ -------- -------- -------- --------
Total distributions..................... -- (0.17) (1.34) (0.63) --
------ -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.......... $30.85 $ 72.06 $ 66.50 $ 51.29 $ 94.34
====== ======== ======== ======== ========
TOTAL RETURN (3)........................ 2.85% 8.61% 33.06% (45.26)% 80.64%
Net Assets, end of period (in 000's).... $4,628 $562,054 $445,539 $123,108 $122,639
Ratio of expenses to average
net assets............................ 0.59%(4) 0.59%(4) 0.59% 0.59% 0.59%(4)
Ratio of expenses to average net assets
before waivers........................ --% --% --% --% --%
Ratio of net investment income (loss) to
average net assets.................... 0.06%(4) (0.48)%(4) 2.22% 1.33% 2.56%(4)
Portfolio turnover rate (5)............. --% 11% 0%(7) 4% --%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Amount is less than $0.005 per share.
(7) Amount shown represents less than 0.5%.
</Table>
206
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING MARKETS ETF SPDR S&P BRIC 40 ETF
- -------------------------------------------------------------- --------------------------------------------------------------
Six Months Ended For the Period Six Months Ended For the Period
3/31/10 Year Ended Year Ended 3/20/07*- 3/31/10 Year Ended Year Ended 6/19/07*-
(Unaudited) 9/30/09 9/30/08 9/30/07 (Unaudited) 9/30/09 9/30/08 9/30/07
- ---------------- ---------- ---------- -------------- ---------------- ---------- ---------- --------------
$ 59.00 $ 51.86 $ 75.21 $ 55.63 $ 23.03 $ 20.29 $ 30.18 $ 24.07
-------- ------- ------- ------- -------- -------- -------- --------
0.23(1) 0.97(1) 1.32 0.42 0.04(1) 0.42(1) 0.39 0.07
6.69 7.00 (23.44) 18.49 2.19 2.97 (10.19) 5.90
-------- ------- ------- ------- -------- -------- -------- --------
6.92 7.97 (22.12) 18.91 2.23 3.39 (9.80) 5.97
-------- ------- ------- ------- -------- -------- -------- --------
-- 0.60 0.16 0.67 -- 0.01 0.04 0.14
-------- ------- ------- ------- -------- -------- -------- --------
(0.41) (1.43) (0.65) -- (0.08) (0.66) (0.13) --
-- -- (0.74) -- -- -- -- --
-------- ------- ------- ------- -------- -------- -------- --------
(0.41) (1.43) (1.39) -- (0.08) (0.66) (0.13) --
-------- ------- ------- ------- -------- -------- -------- --------
$ 65.51 $ 59.00 $ 51.86 $ 75.21 $ 25.18 $ 23.03 $ 20.29 $ 30.18
======== ======= ======= ======= ======== ======== ======== ========
11.74% 18.05% (29.77)% 35.20% 9.66% 18.16% (32.50)% 25.38%
$137,577 $94,395 $36,299 $45,125 $438,164 $340,812 $188,734 $156,921
0.59%(4) 0.59% 0.59% 0.60%(4) 0.50%(4) 0.48% 0.40% 0.40%(4)
--% --% --% --% --% 0.50% 0.50% 0.50%(4)
0.74%(4) 2.18% 1.97% 2.42%(4) 0.36%(4) 2.36% 1.43% 2.31%(4)
5% 1% 11% 0%(7) 9% 16% 16% --%
</Table>
207
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING EUROPE ETF
--------------------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended Year Ended 3/20/07*-
(Unaudited) 9/30/09 9/30/08 9/30/07
---------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 39.42 $ 42.73 $ 64.57 $ 54.38
-------- -------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ (0.03)(1) 0.50(1) 0.46 0.22
Net realized and unrealized gain
(loss) (2)............................ 6.09 (2.77) (22.41) 9.18
-------- -------- ------- -------
Total from investment operations........ 6.06 (2.27) (21.95) 9.40
-------- -------- ------- -------
Net equalization credits and
charges (1)........................... -- (0.29) 0.51 0.79
-------- -------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... -- (0.75) (0.37) --
Net realized gains...................... -- -- (0.03) --
-------- -------- ------- -------
Total distributions..................... -- (0.75) (0.40) --
-------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 45.48 $ 39.42 $ 42.73 $ 64.57
======== ======== ======= =======
TOTAL RETURN (3)........................ 15.35% (5.18)% (33.45)% 18.73%
Net Assets, end of period (in 000's).... $241,019 $137,975 $81,189 $38,741
Ratio of expenses to average
net assets............................ 0.59%(4) 0.59% 0.60% 0.60%(4)
Ratio of net investment income (loss) to
average net assets.................... (0.16)%(4) 1.66% 0.96% 1.53%(4)
Portfolio turnover rate (5)............. 10% 45% 19% 3%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Net investment income per share reflects receipt of a special one time dividend
from a portfolio holding. The effect of this dividend amounted to $0.38 per
share.
</Table>
208
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING LATIN AMERICA ETF SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
- -------------------------------------------------------------- --------------------------------------------------------------
Six Months Ended For the Period Six Months Ended For the Period
3/31/10 Year Ended Year Ended 3/20/07*- 3/31/10 Year Ended Year Ended 3/20/07*-
(Unaudited) 9/30/09 9/30/08 9/30/07 (Unaudited) 9/30/09 9/30/08 9/30/07
- ---------------- ---------- ---------- -------------- ---------------- ---------- ---------- --------------
$ 69.92 $ 61.83 $ 78.49 $ 57.51 $ 58.74 $ 54.48 $ 68.63 $ 59.25
-------- -------- ------- ------- -------- -------- -------- -------
0.78(1) 1.13(1) 1.32 0.50 0.48(1) 1.36(1) 1.79(6) 0.67
10.02 8.12 (17.23) 20.32 8.39 5.97 (15.86) 8.49
-------- -------- ------- ------- -------- -------- -------- -------
10.80 9.25 (15.91) 20.82 8.87 7.33 (14.07) 9.16
-------- -------- ------- ------- -------- -------- -------- -------
-- 0.37 0.25 0.16 -- (0.51) 1.04 0.22
-------- -------- ------- ------- -------- -------- -------- -------
(0.55) (1.53) (0.95) -- (0.81) (2.56) (1.02) --
-- -- (0.05) -- -- -- (0.10) --
-------- -------- ------- ------- -------- -------- -------- -------
(0.55) (1.53) (1.00) -- (0.81) (2.56) (1.12) --
-------- -------- ------- ------- -------- -------- -------- -------
$ 80.17 $ 69.92 $ 61.83 $ 78.49 $ 66.80 $ 58.74 $ 54.48 $ 68.63
======== ======== ======= ======= ======== ======== ======== =======
15.46% 16.99% (20.21)% 36.49% 15.18% 14.04% (19.37)% 15.84%
$176,368 $132,844 $74,202 $39,244 $133,593 $129,232 $152,538 $27,452
0.60%(4) 0.60% 0.60% 0.60%(4) 0.59%(4) 0.59% 0.59% 0.59%(4)
2.05%(4) 2.27% 1.94% 1.98%(4) 1.54%(4) 2.98% 3.88% 2.65%(4)
3% 17% 7% 2% 2% 12% 7% 1%
</Table>
209
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P WORLD EX-US ETF
--------------------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended Year Ended 4/20/07*-
(Unaudited) 9/30/09 9/30/08 9/30/07
---------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 23.58 $ 23.31 $ 34.05 $ 32.57
-------- ------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.21(1) 0.57(1) 0.61 0.41
Net realized and unrealized gain
(loss) (2)............................ 0.69 (0.22) (11.31) 1.07
-------- ------- ------- -------
Total from investment operations........ 0.90 0.35 (10.70) 1.48
-------- ------- ------- -------
Net equalization credits and
charges (1)........................... -- 0.56 0.62 --
-------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.19) (0.64) (0.57) --
Net realized gains...................... -- -- (0.09) --
-------- ------- ------- -------
Total distributions..................... (0.19) (0.64) (0.66) --
-------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 24.29 $ 23.58 $ 23.31 $ 34.05
======== ======= ======= =======
TOTAL RETURN (3)........................ 3.82% 4.68% (30.13)% 4.56%
Net Assets, end of period (in 000's).... $106,898 $84,886 $27,973 $13,621
Ratio of expenses to average
net assets............................ 0.34%(4) 0.34% 0.35% 0.35%(4)
Ratio of net investment income (loss) to
average net assets.................... 1.76%(4) 3.02% 3.36% 2.89%(4)
Portfolio turnover rate (5)............. 5% 12% 4% 0%(6)
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Amount shown represents less than 0.5%.
</Table>
210
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL SMALL CAP ETF SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
- -------------------------------------------------------------- --------------------------------------------------------------
Six Months Ended For the Period Six Months Ended For the Period
3/31/10 Year Ended Year Ended 4/20/07*- 3/31/10 Year Ended Year Ended 12/15/06*-
(Unaudited) 9/30/09 9/30/08 9/30/07 (Unaudited) 9/30/09 9/30/08 9/30/07
- ---------------- ---------- ---------- -------------- ---------------- ---------- ---------- --------------
$ 25.45 $ 23.71 $ 36.71 $ 35.59 $ 35.53 $ 37.86 $ 63.83 $ 60.28
-------- -------- -------- -------- ---------- -------- -------- ----------
0.19(1) 0.44(1) 0.51 0.17 0.56(1) 1.34(1) 1.80 1.20
1.10 1.74 (13.04) 0.70 (0.20) (2.38) (26.03) 3.33
-------- -------- -------- -------- ---------- -------- -------- ----------
1.29 2.18 (12.53) 0.87 0.36 (1.04) (24.23) 4.53
-------- -------- -------- -------- ---------- -------- -------- ----------
-- 0.12 0.35 0.25 (0.02) 0.05 0.06 0.36
-------- -------- -------- -------- ---------- -------- -------- ----------
(0.18) (0.56) (0.30) -- (0.70) (1.34) (1.80) (1.34)
-- -- (0.52) -- -- -- -- --
-------- -------- -------- -------- ---------- -------- -------- ----------
(0.18) (0.56) (0.82) -- (0.70) (1.34) (1.80) (1.34)
-------- -------- -------- -------- ---------- -------- -------- ----------
$ 26.56 $ 25.45 $ 23.71 $ 36.71 $ 35.17 $ 35.53 $ 37.86 $ 63.83
======== ======== ======== ======== ========== ======== ======== ==========
5.09% 10.45% (33.83)% 3.14% 0.96% (1.52)% (38.38)% 8.09%
$600,196 $509,033 $331,890 $110,116 $1,130,155 $939,265 $811,118 $1,111,226
0.60%(4) 0.59% 0.59% 0.59%(4) 0.59%(4) 0.59% 0.59% 0.60%(4)
1.47%(4) 2.27% 2.38% 1.89%(4) 3.23%(4) 4.85% 3.43% 3.01%(4)
2% 21% 46% 2% 4% 23% 8% 16%
</Table>
211
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
--------------------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended Year Ended 1/25/07*-
(Unaudited) 9/30/09 9/30/08 9/30/07
---------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 41.94 $ 47.03 $ 57.68 $ 50.41
------- ------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.59(1) 1.57(1) 1.53(7) 0.59
Net realized and unrealized gain
(loss) (2)............................ (0.54) (4.35) (11.64) 6.11
------- ------- ------- -------
Total from investment operations........ 0.05 (2.78) (10.11) 6.70
------- ------- ------- -------
Net equalization credits and
charges (1)........................... -- 0.07 0.60 0.57
------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.74) (2.38) (0.94) --
Net realized gains...................... -- -- (0.20) --
------- ------- ------- -------
Total distributions..................... (0.74) (2.38) (1.14) --
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 41.25 $ 41.94 $ 47.03 $ 57.68
======= ======= ======= =======
TOTAL RETURN (3)........................ 0.06% (5.40)% (16.93)% 14.43%
Net Assets, end of period (in 000's).... $66,007 $67,099 $79,944 $46,142
Ratio of expenses to average
net assets............................ 0.59%(4) 0.59% 0.59% 0.59%(4)
Ratio of net investment income (loss) to
average net assets.................... 2.85%(4) 4.16% 3.49% 2.50%(4)
Portfolio turnover rate (5)............. 2% 10% 7% 6%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Amount is less than $0.005 per share.
(7) Net investment income per share reflects receipt of a special one time dividend
from a portfolio holding. The effect of this dividend amounted to $0.44 per
share.
(8) Amount shown represents less than 0.5%.
</Table>
212
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR MSCI ACWI EX-US ETF SPDR RUSSELL/NOMURA PRIME JAPAN ETF
- -------------------------------------------------------------- --------------------------------------------------------------
Six Months Ended For the Period Six Months Ended For the Period
3/31/10 Year Ended Year Ended 1/10/07*- 3/31/10 Year Ended Year Ended 11/9/06*-
(Unaudited) 9/30/09 9/30/08 9/30/07 (Unaudited) 9/30/09 9/30/08 9/30/07
- ---------------- ---------- ---------- -------------- ---------------- ---------- ---------- --------------
$ 30.38 $ 29.39 $ 42.56 $ 35.60 $ 38.41 $ 39.64 $ 55.91 $ 52.65
-------- -------- -------- -------- ------- ------- ------- --------
0.26(1) 0.71(1) 0.82 0.44 0.24(1) 0.46(1) 1.95 0.42
1.24 1.14 (13.76) 6.12 1.38 (0.64) (15.75) 2.84
-------- -------- -------- -------- ------- ------- ------- --------
1.50 1.85 (12.94) 6.56 1.62 (0.18) (13.80) 3.26
-------- -------- -------- -------- ------- ------- ------- --------
-- 0.08 0.60 0.40 -- 0.29 (0.62) --
-------- -------- -------- -------- ------- ------- ------- --------
(0.25) (0.94) (0.77) -- (0.32) (1.34) (1.69) 0.00(6)
-- -- (0.06) -- -- -- (0.16) --
-------- -------- -------- -------- ------- ------- ------- --------
(0.25) (0.94) (0.83) -- (0.32) (1.34) (1.85) --
-------- -------- -------- -------- ------- ------- ------- --------
$ 31.63 $ 30.38 $ 29.39 $ 42.56 $ 39.71 $ 38.41 $ 39.64 $ 55.91
======== ======== ======== ======== ======= ======= ======= ========
4.94% 7.41% (29.53)% 19.55% 4.29% 0.58% (26.48)% 6.19%
$392,184 $309,901 $258,639 $127,691 $15,884 $15,363 $23,786 $268,392
0.34%(4) 0.34% 0.34% 0.35%(4) 0.50%(4) 0.50% 0.50% 0.51%(4)
1.68%(4) 2.98% 3.00% 2.78%(4) 1.30%(4) 1.32% 0.52% 0.97%(4)
1% 15% 5% 1% --% 6% 3% 0%(8)
</Table>
213
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
--------------------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended Year Ended 11/9/06*-
(Unaudited) 9/30/09 9/30/08 9/30/07
---------------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 40.51 $ 35.84 $ 48.31 $ 48.70
------- ------- ------- --------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.33(1) 0.60(1) 0.71 0.53
Net realized and unrealized gain
(loss) (2)............................ (0.25) 5.29 (12.49) (0.77)
------- ------- ------- --------
Total from investment operations........ 0.08 5.89 (11.78) (0.24)
------- ------- ------- --------
Net equalization credits and
charges (1)........................... -- (0.15) (0.12) (0.03)
------- ------- ------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.31) (1.07) (0.57) (0.12)
Net realized gains...................... -- -- -- --
------- ------- ------- --------
Total distributions..................... (0.31) (1.07) (0.57) (0.12)
------- ------- ------- --------
NET ASSET VALUE, END OF PERIOD.......... $ 40.28 $ 40.51 $ 35.84 $ 48.31
======= ======= ======= ========
TOTAL RETURN (3)........................ 0.27% 16.35% (24.85)% (0.57)%
Net Assets, end of period (in 000's).... $80,564 $85,081 $77,057 $137,695
Ratio of expenses to average
net assets............................ 0.55%(4) 0.55% 0.55% 0.56%(4)
Ratio of net investment income (loss) to
average net assets.................... 1.71%(4) 1.74% 1.24% 1.26%(4)
Portfolio turnover rate (5)............. 23% 25% 22% 2%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
</Table>
214
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING MARKETS
SPDR S&P INTERNATIONAL DIVIDEND ETF SPDR S&P INTERNATIONAL MID CAP ETF SMALL CAP ETF
- ------------------------------------------------ ------------------------------------------------ ----------------
Six Months Ended For the Period Six Months Ended For the Period Six Months Ended
3/31/10 Year Ended 2/12/08*- 3/31/10 Year Ended 5/7/08*- 3/31/10
(Unaudited) 9/30/09 9/30/08 (Unaudited) 9/30/09 9/30/08 (Unaudited)
- ---------------- ---------- -------------- ---------------- ---------- -------------- ----------------
$ 52.49 $ 48.17 $ 70.76 $ 27.14 $ 26.04 $ 35.46 $ 43.78
-------- -------- ------- ------- ------- ------- --------
0.93(1) 2.09(1) 3.56 0.25(1) 0.57(1) 0.32 0.17(1)
1.48 3.70 (23.17) 1.17 0.72 (9.74) 5.95
-------- -------- ------- ------- ------- ------- --------
2.41 5.79 (19.61) 1.42 1.29 (9.42) 6.12
-------- -------- ------- ------- ------- ------- --------
0.06 0.40 1.30 -- 0.34 -- --
-------- -------- ------- ------- ------- ------- --------
(0.75) (1.87) (4.28) (0.23) (0.53) -- (0.07)
-- -- -- (0.74) -- -- (0.68)
-------- -------- ------- ------- ------- ------- --------
(0.75) (1.87) (4.28) (0.97) (0.53) -- (0.75)
-------- -------- ------- ------- ------- ------- --------
$ 54.21 $ 52.49 $ 48.17 $ 27.59 $ 27.14 $ 26.04 $ 49.15
======== ======== ======= ======= ======= ======= ========
4.70% 13.86% (26.93)% 5.46% 6.87% (26.54)% 14.03%
$222,341 $126,037 $43,369 $26,206 $21,716 $ 5,208 $162,179
0.46%(4) 0.46% 0.48%(4) 0.46%(4) 0.45% 0.45%(4) 0.66%(4)
3.50%(4) 5.26% 8.77%(4) 1.86%(4) 2.57% 2.22%(4) 0.76%(4)
69% 148% 71% 3% 45% 19% 8%
<Caption>
SPDR S&P EMERGING MARKETS
SMALL CAP ETF
- ----------------------------
For the Period
Year Ended 5/12/08*-
9/30/09 9/30/08
- ---------- --------------
$ 32.69 $ 52.29
------- -------
0.66(1) 0.16
10.18 (20.81)
------- -------
10.84 (20.65)
------- -------
0.56 1.05
------- -------
(0.31) --
-- --
------- -------
(0.31) --
------- -------
$ 43.78 $ 32.69
======= =======
35.45% (37.48)%
$65,674 $ 9,807
0.66% 0.76%(4)
1.93% 3.41%(4)
83% 2%
</Table>
215
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DOW JONES GLOBAL REAL ESTATE ETF
------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended 5/7/08*-
(Unaudited) 9/30/09 9/30/08
---------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 31.18 $ 39.33 $ 49.87
-------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.57(1) 1.19(1) 0.56
Net realized and unrealized gain
(loss) (2)............................ 2.27 (8.23) (10.80)
-------- ------- -------
Total from investment operations........ 2.84 (7.04) (10.24)
-------- ------- -------
Net equalization credits and
charges (1)........................... 0.02 0.31 0.33
-------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.61) (1.42) (0.63)
Return of capital....................... -- -- --
-------- ------- -------
Total distributions..................... (0.61) (1.42) (0.63)
-------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 33.43 $ 31.18 $ 39.33
======== ======= =======
TOTAL RETURN (3)........................ 9.24% (15.97)% (19.89)%
Net Assets, end of period (in 000's).... $120,364 $81,076 $15,731
Ratio of expenses to average
net assets............................ 0.50%(4) 0.50% 0.50%(4)
Ratio of net investment income (loss) to
average net assets.................... 3.60%(4) 4.84% 3.97%(4)
Portfolio turnover rate (5)............. 4% 18% 4%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
</Table>
216
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SPDR S&P INTERNATIONAL CONSUMER STAPLES ENERGY
SECTOR ETF SECTOR ETF SECTOR ETF
- ------------------------------------------------ ------------------------------------------------ ----------------
Six Months Ended For the Period Six Months Ended For the Period Six Months Ended
3/31/10 Year Ended 7/16/08*- 3/31/10 Year Ended 7/16/08*- 3/31/10
(Unaudited) 9/30/09 9/30/08 (Unaudited) 9/30/09 9/30/08 (Unaudited)
- ---------------- ---------- -------------- ---------------- ---------- -------------- ----------------
$24.12 $22.37 $ 25.54 $26.31 $25.80 $27.47 $ 25.48
------ ------ ------- ------ ------ ------ -------
0.09(1) 0.43(1) 0.12 0.22(1) 0.57(1) 0.13 0.30(1)
1.31 1.77 (3.26) 2.41 0.50 (1.69) 0.56
------ ------ ------- ------ ------ ------ -------
1.40 2.20 (3.14) 2.63 1.07 (1.56) 0.86
------ ------ ------- ------ ------ ------ -------
-- -- -- (0.01) -- -- 0.03
------ ------ ------- ------ ------ ------ -------
(0.09) (0.45) (0.03) (0.18) (0.56) (0.11) (0.34)
-- -- -- -- -- -- --
------ ------ ------- ------ ------ ------ -------
(0.09) (0.45) (0.03) (0.18) (0.56) (0.11) (0.34)
------ ------ ------- ------ ------ ------ -------
$25.43 $24.12 $ 22.37 $28.75 $26.31 $25.80 $ 26.03
====== ====== ======= ====== ====== ====== =======
5.82% 10.38% (12.29)% 9.97% 4.48% (5.70)% 3.47%
$7,630 $4,824 $ 4,475 $7,187 $5,262 $5,160 $10,411
0.50%(4) 0.50% 0.52%(4) 0.50%(4) 0.50% 0.50%(4) 0.50%(4)
0.70%(4) 2.22% 1.88%(4) 1.62%(4) 2.58% 2.17%(4) 2.32%(4)
9% 7% 1% 2% 8% 9% 5%
<Caption>
SPDR S&P INTERNATIONAL
ENERGY SECTOR ETF
- ----------------------------
For the Period
Year Ended 7/16/08*-
9/30/09 9/30/08
- ---------- --------------
$25.07 $ 31.62
------ -------
0.76(1) 0.16
0.34 (6.57)
------ -------
1.10 (6.41)
------ -------
0.04 --
------ -------
(0.72) (0.14)
(0.01) --
------ -------
(0.73) (0.14)
------ -------
$25.48 $ 25.07
====== =======
5.09% (20.28)%
$6,369 $ 5,014
0.50% 0.50%(4)
3.64% 3.03%(4)
6% 1%
</Table>
217
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended 7/16/08*-
(Unaudited) 9/30/09 9/30/08
---------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 21.39 $21.48 $ 24.52
------- ------ -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.24(1) 0.46(1) 0.10
Net realized and unrealized gain
(loss) (2)............................ (0.96) (0.11) (3.05)
------- ------ -------
Total from investment operations........ (0.72) 0.35 (2.95)
------- ------ -------
Net equalization credits and
charges (1)........................... 0.06 0.01 --
------- ------ -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.20) (0.45) (0.09)
------- ------ -------
Total distributions..................... (0.20) (0.45) (0.09)
------- ------ -------
NET ASSET VALUE, END OF PERIOD.......... $ 20.53 $21.39 $ 21.48
======= ====== =======
TOTAL RETURN (3)........................ (3.09)% 2.35% (12.03)%
Net Assets, end of period (in 000's).... $11,291 $5,348 $ 4,295
Ratio of expenses to average
net assets............................ 0.50%(4) 0.50% 0.50%(4)
Ratio of net investment income (loss) to
average net assets.................... 2.35%(4) 2.88% 2.03%(4)
Portfolio turnover rate (5)............. 2% 25% --%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Amount shown represents less than 0.5%.
</Table>
218
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
MATERIALS
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF SECTOR ETF
- ------------------------------------------------ ------------------------------------------------ ----------------
Six Months Ended For the Period Six Months Ended For the Period Six Months Ended
3/31/10 Year Ended 7/16/08*- 3/31/10 Year Ended 7/16/08*- 3/31/10
(Unaudited) 9/30/09 9/30/08 (Unaudited) 9/30/09 9/30/08 (Unaudited)
- ---------------- ---------- -------------- ---------------- ---------- -------------- ----------------
$28.50 $28.38 $31.23 $23.26 $22.07 $ 27.47 $ 23.05
------ ------ ------ ------ ------ ------- -------
0.38(1) 0.57(1) 0.11 0.17(1) 0.47(1) 0.09 0.11(1)
0.94 0.11 (2.91) 1.66 1.25 (5.44) 3.16
------ ------ ------ ------ ------ ------- -------
1.32 0.68 (2.80) 1.83 1.72 (5.35) 3.27
------ ------ ------ ------ ------ ------- -------
(0.03) -- -- -- -- -- 0.01
------ ------ ------ ------ ------ ------- -------
(0.31) (0.56) (0.05) (0.09) (0.53) (0.05) (0.05)
------ ------ ------ ------ ------ ------- -------
(0.31) (0.56) (0.05) (0.09) (0.53) (0.05) (0.05)
------ ------ ------ ------ ------ ------- -------
$29.48 $28.50 $28.38 $25.00 $23.26 $ 22.07 $ 26.28
====== ====== ====== ====== ====== ======= =======
4.54% 2.78% (8.97)% 7.88% 8.35% (19.49)% 14.25%
$7,371 $5,701 $5,676 $7,499 $4,653 $ 4,413 $19,713
0.50%(4) 0.50% 0.50%(4) 0.50%(4) 0.50% 0.50%(4) 0.50%(4)
2.58%(4) 2.35% 1.67%(4) 1.40%(4) 2.59% 1.55%(4) 0.90%(4)
--% 0%(6) 18% --% 3% --% 3%
<Caption>
SPDR S&P INTERNATIONAL
MATERIALS SECTOR ETF
- ------------------------
Year Ended Year Ended
9/30/09 9/30/08
- ---------- ----------
$21.54 $ 31.52
------ -------
0.27(1) 0.11
1.41 (10.02)
------ -------
1.68 (9.91)
------ -------
0.15 --
------ -------
(0.32) (0.07)
------ -------
(0.32) (0.07)
------ -------
$23.05 $ 21.54
====== =======
8.87% (31.44)%
$9,221 $ 4,309
0.50% 0.50%(4)
1.47% 1.99%(4)
7% 4%
</Table>
219
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
------------------------------------------------
Six Months Ended For the Period
3/31/10 Year Ended 7/16/08*-
(Unaudited) 9/30/09 9/30/08
---------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 24.58 $ 22.27 $ 27.77
------- ------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.08(1) 0.24(1) 0.06
Net realized and unrealized gain
(loss) (2)............................ 2.09 2.32 (5.56)
------- ------- -------
Total from investment operations........ 2.17 2.56 (5.50)
------- ------- -------
Net equalization credits and
charges (1)........................... 0.01 0.01 --
------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (0.07) (0.26) --
Net realized gains...................... (0.01) -- --
------- ------- -------
Total distributions..................... (0.08) (0.26) --
------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 26.68 $ 24.58 $ 22.27
======= ======= =======
TOTAL RETURN (3)........................ 8.89% 11.81% (19.81)%
Net Assets, end of period (in 000's).... $20,009 $11,062 $ 4,454
Ratio of expenses to average
net assets............................ 0.50%(4) 0.51% 0.50%(4)
Ratio of net investment income (loss) to
average net assets.................... 0.65%(4) 1.23% 1.04%(4)
Portfolio turnover rate (5)............. 2% 5% --%
</Table>
<Table>
* Commencement of operations
(1) Per share numbers have been calculated using the average shares method.
(2) Amounts shown in this caption for a share outstanding may not accord with the
change in aggregate gains and losses in securities for the fiscal period because
of the timing of sales and repurchases of Fund shares in relation to fluctuating
market values for the Fund.
(3) Total return is calculated assuming a purchase of shares at net asset value on
the first day and a sale at net asset value on the last day of each period
reported. Distributions are assumed, for the purpose of this calculation, to be
reinvested at net asset value per share on the respective payment dates of each
Fund. Total return for periods of less than one year is not annualized. Broker
commission charges are not included in this calculation.
(4) Annualized.
(5) Portfolio turnover rate excludes securities received or delivered from in kind
processing of creations or redemptions.
(6) Net investment income per share reflects receipt of a special one time dividend
from a portfolio holding. The effect of this dividend amounted to $0.31 per
share.
</Table>
220
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS
SECTOR ETF SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
- ------------------------------------------------ ------------------------------------------------
Six Months Ended For the Period Six Months Ended For the Period
3/31/10 Year Ended 7/16/08*- 3/31/10 Year Ended 7/16/08*-
(Unaudited) 9/30/09 9/30/08 (Unaudited) 9/30/09 9/30/08
- ---------------- ---------- -------------- ---------------- ---------- --------------
$ 23.58 $22.71 $ 27.02 $22.78 $24.95 $ 29.47
------- ------ ------- ------ ------ -------
0.20(1) 0.97(1) 0.16 0.24(1) 0.86(1) 0.37(6)
(0.56) 0.86 (4.33) (1.18) (2.19) (4.45)
------- ------ ------- ------ ------ -------
(0.36) 1.83 (4.17) (0.94) (1.33) (4.08)
------- ------ ------- ------ ------ -------
0.07 0.02 -- 0.01 -- --
------- ------ ------- ------ ------ -------
(0.24) (0.98) (0.14) (0.11) (0.81) (0.44)
-- -- -- -- (0.03) --
------- ------ ------- ------ ------ -------
(0.24) (0.98) (0.14) (0.11) (0.84) (0.44)
------- ------ ------- ------ ------ -------
$ 23.05 $23.58 $ 22.71 $21.74 $22.78 $ 24.95
======= ====== ======= ====== ====== =======
(1.25)% 8.68% (15.45)% (4.09)% (4.96)% (13.87)%
$14,983 $9,432 $ 4,542 $8,698 $4,557 $ 4,989
0.50%(4) 0.50% 0.50%(4) 0.51%(4) 0.50% 0.50%(4)
1.76%(4) 4.76% 3.11%(4) 2.18%(4) 4.23% 6.47%(4)
4% 5% --% 2% 7% 1%
</Table>
221
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
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 March 31, 2010, the Trust offered thirty-one (31) 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 STOXX Europe 50
ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia
ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF,
SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P
Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P
International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR
FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR
Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR
S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P
Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P
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. Generally, 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
222
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
readily available or do not otherwise accurately reflect the fair value of the
security to the Pricing and Investment Committee (the "Committee"). The
Committee, subject to oversight by the Board, may use fair value pricing in a
variety of circumstances including, but not limited to, situations when trading
in a security has been suspended or halted. Accordingly, a Fund's net asset
value may reflect certain portfolio securities' fair values rather than their
market prices. Fair value pricing involves subjective judgments and it is
possible that the fair value determination for a security is materially
different than the value that could be received on the sale of the security.
Effective October 1, 2008, the Funds adopted the authoritative guidance for fair
value measurements and the fair value option for financial assets and financial
liabilities. The guidance for the fair value option for financial assets and
financial liabilities provides funds the irrevocable option to measure many
financial assets and liabilities at fair value with changes in fair value
recognized in earnings. The guidance also establishes a hierarchy for inputs
used in measuring fair value that maximizes the use of observable inputs and
minimizes the use of unobservable inputs by requiring that the most observable
inputs be used when available. The guidance establishes three levels of inputs
that may be used to measure fair value:
- - Level 1 -- quoted prices in active markets for identical investments.
- - Level 2 -- other significant observable inputs (including, but not limited to,
quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
- - Level 3 -- significant unobservable inputs (including the Funds' own
assumptions in determining the fair value of investments)
Investments that use Level 2 or Level 3 inputs may include, but are not limited
to: (i) an unlisted security related to corporate actions; (ii) a restricted
security (e.g., one that may not be publicly sold without registration under the
Securities Act of 1933, as amended); (iii) a security whose trading has been
suspended or which has been de-listed from its primary trading exchange; (iv) a
security that is thinly traded; (v) a security in default or bankruptcy
proceedings for which there is no current market quotation; (vi) a security
affected by currency controls or restrictions; and (vii) a security affected by
a significant event (e.g., an event that occurs after the close of the markets
on which the security is traded but before the time as of which the Funds' net
assets are computed and that may materially affect the value of the Funds'
investments). Examples of events that may be "significant events" are government
actions, natural disasters, armed conflict, acts of terrorism, and significant
market fluctuations.
Fair value pricing could result in a difference between the prices used to
calculate a Fund's net asset value and the prices used by the Funds' benchmark
index, which, in turn, could result in a difference between the Fund's
performance and the performance of the respective benchmark index. The inputs or
methodology used for valuation are not necessarily an indication of the risks
associated with investing in those investments. The type of inputs used to value
each security is identified in the breakdown of the Funds' investments by
industry, which appears in the Portfolio Summary.
The following table summarizes the inputs used in valuing the Funds' investments
as of March 31, 2010:
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS TOTAL
-------------- ----------------- ------------ --------------
SPDR STOXX Europe 50 ETF................ $ 47,185,784 $ -- $-- $ 47,185,784
SPDR EURO STOXX 50 ETF.................. 157,021,033 -- -- 157,021,033
SPDR S&P Emerging Asia Pacific ETF...... 656,739,027 -- -- 656,739,027
SPDR S&P Russia ETF..................... 4,535,155 -- -- 4,535,155
SPDR S&P China ETF...................... 571,533,372 2,575 -- 571,535,947
SPDR S&P Emerging Markets ETF........... 147,478,828 54,383 -- 147,533,211
SPDR S&P BRIC 40 ETF.................... 491,089,399 -- -- 491,089,399
SPDR S&P Emerging Europe ETF............ 251,173,113 -- -- 251,173,113
SPDR S&P Emerging Latin America ETF..... 206,530,752 -- -- 206,530,752
</Table>
223
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS TOTAL
-------------- ----------------- ------------ --------------
SPDR S&P Emerging Middle East & Africa
ETF................................... $ 141,111,582 $ 27,399 $-- $ 141,138,981
SPDR S&P World ex-US ETF................ 121,778,634 343,398 --* 122,122,032
SPDR S&P International Small Cap ETF.... 660,504,727 862,436 --* 661,367,163
SPDR Dow Jones International Real Estate
ETF................................... 1,223,342,433 -- --* 1,223,342,433
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 77,705,123 -- -- 77,705,123
SPDR MSCI ACWI ex-US ETF................ 443,990,040 1,023,715 -- 445,013,755
SPDR Russell/Nomura PRIME Japan ETF..... 20,175,037 152,843 -- 20,327,880
SPDR Russell/Nomura Small Cap Japan
ETF................................... 103,248,532 373,634 --* 103,622,166
SPDR S&P International Dividend ETF..... 253,825,695 -- -- 253,825,695
SPDR S&P International Mid Cap ETF...... 31,209,924 121,420 -- 31,331,344
SPDR S&P Emerging Markets Small Cap
ETF................................... 162,006,811 442,564 -- 162,449,375
SPDR Dow Jones Global Real Estate ETF... 147,871,264 -- --* 147,871,264
SPDR S&P International Consumer
Discretionary Sector ETF.............. 7,598,672 -- --* 7,598,672
SPDR S&P International Consumer Staples
Sector ETF............................ 7,136,031 -- -- 7,136,031
SPDR S&P International Energy Sector
ETF................................... 10,239,283 155,843 -- 10,395,126
SPDR S&P International Financial Sector
ETF................................... 11,180,075 63,185 -- 11,243,260
SPDR S&P International Health Care
Sector ETF............................ 7,286,177 -- -- 7,286,177
SPDR S&P International Industrial Sector
ETF................................... 7,358,385 -- -- 7,358,385
SPDR S&P International Materials Sector
ETF................................... 19,783,683 -- -- 19,783,683
SPDR S&P International Technology Sector
ETF................................... 19,860,937 -- -- 19,860,937
SPDR S&P International
Telecommunications Sector ETF......... 15,125,369 -- -- 15,125,369
SPDR S&P International Utilities Sector
ETF................................... 8,661,179 -- -- 8,661,179
</Table>
<Table>
* Fund held Level 3 securities that were valued at $0 at March 31, 2010.
</Table>
<Table>
<Caption>
LEVEL 2 -- LEVEL 3 --
LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT
SPDR INDEX SHARES FUNDS -- OTHER QUOTED OBSERVABLE UNOBSERVABLE
FINANCIAL INSTRUMENTS* PRICES INPUTS INPUTS TOTAL
- -------------------------------- -------------- ----------------- ------------ --------------
SPDR S&P Emerging Asia Pacific ETF...... $ -- $ 7,914 $ -- $ 7,914
SPDR S&P Emerging Markets ETF........... -- 119,650 -- 119,650
SPDR S&P Emerging Markets Small Cap
ETF................................... -- (6,580) -- (6,580)
</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>
224
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
The following table provides the reconciliation of investments in which
significant unobservable inputs (Level 3) were used in determining fair value at
March 31, 2010:
<Table>
<Caption>
NET CHANGE IN
UNREALIZED
REALIZED APPRECIATION/
GAIN (LOSS) (DEPRECIATION)
ACCRUED AND CHANGE FROM
DISCOUNTS IN UNREALIZED NET NET BALANCE INVESTMENTS
SPDR INDEX SHARES FUNDS -- BALANCE AT (AMORTIZED APPRECIATION/ PURCHASES/ TRANSFERS AT STILL HELD AT
LEVEL 3 SECURITIES 9/30/09 PREMIUMS) (DEPRECIATION) (SALES) IN OR OUT 3/31/10 3/31/10
- --------------------------- ---------- ---------- -------------- ---------- --------- ------- --------------
SPDR S&P World ex-US ETF*............... $-- $-- $ -- $-- $ -- $-- $ --
Commercial Banks...................... -- -- -- -- -- -- --
SPDR S&P International
Small Cap ETF*........................ -- -- -- -- -- -- --
Capital Markets....................... -- -- -- -- -- -- --
Real Estate Investment Trusts......... -- -- -- -- -- -- --
Textiles, Apparel & Luxury Goods...... -- -- (97,592) -- 97,592 -- (97,592)
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 Sector ETF*............. -- -- -- -- -- -- --
Containers & Packaging................ -- -- -- -- -- -- --
</Table>
<Table>
* Funds held Level 3 securities that were valued at $0 at March 31,
2010.
</Table>
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
Certain Funds follow the accounting practice known as "Equalization" by which a
portion of the proceeds from sales and costs of reacquiring Fund shares,
equivalent on a per share basis to the amount of distributable net investment
225
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
income on the date of the transaction, is credited or charged to undistributed
net investment income. As a result, undistributed net investment income per
share is unaffected by sales or reacquisition of Fund shares. Amounts related to
Equalization can be found on the Statements of Changes.
INVESTMENT TRANSACTIONS
Investment transactions are recorded on the trade date. Realized gains and
losses from the sale or disposition of securities and foreign exchange
transactions are recorded on the identified cost basis. Corporate actions
(including cash dividends) are recorded net of foreign tax withholdings on the
ex-dividend date.
FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS
The accounting records of the Funds are maintained in U.S. dollars. Portfolio
securities and other assets and liabilities denominated in a foreign currency
are translated to U.S. dollars at the prevailing rates of exchange at period
end. Purchases and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the respective
dates of transactions. The effects of changes in foreign currency exchange rates
on portfolio investments are included in the net realized and unrealized gains
and losses on investments and foreign currency transactions on the Statements of
Operations. Net gains and losses on foreign currency transactions include
disposition of foreign currencies, and currency gains and losses between the
accrual and receipt dates of portfolio investment income and between the trade
and settlement dates of portfolio investment transactions.
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in U.S.
companies and securities of the U.S. government. These risks include 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 Asia Pacific ETF, 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.
226
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
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 March 31, 2010 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 March 31, 2010 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 Asia Pacific ETF(a)... $ 7,914
SPDR S&P Emerging Markets ETF(a)........ 119,650
SPDR S&P Emerging Markets Small Cap
ETF(a)................................ (6,580)
</Table>
The derivative is located in the following Statements of Assets and Liabilities
accounts:
<Table>
(a) Net unrealized appreciation (depreciation) on futures. Payable for
variation margin on open futures contracts
reflects unsettled variation margin, if any.
</Table>
Additionally, the amount of unrealized and realized gains and losses on
derivative instruments recognized in Fund earnings during the six month ended
March 31, 2010 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 Asia Pacific ETF(a)... $(211,256)
SPDR S&P Emerging Markets ETF(a)........ 236,383
SPDR S&P Emerging Markets Small Cap
ETF(a)................................ 351,074
</Table>
The above derivative is located in the following Statements of Operations
account:
<Table>
(a) Net realized gain (loss) on futures
</Table>
227
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
CHANGE IN NET UNREALIZED APPRECIATION RISK
(DEPRECIATION) EXPOSURE-EQUITY
- ------------------------------------- ---------------
SPDR S&P Emerging Asia Pacific ETF(a)... $ 7,914
SPDR S&P Emerging Markets ETF(a)........ (22,317)
SPDR S&P Emerging Markets Small Cap
ETF(a)................................ (67,345)
The above derivative is located in the
following Statements of Operations
account:
</Table>
<Table>
(a) Net change in unrealized appreciation (depreciation) on futures.
</Table>
FEDERAL INCOME TAX
Each Fund has qualified and intends to continue to qualify for and elect
treatment as a "regulated investment company" 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 six months ended March 31, 2010, the following Funds reclassified non-
taxable security gains and losses realized on the in-kind redemption of Creation
Units (Note 4) as an increase or decrease to paid in capital in the Statements
of Assets and Liabilities as follows:
<Table>
<Caption>
NET GAIN (LOSS)
RECLASSIFIED
TO PAID IN CAPITAL
------------------
SPDR STOXX Europe 50 ETF................ $(1,258,496)
SPDR EURO STOXX 50 ETF.................. 5,658,879
SPDR S&P Emerging Asia Pacific ETF...... 3,364,596
SPDR S&P China ETF...................... 10,431,966
SPDR S&P Emerging Markets ETF........... 7,744,929
SPDR S&P BRIC 40 ETF.................... 2,095,395
SPDR S&P Emerging Europe ETF............ 5,928,435
SPDR S&P Emerging Latin America ETF..... 1,953,887
SPDR S&P Emerging Middle East & Africa
ETF................................... 2,776,887
SPDR Dow Jones International Real Estate
ETF................................... 2,780,534
SPDR Russell/Nomura Small Cap Japan
ETF................................... 585,231
SPDR S&P International Dividend ETF..... 3,562,032
SPDR S&P International Mid Cap ETF...... 1,211,315
SPDR S&P Emerging Markets Small Cap
ETF................................... 1,602,530
SPDR S&P International Health Care
Sector ETF............................ (97,106)
SPDR S&P International Industrial Sector
ETF................................... 29,301
SPDR S&P International
Telecommunications Sector ETF......... 190,949
</Table>
228
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
At September 30, 2009, the following Funds had capital loss carryforwards which
may be utilized to offset any net realized capital gains expiring September 30:
<Table>
<Caption>
2016 2017
---------- -----------
SPDR STOXX Europe 50 ETF................ $ -- $ 5,783,115
SPDR 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 Dow Jones Global Real Estate ETF... -- 103,944
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
Telecommunications Sector ETF......... -- 2,618
SPDR S&P International Utilities Sector
ETF................................... -- 16,137
</Table>
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
following Funds incurred 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 STOXX Europe 50 ETF................ $ (6,178,627)
SPDR 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)
</Table>
229
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
DEFERRED LOSSES
---------------
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 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>
DISTRIBUTIONS
Each Fund declares and distributes dividends from net investment income, if any,
to its shareholders quarterly for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50
ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P International
Dividend ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF and SPDR S&P International Utilities Sector ETF.
The following Funds distribute net investment income semi-annually: SPDR S&P
Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P
Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR
S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR
S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie
Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura
PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International
Mid Cap ETF and SPDR S&P Emerging Markets Small Cap ETF. The Trust declares and
distributes net realized capital gains, if any, at least annually. Distributions
are recorded on the ex-dividend date. Income and capital gain distributions are
determined in accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Effective October 30, 2009, the Trust's Dividend Reinvestment Service is no
longer available. Broker-dealers, at their own discretion, may offer a dividend
reinvestment service under which additional shares of the Fund(s) are purchased
in the secondary market at current market prices. Investors should consult their
broker-dealer for further information regarding any dividend reinvestment
service offered by such broker-dealer.
SUBSEQUENT EVENTS
Management has determined there are no subsequent events or transactions that
would have materially impacted the Funds' financial statements as presented.
230
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY
TRANSACTIONS
ADVISORY FEE
The Trust, on behalf of each Fund, has entered into an Investment Advisory
Agreement with SSgA Funds Management, Inc. (the "Adviser" or "SSgA FM"). As
compensation for the services rendered, facilities furnished, and expenses borne
by the Adviser, each Fund pays the Adviser a fee accrued daily and paid
quarterly, based on a percentage of each Fund's average daily net assets as
shown in the following table:
<Table>
<Caption>
ANNUAL RATE
-----------
SPDR STOXX Europe 50 ETF................ 0.29%
SPDR EURO STOXX 50 ETF.................. 0.29
SPDR S&P Emerging Asia Pacific ETF...... 0.59
SPDR S&P Russia ETF..................... 0.59
SPDR S&P China ETF...................... 0.59
SPDR S&P Emerging Markets ETF........... 0.59
SPDR S&P BRIC 40 ETF.................... 0.50
SPDR S&P Emerging Europe ETF............ 0.59
SPDR S&P Emerging Latin America ETF..... 0.59
SPDR S&P Emerging Middle East & Africa
ETF................................... 0.59
SPDR S&P World ex-US ETF................ 0.34
SPDR S&P International Small Cap ETF.... 0.59
SPDR Dow Jones International Real Estate
ETF................................... 0.59
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 0.59
SPDR MSCI ACWI ex-US ETF................ 0.34
SPDR Russell/Nomura PRIME Japan ETF..... 0.50
SPDR Russell/Nomura Small Cap Japan
ETF................................... 0.55
SPDR S&P International Dividend ETF..... 0.45
SPDR S&P International Mid Cap ETF...... 0.45
SPDR S&P Emerging Markets Small Cap
ETF................................... 0.65
SPDR Dow Jones Global Real Estate ETF... 0.50
SPDR S&P International Consumer
Discretionary Sector ETF.............. 0.50
SPDR S&P International Consumer Staples
Sector ETF............................ 0.50
SPDR S&P International Energy Sector
ETF................................... 0.50
SPDR S&P International Financial Sector
ETF................................... 0.50
SPDR S&P International Health Care
Sector ETF............................ 0.50
SPDR S&P International Industrial Sector
ETF................................... 0.50
SPDR S&P International Materials Sector
ETF................................... 0.50
SPDR S&P International Technology Sector
ETF................................... 0.50
SPDR S&P International
Telecommunications Sector ETF......... 0.50
SPDR S&P International Utilities Sector
ETF................................... 0.50
</Table>
The Adviser 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.
231
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
State Street Bank and Trust Company ("State Street"), an affiliate of the
Adviser, receives fees for its services as Custodian, Administrator and Transfer
Agent from the Adviser.
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 ("Navigator") for which SSgA FM serves as the investment
adviser. Navigator 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.
In the six months ended March 31, 2010, State Street earned securities lending
agent fees from the following Funds:
<Table>
<Caption>
SECURITIES LENDING
AGENT FEES
------------------
SPDR STOXX Europe 50 ETF................ $ 1,588
SPDR EURO STOXX 50 ETF.................. 8,178
SPDR S&P Emerging Asia Pacific ETF...... 5,716
SPDR S&P China ETF...................... 10,851
SPDR S&P Emerging Markets ETF........... 2,927
SPDR S&P BRIC 40 ETF.................... 6,506
SPDR S&P Emerging Europe ETF............ 2,394
SPDR S&P Emerging Latin America ETF..... 7,383
SPDR S&P Emerging Middle East & Africa
ETF................................... 1,023
SPDR S&P World ex-US ETF................ 3,753
SPDR S&P International Small Cap ETF.... 41,291
SPDR Dow Jones International Real Estate
ETF................................... 85,706
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 3,812
SPDR MSCI ACWI ex-US ETF................ 14,579
SPDR Russell/Nomura PRIME Japan ETF..... 684
SPDR Russell/Nomura Small Cap Japan
ETF................................... 11,290
SPDR S&P International Dividend ETF..... 13,085
SPDR S&P International Mid Cap ETF...... 992
SPDR S&P Emerging Markets Small Cap
ETF................................... 1,782
SPDR Dow Jones Global Real Estate ETF... 4,546
SPDR S&P International Industrial Sector
ETF................................... --*
SPDR S&P International Materials Sector
ETF................................... --*
SPDR S&P International Technology Sector
ETF................................... 9
SPDR S&P International
Telecommunications Sector ETF......... 2
</Table>
<Table>
* Amount shown represents less than $0.50.
</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.
232
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
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.
TRANSACTIONS WITH AFFILIATES
Each Fund may invest in certain money market funds managed by the Adviser,
including the State Street Institutional Liquid Reserves Fund ("Liquid Reserves
Fund"), a series of State Street Institutional Investment Trust. The Liquid
Reserves Fund is a feeder fund in a master/feeder fund structure that invests
substantially all of its assets in the State Street Money Market Portfolio
("Master Portfolio"). The Liquid Reserves Fund does not pay an investment
advisory fee to the Adviser, but the respective Master Portfolio in which it
invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund
intends to declare dividends on shares from net investment income daily and pay
them as of the last business day of each month. All income distributions earned
by the Fund from affiliated money market funds are recorded as dividend income
on securities of affiliated issuers in the accompanying Statements of
Operations. In addition, cash collateral from lending activities is invested in
Navigator, for which SSgA FM serves as the investment adviser. Navigator 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.
Amounts related to investments in Liquid Reserves Fund and/or Navigator at March
31, 2010 and for the period then ended are:
<Table>
<Caption>
PURCHASED SOLD
VALUE AT ------------------------- ------------------------- VALUE AT REALIZED
LIQUID RESERVES 9/30/09 COST SHARES PROCEEDS SHARES 3/31/10 INCOME GAIN/(LOSS)
- --------------- ------------- ------------- ---------- ------------ ----------- ----------- -------- -----------
SPDR STOXX Europe
50 ETF............ $ -- $ 1,249,089 1,249,089 $ 1,248,989 1,248,989 $ 100 $ 27 $--
SPDR EURO STOXX
50 ETF............ -- 1,594,234 1,594,234 1,545,896 1,545,896 48,338 74 --
SPDR S&P Emerging
Asia Pacific ETF.. -- 24,402,763 24,402,763 24,114,871 24,114,871 287,892 330 --
SPDR S&P
Russia ETF........ -- 8,233 8,233 -- -- 8,233 -- --
SPDR S&P China ETF.. -- 4,876,715 4,876,715 4,570,471 4,570,471 306,244 529 --
SPDR S&P Emerging
Markets ETF....... -- 18,098,166 18,098,166 15,118,637 15,118,637 2,979,529 2,421 --
SPDR S&P BRIC
40 ETF............ -- 4,149,485 4,149,485 3,308,836 3,308,836 840,649 383 --
SPDR S&P Emerging
Europe ETF........ -- 12,325,040 12,325,040 10,968,927 10,968,927 1,356,113 970 --
SPDR S&P Emerging
Latin
America ETF....... -- 7,387,135 7,387,135 6,934,221 6,934,221 452,914 267 --
SPDR S&P Emerging
Middle East &
Africa ETF........ -- 1,887,469 1,887,469 1,863,018 1,863,018 24,451 121 --
SPDR S&P World ex-
US ETF............ -- 1,044,879 1,044,879 883,854 883,854 161,025 75 --
SPDR S&P
International
Small Cap ETF..... -- 5,936,454 5,936,454 5,680,403 5,680,403 256,051 216 --
SPDR Dow Jones
International Real
Estate ETF........ -- 22,065,394 22,065,394 21,963,456 21,963,456 101,938 780 --
SPDR FTSE/Macquarie
Global
Infrastructure
100 ETF........... -- 1,745,199 1,745,199 1,657,424 1,657,424 87,775 82 --
</Table>
233
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PURCHASED SOLD
VALUE AT ------------------------- ------------------------- VALUE AT REALIZED
LIQUID RESERVES 9/30/09 COST SHARES PROCEEDS SHARES 3/31/10 INCOME GAIN/(LOSS)
- --------------- ------------- ------------- ---------- ------------ ----------- ----------- -------- -----------
SPDR MSCI ACWI ex-
US ETF............ $-- $ 4,247,818 4,247,818 $ 4,031,013 4,031,013 $ 216,805 $ 245 $--
SPDR Russell/Nomura
PRIME Japan ETF... -- 170,008 170,008 152,172 152,172 17,836 12 --
SPDR Russell/Nomura
Small Cap
Japan ETF......... -- 693,055 693,055 678,271 678,271 14,784 113 --
SPDR S&P
International
Dividend ETF...... -- 8,550,811 8,550,811 8,550,711 8,550,711 100 161 --
SPDR S&P
International Mid
Cap ETF........... -- 629,655 629,655 612,436 612,436 17,219 49 --
SPDR S&P Emerging
Markets Small
Cap ETF........... -- 37,381,755 37,381,755 37,381,655 37,381,655 100 614 --
SPDR Dow Jones
Global Real
Estate ETF........ -- 2,646,223 2,646,223 2,570,729 2,570,729 75,494 107 --
SPDR S&P
International
Consumer
Discretionary
Sector ETF........ -- 136,650 136,650 90,169 90,169 46,481 7 --
SPDR S&P
International
Consumer Staples
Sector ETF........ -- 67,392 67,392 67,292 67,292 100 6 --
SPDR S&P
International
Energy
Sector ETF........ -- 135,209 135,209 131,256 131,256 3,953 4 --
SPDR S&P
International
Financial
Sector ETF........ -- 86,382 86,382 86,282 86,282 100 3 --
SPDR S&P
International
Health Care
Sector ETF........ -- 55,396 55,396 55,296 55,296 100 5 --
SPDR S&P
International
Industrial
Sector ETF........ -- 78,463 78,463 52,867 52,867 25,596 30 --
SPDR S&P
International
Materials
Sector ETF........ -- 77,187 77,187 48,627 48,627 28,560 3 --
SPDR S&P
International
Technology
Sector ETF........ -- 172,150 172,150 168,335 168,335 3,815 7 --
SPDR S&P
International
Telecommunications
Sector ETF........ -- 157,135 157,135 157,014 157,014 121 5 --
SPDR S&P
International
Utilities
Sector ETF........ -- 33,457 33,457 29,553 29,553 3,904 3 --
</Table>
<Table>
<Caption>
PURCHASED SOLD
VALUE AT ------------------------- ------------------------- VALUE AT REALIZED
NAVIGATOR 9/30/09 COST SHARES PROCEEDS SHARES 3/31/10 INCOME GAIN/(LOSS)
- --------- ------------ ------------ ----------- ------------ ----------- ----------- -------- -----------
SPDR STOXX Europe
50 ETF............ $ 1,175,729 $ 14,640,305 14,640,305 $ 13,410,764 13,410,764 $ 2,405,270 $ 9,088 $--
SPDR EURO STOXX
50 ETF............ 6,566,037 50,100,202 50,100,202 55,605,775 55,605,775 1,060,464 46,754 --
SPDR S&P Emerging
Asia Pacific ETF.. 13,610,080 57,203,606 57,203,606 52,997,374 52,997,374 17,816,312 32,387 --
SPDR S&P China ETF.. 14,881,217 83,259,732 83,259,732 89,331,336 89,331,336 8,809,613 61,467 --
SPDR S&P Emerging
Markets ETF....... 8,846,869 31,094,117 31,094,117 26,520,959 26,520,959 13,420,027 16,585 --
SPDR S&P BRIC
40 ETF............ 27,324,270 171,988,477 171,988,477 147,025,964 147,025,964 52,286,783 36,865 --
SPDR S&P Emerging
Europe ETF........ 4,106,680 59,348,567 59,348,567 53,201,196 53,201,196 10,254,051 13,570 --
</Table>
234
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PURCHASED SOLD
VALUE AT ------------------------- ------------------------- VALUE AT REALIZED
NAVIGATOR 9/30/09 COST SHARES PROCEEDS SHARES 3/31/10 INCOME GAIN/(LOSS)
- --------- ------------ ------------ ----------- ------------ ----------- ----------- -------- -----------
SPDR S&P Emerging
Latin
America ETF....... $ 29,060,715 $ 59,015,684 59,015,684 $ 57,184,773 57,184,773 $30,891,626 $ 41,834 $--
SPDR S&P Emerging
Middle East &
Africa ETF........ 1,222,307 20,019,468 20,019,468 13,096,236 13,096,236 8,145,539 5,784 --
SPDR S&P World ex-
US ETF............ 10,410,707 21,903,217 21,903,217 16,260,706 16,260,706 16,053,218 21,355 --
SPDR S&P
International
Small Cap ETF..... 48,381,934 70,329,292 70,329,292 52,236,027 52,236,027 66,475,199 236,459 --
SPDR Dow Jones
International Real
Estate ETF........ 139,519,285 293,837,215 293,837,215 335,204,424 335,204,424 98,152,076 485,664 --
SPDR FTSE/Macquarie
Global
Infrastructure
100 ETF........... 11,290,328 39,028,764 39,028,764 38,407,067 38,407,067 11,912,025 21,602 --
SPDR MSCI ACWI ex-
US ETF............ 40,247,976 77,125,472 77,125,472 61,872,927 61,872,927 55,500,521 82,619 --
SPDR Russell/Nomura
PRIME Japan ETF... 4,252,555 8,158,248 8,158,248 7,818,176 7,818,176 4,592,627 3,929 --
SPDR Russell/Nomura
Small Cap
Japan ETF......... 23,849,980 24,595,763 24,595,763 24,679,523 24,679,523 23,766,220 63,978 --
SPDR S&P
International
Dividend ETF...... 8,350,180 72,301,917 72,301,917 48,274,123 48,274,123 32,377,974 74,139 --
SPDR S&P
International Mid
Cap ETF........... 3,818,689 6,200,369 6,200,369 4,708,709 4,708,709 5,310,349 5,686 --
SPDR S&P Emerging
Markets Small
Cap ETF........... 139,177 7,626,824 7,626,824 5,332,272 5,332,272 2,433,729 10,100 --
SPDR Dow Jones
Global Real
Estate ETF........ 3,991,795 63,784,410 63,784,410 39,862,449 39,862,449 27,913,756 25,769 --
SPDR S&P
International
Industrial
Sector ETF........ -- 7,400 7,400 476 476 6,924 --* --
SPDR S&P
International
Materials
Sector ETF........ -- 77,528 77,528 -- -- 77,528 --* --
SPDR S&P
International
Technology
Sector ETF........ -- 105,850 105,850 105,850 105,850 -- 52 --
SPDR S&P
International
Telecommunications
Sector ETF........ -- 396,748 396,748 202,141 202,141 194,607 13 --
</Table>
<Table>
* Amount shown represents less than $0.50.
</Table>
4. SHAREHOLDER TRANSACTIONS
Shares are issued and redeemed by a Fund only in Creation Unit size aggregations
of 50,000 shares for SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR S&P
Russia ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Mid
Cap ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P
International Consumer Staples Sector ETF, SPDR S&P International Energy Sector
ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health
Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P
International Materials Sector ETF, SPDR S&P International Technology Sector
ETF, SPDR S&P International Telecommunications Sector ETF and SPDR S&P
International Utilities Sector ETF and 100,000 shares for SPDR S&P Emerging Asia
Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40
ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P
Emerging Middle East & Africa ETF, SPDR S&P International Small Cap ETF, SPDR
Dow Jones International Real Estate ETF, SPDR FTSE/Macquarie Global
Infrastructure 100 ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging
Markets Small Cap ETF and SPDR Dow Jones Global Real Estate ETF and
235
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
200,000 shares for SPDR World ex-US ETF, SPDR MSCI ACWI ex-US ETF and SPDR
Russell/Nomura PRIME Japan ETF. Such transactions are generally on an in-kind
basis, with a separate cash payment, which is a balancing cash component to
equate the transaction to the net asset value per unit of the Funds on the
transaction date. Transaction fees ranging from $500 to $12,000 per Creation
Unit for each Fund, regardless of the number of Creation Units that are created
or redeemed on the same day, are charged to those persons creating or redeeming
Creation Units. An additional variable fee may be charged for certain
transactions. Transaction fees are received by the Trust and/or Custodian and
used to defray related expenses. The Custodian also receives amounts earned on
cash collateral provided by Authorized Participants pending delivery of missing
deposit securities.
5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
The identified cost of investments in securities owned by each Fund for federal
income tax purposes was substantially the same as cost for financial reporting
purposes. Accordingly, gross unrealized appreciation and depreciation at March
31, 2010 was as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
-------------- ------------ ------------ --------------
SPDR STOXX Europe 50 ETF................ $ 64,731,210 $ 1,177,324 $ 18,722,750 $ (17,545,426)
SPDR EURO STOXX 50 ETF.................. 224,230,529 242,376 67,451,872 (67,209,496)
SPDR S&P Emerging Asia Pacific ETF...... 573,070,943 100,033,006 16,364,922 83,668,084
SPDR S&P Russia ETF..................... 4,409,353 149,997 24,195 125,802
SPDR S&P China ETF...................... 504,326,705 85,041,177 17,831,935 67,209,242
SPDR S&P Emerging Markets ETF........... 134,232,393 18,227,233 4,926,415 13,300,818
SPDR S&P BRIC 40 ETF.................... 469,151,134 47,777,846 25,839,581 21,938,265
SPDR S&P Emerging Europe ETF............ 244,233,747 24,799,310 17,859,944 6,939,366
SPDR S&P Emerging Latin America ETF..... 193,960,603 20,258,698 7,688,549 12,570,149
SPDR S&P Emerging Middle East & Africa
ETF................................... 140,266,336 16,824,630 15,951,985 872,645
SPDR S&P World ex-US ETF................ 111,809,178 14,029,416 3,716,562 10,312,854
SPDR S&P International Small Cap ETF.... 703,249,868 47,706,114 89,588,819 (41,882,705)
SPDR Dow Jones International Real Estate
ETF................................... 1,430,055,666 37,442,032 244,155,265 (206,713,233)
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 99,038,841 945,826 22,279,544 (21,333,718)
SPDR MSCI ACWI ex-US ETF................ 468,875,530 27,657,770 51,519,545 (23,861,775)
SPDR Russell/Nomura PRIME Japan ETF..... 24,351,950 623,491 4,647,561 (4,024,070)
SPDR Russell/Nomura Small Cap Japan
ETF................................... 119,604,046 3,127,674 19,109,554 (15,981,880)
SPDR S&P International Dividend ETF..... 245,698,058 15,736,657 7,609,020 8,127,637
SPDR S&P International Mid Cap ETF...... 29,117,195 2,968,741 754,592 2,214,149
SPDR S&P Emerging Markets Small Cap
ETF................................... 143,961,572 21,197,855 2,710,052 18,487,803
SPDR Dow Jones Global Real Estate ETF... 125,584,965 22,452,388 166,089 22,286,299
SPDR S&P International Consumer
Discretionary Sector ETF.............. 7,519,567 610,356 531,251 79,105
SPDR S&P International Consumer Staples
Sector ETF............................ 6,760,837 584,084 208,890 375,194
SPDR S&P International Energy Sector
ETF................................... 11,194,552 313,537 1,112,963 (799,426)
SPDR S&P International Financial Sector
ETF................................... 11,466,312 613,178 836,230 (223,052)
SPDR S&P International Health Care
Sector ETF............................ 7,517,876 249,102 480,801 (231,699)
SPDR S&P International Industrial Sector
ETF................................... 7,819,604 323,559 784,778 (461,219)
SPDR S&P International Materials Sector
ETF................................... 19,046,957 1,430,862 694,136 736,726
SPDR S&P International Technology Sector
ETF................................... 18,061,546 2,143,554 344,163 1,799,391
</Table>
236
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
-------------- ------------ ------------ --------------
SPDR S&P International
Telecommunications Sector ETF......... $ 15,931,470 $ 269,365 $ 1,075,466 $ (806,101)
SPDR S&P International Utilities Sector
ETF................................... 10,123,515 128,349 1,590,685 (1,462,336)
</Table>
6. INVESTMENT TRANSACTIONS
For the six months ended March 31, 2010, the following Funds had in-kind
contributions, in-kind redemptions and in-kind realized gain/loss as follows:
<Table>
<Caption>
REALIZED
CONTRIBUTIONS REDEMPTIONS GAIN/LOSS
------------- ----------- -----------
SPDR STOXX Europe 50 ETF................ $ -- $10,229,830 $(1,258,496)
SPDR EURO STOXX 50 ETF.................. 8,179,536 24,668,536 5,658,879
SPDR S&P Emerging Asia Pacific ETF...... 94,776,599 8,074,318 3,364,596
SPDR S&P Russia ETF..................... 4,508,721 -- --
SPDR S&P China ETF...................... 109,746,762 27,023,312 10,431,966
SPDR S&P Emerging Markets ETF........... 40,671,309 17,548,742 7,744,929
SPDR S&P BRIC 40 ETF.................... 72,620,738 6,734,202 2,095,395
SPDR S&P Emerging Europe ETF............ 108,288,758 37,651,355 5,928,435
SPDR S&P Emerging Latin America ETF..... 29,153,579 10,339,461 1,953,887
SPDR S&P Emerging Middle East & Africa
ETF................................... -- 10,782,162 2,776,887
SPDR S&P World ex-US ETF................ 18,752,798 -- --
SPDR S&P International Small Cap ETF.... 61,649,521 -- --
SPDR Dow Jones International Real Estate
ETF................................... 203,249,282 7,013,322 2,780,534
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ -- -- --
SPDR MSCI ACWI ex-US ETF................ 67,359,902 -- --
SPDR Russell/Nomura PRIME Japan ETF..... -- -- --
SPDR Russell/Nomura Small Cap Japan
ETF................................... 1,924,197 5,827,306 585,231
SPDR S&P International Dividend ETF..... 108,038,244 15,676,748 3,562,032
SPDR S&P International Mid Cap ETF...... 9,053,631 4,706,161 1,211,315
SPDR S&P Emerging Markets Small Cap
ETF................................... 38,412,960 5,635,051 1,602,530
SPDR Dow Jones Global Real Estate ETF... 31,961,585 -- --
SPDR S&P International Consumer
Discretionary Sector ETF.............. 2,430,652 -- --
SPDR S&P International Consumer Staples
Sector ETF............................ 1,403,171 -- --
SPDR S&P International Energy Sector
ETF................................... 3,958,208 -- --
SPDR S&P International Financial Sector
ETF................................... 6,269,962 -- --
SPDR S&P International Health Care
Sector ETF............................ 2,985,437 1,464,134 (97,106)
SPDR S&P International Industrial Sector
ETF................................... 3,557,505 1,140,919 29,301
SPDR S&P International Materials Sector
ETF................................... 9,126,622 -- --
SPDR S&P International Technology Sector
ETF................................... 7,379,544 -- --
SPDR S&P International
Telecommunications Sector ETF......... 8,408,500 2,270,107 190,949
SPDR S&P International Utilities Sector
ETF................................... 4,502,347 -- --
</Table>
The in-kind contributions and in-kind redemptions in this table may not accord
with the beneficial interest transactions on the Statements of Changes. The
table represents the accumulation of the Funds' daily net shareholder
transactions
237
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
while the Statements of Changes reflects gross shareholder transactions
including any cash component of the transaction.
For the six months ended March 31 2010, the Trust had purchases and sales of
investment securities as follows:
<Table>
<Caption>
PURCHASES SALES
------------ ------------
SPDR STOXX Europe 50 ETF................ $ 1,410,742 $ 1,983,348
SPDR EURO STOXX 50 ETF.................. 6,927,297 6,551,046
SPDR S&P Emerging Asia Pacific ETF...... 79,224,905 11,422,193
SPDR S&P Russia ETF..................... -- 113,525
SPDR S&P China ETF...................... 62,510,526 59,713,658
SPDR S&P Emerging Markets ETF........... 13,238,541 5,675,750
SPDR S&P BRIC 40 ETF.................... 35,641,063 34,818,636
SPDR S&P Emerging Europe ETF............ 31,604,501 19,434,267
SPDR S&P Emerging Latin America ETF..... 10,881,063 4,443,022
SPDR S&P Emerging Middle East & Africa
ETF................................... 2,122,896 3,873,712
SPDR S&P World ex-US ETF................ 4,733,422 5,177,517
SPDR S&P International Small Cap ETF.... 14,352,572 10,918,748
SPDR Dow Jones International Real Estate
ETF................................... 41,946,224 49,625,572
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF................ 1,282,206 1,512,544
SPDR MSCI ACWI ex-US ETF................ 2,757,137 3,302,923
SPDR Russell/Nomura PRIME Japan ETF..... -- 60,015
SPDR Russell/Nomura Small Cap Japan
ETF................................... 17,727,825 17,469,072
SPDR S&P International Dividend ETF..... 128,054,856 128,296,882
SPDR S&P International Mid Cap ETF...... 673,813 1,488,724
SPDR S&P Emerging Markets Small Cap
ETF................................... 59,064,090 9,462,564
SPDR Dow Jones Global Real Estate ETF... 3,446,802 4,185,478
SPDR S&P International Consumer
Discretionary Sector ETF.............. 506,073 488,749
SPDR S&P International Consumer Staples
Sector ETF............................ 122,789 142,078
SPDR S&P International Energy Sector
ETF................................... 459,771 489,217
SPDR S&P International Financial Sector
ETF................................... 126,380 250,430
SPDR S&P International Health Care
Sector ETF............................ -- --
SPDR S&P International Industrial Sector
ETF................................... 1,040 --
SPDR S&P International Materials Sector
ETF................................... 393,704 482,266
SPDR S&P International Technology Sector
ETF................................... 327,664 651,811
SPDR S&P International
Telecommunications Sector ETF......... 482,147 579,471
SPDR S&P International Utilities Sector
ETF................................... 156,759 139,414
</Table>
For the six months ended March 31, 2010, 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.
238
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
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 March 31, 2010 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.
239
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs
which may include creation and redemption fees or brokerage charges and (2)
ongoing costs, including management fees, trustee fees, and other Fund expenses.
This Example is intended to help you understand your ongoing costs (in dollars)
of investing in a Fund and to compare these costs with the ongoing costs of
investing in other mutual funds. It is based on an investment of $1,000 invested
on October 1, 2009 and held for the six months ended March 31, 2010.
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, or brokerage charges. Therefore, the second table is useful
in comparing ongoing costs only, and will not help you determine the relative
total costs of owning different funds. In addition, if these transaction costs
were included, your costs would have been higher.
240
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
EXPENSES PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD*
ANNUALIZED VALUE VALUE 10/1/09 TO
EXPENSE RATIO 10/1/09 3/31/10 3/31/10
------------- ----------------- -------------- --------------
ACTUAL
SPDR STOXX Europe 50 ETF.............. 0.29% $1,000 $1,002.40 $1.45
SPDR EURO STOXX 50 ETF................ 0.29 1,000 950.30 1.41
SPDR S&P Emerging Asia Pacific ETF.... 0.60 1,000 1,091.30 3.13
SPDR S&P Russia ETF**................. 0.59 1,000 1,029.70 0.34
SPDR S&P China ETF.................... 0.59 1,000 1,086.10 3.07
SPDR S&P Emerging Markets ETF......... 0.59 1,000 1,117.40 3.11
SPDR S&P BRIC 40 ETF.................. 0.50 1,000 1,096.60 2.61
SPDR S&P Emerging Europe ETF.......... 0.59 1,000 1,153.50 3.17
SPDR S&P Emerging Latin America ETF... 0.60 1,000 1,154.60 3.22
SPDR S&P Emerging Middle East & Africa
ETF................................ 0.59 1,000 1,151.80 3.17
SPDR S&P World ex-US ETF.............. 0.34 1,000 1,038.20 1.73
SPDR S&P International Small Cap ETF.. 0.60 1,000 1,050.90 3.07
SPDR Dow Jones International Real
Estate ETF......................... 0.59 1,000 1,009.60 2.96
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF............. 0.59 1,000 1,000.60 2.94
SPDR MSCI ACWI ex-US ETF.............. 0.34 1,000 1,049.40 1.74
SPDR Russell/Nomura PRIME Japan ETF... 0.50 1,000 1,042.90 2.55
SPDR Russell/Nomura Small Cap Japan
ETF................................ 0.55 1,000 1,002.70 2.75
SPDR S&P International Dividend ETF... 0.46 1,000 1,047.00 2.35
SPDR S&P International Mid Cap ETF.... 0.46 1,000 1,054.60 2.36
SPDR S&P Emerging Markets Small Cap
ETF................................ 0.66 1,000 1,140.30 3.52
SPDR Dow Jones Global Real Estate
ETF................................ 0.50 1,000 1,092.40 2.61
SPDR S&P International Consumer
Discretionary Sector ETF........... 0.50 1,000 1,058.20 2.57
SPDR S&P International Consumer
Staples Sector ETF................. 0.50 1,000 1,099.70 2.62
SPDR S&P International Energy Sector
ETF................................ 0.50 1,000 1,034.70 2.54
SPDR S&P International Financial
Sector ETF......................... 0.50 1,000 969.10 2.45
SPDR S&P International Health Care
Sector ETF......................... 0.50 1,000 1,045.40 2.55
SPDR S&P International Industrial
Sector ETF......................... 0.50 1,000 1,078.80 2.59
SPDR S&P International Materials
Sector ETF......................... 0.50 1,000 1,142.50 2.67
SPDR S&P International Technology
Sector ETF......................... 0.50 1,000 1,088.90 2.60
SPDR S&P International
Telecommunications Sector ETF...... 0.50 1,000 987.50 2.48
SPDR S&P International Utilities
Sector ETF......................... 0.51 1,000 959.10 2.49
</Table>
241
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
EXPENSES PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD*
ANNUALIZED VALUE VALUE 10/1/09 TO
EXPENSE RATIO 10/1/09 3/31/10 3/31/10
------------- ----------------- -------------- --------------
HYPOTHETICAL
SPDR STOXX Europe 50 ETF.............. 0.29% $1,000 $1,023.49 $1.46
SPDR EURO STOXX 50 ETF................ 0.29 1,000 1,023.49 1.46
SPDR S&P Emerging Asia Pacific ETF.... 0.60 1,000 1,021.94 3.02
SPDR S&P Russia ETF**................. 0.59 1,000 1,021.99 2.97
SPDR S&P China ETF.................... 0.59 1,000 1,021.99 2.97
SPDR S&P Emerging Markets ETF......... 0.59 1,000 1,021.99 2.97
SPDR S&P BRIC 40 ETF.................. 0.50 1,000 1,022.44 2.52
SPDR S&P Emerging Europe ETF.......... 0.59 1,000 1,021.99 2.97
SPDR S&P Emerging Latin America ETF... 0.60 1,000 1,021.94 3.02
SPDR S&P Emerging Middle East & Africa
ETF................................ 0.59 1,000 1,021.99 2.97
SPDR S&P World ex-US ETF.............. 0.34 1,000 1,023.24 1.72
SPDR S&P International Small Cap ETF.. 0.60 1,000 1,021.94 3.02
SPDR Dow Jones International Real
Estate ETF......................... 0.59 1,000 1,021.99 2.97
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF............. 0.59 1,000 1,021.99 2.97
SPDR MSCI ACWI ex-US ETF.............. 0.34 1,000 1,023.24 1.72
SPDR Russell/Nomura PRIME Japan ETF... 0.50 1,000 1,022.44 2.52
SPDR Russell/Nomura Small Cap Japan
ETF................................ 0.55 1,000 1,022.19 2.77
SPDR S&P International Dividend ETF... 0.46 1,000 1,022.64 2.32
SPDR S&P International Mid Cap ETF.... 0.46 1,000 1,022.64 2.32
SPDR S&P Emerging Markets Small Cap
ETF................................ 0.66 1,000 1,021.64 3.33
SPDR Dow Jones Global Real Estate
ETF................................ 0.50 1,000 1,022.44 2.52
SPDR S&P International Consumer
Discretionary Sector ETF........... 0.50 1,000 1,022.44 2.52
SPDR S&P International Consumer
Staples Sector ETF................. 0.50 1,000 1,022.44 2.52
SPDR S&P International Energy Sector
ETF................................ 0.50 1,000 1,022.44 2.52
SPDR S&P International Financial
Sector ETF......................... 0.50 1,000 1,022.44 2.52
SPDR S&P International Health Care
Sector ETF......................... 0.50 1,000 1,022.44 2.52
SPDR S&P International Industrial
Sector ETF......................... 0.50 1,000 1,022.44 2.52
SPDR S&P International Materials
Sector ETF......................... 0.50 1,000 1,022.44 2.52
SPDR S&P International Technology
Sector ETF......................... 0.50 1,000 1,022.44 2.52
SPDR S&P International
Telecommunications Sector ETF...... 0.50 1,000 1,022.44 2.52
SPDR S&P International Utilities
Sector ETF......................... 0.51 1,000 1,022.39 2.57
</Table>
<Table>
* Expenses are equal to the Fund's annualized net expense ratio
multiplied by the average account value of the period, multiplied by
the number of days in the most recent six month period, then divided
by 365.
** Actual period is from commencement of operations 3/10/10. Hypothetical
period is from 10/1/09.
</Table>
242
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
PROXY VOTING POLICIES AND PROCEDURES AND RECORDS
A description of the Trust's proxy voting policies and procedures that are used
by the Funds' investment adviser to vote proxies relating to the Funds'
portfolio of securities are available (i) without charge, upon request by
calling 1-866-787-2257 (toll free) or (ii) on the website of the Securities and
Exchange Commission, at www.sec.gov. Information regarding how the investment
advisor voted for the prior 12-months period ended June 30 is available by
August 31 of each year by calling the same number and on the SEC's website, at
www.sec.gov, and on the Fund's website at www.spdrs.com.
SHAREHOLDER MEETING RESULTS
A special meeting of shareholders of SPDR Index Shares Funds was held on March
19, 2010, with adjournment and continuation on April 26, 2010, and an
adjournment and continuation on May 20, 2010, for certain proposals and SPDR
Funds. The percentages shown below represent the percent of voting shares
present at the meeting that voted for the proposal. The proposals acted upon by
shareholders and the results of the shareholder vote were as follows:
PROPOSAL 1
To elect a Board of Trustees of the Trust. Shareholders of SPDR Index Shares
Funds approved Proposal 1.
<Table>
<Caption>
INDEPENDENT TRUSTEE VOTES FOR VOTES WITHHELD PERCENTAGE FOR
- ------------------- -------------- -------------- --------------
Frank Nesvet............................ 90,087,483.851 4,657,944.950 95.084
David M. Kelly.......................... 90,082,495.475 4,662,933.326 95.079
Bonny Eugenia Boatman................... 90,695,124.235 4,050,304.566 95.726
Dwight D. Churchill..................... 90,732,294.614 4,013,134.187 95.765
Carl G. Verboncoeur..................... 90,711,106.201 4,034,322.600 95.742
</Table>
<Table>
<Caption>
INTERESTED TRUSTEE VOTES FOR VOTES WITHHELD PERCENTAGE FOR
- ------------------ -------------- -------------- --------------
James E. Ross........................... 87,159,686.551 7,585,742.248 91.994
-------------- ------------- ------
</Table>
PROPOSAL 2
To approve an investment sub-advisory agreement between SSgA Funds Management,
Inc. and Nuveen Asset Management. This proposal was not applicable to any series
of SPDR Index Shares Funds.
PROPOSAL 3
To approve a "manager of managers" structure for all SPDR Funds. Shareholders of
all SPDR Funds did not approve this proposal.
PROPOSAL 4
To update and standardize the SPDR Funds' fundamental policies regarding:
a. Purchasing and selling real estate;
b. Issuing senior securities and borrowing money;
c. Making loans;
d. Purchasing and selling commodities;
e. Concentrating investments in a particular industry or group of
industries;
f. Underwriting activities; and
g. Eliminating outdated fundamental investment policies not required by
law.
It is anticipated that the foregoing policy changes will be implemented before
the end of 2010.
243
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND VOTES FOR VOTES ABSTAIN VOTES AGAINST BROKER NON-VOTES PERCENTAGE FOR
- ---- -------------- ------------- ------------- ---------------- --------------
SPDR STOXX Europe 50 ETF
4a.................................... 725,360.899 12,921.693 31,457.087 299,579.272 67.834
4b.................................... 721,163.622 12,995.693 35,580.364 299,579.272 67.442
4c.................................... 721,840.899 12,995.693 34,903.087 299,579.272 67.505
4d.................................... 722,262.326 12,602.572 34,874.781 299,579.272 67.545
4e.................................... 722,886.019 12,528.572 34,325.088 299,579.272 67.603
4f.................................... 722,191.019 12,602.572 34,946.088 299,579.272 67.538
4g.................................... 720.670.750 13,540.265 35,528.664 299,579.272 67.396
SPDR S&P Emerging Asia Pacific ETF
4a.................................... 3,610,425.380 15,498.732 76,184.166 1,225,996.680 73.262
4b.................................... 3,606,789.440 15,740.732 79,578.106 1,225,996.680 73.189
4c.................................... 3,607,285.380 14,843.732 79,979.166 1,225,996.680 73.199
4d.................................... 3,608,760.379 14,593.411 78,754.488 1,225,996.680 73.229
4e.................................... 3,609,179.440 16,242.411 76,686.427 1,225,996.680 73.237
4f.................................... 3,609,444.379 14,980.411 77,683.488 1,225,996.680 73.243
4g.................................... 3,608,675.742 14,596.933 78,835.603 1,225,996.680 73.227
SPDR S&P Emerging Markets ETF
4a.................................... 1,186,344.382 21,510.185 13,913.331 404,127.323 72.966
4b.................................... 1,185,191.769 21,294.185 15,281.944 404,127.323 72.895
4c.................................... 1,183,344.769 22,125.185 16,297.944 404,127.323 72.782
4d.................................... 1,183,198.382 21,896.000 16,673.516 404,127.323 72.773
4e.................................... 1,186,528.567 20,193.000 15,046.331 404,127.323 72.977
4f.................................... 1,185,988.954 21,416.000 14,362.944 404,127.323 72.944
4g.................................... 1,186,494.382 20,315.185 14,958.331 404,127.323 72.975
SPDR S&P Emerging Europe ETF*
4a.................................... 2,560,037.299 228,446.123 39,037.750 1,078,067.614 50.197
4b.................................... 2,557,219.299 228,763.123 41,538.750 1,078,067.614 50.142
4c.................................... 2,557,682.242 228,102.373 41,736.307 1,078,067.864 50.151
4d.................................... 2,558,744.549 229,236.373 39,540.000 1,078,067.864 50.171
4e.................................... 2,758,593.299 28,970.123 39,957.750 1,078,067.614 54.090
4f.................................... 2,556,374.549 228,212.373 42,934.000 1,078,067.864 50.125
4g.................................... 2,558,325.992 227,858.123 41,337.057 1,078,067.614 50.163
SPDR S&P Emerging Latin America ETF
4a.................................... 1,022,315.849 26,154.552 37,662.499 425,629.605 67.625
4b.................................... 1,023,167.182 17,137.302 45,828.666 425,629.355 67.681
4c.................................... 1,021,639.629 18,115.552 46,377.719 425,629.605 67.580
4d.................................... 1,023,496.444 16,785.302 45,851.404 425,629.355 67.703
4e.................................... 1,020,321.566 24,634.302 41,177.282 425,629.355 67.493
4f.................................... 1,021,399.182 18,307.302 46,426.666 425,629.355 67.564
4g.................................... 1,030,042.381 16,975.367 39,115.152 425,629.605 68.136
</Table>
244
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND VOTES FOR VOTES ABSTAIN VOTES AGAINST BROKER NON-VOTES PERCENTAGE FOR
- ---- -------------- ------------- ------------- ---------------- --------------
SPDR S&P Emerging Middle East & Africa
ETF
4a.................................... 824,669.328 8,119.295 15,172.923 353,362.587 68.647
4b.................................... 824,127.328 8,923.295 14,910.923 353,362.587 68.602
4c.................................... 824,651.602 9,102.295 14,207.649 353,362.587 68.646
4d.................................... 827,583.328 8,726.295 11,651.923 353,362.587 68.890
4e.................................... 827,509.328 8,965.295 11,486.923 353,362.587 68.884
4f.................................... 823,966.328 9,415.295 14,579.923 353,362.587 68.589
4g.................................... 826,671.611 7,895.295 13,394.640 353,362.587 68.814
SPDR S&P World ex-US ETF
4a.................................... 2,090,954.031 60,879.594 37,178.585 675,024.111 73.008
4b.................................... 2,087,664.031 61,520.594 39,827.585 675,024.111 72.893
4c.................................... 2,086,758.031 61,678.594 40,575.585 675,024.111 72.861
4d.................................... 2,084,610.031 64,214.594 40,187.585 675,024.111 72.786
4e.................................... 2,087,933.031 61,101.594 39,977.585 675,024.111 72.902
4f.................................... 2,087,443.031 62,664.594 38,904.585 675,024.111 72.885
4g.................................... 2,087,342.416 57,999.594 43,670.200 675,024.111 72.882
SPDR S&P International Small Cap ETF
4a.................................... 12,156,328.265 144,615.497 1,213,192.808 3,126,088.134 73.054
4b.................................... 12,126,966.140 147,370.576 1,239,799.854 3,126,088.134 72.878
4c.................................... 12,129,552.090 146,267.345 1,238,316.885 3,126,088.384 72.893
4d.................................... 12,150,682.958 146,168.473 1,217,285.139 3,126,088.134 73.020
4e.................................... 12,148,152.727 142,210.638 1,223,772.955 3,126,088.384 73.005
4f.................................... 12,144,110.942 142,313.440 1,227,711.938 3,126,088.384 72.981
4g.................................... 12,127,448.238 143,840.845 1,242,847.237 3,126,088.384 72.881
SPDR Dow Jones International Real Estate
ETF
4a.................................... 18,352,775.401 114,716.240 824,079.794 2,692,967.869 83.481
4b.................................... 18,328,841.551 116,010.580 846,694.304 2,692,992.869 83.372
4c.................................... 18,326,345.378 116,278.835 848,947.222 2,692,967.869 83.360
4d.................................... 18,341,464.235 118,290.413 831,816.787 2,692,967.869 83.429
4e.................................... 18,332,847.296 114,230.676 844,493.463 2,692,967.869 83.390
4f.................................... 18,328,655.556 118,364.663 844,525.966 2,692,993.119 83.371
4g.................................... 18,333,794.008 115,730.935 842,046.492 2,692,967.869 83.394
SPDR FTSE/Macquarie Global
Infrastructure 100 ETF
4a.................................... 726,242.435 11,544.574 21,624.738 289,171.103 69.260
4b.................................... 724,002.327 12,461.574 22,947.846 289,171.103 69.046
4c.................................... 724,833.327 11,699.574 22,878.846 289,171.103 69.126
4d.................................... 727,333.509 10,153.574 21,924.664 289,171.103 69.364
4e.................................... 726,196.651 9,584.932 23,629.914 289,171.353 69.256
4f.................................... 726,671.401 10,342.682 22,397.664 289,171.103 69.301
4g.................................... 728,718.577 9,869.824 20,823.096 289,171.353 69.496
</Table>
245
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND VOTES FOR VOTES ABSTAIN VOTES AGAINST BROKER NON-VOTES PERCENTAGE FOR
- ---- -------------- ------------- ------------- ---------------- --------------
SPDR MSCI ACWI ex-US ETF
4a.................................... 7,213,974.654 191,309.519 100,656.411 1,873,346.617 76.914
4b.................................... 7,211,162.855 248,737.818 46,040.161 1,873,346.367 76.884
4c.................................... 7,275,129.708 189,225.965 41,585.161 1,873,346.367 77.566
4d.................................... 7,271,698.146 191,330.269 42,912.419 1,873,346.367 77.530
4e.................................... 7,270,855.396 192,960.519 42,124.669 1,873,346.617 77.521
4f.................................... 7,210,587.654 250,005.519 45,347.411 1,873,346.617 76.878
4g.................................... 7,249,629.404 191,870.269 64,441.161 1,873,346.367 77.295
SPDR Russell/Nomura PRIME Japan ETF
4a.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
4b.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
4c.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
4d.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
4e.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
4f.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
4g.................................... 265,237.021 2,702.265 1,302.426 22,382.187 90.952
SPDR Russell/Nomura Small Cap Japan ETF
4a.................................... 1,000,275.738 5,989.357 38,752.918 245,407.968 77.516
4b.................................... 998,254.738 5,990.357 40,772.918 245,407.968 77.359
4c.................................... 995,788.738 5,989.357 43,239.918 245,407.968 77.168
4d.................................... 1,001,224.738 5,990.357 37,802.918 245,407.968 77.589
4e.................................... 1,003,048.738 5,990.357 35,978.918 245,407.968 77.731
4f.................................... 1,002,305.738 6,112.357 36,599.918 245,407.968 77.673
4g.................................... 1,003,827.965 5,505.357 35,684.691 245,407.968 77.791
SPDR S&P International Dividend ETF
4a.................................... 2,074,561.495 63,973.383 42,642.565 592,282.153 74.801
4b.................................... 2,068,954.292 63,178.133 49,045.268 592,281.903 74.599
4c.................................... 2,065,123.282 64,454.383 51,599.778 592,282.153 74.461
4d.................................... 2,068,362.282 63,058.383 49,756.778 592,282.153 74.577
4e.................................... 2,073,905.601 61,879.133 45,392.959 592,281.903 74.777
4f.................................... 2,068,078.228 63,895.133 49,204.332 592,281.903 74.567
4g.................................... 2,070,451.709 61,472.133 49,253.851 592,281.903 74.653
SPDR S&P International Mid Cap ETF
4a.................................... 315,779.517 9,341.000 2,954.000 96,814.186 74.321
4b.................................... 306,704.822 9,341.000 12,028.695 96,814.186 72.185
4c.................................... 309,779.517 9,341.000 8,954.000 96,814.186 72.909
4d.................................... 311,557.822 9,691.000 6,825.695 96,814.186 73.327
4e.................................... 313,779.517 9,341.000 4,954.000 96,814.186 73.850
4f.................................... 313,379.517 9,341.000 5,354.000 96,814.186 73.756
4g.................................... 313,080.517 9,640.000 5,354.000 96,814.186 73.686
</Table>
246
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND VOTES FOR VOTES ABSTAIN VOTES AGAINST BROKER NON-VOTES PERCENTAGE FOR
- ---- -------------- ------------- ------------- ---------------- --------------
SPDR S&P Emerging Markets Small Cap ETF
4a.................................... 1,210,352.055 28,893.461 21,473.505 534,014.456 67.440
4b.................................... 1,203,724.283 30,043.233 26,951.505 534,014.456 67.070
4c.................................... 1,204,924.517 28,479.080 27,315.424 534,014.456 67.137
4d.................................... 1,211,921.055 27,066.461 21,731.505 534,014.456 67.527
4e.................................... 1,211,981.289 28,345.461 20,392.271 534,014.456 67.530
4f.................................... 1,208,405.902 30,430.461 21,882.658 534,014.456 67.331
4g.................................... 1,212,818.486 27,202.461 20,698.074 534,014.456 67.577
SPDR Dow Jones Global Real Estate ETF
4a.................................... 1,749,630.035 80,549.404 14,499.000 491,615.935 74.890
4b.................................... 1,748,641.189 80,499.750 15,537.750 491,615.685 74.847
4c.................................... 1,747,559.439 80,044.000 17,075.000 491,615.935 74.801
4d.................................... 1,749,934.189 79,915.750 14,828.750 491,615.685 74.903
4e.................................... 1,748,126.189 79,903.750 16,648.750 491,615.685 74.825
4f.................................... 1,749,559.189 79,663.750 15,455.750 491,615.685 74.887
4g.................................... 1,721,297.739 80,647.750 42,733.200 491,615.685 73.677
SPDR S&P International Consumer
Discretionary Sector ETF
4a.................................... 146,970.538 320.094 441.095 28,275.651 83.503
4b.................................... 146,510.538 320.094 901.095 28,275.651 83.242
4c.................................... 146,510.538 320.094 901.095 28,275.651 83.242
4d.................................... 146,610.538 320.094 801.095 28,275.651 83.298
4e.................................... 146,870.538 320.094 541.095 28,275.651 83.446
4f.................................... 146,510.538 320.094 901.095 28,275.651 83.242
4g.................................... 146,970.538 320.094 441.095 28,275.651 83.503
SPDR S&P International Consumer Staples
Sector ETF
4a.................................... 140,343.769 645.000 475.000 45,705.000 74.983
4b.................................... 140,053.769 645.000 765.000 45,705.000 74.828
4c.................................... 139,698.769 645.000 1,120.000 45,705.000 74.638
4d.................................... 140,288.769 645.000 530.000 45,705.000 74.954
4e.................................... 140,343.769 645.000 475.000 45,705.000 74.983
4f.................................... 139,753.769 645.000 1,065.000 45,705.000 74.668
4g.................................... 140,473.769 645.000 345.000 45,705.000 75.052
SPDR S&P International Energy Sector ETF
4a.................................... 200,577.441 3,459.000 2,560.000 59,413.420 75.403
4b.................................... 200,827.441 3,609.000 2,160.000 59,413.420 75.497
4c.................................... 201,142.441 3,209.000 2,245.000 59,413.420 75.615
4d.................................... 200,992.441 3,459.000 2,145.000 59,413.420 75.559
4e.................................... 200,277.441 3,459.000 2,860.000 59,413.420 75.290
4f.................................... 201,077.441 3,459.000 2,060.000 59,413.420 75.591
4g.................................... 200,992.441 3,759.000 1,845.000 59,413.420 75.559
</Table>
247
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND VOTES FOR VOTES ABSTAIN VOTES AGAINST BROKER NON-VOTES PERCENTAGE FOR
- ---- -------------- ------------- ------------- ---------------- --------------
SPDR S&P International Financial Sector
ETF
4a.................................... 259,547.511 366.000 5,245.000 53,019.836 81.573
4b.................................... 259,547.511 366.000 5,245.000 53,019.836 81.573
4c.................................... 259,622.511 366.000 5,170.000 53,019.836 81.597
4d.................................... 259,785.511 366.000 5,007.000 53,019.836 81.648
4e.................................... 259,632.511 519.000 5,007.000 53,019.836 81.600
4f.................................... 259,632.511 366.000 5,160.000 53,019.836 81.600
4g.................................... 259,832.511 166.000 5,160.000 53,019.836 81.663
SPDR S&P International Health Care
Sector ETF*
4a.................................... 76,108.897 47,634.000 1,145.000 9,734.018 50.739
4b.................................... 75,859.897 47,834.000 1,194.000 9,734.018 50.573
4c.................................... 75,459.897 47,714.000 1,714.000 9,734.018 50.306
4d.................................... 75,979.897 47,714.000 1,194.000 9,734.018 50.653
4e.................................... 75,628.897 47,714.000 1,545.000 9,734.018 50.419
4f.................................... 75,459.897 47,834.000 1,594.000 9,734.018 50.306
4g.................................... 75,508.897 47,834.000 1,545.000 9,734.018 50.339
SPDR S&P International Industrial Sector
ETF*
4a.................................... 131,077.225 28,884.000 1,550.000 40,483.102 52.431
4b.................................... 131,277.225 28,884.000 1,350.000 40,483.102 52.511
4c.................................... 130,768.225 29,299.000 1,444.000 40,483.102 52.307
4d.................................... 130,862.225 29,299.000 1,350.000 40,483.102 52.345
4e.................................... 131,128.225 28,939.000 1,444.000 40,483.102 52.451
4f.................................... 130,573.225 29,299.000 1,639.000 40,483.102 52.229
4g.................................... 130,655.225 29,320.000 1,536.000 40,483.102 52.262
SPDR S&P International Materials Sector
ETF*
4a.................................... 321,258.271 7,261.000 7,930.078 153,337.976 58.410
4b.................................... 319,001.271 6,761.000 10,687.078 153,337.976 58.000
4c.................................... 320,581.271 6,761.000 9,107.078 153,337.976 58.827
4d.................................... 319,689.271 6,531.000 10,229.078 153,337.976 58.125
4e.................................... 316,048.271 10,272.000 10,129.078 153,337.976 57.463
4f.................................... 319,101.271 7,238.000 10,110.078 153,337.976 58.018
4g.................................... 320,898.271 6,661.000 8,890.078 153,337.976 58.345
SPDR S&P International Technology Sector
ETF*
4a.................................... 421,332.067 11,814.000 1,574.000 216,670.007 60.190
4b.................................... 421,232.067 11,814.000 1,674.000 216,670.007 60.176
4c.................................... 419,252.067 13,894.000 1,574.000 216,670.007 59.893
4d.................................... 419,424.067 13,722.000 1,574.000 216,670.007 59.917
4e.................................... 419,699.067 13,622.000 1,399.000 216,670.007 59.957
4f.................................... 419,124.067 13,922.000 1,674.000 216,670.007 59.875
4g.................................... 418,390.067 14,657.000 1,673.000 216,670.007 59.770
</Table>
248
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND VOTES FOR VOTES ABSTAIN VOTES AGAINST BROKER NON-VOTES PERCENTAGE FOR
- ---- -------------- ------------- ------------- ---------------- --------------
SPDR S&P International
Telecommunications Sector ETF
4a.................................... 353,489.015 9,913.448 2,201.000 158,588.561 67.436
4b.................................... 353,316.265 9,883.250 2,403.698 158,588.811 67.403
4c.................................... 352,552.265 10,379.250 2,671.698 158,588.811 67.257
4d.................................... 353,489.015 9,913.448 2,201.000 158,588.561 67.436
4e.................................... 353,221.015 9,913.448 2,469.000 158,588.561 67.384
4f.................................... 352,658.265 10,273.250 2,671.698 158,588.811 67.277
4g.................................... 352,571.265 10,628.250 2,403.698 158,588.811 67.260
SPDR S&P International Utilities Sector
ETF
4a.................................... 301,194.292 625.000 1,145.000 43,379.855 86.964
4b.................................... 300,794.292 425.000 1,745.000 43,379.855 86.849
4c.................................... 300,294.292 545.000 2,125.000 43,379.855 86.705
4d.................................... 300,794.292 545.000 1,625.000 43,379.855 86.849
4e.................................... 301,314.292 625.000 1,025.000 43,379.855 86.999
4f.................................... 300,914.292 425.000 1,625.000 43,379.855 86.884
4g.................................... 300,794.292 545.000 1,625.000 43,379.855 86.849
</Table>
<Table>
* Percentages shown represent the percent of outstanding voting shares
that voted for the proposal.
</Table>
SPDR EURO STOXX 50 ETF, SPDR S&P China ETF and SPDR S&P BRIC 40 ETF adjourned
the most recent meeting in order to continue to seek additional votes to pass
Proposal 4.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file a complete schedule of portfolio holdings with the Securities and
Exchange Commission for the first and third quarters of each fiscal year on Form
N-Q. The Funds' Forms N-Q are available on the Securities and Exchange
Commission's website at www.sec.gov and may be reviewed and copied at the
Securities and Exchange Commission's Public Reference Room in Washington, DC.
Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. Information on Form N-Q is available upon request,
without a charge, by calling 1-866-787-2257 (toll free), and on the Funds'
website at www.spdrs.com.
APPROVAL OF ADVISORY AGREEMENT
At an in-person meeting held prior to March 31, 2010, the Board of Trustees of
the Trust (the "Board") evaluated various proposals related to advisory
arrangements for new series of the Trust, including a proposal to approve the
Investment Advisory Agreement (the "Agreement") with respect to SPDR S&P Russia
ETF, the new series of the Trust ("New ETF"), which commenced operations during
the most recent fiscal half-year period covered by this Semi-Annual Report. The
Trustees who are not "interested persons" of the Trust within the meaning of the
Investment Company Act of 1940, as amended (the "Independent Trustees") also met
separately with their independent legal counsel to consider the Agreement.
In evaluating the Agreement, the Board drew on materials provided to them by the
Adviser and on other materials provided by State Street Bank and Trust Company,
the Trust's Administrator, Transfer Agent and Custodian ("State Street"). In
deciding whether to approve the Agreement, the Board considered various factors,
including (i) the nature, extent and quality of services to be provided by the
Adviser with respect to the New ETF under the Agreement, (ii) costs to the
Adviser of its services, and (iii) the extent to which economies of scale would
be realized if and as the New ETF grows and whether the fee in the Agreement
reflects these economies of scale.
The Board considered the nature, extent and quality of services 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
249
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
MARCH 31, 2010 (UNAUDITED)
- --------------------------------------------------------------------------------
Agreement and the Adviser's anticipated responsibilities for managing investment
operations of the New ETF, in accordance with the New ETF's investment objective
and policies, and applicable legal and regulatory requirements. The Board
appreciated the relatively unique nature of the New ETF, as an exchange-traded
fund ("ETF"), and the experience and expertise of the Adviser with ETFs. The
Board considered the background and experience of the Adviser's senior
management, including those individuals responsible for portfolio management and
compliance of the New ETF. The Board also considered the portfolio management
resources, structures and practices of the Adviser, including those associated
with monitoring and securing the New 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 Advisers, 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 ETFs in particular. The Board
also considered the Adviser's experience in managing ETFs. The Board then
determined that the nature, extent and quality of services anticipated to be
provided by the Adviser to the Trust were necessary and appropriate.
The Board considered whether the Adviser 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 derives other benefits from
its relationship with the Trust, those benefits are not so significant as to
cause the Adviser's fees with respect to the New ETF to be excessive.
The Board determined that the Adviser is likely to realize economies of scale in
managing the New ETF as assets grow in size. The Board further determined that
such economies of scale are shared with the New ETF by way of the relatively low
advisory fee and unitary fee structure of the Trust, although the Board intends
to continue to monitor fees as the New ETF grows in size and assess whether fee
breakpoints may be warranted.
The Board evaluated the New ETF's unitary fee through review of comparative
information with respect to fees paid by similar funds i.e., ETFs tracking
equity indexes. The Board reviewed the universe of similar ETFs for the New ETF
based upon data from Lipper Analytical Services and related comparative
information for similar ETFs. The Board also reviewed the estimated expense
ratio of the New ETF. The Board used a fund by fund analysis of the data. The
Board concluded, based on the information presented, that the New ETF's fees
were fair and reasonable in light of those of its direct competitors.
The Board's conclusions in approving the Agreement, including the Independent
Trustees voting separately, were as follows: (a) the nature and extent of the
services expected to be provided by the Adviser with respect to the New ETF were
appropriate; (b) the Adviser's fee for the New ETF and the unitary fee,
considered in relation to services expected to be provided, were fair and
reasonable; (c) any additional benefits to the Adviser were not of a magnitude
materially to affect the Board's conclusions; and (d) fees expected to be paid
to the Adviser were expected to share economies of scale with respect to the New
ETF by way of the relatively low fee structure of the Trust.
250
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 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 Short Term Corporate Bond ETF (SCPB)
SPDR Barclays Capital Convertible Securities ETF (CWB)
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)
SPDR Barclays Capital Aggregate Bond ETF (LAG)
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)
SPDR DB International Government Inflation-Protected Bond ETF (WIP)
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)
SPDR Barclays Capital International Treasury Bond ETF (BWX)
SPDR Barclays Capital International Corporate Bond ETF (IBND)
SPDR Barclays Capital High Yield Bond ETF (JNK)
SPDR INDEX SHARES FUNDS
SPDR STOXX Europe 50 ETF (FEU)
SPDR EURO STOXX 50 ETF (FEZ)
SPDR S&P Emerging Asia Pacific ETF (GMF)
SPDR S&P Russia ETF (RBL)
SPDR S&P China ETF (GXC)
SPDR S&P Emerging Markets ETF (GMM)
SPDR S&P 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 DOW JONES INDUSTRIAL AVERAGE ETF TRUST (DIA)
SPDR S&P 500 ETF TRUST (SPY)
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)
STATE STREET GLOBAL MARKETS, LLC, MEMBER FINRA AND SIPC, IS DISTRIBUTOR FOR ALL
INVESTMENT PORTFOLIOS OF SPDR SERIES TRUST AND SPDR INDEX SHARES FUNDS. ALPS
DISTRIBUTORS, INC., A REGISTERED BROKER-DEALER, IS DISTRIBUTOR FOR SPDR S&P 500
ETF TRUST (SPY) AND SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST (DIA), BOTH UNIT
INVESTMENT TRUSTS; AND ALL INVESTMENT PORTFOLIOS OF THE SELECT SECTOR SPDR
TRUST.
ITEM 2. CODE OF ETHICS
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report.
ITEM 6. SCHEDULE OF INVESTMENTS
A Schedule of Investments for each series of the Registrant is included as a
part of the report to shareholders filed under Item 1 of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable to the Registrant.
ITEM 11. CONTROLS AND PROCEDURES
(a) Within 90 days of the filing date of this Form N-CSR, James E. Ross, the
Registrant's President and Principal Executive Officer, and Gary L. French, the
Registrant's Treasurer and Principal Financial Officer, reviewed the
Registrant's disclosure controls and procedures (the "Procedures") and evaluated
their effectiveness. Based on the review, Messrs. Ross and French determined
that the Procedures adequately ensure that information required to be disclosed
by
the Registrant in its periodic reports is recorded, processed, summarized and
reported within the time periods required by the Securities and Exchange
Commission's rules and regulations.
(b) In the Registrant's second fiscal quarter covered by this form N-CSR filing,
there were no significant changes in the Registrant's internal controls or in
other factors that have materially affected, or are reasonably likely to
materially affect, its controls over financial reporting subsequent to the date
of their evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
ITEM 12. EXHIBITS
(a)(1) Not applicable to the Registrant; this Form N-CSR is a Semi-Annual
Report.
(2) Certifications of principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are
attached hereto.
(3) Not applicable
(b) Certifications of principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
SPDR INDEX SHARES FUNDS
By: /s/ James E. Ross
---------------------------------
James E. Ross
President and Principal Executive
Officer
Date: June 4, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ James E. Ross
---------------------------------
James E. Ross
President and Principal Executive
Officer
Date: June 4, 2010
By: /s/ Gary L. French
---------------------------------
Gary L. French
Treasurer and Principal Financial
Officer
Date: June 4, 2010