UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21145
----------
SPDR(R) INDEX SHARES FUNDS
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, Massachusetts 02111
(Address of principal executive offices) (zip code)
(Name and Address of Agent for Service) Copy to:
Ryan M. Louvar, Esq. W. John McGuire, Esq.
State Street Bank and Trust Company Morgan, Lewis & Bockius LLP
One Lincoln Street 1111 Pennsylvania Avenue, N.W.
Boston, MA 02111 Washington, DC 20004
Registrant's telephone number, including area code: (866) 787-2257
Date of fiscal year end: September 30
Date of reporting period: September 30, 2007
ITEM 1. REPORTS TO SHAREHOLDERS.
ANNUAL REPORT September 30, 2007
(SPDRS(SM) LOGO)
STATE STREET GLOBAL ADVISORS Precise in a world that Isn't.(SM)
TABLE OF CONTENTS
<Table>
PRESIDENT'S LETTER............................................... 1
MANAGEMENT DISCUSSIONS OF FUND PERFORMANCE
DJ STOXX 50(R) ETF (FEU)....................................... 2
DJ EURO STOXX 50(R) ETF (FEZ).................................. 6
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 10
SPDR(R) S&P(R) CHINA ETF (GXC)................................. 14
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 18
SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 22
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 23
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 27
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 31
SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 35
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 36
SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 37
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 42
SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 46
SPDR(R) RUSSELL/NOMURA PRIME(TM) Japan ETF (JPP)............... 50
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) Japan ETF (JSC)........... 54
SCHEDULES OF INVESTMENTS
DJ STOXX 50(R) ETF (FEU)....................................... 58
DJ EURO STOXX 50(R) ETF (FEZ).................................. 59
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 60
SPDR(R) S&P(R) CHINA ETF (GXC)................................. 62
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 65
SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 70
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 71
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 72
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 74
SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 76
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 83
SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 89
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 91
SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 93
SPDR(R) RUSSELL/NOMURA PRIME(TM) Japan ETF (JPP)............... 100
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) Japan ETF (JSC)........... 105
FINANCIAL STATEMENTS............................................. 110
FINANCIAL HIGHLIGHTS............................................. 126
NOTES TO FINANCIAL STATEMENTS.................................... 131
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.......... 140
OTHER INFORMATION................................................ 141
</Table>
(streetTRACKS Logo/annual report)
PRESIDENT'S LETTER TO SHAREHOLDERS
Dear Shareholders,
Enclosed, please find a copy of the annual report for the period ended September
30, 2007. State Street has launched seventeen new SPDR ETFs so far in 2007,
offering investors exposure to segments of the global stock markets, along with
a suite of fixed income products.
NEW INTERNATIONAL AND EMERGING MARKET SPDRS
International SPDRs launched cover key segments of the developed international
and global markets and include:
- SPDR(R) S&P(R) International Small Cap ETF (Ticker Symbol: GWX)
- SPDR(R) MSCI ACWI ex-US ETF (Ticker Symbol: CWI)
- SPDR(R) FTSE/Macquarie Global Infrastructure 100 ETF (Ticker Symbol: GII)
and
- SPDR(R) S&P(R) World ex-US ETF (Ticker Symbol: GWL)
State Street has also introduced its new emerging markets ETF line-up, which I
believe provides a competitively distinct array of SPDRs. Our line-up offers
exposure to virtually the entire emerging markets universe, certain key regions
and China. They are:
- SPDR(R) S&P(R) Emerging Markets ETF (Ticker Symbol: GMM)
- SPDR(R) S&P(R) Emerging Latin America ETF (Ticker Symbol: GML)
- SPDR(R) S&P(R) Emerging Middle East & Africa ETF (Ticker Symbol: GAF)
- SPDR(R) S&P(R) Emerging Europe ETF (Ticker Symbol: GUR)
- SPDR(R) S&P(R) Emerging Asia Pacific ETF (Ticker Symbol: GMF)
- SPDR(R) S&P(R) China ETF (Ticker Symbol: GXC) and
- SPDR(R) S&P(R) BRIC 40 ETF (Ticker Symbol: BIK)
NEW FIXED INCOME SPDRS
State Street also introduced fixed income SPDRs to provide bond and cash
exposure at highly competitive expense ratios. Fixed Income SPDRs launched
during the period include:
- SPDR(R) Barclays Capital TIPS ETF (Ticker Symbol: IPE)
- SPDR(R) Lehman 1-3 Month T-Bill ETF (Ticker Symbol: BIL)
- SPDR(R) Lehman Aggregate Bond ETF (Ticker Symbol: LAG)
- SPDR(R) Lehman Intermediate Term Treasury ETF (Ticker Symbol: ITE)
- SPDR(R) Lehman Long Term Treasury ETF (Ticker Symbol: TLO)
- SPDR(R) Lehman Municipal Bond ETF (Ticker Symbol: TFI)
Each of these new ETFs was created to meet the demands of our investors, and in
the months ahead, we look forward to launching new ETFs that will provide
additional opportunities for those looking to diversify their portfolios. Given
State Street's heritage as the industry's pioneer, my colleagues and I take
great pride in these new additions to our SPDR family and we look forward to
continue helping you reach your investment goals in the days ahead. On behalf of
the SPDR Index Shares Funds, I thank you for your continued support.
Sincerely,
- -s- James Ross
James Ross
President
1
(streetTRACKS Logo/Annual Report)
DJ STOXX 50 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The DJ STOXX 50 ETF (the "Fund") seeks to replicate as closely as possible,
before fees and expenses, the price and yield of the Dow Jones STOXX 50 Index
(the "Index"). To accomplish this objective, the Fund utilizes a "passive" or
indexing approach to invest in a portfolio of stocks to replicate the Index.
For the twelve-month period ended September 30, 2007, the Fund returned 24.22%
and the Index returned 24.39%.
European equities posted remarkable gains for the year ended September 30, 2007.
Equity returns were driven by a number of factors including solid economic
performance, favorable liquidity conditions and significant merger and
acquisition activity. U.S.-based investors also benefited from the strength of
European currencies, especially the Euro and U.K. Sterling. Near the end of the
fiscal year, concerns over fixed income and money market issues (especially in
the U.S.) weighed on markets, but the U.S. Federal Reserve Bank lowering both
the discount rate and the Fed funds rate appeared to positively affect equities
before the end of the period.
Gains were widespread during the fiscal year, with a large majority of names
posting strong performance. Finnish firm Nokia Oyj was a top performer during
the fiscal year, appreciating significantly and adding a positive return to the
index. The company reported increased market share and improved margins. Telecom
firms also fared well as investors appeared encouraged with results and growth
opportunities for these firms. Telefonica SA of Spain was a particularly strong
performer in the group, rising significantly, while Vodafone Group of the U.K.
also rose significantly. German company Daimler AG (formerly Daimler Chrysler)
also rose significantly during the year. The company sold the former Chrysler to
private equity investors during the year. Materials companies posted excellent
results during the period as strong commodity prices gave a boost to the entire
sector. BHP Billiton PLC led this group, gaining appreciably during the year.
The company posted a large increase in earnings and record results in a number
of its businesses.
2
(streetTRACKS Logo/Annual Report)
DJ STOXX 50 ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 DJ STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2007 IS 0.31%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET DOW JONES STOXX 50 INDEX
VALUE VALUE (Broad-Based Comparative Index)
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/07 24.22% 23.79% 24.39%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/07 77.33% 76.86% 78.58%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 144.29% 144.77% 146.72%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET DOW JONES STOXX 50 INDEX
VALUE VALUE (Broad-Based Comparative Index)
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/07 24.22% 23.79% 24.39%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/07 21.04% 20.93% 21.32%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 19.72% 19.77% 19.96%
(1) For the period October 15, 2002 to September 30, 2007.
3
(streetTRACKS Logo/Annual Report)
DJ STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
DJ STOXX 50 ETF (BASED ON NET ASSET VALUE)
LINE GRAPH
<Table>
<Caption>
DOW JONES
STOXX 50
INDEX -
DJ STOXX US DOLLAR
50 ETF DENOMINATED
-------- -----------
10/15/2002 10000.00 10000.00
12/31/2002 10059.00 9978.00
3/31/2003 9129.00 9132.00
6/30/2003 11098.00 11096.00
9/30/2003 11279.00 11287.00
12/31/2003 13631.00 13660.00
3/31/2004 13384.00 13423.00
6/30/2004 13524.00 13552.00
9/30/2004 13776.00 13815.00
12/31/2004 15710.00 15814.00
3/31/2005 15626.00 15695.00
6/30/2005 15612.00 15682.00
9/30/2005 16751.00 16856.00
12/31/2005 16872.00 16994.00
3/31/2006 18242.00 18401.00
6/30/2006 18818.00 18954.00
9/30/2006 19666.00 19835.00
12/31/2006 21383.00 21577.00
3/31/2007 21801.00 22014.00
6/30/2007 23864.00 24079.00
9/30/2007 24429.00 24672.00
</Table>
4
(streetTRACKS Logo/Annual Report)
DJ STOXX 50 ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-----------------------------------------------------------------------------------------------------------
DESCRIPTION BP PLC HSBC HOLDINGS PLC VODAFONE GROUP TOTAL SA
-----------------------------------------------------------------------------------------------------------
MARKET VALUE $8,258,495 8,119,831 7,135,662 6,853,078
-----------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.5% 4.4 3.9 3.7
-----------------------------------------------------------------------------------------------------------
------------------------------------------------------------------
DESCRIPTION NESTLE SA
------------------------------------------------------------------
MARKET VALUE 6,586,971
------------------------------------------------------------------
% 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 SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Banks 29.9%
Oil & Gas 13.0
Health Care 11.6
Telecommunications 9.7
Insurance 6.8
Food & Beverages 5.8
Technology 5.3
Basic Resources 5.2
Utilities 3.8
Industrial Goods & Services 2.4
Automobiles & Parts 2.0
Chemicals 1.4
Retail 1.4
Personal & Household Goods 1.0
Short-Term Investments 0.5
Other Assets & Liabilities 0.2
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
5
(streetTRACKS Logo/Annual Report)
DJ EURO STOXX 50 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The DJ EURO STOXX 50 ETF (the "Fund") seeks to replicate as closely as possible,
before fees and expenses, the price and yield of the Dow Jones EURO STOXX 50
Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive"
or indexing approach to invest in a portfolio of stocks to replicate the Index.
For the twelve-month period ended September 30, 2007, the Fund returned 29.76%
and the Index returned 29.47%.
European equities posted remarkable gains in the year ended September 30, 2007.
Equity returns were driven by a number of factors, including solid economic
performance, favorable liquidity conditions and significant merger and
acquisition activity. U.S.-based investors also benefited from the strength of
the Euro. Near the end of the fiscal year, concerns over fixed income and money
market issues (especially in the U.S.) weighed on markets, but the U.S. Federal
Reserve Bank lowering both the discount rate and the Fed funds rate appeared to
positively affect equities before the end of the period.
Gains were widespread during the fiscal year, with the vast majority of names
posting strong gains. Finnish firm Nokia Oyj was a top performer during the
year, appreciating significantly. The company reported increased market share
and improved margins. German company Daimler AG (formerly Daimler Chrysler) also
rose significantly during the year. The company sold the former Chrysler to
private equity investors during the year. Materials companies posted excellent
results during the period as strong commodity prices gave a boost to the entire
sector. Telecom firms also fared well as investors appeared encouraged with
results and growth opportunities for these firms. Telefonica SA of Spain was a
particularly strong performer in the group.
6
(streetTRACKS Logo/Annual Report)
DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 DJ EURO STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2007 IS 0.32%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE DOW JONES EURO STOXX 50 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/07 29.76% 29.43% 29.47%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/07 98.39% 98.37% 98.24%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 189.44% 189.63% 188.68%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE DOW JONES EURO STOXX 50 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/07 29.76% 29.43% 29.47%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/07 25.65% 25.65% 25.62%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 23.89% 23.90% 23.82%
--------------------------------------------------------------------------------------------------------------------
(1) For the period October 15, 2002 to September 30, 2007.
7
(streetTRACKS Logo/Annual Report)
DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
DJ EURO STOXX 50 ETF (BASED ON NET ASSET VALUE)
LINE GRAPH
<Table>
<Caption>
DOW JONES
EURO STOXX
DJ 50 INDEX
EURO STOXX - US
50 ETF DOLLAR DENOMINATED
---------- ------------------
10/15/2002 10000.00 10000.00
12/31/2002 10343.00 10283.00
3/31/2003 9148.00 9156.00
6/30/2003 11657.00 11641.00
9/30/2003 11746.00 11732.00
12/31/2003 14658.00 14657.00
3/31/2004 14443.00 14452.00
6/30/2004 14685.00 14664.00
9/30/2004 14590.00 14562.00
12/31/2004 17299.00 17325.00
3/31/2005 17161.00 17147.00
6/30/2005 16958.00 16927.00
9/30/2005 18211.00 18212.00
12/31/2005 18626.00 18636.00
3/31/2006 20603.00 20633.00
6/30/2006 21028.00 21004.00
9/30/2006 22306.00 22297.00
12/31/2006 24591.00 24595.00
3/31/2007 25448.00 25238.00
6/30/2007 28094.00 28022.00
9/30/2007 28944.00 28868.00
</Table>
8
(streetTRACKS Logo/Annual Report)
DJ EURO STOXX 50 ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOTAL SA NOKIA OYJ BANCO SANTANDER E. ON AG SIEMENS AG
CENTRAL HISPANO SA
-----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $26,372,645 21,475,078 17,461,072 17,457,681 16,854,142
-----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.4% 4.4 3.6 3.6 3.5
-----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
--------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
--------------------------------------------------
Banks 23.9%
Utilities 12.2
Insurance 12.0
Oil & Gas 9.0
Telecommunications 8.1
Technology 6.7
Chemicals 4.8
Construction & Materials 4.2
Automobiles & Parts 3.8
Industrial Goods & Services 3.5
Personal & Household Goods 3.4%
Food & Beverages 2.7
Health Care 2.6
Media 1.4
Retail 1.1
Short-Term Investments 14.6
Other Assets & Liabilities (14.0)
--------------------------------------------------
TOTAL 100.0%
--------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
9
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR S&P Emerging Asia Pacific ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the total return performance of
the S&P Citigroup/BMI Asia Pacific Emerging Index (the "Index"). To accomplish
this objective, the Fund utilizes a "passive" or indexing approach to invest in
a portfolio of stocks to replicate the Index.
The Fund commenced operations on March 20, 2007. For the period ended September
30, 2007, the Fund returned 45.03% and the Index returned 47.02%.
Since the Fund's inception, emerging markets, including those in Asia Pacific,
have been very strong performers relative to other markets. A number of factors
have driven the strong returns, including the growth rate of the underlying
economies that continued in aggregate to outpace the growth rates found in other
markets. Although many emerging markets have enjoyed some spectacular returns
during the period, there has been an overall concern of overheating economies in
Asia Pacific, notably the two major countries in the Fund, China and India.
These countries made efforts to sustain their incredible growth rates during
this period to avoid overheating.
During the period, the Chinese authorities announced that they want to slow the
economy to a more sustainable 10% growth rate. During the period, China
announced yet another increase in banking reserves and an acceleration of
currency bands, as well as a tripling of the stamp tax on securities
transactions.
Output in India grew at a rate equal to roughly 9% per annum, well in excess of
the rate in the 1990s. Financial and industrial stocks led the way. During the
period, the Indian economy showed signs that it was overheating. The Indian
rupee continued to appreciate, and capital inflows remained strong in India.
While the market sold at roughly 17 times forward earnings, earnings growth was
very rapid.
Another contributing factor was the positive impact of relative calmness on the
geopolitical front. Though there has certainly been unrest in the world, there
have been no significant events in Asia Pacific during this period. Finally, the
actions of the U.S. Federal Reserve Bank when it cut the discount rate and Fed
funds rate, appeared to help in easing a credit crunch and in reducing potential
fears of a global recession.
10
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE ASIA PACIFIC EMERGING INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 45.03% 45.10% 47.02%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007.
11
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING ASIA PACIFIC ETF (BASED ON NET ASSET VALUE)
(Line Graph
<Table>
<Caption>
S&P/CITIGROUP BMI
SPDR S&P ASIA PACIFIC
EMERGING ASIA EMERGING INDEX
PACIFIC ETF
------------- -----------------
3/20/2007 10000.00 10000.00
3/31/2007 10191.00 10276.00
4/30/2007 10650.00 10718.00
5/31/2007 11262.00 11400.00
6/30/2007 12073.00 12233.00
7/31/2007 12791.00 13117.00
8/31/2007 12854.00 13016.00
9/30/2007 14503.00 14702.00
</Table>
12
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-----------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, CHINA LIFE RELIANCE PETROCHINA
LTD. INSURANCE CO., LTD. INDUSTRIES, LTD. GDR CO., LTD.
-----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,851,216 1,559,882 1,533,155 1,524,307
-----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.6% 2.5 2.5 2.5
-----------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
DESCRIPTION TAIWAN SEMICONDUCTOR
MANUFACTURING CO., LTD. ADR
-------------------------------------------------------------------------
MARKET VALUE 1,482,954
-------------------------------------------------------------------------
% OF NET ASSETS 2.4
-------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 12.5%
Commercial Banks 10.6
Wireless Telecommunication
Services 8.6
Semiconductors & Semiconductor
Equipment 7.2
Electronic Equipment &
Instruments 7.0
Insurance 4.6
Computers & Peripherals 4.1
Metals & Mining 4.1
Transportation Infrastructure 3.1
Chemicals 3.0
Real Estate Management &
Development 2.6
IT Services 2.3
Marine 2.3
Automobiles 2.1
Diversified Telecommunication
Services 2.1
Construction & Engineering 1.9
Hotels, Restaurants & Leisure 1.7
Food Products 1.6
Construction Materials 1.5
Internet Software & Services 1.4
Media 1.2
Thrifts & Mortgage Finance 1.0
Energy Equipment & Services 1.0
Electric Utilities 1.0
Independent Power Producers &
Energy Traders 0.9
Industrial Conglomerates 0.8
Airlines 0.7
Beverages 0.7
Diversified Financial Services 0.6
Capital Markets 0.6
Household Products 0.5
Distributors 0.5
Textiles, Apparel & Luxury
Goods 0.4
Tobacco 0.4
Machinery 0.4
Pharmaceuticals 0.2
Health Care Providers &
Services 0.2
Gas Utilities 0.2
Electronics 0.2
Leisure Equipment & Products 0.1
Paper & Forest Products 0.1
Short-Term Investments 3.0
Other Assets & Liabilities 1.0
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
13
(streetTRACKS Logo/Annual Report)
SPDR S&P CHINA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR S&P China ETF (the "Fund") seeks to replicate as closely as possible,
before fees and expenses, the total return performance of the S&P/Citigroup BMI
China Index (the "Index"). To accomplish this objective, the Fund utilizes a
"passive" or indexing approach to invest in a portfolio of stocks to replicate
the Index.
The Fund commenced operations on March 20, 2007. For the period ended September
30, 2007, the Fund returned 80.64% and the Index returned 82.86%.
A number of factors have driven the strong returns we have seen across emerging
markets, including China, during the period, including the growth rate of the
underlying economy in China that continued in aggregate to dramatically outpace
the growth rates found in other markets. Commodities have had a strong return
during this period and emerging markets, including China, with a comparably
heavy weighting in these stocks, have been helped by these returns. Another
factor that positively impacted performance during this period was a relative
calmness on the geopolitical front. Though there has certainly been unrest in
the world, there have been no significant events in China during the period.
Finally, the Chinese markets were positively affected by the actions of the U.S.
Federal Reserve Bank, when it cut the discount rate and Fed funds rate. This
appeared to help in easing a credit crunch and in reducing the likelihood of the
U.S. falling into a recession.
Since its inception in March 2007, the Fund has been a very strong performer
with a return of 80.64%. Similar to other emerging market economies, China is
experiencing a period of dramatic growth. Gross domestic product in China rose
11.5 percent from a year earlier in the third calendar quarter of 2007, and
inflation surged to a 10-year high of 6.5 percent in August 2007, ending at 6.2
percent in September 2007. Chinese investors have opened about 49 million
trading accounts this calendar year alone; nine times the total for calendar
year 2006. This extensive growth has fueled investors' interest in the Chinese
economy both at home and abroad.
14
(streetTRACKS Logo/Annual Report)
SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE S&P/CITIGROUP BMI CHINA INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 80.64% 79.66% 82.86%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007.
15
(streetTRACKS Logo/Annual Report)
SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P CHINA ETF (BASED ON NET ASSET VALUE)
(Line Graph
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
CHINA ETF CHINA INDEX
--------- -----------------
3/20/2007 10000.00 10000.00
3/31/2007 10355.00 10373.00
4/30/2007 10719.00 10820.00
5/31/2007 11550.00 11742.00
6/30/2007 12839.00 12985.00
7/31/2007 14141.00 14345.00
8/31/2007 15073.00 15260.00
9/30/2007 18064.00 18288.00
</Table>
16
(streetTRACKS Logo/Annual Report)
SPDR S&P CHINA ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, CHINA LIFE INSURANCE PETROCHINA CHINA CONSTRUCTION
LTD. CO., LTD CO., LTD. BANK CORP.
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $15,824,989 8,324,484 7,870,289 5,816,204
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 12.9% 6.8 6.4 4.7
----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------
DESCRIPTION CNOOC, LTD.
-----------------------------------------------------
MARKET VALUE 5,660,567
-----------------------------------------------------
% OF NET ASSETS 4.6
-----------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 20.3%
Wireless Telecommunication
Services 13.8
Commercial Banks 12.7
Insurance 10.8
Metals & Mining 4.8
Real Estate Management &
Development 4.8
Transportation Infrastructure 3.6
Marine 2.7
Diversified Telecommunication
Services 2.4
Independent Power Producers &
Energy Traders 2.4
Internet Software & Services 2.3
Food Products 2.2
Electrical Equipment 1.9
Construction & Engineering 1.4
Automobiles 1.2
Paper & Forest Products 1.1
Construction Materials 1.0
Distributors 1.0
Hotels, Restaurants & Leisure 0.9
Media 0.8
Energy Equipment & Services 0.8
Computers & Peripherals 0.6
Machinery 0.6
Chemicals 0.6
Airlines 0.5
Industrial Conglomerates 0.5
Textiles, Apparel & Luxury
Goods 0.4
Multiline Retail 0.4
Leisure Equipment & Products 0.4
Semiconductors & Semiconductor
Equipment 0.4
Communications Equipment 0.3
Water Utilities 0.3
Road & Rail 0.2
Air Freight & Logistics 0.2
Beverages 0.2
Health Care Equipment &
Supplies 0.2
IT Services 0.2
Software 0.2
Personal Products 0.1
Commercial Services & Supplies 0.1
Short-Term Investments 0.2
Other Assets & Liabilities 0.5
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
17
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR S&P Emerging Markets ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the total return performance of the S&P
Citigroup/BMI Emerging Markets Index (the "Index"). To accomplish this
objective, the Fund utilizes a "passive" or indexing approach to invest in a
portfolio of stocks to replicate the Index.
The Fund commenced operations on March 20, 2007. For the period ended September
30, 2007, the Fund returned 35.20% and the Index returned 35.75%.
Since its inception in March 2007, the Fund has been a very strong performer. A
number of factors have driven this return. One of these has been the growth rate
of the underlying economies that, in aggregate, continued to dramatically
outpace the growth rates of other markets. Commodities have had a strong return
during this period and emerging markets, with a comparably heavy weighting in
these stocks, have been helped by these returns. Another factor that positively
impacted performance during this period was a relative calmness on the
geopolitical front. Though there has certainly been unrest in the world, there
have been no significant events during the period in question. Finally, the
emerging markets were positively affected by the actions of the U.S. Federal
Reserve Bank when it cut the discount rate and the Fed funds rate. This appeared
to help in easing a credit crunch and in reducing the likelihood of the U.S.
falling into a recession.
18
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE EMERGING MARKETS INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 35.20% 35.47% 35.75%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007.
19
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MARKETS ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
EMERGING MARKETS EMERGING MARKETS
ETF INDEX
---------------- -----------------
3/20/2007 10000.00 10000.00
3/31/2007 10338.00 10389.00
4/30/2007 10818.00 10863.00
5/31/2007 11294.00 11357.00
6/30/2007 11823.00 11927.00
7/31/2007 12305.00 12467.00
8/31/2007 12156.00 12226.00
9/30/2007 13520.00 13575.00
</Table>
20
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-----------------------------------------------------------------------------------------------------------------
GAZPROM COMPANHIA VALE DO PETROLEO CHINA
DESCRIPTION OAO ADR RIO DOCE ADR BRASILEIRO SA ADR MOBILE, LTD.
-----------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,972,505 1,461,916 1,243,199 1,105,211
-----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.4% 3.2 2.8 2.4
-----------------------------------------------------------------------------------------------------------------
-------------------------------------------------------
AMERICA
DESCRIPTION MOVIL
SAB DE CV
-------------------------------------------------------
MARKET VALUE 901,300
-------------------------------------------------------
% OF NET ASSETS 2.0
-------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 17.8%
Commercial Banks 12.9
Metals & Mining 10.2
Wireless Telecommunication
Services 8.2
Semiconductors & Semiconductor
Equipment 3.2
Insurance 2.7
Diversified Telecommunication
Services 2.6
Chemicals 1.8
Diversified Financial Services 1.8
Computers & Peripherals 1.8
Industrial Conglomerates 1.7
Construction Materials 1.7
Electronic Equipment &
Instruments 1.7
Real Estate Management &
Development 1.6
Pharmaceuticals 1.6
Construction & Engineering 1.5
Beverages 1.5
Electric Utilities 1.4
Food Products 1.3
IT Services 1.3
Transportation Infrastructure 1.2
Hotels, Restaurants & Leisure 1.1
Media 1.0
Independent Power Producers &
Energy Traders 1.0
Electrical Equipment 0.9
Food & Staples Retailing 0.9
Marine 0.8
Multiline Retail 0.8
Specialty Retail 0.7
Energy Equipment & Services 0.7
Household Durables 0.7
Automobiles 0.7
Thrifts & Mortgage Finance 0.6
Internet Software & Services 0.6
Paper & Forest Products 0.5
Capital Markets 0.5
Water Utilities 0.4
Airlines 0.4
Household Products 0.3
Machinery 0.3
Leisure Equipment & Products 0.3
Software 0.3
Tobacco 0.3
Distributors 0.2
Communications Equipment 0.2
Telecommunications 0.2
Gas Utilities 0.2
Building Products 0.2
Air Freight & Logistics 0.2
Aerospace & Defense 0.2
Textiles, Apparel & Luxury
Goods 0.2
Health Care Providers &
Services 0.1
Road & Rail 0.1
Consumer Finance 0.1
Personal Products 0.1
Commercial Services & Supplies 0.1
Trading Companies &
Distributors 0.1
Electronics 0.0**
Biotechnology 0.0**
Short-Term Investments 1.2
Other Assets & Liabilities 3.3
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
21
(streetTRACKS Logo/Annual Report)
SPDR S&P BRIC 40 ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA GAZPROM COMPANHIA VALE LUKOIL ADR CHINA LIFE
MOBILE, LTD. OAO ADR DO RIO DOCE ADR INSURANCE CO., LTD.
-------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $18,297,388 9,975,376 8,623,886 8,483,596 7,756,122
-------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 11.7% 6.4 5.5 5.4 4.9
-------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 35.6%
Commercial Banks 22.8
Diversified Telecommunication
Service 13.0
Metals & Mining 10.4
Insurance 7.0
IT Services 3.0
Wireless Telecommunication
Services 2.7
Electric Utilities 2.1
Beverages 1.9
Aerospace & Defense 0.6
Telecommunications 0.3
Short Term Investments 0.2
Other Assets and Liabilities 0.4
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
22
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR S&P Emerging Europe ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the total return performance of the
S&P/Citigroup BMI European Capped Index (the "Index"). To accomplish this
objective, the Fund utilizes a "passive" or indexing approach to invest in a
portfolio of stocks to replicate the Index.
The Fund commenced operations on March 20, 2007. For the period ended September
30, 2007, the Fund returned 18.73% and the Index returned 20.55%.
A number of factors have driven the strong returns we have seen across emerging
markets, including Europe, during the period, including the growth rate of the
underlying economies in Europe, that continued in aggregate to dramatically
outpace the growth rates found in other markets. Commodities have had a strong
return during this period and emerging markets, including Europe, with a
comparably heavy weighting in such stocks, have been helped by these returns.
Another factor that positively impacted performance during this period was a
relative calmness on the geopolitical front. Any shocks to the markets have
originated in the developed world rather than in the emerging world. Finally,
European emerging markets were positively affected by the actions of the U.S.
Federal Reserve Bank when it cut both the discount rate and Fed funds rate. This
appeared to help in easing a credit crunch and in reducing the likelihood of the
U.S. falling into a recession.
Europe substantially underperformed during the period, when compared with Asia
or Latin America, although still registering a positive return. After a
blistering run over the five calendar years ending December 31, 2006, the
Russian markets essentially stalled during the period. Several factors impacted
the Russian markets: new issuances, a run-up in valuations in Russian oil and
gas stocks (which are priced more in line with international competitors) and
growing uncertainty over the future direction of economic policy, given the
presidential elections in 2008. The Russian economy continued to grow rapidly
given massive oil inflows and Russian energy stocks substantially underperformed
their emerging market peers from July 2007 to September 2007.
Turkey was the best performing market in Europe, rising overall from April to
June and from July to September. The Turkish lira, a high-yielding currency that
tends to benefit from global inflows when risk appetite is high, rose during the
period. Despite political uncertainty and intimations by the Turkish military
that an invasion of Northern Iraq would be appropriate to destroy Kurdish bases,
domestic demand in Turkey remained very strong. Turkcell, the wireless telecom
company, rose significantly during the period. After the sweeping victory on
July 22, 2007 by the AK party, the Turkish Prime Minister stressed that the
government will protect secular principles and continued democratic reforms
designed to strengthen the economy and promote EU accession. The disinflation
process continued in Turkey during the period when the Turkish central bank
reduced rates and the Turkish banks surged. Foreign Direct Investment flows into
Turkey continued at record levels.
Amongst the Czech Republic, Hungary and Poland, Hungary was the stand-out from
April 2007 to June 2007, rising while the Czech Republic (led by Unipetrol, the
chemical producer) was the best performer from July 2007 to September 2007. OTP
Bank NyRt, the Hungarian financial services firm that has undertaken regional
acquisitions, rose during the period. An ongoing takeover offer for MOL
Hungarian Oil and Gas NyRt, the refiner, helped to lift the stock during the
same period. While Hungary's deficits continued to be problematic, the presence
of several competitive companies continued to attract international investors.
Eastern Europe continued to integrate rapidly with its Western neighbors.
23
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI EUROPEAN
VALUE VALUE EMERGING CAPPED INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 18.73% 19.03% 20.55%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007.
24
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING EUROPE ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
EMERGING EUROPE EUROPEAN EMERGING
ETF CAPPED INDEX
--------------- -----------------
3/20/2007 10000.00 10000.00
3/31/2007 10597.00 10577.00
4/30/2007 10796.00 10655.00
5/31/2007 10316.00 10385.00
6/30/2007 11059.00 11109.00
7/31/2007 11386.00 11588.00
8/31/2007 10877.00 11120.00
9/30/2007 11873.00 12055.00
</Table>
25
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-----------------------------------------------------------------------------------------------------------------------
DESCRIPTION GAZPROM LUKOIL SURGUTNEFTEGAZ SBERBANK JSC MMC NORILSK
OAO ADR ADR ADR GDR NICKEL ADR
-----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $8,288,066 4,019,796 3,017,340 2,317,016 1,751,136
-----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 21.4% 10.4 7.8 6.0 4.5
-----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 48.1%
Commercial Banks 20.6
Metals & Mining 7.8
Diversified Telecommunication
Services 5.8
Electric Utilities 5.2
Industrial Conglomerates 1.5
Media 1.4
Pharmaceuticals 1.3
Household Durables 1.0
Wireless Telecommunication
Services 1.0
Real Estate Management 0.8
Diversified Financial Services 0.7
Construction & Engineering 0.7
Beverages 0.5
Food & Staples Retailing 0.5
Airlines 0.4
Chemicals 0.4
Building Products 0.3
Auto Components 0.3
Hotels, Restaurants & Leisure 0.3
Software 0.3
Electronic Equipment &
Instruments 0.2
Biotechnology 0.2
Short-Term Investments 0.1
Other Assets & Liabilities 0.6
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
26
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SPDR S&P EMERGING LATIN AMERICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR S&P Emerging Latin America ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the total return performance of
the S&P Citigroup/BMI Latin America Index (the "Index"). To accomplish this
objective, the Fund utilizes a "passive" or indexing approach to invest in a
portfolio of stocks to replicate the Index.
The Fund commenced operations on March 20, 2007. For the period ended September
30, 2007, the Fund returned 36.49% and the Index returned 38.49%.
Emerging market equities proved to be remarkably resilient in the face of the
liquidity crisis, which was spurred in large part by the subprime mortgage
troubles in the U.S. At the end of September 2007, the Index stood at an all-
time high. The emerging markets in Latin America held up so well during a period
of global financial stress because the shock to markets originated in the
developed world, notably the U.S. and Europe, rather than in the emerging world,
as did several financial crises of the 1990s. More importantly, market
participants appeared to reason that the U.S. Federal Reserve Bank's pre-emptive
action would forestall a recession in the U.S. and ease liquidity conditions.
They also seemed to believe that banks in emerging markets, primarily in Asia,
might experience modest subprime losses.
During the period, Latin America continued to benefit from Asia's demand for
commodities. Brazil surged significantly. Interest rates continued to come down
in Brazil and by the end of September 2007, the SELIC rate (Banco Central do
Brasil's overnight lending rate) stood at 11.25%. Among the big gainers were the
Brazilian materials stocks and energy stocks. CVRD (CIA VALE DO RIO DOCE) and
Petrobas (Petroleo Brasileiro SA) rose significantly during the period. The
Brazilian economy continues to perform strongly and the Real currency remains
well-bid despite turbulence in the global credit markets.
Mexico, the second-largest market in Latin America, rose for the period, but
declined during the quarter ended September 30, 2007. During the quarter, it was
announced that Mexican year-over-year inflation was running at 4%, one percent
in excess of the central bank's target. Mexican financial stocks fell as fears
of interest rate increases rose. Telmex (Telefonos de Mexico SA de CV) fell
during the quarter. Cemex SAB de CV fell as well, as fears that the housing
slow-down in the U.S. could negatively impact demand.
27
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE LATIN AMERICA INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 36.49% 36.33% 38.49%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007.
28
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING LATIN AMERICA ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
EMERGING LATIN LATIN AMERICA
AMERICA ETF INDEX
-------------- -----------------
3/20/2007 10000.00 10000.00
3/31/2007 10333.00 10407.00
4/30/2007 10966.00 11050.00
5/31/2007 12152.00 12210.00
6/30/2007 12423.00 12580.00
7/31/2007 12578.00 12803.00
8/31/2007 12197.00 12391.00
9/30/2007 13649.00 13849.00
</Table>
29
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SPDR S&P EMERGING LATIN AMERICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------------
COMPANHIA PETROLEO AMERICA BANCO ITAU BANCO
DESCRIPTION VALE DO RIO BRASILEIRO MOVIL HOLDING BRADESCO SA ADR
DOCE ADR SA ADR SAB DE CV FINANCEIRA
SA ADR
-------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $5,084,049 4,344,497 3,048,900 1,472,333 1,425,884
-------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.0% 11.1 7.8 3.8 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 SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Metals & Mining 22.7%
Commercial Banks 16.5
Oil, Gas & Consumable Fuels 11.7
Wireless Telecommunication
Services 8.7
Diversified Telecommunication
Services 4.3
Beverages 4.0
Electric Utilities 3.1
Construction Materials 2.8
Industrial Conglomerates 2.5
Paper & Forest Products 2.5
Multiline Retail 2.1
Household Durables 1.9
Food Products 1.9
Food & Staples Retailing 1.8
Independent Power Producers &
Energy Traders 1.6
Media 1.6
Energy Equipment & Services 1.6
Diversified Financial Services 1.2
Transportation Infrastructure 0.9
Airlines 0.9
Construction & Engineering 0.8
Food Staples & Retailing 0.8
Aerospace & Defense 0.7
Household Products 0.6
Water Utilities 0.5
Tobacco 0.4
Building Products 0.4
Internet & Catalog Retail 0.4
Chemicals 0.3
Personal Products 0.3
Real Estate Management &
Development 0.0**
Short-Term Investments 0.7
Other Assets & Liabilities (0.2)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
30
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR S&P Emerging Middle East & Africa ETF (the "Fund") seeks to replicate
as closely as possible, before fees and expenses, the total return performance
of the S&P/Citigroup Middle East & Africa Index (the "Index"). To accomplish
this objective, the Fund utilizes a "passive" or indexing approach to invest in
a portfolio of stocks to replicate the Index.
The Fund commenced operations on March 20, 2007. For the period ended September
30, 2007, the Fund returned 15.84% and the Index returned 16.52%.
Despite very high volatility and a severe interbank liquidity crisis, emerging
market equities were still able to enjoy positive returns during this period.
However, among the major emerging market regions (Asia, Europe/Middle
East/Africa, and Latin America), the Europe/Middle East/Africa (EMEA) region
substantially underperformed Asia and Latin America for the period ending
September 30, 2007.
In South Africa, inflation remained a persistent problem, and it appeared to
accelerate. The central bank raised rates during the period, and financial
stocks, an important part of the Index, rose only modestly. Although, some
mining and energy stocks enjoyed some gains, the overall market in South Africa
fell during the period.
Turkey was the best performing market in the EMEA region, and rose significantly
during the period. After the sweeping victory on July 22, 2007 by the AK party,
the Turkish Prime Minister stressed that the government will protect secular
principles and continued democratic reforms designed to strengthen the economy
and promote EU accession. The disinflation process continued in Turkey during
the period when the Turkish central bank reduced rates and the Turkish banks
surged. Foreign Direct Investment flows into Turkey continued at record levels.
The Israeli market also rose during period. Teva Pharmaceutical Industries,
Ltd., a very large stock in the Index, was a strong performer, in part because
Teva's return on equity accelerated. Among the smaller Arab markets, Egypt also
rose during the period, benefiting from inflows from the Gulf.
31
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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 JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE MIDDLE EAST & AFRICA INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 15.84% 16.24% 16.52%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007.
32
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MIDDLE & AFRICA ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
EMERGING MIDDLE MIDDLE EAST
EAST & & AFRICA
AFRICA ETF INDEX
--------------- -----------------
3/20/2007 10000.00 10000.00
3/31/2007 10453.00 10469.00
4/30/2007 11246.00 11263.00
5/31/2007 11081.00 11158.00
6/30/2007 10892.00 11037.00
7/31/2007 10944.00 11092.00
8/31/2007 10878.00 10957.00
9/30/2007 11584.00 11652.00
</Table>
33
(streetTRACKS Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TEVA PHARMACEUTICAL MTN GROUP, IMPALA PLATINUM SASOL, LTD. FIRSTRAND,
INDUSTRIES, LTD. LTD. HOLDINGS, LTD. LTD.
---------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $2,236,249 1,450,810 1,194,302 1,131,768 1,021,668
---------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.2% 5.3 4.4 4.1 3.7
---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 18.2%
Metals & Mining 15.0
Pharmaceuticals 8.8
Diversified Financial Services 8.4
Wireless Telecommunication
Services 5.3
Industrial Conglomerates 4.5
Oil, Gas & Consumable Fuels 4.1
Chemicals 2.9
Media 2.6
Specialty Retail 2.4
Diversified Telecommunication
Services 2.2
Real Estate Management &
Development 2.1
Construction & Engineering 2.0
Food & Staples Retailing 2.0
Insurance 1.5
Telecommunication 1.4
Construction Materials 1.4
Household Durables 1.2
Capital Markets 1.2
Food Products 1.2
Communications Equipment 1.1
Aerospace & Defense 1.0
Software 1.0
Paper & Forest Products 0.9
Hotels, Restaurants & Leisure 0.7
Health Care Providers &
Services 0.7
Air Freight & Logistics 0.6
Multiline Retail 0.6
Marine 0.6
Tobacco 0.6
Electronic Equipment &
Instruments 0.5
Electric Utilities 0.5
Semiconductors & Semiconductor
Equipment 0.2
Internet Software & Services 0.2
Health Care Equipment &
Supplies 0.2
Short-Term Investments 0.0**
Other Assets & Liabilities 2.2
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
34
(streetTRACKS Logo/Annual Report)
SPDR S&P WORLD ex-US ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------
DESCRIPTION SAMSUNG ELECTRONICS BP PLC VODAFONE GROUP HSBC HOLDINGS PLC
CO., LTD. GDR
------------------------------------------------------------------------------------------------------------------
MARKET VALUE $210,526 175,615 156,250 149,579
------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.6% 1.3 1.2 1.1
------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------
DESCRIPTION NESTLE SA
-------------------------------------------------------
MARKET VALUE 134,757
-------------------------------------------------------
% OF NET ASSETS 1.0
-------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 15.0%
Oil, Gas & Consumable Fuels 8.0
Metals & Mining 6.1
Insurance 4.6
Pharmaceuticals 4.5
Diversified Telecommunication
Services 3.1
Chemicals 3.0
Automobiles 2.9
Capital Markets 2.6
Electric Utilities 2.5
Real Estate Management &
Development 2.4
Food Products 2.2
Machinery 2.2
Wireless Telecommunication
Services 2.1
Semiconductors & Semiconductor
Equipment 2.1
Diversified Financial Services 2.1
Media 2.0
Food & Staples Retailing 1.8
Multi-Utilities 1.5
Trading Companies &
Distributors 1.5
Hotels, Restaurants & Leisure 1.4
Household Durables 1.4
Industrial Conglomerates 1.3
Electrical Equipment 1.3
Communications Equipment 1.3
Construction & Engineering 1.3
Electronic Equipment &
Instruments 1.2
Road & Rail 1.1
Commercial Services & Supplies 1.1
Beverages 1.1
Specialty Retail 0.9
Marine 0.9
Building Products 0.8
Auto Components 0.8
Textiles, Apparel & Luxury
Goods 0.7
Energy Equipment & Services 0.7
Tobacco 0.7
Health Care Equipment &
Supplies 0.6
Real Estate Investment Trusts 0.6
Aerospace & Defense 0.6
Multiline Retail 0.6
IT Services 0.6
Computers & Peripherals 0.6
Gas Utilities 0.5
Software 0.5
Transportation Infrastructure 0.5
Office Electronics 0.4
Construction Materials 0.4
Air Freight & Logistics 0.3
Health Care Providers &
Services 0.3
Household Products 0.3
Paper & Forest Products 0.3
Airlines 0.2
Biotechnology 0.2
Consumer Finance 0.2
Distributors 0.2
Personal Products 0.2
Independent Power Producers &
Energy Traders 0.2
Leisure Equipment & Products 0.1
Water Utilities 0.1
Life Sciences, Tools & Services 0.1
Thrifts & Mortgage Finance 0.1
Internet & Catalog Retail 0.1
Short-Term Investments 0.1
Other Assets & Liabilities 0.9
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
35
(streetTRACKS Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------------
DC CHEMICALS CO., LTD. BUNNINGS WAREHOUSE OMX AB ONESTEEL, LTD.
DESCRIPTION PROPERTY TRUST
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $675,890 670,601 574,420 571,597
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.6% 0.6 0.5 0.5
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
CHEIL INDUSTRIES, INC.
DESCRIPTION
----------------------------------------------------------------
MARKET VALUE 553,050
----------------------------------------------------------------
% 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 SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Metals & Mining 6.2%
Machinery 5.9
Real Estate Management &
Development 5.1
Commercial Services & Supplies 4.9
Oil, Gas & Consumable Fuels 4.7
Commercial Banks 4.6
Electronic Equipment &
Instruments 4.0
Construction & Engineering 3.4
Media 3.4
Chemicals 3.3
Hotels, Restaurants & Leisure 3.1
Capital Markets 2.8
Specialty Retail 2.7
Household Durables 2.6
Food Products 2.4
Auto Components 2.2
Diversified Financial Services 1.7
Marine 1.7
Trading Companies &
Distributors 1.7
Health Care Equipment &
Supplies 1.6
Energy Equipment & Services 1.6
Electrical Equipment 1.6
Textiles, Apparel & Luxury
Goods 1.6
Industrial Conglomerates 1.3
Real Estate Investment Trust 1.3
Multiline Retail 1.3
Road & Rail 1.3
IT Services 1.2
Building Products 1.1
Insurance 1.1
Pharmaceuticals 1.1
Beverages 1.0
Biotechnology 1.0
Software 1.0
Food & Staples Retailing 1.0
Semiconductors & Semiconductor
Equipment 0.9
Aerospace & Defense 0.9
Air Freight & Logistics 0.8
Health Care Providers &
Services 0.8
Communications Equipment 0.8
Leisure Equipment & Products 0.7
Transportation Infrastructure 0.7
Gas Utilities 0.6
Personal Products 0.6
Paper & Forest Products 0.6
Computers & Peripherals 0.6
Distributors 0.6
Diversified Consumer Services 0.6
Airlines 0.4
Construction Materials 0.4
Real Estate 0.4
Consumer Finance 0.4
Diversified Telecommunication
Services 0.3
Independent Power Producers &
Energy Traders 0.3
Household Products 0.3
Containers & Packaging 0.2
Internet Software & Services 0.2
Multi-Utilities 0.2
Office Electronics 0.2
Wireless Telecommunication
Services 0.1
Automobiles 0.1
Services (Commercial &
Consumer) 0.1
Telecommunications 0.0**
Short-Term Investments 0.1
Other Assets & Liabilities 0.6
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
36
(streetTRACKS Logo/Annual Report)
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR DJ Wilshire International Real Estate ETF (the "Fund") seeks to
replicate as closely as possible, before fees and expenses, the price and yield
performance of the Dow Jones Wilshire Ex-US Real Estate Securities Index (the
"Index"). To accomplish this objective, the Fund utilizes a "passive" management
strategy and "sampling" methodology to invest in a portfolio of stocks to
replicate the Index.
The Fund commenced operations on December 15, 2006. For the period ended
September 30, 2007, the Fund returned 8.09% and the Index returned 9.00%.
The period began on a strong note for real estate securities, buoyed by
competitive pricing in the property markets, robust merger and acquisition
activity and strong real estate operating fundamentals. However, by the second
calendar quarter of 2007, the U.S. subprime mortgage defaults and related credit
market fallout seemed to cause the market to reverse direction and post negative
performance. Some stability returned in mid-August 2007, positively affected by
the U.S. Federal Reserve Bank's rate cut and injections of liquidity by central
banks. The early sell-off, which began in the second calendar quarter of 2007
and continued into the early third quarter, resulted in significantly lower
valuations than during the 12 to 18 months preceding the period. This repricing,
and possible over-selling, seemed to provide investors with the confidence to
move back into the market in the later half of the third calendar quarter of
2007, driving performance into positive territory.
In the U.K., an overhang from strong calendar year 2006 REIT speculation,
concerns over slowing GDP and apprehension surrounding October and December 2007
property appraisal revaluations have kept pressure on real estate security
prices during the period. This negative sentiment resulted in the sector trading
at a significant Price/NAV discount of -25% to -30%. Possible employment
declines from troubles in the subprime mortgage market induced credit
tightening, and when combined with expected prime office supply increases, added
additional concern for the Central London office market.
European real estate securities were not immune to the follow-on effects of the
credit market crisis. However, more stability in underlying property valuations
reduced the negative market effect. Selling during the second and third calendar
quarters of 2007 resulted in a slightly favorable Price/NAV discount of 0% to
10%. Underlying market support came from strong net operating income growth in
the 3% to 5% range and generally strong development pipelines for many companies
with development yields in the 6% to 8% range. REIT conversion continued in the
region with Finland, Luxemburg and Spain considering new or revised legislation.
The Asia Pacific region continued to be the strongest performing region globally
during the third calendar quarter of 2007, continuing a trend established in the
first half of the year. Hong Kong was clearly the regional leader for the
period. An exceptionally strong housing market, bolstered by growth in
employment and household income was a key driver. As personal wealth increased,
housing appeared to be a clear priority. The retail and office markets also
performed well, benefiting from economic growth on the corporate side and a rise
in disposable income and growing regional tourism on the retail side. Hong Kong
served as the gateway to mainland China both in terms of new real estate company
creation and public listings and in terms of investor access. The dynamic growth
occurring in China served as a strong catalyst for Hong Kong performance.
Singapore continued to develop into a financial and business center for the
Asia/Pac region and this translated into strong real estate performance. Some
expect annual GDP growth between 4% and 8% through 2010, driven by growth in
population, expatriate migration and Asian tourism. Housing and retail real
estate were the most leveraged sectors to this strong growth environment.
Regional tourism fueled growth in both retail rents and shopping center
expansion and provided support for the hotel and leisure industries. The REIT
market continued to expand given strong government support, including tax
incentives, and the fact that Singapore serves as a logical exchange for new
IPOs from emerging countries such as Malaysia, China and India.
37
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SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Despite a mid-year, valuation-driven sell-off, Japan returned to positive
territory in the third calendar quarter of 2007. Both office fundamentals and
land prices continued to show growth, however, the market remained cautious
regarding sustainability of economic expansion. Foreign buyers returned to the
market in the third calendar quarter attracted, in part, by lower valuations
post the mid-year selling. Also, Australia's strong performance in September
2007 continued a positive trend that improved throughout the year.
Emerging economies, while remaining a small part of the global real estate
landscape, increasingly attracted investors' attention. As a result, the region
posted some strong performance. Expectations for robust growth in GDP, income
and wealth appear to be the drivers behind the speculative investment in the
region.
38
(streetTRACKS Logo/Annual Report)
SPDR DJ WILSHIRE 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.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE.
THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY
ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE
RATIO FOR SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF AS STATED IN THE FEES
AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
DOW JONES WILSHIRE
NET ASSET MARKET EX-US REAL ESTATE
VALUE VALUE SECURITIES INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 8.09% 8.47% 9.00%
--------------------------------------------------------------------------------------------------------------------
(1) For the period December 15, 2006 to September 30, 2007.
39
(streetTRACKS Logo/Annual Report)
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (BASED ON NET ASSET VALUE)
(Line Graph
<Table>
<Caption>
SPDR DJ DOW JONES
WILSHIRE INTERNATIONAL WILSHIRE EX-US
REAL ESTATE REAL ESTATE
ETF SECURITIES INDEX
---------------------- ----------------
12/15/2006 10000.00 10000.00
12/31/2006 10401.00 10397.00
1/31/2007 10545.60 10575.80
2/28/2007 10835.60 10870.90
3/31/2007 11148.70 11206.80
4/30/2007 11389.50 11447.80
5/31/2007 11604.80 11669.80
6/30/2007 10857.50 10948.60
7/31/2007 10297.20 10382.60
8/31/2007 10270.40 10341.10
9/30/2007 10809.00 10900.50
</Table>
40
(streetTRACKS Logo/Annual Report)
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION WESTFIELD MITSUI FUDOSAN BROOKFIELD ASSET UNIBAIL-
GROUP CO., LTD. MANAGEMENT, INC. (CLASS A) RODAMCO
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $91,349,310 65,289,397 58,561,037 55,374,641
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.2% 5.9 5.3 5.0
----------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------
DESCRIPTION LAND SECURITIES
GROUP PLC
--------------------------------------------------------------
MARKET VALUE 42,596,132
--------------------------------------------------------------
% OF NET ASSETS 3.8
--------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Real Estate Management &
Development 53.3%
Retail 14.0
Real Estate 8.8
Diversified Financial Services 5.8
Office Equipment & Supplies 4.6
Industrial Goods & Services 2.7
Real Estate Investment Trust 2.6
Specialty Printing 2.1
REITS 1.2
Restaurants 1.2
Telecommunications 1.1
Money Market Fund 1.0
Diversified REITS 0.6
Specialty Retail 0.3
Publishing 0.2
Retail REITS 0.1
Retail (Specialty) 0.0**
Short-Term Investments 1.0
Other Assets & Liabilities (0.6)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount shown represents less than 0.05% of net assets.
41
(streetTRACKS Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR FTSE/Macquarie Global Infrastructure 100 ETF (the "Fund") seeks to
replicate as closely as possible, before fees and expenses, the total return
performance of the Macquarie Global Infrastructure 100 Index (the "Index"). To
accomplish this objective, the Fund utilizes a "passive" management strategy and
"sampling" methodology to invest in a portfolio of stocks to replicate the
Index.
The Fund commenced operations on January 25, 2007. For the period ended
September 30, 2007, the Fund returned 14.43% and the Index returned 15.08%.
Equities posted remarkable gains in the period ending September 30, 2007. Equity
returns were driven by a number of factors including solid economic performance,
favorable liquidity conditions, and significant merger and acquisition activity.
U.S.-based investors also benefited from the strength of major currencies versus
the U.S. dollar. Near the end of the year, concerns over fixed income and money
market issues (especially in the U.S.) weighed on markets, but the U.S. Federal
Reserve Bank lowering both the discount rate and the Fed funds rate appeared to
positively affect equities and calm the markets later in the period.
Surging economies around the world fueled demand for infrastructure services
during the year. This demand lead to positive results across all sectors of the
Index. Utilities, which represented the largest weight in the Index, benefited
greatly as demand for electricity, gas and water rose along with this surging
economic growth. Rising energy costs had a negative impact on the electricity
generation and industrial transportation portions of the Index, but these were
overwhelmed by demand for these companies' products. The oil and equipment
services segment of the Index were beneficiaries of rising energy prices,
although these made up a very small percentage of the Index.
42
(streetTRACKS Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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, 2007 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET MACQUARIE GLOBAL
VALUE VALUE INFRASTRUCTURE 100 INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 14.43% 14.63% 15.08%
--------------------------------------------------------------------------------------------------------------------
(1) For the period January 25, 2007 to September 30, 2007.
43
(streetTRACKS Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (BASED ON NET ASSET VALUE)
(LINE GRAPH)
<Table>
<Caption>
SPDR FTSE/
MACQUARIE GLOBAL MACQUARIE GLOBAL
INFRASTRUCTURE 100 INFRASTRUCTURE 100
ETF INDEX
------------------ ------------------
1/25/07 10000.00 10000.00
1/31/07 10090.20 10089.00
2/28/07 10274.80 10276.70
3/31/07 10685.40 10691.80
4/30/07 11113.90 11124.80
5/31/07 11383.80 11425.20
6/30/07 11080.30 11120.20
7/31/07 10715.20 10754.30
8/31/07 10893.70 10949.00
9/30/07 11443.30 11508.50
</Table>
44
(streetTRACKS Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------
DESCRIPTION E.ON AG SUEZ SA IBERDROLA SA ENEL SPA EXELON CORP.
------------------------------------------------------------------------------------------------------------------
MARKET VALUE $3,550,727 2,182,290 2,100,498 1,523,487 1,482,708
------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.7% 4.7 4.6 3.3 3.2
------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Electric Utilities 47.9%
Multi-Utilities 22.9
Gas Utilities 6.0
Independent Power Producers &
Energy Traders 6.0
Oil, Gas & Consumable Fuels 5.4
Water Utilities 4.5
Transportation Infrastructure 2.1
Wireless Telecommunication
Services 1.8
Commercial Banks 0.4
Road & Rail 0.9
Short Term Investments 1.3
Other Assets & Liabilities 0.8
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
45
(streetTRACKS Logo/Annual Report)
SPDR MSCI ACWI EX-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR MSCI ACWI ex-US ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the total return performance of the MSCI All
Country World Index ex USA Index (the "Index"). To accomplish this objective,
the Fund utilizes a "passive" management strategy and "sampling" methodology to
invest in a portfolio of stocks to replicate the Index.
The Fund commenced operations on January 10, 2007. For the period ended
September 30, 2007, the Fund returned 19.55% and the Index returned 21.12%.
Equities posted remarkable gains worldwide in the period ending September 30,
2007. Equity returns were driven by a number of factors including solid economic
performance, favorable liquidity conditions, and significant merger and
acquisition activity. U.S.-based investors also benefited from the strength of
major currencies versus the U.S. dollar. End of year concerns over fixed income
and money market issues (especially in the U.S.) weighed on markets, but the
U.S. Federal Reserve Bank lowering both the discount rate and the Fed funds rate
appeared to positively affect equities and calm the markets later in the period.
Solid global economic factors allowed widespread gains during the period with
every country in the Index except Ireland posting positive returns. Emerging
markets, driven by the commodity boom, ended the year at an all time high and
continued to outperform developed markets for the period. On a regional basis,
Latin America, also a beneficiary of rising commodity prices, was the clear
winner during the period.
46
(streetTRACKS Logo/Annual Report)
SPDR MSCI ACWI EX-US ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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, 2007 IS 0.35%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET MSCI ALL COUNTRY
VALUE VALUE WORLD INDEX EX USA INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 19.55% 19.89% 21.12%
--------------------------------------------------------------------------------------------------------------------
(1) For the period January 10, 2007 to September 30, 2007.
47
(streetTRACKS Logo/Annual Report)
SPDR MSCI ACWI EX-US ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR MSCI ACWI ex-US ETF (Based on Net Asset Value)
(Line Graph)
<Table>
<Caption>
MSCI ALL
COUNTRY WORLD
SPDR MSCI INDEX EX
ACWI EX-US USA INDEX
ETF
---------- -------------
1/10/07 10000.00 10000.00
1/31/07 10306.20 10315.00
2/28/07 10362.90 10377.90
3/31/07 10658.20 10670.60
4/30/07 11141.40 11165.70
5/31/07 11422.20 11471.60
6/30/07 11495.20 11569.10
7/31/07 11402.60 11536.80
8/31/07 11228.50 11359.10
9/30/07 11955.10 12112.00
</Table>
48
(streetTRACKS Logo/Annual Report)
SPDR MSCI ACWI EX-US ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
---------------------------------------------------------------------------------------------------------------------------
DESCRIPTION BP PLC HSBC HOLDINGS VODAFONE GROUP NESTLE SA TOTAL SA
PLC
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,542,966 1,365,243 1,334,349 1,194,456 1,149,870
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.2% 1.1 1.0 0.9 0.9
---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 14.5%
Oil, Gas & Consumable Fuels 10.3
Metals & Mining 6.6
Insurance 5.0
Pharmaceuticals 4.4
Diversified Telecommunication
Services 3.5
Real Estate Management &
Development 2.9
Chemicals 2.9
Wireless Telecommunication
Services 2.9
Automobiles 2.8
Capital Markets 2.4
Electric Utilities 2.4
Semiconductors & Semiconductor
Equipment 2.3
Machinery 2.2
Food Products 2.0
Media 1.8
Food & Staples Retailing 1.8
Industrial Conglomerates 1.6
Communications Equipment 1.5
Electronic Equipment &
Instruments 1.5
Diversified Financial Services 1.5
Household Durables 1.4
Beverages 1.4
Multi-Utilities 1.3
Trading Companies &
Distributors 1.1
Electrical Equipment 1.1
Road & Rail 1.0
Construction & Engineering 0.9
Tobacco 0.8
Commercial Services & Supplies 0.8
Textiles, Apparel & Luxury
Goods 0.8
Hotels, Restaurants & Leisure 0.8
Auto Components 0.7
Marine 0.7
Building Products 0.7
Construction Materials 0.7
IT Services 0.7
Transportation Infrastructure 0.6
Specialty Retail 0.5
Aerospace & Defense 0.5
Office Electronics 0.5
Multiline Retail 0.4
Independent Power Producers &
Energy Traders 0.4
Software 0.4
Gas Utilities 0.4
Air Freight & Logistics 0.4
Health Care Equipment &
Supplies 0.3
Computers & Peripherals 0.3
Distributors 0.2
Paper & Forest Products 0.2
Energy Equipment & Services 0.2
Personal Products 0.2
Household Products 0.2
Airlines 0.2
Consumer Finance 0.2
Health Care Providers &
Services 0.1
Internet Software & Services 0.1
Biotechnology 0.1
Real Estate Investment Trust 0.1
Telecommunications 0.1
Containers & Packaging 0.1
Water Utilities 0.1
Leisure Equipment & Products 0.1
Life Sciences, Tools & Services 0.1
Thrifts & Mortgage Finance 0.1
Internet & Catalog Retail 0.1
Short Term Investments 0.1
Other Assets & Liabilities 1.0
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
49
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR Russell/Nomura PRIME Japan ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the total return performance of
the Russell/Nomura PRIME Index (the "Index"). To accomplish this objective, the
Fund utilizes a "passive" or indexing approach to invest in a portfolio of
stocks to replicate the Index.
The Fund commenced operations on November 9, 2006. For the period ended
September 30, 2007, the Fund returned 6.19% and the Index returned 6.88%.
Despite a solid December 2006 rally, Japanese stocks continued to struggle
during the period. Consumer activity remained tepid, and emergence from
deflation continued to proceed only slowly. While the Bank of Japan was widely
expected to resume hiking interest rates in calendar year 2007, the lack of any
change since the 25-basis-point move back in July 2006 seemed to make it easy
for global investors to maintain bearish bets on the yen. On a regional basis,
Asian markets opened the calendar year 2007 strongly, with Japan's broad Topix
benchmark achieving a new 15-year high in late February 2007, not long after the
Bank of Japan had lifted short-term interest rates to half a percent, their
loftiest level since 1995. But Japanese inflation data continued to disappoint,
slipping below zero again in March, and seemingly dampening perceptions of the
magnitude of economic recovery. Between April and June 2007, the Japanese
economy remained firmly in recovery mode, but the vigor of incoming data seemed
flaccid relative to European economic figures. The Japanese yen, meanwhile,
remained frustratingly unpopular. Japan continued to underperform from July to
September 2007, posting thin gains for that quarter, but many Japanese stocks
showed signs of life late in September 2007 after Yasuo Fukuda took over as
prime minister.
Nintendo Co., Ltd. was the top performer for the Fund. Conversely, the worst
performing name for the period was Mitsubishi UFJ Financial Group, Inc. with
negative performance. The clear sector leader for the period was distribution
services with a significant gain. The greatest deterioration in performance came
from the financial sector, as illustrated by Mitsubishi UFJ Financial Group,
Inc.
50
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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, 2007 IS 0.51%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA
VALUE VALUE PRIME TM INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 6.19% 5.57% 6.88%
--------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2007.
51
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA PRIME JAPAN ETF (Based on Net Asset Value)
(Line Graph)
<Table>
<Caption>
SPDR RUSSELL/
NOMURA PRIME RUSSELL/ NOMURA
JAPAN ETF PRIME INDEX
------------- ---------------
11/9/2006 10000.00 10000.00
11/30/2006 10297.20 10323.00
12/31/2006 10490.60 10520.20
1/31/2007 10581.50 10610.60
2/28/2007 10977.60 11024.50
3/31/2007 10833.60 10897.70
4/30/2007 10632.70 10701.50
5/31/2007 10774.90 10848.10
6/30/2007 10740.70 10828.60
7/31/2007 10693.40 10796.10
8/31/2007 10397.80 10475.50
9/30/2007 10619.00 10688.00
</Table>
52
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MITSUBISHI UFJ CANON, INC. TAKEDA PHARMACEUTICAL
MOTOR CORP. FINANCIAL GROUP, INC. CO., LTD.
-------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $9,731,097 6,147,024 5,645,426 4,914,458
-------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.6% 2.3 2.1 1.8
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
DESCRIPTION NINTENDO CO.,
LTD.
-------------------------------------------------------------
MARKET VALUE 4,808,333
-------------------------------------------------------------
% OF NET ASSETS 1.8
-------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 8.6%
Automobiles 6.8
Machinery 5.8
Electronic Equipment &
Instruments 5.2
Metals & Mining 5.0
Chemicals 4.7
Pharmaceuticals 4.6
Trading Companies &
Distributors 4.4
Electric Utilities 3.8
Household Durables 3.6
Road & Rail 3.0
Real Estate Management &
Development 2.9
Auto Components 2.8
Office Electronics 2.6
Insurance 2.4
Software 2.3
Wireless Telecommunication
Services 2.0
Capital Markets 1.9
Computers & Peripherals 1.7
Oil, Gas & Consumable Fuels 1.7
Electrical Equipment 1.5
Leisure Equipment & Products 1.5
Consumer Finance 1.4
Diversified Telecommunication
Services 1.3
Specialty Retail 1.3
Food & Staples Retailing 1.2
Semiconductors & Semiconductor
Equipment 1.2
Construction & Engineering 1.1
Building Products 1.0
Commercial Services & Supplies 1.0
Food Products 1.0
Media 0.9
IT Services 0.8
Marine 0.8
Tobacco 0.8
Beverages 0.7
Textiles, Apparel & Luxury
Goods 0.7
Gas Utilities 0.6
Household Products 0.6
Multiline Retail 0.6
Health Care Equipment &
Supplies 0.4
Airlines 0.3
Health Care Providers &
Services 0.3
Industrial Conglomerates 0.3
Paper & Forest Products 0.3
Personal Products 0.3
Air Freight & Logistics 0.2
Hotels, Restaurants & Leisure 0.2
Independent Power Producers &
Energy Traders 0.2
Internet Software & Services 0.2
Transportation Infrastructure 0.2
Communications Equipment 0.1
Construction Materials 0.1
Containers & Packaging 0.1
Distributors 0.1
Diversified Consumer Services 0.1
Diversified Financial Services 0.1
Internet & Catalog Retail 0.1
Short-Term Investments 0.0**
Other Assets & Liabilities 0.6
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
53
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR Russell/Nomura Small Cap Japan ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the total return performance of
the Russell/Nomura Japan Small Cap Index (the "Index"). To accomplish this
objective, the Fund utilizes a "passive" or indexing approach to invest in a
portfolio of stocks to replicate the Index.
The Fund commenced operations on November 9, 2006. For the period ended
September 30, 2007, the Fund returned -0.57% and the Index returned -0.52%.
Japan underperformed throughout the course of the period, but many Japanese
stocks showed signs of improvement late in September 2007 after Yasuo Fukuda
became Prime Minister. The disappointing tenure of his predecessor Shinzo Abe
ended when Abe resigned on September 12, 2007. Although Fukuda's roots as a
traditional politician did not suggest any quick progress on needed reforms, and
Japanese economic growth remained undeniably tepid, equity sentiment had been
flagging for so long that a simple changing of the guard may have inspired some
fresh upside for beaten down Japanese stocks. The Bank of Japan followed the
European Central Bank by holding short-term interest rates steady in September
2007, but the U.S. dollar was weak enough that the yen still gained modest
ground against the U.S. dollar during the month.
Since its inception in November 2006, the Fund has been a weak performer with a
return of -0.57% for the period ending September 30, 2007. As a whole, the
Japanese market lagged during the period, and in particular, small cap stocks
underperformed for the last two fiscal quarters. Contributing most significantly
to the negative returns over the period was the Fund's overweight to the
financials sector.
54
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRETFS.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, 2007 IS 0.56%.
PERFORMANCE AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA JAPAN
VALUE VALUE SMALL CAP TM INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -0.57% -1.61% -0.52%
--------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2007.
55
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF (Based on Net Asset Value)
(Line Graph)
<Table>
<Caption>
SPDR RUSSELL/
NOMURA SMALL RUSSELL/ NOMURA
CAP JAPAN JAPAN SMALL
ETF CAP INDEX
------------- ---------------
11/09/06 10000.00 10000.00
11/30/06 10427.20 10352.00
12/31/06 10443.30 10359.30
1/31/07 10622.50 10516.70
2/28/07 11015.80 10853.20
3/31/07 10941.70 10749.00
4/30/07 10686.30 10523.30
5/31/07 10443.30 10326.50
6/30/07 10455.60 10401.90
7/31/07 10453.50 10403.00
8/31/07 9975.69 9916.10
9/30/07 9948.00 9943.00
</Table>
56
(streetTRACKS Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
---------------------------------------------------------------------------------------------------------------
DESCRIPTION MITSUMI ELECTRIC AEON MALL TOKAI CARBON J FRONT RETAILING
CO., LTD. CO., LTD. CO., LTD. CO., LTD.
---------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,396,908 1,345,497 1,274,005 1,143,892
---------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.0% 1.0 0.9 0.8
---------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------
DESCRIPTION YAMATO KOGYO
CO., LTD.
------------------------------------------------------------------
MARKET VALUE 1,096,561
------------------------------------------------------------------
% OF NET ASSETS 0.8
------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Machinery 8.3%
Commercial Banks 7.0
Electronic Equipment &
Instruments 6.7
Chemicals 5.4
Food Products 4.9
Auto Components 4.7
Commercial Services & Supplies 3.7
Real Estate Management &
Development 3.4
Metals & Mining 3.3
Building Products 3.3
Specialty Retail 3.1
Hotels, Restaurants & Leisure 3.0
Trading Companies &
Distributors 2.5
Capital Markets 2.4
Textiles, Apparel & Luxury
Goods 2.4
Pharmaceuticals 2.3
Household Durables 2.2
Construction & Engineering 2.1
Health Care Equipment &
Supplies 1.9
Multiline Retail 1.8
Media 1.7
Electrical Equipment 1.7
Transportation Infrastructure 1.6
Food & Staples Retailing 1.5
Software 1.4
Communications Equipment 1.4
IT Services 1.4
Computers & Peripherals 1.3
Diversified Financial Services 1.2
Semiconductors & Semiconductor
Equipment 1.1
Oil, Gas & Consumable Fuels 1.1
Personal Products 1.1
Road & Rail 1.1
Beverages 1.0
Containers & Packaging 0.9
Leisure Equipment & Products 0.8
Distributors 0.7
Internet Software & Services 0.6
Consumer Finance 0.6
Marine 0.5
Internet & Catalog Retail 0.5
Industrial Conglomerates 0.4
Office Electronics 0.3
Gas Utilities 0.3
Insurance 0.3
Health Care Providers &
Services 0.2
Biotechnology 0.2
Diversified Consumer Services 0.1
Short-Term Investments 0.0**
Other Assets & Liabilities 0.6
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
57
DJ STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
FINLAND -- 3.0%
Nokia Oyj..................... 147,173 $ 5,579,991
------------
FRANCE -- 13.3%
AXA........................... 67,351 3,005,676
BNP Paribas SA................ 33,028 3,604,535
France Telecom SA............. 70,835 2,366,335
Sanofi-Aventis................ 38,945 3,288,797
Societe Generale.............. 17,453 2,920,909
Suez SA....................... 43,932 2,580,336
Total SA...................... 84,511 6,853,078
------------
TOTAL FRANCE.................. 24,619,666
------------
GERMANY -- 13.9%
Allianz SE.................... 16,811 3,917,285
BASF AG....................... 18,359 2,532,596
DaimlerChrysler AG............ 36,779 3,694,842
Deutsche Bank AG.............. 18,717 2,405,768
Deutsche Telekom AG........... 111,494 2,184,972
E.ON AG....................... 24,604 4,536,877
SAP AG........................ 34,137 1,992,892
Siemens AG.................... 31,943 4,380,141
------------
TOTAL GERMANY................. 25,645,373
------------
ITALY -- 6.6%
Assicurazioni Generali SpA.... 44,285 1,943,560
Eni SpA....................... 91,768 3,391,898
Intesa Sanpaolo SpA........... 336,459 2,591,050
UniCredito Italiano SpA....... 499,358 4,260,970
------------
TOTAL ITALY................... 12,187,478
------------
NETHERLANDS -- 6.8%
ABN AMRO Holding NV........... 71,482 3,756,266
Fortis........................ 49,946 1,466,783
ING Groep NV.................. 82,532 3,653,816
Koninklijke (Royal) Philips
Electronics NV.............. 40,313 1,814,530
Unilever NV................... 64,183 1,976,165
------------
TOTAL NETHERLANDS............. 12,667,560
------------
SPAIN -- 6.6%
Banco Bilbao Vizcaya
Argentaria SA............... 140,288 3,279,953
Banco Santander Central
Hispano SA.................. 234,101 4,537,790
Telefonica SA................. 156,519 4,369,508
------------
TOTAL SPAIN................... 12,187,251
------------
SWEDEN -- 1.2%
Telefonaktiebolaget LM
Ericsson (Class B).......... 554,038 2,209,626
------------
SWITZERLAND -- 12.4%
Credit Suisse Group........... 39,050 2,583,945
Nestle SA..................... 14,713 6,586,971
Novartis AG................... 92,586 5,092,151
Roche Holding AG.............. 26,297 4,752,009
UBS AG........................ 73,677 3,948,108
------------
TOTAL SWITZERLAND............. 22,963,184
------------
UNITED KINGDOM -- 35.4%
Anglo American PLC............ 50,266 3,368,244
AstraZeneca PLC............... 55,427 2,765,512
Barclays PLC.................. 254,892 3,092,455
BHP Billiton PLC.............. 87,139 3,106,819
BP PLC........................ 714,282 8,258,495
BT Group PLC.................. 303,210 1,896,476
Diageo PLC.................... 97,370 2,130,565
GlaxoSmithKline PLC........... 211,399 5,586,094
HBOS PLC...................... 139,800 2,604,691
HSBC Holdings PLC............. 440,629 8,119,831
Lloyds TSB Group PLC.......... 211,263 2,335,009
Rio Tinto PLC................. 37,309 3,213,764
Royal Bank of Scotland Group
PLC......................... 353,963 3,786,017
Royal Dutch Shell PLC (Class
A).......................... 136,307 5,613,865
Tesco PLC..................... 294,454 2,635,085
Vodafone Group................ 1,984,377 7,135,662
------------
TOTAL UNITED KINGDOM.......... 65,648,584
------------
TOTAL COMMON STOCKS --
(Cost $166,770,909)......... 183,708,713
------------
RIGHTS -- 0.1%
NETHERLANDS -- 0.1%
Fortis (expiring 10/09/07) (a)
(Cost $339,779)............. 49,946 264,944
------------
SHORT TERM INVESTMENTS -- 0.5%
UNITED STATES -- 0.5%
MONEY MARKET FUND -- 0.5%
STIC Prime Portfolio
(Cost $944,554)............. 944,554 944,554
------------
TOTAL INVESTMENTS -- 99.8%
(Cost $168,055,242)......... 184,918,211
OTHER ASSETS AND
LIABILITIES -- 0.2%......... 337,873
------------
NET ASSETS -- 100.0%.......... $185,256,084
============
</Table>
(a) Non-income producing security
See accompanying notes to financial statements.
58
DJ EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
FINLAND -- 4.4%
Nokia Oyj (b)................. 566,408 $ 21,475,078
------------
FRANCE -- 31.7%
Air Liquide SA................ 34,835 4,649,878
Alcatel-Lucent................ 332,250 3,402,066
AXA........................... 259,123 11,563,895
BNP Paribas SA................ 127,077 13,868,643
Carrefour SA.................. 78,271 5,468,810
Compagnie de Saint-Gobain..... 53,823 5,602,281
Credit Agricole SA............ 107,296 4,127,585
France Telecom SA............. 272,497 9,103,114
Groupe Danone................. 67,990 5,337,395
L'Oreal SA.................... 37,230 4,871,089
LVMH Moet Hennessy Louis
Vuitton SA.................. 37,073 4,432,452
Renault SA.................... 28,698 4,147,401
Sanofi-Aventis................ 149,844 12,653,911
Schneider Electric SA......... 35,283 4,445,744
Societe Generale.............. 67,146 11,237,457
Suez SA....................... 169,010 9,926,764
Total SA...................... 325,223 26,372,645
Vinci SA...................... 69,458 5,412,137
Vivendi Universal SA.......... 167,539 7,052,658
------------
TOTAL FRANCE.................. 153,675,925
------------
GERMANY -- 25.1%
Allianz SE (b)................ 64,684 15,072,613
BASF AG....................... 70,629 9,743,164
Bayer AG...................... 110,058 8,736,886
DaimlerChrysler AG............ 141,515 14,216,687
Deutsche Bank AG.............. 72,003 9,254,824
Deutsche Telekom AG........... 428,893 8,405,110
E.ON AG....................... 94,675 17,457,681
Muenchener Rueckversicherungs-
Gesellschaft AG............. 31,365 6,011,512
RWE AG........................ 67,073 8,413,206
SAP AG........................ 130,732 7,632,034
Siemens AG (b)................ 122,912 16,854,142
------------
TOTAL GERMANY................. 121,797,859
------------
ITALY -- 12.1%
Assicurazioni Generali SpA
(b)......................... 170,345 7,476,021
Enel SpA...................... 603,323 6,812,643
Eni SpA (b)................... 353,083 13,050,535
Intesa Sanpaolo SpA........... 1,294,399 9,968,088
Telecom Italia SpA............ 1,579,391 4,789,872
UniCredito Italiano SpA....... 1,921,459 16,395,611
------------
TOTAL ITALY................... 58,492,770
------------
LUXEMBOURG -- 1.9%
ArcelorMittal................. 114,338 9,000,226
------------
NETHERLANDS -- 10.9%
ABN AMRO Holding NV........... 275,043 14,453,075
Aegon NV...................... 208,802 3,988,007
Fortis........................ 194,057 5,698,947
ING Groep NV.................. 317,554 14,058,595
Koninklijke (Royal) Philips
Electronics NV.............. 155,053 6,979,095
Unilever NV................... 246,886 7,601,505
------------
TOTAL NETHERLANDS............. 52,779,224
------------
SPAIN -- 13.1%
Banco Bilbao Vizcaya
Argentaria SA............... 539,762 12,619,709
Banco Santander Central
Hispano SA.................. 900,803 17,461,072
Endesa SA..................... 69,444 3,959,278
Iberdrola SA.................. 142,889 8,372,232
Repsol YPF SA................. 113,843 4,055,639
Telefonica SA................. 602,266 16,813,335
------------
TOTAL SPAIN................... 63,281,265
------------
TOTAL COMMON STOCKS --
(Cost $414,550,643)......... 480,502,347
------------
RIGHTS -- 0.2%
NETHERLANDS -- 0.2%
Fortis (expiring 10/09/07) (a)
(Cost $1,233,113)........... 194,057 1,029,398
------------
SHORT TERM INVESTMENTS -- 14.6%
UNITED STATES -- 14.6%
MONEY MARKET FUNDS -- 14.6%
STIC Prime Portfolio
(Cost $2,249,384)........... 2,249,384 2,249,384
UBS Private Money Market Fund,
LLC
(Cost $68,585,300) (c)...... 68,585,300 68,585,300
------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $70,834,684).......... 70,834,684
------------
TOTAL INVESTMENTS -- 114.0%
(Cost $486,618,440)......... 552,366,429
OTHER ASSETS AND
LIABILITIES -- (14.0)%...... (67,825,458)
------------
NET ASSETS -- 100.0%.......... $484,540,971
============
</Table>
(a) Non-income producing security
(b) Security, or portion thereof, was on loan at September 30, 2007.
(c) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
59
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 96.0%
CHINA -- 38.8%
Agile Property Holdings,
Ltd. ........................ 204,188 $ 428,948
Air China, Ltd. ............... 177,414 253,036
Aluminum Corp. of China,
Ltd. ........................ 176,304 506,083
Angang Steel Co., Ltd. ........ 69,709 268,745
Anhui Conch Cement Co., Ltd. .. 39,750 346,402
Baidu.com ADR (a).............. 1,480 428,682
Bank of China, Ltd. ........... 778,382 417,814
Bank of Communications Co.,
Ltd. ........................ 245,723 297,006
China CITIC Bank (a)........... 208,941 161,910
China Construction Bank
Corp. ....................... 1,196,768 1,095,302
China Life Insurance Co.,
Ltd. ........................ 271,708 1,559,882
China Mengniu Dairy Co.,
Ltd. ........................ 56,390 244,254
China Merchants Bank Co.,
Ltd. ........................ 105,669 464,508
China Merchants Holdings
International Co., Ltd. ..... 56,529 352,185
China Mobile, Ltd. ............ 174,136 2,851,216
China Oilfield Services,
Ltd. ........................ 264,557 609,574
China Overseas Land &
Investment, Ltd. ............ 167,043 382,739
China Petroleum & Chemical
Corp. ....................... 675,462 840,779
China Resources Enterprise..... 68,746 292,465
China Shenhua Energy Co.,
Ltd. ........................ 139,056 837,703
China Shipping Container Lines
Co., Ltd. ................... 657,339 507,686
China Shipping Development Co.,
Ltd. ........................ 113,215 367,976
China Telecom Corp., Ltd. ..... 659,930 497,794
China Unicom, Ltd. ............ 134,172 277,717
CNOOC, Ltd. ................... 659,470 1,110,343
COSCO Holdings................. 167,132 522,782
COSCO Pacific, Ltd. ........... 83,331 263,874
Ctrip.com International, Ltd.
ADR.......................... 4,354 225,537
Denway Motors, Ltd. ........... 324,205 189,465
Dongfeng Motor Group Co.,
Ltd. ........................ 232,763 204,040
Focus Media Holding, Ltd. ADR
(a).......................... 3,981 230,978
Guangzhou R&F Properties Co.,
Ltd. ........................ 101,376 478,912
Huaneng Power International,
Inc. ........................ 226,472 313,676
Industrial & Commercial Bank of
China........................ 1,061,180 741,726
Jiangsu Express................ 210,060 270,394
Jiangxi Copper Co., Ltd. ...... 91,578 297,651
Lenovo Group, Ltd. ............ 335,703 258,843
Maanshan Iron & Steel.......... 166,971 182,045
NetEase.com ADR (a)............ 6,121 103,445
PetroChina Co., Ltd. .......... 803,379 1,524,307
Ping An Insurance Group Co. of
China, Ltd. ................. 51,364 709,436
Samling Global, Ltd. (a)....... 194,633 64,388
Semiconductor Manufacturing
International Corp. (a)...... 1,205,837 141,249
Shanghai Electric Group Co.,
Ltd. ........................ 295,179 230,637
SINA Corp. (a)................. 2,462 117,807
Sinopec Shanghai Petrochemical
Co., Ltd. ................... 213,252 175,682
Suntech Power Holdings Co.,
Ltd. ADR (a)................. 4,696 187,370
Tencent Holdings, Ltd. ........ 35,594 230,004
Tingyi Cayman Islands Holding
Corp. ....................... 110,383 170,505
Yanzhou Coal Mining Co.,
Ltd. ........................ 126,882 261,321
Zijin Mining Group Co., Ltd. .. 199,790 310,667
-----------
TOTAL CHINA.................... 23,807,490
-----------
INDIA -- 17.5%
Apollo Hospitals Enterprise,
Ltd. ........................ 11,698 142,954
Bharat Heavy Electricals,
Ltd. ........................ 7,848 400,775
Bharti Airtel, Ltd. (a)........ 37,263 878,985
Cipla, Ltd. ................... 31,139 143,631
HDFC Bank, Ltd. ............... 10,065 362,716
Hero Honda Motors, Ltd. ....... 11,303 210,218
Hindustan Lever, Ltd. ......... 57,666 319,100
Hindustan Zinc, Ltd. .......... 6,659 135,862
Housing Development Finance
Corp., Ltd. ................. 9,764 619,863
ICICI Bank, Ltd. ADR........... 9,319 491,298
Idea Cellular, Ltd. (a)........ 100,980 318,037
Indiabulls Financial Services,
Ltd. ........................ 11,747 176,467
Indian Hotels Co., Ltd. ....... 55,498 192,201
Infosys Technologies, Ltd.
ADR.......................... 15,480 749,077
ITC, Ltd. ..................... 51,842 243,657
Larsen & Toubro, Ltd. GDR...... 5,836 410,854
Mahindra & Mahindra, Ltd. GDR.. 9,125 172,436
Oil & Natural Gas Corp.,
Ltd. ........................ 14,919 363,545
Reliance Capital, Ltd. ........ 989 39,290
Reliance Communications,
Ltd. ........................ 35,063 517,971
Reliance Energy, Ltd. ......... 12,719 387,515
Reliance Industries, Ltd. GDR
(b).......................... 13,390 1,533,155
Satyam Computer Services, Ltd.
ADR.......................... 11,211 290,253
Siemens India, Ltd. ........... 5,882 198,539
Steel Authority Of India,
Ltd. ........................ 40,078 208,197
Sterlite Industries India,
Ltd. ........................ 7,677 144,495
Suzlon Energy, Ltd. ........... 4,749 172,810
Tata Consultancy Services,
Ltd. ........................ 7,963 210,648
Tata Motors, Ltd. ............. 11,114 224,525
Unitech, Ltd. ................. 20,618 159,159
Wipro, Ltd. ADR................ 12,132 175,186
Zee Entertainment Enterprises,
Ltd. ........................ 21,732 187,065
-----------
TOTAL INDIA.................... 10,780,484
-----------
INDONESIA -- 2.8%
Astra International Tbk PT..... 123,220 259,375
Bank Central Asia Tbk PT....... 382,148 256,994
Bank Rakyat Indonesia PT....... 360,148 259,921
Bumi Resources Tbk PT.......... 630,964 246,659
Indosat Tbk PT................. 263,248 221,652
Perusahaan Gas Negara PT....... 108,128 142,476
Telekomunikasi Indonesia Tbk
PT........................... 273,094 328,489
-----------
TOTAL INDONESIA................ 1,715,566
-----------
MALAYSIA -- 6.9%
Bintulu Port Holdings Bhd...... 234,506 450,775
Bursa Malaysia Bhd............. 46,207 149,164
Carlsberg Brewery Bhd.......... 320,303 436,157
Genting Bhd.................... 137,400 324,599
IJM Corp Bhd................... 107,300 250,341
IOI Corp Bhd................... 155,840 276,693
Lingkaran Trans Kota Holdings
Bhd.......................... 308,100 367,098
Magnum Corp. Bhd............... 335,358 284,427
Malaysian Airline System Bhd
(a).......................... 112,000 141,335
Malaysian Plantations Bhd...... 244,900 222,800
Naim Cendera Holding Bhd....... 184,113 316,085
Sarawake Energy Bhd............ 290,666 200,459
Star Publications Malaysia
Bhd.......................... 325,500 322,873
Tan Chong Motor Holdings Bhd... 725,400 283,135
Uchi Technologies Bhd.......... 233,700 204,380
-----------
TOTAL MALAYSIA................. 4,230,321
-----------
</Table>
See accompanying notes to financial statements.
60
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
PHILIPPINES -- 0.9%
Ayala Land, Inc. .............. 775,158 $ 279,608
Philippine Long Distance
Telephone Co. ............... 3,794 245,073
-----------
TOTAL PHILIPPINES.............. 524,681
-----------
TAIWAN -- 26.1%
Acer, Inc. .................... 109,080 192,189
Advanced Semiconductor
Engineering, Inc. ........... 190,012 208,440
ASE Test, Ltd. TDR (a)......... 781,000 140,716
Asia Cement Corp. ............. 143,040 249,394
Asustek Computer, Inc. ........ 117,780 358,375
AU Optronics Corp. ADR......... 27,913 472,288
Catcher Technology Co., Ltd. .. 19,900 144,822
Cathay Financial Holding Co.,
Ltd. ........................ 178,000 421,069
Chang Hwa Commercial Bank...... 267,000 175,900
Chi Mei Optoelectronics Corp.
GDR.......................... 19,225 217,820
China Development Financial
Holding Corp. ............... 529,930 213,531
China Steel Chemical Corp. .... 143,550 380,483
China Steel Corp. ............. 306,500 447,048
Chinatrust Financial Holding
Co., Ltd. (a)................ 330,000 242,179
Chunghwa Picture Tubes, Ltd.
(a).......................... 562,000 160,153
Chunghwa Telecom Co., Ltd. .... 130,000 242,991
Compal Electronics, Inc. ...... 234,780 265,463
Delta Electronics, Inc. ....... 70,650 273,854
Epistar Corp. ................. 24,306 118,421
Everlight Electronics Co.,
Ltd. ........................ 24,478 106,883
Far Eastern Textile Co.,
Ltd. ........................ 214,200 287,810
First Financial Holding Co.,
Ltd.......................... 257,360 184,138
Formosa Chemicals & Fibre
Corp. ....................... 119,000 304,474
Formosa Plastics Corp. ........ 174,000 490,516
Foxconn Technology Co., Ltd. .. 22,950 265,822
Fubon Financial Holding Co.,
Ltd. ........................ 244,000 208,224
High Tech Computer Corp. ...... 22,300 326,966
Hon Hai Precision Industry Co.,
Ltd. ........................ 161,000 1,213,605
Hua Nan Financial Holdings Co.,
Ltd. ........................ 226,000 159,277
King Yuan Electronics Co.,
Ltd. ........................ 105,895 67,979
Largan Precision Co., Ltd. .... 6,080 66,138
Lite-On Technology Corp. ...... 101,272 158,262
Macronix International......... 219,163 135,655
MediaTek, Inc. ................ 35,850 645,926
Mega Financial Holding Co.,
Ltd. ........................ 307,000 193,786
Motech Industries, Inc. ....... 6,850 74,514
Nan Ya Plastics Corp. ......... 186,000 484,449
Novatek Microelectronics Corp.,
Ltd. ........................ 24,239 105,468
Phoenixtec Power Co., Ltd. .... 201,000 194,625
Polaris Securities Co., Ltd.
(a).......................... 382,182 206,110
Powerchip Semiconductor
Corp. ....................... 294,638 146,258
Powertech Technology, Inc. .... 40,450 162,990
ProMOS Technologies, Inc. ..... 279,000 85,491
Quanta Computer, Inc. ......... 155,020 243,681
Realtek Semiconductor Corp. ... 35,625 161,560
Shin Kong Financial Holding
Co., Ltd. ................... 162,055 150,460
Siliconware Precision
Industries Co. .............. 113,085 254,688
SinoPac Financial Holdings Co.,
Ltd. ........................ 391,000 182,111
Tainan Enterprises............. 166,826 245,626
Taishin Financial Holdings Co.,
Ltd. (a)..................... 313,000 158,250
Taiwan Cement Corp. ........... 184,210 301,419
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR.. 146,537 1,482,954
Tatung Co., Ltd. (a)........... 268,000 139,605
Tripod Technology Corp. ....... 39,380 160,488
Uni-President Enterprises
Corp. ....................... 179,900 275,624
United Microelectronics Corp.
ADR.......................... 141,402 507,633
Via Technologies, Inc. (a)..... 85,000 57,300
Walsin Lihwa Corp. ............ 250,000 124,100
Wistron Corp. ................. 88,294 159,624
Yageo Corp. ................... 307,000 127,936
-----------
TOTAL TAIWAN................... 16,029,232
-----------
THAILAND -- 3.0%
Advanced Info Service PCL...... 77,090 197,926
Bangkok Expressway PCL......... 296,874 215,672
Electricity Generating PCL..... 63,096 213,542
IRPC PCL....................... 501,041 100,866
Kasikornbank PCL............... 109,998 259,951
PTT Exploration & Production
PCL.......................... 67,071 266,131
PTT PCL........................ 41,909 410,837
Thai Oil PCL................... 78,396 196,705
-----------
TOTAL THAILAND................. 1,861,630
-----------
TOTAL COMMON STOCKS --
(Cost $46,756,720)........... 58,949,404
-----------
RIGHTS -- 0.0% (C)
MALAYSIA -- 0.0% (C)
Malaysian Airline System
(expiring 10/31/07) (a)...... 37,333 17,530
Malaysian Airline System Bhd
(expiring 10/31/07) (a)...... 37,333 --
-----------
TOTAL RIGHTS --
(Cost $27,274)............... 17,530
-----------
WARRANTS -- 0.0% (C)
CHINA -- 0.0% (C)
China Overseas Land &
Investment, Ltd. (expiring
8/27/08) (a)
(Cost $0).................... 7,920 6,514
-----------
SHORT TERM INVESTMENTS -- 3.0%
UNITED STATES -- 3.0%
MONEY MARKET FUND -- 3.0%
STIC Prime Portfolio
(Cost $1,834,024)............ 1,834,024 1,834,024
-----------
TOTAL INVESTMENTS -- 99.0%
(Cost $48,618,018)........... 60,807,472
OTHER ASSETS AND
LIABILITIES -- 1.0%.......... 612,065
-----------
NET ASSETS -- 100.0%........... $61,419,537
===========
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities which represent 2.5% of net assets as of September 30,
2007, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(c) Amount represents less than 0.05% net assets.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
61
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
CHINA -- 99.3%
AIR FREIGHT & LOGISTICS -- 0.2%
Sinotrans, Ltd. .............. 483,000 $ 294,700
------------
AIRLINES -- 0.5%
Air China, Ltd. .............. 468,000 667,483
------------
AUTOMOBILES -- 1.2%
Brilliance China Automotive
Holdings, Ltd. (a).......... 572,000 156,094
Denway Motors, Ltd. .......... 1,066,000 622,971
Dongfeng Motor Group Co.,
Ltd. ....................... 640,000 561,024
Great Wall Motor Co., Ltd. ... 78,000 116,267
------------
1,456,356
------------
BEVERAGES -- 0.2%
Tsingtao Brewery Co., Ltd. ... 78,000 285,648
------------
CHEMICALS -- 0.6%
China Bluechemical, Ltd. ..... 394,000 260,684
Sinopec Shanghai Petrochemical
Co., Ltd. .................. 520,000 428,388
------------
689,072
------------
COMMERCIAL BANKS -- 12.7%
Bank of China, Ltd. .......... 4,316,000 2,316,711
Bank of Communications Co.,
Ltd. ....................... 1,016,000 1,228,043
China CITIC Bank (a).......... 107,056 82,959
China Construction Bank
Corp. ...................... 6,355,000 5,816,204
China Merchants Bank Co.,
Ltd. ....................... 473,000 2,079,248
Industrial & Commercial Bank
of China.................... 5,805,000 4,057,481
------------
15,580,646
------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Bio-Treat Technology, Ltd. ... 182,000 111,570
------------
COMMUNICATIONS EQUIPMENT -- 0.3%
AAC Acoustic Technology
Holdings, Inc. (a).......... 156,000 192,574
ZTE Corp. .................... 36,400 192,106
------------
384,680
------------
COMPUTERS & PERIPHERALS -- 0.6%
Lenovo Group, Ltd. ........... 718,000 553,612
TPV Technology, Ltd. ......... 302,000 216,918
------------
770,530
------------
CONSTRUCTION & ENGINEERING -- 1.4%
Baoye Group Co., Ltd. ........ 52,000 72,424
China Communications
Construction Co., Ltd. ..... 686,059 1,631,992
------------
1,704,416
------------
CONSTRUCTION MATERIALS -- 1.0%
Anhui Conch Cement Co.,
Ltd. ....................... 78,000 679,732
China National Building
Material Co., Ltd. ......... 182,000 599,744
------------
1,279,476
------------
DISTRIBUTORS -- 1.0%
China Resources Enterprise.... 234,000 995,501
Xinyu Hengdeli Holdings,
Ltd. ....................... 380,020 200,560
------------
1,196,061
------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.4%
China Communications Services
Corp., Ltd. (a)............. 254,779 200,710
China Netcom Group
Corp. -- Hong Kong, Ltd. ... 260,000 696,131
China Telecom Corp., Ltd. .... 2,702,000 2,038,156
------------
2,934,997
------------
ELECTRICAL EQUIPMENT -- 1.9%
Byd Co., Ltd. ................ 36,500 272,505
Dongfang Electrical Machinery
Co., Ltd.................... 26,000 237,622
Harbin Power Equipment........ 130,000 325,642
Shanghai Electric Group Co.,
Ltd. ....................... 702,000 548,505
Suntech Power Holdings Co.,
Ltd. ADR (a)................ 23,562 940,124
------------
2,324,398
------------
ENERGY EQUIPMENT & SERVICES -- 0.8%
China Oilfield Services,
Ltd. ....................... 416,000 958,519
------------
FOOD PRODUCTS -- 2.2%
Celestial NutriFoods.......... 104,000 100,185
Chaoda Modern Agriculture..... 338,000 273,667
China Foods, Ltd. (a)......... 152,401 96,910
China Huiyuan Juice Group,
Ltd. (a).................... 138,144 188,136
China Mengniu Dairy Co.,
Ltd. ....................... 184,000 796,998
China Milk Products Group,
Ltd. ....................... 156,000 136,616
China Yurun Food Group,
Ltd. ....................... 145,000 209,045
People's Food Holdings,
Ltd. ....................... 156,000 150,278
Pine Agritech, Ltd. .......... 312,000 98,784
Synear Food Holdings, Ltd. ... 104,000 145,024
Tingyi Cayman Islands Holding
Corp. ...................... 364,000 562,260
------------
2,757,903
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2%
China Medical Technologies,
Inc. ADR.................... 4,610 197,262
------------
HOTELS, RESTAURANTS & LEISURE -- 0.9%
China Travel International
Investment Hong Kong,
Ltd. ....................... 520,000 385,550
Ctrip.com International, Ltd.
ADR......................... 11,278 584,200
FU JI Food and Catering
Services Holdings, Ltd. .... 39,000 119,982
------------
1,089,732
------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 2.4%
China Power International
Development, Ltd. .......... 455,000 238,375
China Resources Power Holdings
Co. ........................ 208,000 643,922
Datang International Power
Generation Co., Ltd. ....... 690,000 793,149
Huadian Power International
Co. ........................ 416,000 266,672
Huaneng Power International,
Inc. ....................... 692,000 958,457
------------
2,900,575
------------
INDUSTRIAL CONGLOMERATES -- 0.5%
Shanghai Industrial Holdings,
Ltd. ....................... 112,000 560,097
------------
</Table>
See accompanying notes to financial statements.
62
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
INSURANCE -- 10.8%
China Insurance International
Holdings Co., Ltd. (a)...... 130,000 $ 396,594
China Life Insurance Co.,
Ltd. ....................... 1,450,000 8,324,484
PICC Property & Casualty Co.,
Ltd. ....................... 484,000 943,248
Ping An Insurance Group Co. of
China, Ltd. ................ 258,500 3,570,382
------------
13,234,708
------------
INTERNET SOFTWARE & SERVICES -- 2.3%
Baidu.com ADR (a)............. 3,588 1,039,264
NetEase.com ADR (a)........... 25,586 432,404
SINA Corp. (a)................ 8,211 392,896
Sohu.com, Inc. (a)............ 5,554 209,441
Tencent Holdings, Ltd. ....... 117,000 756,039
------------
2,830,044
------------
IT SERVICES -- 0.2%
Travelsky Technology, Ltd. ... 182,000 195,151
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.4%
Li Ning Co., Ltd. ............ 146,000 504,605
------------
MACHINERY -- 0.6%
China Infrastructure Machinery
Holdings, Ltd. ............. 66,582 153,756
Guangzhou Shipyard
International Co., Ltd.
(a)......................... 26,000 168,511
Shanghai Prime Machinery Co.,
Ltd. ....................... 234,000 111,147
Weichai Power Co., Ltd. ...... 34,000 270,472
------------
703,886
------------
MARINE -- 2.7%
China Shipping Container Lines
Co., Ltd. .................. 867,500 670,001
China Shipping Development
Co., Ltd. .................. 286,000 929,569
COSCO Holdings................ 549,875 1,719,985
------------
3,319,555
------------
MEDIA -- 0.8%
Focus Media Holding, Ltd. ADR
(a)......................... 16,834 976,709
Xinhua Finance, Ltd. (a)...... 138 39,355
------------
1,016,064
------------
METALS & MINING -- 4.8%
Aluminum Corp. of China,
Ltd. ....................... 780,000 2,238,999
Angang Steel Co., Ltd. ....... 198,000 763,337
Hunan Non-Ferrous Metal Corp.,
Ltd. ....................... 312,000 321,693
Jiangxi Copper Co., Ltd. ..... 288,000 936,070
Lingbao Gold Co., Ltd. ....... 104,000 96,655
Maanshan Iron & Steel......... 390,000 425,209
Zijin Mining Group Co.,
Ltd. ....................... 728,500 1,132,794
------------
5,914,757
------------
MULTILINE RETAIL -- 0.4%
Golden Eagle Retail Group,
Ltd. ....................... 130,000 153,952
Parkson Retail Group, Ltd. ... 39,000 351,915
------------
505,867
------------
OIL, GAS & CONSUMABLE FUELS -- 20.3%
China Coal Energy Co. (a)..... 649,904 1,932,483
China Petroleum & Chemical
Corp. ...................... 3,344,000 4,162,432
China Shenhua Energy Co.,
Ltd. ....................... 670,000 4,036,223
CNOOC, Ltd. .................. 3,362,000 5,660,567
CNPC Hong Kong, Ltd. ......... 520,000 329,993
PetroChina Co., Ltd. ......... 4,148,000 7,870,289
Yanzhou Coal Mining Co.,
Ltd. ....................... 442,000 910,325
------------
24,902,312
------------
PAPER & FOREST PRODUCTS -- 1.1%
Citic Resources Holdings, Ltd.
(a)......................... 312,000 248,197
Lee & Man Paper Manufacturing,
Ltd. ....................... 78,000 337,356
Nine Dragons Paper Holdings,
Ltd. ....................... 234,000 731,942
------------
1,317,495
------------
PERSONAL PRODUCTS -- 0.1%
American Oriental
Bioengineering, Inc. (a).... 10,247 114,254
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 4.8%
Agile Property Holdings,
Ltd. ....................... 312,000 655,434
Beijing Capital Land, Ltd. ... 234,000 210,848
China Overseas Land &
Investment, Ltd............. 624,000 1,429,747
China Resources Land, Ltd. ... 208,000 433,208
Greentown China Holdings,
Ltd. ....................... 104,000 242,307
Guangzhou Investment Co.,
Ltd. ....................... 796,000 248,985
Guangzhou R&F Properties Co.,
Ltd. ....................... 211,200 997,733
Shanghai Forte Land Co. ...... 260,000 207,166
Shenzhen Investment, Ltd. .... 343,254 307,082
Shimao Property Holdings,
Ltd. ....................... 230,500 701,708
Yanlord Land Group, Ltd. ..... 190,000 473,576
------------
5,907,794
------------
ROAD & RAIL -- 0.2%
Guangshen Railway Co., Ltd. .. 364,000 313,460
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.4%
Actions Semiconductor Co.,
Ltd. ADR (a)................ 20,359 112,382
Semiconductor Manufacturing
International Corp. (a)..... 2,878,000 337,121
------------
449,503
------------
SOFTWARE -- 0.2%
Shanda Interactive
Entertainment, Ltd. ADR
(a)......................... 5,143 191,371
------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.4%
Ports Design, Ltd. ........... 69,000 239,366
Weiqiao Textile Co. .......... 147,000 276,264
------------
515,630
------------
TRANSPORTATION INFRASTRUCTURE -- 3.6%
Anhui Expressway Co. ......... 198,000 180,958
Beijing Capital International
Airport Co., Ltd. .......... 364,000 756,240
China Merchants Holdings
International Co., Ltd. .... 208,816 1,300,959
COSCO Pacific, Ltd. .......... 234,000 740,978
Dalian Port PDA Co., Ltd. .... 234,000 190,666
Jiangsu Express............... 338,000 435,082
Shenzhen Expressway Co.,
Ltd. ....................... 312,000 321,291
Zhejiang Expressway Co.,
Ltd. ....................... 390,000 554,228
------------
4,480,402
------------
WATER UTILITIES -- 0.3%
Guangdong Investment, Ltd. ... 498,000 342,955
------------
</Table>
See accompanying notes to financial statements.
63
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
WIRELESS TELECOMMUNICATION SERVICES -- 13.8%
China Mobile, Ltd. ........... 966,500 $ 15,824,989
China Unicom, Ltd. ........... 520,000 1,076,326
------------
16,901,315
------------
TOTAL COMMON STOCKS --
(Cost $86,402,978).......... 121,805,249
------------
WARRANTS -- 0.0%(B)
CHINA -- 0.0%(B)
China Overseas Land &
Investment, Ltd. (expiring
8/27/08) (a)
(Cost $0)................... 32,000 26,321
------------
SHORT TERM INVESTMENTS -- 0.2%
UNITED STATES -- 0.2%
MONEY MARKET FUND -- 0.2%
STIC Prime Portfolio
(Cost $189,970)............. 189,970 189,970
------------
TOTAL INVESTMENTS -- 99.5%
(Cost $86,592,948).......... 122,021,540
OTHER ASSETS AND
LIABILITIES -- 0.5%......... 617,675
------------
NET ASSETS -- 100.0%.......... $122,639,215
============
</Table>
(a) Non-income producing security
(b) Amount represents less than 0.05% of net assets.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
64
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 95.5%
ARGENTINA -- 0.5%
Grupo Financiero Galicia SA ADR
(a).......................... 1,806 $ 14,304
Telecom Argentina SA ADR (a)... 1,533 37,635
Tenaris SA ADR................. 3,254 171,225
-----------
TOTAL ARGENTINA................ 223,164
-----------
BRAZIL -- 13.7%
Aracruz Celulose SA ADR........ 845 62,184
Banco Bradesco SA ADR.......... 13,729 403,221
Banco do Brasil SA............. 4,623 77,611
Banco Itau Holding Financeira
SA ADR....................... 8,319 421,108
Bradespar SA Preference
Shares....................... 2,049 116,593
Brasil Telecom Participacoes SA
ADR.......................... 1,250 93,275
Braskem SA ADR................. 1,697 31,955
Centrais Eletricas Brasileiras
SA ADR....................... 5,427 79,343
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar ADR................... 1,070 32,442
Companhia de Bebidas das
Americas ADR................. 2,869 209,810
Companhia de Saneamento Basico
do Estado de Sao Paulo....... 2,154 53,791
Companhia Energetica de Minas
Gerais ADR................... 4,742 101,147
Companhia Siderurgica Nacional
SA ADR....................... 2,391 168,613
Companhia Vale do Rio Doce
ADR.......................... 47,389 1,461,916
Cosan SA Industria e Comercio.. 1,626 22,092
Cyrela Brazil Realty SA........ 4,299 58,387
Cyrela Commercial Properties SA
Empreendimentos e
Participacoes (a)............ 2,133 2,701
Duratex SA Preference Shares... 1,773 52,708
Empresa Brasileira de
Aeronautica SA............... 6,963 76,442
Gerdau SA ADR.................. 5,519 144,708
Investimentos Itau SA.......... 5,840 59,352
Investimentos Itau SA
Preference Shares............ 32,820 225,638
Lojas Americanas SA Preference
Shares....................... 5,060 50,050
Lojas Renner SA................ 2,961 59,059
Metalurgica Gerdau SA
Preference Shares............ 2,586 87,137
Natura Cosmeticos SA........... 2,526 30,202
Perdigao SA ADR................ 1,158 50,848
Petroleo Brasileiro SA ADR..... 17,933 1,243,199
Souza Cruz SA.................. 1,626 42,064
Tam SA ADR..................... 1,291 35,373
Telemig Celular Participacoes
ADR.......................... 579 33,929
Tim Participacoes SA ADR....... 1,281 51,957
Tractebel Energia SA ADR....... 439 26,902
Unibanco -- Uniao de Bancos
Brasileiros SA GDR........... 1,673 220,083
Usinas Siderurgicas de Minas
Gerais SA ADR................ 1,806 125,643
Vivo Participacoes SA
Preference Shares............ 10,482 50,587
Votorantim Celulose e Papel SA
ADR.......................... 2,095 59,959
Weg SA......................... 4,041 48,865
-----------
TOTAL BRAZIL................... 6,170,894
-----------
CHILE -- 2.1%
Administradora de Fondos de
Pensiones Caprum SA.......... 2,298 63,382
Antarchile SA.................. 2,907 59,135
Cementos Bio-Bio SA............ 13,647 39,640
Companhia de Telecomunicaciones
de Chile SA ADR.............. 4,871 40,088
Companhia General de
Electricidad................. 6,543 53,112
Empresa Nacional de
Electricidad SA ADR.......... 1,601 68,763
Empresa Obras Sanitar Volpar... 437,052 89,334
Empresas COPEC SA.............. 6,690 107,302
Enersis SA ADR................. 3,908 69,328
Farmacias Ahumada SA........... 11,433 49,198
Lan Airlines SA ADR............ 2,573 41,297
Parque Arauco SA............... 37,416 45,740
SACI Falabella................. 20,112 99,527
Vina Concha y Toro SA ADR...... 1,046 48,911
Vina San Pedro SA (a).......... 4,681,569 51,838
-----------
TOTAL CHILE.................... 926,595
-----------
CHINA -- 19.1%
AAC Acoustic Technology
Holdings, Inc. (a)........... 24,000 29,627
Agile Property Holdings,
Ltd. ........................ 36,000 75,627
Air China, Ltd. ............... 36,000 51,345
Aluminum Corp. of China,
Ltd. ........................ 60,000 172,231
Angang Steel Co., Ltd. ........ 12,000 46,263
Anhui Conch Cement Co., Ltd. .. 12,000 104,574
Baidu.com ADR (a).............. 392 113,543
Bank of China, Ltd. ........... 294,000 157,811
Bank of Communications Co.,
Ltd. ........................ 78,000 94,279
Beijing Capital International
Airport Co., Ltd. ........... 36,000 74,793
Chaoda Modern Agriculture...... 30,000 24,290
China Construction Bank
Corp. ....................... 405,000 370,663
China Life Insurance Co.,
Ltd. ........................ 105,000 602,807
China Mengniu Dairy Co.,
Ltd. ........................ 18,000 77,967
China Merchants Bank Co.,
Ltd. ........................ 36,000 158,251
China Merchants Holdings
International Co., Ltd. ..... 12,061 75,142
China Mobile, Ltd. ............ 67,500 1,105,211
China Netcom Group Corp. --
Hong Kong, Ltd. ............. 18,000 48,194
China Oilfield Services,
Ltd. ........................ 48,000 110,598
China Overseas Land &
Investment, Ltd. ............ 48,000 109,981
China Petroleum & Chemical
Corp. ....................... 240,000 298,739
China Power International
Development, Ltd. ........... 60,000 31,434
China Resources Enterprise..... 12,000 51,051
China Resources Land, Ltd. .... 24,000 49,986
China Resources Power Holdings
Co. ......................... 24,000 74,299
China Shenhua Energy Co.,
Ltd. ........................ 48,000 289,162
China Shipping Container Lines
Co., Ltd. ................... 134,350 103,763
China Shipping Development Co.,
Ltd. ........................ 24,000 78,006
China Telecom Corp., Ltd. ..... 210,000 158,406
China Travel International
Investment Hong Kong, Ltd. .. 54,000 40,038
China Unicom, Ltd. ............ 36,000 74,515
CNOOC, Ltd. ................... 236,000 397,351
CNPC Hong Kong, Ltd. .......... 60,000 38,076
COSCO Holdings................. 44,925 140,523
COSCO Pacific, Ltd. ........... 24,000 75,998
Ctrip.com International, Ltd.
ADR.......................... 1,205 62,419
Datang International Power
Generation Co., Ltd. ........ 72,000 82,763
Denway Motors, Ltd. ........... 84,000 49,090
Dongfeng Motor Group Co.,
Ltd. ........................ 60,000 52,596
Focus Media Holding, Ltd. ADR
(a).......................... 1,343 77,921
Guangdong Investment, Ltd. .... 48,000 33,056
Guangshen Railway Co., Ltd. ... 48,000 41,335
</Table>
See accompanying notes to financial statements.
65
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Guangzhou Investment Co.,
Ltd. ........................ 84,000 $ 26,275
Guangzhou R&F Properties Co.,
Ltd. ........................ 21,600 102,041
Harbin Power Equipment......... 12,000 30,059
Huadian Power International
Co. ......................... 72,000 46,155
Huaneng Power International,
Inc. ........................ 60,000 83,103
Industrial & Commercial Bank of
China........................ 399,000 278,886
Jiangsu Express................ 36,000 46,340
Jiangxi Copper Co., Ltd. ...... 24,000 78,006
Lenovo Group, Ltd. ............ 78,000 60,142
Li Ning Co., Ltd. ............. 12,000 41,474
Maanshan Iron & Steel.......... 36,000 39,250
NetEase.com ADR (a)............ 1,424 24,066
Nine Dragons Paper Holdings,
Ltd. ........................ 18,000 56,303
Parkson Retail Group, Ltd. .... 3,000 27,070
PetroChina Co., Ltd. .......... 300,000 569,211
PICC Property & Casualty Co.,
Ltd. ........................ 48,000 93,545
Pine Agritech, Ltd. ........... 48,000 15,198
Ping An Insurance Group Co. of
China, Ltd. ................. 18,000 248,615
Semiconductor Manufacturing
International Corp. (a)...... 291,000 34,087
Shanghai Electric Group Co.,
Ltd. ........................ 60,000 46,881
Shenzhen Expressway Co.,
Ltd. ........................ 48,000 49,429
Shimao Property Holdings,
Ltd. ........................ 18,000 54,797
SINA Corp. (a)................. 743 35,553
Sinopec Shanghai Petrochemical
Co., Ltd. ................... 48,000 39,544
Sinotrans, Ltd. ............... 60,000 36,609
Suntech Power Holdings Co.,
Ltd. ADR (a)................. 1,158 46,204
Tencent Holdings, Ltd. ........ 12,000 77,542
Tingyi Cayman Islands Holding
Corp. ....................... 36,000 55,608
TPV Technology, Ltd. .......... 48,000 34,477
Travelsky Technology, Ltd. .... 27,000 28,951
Weiqiao Textile Co. ........... 15,500 29,130
Xinyu Hengdeli Holdings,
Ltd. ........................ 96,000 50,665
Yanzhou Coal Mining Co.,
Ltd. ........................ 36,000 74,144
Zhejiang Expressway Co.,
Ltd. ........................ 42,000 59,686
Zijin Mining Group Co., Ltd. .. 54,000 83,968
ZTE Corp. ..................... 4,800 25,333
-----------
TOTAL CHINA.................... 8,632,071
-----------
CZECH REPUBLIC -- 0.7%
CEZ AS......................... 2,487 153,255
Komercni Banka AS.............. 273 63,435
Telefonica O2 Czech Republic
AS........................... 1,751 49,466
Unipetrol (a).................. 1,775 28,121
Zentiva NV..................... 681 41,612
-----------
TOTAL CZECH REPUBLIC........... 335,889
-----------
EGYPT -- 0.8%
Commercial International Bank.. 4,572 62,998
Egyptian Co. for Mobile
Services..................... 1,095 36,623
Egyptian Financial Group-Hermes
Holding...................... 4,281 34,784
Orascom Construction
Industries................... 1,728 144,898
Orascom Telecom Holding SAE
GDR.......................... 1,469 96,073
-----------
TOTAL EGYPT.................... 375,376
-----------
HUNGARY -- 1.1%
FHB Mortgage Bank NyRt......... 4,051 49,508
MOL Hungarian Oil and Gas
NyRt......................... 1,040 167,778
OTP Bank NyRt.................. 3,598 194,602
Richter Gedeon NyRt............ 297 63,221
Tiszai Vegyi Kominat NyRt (a).. 914 40,846
-----------
TOTAL HUNGARY.................. 515,955
-----------
INDIA -- 7.7%
Ambuja Cements, Ltd. .......... 15,312 54,817
Bajaj Auto, Ltd. GDR........... 563 35,469
Bharat Heavy Electricals,
Ltd. ........................ 2,177 111,173
Bharti Airtel, Ltd. (a)........ 14,362 338,781
Cipla, Ltd. ................... 7,139 32,929
Dr Reddy's Laboratories, Ltd.
ADR.......................... 2,213 36,205
Gail India, Ltd. .............. 5,235 49,857
Grasim Industries, Ltd. ....... 628 55,892
HCL Technologies, Ltd. ........ 2,010 15,385
HDFC Bank, Ltd. ............... 2,994 107,896
Hero Honda Motors, Ltd. ....... 2,287 42,535
Hindustan Lever, Ltd. ......... 18,131 100,330
Housing Development Finance
Corp., Ltd. ................. 3,193 202,706
ICICI Bank, Ltd. ADR........... 3,437 181,199
Indian Hotels Co., Ltd. ....... 9,818 34,002
Infosys Technologies, Ltd.
ADR.......................... 5,981 289,421
ITC, Ltd. GDR (b).............. 15,463 72,676
Larsen & Toubro, Ltd........... 65 4,576
Larsen & Toubro, Ltd. GDR...... 1,235 86,944
Mahindra & Mahindra, Ltd. GDR.. 2,299 43,244
Maruti Udyog, Ltd. ............ 1,724 43,181
Oil & Natural Gas Corp.,
Ltd. ........................ 5,255 128,053
Reliance Capital, Ltd. ........ 911 36,191
Reliance Communications,
Ltd. ........................ 11,497 169,840
Reliance Energy, Ltd. ......... 2,807 85,522
Reliance Industries, Ltd. ..... 2,665 305,142
Reliance Industries, Ltd. GDR
(b).......................... 2,356 269,762
Satyam Computer Services, Ltd.
ADR.......................... 3,417 88,466
Siemens India, Ltd. ........... 1,212 40,909
State Bank of India GDR........ 643 72,016
Suzlon Energy, Ltd. ........... 1,357 49,379
Tata Consultancy Services,
Ltd. ........................ 2,463 65,155
Tata Motors, Ltd. ADR.......... 2,867 54,874
Tata Power Co., Ltd. .......... 2,344 49,942
Tata Steel, Ltd. .............. 3,209 68,291
Wipro, Ltd. ADR................ 3,604 52,042
-----------
TOTAL INDIA.................... 3,474,802
-----------
INDONESIA -- 1.4%
Astra International Tbk PT..... 36,000 75,779
Bank Central Asia Tbk PT....... 105,500 70,949
Bank Danamon Indonesia Tbk PT.. 28,500 26,334
Bank Mandiri Persero Tbk PT.... 112,500 43,364
Bank Rakyat Indonesia PT....... 96,000 69,284
Bumi Resources Tbk PT.......... 181,500 70,953
Indofood Sukses Makmur Tbk PT.. 133,500 28,174
Indosat Tbk PT................. 60,000 50,519
Kalbe Farma Tbk PT............. 145,500 21,161
Medco Energi Internasional Tbk
PT........................... 69,000 31,312
Perusahaan Gas Negara PT....... 30,000 39,530
Telekomunikasi Indonesia Tbk
PT........................... 76,000 91,416
United Tractors Tbk PT......... 36,000 32,280
-----------
TOTAL INDONESIA................ 651,055
-----------
ISRAEL -- 2.6%
Avner Oil & Gas, Ltd. LP....... 351,961 27,421
Bank Hapoalim BM............... 16,105 82,179
Bank Leumi Le-Israel BM........ 16,411 71,812
Check Point Software
Technologies (a)............. 2,712 68,288
</Table>
See accompanying notes to financial statements.
66
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Formula Systems (1985), Ltd.
(a).......................... 2,133 $ 29,095
Israel Chemicals, Ltd. ........ 7,410 67,912
Israel Discount Bank, Ltd.
(a).......................... 14,152 32,056
Koor Industries, Ltd. ......... 368 29,220
Makhteshim-Agan Industries,
Ltd. (a)..................... 6,394 56,611
Mizrahi Tefahot Bank, Ltd. .... 5,471 40,786
NICE Systems, Ltd. (a)......... 1,135 41,162
Ormat Industries............... 3,221 45,298
Partner Communications......... 2,166 35,972
Retalix, Ltd. (a).............. 1,469 27,310
Teva Pharmaceutical Industries,
Ltd. ........................ 10,882 482,681
The Israel Corp., Ltd. ........ 54 43,536
-----------
TOTAL ISRAEL................... 1,181,339
-----------
JORDAN -- 0.3%
Arab Bank PLC.................. 4,120 122,117
-----------
MALAYSIA -- 3.0%
Aeon Co. Bhd................... 23,700 73,030
Berjaya Sports Toto Bhd........ 20,700 30,374
Bintulu Port Holdings Bhd...... 46,494 89,372
Bursa Malaysia Bhd............. 9,293 29,999
Carlsberg Brewery Bhd.......... 75,897 103,349
Dialog Group Bhd............... 69,600 35,132
Digi.Com Bhd................... 6,000 37,858
Genting Bhd.................... 36,000 85,048
IGB Corp. Bhd.................. 48,600 39,508
IOI Corp Bhd................... 56,700 100,671
KFC Holdings Bhd............... 25,800 49,594
KNM Group Bhd.................. 31,800 43,115
Magnum Corp. Bhd............... 53,342 45,241
Malaysian Airline System Bhd
(a).......................... 23,700 29,908
Malaysian Industrial
Developement Finance Bhd..... 105,600 58,262
Malaysian Plantations Bhd...... 45,900 41,758
Malaysian Resources Corp. Bhd
(a).......................... 48,300 35,578
Multi Purpose Holdings Bhd..... 31,200 16,756
Naim Cendera Holding Bhd....... 29,087 49,937
Osk Holdings Bhd............... 44,100 30,155
Pacificmas Bhd................. 29,700 31,029
Padiberas Nasional Bhd......... 62,100 37,360
Resorts World Bhd.............. 4,500 5,177
Sarawake Energy Bhd............ 52,434 36,161
SP Setia Bhd................... 19,500 50,359
Sunrise Bhd.................... 46,500 47,762
Ta Enterprise Bhd.............. 58,500 25,237
UEM World Bhd.................. 16,800 20,116
WCT Engineering Bhd............ 29,800 67,340
-----------
TOTAL MALAYSIA................. 1,345,186
-----------
MEXICO -- 5.8%
Alfa SAB de CV................. 6,340 42,848
America Movil SAB de CV........ 281,583 901,300
Axtel SAB de CV (a)............ 6,472 49,570
Cemex SAB de CV (a)............ 102,349 305,700
Coca-Cola Femsa SAB de CV...... 9,780 41,965
Consorcio ARA SAB de CV........ 19,293 25,848
Corp GEO SAB de CV (a)......... 8,193 35,957
Corp Interamericana de
Entretenimiento SAB de CV
(a).......................... 10,735 30,532
Desarrolladora Homex SAB de CV
(a).......................... 3,605 33,397
Empresas ICA SAB de CV (a)..... 7,911 47,714
Fomento Economico Mexicano SAB
de CV........................ 29,343 109,325
Grupo Aeroportuario del Sureste
SAB de CV.................... 7,644 37,945
Grupo Bimbo SAB de CV.......... 9,474 52,852
Grupo Elektra SA de CV......... 1,400 28,564
Grupo Financiero Banorte SAB de
CV........................... 19,882 78,731
Grupo Iusacell SA de CV (a).... 231 2,324
Grupo Mexico SAB de CV......... 20,420 146,595
Grupo Modelo SAB de CV......... 11,110 53,342
Grupo Televisa SA de CV........ 22,540 108,323
Impulsora Del Desarrollo Y El
Empleo en America Latina SA
de CV (a).................... 20,084 30,637
Industrias CH SAB de CV (a).... 5,161 19,998
Industrias Penoles SA de CV.... 1,788 30,040
Kimberly-Clark de Mexico SAB de
CV........................... 10,404 46,898
Sare Holding SAB de CV (Class
B) (a)....................... 22,938 34,613
Telefonos de Mexico SA de CV... 80,494 131,989
TV Azteca SA de CV............. 44,381 24,393
Urbi Desarrollos Urbanos SA de
CV (a)....................... 8,647 31,078
Wal-Mart de Mexico SAB de CV... 36,090 132,351
-----------
TOTAL MEXICO................... 2,614,829
-----------
MOROCCO -- 0.7%
Banque Marocaine du Commerce et
de l'Industrie SA............ 267 41,635
Banque Marocaine du Commerce
Exterieur.................... 336 126,780
Banque Marocaine pour le
Commerce et l'Industrie (a).. 4 624
Douja Promotion Groupe Addoha
SA........................... 84 35,681
Holcim Maroc SA................ 186 66,975
ONA SA......................... 303 62,389
-----------
TOTAL MOROCCO.................. 334,084
-----------
PERU -- 0.8%
Companhia de Minas Buenaventura
SA........................... 1,602 78,868
Credicorp, Ltd. ............... 1,158 78,396
Southern Copper Corp. ......... 1,001 123,954
Volcan Cia Minera SA........... 13,506 60,586
-----------
TOTAL PERU..................... 341,804
-----------
PHILIPPINES -- 0.6%
Ayala Land, Inc. .............. 154,280 55,650
Banco de Oro Universal Bank.... 26,400 34,575
Bank of the Philippine
Islands...................... 38,400 56,684
Filinvest Land, Inc. (a)....... 689,000 26,612
Philippine Long Distance
Telephone Co. ............... 1,200 77,514
-----------
TOTAL PHILIPPINES.............. 251,035
-----------
POLAND -- 1.8%
Bank BPH SA.................... 150 51,503
Bank Pekao SA.................. 1,125 104,208
Bioton SA (a).................. 39,198 17,748
BRE Bank SA (a)................ 210 40,489
Cersanit Krasnystaw SA (a)..... 1,953 29,438
Getin Holding SA (a)........... 3,336 16,804
Globe Trade Centre SA (a)...... 2,094 37,497
Grupa Lotos SA................. 1,383 23,430
KGHM Polska Miedz SA........... 1,830 85,274
Orbis SA....................... 876 24,459
PBG SA (a)..................... 234 31,784
Polimex Mostostal SA........... 8,175 31,308
Polski Koncern Naftowy Orlen
(a).......................... 2,555 109,609
Powszechna Kasa Oszczednosci
Bank Polski SA............... 5,454 113,593
</Table>
See accompanying notes to financial statements.
67
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Prokom Software SA............. 459 $ 23,466
Telekomunikacja Polska SA...... 11,184 88,405
-----------
TOTAL POLAND................... 829,015
-----------
RUSSIA -- 9.9%
Comstar United Telesystems
GDR.......................... 5,285 68,441
Gazprom OAO ADR................ 44,728 1,972,505
Golden Telecom, Inc. .......... 392 31,552
JSC MMC Norilsk Nickel ADR..... 1,135 308,720
LUKOIL ADR..................... 6,957 578,127
Mechel ADR..................... 665 33,915
Mobile Telesystems OJSC ADR.... 2,736 189,632
NovaTek OAO GDR................ 1,533 80,482
Polyus Gold Co. ADR............ 1,135 49,373
Rosneft Oil Co. OAO GDR........ 19,389 164,806
Rostelecom ADR................. 1,181 74,202
Severstal GDR.................. 4,159 88,171
Surgutneftegaz ADR............. 6,122 415,684
Tatneft GDR.................... 1,040 114,400
Vimpel-Communications ADR...... 6,217 168,108
VTB Bank OJSC GDR (a)(b)....... 9,000 80,550
Wimm-Bill-Dann Foods OJSC ADR.. 345 37,722
-----------
TOTAL RUSSIA................... 4,456,390
-----------
SOUTH AFRICA -- 9.1%
ABSA Group, Ltd. .............. 4,096 74,238
Adcorp Holdings, Ltd. ......... 5,441 29,585
Afgri, Ltd. ................... 29,981 28,169
African Bank Investments,
Ltd. ........................ 9,382 42,593
African Rainbow Minerals,
Ltd. ........................ 1,986 37,867
Allied Electronics Corp., Ltd.
(a).......................... 6,943 45,402
Anglo Platinum, Ltd. .......... 773 116,856
AngloGold Ashanti, Ltd. ....... 2,252 106,514
Aquarius Platinum, Ltd. ....... 1,533 53,720
Aspen Pharmacare Holdings, Ltd.
(a).......................... 7,512 36,499
Aveng, Ltd. ................... 7,662 61,103
Barloworld, Ltd. .............. 2,876 54,044
Bidvest Group, Ltd. ........... 4,252 83,526
Business Connexion Group,
Ltd. ........................ 24,744 24,361
Cadiz Holdings, Ltd. .......... 35,377 23,083
Coronation Fund Managers,
Ltd. ........................ 23,126 29,072
Ellerine Holdings, Ltd. ....... 2,610 27,967
FirstRand, Ltd. ............... 67,235 215,448
Foschini, Ltd. ................ 3,791 28,583
Gold Fields, Ltd. ............. 9,406 169,320
Grindrod, Ltd. ................ 11,315 42,295
Group Five, Ltd. .............. 3,212 25,801
Harmony Gold Mining Co., Ltd.
(a).......................... 5,144 60,855
Impala Platinum Holdings,
Ltd. ........................ 7,849 273,137
Imperial Holdings, Ltd. ....... 2,221 41,543
Investec, Ltd. ................ 2,456 26,349
Invicta Holdings, Ltd. ........ 6,865 28,867
JD Group, Ltd. ................ 2,415 20,380
Johnnic Communications, Ltd. .. 2,541 33,159
Kagiso Media, Ltd. ............ 13,423 28,026
Kumba Iron Ore, Ltd. .......... 1,336 43,779
Lewis Group, Ltd. ............. 2,909 23,916
Massmart Holdings, Ltd. ....... 3,863 46,703
Metorex, Ltd. (a).............. 8,381 33,722
Mittal Steel South Africa,
Ltd. ........................ 2,821 56,058
MTN Group, Ltd. ............... 22,571 341,997
Murray & Roberts Holdings,
Ltd. ........................ 5,948 77,498
Mvelaphanda Resources, Ltd.
(a).......................... 3,104 24,299
Naspers, Ltd. ................. 4,739 131,257
Nedbank Group, Ltd. ........... 6,637 120,302
Network Healthcare Holdings,
Ltd. (a)..................... 25,299 43,762
Pretoria Portland Cement Co.,
Ltd. ........................ 2,649 18,360
PSG Group, Ltd. ............... 5,012 19,004
Remgro, Ltd. .................. 5,192 131,743
RMB Holdings, Ltd. ............ 11,508 55,682
Sanlam, Ltd. .................. 25,071 80,956
Sappi, Ltd. ................... 3,416 51,759
Sasol, Ltd. ................... 6,262 268,757
Shoprite Holdings, Ltd. ....... 9,584 50,027
Standard Bank Group, Ltd. ..... 13,658 196,966
Steinhoff International
Holdings, Ltd. .............. 18,826 53,229
Sun International, Ltd. ....... 2,000 42,774
Super Group, Ltd. ............. 15,791 29,651
Telkom SA, Ltd. ............... 3,236 81,407
Tiger Brands, Ltd. ............ 2,361 62,254
Tourism Investment Corp., Ltd.
(a).......................... 73,918 28,081
Truworths International,
Ltd. ........................ 8,741 40,063
Wilson Bayly Holmes-Ovcon,
Ltd. ........................ 3,042 52,488
Woolworths Holdings, Ltd. ..... 15,426 40,484
-----------
TOTAL SOUTH AFRICA............. 4,115,340
-----------
TAIWAN -- 10.3%
Acer, Inc. .................... 34,180 60,222
Advanced Semiconductor
Engineering, Inc. ........... 67,106 73,614
ASE Test, Ltd. (a)............. 264,000 47,566
Asustek Computer, Inc. ........ 35,596 108,310
AU Optronics Corp. ADR......... 12,283 207,828
Cathay Financial Holding Co.,
Ltd. ........................ 51,000 120,643
Chang Hwa Commercial Bank...... 75,000 49,410
Chi Mei Optoelectronics Corp.
GDR.......................... 8,988 101,834
China Development Financial
Holding Corp. ............... 158,130 63,717
China Steel Chemical Corp. .... 53,900 142,864
China Steel Corp. ............. 87,900 128,207
Chinatrust Financial Holding
Co., Ltd. (a)................ 93,000 68,250
Chunghwa Telecom Co., Ltd. .... 46,500 86,916
Compal Electronics, Inc. ...... 67,120 75,892
Delta Electronics, Inc. ....... 26,450 102,526
Epistar Corp. ................. 8,057 39,254
Far Eastern Textile Co.,
Ltd. ........................ 61,630 82,809
Formosa Chemicals & Fibre
Corp. ....................... 34,000 86,993
Formosa Plastics Corp. ........ 51,000 143,772
Foxconn Technology Co., Ltd. .. 9,450 109,456
Fubon Financial Holding Co.,
Ltd. ........................ 75,000 64,003
Giant Manufacturing Co.,
Ltd. ........................ 34,000 88,347
High Tech Computer Corp. ...... 9,900 145,156
Hon Hai Precision Industry Co.,
Ltd. ........................ 39,400 296,994
Hotai Motor Co., Ltd. ......... 17,000 42,923
Hua Nan Financial Holdings Co.,
Ltd. ........................ 67,000 47,219
Lite-On Technology Corp. ...... 35,686 55,768
MediaTek, Inc. ................ 8,150 146,842
Nan Ya Plastics Corp. ......... 51,000 132,833
National Petroleum Co., Ltd. .. 84,000 86,870
Novatek Microelectronics Corp.,
Ltd. ........................ 8,059 35,066
Phoenixtec Power Co., Ltd. .... 67,000 64,875
POU Chen Corp. ................ 43,297 43,251
Powerchip Semiconductor
Corp. ....................... 83,660 41,529
Powertech Technology, Inc. .... 9,450 38,078
ProMOS Technologies, Inc. ..... 84,000 25,739
Quanta Computer, Inc. ......... 43,300 68,065
Shin Kong Financial Holding
Co., Ltd. ................... 43,436 40,328
</Table>
See accompanying notes to financial statements.
68
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Siliconware Precision
Industries Co. .............. 34,236 $ 77,106
SinoPac Financial Holdings Co.,
Ltd. ........................ 110,000 51,233
Taishin Financial Holdings Co.,
Ltd. (a)..................... 93,000 47,020
Taiwan Cement Corp. ........... 52,180 85,381
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR.. 62,333 630,810
Tatung Co., Ltd. (a)........... 84,000 43,757
Tripod Technology Corp. ....... 9,420 38,390
United Microelectronics Corp.
ADR.......................... 67,532 242,440
Wistron Corp. ................. 26,539 47,979
-----------
TOTAL TAIWAN................... 4,628,085
-----------
THAILAND -- 1.6%
Advanced Info Service PCL...... 21,787 55,937
Bangkok Expressway PCL......... 62,180 45,172
Banpu PCL...................... 6,000 60,919
Electricity Generating PCL..... 14,000 47,382
IRPC PCL....................... 158,858 31,980
Kasikornbank PCL............... 29,400 69,479
PTT Exploration & Production
PCL.......................... 19,473 77,267
PTT PCL........................ 13,208 129,479
Siam Cement PCL................ 6,900 51,134
Siam Commercial Bank PCL....... 20,675 47,654
Thai Oil PCL................... 19,371 48,604
Tisco Bank PCL Preference
Shares....................... 47,100 41,225
TMB Bank PCL (a)............... 531,255 29,915
-----------
TOTAL THAILAND................. 736,147
-----------
TURKEY -- 1.9%
Akbank TAS..................... 13,495 102,496
Anadolu Efes Biracilik Ve Malt
Sanayii AS................... 3,870 40,256
Dogan Sirketler Grubu Holdings
AS (a)....................... 15,940 34,741
Dogan Yayin Holding AS (a)..... 6,520 27,721
Eregli Demir ve Celik
Fabrikalari TAS.............. 6,411 59,807
Haci Omer Sabanci Holding AS... 9,154 58,568
KOC Holding AS (a)............. 9,937 52,093
Migros Turk TAS................ 2,190 37,967
Tupras Turkiye Petrol
Rafinerileri AS.............. 2,181 57,617
Turkcell Iletisim Hizmet AS.... 8,272 69,656
Turkiye Garanti Bankasi AS..... 18,451 140,900
Turkiye Is Bankasi............. 13,954 84,095
Ulker Gida Sanayi ve Ticaret
AS........................... 8,061 35,936
Yapi ve Kredi Bankasi (a)...... 12,885 41,060
-----------
TOTAL TURKEY................... 842,913
-----------
TOTAL COMMON STOCKS --
(Cost $35,567,535)........... 43,104,085
-----------
RIGHTS -- 0.0% (C)
MALAYSIA -- 0.0% (C)
Malaysian Airline System
(expiring 10/31/07) (a)...... 7,900 3,709
Malaysian Airline System Bhd
(expiring 10/31/07) (a)...... 7,900 --
-----------
TOTAL RIGHTS --
(Cost $0).................... 3,709
-----------
WARRANTS -- 0.0% (C)
CHINA -- 0.0% (C)
China Overseas Land &
Investment, Ltd. (expiring
8/27/08) (a)
(Cost $0).................... 2,000 1,645
-----------
SHORT TERM INVESTMENTS -- 1.2%
UNITED STATES -- 1.2%
MONEY MARKET FUND -- 1.2%
STIC Prime Portfolio
(Cost $535,663).............. 535,663 535,663
-----------
TOTAL INVESTMENTS -- 96.7%
(Cost $36,103,198)........... 43,645,102
OTHER ASSETS AND
LIABILITIES -- 3.3%.......... 1,479,730
-----------
NET ASSETS -- 100.0%........... $45,124,832
===========
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities which represent 0.9% of net assets as of September 30,
2007, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(c) Amount represents less than 0.05% of net assets.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At September 30, 2007, Open Futures Contracts Purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Stock Index....... 10/30/2007 49 $1,722,338 $1,784,090 $61,752
</Table>
See accompanying notes to financial statements.
69
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
BRAZIL -- 25.5%
Banco Bradesco SA ADR......... 196,249 $ 5,763,833
Banco Itau Holding Financeira
SA ADR...................... 115,640 5,853,697
Companhia de Bebidas das
Americas ADR................ 41,418 3,028,898
Companhia Siderurgica Nacional
SA ADR...................... 32,177 2,269,122
Companhia Energetica de Minas
Gerais ADR.................. 52,048 1,110,184
Companhia Vale do Rio Doce
ADR......................... 254,167 8,623,886
Empresa Brasileira de
Aeronautica SA ADR.......... 21,406 940,152
Gerdau SA ADR................. 62,618 1,641,844
Petroleo Brasileiro SA ADR.... 99,099 7,481,975
Tele Norte Leste Participacoes
SA ADR...................... 22,133 497,107
Unibanco -- Uniao de Bancos
Brasileiros SA GDR............ 21,649 2,847,926
------------
TOTAL BRAZIL.................. 40,058,624
------------
CHINA -- 43.9%
Bank of China, Ltd. (a)....... 6,524,000 3,501,906
Bank of Communications Co.,
Ltd. (a).................... 1,040,000 1,257,052
China Construction Bank
Corp. ...................... 6,413,000 5,869,286
China Life Insurance Co.,
Ltd. ....................... 1,351,000 7,756,122
China Merchants Bank Co.,
Ltd. ....................... 442,000 1,942,976
China Merchants Holdings
International Co., Ltd. ...... 208,000 1,295,875
China Mobile, Ltd. ........... 1,117,500 18,297,388
China Petroleum & Chemical
Corp. ...................... 2,964,000 3,689,429
China Shenhua Energy Co.,
Ltd. ....................... 572,000 3,445,850
China Telecom Corp., Ltd. .... 2,806,000 2,116,604
CNOOC, Ltd. .................. 3,223,000 5,426,534
Industrial & Commercial Bank
of China.................... 5,770,000 4,033,017
PetroChina Co., Ltd. ......... 3,688,000 6,997,499
Ping An Insurance Group Co. of
China, Ltd. .................. 234,000 3,231,990
------------
TOTAL CHINA................... 68,861,528
------------
INDIA -- 6.2%
HDFC Bank, Ltd. ADR........... 10,293 1,102,689
ICICI Bank, Ltd. ADR.......... 42,327 2,231,479
Infosys Technologies, Ltd.
ADR......................... 80,527 3,896,702
Reliance Industries, Ltd. GDR
(b)......................... 13,802 1,580,329
Satyam Computer Services, Ltd.
ADR......................... 31,553 816,907
------------
TOTAL INDIA................... 9,628,106
------------
RUSSIA -- 23.8%
Gazprom OAO ADR............... 226,199 9,975,376
JSC MMC Norilsk Nickel ADR.... 14,008 3,810,176
LUKOIL ADR.................... 102,089 8,483,596
Mobile Telesystems OJSC ADR... 33,349 2,311,419
NovaTek OAO GDR............... 18,733 983,482
OAO Rosneft Oil Co. GDR....... 229,612 1,951,702
Surgutneftegaz ADR............ 69,894 4,745,803
Tatneft GDR................... 8,604 946,440
Unified Energy System GDR..... 18,271 2,210,791
Vimpel-Communications ADR..... 72,861 1,970,161
------------
TOTAL RUSSIA.................. 37,388,946
------------
TOTAL COMMON STOCKS --
(Cost $138,011,819)......... 155,937,204
------------
SHORT TERM INVESTMENTS -- 0.2%
UNITED STATES -- 0.2%
MONEY MARKET FUND -- 0.2%
STIC Prime Portfolio
(Cost $367,057)............. 367,057 $ 367,057
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $138,378,876)......... 156,304,261
OTHER ASSETS AND
LIABILITIES -- 0.4%......... 617,224
------------
NET ASSETS -- 100.0%.......... $156,921,485
============
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security which represents 1.0% of net assets as of September 30, 2007, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
70
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
CZECH REPUBLIC -- 4.8%
CEZ AS.......................... 14,225 $ 876,576
Komercni Banka AS............... 1,511 351,102
Telefonica O2 Czech Republic
AS............................ 10,488 296,286
Unipetrol (a)................... 10,069 159,520
Zentiva NV...................... 2,994 182,948
-----------
TOTAL CZECH REPUBLIC............ 1,866,432
-----------
HUNGARY -- 7.0%
Magyar Telekom NyRt............. 59,717 331,269
MOL Hungarian Oil and Gas NyRt.. 5,531 892,288
OTP Bank NyRt................... 21,515 1,163,667
Richter Gedeon NyRt............. 1,572 334,622
-----------
TOTAL HUNGARY................... 2,721,846
-----------
POLAND -- 13.3%
Agora SA........................ 9,383 181,617
Apator SA....................... 9,315 84,949
Asseco Poland SA................ 3,570 99,879
Bank BPH SA..................... 702 241,032
Bank Pekao SA................... 5,665 524,745
Bank Zachodni WBK SA............ 1,978 188,818
Bioton SA (a)................... 169,626 76,802
BRE Bank SA (a)................. 782 150,773
Cersanit Krasnystaw SA (a)...... 8,937 134,712
Debica SA....................... 3,138 117,807
Echo Investment SA (a).......... 2,780 93,354
Getin Holding SA (a)............ 16,068 80,936
Globe Trade Centre SA (a)....... 11,267 201,759
Impexmetal SA................... 16,856 59,147
ING Bank Slaski SA.............. 533 183,006
KGHM Polska Miedz SA............ 9,200 428,698
Netia SA (a).................... 46,511 67,564
Orbis SA........................ 4,110 114,755
PBG SA (a)...................... 918 124,693
Polimex Mostostal SA (a)........ 37,100 142,081
Polski Koncern Naftowy Orlen
(a)........................... 22,607 473,405
Powszechna Kasa Oszczednosci
Bank Polski SA................ 29,263 609,473
Telekomunikacja Polska SA....... 66,612 526,542
TVN SA.......................... 17,092 140,587
Zaklad Przetworstwa Hutniczego
Stalprodukt SA................ 276 104,137
-----------
TOTAL POLAND.................... 5,151,271
-----------
RUSSIA -- 61.9%
Comstar United Telesystems GDR.. 25,899 335,392
CTC Media, Inc. (a)............. 5,038 110,634
Gazprom Neft OAO ADR (Class S).. 12,417 260,136
Gazprom OAO ADR................. 187,938 8,288,066
Golden Telecom, Inc. ........... 1,699 136,753
JSC MMC Norilsk Nickel ADR...... 6,438 1,751,136
LUKOIL ADR...................... 48,373 4,019,796
NovaTek OAO GDR................. 6,267 329,017
Polyus Gold Co. ADR............. 7,573 329,425
Rosneft Oil Co. OAO GDR......... 127,682 1,085,297
Rostelecom ADR.................. 8,296 521,238
Sberbank GDR.................... 4,990 2,317,016
Severstal GDR................... 1,309 27,751
Surgutneftegaz ADR.............. 44,438 3,017,340
Unified Energy System GDR (a)... 9,416 1,139,336
VTB Bank OJSC (a)............... 47,515 219
VTB Bank OJSC GDR (a)(b)........ 33,086 296,120
-----------
TOTAL RUSSIA.................... 23,964,672
-----------
TURKEY -- 12.3%
Akbank TAS...................... 74,669 567,122
Anadolu Efes Biracilik Ve Malt
Sanayii AS.................... 19,845 206,429
Arcelik......................... 17,178 138,978
Beko Elektronik (a)............. 80,408 128,780
Dogan Sirketler Grubu Holdings
AS............................ 73,381 159,932
Dogan Yayin Holding AS (a)...... 30,317 128,897
Enka Insaat ve Sanayi AS........ 15,127 191,070
Eregli Demir ve Celik
Fabrikalari TAS............... 33,741 314,764
Haci Omer Sabanci Holding AS.... 44,662 285,751
KOC Holding AS.................. 44,616 233,891
Migros Turk TAS................. 10,993 190,583
Tupras Turkiye Petrol
Rafinerileri AS............... 9,678 255,672
Turk Hava Yollari (a)........... 20,712 160,730
Turkcell Iletisim Hizmet AS..... 46,477 391,369
Turkiye Garanti Bankasi AS...... 89,311 682,017
Turkiye Is Bankasi.............. 70,570 425,296
Vestel Elektronik Sanayi (a).... 46,066 127,021
Yapi ve Kredi Bankasi (a)....... 59,042 188,146
-----------
TOTAL TURKEY.................... 4,776,448
-----------
TOTAL COMMON STOCKS --
(Cost $34,550,522)............ 38,480,669
-----------
SHORT TERM INVESTMENTS -- 0.1%
MONEY MARKET FUND- 0.1%
UNITED STATES -- 0.1%
STIC Prime Portfolio
(Cost $22,069)................ 22,069 22,069
-----------
TOTAL INVESTMENTS -- 99.4%
(Cost $34,572,591)............ 38,502,738
OTHER ASSETS &
LIABILITIES -- 0.6%........... 238,424
-----------
NET ASSETS -- 100.0%............ $38,741,162
===========
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security which represents 0.8% of net assets as of September 30, 2007, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
71
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.5%
ARGENTINA -- 2.6%
Banco Macro SA ADR............. 2,496 $ 73,407
Grupo Financiero Galicia SA ADR
(a).......................... 6,802 53,872
Petrobras Energia
Participaciones SA ADR....... 15,638 157,162
Telecom Argentina SA ADR (a)... 5,052 124,026
Tenaris SA ADR................. 11,719 616,654
-----------
TOTAL ARGENTINA................ 1,025,121
-----------
BRAZIL -- 59.3%
AES Tiete SA Preference
Shares....................... 2,648,692 91,841
Aracruz Celulose SA ADR........ 3,920 288,473
B2W Companhia Global Do
Varejo....................... 2,936 138,024
Banco Bradesco SA ADR.......... 48,549 1,425,884
Banco do Brasil SA............. 16,010 268,777
Banco Itau Holding Financeira
SA ADR....................... 29,086 1,472,333
Bradespar SA Preference
Shares....................... 8,464 481,620
Brasil Telecom Participacoes SA
ADR.......................... 4,491 335,118
Braskem SA ADR................. 6,702 126,199
Centrais Eletricas Brasileiras
SA ADR....................... 16,826 245,996
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar ADR................... 4,993 151,388
Companhia de Bebidas das
Americas ADR................. 10,305 753,605
Companhia de Concessoes
Rodoviarias.................. 9,461 189,734
Companhia Energetica de Minas
Gerais ADR................... 15,984 340,939
Companhia Energetica de Sao
Paulo Preference Shares (a).. 7,368 136,148
Companhia Paranaense de Energia
Preference Shares............ 7,349 117,025
Companhia de Saneamento Basico
do Estado de Sao Paulo....... 7,127 177,981
Companhia Siderurgica Nacional
SA ADR....................... 8,626 608,306
Companhia Vale do Rio Doce
ADR.......................... 165,320 5,084,049
Cosan SA Industria e Comercio.. 4,590 62,364
Cyrela Brazil Realty SA........ 14,742 200,219
Cyrela Commercial Properties SA
Empreendimentos e
Participacoes (a)............ 11,768 14,902
Duratex SA Preference Shares... 5,483 163,000
Empresa Brasileira de
Aeronautica SA............... 25,958 284,974
Gafisa SA...................... 6,224 104,353
Gerdau SA ADR.................. 19,789 518,868
Gol Linhas Aereas Inteligentes
SA Preference Shares......... 3,513 84,847
Investimentos Itau SA.......... 11,959 121,540
Investimentos Itau SA
Preference Shares............ 116,018 797,624
JBS SA (a)..................... 15,687 69,909
Lojas Americanas SA Preference
Shares....................... 20,604 203,800
Lojas Renner SA................ 12,613 251,574
Metalurgica Gerdau SA
Preference Shares............ 10,469 352,760
Natura Cosmeticos SA........... 10,383 124,145
NET Servicos de Comunicacao SA
Preference Shares (a)........ 6,264 102,335
Perdigao SA ADR................ 4,270 187,496
Petroleo Brasileiro SA ADR..... 62,829 4,344,497
Sadia SA Preference Shares..... 35,935 198,814
Souza Cruz SA.................. 6,775 175,266
Tam SA ADR..................... 4,305 117,957
Tele Norte Leste Participacoes
SA ADR....................... 17,800 399,788
Tim Participacoes SA ADR....... 4,395 178,261
Tractebel Energia SA ADR....... 1,504 92,165
Unibanco -- Uniao de Bancos
Brasileiros SA GDR........... 5,875 772,856
Usinas Siderurgicas de Minas
Gerais SA ADR................ 6,295 437,943
Vivo Participacoes SA
Preference Shares............ 33,068 159,589
Votorantim Celulose e Papel SA
ADR.......................... 11,604 332,106
-----------
TOTAL BRAZIL................... 23,287,392
-----------
CHILE -- 8.8%
Almendral SA................... 841,956 96,341
Antarchile SA.................. 13,410 272,790
Banco de Credito e
Inversiones.................. 9,280 290,425
CAP SA......................... 6,725 189,418
Centros Comerciales
Sudamericanos SA ADR (b)..... 5,113 301,514
Companhia de Telecomunicaciones
de Chile SA ADR.............. 24,455 201,265
Companhia General de
Electricidad................. 34,557 280,512
Empresa Nacional de
Electricidad SA ADR.......... 6,531 280,506
Empresas CMPC SA............... 9,827 351,754
Empresas COPEC SA.............. 25,381 407,089
Enersis SA ADR................. 13,553 240,430
Lan Airlines SA ADR............ 9,170 147,179
SACI Falabella................. 76,420 378,176
-----------
TOTAL CHILE.................... 3,437,399
-----------
COLOMBIA -- 1.3%
BanColombia SA ADR............. 14,655 507,796
-----------
MEXICO -- 23.6%
Alfa SAB de CV................. 24,761 167,343
America Movil SAB de CV........ 952,533 3,048,900
Cemex SAB de CV (a)............ 370,861 1,107,701
Corp GEO SAB de CV (a)......... 32,926 144,506
Desarrolladora Homex SAB de CV
(a).......................... 16,220 150,264
Empresas ICA SAB de CV (a)..... 29,522 178,056
Fomento Economico Mexicano SAB
de CV........................ 122,369 455,919
Grupo Aeroportuario del Sureste
SAB de CV.................... 35,767 177,549
Grupo Bimbo SAB de CV.......... 39,848 222,296
Grupo Carso SA de CV........... 39,391 150,220
Grupo Financiero Banorte SAB de
CV........................... 86,757 343,548
Grupo Iusacell SA de CV (a).... 1,480 14,888
Grupo Mexico SAB de CV......... 72,843 522,941
Grupo Modelo SAB de CV......... 71,892 345,171
Grupo Televisa SA ADR.......... 1,800 43,506
Grupo Televisa SA de CV........ 77,921 374,475
Impulsora Del Desarrollo Y El
Empleo en America Latina SA
de CV (a).................... 95,810 146,151
Kimberly-Clark de Mexico SAB de
CV........................... 54,328 244,894
Telefonos de Mexico SA de CV... 374,387 613,898
TV Azteca SA de CV............. 177,109 97,344
Urbi Desarrollos Urbanos SA de
CV (a)....................... 41,010 147,393
Wal-Mart de Mexico SAB de CV... 153,213 561,869
-----------
TOTAL MEXICO................... 9,258,832
-----------
PERU -- 3.9%
Companhia de Minas Buenaventura
SA........................... 6,424 316,258
Companhia Minera Milpo SAA..... 29,124 96,687
Credicorp, Ltd. ............... 5,227 353,868
</Table>
See accompanying notes to financial statements.
72
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Minsur SA...................... 45,681 $ 153,133
Southern Copper Corp. ......... 3,338 413,345
Volcan Cia Minera SA........... 42,252 189,535
-----------
TOTAL PERU..................... 1,522,826
-----------
TOTAL COMMON STOCKS -- (Cost
$30,102,505)................. 39,039,366
-----------
SHORT TERM INVESTMENTS -- 0.7%
UNITED STATES -- 0.7%
MONEY MARKET FUND -- 0.7%
STIC Prime Portfolio
(Cost $272,335).............. 272,335 272,335
-----------
TOTAL INVESTMENTS -- 100.2%
(Cost $30,374,840)........... 39,311,701
OTHER ASSETS AND
LIABILITIES -- (0.2)%........ (67,858)
-----------
NET ASSETS -- 100.0%........... $39,243,843
===========
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security which represents 0.8% of net assets as of September 30, 2007, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
73
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.8%
EGYPT -- 6.7%
Commercial International Bank... 18,648 $ 256,950
Eastern Tobacco................. 2,198 157,351
Egypt Kuwait Holding Co. ....... 21,342 45,458
Egyptian Financial Group-Hermes
Holding....................... 17,306 140,616
El Watany Bank of Egypt......... 12,622 169,423
Orascom Construction
Industries.................... 4,534 380,191
Orascom Hotels & Development
(a)........................... 5,694 66,749
Orascom Telecom Holding SAE
GDR........................... 5,906 386,252
Sidi Kerir Petrochemicals Co. .. 19,396 60,332
Suez Cement..................... 6,858 73,643
Telecom Egypt................... 31,108 94,702
-----------
TOTAL EGYPT..................... 1,831,667
-----------
ISRAEL -- 20.2%
Alvarion, Ltd. (a).............. 6,960 101,059
Bank Hapoalim BM................ 77,776 396,866
Bank Leumi Le-Israel BM......... 76,168 333,300
Bezeq Israeli Telecommunication
Corp., Ltd.................... 83,492 142,773
Check Point Software
Technologies (a).............. 10,490 264,138
Delek Automotive Systems,
Ltd. ......................... 14,956 183,158
Delek Group, Ltd. .............. 614 146,168
ECI Telecom, Ltd. (a)........... 6,232 62,071
Elbit Systems, Ltd. ............ 5,704 266,778
Gazit Globe, Ltd. .............. 8,704 102,043
Israel Chemicals, Ltd. ......... 37,852 346,910
Israel Discount Bank, Ltd. ..... 54,964 124,498
Makhteshim-Agan Industries, Ltd.
(a)........................... 25,596 226,621
Mizrahi Tefahot Bank, Ltd. ..... 20,550 153,198
NICE Systems, Ltd. (a).......... 4,048 146,806
RADVision, Ltd. (a)............. 2,796 49,098
Saifun Semiconductors, Ltd.
(a)........................... 6,042 60,178
Syneron Medical, Ltd. (a)....... 2,074 49,029
Teva Pharmaceutical Industries,
Ltd. ......................... 50,416 2,236,249
The Israel Corp., Ltd. ......... 196 158,020
-----------
TOTAL ISRAEL.................... 5,548,961
-----------
JORDAN -- 2.5%
Arab Bank PLC................... 17,570 520,776
Jordanian Electric Power Co.
(a)........................... 32,490 126,108
United Arab Investors........... 12,672 45,251
-----------
TOTAL JORDAN.................... 692,135
-----------
MOROCCO -- 6.4%
Attijariwafa Bank............... 1,038 420,533
Banque Centrale Populaire....... 358 111,066
Banque Marocaine du Commerce et
de l'Industrie SA............. 934 145,646
Banque Marocaine du Commerce
Exterieur..................... 1,494 563,720
Banque Marcoaine pour le
Commerce et l'Industrie (a)... 16 2,495
Ciments du Maroc................ 406 154,317
Douja Promotion Groupe Addoha
SA............................ 298 126,582
ONA SA.......................... 1,120 230,613
-----------
TOTAL MOROCCO................... 1,754,972
-----------
SOUTH AFRICA -- 62.0%
ABSA Group, Ltd. ............... 20,326 368,398
African Bank Investments,
Ltd. ......................... 40,708 184,807
African Rainbow Minerals,
Ltd. ......................... 8,316 158,561
Allan Gray Property Trust....... 148,764 145,599
Anglo Platinum, Ltd. ........... 3,604 544,826
AngloGold Ashanti, Ltd. ........ 9,280 438,922
Aquarius Platinum, Ltd. ........ 6,350 222,519
Aspen Pharmacare Holdings,
Ltd. ......................... 35,000 170,058
Aveng, Ltd. .................... 21,802 173,866
Barloworld, Ltd. ............... 11,518 216,440
Bidvest Group, Ltd. ............ 18,998 373,197
FirstRand, Ltd. ................ 318,832 1,021,668
Foschini, Ltd. ................. 15,628 117,832
Gold Fields, Ltd. .............. 38,594 694,740
Grindrod, Ltd. ................. 42,140 157,519
Growthpoint Properties, Ltd. ... 83,306 195,559
Harmony Gold Mining Co., Ltd.
(a)........................... 20,666 244,483
Hyprop Investments, Ltd. ....... 20,146 135,831
Impala Platinum Holdings,
Ltd. ......................... 34,320 1,194,302
Imperial Holdings, Ltd. ........ 9,422 176,233
Investec, Ltd. ................. 13,490 144,724
JD Group, Ltd. ................. 9,832 82,970
Johnnic Communications, Ltd. ... 10,294 134,333
Kumba Iron Ore, Ltd. ........... 5,208 170,661
Massmart Holdings, Ltd. ........ 15,732 190,196
Metorex, Ltd. (a)............... 29,888 120,258
Mittal Steel South Africa,
Ltd. ......................... 11,596 230,432
MTN Group, Ltd. ................ 95,750 1,450,810
Murray & Roberts Holdings,
Ltd. ......................... 21,496 280,078
Mvelaphanda Resources, Ltd.
(a)........................... 10,870 85,094
Naspers, Ltd. .................. 21,218 587,677
Nedbank Group, Ltd. ............ 29,179 528,897
Network Healthcare Holdings,
Ltd. ......................... 108,816 188,230
Pick'n Pay Stores, Ltd. ........ 28,148 145,296
Pretoria Portland Cement Co.,
Ltd. ......................... 21,371 148,118
PSG Group, Ltd. ................ 18,102 68,636
Remgro, Ltd. ................... 28,362 719,665
Reunert, Ltd. .................. 14,864 144,400
RMB Holdings, Ltd. ............. 54,872 265,499
Sanlam, Ltd. ................... 124,806 403,006
Sappi, Ltd. .................... 15,540 235,463
Sasol, Ltd. .................... 26,370 1,131,768
Shoprite Holdings, Ltd. ........ 38,754 202,290
Standard Bank Group, Ltd. ...... 65,110 938,970
Steinhoff International
Holdings, Ltd. ............... 76,118 215,217
Sun International, Ltd. ........ 5,994 128,193
Super Group, Ltd. .............. 55,808 104,790
Telkom SA, Ltd. ................ 14,336 360,648
Tiger Brands, Ltd. ............. 12,524 330,227
Truworths International, Ltd. .. 36,472 167,163
Woolworths Holdings, Ltd. ...... 64,966 170,498
-----------
TOTAL SOUTH AFRICA.............. 17,009,567
-----------
TOTAL COMMON STOCKS --
(Cost $24,776,322)............ 26,837,302
-----------
</Table>
See accompanying notes to financial statements.
74
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
STIC Prime Portfolio
(Cost $101)................... 101 $ 101
-----------
TOTAL INVESTMENTS -- 97.8%
(Cost $24,776,423)............ 26,837,403
OTHER ASSETS AND
LIABILITIES -- 2.2%........... 614,354
-----------
NET ASSETS -- 100.0%............ $27,451,757
===========
</Table>
(a) Non-income producing security
(b) Amount represents less than 0.05% of net assets.
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
75
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.6%
AUSTRALIA -- 6.3%
Abacus Property Group........... 12,458 $ 21,167
Alesco Corp, Ltd. .............. 1,481 17,012
Alumina, Ltd. .................. 1,870 11,816
AMP, Ltd. ...................... 1,710 15,950
Ansell, Ltd. ................... 1,206 13,341
APA Group....................... 4,982 16,489
Aristocrat Leisure, Ltd. ....... 714 8,783
Asciano Group (a)............... 694 5,509
Australia & New Zealand Banking
Group, Ltd. .................. 856 22,498
Babcock & Brown, Ltd. .......... 392 9,529
BHP Billiton, Ltd. ............. 2,470 97,379
Billabong International, Ltd. .. 770 10,207
BlueScope Steel, Ltd. .......... 1,030 9,799
Brambles, Ltd. ................. 1,426 18,626
Bunnings Warehouse Property
Trust......................... 13,840 28,537
Carindale Property Trust........ 9,598 41,365
Coles Group, Ltd. .............. 1,090 14,855
Commonwealth Bank of Australia.. 672 33,534
Computershare, Ltd. ............ 838 6,889
ConnectEast Group............... 10,266 14,899
CSL, Ltd. ...................... 186 17,662
CSR, Ltd. ...................... 3,466 9,539
DUET Group...................... 8,703 26,032
Envestra, Ltd. ................. 33,939 32,137
GWA International, Ltd. ........ 3,798 13,142
Harvey Norman Holdings, Ltd. ... 2,844 15,000
Hills Industries, Ltd. ......... 2,922 15,127
Insurance Australia Group,
Ltd. ......................... 2,090 9,710
Lend Lease Corp., Ltd. ......... 696 11,641
Macquarie Airports.............. 2,100 8,084
Macquarie Bank, Ltd. ........... 249 18,598
Mirvac Real Estate Investment
Trust......................... 21,106 26,896
National Australia Bank, Ltd. .. 864 30,362
Newcrest Mining, Ltd. .......... 518 12,835
Perpetual, Ltd. ................ 176 11,381
Rio Tinto, Ltd. ................ 235 22,506
Sonic Healthcare, Ltd. ......... 902 12,452
Suncorp-Metway, Ltd. ........... 944 16,958
Tattersall's, Ltd. ............. 1,962 6,893
Thakral Holdings Group.......... 24,914 23,591
Toll Holdings, Ltd. ............ 694 8,052
Westpac Banking Corp. .......... 903 22,775
Woodside Petroleum, Ltd. ....... 528 23,437
Woolworths, Ltd. ............... 848 22,295
WorleyParsons, Ltd. ............ 334 12,535
Zinifex, Ltd. .................. 624 9,785
-----------
TOTAL AUSTRALIA................. 857,609
-----------
AUSTRIA -- 0.3%
Erste Bank der Oesterreichischen
Sparkassen AG................. 186 14,139
OMV AG.......................... 230 15,318
voestalpine AG.................. 138 11,893
-----------
TOTAL AUSTRIA................... 41,350
-----------
BELGIUM -- 1.0%
Bekaert NV...................... 74 9,894
Delhaize Group.................. 112 10,704
Dexia........................... 608 18,366
Fortis.......................... 888 26,078
Gimv NV......................... 164 11,197
InBev NV........................ 174 15,728
KBC Groep NV.................... 160 21,953
UCB SA.......................... 152 8,945
Umicore......................... 56 13,348
-----------
TOTAL BELGIUM................... 136,213
-----------
CANADA -- 7.0%
AGF Management., Ltd. .......... 314 10,554
Agrium, Inc. ................... 220 11,995
Alcan, Inc. .................... 316 31,556
Bank of Montreal................ 306 20,016
Bank of Nova Scotia............. 540 28,394
Barrick Gold Corp. ............. 828 33,288
Bombardier, Inc. (a)............ 1,654 9,837
Brookfield Asset Management,
Inc. (Class A)................ 423 16,240
CAE, Inc. ...................... 502 6,764
Cameco Corp. ................... 350 16,160
Canadian Imperial Bank of
Commerce...................... 234 23,398
Canadian National Railway Co. .. 436 24,904
Canadian Natural Resources,
Ltd. ......................... 442 33,609
Canadian Oil Sands Trust........ 404 13,417
Canadian Pacific Railway,
Ltd. ......................... 208 14,652
Canadian Western Bank........... 498 14,283
CGI Group, Inc. (a)............. 1,026 11,760
Cognos, Inc. (a)................ 214 8,851
Crescent Point Energy Trust..... 634 13,296
EnCana Corp. ................... 590 36,515
Fairfax Financial Holdings,
Ltd. ......................... 26 6,346
First Quantum Minerals, Ltd. ... 98 9,625
Gildan Activewear, Inc. (a)..... 284 11,258
Goldcorp, Inc. ................. 662 20,252
Husky Energy, Inc. ............. 348 14,516
Imperial Oil, Ltd. ............. 350 17,361
International Royalty Corp...... 1,328 9,155
Kinross Gold Corp. (a).......... 626 9,361
Magna International, Inc. (Class
A)............................ 160 15,449
Manulife Financial Corp. ....... 1,012 41,765
MDS, Inc. ...................... 528 11,419
Nexen, Inc. .................... 540 16,515
Nortel Networks, Corp. (a)...... 362 6,142
OPTI Canada, Inc. (a)........... 504 9,444
Petro-Canada.................... 474 27,223
Potash Corp of Saskatchewan..... 264 27,909
Research In Motion, Ltd. (a).... 366 36,003
Rogers Communications, Inc. .... 440 20,050
Royal Bank of Canada............ 770 42,750
Russel Metals, Inc. ............ 402 12,440
Shaw Communications, Inc. ...... 476 11,832
Sherritt International Corp. ... 548 8,779
Sun Life Financial, Inc. ....... 398 20,907
Suncor Energy, Inc. ............ 374 35,552
Talisman Energy, Inc. .......... 1,000 19,654
Teck Cominco, Ltd. (Class B).... 463 22,002
TELUS Corp. (Non-Voting)........ 194 10,933
Toronto-Dominion Bank........... 504 38,699
TransCanada Corp. .............. 492 18,057
</Table>
See accompanying notes to financial statements.
76
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TSX Group, Inc. ................ 240 $ 11,593
Western Oil Sands, Inc. (Class
A) (a)........................ 326 12,775
-----------
TOTAL CANADA.................... 955,255
-----------
CHINA -- 2.1%
Bank of East Asia, Ltd. ........ 2,022 11,387
Chong Hing Bank, Ltd. .......... 4,000 8,743
Dah Sing Banking Group, Ltd. ... 4,800 10,603
Dah Sing Financial Holdings,
Ltd. ......................... 800 6,168
Esprit Holdings, Ltd. .......... 1,200 19,077
Foxconn International Holdings,
Ltd. (a)...................... 2,000 5,484
Giordano International, Ltd. ... 24,000 11,585
Hang Lung Group, Ltd. .......... 4,000 22,887
Hang Lung Properties, Ltd. ..... 4,000 17,918
Hong Kong Exchanges and
Clearing, Ltd. ............... 1,000 30,636
Hong Kong Land Holdings, Ltd. .. 2,000 9,040
Hopewell Holdings............... 2,000 9,551
Hysan Development Co., Ltd. .... 4,075 11,304
Li & Fung, Ltd. ................ 4,000 17,043
New World Development Co.,
Ltd. ......................... 4,000 11,122
Pacific Basin Shipping, Ltd. ... 8,000 16,621
Sino Land Co., Ltd. ............ 4,000 9,958
Swire Pacific, Ltd. ............ 1,000 12,138
The Link REIT................... 4,081 8,951
Transport International
Holdings, Ltd. ............... 2,400 13,608
Wheelock & Co., Ltd. ........... 6,000 16,335
Wing Hang Bank, Ltd. ........... 1,000 11,508
-----------
TOTAL CHINA..................... 291,667
-----------
DENMARK -- 0.9%
A P Moller - Maersk A/S......... 2 27,398
Bang & Olufsen A/S (Class B).... 78 8,780
DSV A/S......................... 540 12,698
FLSmidth & Co. A/S.............. 98 10,396
Forstaedernes Bank A/S.......... 252 10,770
GN Store Nord A/S (a)........... 584 5,905
Novo-Nordisk A/S (Class B)...... 208 25,041
SimCorp A/S..................... 38 8,533
Vestas Wind Systems A/S (a)..... 172 13,553
-----------
TOTAL DENMARK................... 123,074
-----------
FINLAND -- 2.2%
Amer Sports Oyj (Class A)....... 540 12,479
Elisa Oyj....................... 324 10,045
Fortum Oyj...................... 432 15,814
Kemira Oyj...................... 442 10,296
Kesko Oyj (Class B)............. 200 13,252
Kone Oyj (Class B).............. 212 15,422
Konecranes Oyj.................. 278 11,153
Lassila & Tikanoja Oyj.......... 432 13,903
Metso Oyj....................... 208 14,288
Neste Oil Oyj................... 344 12,558
Nokia Oyj....................... 1,646 62,407
OKO Bank plc.................... 632 13,033
Rautaruukki Oyj................. 172 10,393
Sampo Oyj (Class A)............. 414 12,606
SanomaWSOY Oyj.................. 416 12,903
Stockmann Oyj Abp............... 276 13,279
Stora Enso Oyj.................. 696 13,521
UPM-Kymmene Oyj................. 512 12,349
Uponor Oyj...................... 256 7,926
Wartsila Oyj (Class B).......... 148 10,113
YIT Oyj......................... 306 9,069
-----------
TOTAL FINLAND................... 306,809
-----------
FRANCE -- 8.2%
Accor SA........................ 190 16,823
Air France-KLM.................. 192 7,037
Air Liquide SA.................. 152 20,289
Alcatel-Lucent.................. 1,782 18,247
Alstom.......................... 84 17,031
AXA............................. 1,238 55,248
BNP Paribas SA.................. 508 55,441
Bourbon SA...................... 160 10,417
Bouygues SA..................... 222 19,098
CA Ile de France CCI............ 80 10,376
Cap Gemini SA................... 148 9,097
Carrefour SA.................... 454 31,721
Casino Guichard-Perrachon SA.... 94 9,831
Compagnie de Saint-Gobain....... 272 28,312
Compagnie Generale de
Geophysique-Veritas (a)....... 38 12,384
Compagnie Generale des
Etablissements Michelin....... 134 17,967
Credit Agricole SA.............. 436 16,773
Electricite de France........... 160 16,872
Essilor International SA........ 248 15,518
France Telecom SA............... 1,276 42,626
Groupe Danone................... 332 26,063
Guyenne et Gascogne SA.......... 96 16,793
Hermes International............ 76 8,530
L'Oreal SA...................... 172 22,504
Lafarge SA...................... 126 19,469
Lagardere SCA................... 204 17,317
LVMH Moet Hennessy Louis Vuitton
SA............................ 146 17,456
Nexans SA....................... 58 9,515
Pernod - Ricard SA.............. 90 19,587
PPR............................. 74 13,885
PSA Peugeot Citroen............. 170 13,993
Publicis Groupe................. 234 9,597
Renault SA...................... 154 22,256
Rhodia SA (a)................... 1,816 5,449
Sanofi-Aventis.................. 662 55,904
Schneider Electric SA........... 184 23,184
Societe Generale................ 244 40,835
Sodexho Alliance SA............. 136 9,380
Suez SA......................... 932 54,741
Technip SA...................... 154 13,732
Thomson......................... 470 7,139
Total SA........................ 1,637 132,746
Unibail-Rodamco................. 42 10,781
Valeo SA........................ 164 9,101
Vallourec SA.................... 42 12,066
Veolia Environnement............ 310 26,624
Vinci SA........................ 352 27,428
Vivendi Universal SA............ 884 37,213
-----------
TOTAL FRANCE.................... 1,114,396
-----------
GERMANY -- 6.9%
Adidas AG....................... 228 14,915
Allianz SE...................... 324 75,498
BASF AG......................... 302 41,660
</Table>
See accompanying notes to financial statements.
77
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Bayer AG........................ 564 $ 44,773
Bayerische Motoren Werke AG..... 258 16,596
Bilfinger Berger AG............. 86 6,704
Commerzbank AG.................. 532 21,479
Continental AG.................. 134 18,481
DaimlerChrysler AG.............. 714 71,729
Deutsche Bank AG................ 364 46,786
Deutsche Boerse AG.............. 172 23,360
Deutsche Post AG................ 622 18,045
Deutsche Telekom AG............. 2,176 42,644
E.ON AG......................... 492 90,723
Fresenius Medical Care AG & Co.
KGaA.......................... 204 10,813
GEA Group AG (a)................ 308 10,806
Hochtief AG..................... 74 8,953
Hypo Real Estate Holding AG..... 180 10,209
Infineon Technologies AG (a).... 714 12,276
IVG Immobilien AG............... 172 6,394
Lanxess AG...................... 176 8,330
Linde AG........................ 106 13,129
MAN AG.......................... 104 15,094
Merck KGaA...................... 78 9,384
Muenchener Rueckversicherungs-
Gesellschaft AG............... 176 33,733
Rheinmetall AG.................. 90 7,130
RWE AG.......................... 364 45,658
Salzgitter AG................... 54 10,578
SAP AG.......................... 696 40,632
Siemens AG...................... 658 90,227
ThyssenKrupp AG................. 306 19,435
TUI AG (a)...................... 382 10,235
Volkswagen AG................... 166 37,418
Wincor Nixdorf AG............... 132 10,888
-----------
TOTAL GERMANY................... 944,715
-----------
GREECE -- 0.5%
Hellenic Telecommunications
Organization SA ADR........... 1,356 25,479
National Bank of Greece SA ADR.. 3,624 46,786
-----------
TOTAL GREECE.................... 72,265
-----------
IRELAND -- 0.9%
Anglo Irish Bank Corp PLC....... 720 13,578
Bank of Ireland................. 718 13,274
C&C Group PLC................... 595 4,908
CRH PLC......................... 436 17,269
DCC PLC......................... 314 9,244
Depfa Bank PLC.................. 468 9,664
Elan Corp. PLC (a).............. 366 7,672
Grafton Group PLC (a)........... 728 8,131
Independent News & Media PLC.... 2,192 8,136
Kingspan Group PLC.............. 310 6,789
Ryanair Holdings PLC ADR (a).... 209 8,676
United Drug PLC................. 2,373 11,069
-----------
TOTAL IRELAND................... 118,410
-----------
ITALY -- 3.6%
Assicurazioni Generali SpA...... 807 35,417
Atlantia SpA.................... 410 13,813
Banca Italease SpA.............. 166 3,093
Banca Piccolo Credito
Valtellinese Scarl............ 888 12,604
Banca Popolare dell'Etruria e
del Lazio Scrl................ 662 11,467
Banca Popolare di Milano Scarl.. 786 11,581
Banco Popolare Scarl (a)........ 816 18,231
Capitalia SpA................... 1,536 14,636
Davide Campari-Milano SpA....... 1,104 11,304
Enel SpA........................ 2,546 28,749
Eni SpA......................... 1,616 59,730
Fiat SpA........................ 692 20,873
Finmeccanica SpA................ 388 11,273
Fondiaria -Sai SpA.............. 194 9,085
IFIL Investments SpA............ 836 8,988
Intesa Sanpaolo SpA............. 7,234 55,709
Parmalat SpA.................... 2,336 8,272
Pirelli & C. SpA (a)............ 7,522 9,039
Saipem SpA...................... 436 18,552
Seat Pagine Gialle SpA.......... 17,048 9,480
Societa Cattolica di
Assicurazioni Scrl............ 212 13,311
Telecom Italia SpA.............. 9,710 29,448
UniCredito Italiano SpA......... 6,776 57,819
Unione di Banche Italiane Scpa.. 676 18,122
-----------
TOTAL ITALY..................... 490,596
-----------
JAPAN -- 17.5%
Advantest Corp. ................ 200 6,225
Aeon Co., Ltd. ................. 800 11,289
Aoyama Trading Co., Ltd. ....... 400 10,155
Asahi Breweries, Ltd. .......... 600 9,129
Asahi Kasei Corp. .............. 2,000 16,137
Astellas Pharma, Inc. .......... 400 19,163
Bridgestone Corp. .............. 600 13,250
Canon, Inc. .................... 800 43,612
Casio Computer Co., Ltd. ....... 500 7,156
Central Japan Railway Co. ...... 2 21,215
Chubu Electric Power Co.,
Inc. ......................... 600 15,520
Chugai Pharmaceutical Co.,
Ltd. ......................... 400 6,597
Cosmo Oil Co., Ltd. ............ 2,000 9,529
Credit Saison Co., Ltd. ........ 400 10,294
CSK Holdings Corp. ............. 400 15,615
Daiichi Sankyo Co., Ltd. ....... 600 17,998
Daikin Industries, Ltd. ........ 400 19,232
Daito Trust Construction Co.,
Ltd. ......................... 200 9,634
Daiwa Securities Group, Inc. ... 2,000 19,024
Denso Corp. .................... 400 15,059
Dentsu, Inc. ................... 4 11,338
East Japan Railway Co. ......... 2 15,754
Eisai Co., Ltd. ................ 200 9,442
Fanuc, Ltd. .................... 200 20,363
FUJIFILM Holdings Corp. ........ 400 18,467
Fujitsu, Ltd. .................. 3,000 21,180
Fukuoka Financial Group, Inc. .. 2,000 11,703
Hankyu Hanshin Holdings, Inc. .. 2,000 10,207
Hitachi, Ltd. .................. 2,000 13,303
Honda Motor Co., Ltd. .......... 1,000 33,561
Hoya Corp. ..................... 400 13,633
Ibiden Co., Ltd. ............... 200 16,815
Isetan Co., Ltd. ............... 900 12,121
Ishikawajima-Harima Heavy
Industries Co., Ltd. ......... 4,000 12,555
Isuzu Motors, Ltd. ............. 2,000 11,442
Itochu Corp. ................... 2,000 24,258
Japan Digital Laboratory Co.,
Ltd. ......................... 800 11,442
</Table>
See accompanying notes to financial statements.
78
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Japan Tobacco, Inc. ............ 2 $ 10,972
JFE Holdings, Inc. ............. 400 28,309
JSR Corp. ...................... 400 9,790
Kajima Corp. ................... 3,000 10,303
Kawasaki Heavy Industries,
Ltd. ......................... 3,000 11,738
KDDI Corp. ..................... 2 14,815
Kintetsu Corp. ................. 4,000 12,416
Kiyo Holdings, Inc. ............ 6,000 8,712
Kobe Steel, Ltd. ............... 2,000 7,460
Komatsu, Ltd. .................. 800 26,849
Konica Minolta Holdings, Inc. .. 1,000 16,928
Kubota Corp. ................... 2,000 16,450
Kurita Water Industries, Ltd. .. 400 13,563
Kyocera Corp. .................. 200 18,728
Leopalace21 Corp. .............. 400 13,111
Marubeni Corp. ................. 2,000 18,328
Matsushita Electric Industrial
Co., Ltd. .................... 2,000 37,473
Mediceo Paltac Holdings Co.,
Ltd. ......................... 400 6,107
Millea Holdings, Inc. .......... 600 24,101
MISUMI Group, Inc. ............. 800 13,563
Mitsubishi Chemical Holdings
Corp. ........................ 1,000 8,695
Mitsubishi Corp. ............... 1,000 31,648
Mitsubishi Electric Corp. ...... 2,000 25,040
Mitsubishi Heavy Industries,
Ltd. ......................... 2,000 13,059
Mitsubishi Materials Corp. ..... 2,000 12,416
Mitsubishi Motors Corp. (a)..... 7,000 10,651
Mitsubishi UFJ Financial Group,
Inc. ......................... 9,000 79,033
Mitsui & Co., Ltd. ............. 2,000 48,515
Mitsui Chemicals, Inc. ......... 2,000 19,841
Mitsui OSK Lines, Ltd. ......... 2,000 32,361
Mitsui Sumitomo Insurance Co.,
Ltd. ......................... 2,000 23,458
Mitsui Trust Holdings, Inc. .... 2,000 15,581
Mizuho Financial Group, Inc. ... 8 45,559
Murata Manufacturing Co.,
Ltd. ......................... 200 14,398
NEC Corp. ...................... 3,000 14,555
Nidec Corp. .................... 200 13,963
Nikko Cordial Corp. ............ 1,000 12,546
Nippon Mining Holdings, Inc. ... 1,000 10,033
Nippon Oil Corp. ............... 2,000 18,554
Nippon Steel Corp. ............. 4,000 28,761
Nippon Telegraph & Telephone
Corp. ........................ 2 9,338
Nippon Yusen KK................. 2,000 19,511
Nissan Motor Co., Ltd. ......... 1,600 16,012
Nitto Denko Corp. .............. 200 9,286
Nomura Holdings, Inc. .......... 1,400 23,444
NTT Data Corp. ................. 3 13,355
NTT DoCoMo, Inc. ............... 12 17,111
Obayashi Corp. ................. 2,000 9,251
ORIX Corp. ..................... 80 18,224
Pioneer Corp. .................. 800 9,800
Resona Holdings, Inc. .......... 6 10,277
Rohm Co., Ltd. ................. 200 17,650
Secom Co., Ltd. ................ 200 9,616
Seven & I Holdings Co., Ltd. ... 600 15,415
Shimizu Corp. .................. 2,000 10,868
Shin-Etsu Chemical Co., Ltd. ... 200 13,807
Softbank Corp. ................. 700 12,903
Sony Corp. ..................... 800 38,743
Stanley Electric Co., Ltd. ..... 400 9,634
Sumitomo Chemical Co., Ltd. .... 2,000 17,128
Sumitomo Corp. ................. 1,000 19,302
Sumitomo Electric Industries,
Ltd. ......................... 800 12,729
Sumitomo Metal Industries,
Ltd. ......................... 4,000 23,301
Sumitomo Mitsui Financial Group,
Inc. ......................... 6 46,690
T&D Holdings, Inc. ............. 200 12,294
Taisei Corp. ................... 3,000 8,686
Takeda Pharmaceutical Co.,
Ltd. ......................... 600 42,151
TDK Corp. ...................... 200 17,528
Teijin, Ltd. ................... 2,000 9,755
Terumo Corp. ................... 200 10,086
The Akita Bank, Ltd. ........... 2,000 8,729
The Aomori Bank, Ltd. .......... 4,000 14,781
The Awa Bank, Ltd. ............. 2,000 9,860
The Bank of Iwate, Ltd. ........ 200 11,825
The Bank of Okinawa, Ltd. ...... 200 6,521
The Bank of Yokohama, Ltd. ..... 2,000 13,790
The Chiba Bank, Ltd. ........... 2,000 15,441
The Daisan Bank, Ltd. .......... 6,000 19,458
The Daishi Bank, Ltd. .......... 2,000 8,051
The Eighteenth Bank, Ltd. ...... 2,000 8,016
The Furukawa Electric Co.,
Ltd. ......................... 2,000 9,773
The Higo Bank, Ltd. ............ 2,000 13,320
The Hokkoku Bank, Ltd. ......... 2,000 8,834
The Hyakugo Bank, Ltd. ......... 2,000 11,546
The Musashino Bank, Ltd. ....... 200 9,477
The Nanto Bank, Ltd. ........... 2,000 9,494
The Ogaki Kyoritsu Bank, Ltd. .. 2,000 10,920
The San-In Godo Bank, Ltd. ..... 2,000 15,824
The Shiga Bank, Ltd. ........... 2,000 13,755
The Shikoku Bank, Ltd. ......... 4,000 15,546
The Sumitomo Trust & Banking
Co., Ltd. .................... 2,000 15,111
The Toho Bank, Ltd. ............ 4,000 14,885
The Tokyo Electric Power Co.,
Inc. ......................... 800 20,171
The Yamagata Bank, Ltd. ........ 2,000 10,851
The Yamanashi Chuo Bank, Ltd. .. 2,000 11,216
Tokyo Electron, Ltd. ........... 200 12,659
Tokyo Gas Co., Ltd. ............ 2,000 9,303
Tokyu Corp. .................... 2,000 13,042
Toray Industries, Inc. ......... 2,000 15,859
Toshiba Corp. .................. 2,000 18,658
Toyota Motor Corp. ............. 2,000 117,898
USS Co., Ltd. .................. 160 10,503
Yamada Denki Co., Ltd. ......... 160 15,817
-----------
TOTAL JAPAN..................... 2,386,629
-----------
LUXEMBOURG -- 0.4%
ArcelorMittal................... 560 44,113
SES............................. 488 11,382
-----------
TOTAL LUXEMBOURG................ 55,495
-----------
NETHERLANDS -- 5.1%
ABN AMRO Holding NV............. 1,381 72,569
Aegon NV........................ 1,032 19,711
Akzo Nobel NV................... 248 20,386
ASML Holding NV (a)............. 454 15,011
European Aeronautic Defence and
Space Co. NV.................. 402 12,326
Fugro NV........................ 163 13,197
Heineken NV..................... 248 16,231
ING Groep NV.................... 1,627 72,030
Koninklijke (Royal) Philips
Electronics NV................ 854 38,439
</Table>
See accompanying notes to financial statements.
79
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Koninklijke Ahold NV (a)........ 1,115 $ 16,808
Koninklijke DSM NV.............. 245 13,188
Randstad Holding NV............. 108 5,823
Reed Elsevier NV................ 982 18,602
Royal Dutch Shell PLC (Class
A)............................ 2,852 117,198
Royal Dutch Shell PLC (Class
B)............................ 1,963 80,466
Royal KPN NV.................... 1,404 24,300
Royal Numico NV................. 180 13,926
SBM Offshore NV................. 273 10,704
STMicroelectronics NV........... 686 11,502
TNT NV.......................... 388 16,223
Unilever NV..................... 1,158 35,654
Unilever PLC.................... 930 29,274
Vedior NV....................... 318 6,978
Wolters Kluwer NV............... 404 11,962
-----------
TOTAL NETHERLANDS............... 692,508
-----------
NEW ZEALAND -- 0.1%
Calan Healthcare Properties
Trust......................... 14,788 13,185
-----------
NORWAY -- 0.9%
DnB NOR ASA..................... 796 12,141
Norsk Hydro ASA................. 672 29,062
Norske Skogindustrier ASA....... 510 5,427
Orkla ASA....................... 1,060 18,826
Petroleum Geo-Services ASA...... 190 5,449
Statoil ASA..................... 536 18,164
Storebrand ASA.................. 498 7,696
Telenor ASA (a)................. 634 12,628
Yara International ASA.......... 290 9,119
-----------
TOTAL NORWAY.................... 118,512
-----------
PORTUGAL -- 0.5%
Banco Comercial Portugues SA.... 4,284 17,729
Ibersol -SGPS SA................ 1,760 27,533
Portugal Telecom, SGPS SA....... 1,172 16,384
-----------
TOTAL PORTUGAL.................. 61,646
-----------
SINGAPORE -- 1.0%
Ascendas Real Estate Investment
Trust......................... 6,000 11,034
CapitaLand, Ltd. ............... 2,000 10,981
City Developments Ltd. ......... 2,000 21,826
Cosco Corp. Singapore Ltd. ..... 4,000 16,033
Flextronics International, Ltd.
(a)........................... 666 7,446
Genting International PLC (a)... 32,000 14,874
SembCorp Industries, Ltd. ...... 2,000 8,690
Singapore Exchange, Ltd. ....... 2,000 17,380
Stamford Land Corp, Ltd. ....... 66,000 27,344
-----------
TOTAL SINGAPORE................. 135,608
-----------
SOUTH AFRICA -- 0.0% (B)
Mondi, Ltd. .................... 118 1,173
-----------
SOUTH KOREA -- 3.2%
Korea Electric Power Corp. ADR.. 1,402 32,456
KT Corp. ADR.................... 1,472 36,874
LG.Philips LCD Co., Ltd. ADR
(a)........................... 1,390 33,277
POSCO ADR....................... 446 79,731
Samsung Electronics Co., Ltd.
GDR (c)....................... 671 210,526
SK Telecom Co., Ltd. ADR........ 1,666 49,480
-----------
TOTAL SOUTH KOREA............... 442,344
-----------
SPAIN -- 4.9%
Abertis Infraestructuras SA..... 638 19,898
Acciona SA...................... 50 13,560
Acerinox SA..................... 376 11,283
ACS Actividades de Construccion
y Servicios................... 250 13,759
Altadis SA...................... 314 22,033
Banco Bilbao Vizcaya Argentaria
SA............................ 1,988 46,480
Banco de Andalucia SA........... 122 12,787
Banco de Valencia SA............ 228 13,126
Banco Guipuzcoano SA............ 566 11,398
Banco Pastor SA................. 504 8,329
Banco Popular Espanol SA........ 978 16,760
Banco Sabadell SA............... 1,400 13,439
Banco Santander Central Hispano
SA............................ 3,472 67,301
Cia Espanola de Petroleos SA.... 138 13,856
Ebro Puleva SA.................. 596 12,189
Enagas.......................... 646 16,702
Endesa SA....................... 470 26,797
FAES FARMA SA................... 482 8,548
Gamesa Corp. Tecnologica SA..... 308 12,549
Gestevision Telecinco SA........ 482 12,620
Grupo Ferrovial SA.............. 112 9,453
Iberdrola SA.................... 738 43,241
Iberia Lineas Aereas de Espana.. 1,604 7,801
Indra Sistemas SA............... 536 14,460
Industria de Desino Textil SA
(Inditex)..................... 262 17,609
NH Hoteles SA (a)............... 540 10,467
Red Electrica de Espana......... 292 15,095
Repsol YPF SA................... 826 29,426
Sacyr Vallehermoso SA........... 162 5,654
Sociedad General de Aguas de
Barcelona SA.................. 320 12,128
SOS Cuetara SA.................. 916 18,342
Telefonica SA................... 3,338 93,186
Union Fenosa SA................. 222 13,099
-----------
TOTAL SPAIN..................... 663,375
-----------
SWEDEN -- 2.1%
Alfa Laval AB................... 136 8,714
Assa Abloy AB (Class B)......... 474 9,800
Atlas Copco AB (Class B)........ 1,060 16,877
Boliden AB...................... 354 7,511
Electrolux AB................... 368 7,765
Hennes & Mauritz AB (Class B)... 354 22,354
Investor AB..................... 634 16,220
Kinnevik Investment AB.......... 464 9,719
Nordea Bank AB.................. 1,470 25,519
OMX AB.......................... 424 18,319
Sandvik AB...................... 840 17,952
Scania AB....................... 544 13,203
Securitas AB (Class B).......... 724 9,513
Skanska AB (Class B)............ 560 11,059
Tele2 AB (Class B).............. 480 10,332
Telefonaktiebolaget LM Ericsson
(Class B)..................... 11,762 46,909
TeliaSonera AB.................. 1,484 13,362
Volvo AB ADR.................... 1,200 20,776
-----------
TOTAL SWEDEN.................... 285,904
-----------
SWITZERLAND -- 6.2%
ABB, Ltd. ...................... 1,634 42,885
Adecco SA....................... 154 9,076
Alcon, Inc. .................... 76 10,938
</Table>
See accompanying notes to financial statements.
80
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Bachem Holding AG............... 138 $ 11,606
Clariant AG (a)................. 376 4,606
Compagnie Financiere Richemont
SA (Class A).................. 220 14,529
Credit Suisse Group............. 838 55,451
Geberit AG...................... 60 7,822
Graubuendner Kantonalbank....... 20 17,394
Holcim, Ltd. ................... 160 17,613
Julius Baer Holding AG.......... 176 13,115
Kuehne & Nagel International
AG............................ 108 10,595
Lonza Group AG.................. 98 10,654
Nestle SA....................... 301 134,757
Nobel Biocare Holding AG........ 30 8,096
Novartis AG..................... 2,070 113,848
PSP Swiss Property AG (a)....... 300 15,871
Roche Holding AG................ 585 105,713
SGS SA.......................... 8 9,108
Sulzer AG....................... 6 8,577
Swatch Group AG................. 46 15,042
Swiss Life Holding (a).......... 32 8,273
Swiss Reinsurance............... 286 25,388
Syngenta AG..................... 94 20,197
UBS AG.......................... 1,597 85,578
Xstrata PLC..................... 472 31,195
Zurich Financial Services AG.... 106 31,690
-----------
TOTAL SWITZERLAND............... 839,617
-----------
UNITED KINGDOM -- 16.8%
3i Group PLC.................... 409 8,308
Amec PLC........................ 684 10,326
Anglo American PLC.............. 1,076 72,101
AstraZeneca PLC................. 1,090 54,385
Aviva PLC....................... 1,836 27,531
BAE Systems PLC................. 2,584 25,980
Balfour Beatty PLC.............. 819 7,917
Barclays PLC.................... 4,174 50,641
Barratt Developments PLC........ 388 5,913
BG Group PLC.................... 2,508 43,228
BHP Billiton PLC................ 1,692 60,326
BP PLC.......................... 15,189 175,615
British Airways PLC (a)......... 758 5,919
British American Tobacco PLC.... 1,010 36,051
British Energy Group PLC........ 808 8,799
British Land Co. PLC............ 474 11,318
British Sky Broadcasting Group
PLC........................... 1,190 16,850
BT Group PLC.................... 5,406 33,813
Burberry Group PLC.............. 744 9,959
Cable & Wireless PLC............ 2,292 8,592
Cadbury Schweppes PLC........... 1,552 17,928
Capita Group PLC................ 770 11,358
Carnival PLC.................... 228 10,842
Centrica PLC.................... 2,866 22,218
Compass Group PLC............... 2,024 12,453
Diageo PLC...................... 1,724 37,723
Drax Group...................... 613 7,618
DSG International PLC........... 2,784 7,657
Enterprise Inns PLC............. 778 9,384
Experian Group, Ltd. ........... 882 9,290
FirstGroup PLC.................. 730 10,240
Friends Provident PLC........... 2,514 8,810
G4S PLC......................... 2,116 8,708
GKN PLC......................... 1,180 8,510
GlaxoSmithKline PLC............. 4,487 118,566
Hays PLC........................ 2,894 7,842
HBOS PLC........................ 2,624 48,889
Home Retail Group PLC........... 904 6,865
HSBC Holdings PLC............... 8,117 149,579
ICAP PLC........................ 904 9,706
Imperial Chemical Industries
PLC........................... 1,144 15,196
Imperial Tobacco Group PLC...... 518 23,650
Inchcape PLC.................... 805 6,905
Informa PLC..................... 800 8,158
Intercontinental Hotels Group
PLC........................... 381 7,533
International Power PLC......... 1,536 14,121
Invensys PLC (a)................ 982 6,207
Invesco PLC..................... 946 12,749
Investec PLC.................... 634 6,613
ITV PLC......................... 4,448 9,298
J Sainsbury PLC................. 1,275 15,001
Kingfisher PLC.................. 2,442 8,896
Land Securities Group PLC....... 356 12,200
Legal & General Group PLC....... 4,246 11,557
Lloyds TSB Group PLC............ 3,864 42,707
LogicaCMG PLC................... 2,234 6,884
Lonmin PLC...................... 144 10,705
Man Group PLC................... 1,624 18,313
Marks & Spencer Group PLC....... 1,432 17,957
Michael Page International PLC.. 730 6,135
Mondi PLC....................... 295 2,795
National Express Group PLC...... 334 8,418
National Grid PLC............... 1,822 29,103
Next PLC........................ 272 10,884
Old Mutual PLC.................. 4,684 15,297
Pearson PLC..................... 844 13,025
Persimmon PLC................... 364 7,149
Prudential PLC.................. 1,815 27,789
Punch Taverns PLC............... 368 7,393
Reckitt Benckiser PLC........... 414 24,224
Rentokil Initial PLC............ 3,426 11,650
Resolution PLC.................. 744 10,345
Reuters Group PLC............... 1,260 16,506
Rio Tinto PLC................... 722 62,192
Rolls-Royce Group PLC (Class B)
(a)........................... 1,658 17,650
Royal & Sun Alliance Insurance
Group PLC..................... 3,080 9,695
Royal Bank of Scotland Group
PLC........................... 6,771 72,423
SABMiller PLC................... 700 19,852
Scottish & Newcastle PLC........ 908 11,312
Scottish and Southern Energy
PLC........................... 662 20,379
Serco Group PLC................. 970 8,201
Shire PLC....................... 596 14,583
Smith & Nephew PLC.............. 1,036 12,611
Smiths Group PLC................ 432 9,409
Standard Chartered PLC.......... 796 25,948
Standard Life PLC............... 1,980 11,638
Tate & Lyle PLC................. 796 6,527
Taylor Wimpey PLC............... 1,879 10,556
Tesco PLC....................... 5,560 49,757
The Sage Group PLC.............. 2,110 10,715
Tomkins PLC..................... 1,978 9,158
Tullow Oil PLC.................. 1,220 14,814
</Table>
See accompanying notes to financial statements.
81
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
United Business Media PLC....... 550 $ 7,760
Virgin Media, Inc. ............. 320 7,766
Vodafone Group.................. 43,452 156,250
William Hill PLC................ 824 10,803
William Morrison Supermarkets
PLC........................... 2,238 12,869
Willis Group Holdings, Ltd. .... 278 11,381
Wolseley PLC.................... 608 10,238
WPP Group PLC................... 1,132 15,268
Yell Group PLC.................. 1,062 9,282
-----------
TOTAL UNITED KINGDOM............ 2,282,158
-----------
TOTAL COMMON STOCKS --
(Cost $13,017,971)............ 13,430,513
-----------
PREFERRED STOCKS -- 0.3%
GERMANY -- 0.2%
Fresenius SE.................... 116 9,002
Henkel KGaA..................... 240 12,318
Porsche AG...................... 8 16,949
-----------
TOTAL GERMANY................... 38,269
-----------
ITALY -- 0.1%
Istituto Finanziario Industriale
SpA (a)....................... 228 8,758
-----------
TOTAL PREFERRED STOCKS --
(Cost $43,236)................ 47,027
-----------
RIGHTS -- 0.1%
AUSTRALIA -- 0.0% (B)
Newcrest Mining, Ltd. (expiring
10/04/07) (a)................. 181 1,698
-----------
BELGIUM -- 0.1%
Fortis (expiring 10/09/07) (a).. 888 4,698
-----------
ITALY -- 0.0% (B)
Capitalia SpA (expiring
10/03/07) (a)................. 1,536 --
-----------
TOTAL RIGHTS --
(Cost $6,581)................. 6,396
-----------
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio
(Cost $8,187)................. 8,187 8,187
-----------
TOTAL INVESTMENTS -- 99.1%
(Cost $13,075,975)............ 13,492,123
OTHER ASSETS AND
LIABILITIES -- 0.9%........... 128,783
-----------
NET ASSETS -- 100.0%............ $13,620,906
===========
</Table>
(a) Non-income producing security
(b) Amount represents less than 0.05% of net assets.
(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities which represent 1.55% of net assets as of September 30,
2007, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
82
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
AUSTRALIA -- 9.9%
ABB Grain, Ltd. ............... 32,448 $ 222,540
ABC Learning Centres, Ltd. .... 39,479 229,536
APA Group...................... 104,690 346,494
Australian Wealth Management,
Ltd. ........................ 81,544 178,963
Australian Worldwide
Exploration, Ltd. (a)........ 82,902 253,106
AWB, Ltd. ..................... 64,451 140,308
Beach Petroleum, Ltd. ......... 169,260 223,182
Boom Logistics, Ltd. .......... 72,197 192,950
Bunnings Warehouse Property
Trust........................ 325,229 670,601
Centennial Coal Co., Ltd. ..... 79,360 261,957
Centro Retail Group............ 139,629 201,410
Challenger Financial Services
Group, Ltd. ................. 52,395 287,475
Corporate Express Australia,
Ltd. ........................ 43,509 271,833
David Jones, Ltd. ............. 47,580 214,740
Downer EDI, Ltd. .............. 37,188 206,014
FKP Property Group............. 28,219 172,809
Fortescue Metals Group, Ltd.
(a).......................... 7,737 326,527
Futuris Corp., Ltd. ........... 107,202 202,070
GUD Holdings, Ltd. ............ 27,118 248,380
GWA International, Ltd. ....... 97,025 335,721
Healthscope, Ltd. ............. 37,805 192,704
Incitec Pivot, Ltd. ........... 4,752 359,720
Invocare, Ltd. ................ 67,795 394,168
Jubilee Mines NL............... 11,324 173,968
Just Group, Ltd. .............. 42,618 196,117
Macquarie Leisure Trust Group.. 120,631 362,958
MFS, Ltd. ..................... 43,192 179,265
Minara Resources, Ltd. ........ 16,816 96,877
Nufarm, Ltd. .................. 22,562 267,747
OneSteel, Ltd. ................ 93,610 571,597
Pacific Brands, Ltd. .......... 69,733 191,302
Paladin Resources, Ltd. (a).... 28,815 197,369
PaperlinX, Ltd. ............... 53,549 144,061
Record Realty.................. 430,375 314,210
Roc Oil Co., Ltd. (a).......... 88,863 261,869
SAI Global, Ltd. .............. 88,805 256,983
Spark Infrastructure Group
(b).......................... 139,006 239,876
Spotless Group, Ltd. .......... 66,536 255,544
STW Communications Group,
Ltd. ........................ 115,241 265,155
Symbion Health, Ltd. .......... 64,942 239,652
Tattersall's, Ltd. ............ 71,543 251,349
Transpacific Industries Group,
Ltd. ........................ 17,431 174,309
WHK Group, Ltd. ............... 103,876 183,850
------------
TOTAL AUSTRALIA................ 10,957,266
------------
AUSTRIA -- 0.4%
Austrian Airlines (a).......... 7,911 79,879
BWIN Interactive Entertainment
AG (a)....................... 2,078 49,352
BWT AG......................... 2,312 140,760
RHI AG (a)..................... 4,112 188,770
------------
TOTAL AUSTRIA.................. 458,761
------------
BELGIUM -- 0.8%
Barco NV....................... 2,738 235,227
Bekaert NV..................... 1,954 261,243
Omega Pharma SA................ 2,034 177,898
Telenet Group Holding NV (a)... 4,920 170,726
------------
TOTAL BELGIUM.................. 845,094
------------
CANADA -- 10.8%
Aber Diamond Corp. ............ 6,194 242,973
AGF Management, Ltd. (Class B
Non-Voting).................. 8,850 297,464
CAE, Inc. ..................... 19,509 262,882
Canadian Hydro Developers, Inc.
(a).......................... 51,097 318,810
CanWest Global Communications
Corp. (a).................... 14,862 107,685
CGI Group, Inc. (a)............ 31,148 357,025
Chartwell Seniors Housing Real
Estate
Investment Trust............... 27,833 358,521
Compton Petroleum Corp. (a).... 23,621 221,068
Corus Entertainment, Inc.
(Class B Non-Voting)......... 6,062 287,269
Crescent Point Energy Trust.... 15,586 326,871
Denison Mines Corp. (a)........ 11,960 134,199
Duvernay Oil Corp. (a)......... 6,891 220,038
Eldorado Gold Corp. (a)........ 49,163 303,775
FirstService Corp. (a)......... 7,148 220,619
FNX Mining Co., Inc. (a)....... 9,575 318,075
Gammon Gold, Inc. (a).......... 8,335 99,564
HudBay Minerals, Inc. (a)...... 9,370 242,807
Iamgold Corp. ................. 33,270 289,610
Inmet Mining Corp. ............ 4,050 406,549
Ivanhoe Mines, Ltd. (a)........ 21,352 277,617
Laurentian Bank of Canada...... 10,871 466,588
Linamar Corp. ................. 12,678 325,976
MacDonald Dettwiler &
Associates, Ltd. (a)......... 6,554 300,757
MEGA Brands, Inc. (a).......... 11,180 189,915
MI Developments, Inc. ......... 9,367 310,505
Northbridge Financial Corp. ... 9,012 316,513
Novagold Resources, Inc. (a)... 14,000 231,760
NuVista Energy, Ltd. (a)....... 16,241 224,729
Oilexco, Inc. (a).............. 15,436 223,532
Pan American Silver Corp. (a).. 7,554 219,771
Petrobank Energy & Resources,
Ltd. (a)..................... 6,724 257,876
Pinetree Capital, Ltd. (a)..... 5,282 35,348
Progress Energy Trust.......... 19,931 241,290
Quebecor, Inc. ................ 5,005 188,978
Russel Metals, Inc. ........... 9,689 299,826
ShawCor, Ltd. ................. 9,987 359,801
Sherritt International Corp. .. 22,650 362,874
Silver Standard Resources, Inc.
(a).......................... 5,511 203,647
Sino-Forest Corp. (a).......... 12,128 274,366
Teck Cominco, Ltd. (Class B)... 1,705 81,020
Tesco Corp. (a)................ 6,784 182,486
The Forzani Group, Ltd. (a).... 9,327 198,986
Uni-Select, Inc. .............. 14,223 437,411
Uranium One, Inc. (a).......... 24,305 321,637
UTS Energy Corp. (a)........... 34,516 191,736
Westjet Airlines, Ltd. (a)..... 9,265 160,928
------------
TOTAL CANADA................... 11,901,677
------------
CHINA -- 3.1%
Allied Group, Ltd. ............ 90,000 399,683
Dah Sing Banking Group, Ltd. .. 132,800 293,339
First Pacific, Co. ............ 270,000 201,232
Giordano International, Ltd. .. 600,000 289,625
Hengan International Group Co.,
Ltd. ........................ 60,000 226,680
</Table>
See accompanying notes to financial statements.
83
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Kowloon Development Co.,
Ltd. ........................ 105,000 $ 268,155
Miramar Hotel & Investment..... 180,000 291,943
Pacific Basin Shipping, Ltd. .. 227,000 471,611
Techtronic Industries Co. ..... 165,000 188,179
The Hongkong & Shanghai
Hotels....................... 152,174 269,926
Vtech Holdings, Ltd. .......... 15,000 110,927
Xinao Gas Holdings, Ltd. ...... 176,000 358,858
------------
TOTAL CHINA.................... 3,370,158
------------
DENMARK -- 1.6%
ALK-Abello A/S................. 915 185,048
Auriga Industries A/S.......... 7,058 145,433
Bang & Olufsen A/S (Class B)... 1,849 208,135
East Asiatic Co., Ltd. A/S..... 4,390 327,071
Genmab A/S (a)................. 2,886 178,952
Parken Sport & Entertainment
A/S (a)...................... 527 142,676
SimCorp A/S.................... 915 205,473
Sjaelso Gruppen................ 11,236 399,804
------------
TOTAL DENMARK.................. 1,792,592
------------
FINLAND -- 3.2%
Amer Sports Oyj (Class A)...... 12,953 299,343
Citycon Oyj.................... 29,173 185,453
Finnlines Oyj.................. 16,737 347,517
Fiskars Oyj (Class A).......... 12,044 229,177
Konecranes Oyj................. 6,636 266,229
Lassila & Tikanoja Oyj......... 9,441 303,842
Nokian Renkaat Oyj............. 8,926 348,580
Poyry Oyj...................... 13,774 344,369
Technopolis Oyj................ 27,118 236,023
TietoEnator Oyj................ 7,675 171,802
Uponor Oyj..................... 7,165 221,830
Vacon Oyj...................... 6,317 314,879
Vaisala Oyj.................... 5,431 311,651
------------
TOTAL FINLAND.................. 3,580,695
------------
FRANCE -- 3.0%
Canal Plus..................... 38,979 432,939
Club Mediterranee (a).......... 3,203 207,259
Derichebourg (a)............... 16,240 138,112
Gemalto NV (a)................. 7,313 211,332
Geodis......................... 782 165,573
Groupe Steria SCA.............. 1,911 96,452
Ingenico....................... 5,496 159,136
IPSOS.......................... 6,698 248,998
Nexans SA...................... 1,821 298,726
Nexity......................... 3,660 225,015
NicOx SA (a)................... 4,725 112,890
Orco Property Group............ 1,188 179,156
Societe de la Tour Eiffel...... 1,372 240,582
Sperian Protection............. 1,292 160,737
Teleperformance................ 4,964 192,938
UBISOFT Entertainment (a)...... 2,818 191,965
------------
TOTAL FRANCE................... 3,261,810
------------
GERMANY -- 3.5%
Aareal Bank AG................. 3,795 186,198
AWD Holding AG................. 3,752 125,020
Bilfinger Berger AG............ 3,036 236,650
Conergy AG..................... 2,312 218,981
Epcos AG....................... 7,313 143,002
Freenet AG..................... 5,365 146,111
Indus Holding AG............... 7,937 293,478
Jenoptik AG (a)................ 16,621 163,572
Kloeckner & Co. AG............. 3,158 217,686
Kontron AG..................... 9,055 201,920
KUKA AG (Non-Voting) (a)....... 5,914 252,991
MTU Aero Engines Holding AG.... 4,268 259,178
Pfleiderer AG.................. 5,326 123,084
Praktiker Bau- und
Heimwerkermaerkte Holding
AG........................... 5,069 189,233
Premiere AG (a)................ 11,766 253,338
Rhoen Klinikum AG.............. 8,010 255,737
SGL Carbon AG (a).............. 5,472 312,836
Software AG.................... 1,849 173,130
Techem AG...................... 1,971 131,632
------------
TOTAL GERMANY.................. 3,883,777
------------
GREECE -- 1.4%
Hellenic Exchanges SA Holding
Clearing Settlement and
Registry..................... 7,794 249,395
Hellenic Technodomiki Tev SA... 11,863 158,250
Intracom Holdings SA........... 35,633 229,053
Marfin Investment Group SA..... 31,784 302,851
Minoan Lines Shipping SA....... 21,439 164,643
Mytilineos Holdings SA......... 3,201 182,092
Viohalco....................... 14,089 231,223
------------
TOTAL GREECE................... 1,517,507
------------
IRELAND -- 0.7%
DCC PLC........................ 8,419 247,843
Fyffes PLC..................... 123,336 159,616
McInerney Holdings PLC......... 19,673 39,099
McInerney Holdings PLC (London
shares)...................... 48,662 89,966
Paddy Power PLC................ 7,442 260,357
------------
TOTAL IRELAND.................. 796,881
------------
ITALY -- 2.6%
Aedes SpA...................... 28,750 193,190
Alitalia SpA (a)............... 72,390 83,440
Amplifon SpA................... 23,175 183,083
Autostrada Torino-Milano SpA... 9,222 217,972
Banca Piccolo Credito
Valtellinese Scarl........... 19,221 272,805
Banca Popolare dell'Etruria e
del Lazio Scrl............... 14,093 244,116
Beni Stabili SpA............... 126,540 158,184
Gemina SpA..................... 38,634 135,710
IMMSI SpA...................... 54,938 140,634
Impregilo SpA (a).............. 26,991 181,082
Interpump Group SpA............ 25,789 253,980
Permasteelisa SpA.............. 9,458 246,820
Recordati SpA.................. 21,947 206,935
Sorin SpA (a).................. 106,862 221,122
Tiscali SpA (a)................ 42,532 118,978
------------
TOTAL ITALY.................... 2,858,051
------------
JAPAN -- 23.9%
Aderans Holdings Co., Ltd. .... 7,900 165,192
Anritsu Corp. ................. 30,000 126,244
Arcs Co., Ltd. ................ 10,700 150,897
Asics Corp. ................... 15,000 231,883
Autobacs Seven Co., Ltd. ...... 6,000 155,719
</Table>
See accompanying notes to financial statements.
84
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Bank of the Ryukyus, Ltd. ..... 10,300 $ 134,420
Chiyoda Co., Ltd. ............. 7,500 107,660
CKD Corp. ..................... 20,800 192,601
CMK Corp. ..................... 13,500 144,372
Coca-Cola Central Japan Co.,
Ltd. ........................ 46 353,154
Daifuku Co., Ltd. ............. 15,000 171,108
Daihen Corp. .................. 30,000 199,018
Daimei Telecom Engineering
Corp. ....................... 15,000 174,629
Dainippon Screen Manufacturing
Co., Ltd. ................... 30,000 180,498
Denki Kagaku Kogyo K. K. ...... 60,000 336,478
Denki Kogyo Co., Ltd. ......... 30,000 207,103
Disco Corp. ................... 3,000 167,196
Don Quijote Co., Ltd. ......... 9,000 185,845
eAccess, Ltd. ................. 236 130,912
Ebara Corp. ................... 59,000 272,391
EDION Corp. ................... 12,000 133,443
Glory, Ltd. ................... 10,500 333,217
Hankyu Department Stores....... 30,000 247,533
Hanwa Co., Ltd. ............... 45,000 227,709
Heiwa Real Estate Co., Ltd. ... 37,500 258,879
Hitachi Zosen Corp. (a)........ 90,000 135,374
Hosiden Corp. ................. 13,500 201,652
Iino Kaiun Kaisha, Ltd. ....... 16,500 233,122
INTEC Holdings Ltd............. 13,500 189,327
Ishihara Sangyo Kaisha, Ltd.
(a).......................... 122,000 170,778
Iwatani International Corp. ... 90,000 263,705
Izumiya Co., Ltd. ............. 30,000 167,978
J Front Retailing Co., Ltd.
(a).......................... 29,154 286,432
Japan Airport Terminal Co.,
Ltd. ........................ 13,500 324,545
Japan Asia Investment Co.,
Ltd. ........................ 30,000 148,155
Japan Aviation Electronics
Industry, Ltd. .............. 15,000 234,622
Japan Pulp & Paper Co., Ltd. .. 98,000 374,056
Japan Securities Finance Co.,
Ltd. ........................ 15,000 144,242
Jeol, Ltd. .................... 30,000 113,724
K's Holdings Corp. ............ 6,200 135,035
Kadokawa Group Holdings,
Inc. ........................ 6,000 147,894
Kenedix, Inc. ................. 65 113,029
Kitz Corp. .................... 15,000 136,156
Kiyo Holdings, Inc. ........... 135,000 196,018
Kurabo Industries, Ltd. ....... 75,000 186,497
Kyowa Exeo Corp. .............. 15,000 157,153
Kyushu-Shinwa Holdings, Inc.
(a).......................... 318,000 132,713
Makino Milling Machine Co.,
Ltd. ........................ 15,000 158,066
Meitec Corp. .................. 8,000 234,404
Miraca Holdings, Inc. ......... 9,200 208,373
Mitsuboshi Belting Co., Ltd. .. 31,000 162,527
Mitsui-Soko Co., Ltd. ......... 30,000 139,286
Mitsumi Electric Co., Ltd. .... 7,500 305,830
Mori Seiki Co., Ltd. .......... 9,000 232,404
Morinaga & Co., Ltd. .......... 105,000 230,970
Moshi Moshi Hotline, Inc. ..... 3,750 183,889
Nabtesco Corp. ................ 15,000 244,403
Nankai Electric Railway Co.,
Ltd. ........................ 90,000 269,965
NEC Fielding, Ltd. ............ 13,700 158,185
New City Residence Investment
Corp. ....................... 45 246,490
Nihon Dempa Kogyo Co., Ltd. ... 3,000 186,758
Nihon Kohden Corp. ............ 7,700 141,260
Nikkiso Co., Ltd. ............. 30,000 247,272
Nippon Flour Mills Co., Ltd. .. 60,000 220,667
Nippon Konpo Unyu Soko Co.,
Ltd. ........................ 15,000 203,973
Nippon Light Metal Co., Ltd. .. 75,000 164,978
Nippon Seiki Co., Ltd. ........ 15,000 385,385
Nippon Shinyaku Co., Ltd. ..... 30,000 263,705
Nippon Soda Co., Ltd. ......... 45,000 206,973
Nippon Thompson Co., Ltd. ..... 15,000 133,287
Nishimatsu Construction Co.,
Ltd. ........................ 75,000 226,275
Nissha Printing Co., Ltd. ..... 6,000 174,238
NOF Corp. ..................... 45,000 194,453
Okamura Corp. ................. 15,000 117,767
Oki Electric Industry Co., Ltd.
(a).......................... 118,000 203,139
OKUMA Corp. ................... 15,000 218,580
Orix JREIT, Inc. .............. 19 129,514
Osaka Securities Exchange Co.,
Ltd. ........................ 17 75,086
OSG Corp. ..................... 12,000 124,784
Pacific Metals Co., Ltd. ...... 15,000 231,231
Point, Inc. ................... 2,550 87,797
Resorttrust, Inc. ............. 9,500 201,952
Riken Corp. ................... 45,000 226,144
Rohto Pharmaceutical Co.,
Ltd. ........................ 15,000 176,064
Roland Corp. .................. 12,000 333,869
Sanden Corp. .................. 45,000 250,793
Sanken Electric Co., Ltd. ..... 15,000 73,425
Sankyu, Inc. .................. 34,000 195,401
Sanyo Shokai, Ltd. ............ 15,000 110,203
Sapporo Holdings, Ltd. ........ 30,000 197,974
Sato Corp. .................... 13,700 255,501
Seiren Co., Ltd. .............. 19,500 128,514
Shimachu Co., Ltd. ............ 7,500 198,235
Shochiku Co., Ltd. ............ 44,000 336,652
Shoei Co., Ltd. ............... 8,000 123,184
Sojitz Corp. .................. 70,700 307,351
Star Micronics Co., Ltd. ...... 7,500 232,144
Sugi Pharmacy Co., Ltd. ....... 9,000 219,102
Sumitomo Forestry Co., Ltd. ... 15,000 123,636
Taiyo Yuden Co., Ltd. ......... 15,000 296,700
Takara Holdings, Inc. ......... 30,000 176,064
Takuma Co., Ltd. .............. 30,000 171,891
The Bank of Nagoya, Ltd. ...... 30,000 201,104
The Bank of Okinawa, Ltd. ..... 6,000 195,627
The Ehime Bank, Ltd. .......... 60,000 205,017
The Goodwill Group, Inc. (a)... 167 31,276
The Hokuetsu Bank, Ltd. ....... 105,000 243,751
The Japan General Estate Co.,
Ltd. ........................ 7,500 120,897
The Michinoku Bank, Ltd. ...... 75,000 231,492
The Minato Bank, Ltd. ......... 90,000 188,584
The Miyazaki Bank, Ltd. ....... 60,000 230,057
The Musashino Bank, Ltd. ...... 4,500 213,233
The Oita Bank, Ltd. ........... 30,000 168,239
The Shikoku Bank, Ltd. ........ 60,000 233,187
The Tochigi Bank, Ltd. ........ 32,000 178,620
The Tokushima Bank, Ltd. ...... 30,000 210,233
The Tokyo Tomin Bank, Ltd. .... 4,500 131,852
TOC Co., Ltd. ................. 20,000 183,802
Toei Co., Ltd. ................ 44,000 228,005
Toho Zinc Co., Ltd. ........... 15,000 138,243
Tokai Tokyo Securities Co.,
Ltd. ........................ 32,000 162,761
Tokyo Dome Corp. (a)........... 30,000 161,718
Tokyo Seimitsu Co., Ltd. ...... 6,000 124,679
Toyo Suisan Kaisha., Ltd. ..... 15,000 281,702
Toyo Tire & Rubber Co., Ltd. .. 45,000 262,140
</Table>
See accompanying notes to financial statements.
85
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tsumura & Co. ................. 7,500 $ 133,352
Ulvac, Inc. ................... 6,000 194,062
United Arrows, Ltd. ........... 9,000 109,942
Unitika, Ltd. ................. 120,000 142,938
Yamatake Corp. ................ 8,800 294,570
Yamato Kogyo Co., Ltd. ........ 6,200 297,561
Yamazen Corp. ................. 28,300 147,879
Yodogawa Steel Works, Ltd. .... 42,000 208,512
Yoshinoya D&C Co., Ltd. ....... 124 200,530
------------
TOTAL JAPAN.................... 26,282,586
------------
NETHERLANDS -- 2.7%
Aalberts Industries NV......... 7,822 185,994
Boskalis Westminster........... 5,149 258,929
Core Laboratories NV (a)....... 2,333 297,201
Crucell NV (a)................. 5,873 120,356
Draka Holding.................. 2,798 124,548
KAS Bank NV.................... 10,992 401,593
Koninklijke Wessanen NV........ 12,466 183,136
Koninuklijke Grolsch NV........ 6,445 239,318
OCE NV......................... 10,242 214,698
Ordina NV...................... 6,274 115,815
Orthofix International NV (a).. 3,394 166,204
Stork NV....................... 3,143 204,271
Tele Atlas NV (a).............. 7,253 209,907
Telegraaf Media Groep NV....... 7,442 250,620
------------
TOTAL NETHERLANDS.............. 2,972,590
------------
NEW ZEALAND -- 0.3%
Freightways, Ltd. ............. 102,195 293,430
------------
NORWAY -- 1.8%
DET Norske Oljeselskap ASA
(a).......................... 86,084 177,812
Ekornes ASA.................... 10,178 215,864
Farstad Shipping ASA........... 11,608 299,713
Schibsted ASA.................. 6,624 346,944
Sevan Marine ASA (a)........... 17,748 184,116
Tandberg ASA................... 9,477 226,777
TGS Nopec Geophysical Co. ASA
(a).......................... 10,366 211,249
Tomra Systems ASA.............. 21,268 152,972
Veidekke ASA................... 16,426 149,954
------------
TOTAL NORWAY................... 1,965,401
------------
PORTUGAL -- 0.6%
Banif SGPS SA.................. 25,335 172,945
Semapa-Sociedade de
Investimento e Gestao........ 16,963 275,736
Teixeira Duarte -- Engenharia
Construcoes SA............... 56,633 164,303
------------
TOTAL PORTUGAL................. 612,984
------------
SINGAPORE -- 2.5%
Ascendas Real Estate Investment
Trust........................ 150,000 275,860
Genting International PLC (a).. 612,400 284,655
Keppel Land, Ltd. ............. 30,000 167,739
Neptune Orient Lines, Ltd. .... 92,000 328,472
Singapore Petroleum Co.,
Ltd. ........................ 60,000 274,849
Straits Trading Co., Ltd. ..... 105,000 319,714
Unisteel Technology, Ltd. ..... 95,000 137,593
United Test and Assembly
Center, Ltd. (a)............. 310,000 246,421
Venture Corp., Ltd. ........... 30,000 333,457
WBL Corp, Ltd. ................ 76,000 201,718
Wing Tai Holdings, Ltd. ....... 75,000 195,022
------------
TOTAL SINGAPORE................ 2,765,500
------------
SOUTH KOREA -- 7.2%
Cheil Industries, Inc. ........ 8,270 553,050
DC Chemical Co., Ltd. ......... 2,857 675,890
Dongbu Insurance Co., Ltd. .... 7,970 334,424
Hanjin Heavy Industries &
Construction Co., Ltd. (a)... 4,255 378,935
Hanjin Heavy Industries &
Construction Holdings Co.,
Ltd. ........................ 2,654 110,783
Hanjin Shipping Co., Ltd. ..... 7,860 386,494
Hankook Tire Co., Ltd. ........ 15,090 309,171
Hansol Paper Co. (a)........... 11,170 245,334
Hanwha Corp. .................. 5,420 425,830
Hotel Shilla Co., Ltd. ........ 16,670 495,464
Hyosung Corp. ................. 5,590 423,304
Hyundai Department Store Co.,
Ltd. ........................ 2,841 341,485
Hyundai Mipo Dockyard.......... 1,228 422,685
Hyundai Securities Co. ........ 20,810 485,487
Jeonbuk Bank................... 29,100 272,827
LG Household & Health Care,
Ltd. ........................ 1,718 309,753
Lotte Confectionery Co.,
Ltd. ........................ 150 260,941
Mirae Asset Securities Co.,
Ltd. ........................ 2,713 259,397
Samsung Engineering Co.,
Ltd. ........................ 3,917 526,461
SK Chemicals Co., Ltd. ........ 4,670 446,511
Woongjin Coway Co., Ltd. ...... 7,610 249,883
------------
TOTAL SOUTH KOREA.............. 7,914,109
------------
SPAIN -- 2.7%
Avanzit SA (a)................. 13,568 81,814
Campofrio Alimentacion SA (a).. 19,348 343,947
Construcciones y Auxiliar de
Ferrocarriles SA............. 871 308,496
Electrificaciones del Norte.... 4,859 257,337
FAES FARMA SA.................. 11,258 199,652
La Seda de Barcelona SA (a).... 114,879 364,326
Tubacex SA..................... 35,069 343,129
Tubos Reunidos SA.............. 7,549 228,673
Uralita SA..................... 28,941 283,581
Vertice Trescientos Sesenta
Grados (a)................... 9,118 --
Vidrala SA..................... 7,253 262,307
Zeltia SA...................... 23,662 256,756
------------
TOTAL SPAIN.................... 2,930,018
------------
SWEDEN -- 2.3%
Castellum AB................... 17,660 219,076
D Carnegie & Co. AB............ 10,645 222,969
Elekta AB...................... 11,553 187,518
JM AB.......................... 7,131 171,412
Kungsleden AB.................. 12,869 165,114
Lindex AB...................... 13,739 226,185
Nobia AB....................... 15,901 152,397
OMX AB......................... 13,295 574,420
Oriflame Cosmetics SA.......... 5,025 303,719
SAS AB (a)..................... 8,395 149,886
Trelleborg AB.................. 9,308 218,705
------------
TOTAL SWEDEN................... 2,591,401
------------
</Table>
See accompanying notes to financial statements.
86
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SWITZERLAND -- 2.1%
Bachem Holding AG.............. 3,203 $ 269,384
Basilea Pharmaceutica (a)...... 720 163,636
Charles Voegele Holding AG
(a).......................... 1,101 96,604
Daetwyler Holding AG........... 4,326 321,987
Georg Fischer AG (a)........... 300 205,830
Implenia AG (a)................ 7,336 204,092
Jelmoli Holding AG............. 45 123,112
Kuoni Reisen Holding........... 255 120,057
Rieter Holding AG.............. 512 276,117
SCOR Holding Switzerland,
Ltd. ........................ 7,401 137,478
SIG Holding AG (a)............. 634 228,755
Valora Holding AG.............. 677 134,971
------------
TOTAL SWITZERLAND.............. 2,282,023
------------
UNITED KINGDOM -- 11.9%
Aberdeen Asset Management PLC.. 42,170 157,224
Aggreko PLC.................... 22,222 261,683
Amec PLC....................... 25,150 379,683
Ashtead Group PLC.............. 40,621 86,070
Atkins WS PLC.................. 10,051 233,852
Autonomy Corp PLC (a).......... 12,978 227,655
Babcock International Group.... 25,187 261,705
Bodycote International......... 30,087 152,018
Bovis Homes Group PLC.......... 10,456 139,318
Brit Insurance Holdings PLC.... 28,963 201,511
Britvic PLC.................... 25,485 167,708
Capital & Regional PLC......... 8,673 130,051
Carillion PLC.................. 28,095 218,940
Chemring Group PLC............. 4,770 175,413
COLT Telecom Group SA (a)...... 48,065 166,473
Cookson Group PLC.............. 15,645 243,201
Dairy Crest Group PLC.......... 13,844 177,410
Dana Petroleum PLC (a)......... 10,094 238,965
De La Rue PLC.................. 13,890 206,581
Derwent London PLC............. 6,445 220,071
Development Securities PLC..... 17,726 194,294
Dimension Data Holdings PLC.... 156,372 189,558
Electrocomponents PLC.......... 38,122 197,859
Enodis PLC..................... 38,422 136,597
Expro International Group...... 11,219 224,684
FKI PLC........................ 71,261 132,117
Galiform PLC (a)............... 58,941 132,092
Galliford Try PLC.............. 49,913 149,485
Go-Ahead Group PLC............. 4,495 218,690
Grainger PLC................... 16,963 154,654
Helphire PLC................... 21,478 148,450
Henderson Group PLC............ 75,653 263,180
Hiscox, Ltd. .................. 34,328 195,827
Homeserve PLC.................. 5,978 210,701
Hunting PLC.................... 11,298 155,717
IG Group Holdings PLC.......... 30,872 238,222
Interserve PLC................. 16,835 163,091
Intertek Group PLC............. 14,969 288,807
Laird Group PLC................ 17,072 187,821
Luminar PLC.................... 9,604 117,596
Morgan Crucible Co. ........... 28,219 170,464
Northern Foods PLC............. 75,585 150,528
Northgate PLC.................. 12,616 237,755
PayPoint PLC................... 11,725 143,327
Pendragon PLC.................. 69,521 84,629
Premier Farnell PLC............ 41,853 134,938
Premier Foods PLC.............. 49,869 226,569
Premier Oil PLC (a)............ 9,353 192,459
Quintain Estates & Development
PLC.......................... 17,635 265,872
Randgold Resources, Ltd. ...... 10,538 356,395
Redrow PLC..................... 16,816 138,496
Regus Group PLC................ 42,127 105,568
Restaurant Group PLC........... 24,553 135,187
Rightmove PLC.................. 1,804 19,002
Savills PLC.................... 16,878 126,284
Shanks Group PLC............... 33,353 151,702
Soco International PLC (a)..... 5,069 219,146
Spectris PLC................... 11,791 210,916
SSL International PLC.......... 21,967 190,206
Taylor Nelson Sofres PLC....... 46,965 216,007
TDG PLC........................ 47,010 222,439
Thomas Cook Group PLC (a)...... 34,900 198,023
UK Coal PLC (a)................ 16,199 166,500
Unite Group PLC................ 18,997 139,816
UTV PLC........................ 30,025 232,451
Venture Production PLC......... 15,161 210,040
VT Group PLC................... 24,171 282,665
Wetherspoon (J.D.) PLC......... 11,365 122,719
WH Smith PLC................... 20,630 161,397
Wincanton PLC.................. 26,059 206,790
------------
TOTAL UNITED KINGDOM........... 13,163,264
------------
TOTAL COMMON STOCKS --
(Cost $107,718,215).......... 108,997,575
------------
PREFERRED STOCK -- 0.3%
GERMANY -- 0.3%
Draegerwerk AG (Non-Voting).... 1,742 159,791
Jungheinrich AG (Non-Voting)... 5,087 229,695
------------
TOTAL PREFERRED STOCK --
(Cost $369,386).............. 389,486
------------
RIGHTS -- 0.0% (C)
BELGIUM -- 0.0% (C)
Omega Pharma SA (expiring
10/30/07)(a)................. 2,034 --
------------
FINLAND -- 0.0% (C)
Citycon Oyj (expiring
10/30/07)(a)................. 25,199 4,454
------------
SPAIN -- 0.0% (C)
Avanzit SA (expiring
10/30/07)(a)................. 8 3
------------
TOTAL RIGHTS --
(Cost $0).................... 4,457
------------
</Table>
See accompanying notes to financial statements.
87
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio
(Cost $114,588).............. 114,588 $ 114,588
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $108,202,189).......... 109,506,106
OTHER ASSETS AND
LIABILITIES -- 0.6%.......... 610,000
------------
NET ASSETS -- 100.0%........... $110,116,106
============
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities which represent 0.2% of net assets as of September 30,
2007, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(c) Amount represents less than 0.05% of net assets.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
88
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 21.8%
Abacus Property Group........ 1,623,224 $ 2,758,027
Babcock & Brown Japan
Property Trust............. 1,410,078 2,140,061
Bunnings Warehouse Property
Trust...................... 690,846 1,424,479
Centro Properties Group...... 2,341,597 15,272,091
Centro Retail Group.......... 2,075,455 2,993,779
CFS Retail Property Trust.... 123,536 262,376
CFS Retail Property Trust.... 5,449,513 11,525,890
Commonwealth Property Office
Fund....................... 4,435,026 6,534,754
DB RREEF Trust............... 8,067,269 14,349,655
Galileo Shopping America
Trust...................... 3,005,443 2,819,248
GPT Group.................... 5,477,730 24,722,346
ING Industrial Fund.......... 3,067,065 7,681,186
ING Office Fund.............. 3,354,505 5,284,055
ING Real Estate Community
Living Group............... 864,278 1,017,241
Macquarie CountryWide Trust.. 3,695,385 6,507,762
Macquarie DDR Trust.......... 2,623,862 2,728,335
Macquarie Goodman Group...... 3,915,280 23,941,962
Macquarie Leisure Trust
Group...................... 642,185 1,932,226
Macquarie Office Trust....... 5,472,270 7,578,805
Tishman Speyer Office Fund... 1,164,361 2,266,884
Valad Property Group......... 4,144,986 7,336,213
Westfield Group.............. 4,756,929 91,349,310
--------------
TOTAL AUSTRALIA.............. 242,426,685
--------------
AUSTRIA -- 3.5%
IMMOEAST AG (a).............. 1,110,235 12,062,949
IMMOFINANZ Immobilien Anlagen
AG (a)..................... 1,245,517 15,498,974
Meinl European Land, Ltd.
(a)........................ 816,141 11,606,744
--------------
TOTAL AUSTRIA................ 39,168,667
--------------
BELGIUM -- 0.7%
Befimmo S.C.A. .............. 30,619 3,175,722
Cofinimmo.................... 23,543 4,153,735
--------------
TOTAL BELGIUM................ 7,329,457
--------------
CANADA -- 7.7%
Boardwalk REIT............... 70,836 3,375,349
Brookfield Asset Management,
Inc. (Class A)............. 1,525,350 58,561,037
Calloway REIT................ 104,273 2,601,316
Canadian Apartment Properties
REIT....................... 86,843 1,669,217
Canadian REIT................ 80,352 2,421,800
Chartwell Seniors Housing
Real Estate Investment
Trust...................... 105,022 1,352,804
First Capital Realty, Inc. .. 82,059 2,118,158
H&R REIT..................... 196,407 4,704,123
Primaris Retail REIT......... 83,990 1,565,357
RioCan REIT.................. 289,912 7,249,988
--------------
TOTAL CANADA................. 85,619,149
--------------
CHINA -- 9.8%
Champion REIT................ 3,980,000 2,274,681
Chinese Estates Holdings,
Ltd. ...................... 2,790,711 4,483,156
GZI REIT..................... 2,133,000 853,897
Hang Lung Group, Ltd. ....... 2,273,000 13,005,458
Hang Lung Properties, Ltd. .. 4,957,000 22,205,094
Henderson Investment, Ltd. .. 2,596,000 4,283,977
Henderson Land Development
Co., Ltd. ................. 1,845,000 14,641,443
Hong Kong Land Holdings,
Ltd. ...................... 3,326,000 15,033,520
Hysan Development Co.,
Ltd. ...................... 1,617,279 4,486,283
Kerry Properties, Ltd. ...... 1,247,983 9,622,545
Prosperity REIT.............. 3,249,000 694,244
The Link REIT................ 4,584,805 10,056,455
Wheelock & Co., Ltd. ........ 2,569,000 6,994,053
--------------
TOTAL CHINA.................. 108,634,806
--------------
FRANCE -- 7.7%
Fonciere des Regions......... 61,543 8,993,899
Gecina SA.................... 36,585 6,191,491
Klepierre.................... 188,091 10,761,264
Societe Immobiliere de
Location pour l'Industrie
et le Commerce............. 28,223 4,730,986
Unibail-Rodamco.............. 215,731 55,374,641
--------------
TOTAL FRANCE................. 86,052,281
--------------
GERMANY -- 0.9%
IVG Immobilien AG............ 258,679 9,616,388
--------------
ITALY -- 0.5%
Beni Stabili SpA............. 1,839,926 2,300,035
Pirelli & C Real Estate SpA.. 57,166 2,914,555
--------------
TOTAL ITALY.................. 5,214,590
--------------
JAPAN -- 19.4%
Aeon Mall Co., Ltd. ......... 234,080 7,143,597
Creed Office Investment
Corp. ..................... 368 1,820,563
DA Office Investment Corp. .. 589 3,861,288
Daibiru Corp. ............... 164,800 2,071,911
Frontier Real Estate
Investment Corp. .......... 300 2,376,212
Fukuoka REIT Corp. .......... 272 2,246,663
Global One Real Estate
Investment Corp. .......... 284 3,308,786
Hankyu REIT, Inc. ........... 183 1,473,356
Heiwa Real Estate Co.,
Ltd. ...................... 415,500 2,868,382
Japan Excellent, Inc. ....... 376 3,252,793
Japan Hotel and Resort,
Inc. ...................... 331 1,456,210
Japan Prime Realty Investment
Corp. ..................... 1,605 6,684,302
Japan Real Estate Investment
Corp. ..................... 1,118 13,414,250
Japan Retail Fund Investment
Corp. ..................... 1,055 9,172,717
Kenedix Realty Investment
Corp. ..................... 550 3,825,588
Mitsui Fudosan Co., Ltd. .... 2,354,000 65,289,397
Mori Hills REIT Investment
Corp. ..................... 291 2,428,901
Mori Trust Sogo Reit, Inc. .. 314 3,740,208
New City Residence Investment
Corp. ..................... 471 2,579,924
Nippon Building Fund, Inc. .. 1,376 19,979,307
Nippon Commercial Investment
Corp. ..................... 722 3,132,444
Nippon Residential Investment
Corp. ..................... 708 4,093,553
Nomura Real Estate Office
Fund, Inc. ................ 691 7,209,494
NTT Urban Development
Corp. ..................... 2,994 6,195,470
Orix JREIT, Inc. ............ 610 4,158,066
Premier Investment Co. ...... 305 2,203,669
Shoei Co., Ltd. ............. 107,290 1,652,050
Suruga Corp. ................ 88,400 1,614,050
TOC Co., Ltd. ............... 293,000 2,692,701
</Table>
See accompanying notes to financial statements.
89
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tokyu Land Corp. ............ 1,243,000 $ 12,460,801
Tokyu REIT, Inc. ............ 477 4,644,959
Top REIT, Inc. .............. 436 2,539,843
United Urban Investment
Corp. ..................... 454 3,122,323
Zephyr Co., Ltd. ............ 594 852,150
--------------
TOTAL JAPAN.................. 215,565,928
--------------
NETHERLANDS -- 2.2%
Corio NV..................... 182,639 15,558,423
Eurocommercial Properties
NV......................... 85,279 4,729,899
Vastned Retail NV............ 47,326 3,799,347
--------------
TOTAL NETHERLANDS............ 24,087,669
--------------
NEW ZEALAND -- 0.6%
AMP NZ Office Trust.......... 1,593,749 1,589,592
ING Property Trust........... 1,605,176 1,370,544
Kiwi Income Property Trust... 2,040,266 2,235,355
Macquarie Goodman Property
Trust...................... 1,440,990 1,687,658
--------------
TOTAL NEW ZEALAND............ 6,883,149
--------------
SINGAPORE -- 5.9%
Allco Commercial REIT........ 1,290,000 921,149
Ascendas REIT................ 2,658,000 4,888,235
Cambridge Industrial Trust... 2,009,917 1,123,804
CapitaCommercial Trust....... 2,373,000 4,539,944
CapitaLand, Ltd. ............ 4,402,000 24,168,076
CapitaMall Trust............. 2,723,000 7,153,963
Guocoland, Ltd. ............. 563,000 1,934,252
Macquarie MEAG Prime REIT.... 1,981,000 1,628,091
Mapletree Logistics Trust.... 2,185,000 1,839,907
Singapore Land, Ltd. ........ 416,000 2,858,432
Suntec REIT.................. 3,735,000 4,906,363
United Industrial Corp.,
Ltd. ...................... 2,024,000 4,172,212
UOL Group, Ltd. ............. 1,569,000 5,496,177
--------------
TOTAL SINGAPORE.............. 65,630,605
--------------
SOUTH AFRICA -- 0.7%
Allan Gray Property Trust.... 2,816,018 2,756,098
Capital Property Fund........ 1,254,907 1,109,933
Johnnic Holdings, Ltd. (a)... 24,308 54,631
SA Corporate Real Estate
Fund....................... 5,081,591 2,939,870
Sycom Property Fund.......... 542,931 1,440,626
--------------
TOTAL SOUTH AFRICA........... 8,301,158
--------------
SPAIN -- 0.8%
Fadesa Inmobiliaria SA (a)... 49,653 2,039,332
Metrovacesa SA............... 55,958 6,346,556
--------------
TOTAL SPAIN.................. 8,385,888
--------------
SWEDEN -- 1.3%
Castellum AB................. 443,089 5,496,617
Fabege AB.................... 357,172 4,237,554
Kungsleden AB................ 381,437 4,893,960
--------------
TOTAL SWEDEN................. 14,628,131
--------------
SWITZERLAND -- 0.9%
PSP Swiss Property AG (a).... 128,534 6,799,693
Swiss Prime Site AG (a)...... 62,893 3,564,044
--------------
TOTAL SWITZERLAND............ 10,363,737
--------------
THAILAND -- 0.1%
Amata Corp. PCL.............. 2,263,200 1,016,872
--------------
UNITED KINGDOM -- 15.1%
Big Yellow Group PLC......... 272,539 2,774,897
British Land Co. PLC......... 1,378,650 32,919,028
Brixton PLC.................. 668,728 4,935,410
Capital & Regional PLC....... 186,852 2,801,825
Derwent London PLC........... 245,564 8,385,019
Grainger PLC................. 334,333 3,048,159
Great Portland Estates PLC... 496,762 6,047,163
Hammerson PLC................ 786,723 18,785,157
Land Securities Group PLC.... 1,243,022 42,596,132
Liberty International PLC.... 823,599 19,145,505
Minerva PLC (a).............. 455,089 2,097,733
Quintain Estates &
Development PLC............ 359,548 5,420,682
Segro PLC.................... 1,186,963 12,079,196
Shaftesbury PLC.............. 372,074 3,756,110
Workspace Group PLC.......... 526,517 3,397,774
--------------
TOTAL UNITED KINGDOM......... 168,189,790
--------------
TOTAL COMMON STOCKS --
(Cost $1,125,464,004)...... 1,107,114,950
--------------
SHORT TERM INVESTMENTS -- 1.0%
UNITED STATES -- 1.0%
MONEY MARKET FUND -- 1.0%
STIC Prime Portfolio
(Cost $11,125,231)......... 11,125,231 11,125,231
--------------
TOTAL INVESTMENTS -- 100.6%
(Cost $1,136,589,235)...... 1,118,240,181
OTHER ASSETS AND
LIABILITIES -- (0.6)%...... (7,014,347)
--------------
NET ASSETS -- 100.0%......... $1,111,225,834
==============
</Table>
(a) Non-income producing security
See accompanying notes to financial statements.
90
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.9%
AUSTRALIA -- 1.7%
AGL Energy, Ltd. ............... 14,591 $ 204,918
Asciano Group (a)............... 18,005 142,924
Macquarie Infrastructure Group.. 73,290 202,357
Transurban Group................ 36,334 234,723
-----------
TOTAL AUSTRALIA................. 784,922
-----------
BRAZIL -- 0.6%
Centrais Eletricas Brasileiras
SA............................ 4,200 61,402
Centrais Eletricas Brasileiras
SA ADR........................ 2,960 43,275
Companhia Energetica de Minas
Gerais ADR.................... 7,545 160,935
-----------
TOTAL BRAZIL.................... 265,612
-----------
CANADA -- 2.6%
Enbridge, Inc. ................. 11,312 414,823
TransAlta Corp. ................ 5,690 179,226
TransCanada Corp. .............. 16,545 607,221
-----------
TOTAL CANADA.................... 1,201,270
-----------
CHINA -- 2.4%
China Merchants Holdings
International Co., Ltd. ...... 32,163 200,381
CLP Holdings, Ltd. ............. 53,000 365,675
Hong Kong & China Gas Co. ...... 134,200 313,360
HongKong Electric Holdings...... 45,000 234,307
-----------
TOTAL CHINA..................... 1,113,723
-----------
FRANCE -- 9.7%
Electricite de France........... 7,523 793,318
Gaz de France SA................ 5,593 289,847
Suez SA......................... 37,155 2,182,290
Veolia Environnement............ 14,016 1,203,745
-----------
TOTAL FRANCE.................... 4,469,200
-----------
GERMANY -- 10.8%
E.ON AG......................... 19,256 3,550,727
RWE AG.......................... 11,489 1,441,107
-----------
TOTAL GERMANY................... 4,991,834
-----------
GREECE -- 0.3%
Public Power Corp SA............ 3,119 123,312
-----------
ITALY -- 5.1%
AEM SpA......................... 25,563 95,430
Atlantia SpA.................... 8,120 273,569
Enel SpA........................ 134,919 1,523,487
Hera SpA........................ 28,880 118,903
Snam Rete Gas SpA............... 27,768 172,276
Terna- Rete Elettrica Nazionale
SpA........................... 42,602 157,070
-----------
TOTAL ITALY..................... 2,340,735
-----------
JAPAN -- 7.3%
Chubu Electric Power Co.,
Inc. ......................... 17,200 444,899
Electric Power Development Co.,
Ltd. ......................... 4,800 186,550
Hokkaido Electric Power Co.,
Inc. ......................... 4,800 103,708
Hokuriku Electric Power Co. .... 4,800 93,692
Kyushu Electric Power Co.,
Inc. ......................... 9,800 259,027
Osaka Gas Co., Ltd. ............ 48,000 168,187
Shikoku Electric Power Co.,
Inc. ......................... 5,700 142,977
The Chugoku Electric Power Co.,
Inc. ......................... 8,200 166,474
The Kansai Electric Power Co.,
Inc. ......................... 21,200 483,850
The Tokyo Electric Power Co.,
Inc. ......................... 29,700 748,859
Tohoku Electric Power Co.,
Inc. ......................... 10,600 226,257
Tokyo Gas Co., Ltd. ............ 69,000 320,958
-----------
TOTAL JAPAN..................... 3,345,438
-----------
PORTUGAL -- 1.3%
Brisa-Auto Estradas de Portugal
SA............................ 11,469 150,058
Energias de Portugal SA......... 80,708 470,593
-----------
TOTAL PORTUGAL.................. 620,651
-----------
SOUTH KOREA -- 0.8%
Korea Electric Power Corp. ADR.. 15,193 351,718
-----------
SPAIN -- 8.8%
Abertis Infraestructuras SA..... 8,460 263,848
Cintra Concesiones de
Infraestructuras de Transporte
SA............................ 5,861 89,020
Enagas.......................... 5,087 131,523
Endesa SA....................... 15,507 884,116
Gas Natural SDG SA.............. 6,357 358,008
Iberdrola SA.................... 35,874 2,100,498
Union Fenosa SA................. 4,324 255,137
-----------
TOTAL SPAIN..................... 4,082,150
-----------
UNITED KINGDOM -- 9.6%
British Energy Group PLC........ 28,760 313,186
Centrica PLC.................... 107,448 832,949
International Power PLC......... 42,195 387,921
Kelda Group PLC................. 7,841 137,703
National Grid PLC............... 79,430 1,268,721
Pennon Group PLC................ 14,670 181,420
Scottish & Southern Energy PLC.. 25,109 772,964
Severn Trent PLC................ 6,618 190,113
United Utilities PLC............ 24,807 353,783
-----------
TOTAL UNITED KINGDOM............ 4,438,760
-----------
UNITED STATES -- 36.9%
Allegheny Energy, Inc. (a)...... 4,879 254,977
Alliant Energy Corp. ........... 3,252 124,617
Ameren Corp. ................... 6,090 319,725
American Electric Power Co.,
Inc. ......................... 11,681 538,261
American Tower Corp. (Class
A)(a)......................... 12,193 530,883
CenterPoint Energy, Inc. ....... 8,943 143,356
Consolidated Edison, Inc. ...... 7,918 366,603
Constellation Energy Group,
Inc. ......................... 5,268 451,942
Crown Castle International Corp.
(a)........................... 7,247 294,446
Dominion Resources, Inc. ....... 8,733 736,192
DTE Energy Co. ................. 4,879 236,339
Duke Energy Corp. .............. 36,765 687,138
Edison International............ 9,722 539,085
El Paso Corp. .................. 20,320 344,830
Energen Corp. .................. 2,982 170,332
Entergy Corp. .................. 6,080 658,403
Equitable Resources, Inc. ...... 3,252 168,681
Exelon Corp. ................... 19,675 1,482,708
FirstEnergy Corp. .............. 8,943 566,450
FPL Group, Inc. ................ 11,881 723,315
Mirant Corp. (a)................ 7,318 297,696
NiSource, Inc. ................. 7,318 140,067
Northeast Utilities............. 4,065 116,137
ONEOK, Inc. .................... 3,252 154,145
Pepco Holdings, Inc. ........... 5,690 154,085
</Table>
See accompanying notes to financial statements.
91
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
PG&E Corp. ..................... 10,533 $ 503,477
Pinnacle West Capital Corp. .... 3,217 127,104
PPL Corp. ...................... 11,266 521,616
Progress Energy, Inc. .......... 7,318 342,848
Public Service Enterprise Group,
Inc. ......................... 7,318 643,911
Questar Corp. .................. 4,876 256,136
Reliant Energy, Inc. (a)........ 13,759 352,230
SCANA Corp. .................... 3,252 125,982
Sempra Energy................... 7,818 454,382
Spectra Energy Corp. ........... 17,882 437,751
The AES Corp. (a)............... 18,696 374,668
The Southern Co. ............... 21,834 792,138
The Williams Cos., Inc. ........ 17,471 595,062
TXU Corp. ...................... 13,507 924,824
Wisconsin Energy Corp. ......... 3,252 146,438
Xcel Energy, Inc. .............. 11,381 245,146
-----------
TOTAL UNITED STATES............. 17,044,126
-----------
TOTAL COMMON STOCKS --
(Cost $42,483,653)............ 45,173,451
-----------
SHORT TERM INVESTMENTS -- 1.3%
UNITED STATES -- 1.3%
MONEY MARKET FUND -- 1.3%
STIC Prime Portfolio
(Cost $576,913)............... 576,913 576,913
-----------
TOTAL INVESTMENTS -- 99.2%
(Cost $43,060,566)............ 45,750,364
OTHER ASSETS AND
LIABILITIES -- 0.8%........... 391,172
-----------
NET ASSETS -- 100.0%............ $46,141,536
===========
</Table>
(a) Non-income producing security
ADR = American Depositary Receipt
See accompanying notes to financial statements.
92
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.8%
ARGENTINA -- 0.1%
Tenaris SA ADR................. 2,201 $ 115,817
------------
AUSTRALIA -- 5.1%
Alumina, Ltd. ................. 17,341 109,570
Amcor, Ltd. ................... 14,204 92,765
AMP, Ltd. ..................... 14,663 136,767
Asciano Group (a).............. 5,452 43,278
Australia & New Zealand Banking
Group, Ltd. ................. 10,741 282,306
Babcock & Brown, Ltd. ......... 2,960 71,956
BHP Billiton, Ltd. ............ 23,625 931,405
BlueScope Steel, Ltd. ......... 9,137 86,922
Boral, Ltd. ................... 12,130 77,181
Brambles, Ltd. ................ 12,491 163,156
CFS Retail Property Trust...... 74,099 156,732
Coca-Cola Amatil, Ltd. ........ 15,748 125,426
Coles Group, Ltd. ............. 10,067 137,196
Commonwealth Bank of
Australia.................... 7,892 393,829
CSL, Ltd. ..................... 1,643 156,011
Foster's Group, Ltd. .......... 18,859 108,981
Insurance Australia Group,
Ltd. ........................ 17,356 80,636
Lend Lease Corp., Ltd. ........ 5,560 92,994
Macquarie Bank, Ltd. .......... 2,106 157,297
Macquarie Infrastructure
Group........................ 30,685 84,723
Macquarie Office Trust......... 183,088 253,567
National Australia Bank,
Ltd. ........................ 9,764 343,120
Newcrest Mining, Ltd. ......... 3,527 87,394
Origin Energy, Ltd. ........... 14,086 128,394
Perpetual, Ltd. ............... 1,327 85,808
Qantas Airways, Ltd. .......... 15,537 76,722
QBE Insurance Group, Ltd. ..... 5,602 167,563
Rio Tinto, Ltd. ............... 2,276 217,971
Santos, Ltd. .................. 10,710 142,641
Sonic Healthcare, Ltd. ........ 6,253 86,324
Suncorp-Metway, Ltd. .......... 6,734 120,973
Toll Holdings, Ltd. ........... 5,452 63,253
Transurban Group............... 13,176 85,119
Wesfarmers, Ltd. .............. 3,776 140,346
Westfield Group................ 9,578 183,930
Westpac Banking Corp. ......... 11,358 286,461
Woodside Petroleum, Ltd. ...... 4,402 195,575
Woolworths, Ltd. .............. 8,392 220,641
Zinifex, Ltd. ................. 4,554 71,413
------------
TOTAL AUSTRALIA................ 6,446,346
------------
AUSTRIA -- 0.4%
Boehler-Uddeholm AG............ 196 20,471
Erste Bank der
Oesterreichischen Sparkassen
AG........................... 1,463 111,208
OMV AG......................... 1,733 115,416
Raiffeisen International Bank
Holding AG................... 376 54,810
Telekom Austria AG............. 3,542 92,434
Wienerberger AG................ 1,327 82,772
------------
TOTAL AUSTRIA.................. 477,111
------------
BELGIUM -- 0.7%
Delhaize Group................. 783 74,830
Dexia.......................... 4,824 145,716
Fortis......................... 7,999 234,910
InBev NV....................... 1,403 126,820
KBC Groep NV................... 1,327 182,076
Solvay SA...................... 693 100,299
UCB SA......................... 1,130 66,499
------------
TOTAL BELGIUM.................. 931,150
------------
BRAZIL -- 1.9%
Banco Bradesco SA ADR
Preference Shares............ 7,742 227,383
Banco Itau Holding Financeira
SA ADR Preference Shares..... 4,280 216,654
Cia de Bebidas das Americas
ADR.......................... 1,870 136,753
Cia Energetica de Minas
Gerais....................... 4,342 92,615
Cia Siderurgica Nacional SA
ADR.......................... 1,733 122,211
Cia Vale do Rio Doce ADR....... 25,042 712,445
Gerdau SA ADR.................. 4,220 110,648
Petroleo Brasileiro SA ADR..... 9,554 618,144
Tele Norte Leste Participacoes
SA ADR....................... 3,676 82,563
Unibanco -- Uniao de Bancos
Brasileiros SA GDR........... 1,115 146,678
------------
TOTAL BRAZIL................... 2,466,094
------------
CANADA -- 6.6%
Agrium, Inc. .................. 2,079 113,354
Alcan, Inc. ................... 2,954 294,984
Bank of Montreal............... 3,647 238,558
Bank of Nova Scotia............ 6,403 336,678
Barrick Gold Corp. ............ 6,841 275,031
Brookfield Asset Management,
Inc. (Class A)............... 4,339 166,582
Brookfield Properties Corp. ... 3,438 85,457
Cameco Corp. .................. 2,893 133,572
Canadian Imperial Bank of
Commerce..................... 2,442 244,175
Canadian National Railway
Co. ......................... 3,994 228,137
Canadian Natural Resources,
Ltd. ........................ 3,994 303,700
Canadian Pacific Railway,
Ltd. ........................ 1,733 122,079
Canadian Tire Corp., Ltd. ..... 1,280 102,238
Cognos, Inc. (a)............... 1,418 58,649
Enbridge, Inc. ................ 3,542 129,889
EnCana Corp. .................. 5,938 367,502
Gildan Activewear, Inc. (a).... 2,441 96,761
Goldcorp, Inc. ................ 5,485 167,801
Husky Energy, Inc. ............ 2,926 122,052
IGM Financial, Inc. ........... 2,457 130,058
Imperial Oil, Ltd. ............ 3,273 162,349
Loblaw Cos., Ltd. ............. 2,321 105,271
Magna International, Inc.
(Class A).................... 1,220 117,801
Manulife Financial Corp. ...... 10,320 425,906
MDS, Inc. ..................... 4,025 87,046
National Bank of Canada........ 2,216 121,538
Nexen, Inc. ................... 3,472 106,183
Nortel Networks, Corp. (a)..... 3,258 55,278
Onex, Corp. ................... 3,934 144,699
Penn West Energy Trust......... 3,108 96,646
Petro-Canada................... 4,040 232,024
Potash Corp of Saskatchewan.... 2,489 263,127
Research In Motion, Ltd. (a)... 3,660 360,033
Rogers Communications, Inc. ... 3,497 159,348
Royal Bank of Canada........... 8,409 465,850
Shaw Communications, Inc. ..... 3,740 92,964
Shoppers Drug Mart Corp. ...... 2,381 130,300
</Table>
See accompanying notes to financial statements.
93
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SNC-Lavalin Group, Inc. ....... 2,547 $ 113,676
Sun Life Financial, Inc. ...... 4,145 217,741
Suncor Energy, Inc. ........... 3,348 318,257
Talisman Energy, Inc. ......... 9,160 180,029
Teck Cominco, Ltd. (Class B)... 3,376 160,425
TELUS Corp. ................... 1,388 80,316
TELUS Corp. (Non-Voting)....... 345 19,442
Thomson Corp. ................. 2,818 118,142
TransAlta Corp. ............... 4,478 141,050
TransCanada Corp. ............. 4,235 155,430
TSX Group, Inc. ............... 1,795 86,706
------------
TOTAL CANADA................... 8,434,834
------------
CHILE -- 0.2%
Empresa Nacional de
Electricidad SA ADR.......... 2,442 104,884
Enersis SA ADR................. 4,554 80,788
------------
TOTAL CHILE.................... 185,672
------------
CHINA -- 4.2%
Bank of China, Ltd. ........... 180,000 96,619
Bank of Communications Co.,
Ltd. ........................ 60,000 72,522
Bank of East Asia, Ltd. ....... 21,303 119,970
Cheung Kong Holdings, Ltd. .... 15,000 247,147
China Life Insurance Co.,
Ltd. ........................ 60,000 344,461
China Merchants Holdings
International Co., Ltd. ..... 30,183 188,045
China Mobile, Ltd. ............ 30,000 491,205
China Petroleum & Chemical
Corp. ....................... 150,000 186,712
China Resources Enterprise..... 30,000 127,628
China Telecom Corp., Ltd. ..... 150,000 113,147
Citic 1616 Holdings, Ltd. ..... 400 131
Citic Pacific, Ltd. ........... 30,000 191,539
CNOOC, Ltd. ................... 120,000 202,043
COSCO Pacific, Ltd. ........... 30,000 94,997
Esprit Holdings, Ltd. ......... 7,500 119,229
Foxconn International Holdings,
Ltd. (a)..................... 15,000 41,127
Guangzhou R&F Properties Co.,
Ltd. ........................ 44,400 209,751
Hang Lung Properties, Ltd. .... 30,000 134,386
Henderson Land Development Co.,
Ltd. ........................ 13,000 103,165
Hong Kong & China Gas Co. ..... 64,200 149,909
Hong Kong Exchanges and
Clearing, Ltd. .............. 7,500 229,770
Huaneng Power International,
Inc. ........................ 60,000 83,103
Hutchison Whampoa, Ltd. ....... 15,000 160,742
Industrial & Commercial Bank of
China........................ 210,000 146,782
Li & Fung, Ltd. ............... 30,000 127,822
New World Development Co.,
Ltd. ........................ 75,095 208,795
PCCW, Ltd. .................... 90,000 59,547
PetroChina Co., Ltd. .......... 150,000 284,605
Ping An Insurance Group Co. of
China, Ltd. ................. 15,000 207,179
Shangri-La Asia, Ltd. ......... 30,000 101,176
Sun Hung Kai Properties,
Ltd. ........................ 15,000 252,940
Swire Pacific, Ltd. ........... 15,000 182,078
The Link REIT.................. 37,955 83,252
------------
TOTAL CHINA.................... 5,361,524
------------
DENMARK -- 0.7%
A P Moller -- Maersk A/S....... 15 205,481
Danisco A/S.................... 1,100 85,312
Danske Bank A/S................ 2,818 114,116
DSV A/S........................ 3,751 88,204
GN Store Nord A/S (a).......... 3,827 38,698
Novo-Nordisk A/S (Class B)..... 1,946 234,277
Vestas Wind Systems A/S (a).... 1,628 128,281
------------
TOTAL DENMARK.................. 894,369
------------
FINLAND -- 1.6%
Elisa Oyj...................... 2,487 77,104
Fortum Oyj..................... 3,617 132,404
Kesko Oyj (Class B)............ 1,508 99,917
Kone Oyj (Class B)............. 1,373 99,876
Metso Oyj...................... 1,598 109,766
Neste Oil Oyj.................. 2,381 86,922
Nokia Oyj...................... 23,007 872,299
Outokumpu Oyj.................. 1,568 56,172
Sampo Oyj (Class A)............ 3,964 120,697
Stora Enso Oyj................. 5,938 115,355
TietoEnator Oyj................ 1,733 38,792
UPM-Kymmene Oyj................ 4,869 117,439
Wartsila Oyj (Class B)......... 1,100 75,168
YIT Oyj........................ 2,743 81,296
------------
TOTAL FINLAND.................. 2,083,207
------------
FRANCE -- 7.3%
Accor SA....................... 1,703 150,789
Air France-KLM................. 1,598 58,565
Air Liquide SA................. 1,690 225,586
Alcatel-Lucent................. 16,411 168,040
Alstom......................... 798 161,799
AXA............................ 10,696 477,331
BNP Paribas SA................. 5,425 592,061
Bouygues SA.................... 1,703 146,502
Cap Gemini SA.................. 1,175 72,222
Carrefour SA................... 4,220 294,852
Compagnie de Saint-Gobain...... 2,231 232,218
Compagnie Generale des
Etablissements Michelin...... 1,205 161,567
Credit Agricole SA............. 4,295 165,225
Essilor International SA....... 2,470 154,559
France Telecom SA.............. 11,918 398,136
Groupe Danone.................. 3,286 257,960
Hermes International........... 723 81,147
L'Oreal SA..................... 2,021 264,423
Lafarge SA..................... 1,070 165,333
Lagardere SCA.................. 1,358 115,278
LVMH Moet Hennessy Louis
Vuitton SA................... 1,643 196,437
Neopost SA..................... 620 87,221
Pernod -- Ricard SA............ 675 146,901
PPR............................ 515 96,634
PSA Peugeot Citroen............ 1,463 120,425
Publicis Groupe................ 1,780 73,006
Renault SA..................... 1,373 198,424
Sanofi-Aventis................. 6,871 580,237
Schneider Electric SA.......... 1,853 233,482
Societe Generale............... 2,351 393,460
Sodexho Alliance SA............ 1,055 72,768
Suez SA........................ 7,006 411,496
Technip SA..................... 1,100 98,086
Thomson........................ 3,288 49,940
Total SA....................... 14,180 1,149,870
Unibail-Rodamco................ 485 124,492
</Table>
See accompanying notes to financial statements.
94
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Valeo SA....................... 1,493 $ 82,850
Vallourec SA................... 331 95,088
Veolia Environnement........... 2,268 194,784
Vinci SA....................... 3,256 253,706
Vivendi Universal SA........... 8,134 342,406
------------
TOTAL FRANCE................... 9,345,306
------------
GERMANY -- 6.4%
Adidas AG...................... 2,336 152,818
Allianz SE..................... 2,954 688,339
Altana AG...................... 890 21,391
BASF AG........................ 3,213 443,228
Bayer AG....................... 5,110 405,654
Commerzbank AG................. 4,644 187,501
Continental AG................. 1,115 153,781
DaimlerChrysler AG............. 6,403 643,249
Deutsche Bank AG............... 3,557 457,195
Deutsche Boerse AG............. 1,660 225,453
Deutsche Lufthansa AG.......... 2,788 79,973
Deutsche Post AG............... 5,714 165,774
Deutsche Telekom AG............ 19,905 390,083
E.ON AG........................ 4,190 772,619
Fresenius Medical Care AG & Co.
KGaA......................... 1,723 91,325
Hypo Real Estate Holding AG.... 1,418 80,422
Infineon Technologies AG (a)... 6,208 106,739
Linde AG....................... 980 121,378
MAN AG......................... 1,085 157,466
Merck KGaA..................... 606 72,910
Metro AG....................... 1,373 123,678
Muenchener Rueckversicherungs-
Gesellschaft AG.............. 1,463 280,403
Puma AG Rudolf Dassler Sport... 40 17,143
RWE AG......................... 3,288 412,426
Salzgitter AG.................. 455 89,129
SAP AG......................... 6,253 365,045
Siemens AG..................... 5,700 781,605
ThyssenKrupp AG................ 2,728 173,264
TUI AG (a)..................... 2,803 75,102
Volkswagen AG.................. 1,733 390,637
------------
TOTAL GERMANY.................. 8,125,730
------------
GREECE -- 0.3%
Hellenic Telecommunications
Organization SA ADR.......... 6,238 117,212
National Bank of Greece SA
ADR.......................... 16,213 209,310
------------
TOTAL GREECE................... 326,522
------------
HUNGARY -- 0.2%
MOL Hungarian Oil and Gas
NyRt......................... 935 150,839
Richter Gedeon NyRt............ 423 90,041
------------
TOTAL HUNGARY.................. 240,880
------------
INDIA -- 1.4%
Dr Reddy's Laboratories, Ltd.
ADR.......................... 5,276 86,315
HDFC Bank, Ltd. ADR............ 1,055 113,022
ICICI Bank, Ltd. ADR........... 5,913 311,733
Infosys Technologies, Ltd.
ADR.......................... 4,750 229,853
Reliance Industries, Ltd. GDR
(b).......................... 2,686 307,547
Satyam Computer Services, Ltd.
ADR.......................... 11,004 284,894
Tata Motors, Ltd. ADR.......... 21,322 408,103
------------
TOTAL INDIA.................... 1,741,467
------------
INDONESIA -- 0.2%
Astra International Tbk PT..... 56,000 117,879
Bank Rakyat Indonesia PT....... 124,500 89,852
Telekomunikasi Indonesia Tbk
PT........................... 82,500 99,235
------------
TOTAL INDONESIA................ 306,966
------------
IRELAND -- 0.6%
Allied Irish Banks PLC......... 5,714 138,145
Bank of Ireland................ 7,215 133,390
C&C Group PLC.................. 3,756 30,981
CRH PLC........................ 4,036 159,853
DCC PLC........................ 2,139 62,969
Depfa Bank PLC................. 3,542 73,141
Grafton Group PLC (a).......... 4,055 45,293
Irish Life & Permanent PLC..... 3,108 68,732
------------
TOTAL IRELAND.................. 712,504
------------
ISRAEL -- 0.4%
Bank Hapoalim BM............... 21,469 109,549
Bank Leumi Le-Israel BM........ 19,227 84,135
Teva Pharmaceutical Industries,
Ltd. ADR..................... 5,998 266,731
------------
TOTAL ISRAEL................... 460,415
------------
ITALY -- 2.8%
Assicurazioni Generali SpA..... 6,781 297,601
Atlantia SpA................... 3,333 112,291
Banca Monte dei Paschi di Siena
SpA.......................... 12,144 74,307
Banca Popolare di Milano
Scarl........................ 5,666 83,480
Banco Popolare Scarl (a)....... 3,210 71,718
Capitalia SpA.................. 13,409 127,766
Enel SpA....................... 28,282 319,357
Eni SpA........................ 16,741 618,775
Fiat SpA....................... 4,824 145,510
Finmeccanica SpA............... 3,348 97,275
Intesa Sanpaolo SpA............ 55,539 427,703
Lottomatica SpA................ 2,021 72,860
Mediaset SpA................... 8,544 87,972
Mediobanca SpA................. 4,599 100,331
Pirelli & C. SpA (a)........... 54,077 64,985
Seat Pagine Gialle SpA......... 96,796 53,824
Telecom Italia SpA............. 99,386 301,411
UniCredito Italiano SpA........ 51,425 438,804
Unione di Banche Italiane
Scpa......................... 4,944 132,536
------------
TOTAL ITALY.................... 3,628,506
------------
JAPAN -- 15.3%
Advantest Corp. ............... 1,500 46,690
Aeon Co., Ltd. ................ 4,500 63,500
Aisin Seiki Co., Ltd. ......... 1,500 59,862
Asahi Breweries, Ltd. ......... 4,500 68,469
Asahi Glass Co., Ltd. ......... 15,000 201,495
Asahi Kasei Corp. ............. 15,000 121,028
Astellas Pharma, Inc. ......... 4,500 215,581
Bridgestone Corp. ............. 4,500 99,378
Canon, Inc. ................... 7,500 408,860
Casio Computer Co., Ltd. ...... 3,000 42,934
Central Japan Railway Co. ..... 15 159,110
Chubu Electric Power Co.,
Inc. ........................ 4,500 116,398
Chugai Pharmaceutical Co.,
Ltd. ........................ 3,000 49,480
Credit Saison Co., Ltd. ....... 1,500 38,604
Daiichi Sankyo Co., Ltd. ...... 6,000 179,977
</Table>
See accompanying notes to financial statements.
95
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Daikin Industries, Ltd. ....... 3,000 $ 144,242
Daiwa Securities Group, Inc. .. 15,000 142,677
Denso Corp. ................... 3,000 112,942
Dentsu, Inc. .................. 15 42,516
East Japan Railway Co. ........ 15 118,158
Eisai Co., Ltd. ............... 1,500 70,817
Electric Power Development Co.,
Ltd. ........................ 1,500 58,297
Elpida Memory, Inc. (a)........ 1,500 55,036
Fanuc, Ltd. ................... 1,500 152,719
FUJIFILM Holdings Corp. ....... 4,500 207,755
Fujitsu, Ltd. ................. 15,000 105,899
Fukuoka Financial Group,
Inc. ........................ 6,000 35,108
Hankyu Hanshin Holdings,
Inc. ........................ 15,000 76,555
Hitachi, Ltd. ................. 30,000 199,539
Hokuhoku Financial Group,
Inc. ........................ 15,000 42,386
Honda Motor Co., Ltd. ......... 10,500 352,389
Hoya Corp. .................... 3,000 102,248
Ibiden Co., Ltd. .............. 1,500 126,114
Inpex Holdings, Inc. .......... 15 153,893
Isetan Co., Ltd. .............. 3,000 40,403
Ishikawajima-Harima Heavy
Industries Co., Ltd. ........ 15,000 47,081
Itochu Corp. .................. 15,000 181,933
Japan Real Estate Investment
Corp. ....................... 15 179,977
Japan Retail Fund Investment
Corp. ....................... 15 130,418
Japan Tobacco, Inc. ........... 30 164,587
JFE Holdings, Inc. ............ 4,500 318,480
JS Group Corp. ................ 3,000 52,115
JSR Corp. ..................... 3,000 73,425
Kajima Corp. .................. 15,000 51,515
Kamigumi Co., Ltd. ............ 15,000 125,853
Kawasaki Heavy Industries,
Ltd. ........................ 15,000 58,688
Kawasaki Kisen Kaisha, Ltd. ... 15,000 220,015
KDDI Corp. .................... 15 111,116
Keihin Electric Express Railway
Co., Ltd. ................... 15,000 97,161
Kintetsu Corp. ................ 30,000 93,118
Kobe Steel, Ltd. .............. 30,000 111,898
Komatsu, Ltd. ................. 7,500 251,706
Konica Minolta Holdings,
Inc. ........................ 7,500 126,962
Kubota Corp. .................. 15,000 123,375
Kyocera Corp. ................. 1,500 140,460
Makita Corp. .................. 1,500 65,731
Marubeni Corp. ................ 15,000 137,460
Marui Co., Ltd. ............... 6,000 66,148
Matsushita Electric Industrial
Co., Ltd. ................... 15,000 281,050
Millea Holdings, Inc. ......... 4,500 180,759
Mitsubishi Chemical Holdings
Corp. ....................... 15,000 130,418
Mitsubishi Corp. .............. 9,000 284,832
Mitsubishi Electric Corp. ..... 15,000 187,802
Mitsubishi Estate Co., Ltd. ... 15,000 429,074
Mitsubishi Heavy Industries,
Ltd. ........................ 30,000 195,887
Mitsubishi Rayon Co., Ltd. .... 15,000 106,160
Mitsubishi UFJ Financial Group,
Inc. ........................ 60,000 526,888
Mitsui & Co., Ltd. ............ 15,000 363,866
Mitsui Chemicals, Inc. ........ 15,000 148,807
Mitsui Mining & Smelting Co.,
Ltd. ........................ 15,000 64,557
Mitsui OSK Lines, Ltd. ........ 15,000 242,707
Mitsui Sumitomo Insurance Co.,
Ltd. ........................ 15,000 175,934
Mizuho Financial Group, Inc. .. 60 341,695
Murata Manufacturing Co.,
Ltd. ........................ 1,500 107,986
NEC Corp. ..................... 15,000 72,773
Nidec Corp. ................... 1,500 104,725
Nikko Cordial Corp. ........... 3,500 43,912
Nippon Mining Holdings, Inc. .. 7,500 75,251
Nippon Oil Corp. .............. 15,000 139,156
Nippon Steel Corp. ............ 45,000 323,566
Nippon Telegraph & Telephone
Corp. ....................... 30 140,069
Nippon Yusen KK................ 15,000 146,329
Nissan Motor Co., Ltd. ........ 15,000 150,111
Nitto Denko Corp. ............. 1,500 69,643
Nomura Holdings, Inc. ......... 12,000 200,948
NTT Data Corp. ................ 15 66,774
NTT DoCoMo, Inc. .............. 120 171,108
Obayashi Corp. ................ 15,000 69,382
Omron Corp. ................... 3,000 79,294
ORIX Corp. .................... 600 136,678
Osaka Gas Co., Ltd. ........... 30,000 105,117
Resona Holdings, Inc. ......... 30 51,385
Rohm Co., Ltd. ................ 1,500 132,374
Secom Co., Ltd. ............... 1,500 72,121
Sega Sammy Holdings, Inc. ..... 1,500 19,954
Seven & I Holdings Co., Ltd. .. 6,000 154,154
Sharp Corp. ................... 15,000 271,921
Shin-Etsu Chemical Co., Ltd. .. 3,000 207,103
Shinsei Bank, Ltd. ............ 15,000 47,211
Softbank Corp. ................ 6,000 110,594
Sompo Japan Insurance, Inc. ... 15,000 171,891
Sony Corp. .................... 7,500 363,213
Sumitomo Chemical Co., Ltd. ... 15,000 128,462
Sumitomo Corp. ................ 7,500 144,764
Sumitomo Electric Industries,
Ltd. ........................ 6,000 95,466
Sumitomo Metal Industries,
Ltd. ........................ 30,000 174,760
Sumitomo Mitsui Financial
Group, Inc. ................. 45 350,172
T&D Holdings, Inc. ............ 1,500 92,205
Takeda Pharmaceutical Co.,
Ltd. ........................ 6,000 421,510
Takefuji Corp. ................ 1,350 26,762
TDK Corp. ..................... 1,500 131,461
Teijin, Ltd. .................. 15,000 73,164
Terumo Corp. .................. 1,500 75,642
The 77 Bank, Ltd. ............. 15,000 100,813
The Bank of Yokohama, Ltd. .... 15,000 103,421
The Chiba Bank, Ltd. .......... 15,000 115,811
The Furukawa Electric Co.,
Ltd. ........................ 15,000 73,295
The Joyo Bank, Ltd. ........... 15,000 83,598
The Kansai Electric Power Co.,
Inc. ........................ 4,500 102,704
The Shizuoka Bank, Ltd. ....... 15,000 145,546
The Sumitomo Trust & Banking
Co., Ltd. ................... 15,000 113,333
The Tokyo Electric Power Co.,
Inc. ........................ 7,500 189,106
Tokyo Electron., Ltd. ......... 1,500 94,944
Tokyo Gas Co., Ltd. ........... 15,000 69,774
Tokyu Corp. ................... 15,000 97,813
Toppan Printing Co., Ltd. ..... 15,000 154,284
Toray Industries, Inc. ........ 15,000 118,941
Toshiba Corp. ................. 15,000 139,938
Toyota Motor Corp. ............ 19,500 1,149,502
Toyota Tsusho Corp. ........... 1,500 39,777
West Japan Railway Co. ........ 15 71,469
Yahoo! Japan Corp. ............ 135 51,059
Yamada Denki Co., Ltd. ........ 900 88,971
</Table>
See accompanying notes to financial statements.
96
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Yamaha Corp. .................. 3,000 $ 67,165
Yamaha Motor Co., Ltd. ........ 3,000 76,425
------------
TOTAL JAPAN.................... 19,567,517
------------
LUXEMBOURG -- 0.3%
ArcelorMittal.................. 4,644 365,557
------------
MEXICO -- 0.9%
America Movil SAB de CV........ 136,390 436,562
Cemex SAB de CV (a)............ 60,946 182,036
Fomento Economico Mexicano SAB
de CV........................ 19,818 73,837
Grupo Financiero Banorte SAB de
CV........................... 19,905 78,822
Grupo Modelo SAB de CV......... 18,037 86,600
Grupo Televisa SA de CV........ 27,951 134,328
Telefonos de Mexico SA de CV... 106,078 173,940
------------
TOTAL MEXICO................... 1,166,125
------------
NETHERLANDS -- 4.8%
ABN AMRO Holding NV............ 13,091 687,911
Aegon NV....................... 11,068 211,393
Akzo Nobel NV.................. 2,306 189,554
ASML Holding NV (a)............ 4,145 137,054
Euronext NV (a)................ 2 266
European Aeronautic Defence and
Space Co. NV................. 2,592 79,475
Heineken NV.................... 1,931 126,379
ING Groep NV................... 12,974 574,379
James Hardie Industries NV
ADR.......................... 8,209 51,796
Koninklijke (Royal) Philips
Electronics NV............... 8,694 391,326
Koninklijke Ahold NV (a)....... 9,884 148,999
Koninklijke DSM NV............. 1,816 97,752
Reed Elsevier NV............... 8,424 159,576
Royal Dutch Shell PLC (Class
A)........................... 25,238 1,037,113
Royal Dutch Shell PLC (Class
B)........................... 18,412 754,735
Royal KPN NV................... 14,781 255,823
Royal Numico NV................ 1,421 109,936
SBM Offshore NV................ 2,105 82,534
STMicroelectronics NV.......... 5,395 90,459
TNT NV......................... 3,647 152,485
Unilever NV.................... 11,698 360,176
Unilever PLC................... 8,878 279,453
Wereldhave NV.................. 829 99,563
Wolters Kluwer NV.............. 3,137 92,884
------------
TOTAL NETHERLANDS.............. 6,171,021
------------
NORWAY -- 0.8%
DnB NOR ASA.................... 6,570 100,205
Norsk Hydro ASA................ 5,863 253,561
Norske Skogindustrier ASA...... 4,704 50,057
Orkla ASA...................... 10,470 185,949
Statoil ASA.................... 4,644 157,377
Storebrand ASA................. 4,370 67,538
Telenor ASA (a)................ 5,878 117,078
Yara International ASA......... 2,984 93,830
------------
TOTAL NORWAY................... 1,025,595
------------
POLAND -- 0.1%
Telekomunikacja Polska SA GDR.. 10,065 100,650
------------
PORTUGAL -- 0.2%
Banco Comercial Portugues SA... 30,301 125,399
Portugal Telecom, SGPS SA...... 11,376 159,034
------------
TOTAL PORTUGAL................. 284,433
------------
RUSSIA -- 1.6%
Gazprom OAO ADR................ 16,856 743,350
LUKOIL ADR..................... 4,040 335,724
Mobile Telesystems OJSC ADR.... 2,021 140,075
Tatneft GDR.................... 2,579 283,690
Unified Energy System ADR...... 2,256 274,104
Vimpel-Communications ADR...... 9,609 259,827
------------
TOTAL RUSSIA................... 2,036,770
------------
SINGAPORE -- 0.9%
CapitaLand, Ltd. .............. 23,000 126,276
DBS Group Holdings, Ltd. ...... 15,000 218,263
Fraser and Neave, Ltd. ........ 30,000 115,194
Singapore Exchange, Ltd. ...... 30,000 260,703
Singapore Press Holdings,
Ltd. ........................ 45,000 130,957
Singapore Telecommunications,
Ltd. ........................ 45,000 121,863
United Overseas Bank, Ltd. .... 15,000 223,315
------------
TOTAL SINGAPORE................ 1,196,571
------------
SOUTH AFRICA -- 1.3%
Anglo Platinum, Ltd. .......... 560 84,656
AngloGold Ashanti, Ltd. ....... 1,750 82,771
Barloworld, Ltd. .............. 3,692 69,378
FirstRand, Ltd. ............... 26,701 85,561
Gold Fields, Ltd. ............. 6,590 118,628
Harmony Gold Mining Co., Ltd.
(a).......................... 10,585 125,223
Impala Platinum Holdings,
Ltd. ........................ 4,478 155,830
Imperial Holdings, Ltd. ....... 3,333 62,342
Mondi, Ltd. ................... 756 7,516
MTN Group, Ltd. ............... 10,786 163,430
Naspers, Ltd. ................. 3,123 86,498
Pretoria Portland Cement Co.,
Ltd. ........................ 5,032 34,876
Sanlam, Ltd. .................. 29,185 94,240
Sasol, Ltd. ................... 4,644 199,315
Standard Bank Group, Ltd. ..... 10,202 147,126
Telkom SA, Ltd. ............... 3,438 86,489
------------
TOTAL SOUTH AFRICA............. 1,603,879
------------
SOUTH KOREA -- 2.8%
Hana Financial Group, Inc. .... 1,300 61,296
Hyundai Development Co. ....... 960 89,690
Hyundai Heavy Industries....... 480 221,865
Hyundai Mobis.................. 660 70,028
Kia Motors Corp. (a)........... 4,940 67,205
Kookmin Bank................... 2,880 239,803
Korea Electric Power Corp.
ADR.......................... 4,280 99,082
KT Corp. ADR................... 3,078 77,104
KT Freetel Co., Ltd. .......... 1,920 69,654
KT&G Corp. .................... 1,300 101,568
LG Electronics, Inc. .......... 1,300 121,456
NHN Corp. (a).................. 457 105,767
POSCO ADR...................... 2,261 404,199
Samsung Corp. ................. 2,350 172,819
Samsung Electro-Mechanics Co.,
Ltd. ........................ 1,870 122,807
Samsung Electronics Co., Ltd.
GDR (b)...................... 1,904 597,381
</Table>
See accompanying notes to financial statements.
97
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Samsung Fire & Marine Insurance
Co., Ltd. ................... 480 $ 103,327
Samsung Heavy Industries Co.,
Ltd. ........................ 2,540 135,028
Samsung Securities Co., Ltd. .. 1,300 117,904
Shinhan Financial Group Co.,
Ltd. ........................ 2,190 143,105
Shinsegae Co., Ltd. ........... 140 97,449
SK Corp. ...................... 477 101,639
SK Energy Co., Ltd. (a)........ 482 84,270
SK Telecom Co., Ltd. ADR....... 3,542 105,197
------------
TOTAL SOUTH KOREA.............. 3,509,643
------------
SPAIN -- 3.7%
Abertis Infraestructuras SA.... 3,844 119,886
Acciona SA..................... 500 135,602
Acerinox SA.................... 3,063 91,912
ACS Actividades de Construccion
y Servicios.................. 2,577 141,831
Altadis SA..................... 2,848 199,841
Banco Bilbao Vizcaya Argentaria
SA........................... 22,719 531,173
Banco Popular Espanol SA....... 8,604 147,446
Banco Santander Central Hispano
SA........................... 37,684 730,463
Ebro Puleva SA................. 4,355 89,062
Endesa SA...................... 5,049 287,863
Gamesa Corp. Tecnologica SA.... 3,078 125,412
Gas Natural SDG SA............. 2,321 130,712
Grupo Ferrovial SA............. 890 75,120
Iberdrola SA................... 5,980 350,383
Indra Sistemas SA.............. 3,887 104,864
Industria de Desino Textil SA
(Inditex).................... 2,006 134,825
Mapfre SA...................... 15,009 67,664
Repsol YPF SA.................. 6,721 239,435
Sacyr Vallehermoso SA.......... 1,175 41,007
Telefonica SA.................. 29,983 837,029
Union Fenosa SA................ 1,463 86,324
------------
TOTAL SPAIN.................... 4,667,854
------------
SWEDEN -- 1.8%
Assa Abloy AB (Class B)........ 3,964 81,957
Atlas Copco AB (Class B)....... 9,132 145,399
Boliden AB..................... 2,728 57,878
Hennes & Mauritz AB (Class B).. 3,288 207,627
Husqvarna AB (Class B)......... 4,602 59,223
Nordea Bank AB................. 15,069 261,592
Sandvik AB..................... 8,179 174,793
Securitas AB (Class B)......... 4,959 65,159
Skandinaviska Enskilda Banken
AB........................... 3,812 123,452
Skanska AB (Class B)........... 4,914 97,041
SKF AB (Class B)............... 4,779 100,285
Svenska Handelsbanken AB (Class
A)........................... 4,190 129,540
Tele2 AB (Class B)............. 4,100 88,255
Telefonaktiebolaget LM Ericsson
(Class B).................... 107,704 429,547
TeliaSonera AB................. 14,510 130,654
Volvo AB ADR................... 10,930 189,233
------------
TOTAL SWEDEN................... 2,341,635
------------
SWITZERLAND -- 5.3%
ABB, Ltd. ..................... 14,918 391,530
Adecco SA...................... 1,190 70,135
Ciba Specialty Chemicals AG.... 1,448 73,565
Compagnie Financiere Richemont
SA (Class A)................. 3,857 254,723
Credit Suisse Group............ 7,954 526,318
Geberit AG..................... 451 58,798
Givaudan SA.................... 105 96,713
Holcim, Ltd. .................. 1,553 170,960
Kuehne & Nagel International
AG........................... 920 90,252
Logitech International SA (a).. 1,916 56,847
Nestle SA...................... 2,668 1,194,456
Nobel Biocare Holding AG....... 255 68,814
Novartis AG.................... 15,417 847,922
PSP Swiss Property AG (a)...... 2,472 130,774
Roche Holding AG............... 4,794 866,301
SGS SA......................... 60 68,310
Swatch Group AG................ 470 153,689
Swiss Reinsurance.............. 2,457 218,106
Syngenta AG.................... 844 181,342
UBS AG......................... 13,183 706,434
Xstrata PLC.................... 4,355 287,829
Zurich Financial Services AG... 1,040 310,923
------------
TOTAL SWITZERLAND.............. 6,824,741
------------
TAIWAN -- 1.7%
AU Optronics Corp. ADR......... 35,467 600,101
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR.. 79,266 802,172
United Microelectronics Corp.
ADR.......................... 229,713 824,670
------------
TOTAL TAIWAN................... 2,226,943
------------
THAILAND -- 0.3%
Bangkok Bank PCL............... 98,400 330,153
PTT PCL........................ 11,200 109,794
------------
TOTAL THAILAND................. 439,947
------------
TURKEY -- 0.3%
Akbank TAS..................... 12,321 93,580
Turkiye Garanti Bankasi AS..... 19,845 151,545
Turkiye Is Bankasi............. 15,762 94,991
------------
TOTAL TURKEY................... 340,116
------------
UNITED KINGDOM -- 15.6%
3i Group PLC................... 3,676 74,668
Anglo American PLC............. 9,366 627,601
AstraZeneca PLC................ 10,908 544,251
Aviva PLC...................... 17,251 258,677
BAE Systems PLC................ 23,310 234,366
Barclays PLC................... 43,136 523,344
Barratt Developments PLC....... 2,984 45,474
BG Group PLC................... 23,790 410,044
BHP Billiton PLC............... 17,266 615,595
BP PLC......................... 133,452 1,542,966
British Airways PLC (a)........ 5,714 44,616
British American Tobacco PLC... 10,661 380,537
British Land Co. PLC........... 4,145 98,973
British Sky Broadcasting Group
PLC.......................... 9,794 138,679
BT Group PLC................... 57,167 357,560
Burberry Group PLC............. 5,773 77,274
Cable & Wireless PLC........... 20,129 75,458
Cadbury Schweppes PLC.......... 16,091 185,879
Capita Group PLC............... 6,372 93,990
Carnival PLC................... 1,688 80,267
Centrica PLC................... 26,701 206,989
Cobham PLC..................... 21,156 83,618
</Table>
See accompanying notes to financial statements.
98
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Compass Group PLC.............. 18,322 $ 112,731
Diageo PLC..................... 18,546 405,807
DSG International PLC.......... 18,971 52,178
Enerplus Resources Fund........ 2,261 106,713
Enterprise Inns PLC............ 6,418 77,408
Experian Group, Ltd. .......... 8,149 85,834
FirstGroup PLC................. 6,103 85,608
G4S PLC........................ 15,881 65,357
GKN PLC........................ 10,561 76,168
GlaxoSmithKline PLC............ 39,386 1,040,752
Hammerson PLC.................. 3,078 73,496
Hays PLC....................... 19,890 53,895
HBOS PLC....................... 26,366 491,240
Home Retail Group PLC.......... 8,014 60,860
HSBC Holdings PLC.............. 74,086 1,365,243
ICAP PLC....................... 6,796 72,967
IMI PLC........................ 8,830 96,155
Imperial Chemical Industries
PLC.......................... 9,809 130,298
Imperial Tobacco Group PLC..... 5,049 230,522
Inchcape PLC................... 6,278 53,848
Intercontinental Hotels Group
PLC.......................... 3,034 59,990
International Power PLC........ 12,431 114,285
Intertek Group PLC............. 3,887 74,995
Invesco PLC.................... 6,523 87,911
Investec PLC................... 4,325 45,115
ITV PLC........................ 37,034 77,413
J Sainsbury PLC................ 13,130 154,483
Kingfisher PLC................. 21,997 80,130
Land Securities Group PLC...... 3,438 117,814
Legal & General Group PLC...... 42,837 116,598
Lloyds TSB Group PLC........... 38,287 423,172
LogicaCMG PLC.................. 14,465 44,574
Man Group PLC.................. 13,669 154,142
Marks & Spencer Group PLC...... 12,734 159,683
Mondi PLC...................... 1,891 17,915
National Grid PLC.............. 19,032 303,995
Next PLC....................... 2,547 101,914
Old Mutual PLC................. 39,147 127,849
Pearson PLC.................... 6,841 105,577
Persimmon PLC.................. 2,775 54,501
Prudential PLC................. 16,773 256,806
Punch Taverns PLC.............. 2,713 54,499
Rank Group..................... 2,646 8,720
Reckitt Benckiser PLC.......... 4,473 261,727
Reed Elsevier PLC.............. 11,513 144,958
Rentokil Initial PLC........... 26,383 89,711
Resolution PLC................. 6,118 85,070
Reuters Group PLC.............. 10,561 138,351
Rio Tinto PLC.................. 7,247 624,250
Rolls-Royce Group PLC (Class B)
(a).......................... 13,984 148,862
Royal & Sun Alliance Insurance
Group PLC.................... 24,575 77,355
Royal Bank of Scotland Group
PLC.......................... 64,168 686,346
SABMiller PLC.................. 6,463 183,290
Scottish & Newcastle PLC....... 8,379 104,389
Scottish and Southern Energy
PLC.......................... 6,493 199,883
Severn Trent PLC............... 3,228 92,730
Smith & Nephew PLC............. 9,491 115,535
Smiths Group PLC............... 3,849 83,828
Standard Life PLC.............. 17,768 104,436
Tate & Lyle PLC................ 5,515 45,225
Taylor Wimpey PLC.............. 13,662 76,753
Tesco PLC...................... 54,921 491,491
The Sage Group PLC............. 14,480 73,531
Tomkins PLC.................... 13,834 64,050
United Utilities PLC........... 8,634 123,133
Vodafone Group................. 371,073 1,334,349
Whitbread PLC.................. 2,487 82,185
William Hill PLC............... 6,058 79,422
Wolseley PLC................... 5,110 86,046
WPP Group PLC.................. 9,551 128,817
Yell Group PLC................. 8,044 70,306
------------
TOTAL UNITED KINGDOM........... 19,976,016
------------
TOTAL COMMON STOCKS --
(Cost $115,898,380).......... 126,129,433
------------
PREFERRED STOCKS -- 0.1%
GERMANY -- 0.1%
Porsche AG (Cost $119,395)..... 75 158,897
------------
RIGHTS -- 0.0%(C)
AUSTRALIA -- 0.0% (C)
Newcrest Mining, Ltd. (expiring
10/04/07) (a)............... 1,234 11,575
------------
AUSTRIA-- 0.0% (C)
Raiffeisen International Bank
Holding AG (expiring
10/03/07) (a)................ 376 --
Wienerberger AG (expiring
10/11/07) (a)................ 1,327 --
------------
TOTAL AUSTRIA.................. --
------------
BELGIUM-- 0.0%(C)
Fortis (expiring 10/09/07)
(a).......................... 7,999 42,318
------------
HONG KONG-- 0.0% (C)
Dah Chong Hong (expiring
10/08/07) (a)................ 1,200 --
------------
ITALY-- 0.0% (C)
Capitalia SpA (expiring
10/03/07) (a)................ 13,409 --
------------
TOTAL RIGHTS --
(Cost $52,792)............... 53,893
------------
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio
(Cost $64,790)............... 64,790 64,790
------------
TOTAL INVESTMENTS -- 99.0%
(Cost $116,135,357).......... 126,407,013
OTHER ASSETS AND
LIABILITIES -- 1.0%.......... 1,283,852
------------
NET ASSETS -- 100.0%........... $127,690,865
============
</Table>
(a) Non-income producing security
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities which represent 0.7% of net assets as of September 30,
2007, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(c) Amount represents less than 0.05% of net assets.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
99
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
JAPAN -- 99.4%
AIR FREIGHT & LOGISTICS -- 0.2%
Yamato Holdings Co., Ltd. ..... 28,180 $ 422,155
------------
AIRLINES -- 0.3%
All Nippon Airways Co., Ltd. .. 96,000 373,934
Japan Airlines Corp. (a) ...... 192,000 415,667
------------
789,601
------------
AUTO COMPONENTS -- 2.8%
Aisin Seiki Co., Ltd. ......... 16,668 665,184
Bosch Corp. ................... 46,727 226,698
Bridgestone Corp. ............. 50,403 1,113,104
Denso Corp. ................... 38,447 1,447,424
FCC Co., Ltd. ................. 7,684 138,294
Futaba Industrial Co., Ltd. ... 12,308 316,756
Keihin Corp. .................. 7,156 135,946
NGK Spark Plug Co., Ltd. ...... 19,160 297,358
NHK Spring Co., Ltd. .......... 23,340 177,767
Nissin Kogyo Co., Ltd. ........ 9,116 262,348
NOK Corp. ..................... 16,316 348,975
Showa Corp. ................... 11,912 141,786
Stanley Electric Co., Ltd. .... 16,844 405,668
Sumitomo Rubber Industries,
Inc. ........................ 21,908 275,052
Tokai Rika Co., Ltd. .......... 12,220 339,991
Toyo Tire & Rubber Co., Ltd. .. 49,851 290,398
Toyoda Gosei Co., Ltd. ........ 9,468 342,450
Toyota Industries Corp. ....... 16,272 700,312
------------
7,625,511
------------
AUTOMOBILES -- 6.8%
Daihatsu Motor Co., Ltd. ...... 26,464 274,499
Fuji Heavy Industries, Ltd. ... 51,347 225,451
Honda Motor Co., Ltd. ......... 112,674 3,781,434
Isuzu Motors, Ltd. ............ 95,651 547,219
Mazda Motor Corp. ............. 71,123 359,279
Mitsubishi Motors Corp. (a).... 239,173 363,911
Nissan Motor Co., Ltd. ........ 170,362 1,704,879
Suzuki Motor Corp. ............ 28,492 842,262
Toyota Motor Corp. ............ 165,077 9,731,097
Yamaha Motor Co., Ltd. ........ 18,716 476,789
------------
18,306,820
------------
BEVERAGES -- 0.7%
Asahi Breweries, Ltd. ......... 31,684 482,085
ITO EN, Ltd. .................. 9,556 232,638
Kirin Brewery Co., Ltd. ....... 67,207 888,185
Takara Holdings, Inc. ......... 51,479 302,120
------------
1,905,028
------------
BUILDING PRODUCTS -- 1.0%
Aica Kogyo Co., Ltd. .......... 22,084 241,356
Asahi Glass Co., Ltd. ......... 71,299 957,762
Daikin Industries, Ltd. ....... 19,332 929,496
JS Group Corp. ................ 25,872 449,439
------------
2,578,053
------------
CAPITAL MARKETS -- 1.9%
Daiwa Securities Group, Inc. .. 99,482 946,253
JAFCO Co., Ltd. ............... 4,712 174,526
Mitsubishi UFJ Securities
Co. ......................... 25,936 226,854
Nomura Holdings, Inc. ......... 151,476 2,536,563
Okasan Holdings, Inc. ......... 29,107 168,799
SBI E*trade Securities Co.,
Ltd. ........................ 192 181,959
SBI Holdings, Inc. ............ 864 226,489
Shinko Securities Co., Ltd. ... 73,587 340,375
Tokai Tokyo Securities Co.,
Ltd. ........................ 68,967 350,786
------------
5,152,604
------------
CHEMICALS -- 4.7%
Asahi Kasei Corp. ............. 94,859 765,371
Daicel Chemical Industries,
Ltd. ........................ 45,055 356,084
Dainippon Ink and Chemicals,
Inc. ........................ 75,391 333,644
Hitachi Chemical Co., Ltd. .... 12,176 251,428
JSR Corp. ..................... 18,760 459,152
Kaneka Corp. .................. 28,224 237,051
Kansai Paint Co., Ltd. ........ 28,092 215,181
Kuraray Co., Ltd. ............. 36,971 467,703
Mitsubishi Chemical Holdings
Corp. ....................... 83,123 722,714
Mitsubishi Gas Chemical Co.,
Inc. ........................ 28,268 261,752
Mitsubishi Rayon Co., Ltd. .... 50,291 355,926
Mitsui Chemicals, Inc. ........ 52,843 524,226
Nifco, Inc. ................... 13,828 330,626
Nissan Chemical Industries,
Ltd. ........................ 22,416 276,363
Nitto Denko Corp. ............. 14,884 691,045
Sekisui Chemical Co., Ltd. .... 47,079 345,065
Shin-Etsu Chemical Co., Ltd. .. 29,020 2,003,380
Showa Denko K.K. .............. 90,723 343,125
Sumitomo Chemical Co., Ltd. ... 117,674 1,007,772
Taiyo Nippon Sanso Corp. ...... 28,180 252,852
Teijin, Ltd. .................. 73,367 357,857
Tokai Carbon Co., Ltd. ........ 27,828 315,020
Toray Industries, Inc. ........ 100,758 798,951
Tosoh Corp. ................... 50,599 327,751
Ube Industries, Ltd. .......... 97,543 345,172
Zeon Corp. .................... 24,132 237,512
------------
12,582,723
------------
COMMERCIAL BANKS -- 8.6%
Fukuoka Financial Group,
Inc. ........................ 51,000 298,422
Hokuhoku Financial Group,
Inc. ........................ 99,658 281,605
Mitsubishi UFJ Financial Group,
Inc. ........................ 700,000 6,147,024
Mitsui Trust Holdings, Inc. ... 73,981 576,333
Mizuho Financial Group, Inc. .. 764 4,350,911
Resona Holdings, Inc. ......... 384 657,723
Shinsei Bank, Ltd. ............ 114,726 361,090
Sumitomo Mitsui Financial
Group, Inc. ................. 480 3,735,165
Suruga Bank, Ltd. ............. 25,496 311,011
The 77 Bank, Ltd. ............. 45,803 307,836
The Awa Bank, Ltd. ............ 50,731 250,093
The Bank of Kyoto, Ltd. ....... 27,916 338,104
The Bank of Yokohama, Ltd. .... 94,947 654,636
The Chiba Bank, Ltd. .......... 53,063 409,685
The Chugoku Bank, Ltd. ........ 22,504 305,427
The Hachijuni Bank, Ltd. ...... 49,719 357,498
The Hiroshima Bank, Ltd. ...... 66,811 364,218
The Hyakugo Bank, Ltd. ........ 49,147 283,733
The Iyo Bank, Ltd. ............ 28,180 272,943
</Table>
See accompanying notes to financial statements.
100
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Joyo Bank, Ltd. ........... 70,155 $ 390,987
The Juroku Bank, Ltd. ......... 48,883 272,009
The Musashino Bank, Ltd. ...... 5,020 237,873
The Nanto Bank, Ltd. .......... 51,391 243,964
The Nishi-Nippon City Bank,
Ltd. ........................ 52,799 148,277
The Shizuoka Bank, Ltd. ....... 45,363 440,161
The Sumitomo Trust & Banking
Co., Ltd. ................... 121,634 919,010
Yamaguchi Financial Group,
Inc. ........................ 23,076 240,762
------------
23,156,500
------------
COMMERCIAL SERVICES & SUPPLIES -- 1.0%
Dai Nippon Printing Co.,
Ltd. ........................ 47,739 681,541
Meitec Corp. .................. 11,912 349,028
Nissha Printing Co., Ltd. ..... 4,536 131,724
Park24 Co., Ltd. .............. 12,000 107,777
Secom Co., Ltd. ............... 19,068 916,803
The Goodwill Group, Inc. (a) .. 288 53,937
Toppan Printing Co., Ltd. ..... 47,299 486,499
------------
2,727,309
------------
COMMUNICATIONS EQUIPMENT -- 0.1%
Epson Toyocom Corp. ........... 25,188 151,327
------------
COMPUTERS & PERIPHERALS -- 1.7%
Fujitsu, Ltd. ................. 165,498 1,168,408
NEC Corp. ..................... 167,918 814,661
Seiko Epson Corp. ............. 12,176 301,184
Toshiba Corp. ................. 237,633 2,216,930
------------
4,501,183
------------
CONSTRUCTION & ENGINEERING -- 1.1%
Chiyoda Corp. ................. 19,688 354,338
COMSYS Holdings Corp. ......... 24,000 262,922
JGC Corp. ..................... 22,460 432,543
Kajima Corp. .................. 94,595 324,871
Kyowa Exeo Corp. .............. 22,548 236,233
Maeda Corp. ................... 66,855 258,085
Obayashi Corp. ................ 66,679 308,422
Shimizu Corp. ................. 67,559 367,120
Taisei Corp. .................. 98,995 286,618
------------
2,831,152
------------
CONSTRUCTION MATERIALS -- 0.1%
Taiheiyo Cement Corp. ......... 95,607 363,259
------------
CONSUMER FINANCE -- 1.4%
Acom Co., Ltd. ................ 8,422 187,457
Aeon Credit Service Co.,
Ltd. ........................ 10,040 107,807
Aiful Corp. ................... 13,081 204,719
Credit Saison Co., Ltd. ....... 14,664 377,389
Mitsubishi UFJ NICOS Co., Ltd.
(a).......................... 68,282 134,765
NIS Group Co., Ltd. ........... 28,182 102,422
Orient Corp. (a) .............. 73,501 72,852
ORIX Corp. .................... 8,116 1,848,795
Promise Co., Ltd. ............. 10,514 255,960
SFCG Co., Ltd. ................ 1,178 164,796
Takefuji Corp. ................ 9,164 181,663
------------
3,638,625
------------
CONTAINERS & PACKAGING -- 0.1%
Toyo Seikan Kaisha, Ltd. ...... 16,448 309,611
------------
DISTRIBUTORS -- 0.1%
Canon Marketing Japan, Inc. ... 11,692 233,810
------------
DIVERSIFIED CONSUMER SERVICES -- 0.1%
Benesse Corp. ................. 9,028 345,374
------------
DIVERSIFIED FINANCIAL SERVICES -- 0.1%
Mizuho Trust & Banking Co.,
Ltd. ........................ 212,370 360,059
------------
DIVERSIFIED TELECOMMUNICATION -- 1.3%
Nippon Telegraph & Telephone
Corp. ....................... 768 3,585,758
------------
ELECTRIC UTILITIES -- 3.8%
Chubu Electric Power Co.,
Inc. ........................ 49,963 1,292,353
Funai Electric Co., Ltd. ...... 2,695 117,159
Hokkaido Electric Power Co.,
Inc. ........................ 18,628 402,474
Hokuriku Electric Power Co. ... 19,112 373,051
Kyushu Electric Power Co.,
Inc. ........................ 28,976 765,874
Sanyo Electric Co., Ltd. (a) .. 162,422 266,902
Sharp Corp. ................... 71,519 1,296,501
Shikoku Electric Power Co.,
Inc. ........................ 21,072 528,563
The Chugoku Electric Power Co.,
Inc. ........................ 23,648 480,095
The Kansai Electric Power Co.,
Inc. ........................ 57,911 1,321,709
The Okinawa Electric Power Co.,
Inc. ........................ 7,536 478,965
The Tokyo Electric Power Co.,
Inc. ........................ 86,667 2,185,231
Tohoku Electric Power Co.,
Inc. ........................ 34,043 726,649
------------
10,235,526
------------
ELECTRICAL EQUIPMENT -- 1.5%
Fuji Electric Holdings Co.,
Ltd. ........................ 69,099 307,600
Fujikura, Ltd. ................ 29,107 183,983
Matsushita Electric Works,
Ltd. ........................ 29,151 351,034
Mitsubishi Electric Corp. ..... 144,974 1,815,090
Sumitomo Electric Industries,
Ltd. ........................ 59,387 944,905
Ushio, Inc. ................... 16,536 300,484
------------
3,903,096
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 5.2%
Alps Electric Co., Ltd. ....... 23,868 286,794
Casio Computer Co., Ltd. ...... 18,848 269,737
Dainippon Screen Manufacturing
Co., Ltd. ................... 25,364 152,605
Hamamatsu Photonics K.K. ...... 9,468 273,301
Hirose Electric Co., Ltd. ..... 2,708 328,920
Hitachi, Ltd. ................. 216,933 1,442,888
Horiba, Ltd. .................. 9,204 386,518
Hoya Corp. .................... 33,732 1,149,671
Ibiden Co., Ltd. .............. 9,996 840,424
Keyence Corp. ................. 2,840 629,657
Konica Minolta Holdings,
Inc. ........................ 36,575 619,150
Kyocera Corp. ................. 14,092 1,319,574
Murata Manufacturing Co.,
Ltd. ........................ 18,628 1,341,041
Nidec Corp. ................... 5,064 353,553
Nippon Electric Glass Co.,
Ltd. ........................ 33,548 539,615
Oki Electric Industry Co., Ltd.
(a) ......................... 115,166 198,260
Olympus Corp. ................. 21,492 881,991
Omron Corp. ................... 21,380 565,102
Shimadzu Corp. ................ 28,312 289,483
Taiyo Yuden Co., Ltd. ......... 19,776 391,170
TDK Corp. ..................... 9,996 876,057
The Furukawa Electric Co.,
Ltd. ........................ 66,899 326,890
Yaskawa Electric Corp. ........ 23,604 293,678
Yokogawa Electric Corp. ....... 21,864 265,755
------------
14,021,834
------------
</Table>
See accompanying notes to financial statements.
101
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
FOOD & STAPLES RETAILING -- 1.2%
Aeon Co., Ltd. ................ 52,803 $ 745,114
Cawachi, Ltd. ................. 9,248 248,457
FamilyMart Co., Ltd. .......... 9,952 259,151
Izumiya Co., Ltd. ............. 27,740 155,324
Seven & I Holdings Co., Ltd. .. 66,939 1,719,817
UNY Co., Ltd. ................. 24,000 208,877
------------
3,336,740
------------
FOOD PRODUCTS -- 1.0%
Ajinomoto Co., Inc. ........... 48,003 601,003
Hokuto Corp. .................. 24,000 394,801
Kikkoman Corp. ................ 27,256 410,920
Meiji Dairies Corp. ........... 44,175 249,268
Nissin Food Products Co.,
Ltd. ........................ 12,440 443,455
Sakata Seed Corp. ............. 31,684 426,163
Yakult Honsha Co., Ltd. ....... 12,264 278,836
------------
2,804,446
------------
GAS UTILITIES -- 0.6%
Saibu Gas Co., Ltd. ........... 322,273 753,740
Tokyo Gas Co., Ltd. ........... 187,873 873,904
------------
1,627,644
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.4%
Miraca Holdings, Inc. ......... 9,336 211,453
Terumo Corp. .................. 14,356 723,947
------------
935,400
------------
HEALTH CARE PROVIDERS & SERVICES -- 0.3%
Alfresa Holdings Corp. ........ 2,884 183,800
Mediceo Paltac Holdings Co.,
Ltd. ........................ 16,492 251,793
Suzuken Co., Ltd. ............. 7,332 246,705
------------
682,298
------------
HOTELS, RESTAURANTS & LEISURE -- 0.2%
Oriental Land Co., Ltd. ....... 6,804 393,989
Round One Corp. ............... 96 212,007
------------
605,996
------------
HOUSEHOLD DURABLES -- 3.6%
Daikyo, Inc. .................. 27,256 87,919
Daiwa House Industry Co.,
Ltd. ........................ 45,363 591,220
Haseko Corp. (a) .............. 82,639 197,589
Matsushita Electric Industrial
Co., Ltd. ................... 172,981 3,241,091
Pioneer Corp. ................. 18,760 229,821
Sangetsu Co., Ltd. ............ 14,576 316,828
Sekisui House, Ltd. ........... 42,679 536,572
Sony Corp. .................... 89,111 4,315,509
TOTO, Ltd. .................... 28,444 206,006
------------
9,722,555
------------
HOUSEHOLD PRODUCTS -- 0.6%
Kao Corp. ..................... 43,339 1,292,464
Uni-Charm Corp. ............... 4,844 296,920
------------
1,589,384
------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2%
Electric Power Development Co.,
Ltd. ........................ 14,840 576,749
------------
INDUSTRIAL CONGLOMERATES -- 0.3%
Hankyu Hanshin Holdings,
Inc. ........................ 116,486 594,507
Keihan Electric Railway Co.,
Ltd. ........................ 68,747 286,907
------------
881,414
------------
INSURANCE -- 2.4%
Aioi Insurance Co., Ltd. ...... 52,579 305,376
Millea Holdings, Inc. ......... 57,647 2,315,604
Mitsui Sumitomo Insurance Co.,
Ltd. ........................ 115,122 1,350,255
Nipponkoa Insurance Co.,
Ltd. ........................ 75,479 655,597
Sompo Japan Insurance, Inc. ... 70,111 803,428
T&D Holdings, Inc. ............ 15,710 965,697
------------
6,395,957
------------
INTERNET & CATALOG RETAIL -- 0.1%
Rakuten, Inc. ................. 576 225,612
------------
INTERNET SOFTWARE & SERVICES -- 0.2%
Yahoo! Japan Corp. ............ 1,536 580,933
------------
IT SERVICES -- 0.8%
CSK Holdings Corp. ............ 9,556 373,051
Itochu Techno-Solutions
Corp. ....................... 5,108 179,867
NET One Systems Co., Ltd. ..... 192 212,007
Nomura Research Institute,
Ltd. ........................ 13,896 472,402
NTT Data Corp. ................ 96 427,353
Otsuka Corp. .................. 2,312 226,547
TIS, Inc. ..................... 7,332 142,796
------------
2,034,023
------------
LEISURE EQUIPMENT & PRODUCTS -- 1.5%
FUJIFILM Holdings Corp. ....... 38,227 1,764,860
Namco Bandai Holdings, Inc. ... 19,332 280,698
Nikon Corp. ................... 24,440 839,351
Sankyo Co., Ltd. .............. 5,240 211,851
Sega Sammy Holdings, Inc. ..... 19,631 261,144
Shimano, Inc. ................. 11,692 408,658
Yamaha Corp. .................. 16,492 369,229
------------
4,135,791
------------
MACHINERY -- 5.8%
Amada Co., Ltd. ............... 44,527 497,089
Amano Corp. ................... 18,936 228,684
Fanuc, Ltd. ................... 16,580 1,688,056
Glory, Ltd. ................... 12,044 382,216
Ishikawajima-Harima Heavy
Industries Co., Ltd. ........ 96,311 302,293
JTEKT Corp. ................... 17,108 301,210
Kawasaki Heavy Industries,
Ltd. ........................ 100,978 395,080
Komatsu, Ltd. ................. 78,939 2,649,259
Komori Corp. .................. 18,588 454,943
Kubota Corp. .................. 48,663 400,254
Kurita Water Industries,
Ltd. ........................ 12,176 412,871
Makita Corp. .................. 12,176 533,557
Minebea Co., Ltd. ............. 47,255 322,936
Mitsubishi Heavy Industries,
Ltd. ........................ 244,676 1,597,632
Mitsui Engineering &
Shipbuilding Co., Ltd. ...... 75,567 427,719
Mori Seiki Co., Ltd. .......... 11,868 306,464
NGK Insulators., Ltd. ......... 25,320 814,537
NSK, Ltd. ..................... 46,463 407,205
NTN Corp. ..................... 45,495 405,446
OKUMA Corp. ................... 23,648 344,599
</Table>
See accompanying notes to financial statements.
102
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
OSG Corp. ..................... 14,312 $ 148,826
SMC Corp. ..................... 5,020 686,559
Sumitomo Heavy Industries,
Ltd. ........................ 48,795 627,464
Tadano, Ltd. .................. 23,780 319,024
The Japan Steel Works, Ltd. ... 28,708 475,992
THK Co., Ltd. ................. 14,400 303,613
Toshiba Machine Co., Ltd. ..... 22,944 170,761
------------
15,604,289
------------
MARINE -- 0.8%
Kawasaki Kisen Kaisha, Ltd. ... 45,759 671,177
Mitsui OSK Lines, Ltd. ........ 52,491 849,331
Nippon Yusen K.K. ............. 74,995 731,595
------------
2,252,103
------------
MEDIA -- 0.9%
Dentsu, Inc. .................. 192 544,207
Fuji Television Network,
Inc. ........................ 192 385,619
Jupiter Telecommunications Co.
(a) ......................... 288 223,359
Nippon Television Network
Corp. ....................... 2,880 370,345
Toho Co, Ltd. ................. 14,752 291,154
Tokyo Broadcasting System,
Inc. ........................ 19,200 537,530
------------
2,352,214
------------
METALS & MINING -- 5.0%
Daido Steel Co., Ltd. ......... 46,199 393,243
Dowa Holdings Co., Ltd. ....... 42,767 541,025
JFE Holdings, Inc. ............ 43,247 3,060,736
Kobe Steel, Ltd. .............. 238,645 890,133
Mitsubishi Materials Corp. .... 98,027 608,540
Mitsui Mining & Smelting Co.,
Ltd. ........................ 72,839 313,484
Nippon Steel Corp. ............ 389,755 2,802,481
Nisshin Steel Co., Ltd. ....... 98,951 445,652
Pacific Metals Co., Ltd. ...... 22,988 354,369
Sumitomo Metal Industries,
Ltd. ........................ 310,340 1,807,832
Sumitomo Metal Mining Co.,
Ltd. ........................ 48,575 1,178,318
Sumitomo Titanium Corp. ....... 2,136 185,901
Toho Titanium Co., Ltd. ....... 5,256 192,847
Tokyo Steel Manufacturing Co.,
Ltd. ........................ 14,444 224,041
Yodogawa Steel Works, Ltd. .... 75,963 377,124
------------
13,375,726
------------
MULTILINE RETAIL -- 0.4%
Isetan Co., Ltd. .............. 19,684 265,100
Mitsukoshi, Ltd. .............. 52,403 237,378
Ryohin Keikaku Co., Ltd. ...... 4,536 260,687
Takashimaya Co., Ltd. ......... 26,332 291,904
The Daiei, Inc. (a) ........... 10,602 83,883
------------
1,138,952
------------
OFFICE ELECTRONICS -- 2.6%
Brother Industries, Ltd. ...... 26,332 336,547
Canon, Inc. ................... 103,558 5,645,426
Ricoh Co., Ltd. ............... 50,555 1,068,110
------------
7,050,083
------------
OIL, GAS & CONSUMABLE FUELS -- 1.7%
Cosmo Oil Co., Ltd. ........... 72,927 347,468
Inpex Holdings, Inc. .......... 128 1,313,220
Nippon Mining Holdings, Inc. .. 72,751 729,945
Nippon Oil Corp. .............. 115,430 1,070,850
Osaka Gas Co., Ltd. ........... 169,150 592,683
TonenGeneral Sekiyu K.K. ...... 42,547 427,264
------------
4,481,430
------------
PAPER & FOREST PRODUCTS -- 0.3%
Nippon Paper Group, Inc. ...... 96 296,309
OJI Paper Co., Ltd. ........... 72,839 352,115
Sumitomo Forestry Co., Ltd. ... 22,768 187,663
------------
836,087
------------
PERSONAL PRODUCTS -- 0.3%
Mandom Corp. .................. 13,916 339,990
Shiseido Co., Ltd. ............ 25,232 559,419
------------
899,409
------------
PHARMACEUTICALS -- 4.6%
Astellas Pharma, Inc. ......... 38,271 1,833,441
Chugai Pharmaceutical Co.,
Ltd. ........................ 25,916 427,445
Daiichi Sankyo Co., Ltd. ...... 52,451 1,573,325
Dainippon Sumitomo Pharma Co.,
Ltd. ........................ 27,960 259,629
Eisai Co., Ltd. ............... 19,640 927,229
Hisamitsu Pharmaceutical Co.,
Inc. ........................ 9,204 249,676
Kyowa Hakko Kogyo Co., Ltd. ... 47,563 489,215
Ono Pharmaceutical Co., Ltd. .. 9,732 521,229
Santen Pharmaceutical Co.,
Ltd. ........................ 11,956 298,861
Shionogi & Co., Ltd. .......... 25,496 392,587
Taisho Pharmaceutical Co.,
Ltd. ........................ 22,592 443,924
Takeda Pharmaceutical Co.,
Ltd. ........................ 69,955 4,914,458
Tsumura & Co. ................. 4,620 82,145
------------
12,413,164
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.9%
Daito Trust Construction Co.,
Ltd. ........................ 7,464 359,523
Heiwa Real Estate Co., Ltd. ... 34,856 240,627
K.K. DaVinci Advisors (a) ..... 96 72,032
Leopalace21 Corp. ............. 12,044 394,782
Mitsubishi Estate Co., Ltd. ... 94,111 2,692,042
Mitsui Fudosan Co., Ltd. ...... 68,923 1,911,615
Sumitomo Realty & Development
Co., Ltd. ................... 28,843 1,013,135
Tokyo Tatemono Co., Ltd. ...... 25,540 325,315
Tokyu Land Corp. .............. 28,664 287,350
Urban Corp. ................... 26,558 430,184
------------
7,726,605
------------
ROAD & RAIL -- 3.0%
Central Japan Railway Co. ..... 96 1,018,302
East Japan Railway Co. ........ 288 2,268,643
Keihin Electric Express Railway
Co., Ltd. ................... 48,355 313,216
Keisei Electric Railway Co.,
Ltd. ........................ 49,147 272,196
Kintetsu Corp. ................ 167,038 518,476
Nagoya Railroad Co., Ltd. ..... 124,362 363,306
Nankai Electric Railway Co.,
Ltd. ........................ 94,111 282,296
Nippon Express Co., Ltd. ...... 74,555 370,134
Odakyu Electric Railway Co.,
Ltd. ........................ 68,483 441,211
Sagami Railway Co., Ltd. ...... 115,254 404,840
</Table>
See accompanying notes to financial statements.
103
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tobu Railway Co., Ltd. ........ 76,007 $ 356,856
Tokyu Corp. ................... 75,391 491,616
West Japan Railway Co. ........ 192 914,802
------------
8,015,894
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2%
Advantest Corp. ............... 13,916 433,154
Disco Corp. ................... 2,884 160,731
Elpida Memory, Inc. (a) ....... 4,976 182,574
Rohm Co., Ltd. ................ 9,776 862,726
Sanken Electric Co., Ltd. ..... 21,404 104,773
Shinko Electric Industries .... 9,292 206,013
Sumco Corp. ................... 9,546 388,430
Tokyo Electron., Ltd. ......... 12,440 787,403
------------
3,125,804
------------
SOFTWARE -- 2.3%
Konami Corp. .................. 11,692 318,184
Nintendo Co., Ltd. ............ 9,248 4,808,333
NSD Co., Ltd. ................. 9,832 155,411
Square Enix Co., Ltd. ......... 7,596 250,966
Trend Micro, Inc. ............. 11,868 512,837
------------
6,045,731
------------
SPECIALTY RETAIL -- 1.5%
Aoyama Trading Co., Ltd. ...... 10,084 256,013
Autobacs Seven Co., Ltd. ...... 6,980 181,153
Citizen Watch Co., Ltd. ....... 40,803 410,105
Culture Convenience Club Co.,
Ltd. ........................ 19,332 67,065
Fast Retailing Co., Ltd. ...... 4,976 286,840
Hikari Tsushin, Inc. .......... 2,884 78,986
J Front Retailing Co., Ltd.
(a) ......................... 35,632 350,078
Marui Co., Ltd. ............... 33,116 365,092
Nitori Co., Ltd. .............. 6,110 288,461
Sanrio Co., Ltd. .............. 9,248 95,523
Shimachu Co., Ltd. ............ 7,684 203,098
Shimamura Co., Ltd. ........... 2,532 236,656
USS Co., Ltd. ................. 5,280 346,598
Yamada Denki Co., Ltd. ........ 7,680 759,219
------------
3,924,887
------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.7%
Asics Corp. ................... 22,064 341,084
Gunze, Ltd. ................... 48,223 237,310
Nisshinbo Industries, Inc. .... 25,584 355,238
Onward Kashiyama Co., Ltd. .... 21,580 218,023
The Japan Wool Textile Co.,
Ltd. ........................ 43,031 347,196
Toyobo Co., Ltd. .............. 119,302 279,027
------------
1,777,878
------------
TOBACCO -- 0.8%
Japan Tobacco, Inc. ........... 384 2,106,717
------------
TRADING COMPANIES & DISTRIBUTORS -- 4.4%
Hanwa Co., Ltd. ............... 91,207 461,527
Inaba Denki Sangyo Co., Ltd. .. 11,956 434,518
Itochu Corp. .................. 116,266 1,410,173
Iwatani International Corp. ... 93,451 273,816
Marubeni Corp. ................ 120,402 1,103,367
Mitsubishi Corp. .............. 100,407 3,177,685
Mitsui & Co., Ltd. ............ 118,202 2,867,309
Sojitz Corp. .................. 60,328 262,262
Sumitomo Corp. ................ 83,475 1,611,220
Toyota Tsusho Corp. ........... 9,839 260,913
------------
11,862,790
------------
TRANSPORTATION INFRASTRUCTURE -- 0.2%
Kamigumi Co., Ltd. ............ 44,395 372,484
Mitsubishi Logistics Corp. .... 20,216 284,393
------------
656,877
------------
WIRELESS TELECOMMUNICATION SERVICES -- 2.0%
KDDI Corp. .................... 288 2,133,426
NTT DoCoMo, Inc. .............. 1,440 2,053,298
Softbank Corp. ................ 57,515 1,060,138
------------
5,246,862
------------
TOTAL COMMON STOCKS --
(Cost $260,272,441).......... 266,755,362
------------
PREFERRED STOCKS -- 0.0% (B)
BEVERAGES -- 0.0% (B)
Ito En, Ltd. (a) .............. 2,866 56,939
------------
TOTAL PREFERRED STOCKS
(Cost $65,653)............... 56,939
------------
SHORT TERM INVESTMENTS -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
UNITED STATES -- 0.0% (B)
STIC Prime Portfolio
(Cost $91,750)............... 91,750 91,750
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $260,429,844).......... 266,904,051
OTHER ASSETS AND
LIABILITIES -- 0.6%.......... 1,487,598
------------
NET ASSETS -- 100.0%........... $268,391,649
============
</Table>
(a) Non-income producing security
(b) Amount represents less than 0.05% of net assets.
See accompanying notes to financial statements.
104
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
JAPAN -- 99.4%
AUTO COMPONENTS -- 4.7%
FCC Co., Ltd. ................. 22,713 $ 408,781
Futaba Industrial Co., Ltd. ... 28,494 733,315
Kayaba Industry Co., Ltd. ..... 112,902 541,859
Keihin Corp. .................. 17,541 333,235
Musashi Seimitsu Industry Co.,
Ltd. ........................ 17,052 541,145
Nippon Seiki Co., Ltd. ........ 9,939 255,356
Nissin Kogyo Co., Ltd. ........ 22,734 654,258
Press Kogyo Co., Ltd. ......... 112,569 466,856
Showa Corp. ................... 28,539 339,694
Topre Corp. ................... 56,934 505,904
Toyo Tire & Rubber Co., Ltd. .. 114,372 666,254
Toyoda Gosei Co., Ltd. ........ 28,398 1,027,133
------------
6,473,790
------------
BEVERAGES -- 1.0%
Mikuni Coca-Cola Bottling Co.,
Ltd. ........................ 68,445 764,104
Takara Holdings, Inc. ......... 113,937 668,673
------------
1,432,777
------------
BIOTECHNOLOGY -- 0.2%
AnGes MG, Inc. (a)............. 51 246,098
------------
BUILDING PRODUCTS -- 3.3%
Aica Kogyo Co., Ltd. .......... 51,219 559,773
Bunka Shutter Co., Ltd. ....... 112,577 523,660
Central Glass Co., Ltd. ....... 114,309 575,446
Nitto Boseki Co., Ltd. ........ 115,020 333,014
Noritz Corp. .................. 39,765 555,254
Sankyo-Tateyama Holdings,
Inc. ........................ 226,467 317,012
Sanwa Shutter Corp. ........... 113,910 637,813
Sekisui Jushi Corp. ........... 112,938 994,707
------------
4,496,679
------------
CAPITAL MARKETS -- 2.4%
Asset Managers Co., Ltd. ...... 171 202,200
JAFCO Co., Ltd. ............... 8,400 311,125
Japan Asia Investment Co.,
Ltd. ........................ 58,188 287,361
Mito Securities Co., Ltd. ..... 114,129 428,672
Monex Beans Holdings, Inc. .... 513 337,198
Okasan Holdings, Inc. ......... 58,447 338,948
Sawada Holdings Co., Ltd. (a).. 34,300 192,949
Tokai Tokyo Securities Co.,
Ltd. ........................ 169,721 863,251
Toyo Securities Co., Ltd. ..... 113,457 399,514
------------
3,361,218
------------
CHEMICALS -- 5.4%
ADEKA Corp. ................... 56,913 596,272
Air Water, Inc. ............... 57,390 638,692
Asahi Organic Chemicals
Industry Co., Ltd. .......... 169,540 627,953
C. Uyemura & Co., Ltd. ........ 5,576 339,849
Fujikura Kasei Co., Ltd. ...... 40,338 381,934
Fujimi, Inc. .................. 11,373 233,363
Ishihara Sangyo Kaisha, Ltd.
(a).......................... 341,811 478,473
Lintec Corp. .................. 22,908 449,137
Nifco, Inc. ................... 28,479 680,931
Nihon Parkerizing Co., Ltd. ... 2,401 28,537
Nippon Soda Co., Ltd. ......... 58,065 267,064
Nippon Valqua Industries,
Ltd. ........................ 114,025 392,591
NOF Corp. ..................... 112,731 487,131
Okamoto Industries, Inc. ...... 170,841 598,608
SK Kaken Co., Ltd. ............ 780 27,127
Tokai Carbon Co., Ltd. ........ 112,542 1,274,005
------------
7,501,667
------------
COMMERCIAL BANKS -- 7.0%
Bank of the Ryukyus, Ltd. ..... 22,881 298,608
Kansai Urban Banking Corp. .... 57,000 174,942
Kirayaka Holdings, Inc. ....... 114,000 195,261
Kiyo Holdings, Inc. ........... 341,754 496,222
Kyushu-Shinwa Holdings, Inc.
(a).......................... 402,420 167,945
The Aichi Bank, Ltd. .......... 5,549 477,634
The Awa Bank, Ltd. ............ 57,000 280,998
The Bank of Iwate, Ltd. ....... 5,756 340,310
The Bank of Kochi, Ltd. ....... 113,000 145,407
The Bank of Nagoya, Ltd. ...... 56,000 375,394
The Biwako Bank, Ltd. ......... 169,049 245,457
The Daishi Bank, Ltd. ......... 58,000 233,483
The Fukushima Bank, Ltd. ...... 227,478 219,537
The Gifu Bank, Ltd. ........... 228,000 198,235
The Higo Bank, Ltd. ........... 56,000 372,960
The Hokkoku Bank, Ltd. ........ 57,000 251,758
The Hyakujushi Bank, Ltd. ..... 56,000 275,095
The Kagoshima Bank, Ltd. ...... 56,000 399,252
The Keiyo Bank, Ltd. .......... 57,000 316,185
The Nagano Bank, Ltd. ......... 169,534 459,893
The Nanto Bank, Ltd. .......... 58,000 275,338
The Ogaki Kyoritsu Bank,
Ltd. ........................ 58,000 316,689
The San-In Godo Bank, Ltd. .... 56,000 443,073
The Senshu Bank, Ltd. ......... 60,000 140,851
The Shiga Bank, Ltd. .......... 56,000 385,132
The Shikoku Bank, Ltd. ........ 57,000 221,528
The Taiko Bank, Ltd. .......... 110,000 308,916
The Tochigi Bank, Ltd. ........ 56,846 317,308
The Tokushima Bank, Ltd. ...... 57,305 401,581
The Tokyo Tomin Bank, Ltd. .... 11,505 337,103
The Towa Bank, Ltd. (a)........ 113,000 174,882
Tomato Bank, Ltd. ............. 171,872 360,137
------------
9,607,114
------------
COMMERCIAL SERVICES & SUPPLIES -- 3.7%
Arrk Corp. .................... 34,100 227,995
Daiseki Co., Ltd. ............. 21,893 609,117
en-japan, Inc. ................ 57 232,431
Fullcast Co., Ltd. ............ 286 181,524
Intelligence, Ltd. ............ 114 171,473
Meitec Corp. .................. 28,344 830,494
Moshi Moshi Hotline, Inc. ..... 8,536 418,581
Nippon Kanzai Co., Ltd. ....... 22,752 636,973
Nissha Printing Co., Ltd. ..... 11,442 332,272
Okamura Corp. ................. 55,884 438,754
Oyo Corp. ..................... 45,560 576,754
Park24 Co., Ltd. .............. 39,885 358,225
The Goodwill Group, Inc. (a)... 759 142,145
------------
5,156,738
------------
COMMUNICATIONS EQUIPMENT -- 1.4%
Aiphone Co., Ltd. ............. 28,506 476,112
Denki Kogyo Co., Ltd. ......... 57,303 395,588
</Table>
See accompanying notes to financial statements.
105
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Epson Toyocom Corp. ........... 57,705 $ 346,687
Hitachi Kokusai Electric,
Inc. ........................ 57,634 719,078
------------
1,937,465
------------
COMPUTERS & PERIPHERALS -- 1.3%
Mitsumi Electric Co., Ltd. .... 34,257 1,396,908
Wacom Co., Ltd. ............... 171 353,849
------------
1,750,757
------------
CONSTRUCTION & ENGINEERING -- 2.1%
Chugai Ro Co., Ltd. ........... 112,522 409,918
Daimei Telecom Engineering
Corp. ....................... 1,229 14,308
Kyowa Exeo Corp. .............. 56,676 593,788
Kyudenko Corp. ................ 113,657 639,361
Maeda Corp. ................... 115,158 444,552
Penta-Ocean Construction Co.,
Ltd. (a)..................... 155,889 248,035
Sanki Engineering Co., Ltd. ... 58,196 351,154
Tokyu Construction Co., Ltd. .. 41,542 207,683
------------
2,908,799
------------
CONSUMER FINANCE -- 0.6%
Aplus Co., Ltd. (a)............ 114,500 81,633
Mitsubishi UFJ NICOS Co., Ltd.
(a).......................... 114,000 224,997
NIS Group Co., Ltd. ........... 42,795 155,530
OMC Card, Inc. ................ 39,762 157,645
Orient Corp. (a)............... 187,500 185,845
------------
805,650
------------
CONTAINERS & PACKAGING -- 0.9%
Fuji Seal International,
Inc. ........................ 22,770 496,915
Rengo Co., Ltd. ............... 114,063 768,585
------------
1,265,500
------------
DISTRIBUTORS -- 0.7%
Cross Plus, Inc. .............. 3,000 34,170
Yokohama Reito Co., Ltd. ...... 113,580 879,883
------------
914,053
------------
DIVERSIFIED CONSUMER SERVICES -- 0.1%
Take And Give Needs Co.,
Ltd. ........................ 388 72,226
------------
DIVERSIFIED FINANCIAL SERVICES -- 1.2%
Diamond Lease Co., Ltd. ....... 10,189 337,522
Japan Securities Finance Co.,
Ltd. ........................ 45,519 437,717
Osaka Securities Exchange Co.,
Ltd. ........................ 62 273,842
Privee Investment Holdings Co.,
Ltd. ........................ 286,000 94,492
Ricoh Leasing Co., Ltd. ....... 17,067 352,425
Sparx Group Co., Ltd. ......... 335 139,080
------------
1,635,078
------------
ELECTRICAL EQUIPMENT -- 1.7%
Daihen Corp. .................. 112,971 749,440
GS Yuasa Corp. ................ 172,287 377,484
Japan Cash Machine Co., Ltd. .. 34,224 291,610
Shinko Electric Co., Ltd. ..... 113,826 327,578
Sumitomo Electric Industries,
Ltd. ........................ 2,931 46,635
SWCC Showa Holdings Co.,
Ltd. ........................ 342,075 493,714
------------
2,286,461
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 6.7%
Arisawa Manufacturing Co.,
Ltd. ........................ 28,572 251,401
Enplas Corp. .................. 34,089 438,061
ESPEC Corp. ................... 39,831 269,084
Hakuto Co., Ltd. .............. 40,011 584,432
Horiba, Ltd. .................. 22,665 951,806
Hosiden Corp. ................. 39,795 594,425
Japan Aviation Electronics
Industry, Ltd. .............. 55,971 875,467
Koa Corp. ..................... 28,491 403,776
Nidec Sankyo Corp. ............ 56,917 381,047
Nihon Dempa Kogyo Co., Ltd. ... 11,295 703,145
Nippon Ceramic Co., Ltd. ...... 40,023 609,314
Nippon Chemi-Con Corp. ........ 57,432 508,332
Ryoyo Electro Corp. ........... 45,504 657,150
Star Micronics Co., Ltd. ...... 22,869 707,852
Toko, Inc. (a)................. 170,739 385,968
Yamatake Corp. ................ 28,548 955,613
------------
9,276,873
------------
FOOD & STAPLES RETAILING -- 1.5%
Ain Pharmaciez, Inc. .......... 5,000 91,510
Cawachi, Ltd. ................. 17,235 463,036
Circle K Sunkus Co., Ltd. ..... 39,798 617,654
Izumiya Co., Ltd. ............. 57,933 324,382
Ministop Co., Ltd. ............ 34,194 609,466
------------
2,106,048
------------
FOOD PRODUCTS -- 4.9%
Ariake Japan Co., Ltd. ........ 22,664 466,029
Fujicco Co., Ltd. ............. 57,657 633,643
Hokuto Corp. .................. 45,621 750,467
Kagome Co., Ltd. .............. 39,867 710,580
Katokichi Co., Ltd. ........... 62,700 286,747
Marudai Food Co., Ltd. ........ 171,417 611,059
Mitsui Sugar Co., Ltd. ........ 113,497 400,641
Nakamuraya Co., Ltd. .......... 113,952 572,658
Nippon Suisan Kaisha, Ltd. .... 101,875 537,653
Nosan Corp. ................... 227,463 591,327
Oriental Yeast Co., Ltd. ...... 24,000 136,678
Riken Vitamin Co., Ltd. ....... 17,080 445,507
S&B Foods, Inc. ............... 8,000 65,800
Snow Brand Milk Products Co.,
Ltd. ........................ 171,255 524,121
------------
6,732,910
------------
GAS UTILITIES -- 0.3%
Shizuoka Gas Co., Ltd. ........ 84,819 407,816
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.9%
Asahi Intecc Co., Ltd. ........ 11,340 242,053
Fukuda Denshi Co., Ltd. ....... 16,986 547,912
Nakanishi, Inc. ............... 5,247 674,722
Paramount Bed Co., Ltd. ....... 28,410 380,891
Sysmex Corp. .................. 11,505 443,135
Topcon Corp. .................. 17,219 306,907
------------
2,595,620
------------
HEALTH CARE PROVIDERS & SERVICES -- 0.2%
Alfresa Holdings Corp. ........ 4,900 312,281
------------
HOTELS, RESTAURANTS & LEISURE -- 3.0%
Doutor Coffee Co., Ltd. ....... 36,564 661,245
McDonald's Holdings Co.
(Japan), Ltd. ............... 32,700 570,043
MOS Food Services, Inc. ....... 57,114 783,105
Nissin Healthcare Food Service
Co., Ltd. ................... 34,308 477,266
Sato Restaurant Systems Co.,
Ltd. ........................ 34,000 211,364
Starbucks Coffee Japan, Ltd. .. 798 379,521
</Table>
See accompanying notes to financial statements.
106
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tokyo Dome Corp. (a)........... 113,085 $ 609,596
Zensho Co., Ltd. .............. 39,846 402,219
------------
4,094,359
------------
HOUSEHOLD DURABLES -- 2.2%
Clarion Co., Ltd. ............. 169,472 219,548
Daikyo, Inc. .................. 113,352 365,636
France Bed Holdings Co.,
Ltd. ........................ 226,734 327,243
Goldcrest Co., Ltd. ........... 8,539 392,000
Juki Corp. .................... 57,450 546,453
Kenwood Corp. ................. 228,915 322,430
Misawa Homes Holdings, Inc.
(a).......................... 23,666 216,670
Rinnai Corp. .................. 17,151 511,480
The Japan General Estate Co.,
Ltd. ........................ 11,523 185,747
------------
3,087,207
------------
INDUSTRIAL CONGLOMERATES -- 0.4%
Katakura Industries Co.,
Ltd. ........................ 28,380 487,332
------------
INSURANCE -- 0.3%
Nissay Dowa General Insurance
Co., Ltd. ................... 57,000 348,398
------------
INTERNET & CATALOG RETAIL -- 0.5%
Senshukai Co., Ltd. ........... 55,824 701,349
------------
INTERNET SOFTWARE & SERVICES -- 0.6%
eAccess, Ltd. ................. 853 473,168
GMO internet, Inc. (a)......... 33,093 108,186
Kakaku.com, Inc. .............. 58 148,259
Telewave, Inc. ................ 284 123,462
------------
853,075
------------
IT SERVICES -- 1.4%
INES Corp. .................... 85,360 495,766
NIWS Co HQ, Ltd. (a)........... 570 32,957
Obic Co., Ltd. ................ 2,841 550,341
TIS, Inc. ..................... 22,737 442,819
Trans Cosmos, Inc. ............ 22,767 372,736
------------
1,894,619
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.8%
Mars Engineering Corp. ........ 17,058 312,937
Pentax Corp. .................. 20,494 125,086
Roland Corp. .................. 22,776 633,684
------------
1,071,707
------------
MACHINERY -- 8.3%
Amano Corp. ................... 40,332 487,077
Asahi Diamond Industrial Co.,
Ltd. ........................ 56,942 404,483
CKD Corp. ..................... 34,305 317,653
Daifuku Co., Ltd. ............. 29,181 332,874
Fuji Machine Manufacturing Co.,
Ltd. ........................ 22,671 440,548
Furukawa Co., Ltd. ............ 170,280 374,567
Glory, Ltd. ................... 28,587 907,208
Hitachi Zosen Corp. (a)........ 454,226 683,225
Kitz Corp. .................... 56,502 512,873
Komori Corp. .................. 1,440 35,244
Kyokuto Kaihatsu Kogyo Co.,
Ltd. ........................ 56,740 430,674
Makino Milling Machine Co.,
Ltd. ........................ 55,739 587,364
Nabtesco Corp. ................ 56,052 913,285
Nachi-Fujikoshi Corp. ......... 113,418 453,613
Nippon Sharyo, Ltd. ........... 170,970 383,517
Nippon Thompson Co., Ltd. ..... 56,511 502,145
OKUMA Corp. ................... 57,192 833,402
Ryobi, Ltd. ................... 57,723 374,900
Sintokogio, Ltd. .............. 28,419 426,724
Tadano, Ltd. .................. 55,913 750,109
Tocalo Co., Ltd. .............. 11,436 214,273
Toshiba Machine Co., Ltd. ..... 57,009 424,290
Tsubakimoto Chain Co. ......... 58,124 386,095
Union Tool Co. ................ 5,832 251,504
------------
11,427,647
------------
MARINE -- 0.5%
Iino Kaiun Kaisha, Ltd. ....... 51,306 724,882
------------
MEDIA -- 1.7%
Avex Group Holdings, Inc. ..... 22,692 296,141
CyberAgent, Inc. .............. 228 98,523
Daiichikosho Co., Ltd. ........ 23,081 257,270
Kadokawa Group Holdings,
Inc. ........................ 11,487 283,143
Shochiku Co., Ltd. ............ 57,243 437,976
Sky Perfect JSAT Corp. ........ 1,566 671,250
Zenrin Co., Ltd. .............. 11,424 286,059
------------
2,330,362
------------
METALS & MINING -- 3.3%
Godo Steel, Ltd. .............. 58,440 224,584
Nakayama Steel Works, Ltd. .... 115,212 272,466
Nippon Yakin Kogyo Co., Ltd. .. 26,000 259,740
Pacific Metals Co., Ltd. ...... 56,759 874,962
Sanyo Special Steel Co.,
Ltd. ........................ 57,750 481,020
Sumitomo Light Metal
Industries, Ltd. ............ 228,135 402,655
Toho Zinc Co., Ltd. ........... 55,796 514,226
Tokyo Rope Manufacturing Co.,
Ltd. ........................ 228,654 401,583
Yamato Kogyo Co., Ltd. ........ 22,848 1,096,561
------------
4,527,797
------------
MULTILINE RETAIL -- 1.8%
Hankyu Department Stores....... 58,107 479,446
J Front Retailing Co., Ltd.
(a).......................... 116,429 1,143,892
Matsuya Co., Ltd. ............. 22,908 376,439
Parco Co., Ltd. ............... 34,125 454,842
------------
2,454,619
------------
OFFICE ELECTRONICS -- 0.3%
Riso Kagaku Corp. ............. 22,647 458,788
------------
OIL, GAS & CONSUMABLE FUELS -- 1.1%
IB Daiwa Corp. (a)............. 286,000 94,492
Itochu Enex Co, Ltd. .......... 91,004 615,581
Japan Petroleum Exploration
Co. ......................... 11,325 840,895
------------
1,550,968
------------
PERSONAL PRODUCTS -- 1.1%
Aderans Co., Ltd. ............. 28,404 593,937
Mandom Corp. .................. 22,845 558,140
Milbon Co., Ltd. .............. 11,508 326,184
------------
1,478,261
------------
PHARMACEUTICALS -- 2.3%
Kaken Pharmaceutical Co.,
Ltd. ........................ 57,428 415,924
Mochida Pharmaceutical Co.,
Ltd. ........................ 57,483 544,268
Nichi-iko Pharmaceutical Co.,
Ltd. ........................ 21,265 434,489
Rohto Pharmaceutical Co.,
Ltd. ........................ 56,493 663,092
</Table>
See accompanying notes to financial statements.
107
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Torii Pharmaceutical Co.,
Ltd. ........................ 39,800 $ 699,004
Toyama Chemical Co., Ltd. (a).. 57,110 339,140
------------
3,095,917
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 3.4%
Aeon Mall Co., Ltd. ........... 44,089 1,345,497
Ardepro Co., Ltd. ............. 457 118,407
Arealink Co., Ltd. ............ 456 201,803
Cosmos Initia Co., Ltd. ....... 57,096 238,283
Creed Corp. ................... 113 257,410
Daibiru Corp. ................. 40,026 503,218
Heiwa Real Estate Co., Ltd. ... 85,755 592,005
Joint Corp. ................... 11,418 304,771
K.K. DaVinci Advisors (a)...... 513 384,923
Pacific Management Corp. ...... 171 212,607
Shoei Co., Ltd. ............... 12,798 197,064
Suruga Corp. .................. 16,689 304,716
------------
4,660,704
------------
ROAD & RAIL -- 1.1%
Sagami Railway Co., Ltd. ...... 228,363 802,144
Sankyu, Inc. .................. 112,830 648,443
------------
1,450,587
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.1%
Disco Corp. ................... 11,319 630,829
Sumco Techxiv Corp. ........... 5,718 324,641
Tokyo Seimitsu Co., Ltd. ...... 11,400 236,891
Ulvac, Inc. ................... 11,502 372,016
------------
1,564,377
------------
SOFTWARE -- 1.4%
Aplix Corp. (a)................ 57 57,488
Capcom Co., Ltd. .............. 28,434 655,133
DTS Corp. ..................... 22,932 431,663
Fuji Soft, Inc. ............... 22,674 463,278
NSD Co., Ltd. ................. 22,878 361,624
------------
1,969,186
------------
SPECIALTY RETAIL -- 3.1%
AT-Group Co., Ltd. ............ 6,000 92,857
Autobacs Seven Co., Ltd. ...... 17,088 443,487
Chiyoda Co., Ltd. ............. 22,713 326,037
Culture Convenience Club Co.,
Ltd. ........................ 74,028 256,811
EDION Corp. ................... 34,050 378,646
Gulliver International Co.,
Ltd. ........................ 4,563 215,822
Honeys Co., Ltd. .............. 11,882 353,314
K's Holdings Corp. ............ 17,202 374,656
Nishimatsuya Chain Co., Ltd. .. 22,866 289,665
Point, Inc. ................... 9,091 313,006
Right On Co., Ltd. ............ 11,440 122,740
Sanrio Co., Ltd. .............. 22,905 236,588
Stellar Group Co., Ltd. (a).... 172,000 44,864
T Zone Corp. (a)............... 11,400 172,464
United Arrows, Ltd. ........... 22,929 280,096
Xebio Co., Ltd. ............... 17,061 415,344
------------
4,316,397
------------
TEXTILES, APPAREL & LUXURY GOODS -- 2.4%
Atsugi Co., Ltd. .............. 397,470 518,372
Daidoh, Ltd. .................. 34,311 438,229
Daiwabo Co., Ltd. ............. 56,635 112,270
Gunze, Ltd. ................... 114,348 562,718
Himiko Co., Ltd. .............. 7,000 90,684
Sanyo Shokai, Ltd. ............ 57,516 422,562
Seiko Corp. ................... 56,649 333,939
The Japan Wool Textile Co.,
Ltd. ........................ 58,170 469,345
Unitika, Ltd. ................. 342,084 407,473
------------
3,355,592
------------
TRADING COMPANIES & DISTRIBUTORS -- 2.5%
Hanwa Co., Ltd. ............... 170,032 860,397
Inaba Denki Sangyo Co., Ltd. .. 22,663 823,643
Inabata & Co., Ltd. ........... 68,375 445,866
Iwatani International Corp. ... 175,422 513,996
MISUMI Group, Inc. ............ 28,533 483,757
Okaya & Co., Ltd. ............. 28,605 336,003
------------
3,463,662
------------
TRANSPORTATION INFRASTRUCTURE -- 1.6%
Japan Airport Terminal Co.,
Ltd. ........................ 39,948 960,363
Mitsui-Soko Co., Ltd. ......... 112,686 523,187
The Sumitomo Warehouse Co.,
Ltd. ........................ 112,563 718,352
------------
2,201,902
------------
TOTAL COMMON STOCKS --
(Cost $145,740,832).......... 136,853,312
------------
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
STIC Prime Portfolio
(Cost $100).................. 100 100
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $145,740,932).......... 136,853,412
OTHER ASSETS AND
LIABILITIES -- 0.6%.......... 841,487
------------
NET ASSETS -- 100.0%........... $137,694,899
============
</Table>
(a) Non-income producing security
(b) Amount represents less than 0.05% of net assets.
See accompanying notes to financial statements.
108
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109
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
DJ
DJ EURO
STOXX 50 STOXX 50
ETF ETF
------------ ------------
ASSETS
Investments in securities, at value* (Note 2)................... $184,918,211 $483,781,129
Investments of cash collateral received for securities loaned,
at value..................................................... -- 68,585,300
------------ ------------
Total Investments............................................ 184,918,211 552,366,429
Foreign currency, at value...................................... 289,013 --
Margin deposit on futures....................................... -- --
Receivable for investments sold................................. 1,667,100 7,355,013
Receivable for foreign taxes recoverable........................ 81,366 111,887
Dividends receivable............................................ 429,907 131,328
------------ ------------
TOTAL ASSETS............................................... 187,385,597 559,964,657
------------ ------------
LIABILITIES
Cash collateral for securities loaned........................... -- 68,585,300
Payable for investments purchased............................... 1,069,130 4,033,379
Payable for variation margin on futures contracts............... -- --
Due to sub-custodian............................................ -- 340,348
Distributions payable........................................... 931,880 2,045,665
Deferred foreign taxes payable.................................. -- --
Accrued advisory fee (Note 3)................................... 126,675 413,096
Accrued trustees fees (Note 3).................................. 1,828 5,898
------------ ------------
TOTAL LIABILITIES.......................................... 2,129,513 75,423,686
------------ ------------
NET ASSETS................................................. $185,256,084 $484,540,971
============ ============
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4)........................................ $168,468,913 $421,360,959
Undistributed (distributions in excess of) net investment
income....................................................... 115,185 (2,045,665)
Accumulated net realized gain (loss) on investments, foreign
currency transactions and futures............................ (200,091) (534,026)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0,
$114,947, $0, $32,259, $0, $0, respectively)............... 16,862,969 65,747,989
Foreign currency related transactions........................ 9,108 11,714
Futures...................................................... -- --
------------ ------------
NET ASSETS................................................. $185,256,084 $484,540,971
============ ============
NET ASSET VALUE PER SHARE
Net asset value per share....................................... $ 53.69 $ 62.12
============ ============
Shares outstanding (unlimited amount authorized, $0.01 par
value)....................................................... 3,450,179 7,800,349
============ ============
Investments in securities, at cost.............................. $168,055,242 $486,618,440
============ ============
Foreign currency, at cost....................................... $ 286,948 $ --
============ ============
</Table>
* Includes $0, $65,293,517, $0, $0, $0, $0, $0 respectively, of investments in
securities on loan, at value.
See accompanying notes to financial statements.
110
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P
EMERGING S&P EMERGING S&P EMERGING
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE
ETF ETF ETF ETF ETF
------------ ------------ ----------- ------------ -----------
$60,807,472 $122,021,540 $43,645,102 $156,304,261 $38,502,738
-- -- -- -- --
----------- ------------ ----------- ------------ -----------
60,807,472 122,021,540 43,645,102 156,304,261 38,502,738
184,512 552,472 1,024,817 174,508 52,270
507,120 -- 626,180 -- --
-- -- -- 283,169 228,451
749 -- 579 -- 1,615
86,973 166,921 58,184 220,594 101,846
----------- ------------ ----------- ------------ -----------
61,586,826 122,740,933 45,354,862 156,982,532 38,886,920
----------- ------------ ----------- ------------ -----------
-- -- -- -- --
-- -- 152,783 -- 109,021
-- -- 7,350 -- --
-- -- -- -- --
-- -- -- -- --
114,841 -- 32,259 -- --
52,257 101,384 37,485 60,805 36,612
191 334 153 242 125
----------- ------------ ----------- ------------ -----------
167,289 101,718 230,030 61,047 145,758
----------- ------------ ----------- ------------ -----------
$61,419,537 $122,639,215 $45,124,832 $156,921,485 $38,741,162
=========== ============ =========== ============ ===========
$48,808,406 $86,554,003 $36,909,262 $138,631,387 $34,639,996
446,023 654,576 249,988 364,614 132,983
89,173 (2) 378,664 -- 34,103
12,074,507 35,428,592 7,509,645 17,925,385 3,930,147
1,428 2,046 15,521 99 3,933
-- -- 61,752 -- --
----------- ------------ ----------- ------------ -----------
$61,419,537 $122,639,215 $45,124,832 $156,921,485 $38,741,162
=========== ============ =========== ============ ===========
$ 87.74 $ 94.34 $ 75.21 $ 30.18 $ 64.57
=========== ============ =========== ============ ===========
700,000 1,300,000 600,000 5,200,000 600,000
=========== ============ =========== ============ ===========
$48,618,018 $ 86,592,948 $36,103,198 $138,378,876 $34,572,591
=========== ============ =========== ============ ===========
$ 183,669 $ 550,538 $ 1,009,618 $ 174,384 $ 48,998
=========== ============ =========== ============ ===========
</Table>
111
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P EMERGING
EMERGING MIDDLE EAST &
LATIN AMERICA AFRICA
ETF ETF
------------- -------------
ASSETS
Investments in securities, at value (Note 2).................. $39,311,701 $26,837,403
Foreign currency, at value.................................... -- 701,985
Receivable for foreign taxes recoverable...................... -- --
Dividends receivable.......................................... 55,427 15,039
----------- -----------
TOTAL ASSETS............................................. 39,367,128 27,554,427
----------- -----------
LIABILITIES
Payable for investments purchased............................. -- --
Due to custodian.............................................. -- 63,885
Due to sub-custodian.......................................... 77,638 --
Distributions payable......................................... -- --
Accrued advisory fee (Note 3)................................. 45,443 38,643
Accrued trustees fees (Note 3)................................ 204 142
----------- -----------
TOTAL LIABILITIES........................................ 123,285 102,670
----------- -----------
NET ASSETS............................................... $39,243,843 $27,451,757
=========== ===========
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4)...................................... $30,020,028 $25,081,413
Undistributed (distributions in excess of) net investment
income..................................................... 251,843 266,042
Accumulated net realized gain (loss) on investments, foreign
currency transactions and futures.......................... 36,533 23,730
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0,
$0, $0, $0, $0, respectively)............................ 8,936,861 2,060,980
Foreign currency related transactions...................... (1,422) 19,592
----------- -----------
NET ASSETS............................................... $39,243,843 $27,451,757
=========== ===========
NET ASSET VALUE PER SHARE
Net asset value per share..................................... $ 78.49 $ 68.63
=========== ===========
Shares outstanding (unlimited amount authorized, $0.01 par
value)..................................................... 500,000 400,000
=========== ===========
Investments in securities, at cost............................ $30,374,840 $24,776,423
=========== ===========
Foreign currency, at cost..................................... $ -- $ 682,609
=========== ===========
</Table>
See accompanying notes to financial statements.
112
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR
SPDR SPDR S&P WILSHIRE FTSE/MACQUARIE SPDR
S&P INTERNATIONAL INTERNATIONAL GLOBAL MSCI ACWI
WORLD EX-US SMALL CAP REAL ESTATE INFASTRUCTURE 100 EX-US
ETF ETF ETF ETF ETF
----------- ------------- -------------- ----------------- ------------
$13,492,123 $109,506,106 $1,118,240,181 $45,750,364 $126,407,013
103,382 712,074 1,407,241 359,297 1,061,963
5,064 4,346 113,347 9,295 33,465
31,655 327,995 2,757,573 82,477 281,830
----------- ------------ -------------- ----------- ------------
13,632,224 110,550,521 1,122,518,342 46,201,433 127,784,271
----------- ------------ -------------- ----------- ------------
-- 305,199 9,403 -- 8,020
-- -- -- -- --
-- -- -- -- --
-- -- 9,775,799 -- --
11,238 128,864 1,499,950 59,655 84,753
80 352 7,356 242 633
----------- ------------ -------------- ----------- ------------
11,318 434,415 11,292,508 59,897 93,406
----------- ------------ -------------- ----------- ------------
$13,620,906 $110,116,106 $1,111,225,834 $46,141,536 $127,690,865
=========== ============ ============== =========== ============
$13,026,000 $108,147,942 $1,138,976,028 $42,900,981 $115,953,647
164,987 504,245 (2,353,705) 471,621 1,320,620
9,714 130,481 (7,085,068) 74,838 109,315
416,148 1,303,917 (18,349,054) 2,689,798 10,271,656
4,057 29,521 37,633 4,298 35,627
----------- ------------ -------------- ----------- ------------
$13,620,906 $110,116,106 $1,111,225,834 $46,141,536 $127,690,865
=========== ============ ============== =========== ============
$ 34.05 $ 36.71 $ 63.83 $ 57.68 $ 42.56
=========== ============ ============== =========== ============
400,000 3,000,000 17,408,917 800,000 3,000,000
=========== ============ ============== =========== ============
$13,075,975 $108,202,189 $1,136,589,235 $43,060,566 $116,135,357
=========== ============ ============== =========== ============
$ 99,964 $ 689,364 $ 1,401,034 $ 355,807 $ 1,031,116
=========== ============ ============== =========== ============
</Table>
113
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
SPDR RUSSELL/NORMURA
RUSSELL/NORMURA SMALL CAP
PRIME JAPAN JAPAN
ETF ETF
--------------- ---------------
ASSETS
Investments in securities, at value (Note 2)............... $266,904,051 $136,853,412
Foreign currency, at value................................. 489,359 703,088
Dividends receivable....................................... 1,335,236 673,371
------------ ------------
TOTAL ASSETS.......................................... 268,728,646 138,229,871
------------ ------------
LIABILITIES
Due to custodian........................................... -- 309,247
Accrued advisory fee (Note 3).............................. 334,044 224,446
Accrued trustees fees (Note 3)............................. 2,953 1,279
------------ ------------
TOTAL LIABILITIES..................................... 336,997 534,972
------------ ------------
NET ASSETS............................................ $268,391,649 $137,694,899
============ ============
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4)................................... $259,677,426 $145,389,263
Undistributed (distributions in excess of) net investment
income.................................................. 2,031,837 1,188,740
Accumulated net realized gain (loss) on investments,
foreign currency transactions and futures............... 190,893 (139)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0
respectively)......................................... 6,474,207 (8,887,520)
Foreign currency related transactions................... 17,286 4,555
------------ ------------
NET ASSETS............................................ $268,391,649 $137,694,899
============ ============
NET ASSET VALUE PER SHARE
Net asset value per share.................................. $ 55.91 $ 48.31
============ ============
Shares outstanding (unlimited amount authorized, $0.01 par
value).................................................. 4,800,000 2,850,000
============ ============
Investments in securities, at cost......................... $260,429,844 $145,740,932
============ ============
Foreign currency, at cost.................................. $ 464,924 $ 695,697
============ ============
</Table>
See accompanying notes to financial statements.
114
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115
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
DJ DJ EURO
STOXX 50 STOXX 50
ETF ETF
----------- -----------
INVESTMENT INCOME
Dividends (Note 2).............................................. $ 5,020,850 $15,180,770
Interest (Note 2)............................................... -- --
Securities lending -- net....................................... 102,625 618,948
Foreign taxes withheld.......................................... (470,286) (2,141,705)
----------- -----------
TOTAL INVESTMENT INCOME......................................... 4,653,189 13,658,013
----------- -----------
EXPENSES
Advisory fee (Note 3)........................................... 389,812 1,254,644
Trustee fees and expenses (Note 3).............................. 11,584 37,631
Miscellaneous expenses.......................................... -- --
----------- -----------
TOTAL EXPENSES BEFORE WAIVERS................................... 401,396 1,292,275
Expenses waived by Adviser (Note 3)............................. -- --
----------- -----------
NET EXPENSES.................................................... 401,396 1,292,275
----------- -----------
NET INVESTMENT INCOME (LOSS).................................... 4,251,793 12,365,738
----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions................ 16,740,607 38,971,201
Futures...................................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments and foreign currency transactions (net of
deferred foreign taxes of $0, $0, $114,947, $0, $32,259,
$0, $0, $0 respectively)................................... 6,510,669 43,937,804
Futures...................................................... -- --
----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FOREIGN CURRENCY TRANSACTIONS AND FUTURES.................. 23,251,276 82,909,005
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... $27,503,069 $95,274,743
=========== ===========
</Table>
See accompanying notes to financial statements.
116
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P SPDR S&P
EMERGING S&P EMERGING S&P EMERGING EMERGING
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE LATIN AMERICA
ETF(1) ETF(1) ETF(1) ETF(2) ETF(1) ETF(1)
------------ ----------- ---------- ----------- ---------- -------------
$ 665,026 $ 805,304 $ 373,966 $ 439,879 $ 234,351 $ 415,544
-- -- 6,104 -- -- --
-- -- -- -- -- --
(90,893) (85) (30,751) (12,907) (31,609) (25,824)
----------- ----------- ---------- ----------- ---------- ----------
574,133 805,219 349,319 426,972 202,742 389,720
----------- ----------- ---------- ----------- ---------- ----------
85,114 149,963 67,842 78,069 55,660 88,822
853 1,327 760 517 514 1,071
5,134 347 670 -- 1,168 415
----------- ----------- ---------- ----------- ---------- ----------
91,101 151,637 69,272 78,586 57,342 90,308
-- -- -- (15,831) -- --
----------- ----------- ---------- ----------- ---------- ----------
91,101 151,637 69,272 62,755 57,342 90,308
----------- ----------- ---------- ----------- ---------- ----------
483,032 653,582 280,047 364,217 145,400 299,412
----------- ----------- ---------- ----------- ---------- ----------
(537) 992 (2,306) 397 21,686 (11,036)
52,701 -- 350,911 -- -- --
12,075,935 35,430,638 7,525,166 17,925,484 3,934,080 8,935,439
-- -- 61,752 -- -- --
----------- ----------- ---------- ----------- ---------- ----------
12,128,099 35,431,630 7,935,523 17,925,881 3,955,766 8,924,403
----------- ----------- ---------- ----------- ---------- ----------
$12,611,131 $36,085,212 $8,215,570 $18,290,098 $4,101,166 $9,223,815
=========== =========== ========== =========== ========== ==========
</Table>
117
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE PERIOD ENDED SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING
MIDDLE EAST & SPDR S&P
AFRICA WORLD EX-US
ETF(1) ETF(3)
------------- -----------
INVESTMENT INCOME
Dividends (Note 2)........................................... $ 354,571 $210,822
Interest (Note 2)............................................ 70 --
Foreign taxes withheld....................................... (12,403) (20,133)
---------- --------
TOTAL INVESTMENT INCOME................................... 342,238 190,689
---------- --------
EXPENSES
Advisory fee (Note 3)........................................ 61,939 19,932
Trustee fees and expenses (Note 3)........................... 627 404
Miscellaneous expenses....................................... 195 114
---------- --------
TOTAL EXPENSES............................................... 62,761 20,450
---------- --------
NET INVESTMENT INCOME (LOSS)................................. 279,477 170,239
---------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions............. 10,295 4,462
Futures................................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments and foreign currency transactions............. 2,080,572 420,205
---------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS........................... 2,090,867 424,667
---------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................... $2,370,344 $594,906
========== ========
</Table>
(1) For the period March 20, 2007 (commencement of operations) to September 30,
2007.
(2) For the period June 19, 2007 (commencement of operations) to September 30,
2007.
(3) For the period April 20, 2007 (commencement of operations) to September 30,
2007.
(4) For the period December 15, 2006 (commencement of operations) to September
30, 2007.
(5) For the period January 25, 2007 (commencement of operations) to September
30, 2007.
(6) For the period January 10, 2007 (commencement of operations) to September
30, 2007.
(7) For the period November 9, 2006 (commencement of operations) to September
30, 2007.
See accompanying notes to financial statements.
118
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR SPDR
SPDR S&P WILSHIRE FTSE/MACQUARIE SPDR SPDR RUSSELL/NORMURA
INTERNATIONAL INTERNATIONAL GLOBAL MSCI ACWI RUSSELL/NORMURA SMALL CAP
SMALL CAP REAL ESTATE INFASTRUCTURE 100 EX-US PRIME JAPAN JAPAN
ETF(3) ETF(4) ETF(5) ETF(6) ETF(7) ETF(7)
------------- ------------- ----------------- ----------- --------------- ---------------
$ 708,138 $ 22,770,418 $ 593,845 $ 1,622,820 $3,439,456 $ 1,843,791
-- 5,794 160 -- -- --
(41,852) (3,103,923) (34,539) (143,333) (239,735) (127,901)
---------- ------------ ---------- ----------- ---------- ------------
666,286 19,672,289 559,466 1,479,487 3,199,721 1,715,890
---------- ------------ ---------- ----------- ---------- ------------
157,589 3,211,424 106,123 160,478 1,081,791 517,959
1,104 38,620 1,146 3,093 19,345 6,857
287 355 -- 81 -- 7
---------- ------------ ---------- ----------- ---------- ------------
158,980 3,250,399 107,269 163,652 1,101,136 524,823
---------- ------------ ---------- ----------- ---------- ------------
507,306 16,421,890 452,197 1,315,835 2,098,585 1,191,067
---------- ------------ ---------- ----------- ---------- ------------
127,420 (6,626,202) 94,262 114,100 125,675 (8,155,363)
-- -- -- -- -- --
1,333,438 (18,311,421) 2,694,096 10,307,283 6,491,493 (8,882,965)
---------- ------------ ---------- ----------- ---------- ------------
1,460,858 (24,937,623) 2,788,358 10,421,383 6,617,168 (17,038,328)
---------- ------------ ---------- ----------- ---------- ------------
$1,968,164 $ (8,515,733) $3,240,555 $11,737,218 $8,715,753 $(15,847,261)
========== ============ ========== =========== ========== ============
</Table>
119
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
DJ
STOXX 50 ETF
--------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
9/30/2007 9/30/2006
------------ -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)................................... $ 4,251,793 $ 1,133,619
Net realized gain (loss) on investments, foreign currency
transactions and futures.................................... 16,740,607 201,333
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures...... 6,510,669 3,961,363
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. 27,503,069 5,296,315
------------ -----------
NET EQUALIZATION CREDITS AND CHARGES........................... (69,157) 332,179
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (4,189,162) (1,464,954)
Net realized gains............................................. (9,632) (117,419)
------------ -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (4,198,794) (1,582,373)
------------ -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 150,278,141 35,679,112
Net proceeds from the reinvestment of shares issued............ 4,893 2,647
Cost of shares redeemed........................................ (59,506,527) --
Net income equalization........................................ 69,157 --
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... 90,845,664 35,681,759
------------ -----------
Net increase (decrease) in net assets during the period........ 114,080,782 39,727,880
Net assets at beginning of period.............................. 71,175,302 31,447,422
------------ -----------
NET ASSETS END OF PERIOD(1)...................................... $185,256,084 $71,175,302
============ ===========
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 3,050,000 800,000
Shares issued to shareholders from reinvestment of
distributions............................................... 97 63
Shares redeemed................................................ (1,200,000) --
------------ -----------
NET INCREASE (DECREASE)........................................ 1,850,097 800,063
============ ===========
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 115,185 $ --
============ ===========
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
120
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR
EMERGING S&P EMERGING S&P
DJ ASIA PACIFIC CHINA MARKETS BRIC 40
EURO STOXX 50 ETF ETF ETF ETF ETF
----------------------------- ------------ ------------ ----------- ------------
FOR THE FOR THE FOR THE FOR THE
FOR THE FOR THE PERIOD PERIOD PERIOD PERIOD
YEAR ENDED YEAR ENDED 3/20/2007*- 3/20/2007*- 3/20/2007*- 6/19/2007*-
9/30/2007 9/30/2006 9/30/2007 9/30/2007 9/30/2007 9/30/2007
------------- ------------- ------------ ------------ ----------- ------------
$ 12,365,738 $ 5,376,157 $ 483,032 $ 653,582 $ 280,047 $ 364,217
38,971,201 12,944,464 52,164 992 348,605 397
43,937,804 16,938,792 12,075,935 35,430,638 7,586,918 17,925,484
------------- ------------- ----------- ------------ ----------- ------------
95,274,743 35,259,413 12,611,131 36,085,212 8,215,570 18,290,098
------------- ------------- ----------- ------------ ----------- ------------
2,701,464 (326,888) 411,243 490,966 222,753 307,570
------------- ------------- ----------- ------------ ----------- ------------
(15,108,265) (4,859,299) -- -- -- --
-- -- -- -- --
------------- ------------- ----------- ------------ ----------- ------------
(15,108,265) (4,859,299) -- -- -- --
------------- ------------- ----------- ------------ ----------- ------------
326,768,376 213,560,512 48,808,406 86,554,003 36,909,262 138,631,387
12,731 4,501 -- -- -- --
(156,271,445) (189,461,023) -- -- -- --
(2,701,464) -- (411,243) (490,966) (222,753) (307,570)
------------- ------------- ----------- ------------ ----------- ------------
167,808,198 24,103,990 48,397,163 86,063,037 36,686,509 138,323,817
------------- ------------- ----------- ------------ ----------- ------------
250,676,140 54,177,216 61,419,537 122,639,215 45,124,832 156,921,485
233,864,831 179,687,615 -- -- -- --
------------- ------------- ----------- ------------ ----------- ------------
$ 484,540,971 $ 233,864,831 $61,419,537 $122,639,215 $45,124,832 $156,921,485
============= ============= =========== ============ =========== ============
5,750,000 4,900,000 700,000 1,300,000 600,000 5,200,000
216 101 -- -- -- --
(2,700,000) (4,500,000) -- -- -- --
------------- ------------- ----------- ------------ ----------- ------------
3,050,216 400,101 700,000 1,300,000 600,000 5,200,000
============= ============= =========== ============ =========== ============
$ (2,045,665) $ -- $ 446,023 $ 654,576 $ 249,988 $ 364,614
============= ============= =========== ============ =========== ============
</Table>
121
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
EMERGING EMERGING
EUROPE LATIN AMERICA
ETF ETF
----------- -------------
FOR THE FOR THE
PERIOD PERIOD
3/20/2007*- 3/20/2007*-
9/30/2007 9/30/2007
----------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss).................................. $ 145,400 $ 299,412
Net realized gain (loss) on investments, foreign currency
transactions and futures................................... 21,686 (11,036)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures..... 3,934,080 8,935,439
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................. 4,101,166 9,223,815
----------- -----------
NET EQUALIZATION CREDITS AND CHARGES.......................... 235,319 65,402
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................................... -- --
Net realized gains............................................ -- --
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... -- --
----------- -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares.......................... 34,639,996 30,020,028
Net proceeds from the reinvestment of shares issued........... -- --
Cost of shares redeemed....................................... -- --
Net income equalization....................................... (235,319) (65,402)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS.................................................. 34,404,677 29,954,626
----------- -----------
Net increase (decrease) in net assets during the period....... 38,741,162 39,243,843
Net assets at beginning of period............................. -- --
----------- -----------
NET ASSETS END OF PERIOD(1)..................................... $38,741,162 $39,243,843
=========== ===========
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................... 600,000 500,000
Shares issued to shareholders from reinvestment of
distributions.............................................. -- --
Shares redeemed............................................... -- --
----------- -----------
NET INCREASE (DECREASE)....................................... 600,000 500,000
=========== ===========
(1) Including undistributed (distribution in excess of) net
investment income............................................. $ 132,983 $ 251,843
=========== ===========
</Table>
- --------
* Commencement of operations.
See accompanying notes to financial statements.
122
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR DJ SPDR SPDR
EMERGING S&P INTERNATIONAL WILSHIRE INTERNATIONAL FTSE/MACQUARIE MSCI ACWI
MIDDLE EAST & WORLD EX-US SMALL CAP REAL ESTATE GLOBAL INFASTRUCTURE EX-US
AFRICA ETF ETF ETF ETF 100 ETF ETF
------------- ----------- ------------- ---------------------- -------------------- ------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD PERIOD PERIOD PERIOD
3/20/2007*- 4/20/2007*- 4/20/2007*- 12/15/2006*- 1/25/2007*- 1/10/2007*-
9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007
------------- ----------- ------------- ---------------------- -------------------- ------------
$ 279,477 $ 170,239 $ 507,306 $ 16,421,890 $ 452,197 $ 1,315,835
10,295 4,462 127,420 (6,626,202) 94,262 114,100
2,080,572 420,205 1,333,438 (18,311,421) 2,694,096 10,307,283
----------- ----------- ------------ -------------- ----------- ------------
2,370,344 594,906 1,968,164 (8,515,733) 3,240,555 11,737,218
----------- ----------- ------------ -------------- ----------- ------------
66,796 -- 408,647 3,864,004 276,629 658,602
----------- ----------- ------------ -------------- ----------- ------------
-- -- -- (19,239,701) -- --
-- -- -- -- -- --
----------- ----------- ------------ -------------- ----------- ------------
-- -- -- (19,239,701) -- --
----------- ----------- ------------ -------------- ----------- ------------
25,081,413 13,026,000 108,147,942 1,138,413,796 42,900,981 115,953,647
-- -- -- 567,472 -- --
-- -- -- -- -- --
(66,796) -- (408,647) (3,864,004) (276,629) (658,602)
----------- ----------- ------------ -------------- ----------- ------------
25,014,617 13,026,000 107,739,295 1,135,117,264 42,624,352 115,295,045
----------- ----------- ------------ -------------- ----------- ------------
27,451,757 13,620,906 110,116,106 1,111,225,834 46,141,536 127,690,865
-- -- -- -- -- --
----------- ----------- ------------ -------------- ----------- ------------
$27,451,757 $13,620,906 $110,116,106 $1,111,225,834 $46,141,536 $127,690,865
=========== =========== ============ ============== =========== ============
400,000 400,000 3,000,000 17,400,000 800,000 3,000,000
-- -- -- 8,917 -- --
-- -- -- -- -- --
----------- ----------- ------------ -------------- ----------- ------------
400,000 400,000 3,000,000 17,408,917 800,000 3,000,000
=========== =========== ============ ============== =========== ============
$ 266,042 $ 164,987 $ 504,245 $ (2,353,705) $ 471,621 $ 1,320,620
=========== =========== ============ ============== =========== ============
</Table>
123
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR
RUSSELL/NORMURA RUSSELL/NORMURA
PRIME JAPAN SMALL CAP
ETF JAPAN ETF
--------------- ---------------
FOR THE FOR THE
PERIOD PERIOD
11/9/2006*- 11/9/2006*-
9/30/2007 9/30/2007
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)............................. $ 2,098,585 $ 1,191,067
Net realized gain (loss) on investments, foreign currency
transactions and futures.............................. 125,675 (8,155,363)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and
futures............................................... 6,491,493 (8,882,965)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS............................................ 8,715,753 (15,847,261)
------------ ------------
NET EQUALIZATION CREDITS AND CHARGES..................... -- (56,443)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.................................... (1,530) (17,720)
Net realized gains....................................... -- --
------------ ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS...................... (1,530) (17,720)
------------ ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares..................... 259,677,426 196,611,332
Net proceeds from the reinvestment of shares issued...... -- --
Cost of shares redeemed.................................. -- (43,051,452)
Net income equalization.................................. -- 56,443
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS.................................... 259,677,426 153,616,323
------------ ------------
Net increase (decrease) in net assets during the period.. 268,391,649 137,694,899
Net assets at beginning of period........................ -- --
------------ ------------
NET ASSETS END OF PERIOD(1)................................ $268,391,649 $137,694,899
============ ============
SHARES OF BENEFICIAL INTEREST:
Shares sold.............................................. 4,800,000 3,750,000
Shares issued to shareholders from reinvestment of
distributions......................................... -- --
Shares redeemed.......................................... -- (900,000)
------------ ------------
NET INCREASE (DECREASE).................................. 4,800,000 2,850,000
============ ============
(1) Including undistributed (distribution in excess of) net
investment income........................................ $ 2,031,837 $ 1,188,740
============ ============
</Table>
- --------
* Commencement of operations
See accompanying notes to financial statements.
124
(This page intentionally left blank)
125
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
DJ STOXX 50 ETF
------------------------------------------------------------------
FOR THE PERIOD
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 10/15/2002* -
9/30/2007 9/30/2006 9/30/2005 9/30/2004+ 9/30/2003
---------- ---------- ---------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD...... $ 44.48 $ 39.31 $ 33.20 $ 27.89 $25.34(4)
-------- ------- ------- ------- ------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss).............. 1.50 1.30(6) 1.01 0.99 1.20
Net realized and unrealized gain (loss)
(8)..................................... 9.22 5.05 6.10 5.16 2.50
-------- ------- ------- ------- ------
Total from investment operations.......... 10.72 6.35 7.11 6.15 3.70
-------- ------- ------- ------- ------
Net equalization credits and charges (6).. (0.03) 0.38 0.00(5) 0.01 (0.49)
-------- ------- ------- ------- ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................... (1.47) (1.41) (1.00) (0.85) (0.66)
Net realized gains........................ (0.01) (0.15) -- -- --
-------- ------- ------- ------- ------
Total distributions....................... (1.48) (1.56) (1.00) (0.85) (0.66)
-------- ------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD............ $ 53.69 $ 44.48 $ 39.31 $ 33.20 $27.89
======== ======= ======= ======= ======
TOTAL RETURN (1).......................... 24.22% 17.40% 21.60% 22.13% 12.79%
Net assets, end of period (in 000's)...... $185,256 $71,175 $31,447 $24,896 $8,421
Ratio of expenses to average net assets... 0.30% 0.33% 0.32% 0.33% 0.35%(2)
Ratio of net investment income (loss) to
average net assets...................... 3.16% 3.13% 2.75% 2.98% 2.96%(2)
Portfolio turnover rate (3)............... 9% 14% 9% 7% 6%
</Table>
See accompanying notes to financial highlights on page 130 and notes to
financial statements.
126
- --------------------------------------------------------------------------------
<Table>
<Caption>
DJ EURO STOXX 50 ETF
------------------------------------------------------------------
FOR THE PERIOD
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 10/15/2002* -
9/30/2007 9/30/2006 9/30/2005 9/30/2004+ 9/30/2003
---------- ---------- ---------- ---------- --------------
$ 49.23 $ 41.31 $ 33.94 $ 27.97 $ 24.35(4)
-------- -------- -------- ------- -------
1.40 1.32(6) 0.94 0.64 0.97
12.80 7.92 7.39 6.14 3.59
-------- -------- -------- ------- -------
14.20 9.24 8.33 6.78 4.56
-------- -------- -------- ------- -------
0.35 (0.08) 0.02 0.01 (0.30)
-------- -------- -------- ------- -------
(1.66) (1.24) (0.98) (0.82) (0.64)
-- -- -- -- --
-------- -------- -------- ------- -------
(1.66) (1.24) (0.98) (0.82) (0.64)
-------- -------- -------- ------- -------
$ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 27.97
======== ======== ======== ======= =======
29.76% 22.48% 24.82% 24.21% 17.46%
$484,541 $233,865 $179,688 $93,325 $85,366
0.30% 0.33% 0.32% 0.33% 0.35%(2)
2.86% 2.92% 2.79% 1.92% 2.78%(2)
11% 6% 15% 11% 6%
</Table>
127
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P
EMERGING S&P EMERGING S&P EMERGING
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE
ETF ETF ETF ETF ETF
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
3/20/2007* - 3/20/2007* - 3/20/2007* - 6/19/2007* - 3/20/2007* -
9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007
-------------- -------------- -------------- -------------- --------------
NET ASSET VALUE, BEGINNING OF
PERIOD............................ $ 60.50 $ 52.23 $ 55.63 $ 24.07 $ 54.38
------- -------- ------- -------- -------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)........ 0.64 0.50 0.42 0.07 0.22
Net realized and unrealized gain
(loss) (8)........................ 25.50 40.90 18.49 5.90 9.18
------- -------- ------- -------- -------
Total from investment operations.... 26.14 41.40 18.91 5.97 9.40
------- -------- ------- -------- -------
Net equalization credits and charges
(6)............................... 1.10 0.71 0.67 0.14 0.79
------- -------- ------- -------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............... -- -- -- -- --
Net realized gains.................. -- -- -- -- --
------- -------- ------- -------- -------
Total distributions................. -- -- -- -- --
------- -------- ------- -------- -------
NET ASSET VALUE, END OF PERIOD...... $ 87.74 $ 94.34 $ 75.21 $ 30.18 $ 64.57
======= ======== ======= ======== =======
TOTAL RETURN (1).................... 45.03% 80.64% 35.20% 25.38% 18.73%
Net assets, end of period (in
000's)............................ $61,420 $122,639 $45,125 $156,921 $38,741
Ratio of expenses to average net
assets............................ 0.63%(2) 0.59%(2) 0.60%(2) 0.40%(2) 0.60%(2)
Ratio of expenses to average net
assets before waiver.............. -- -- -- 0.50%(2) --
Ratio of net investment income
(loss) to average net assets...... 3.33%(2) 2.56%(2) 2.42%(2) 2.31%(2) 1.53%(2)
Portfolio turnover rate (3)......... 1% 0% 0%(7) 0% 3%
</Table>
See accompanying notes to financial highlights on page 130 and notes to
financial statements.
128
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR DJ
SPDR S&P EMERGING SPDR SPDR S&P WILSHIRE
EMERGING MIDDLE EAST & S&P INTERNATIONAL INTERNATIONAL
LATIN AMERICA AFRICA WORLD EX-US SMALL CAP REAL ESTATE
ETF ETF ETF ETF ETF
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
3/20/2007* - 3/20/2007* - 4/20/2007* - 4/20/2007* - 12/15/2006* -
9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007
-------------- -------------- -------------- -------------- --------------
$ 57.51 $ 59.25 $ 32.57 $ 35.59 $ 60.28
------- ------- ------- -------- ----------
0.50 0.67 0.41 0.17 1.20
20.32 8.49 1.07 0.70 3.33
------- ------- ------- -------- ----------
20.82 9.16 1.48 0.87 4.53
------- ------- ------- -------- ----------
0.16 0.22 -- 0.25 0.36
------- ------- ------- -------- ----------
-- -- -- -- (1.34)
-- -- -- -- --
------- ------- ------- -------- ----------
-- -- -- -- (1.34)
------- ------- ------- -------- ----------
$ 78.49 $ 68.63 $ 34.05 $ 36.71 $ 63.83
======= ======= ======= ======== ==========
36.49% 15.84% 4.56% 3.14% 8.09%
$39,244 $27,452 $13,621 $110,116 $1,111,226
0.60%(2) 0.59%(2) 0.35%(2) 0.59%(2) 0.60%(2)
-- -- -- -- --
1.98%(2) 2.65%(2) 2.89%(2) 1.89%(2) 3.01%(2)
2% 1% 0%(7) 2% 16%
</Table>
129
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR
FTSE/MACQUARIE SPDR SPDR RUSSELL/NORMURA
GLOBAL MSCI ACWI RUSSELL/NORMURA SMALL CAP
INFASTRUCTURE 100 EX-US PRIME JAPAN JAPAN
ETF ETF ETF ETF
----------------- -------------- --------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
1/25/2007* - 1/10/2007* - 11/9/2006* - 11/9/2006* -
9/30/2007 9/30/2007 9/30/2007 9/30/2007
----------------- -------------- --------------- ---------------
NET ASSET VALUE, BEGINNING OF PERIOD........ $ 50.41 $ 35.60 $ 52.65 $ 48.70
------- -------- -------- --------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)................ 0.59 0.44 0.42 0.53
Net realized and unrealized gain (loss)
(8)....................................... 6.11 6.12 2.84 (0.77)
------- -------- -------- --------
Total from investment operations............ 6.70 6.56 3.26 (0.24)
------- -------- -------- --------
Net equalization credits and charges (6).... 0.57 0.40 -- (0.03)
------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................... -- -- 0.00(5) (0.12)
Net realized gains.......................... -- -- -- --
------- -------- -------- --------
Total distributions......................... -- -- -- (0.12)
------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.............. $ 57.68 $ 42.56 $ 55.91 $ 48.31
======= ======== ======== ========
TOTAL RETURN (1)............................ 14.43% 19.55% 6.19% (0.57)%
Net assets, end of period (in 000's)........ $46,142 $127,691 $268,392 $137,695
Ratio of expenses to average net assets..... 0.59%(2) 0.35%(2) 0.51%(2) 0.56%(2)
Ratio of net investment income (loss) to
average net assets........................ 2.50%(2) 2.78%(2) 0.97%(2) 1.26%(2)
Portfolio turnover rate (3)................. 6% 1% 0%(7) 2%
</Table>
- --------
* Commencement of operations
(1) Total Return is calculated assuming a purchase of shares at net asset
value on the first day and a sale at net asset value on the last day of
each period reported. Distributions are assumed, for the purpose of this
calculation, to be reinvested at net asset value per share on the
respective payment dates of each Fund. Total return for periods of less
than one year is not annualized. Broker commission charges are not
included in this calculation.
(2) Annualized
(3) Portfolio Turnover rate excludes securities received or delivered from
processing of creations or redemptions.
(4) The beginning net asset values have been adjusted to reflect reverse
stock splits which were effective October 15, 2002, in order to adjust
the net asset value per share of each Fund to be approximately 1/100th of
the value of its respective index. The ratio of the reverse stock split
for the DJ STOXX 50 ETF and the DJ EURO STOXX 50 ETF was 1:2.536 and
1:2.444, respectively.
(5) Amount is less than $0.005 per share
(6) Per share numbers have been calculated using average shares method.
(7) Amount shown represents less than 0.5%
(8) The amounts shown in this caption for a share outstanding may not accord
with the change in aggregate gains and losses in securities for the
fiscal period because of timing of sales and repurchases of Fund shares
in relation to fluctuating market values for the Fund.
+ Effective on July 1, 2004, SSgA Funds Management, Inc. succeeded UBS
Global Asset Management (US) Inc. as the Fund's Adviser.
See accompanying notes to financial statements
130
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
1. ORGANIZATION
The SPDR Index Shares Funds (the "Trust"), which is registered under the
Investment Company Act of 1940, as amended, is an open-end investment management
company that was organized as a Massachusetts business trust on February 14,
2002. As of September 30, 2007, the Trust offered sixteen (16) portfolios, each
of which represents a separate series of beneficial interest in the Trust (each
referred to as a "Fund" and, collectively, as "the Funds"). Accordingly, the
financial statements herein relate to the following Funds: DJ STOXX 50 ETF
(formerly, streetTRACKS Dow Jones STOXX 50 Fund), DJ EURO STOXX 50 ETF
(formerly, streetTRACKS Dow Jones EURO STOXX 50 Fund), SPDR S&P Emerging Asia
Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40
ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P
Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P
International Small Cap ETF, SPDR DJ Wilshire International Real Estate ETF,
SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF,
SPDR Russell/Nomura PRIME Japan ETF and SPDR Russell/Nomura Small Cap Japan ETF.
Each Fund operates as a non-diversified investment company. The investment
objective of each Fund is to replicate as closely as possible, before expenses,
the price and yield or total return of a specified market index. The following
two Funds were not operational as of September 30, 2007: SPDR S&P Asia Pacific
ETF and SPDR S&P Europe ETF. No financial information is presented for these
non-operational Funds.
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 would 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.
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 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 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 (the "Board") believes will better
reflect fair value in accordance with the Trust's valuation policies and
procedures. The Board has delegated the process of valuing securities for which
market quotations are not readily available or do not otherwise accurately
reflect the fair value of the security to the Pricing and Investment Committee
(the "Committee"). The Committee, subject to oversight by the Board, may use
fair value pricing in a variety of circumstances, including but not limited to,
situations when the value of a security in a Fund's portfolio has been
materially affected by events occurring after the close of the market on which
the security is principally traded (such as in the case of a corporate action or
other news that may materially affect the price of a security) or 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.
131
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Dividend income is recorded on the ex-dividend date, except for certain foreign
dividends for which the Funds may not record until they receive notice of the
dividend which could result in the Funds recording on pay date. Interest income
is recorded on the accrual basis. The value of additional securities received as
dividend payments is recorded as income and or an increase to the cost basis of
such securities.
EXPENSES
Advisory fees, which are directly identifiable to a specific Fund, are applied
to that Fund. Trustee 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.
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 non-reclaimable foreign tax
withholdings.
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. 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 misappropriation. 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 to be 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, high levels of inflation, deflation or currency devaluation,
greater risk of market shut down, and more governmental limitations on foreign
investment policy than those typically found in a developed market.
FUTURES
Futures contracts generally provide for the future sale by one party and
purchase by another party of a specified commodity at a specified future time
and at a specified price. Stock index futures contracts are settled daily 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.
132
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
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 may seek to utilize other
instruments that it believes to be correlated to the underlying index components
or a subset of the components.
EQUALIZATION
The Funds follow the accounting practice known as "Equalization" by which a
portion of the proceeds from sales and costs of reacquiring shares, equivalent
on a per share basis to the amount of distributable net investment income on the
date of the transaction, is credited or charged to undistributed net investment
income. As a result, undistributed net investment income per share is unaffected
by sales or reacquisitions of Fund Shares.
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 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 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
they invest, the Funds will provide for foreign taxes, and where appropriate,
deferred foreign taxes.
133
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
For the year ended September 30, 2007, the Funds reclassified non-taxable
security gains and losses realized on the in-kind redemption of Creation Units
(Note 4) as an increase or decrease to paid in capital in the Statements of
Assets and Liabilities as follows:
<Table>
<Caption>
NET GAIN (LOSS)
RECLASSIFIED TO PAID IN CAPITAL
- ----------------------------------------------------------------------------------------
DJ STOXX 50 ETF........................................ $16,839,286
DJ EURO STOXX 50 ETF................................... 38,902,048
SPDR S&P Emerging Asia Pacific ETF..................... --
SPDR S&P China ETF..................................... --
SPDR S&P Emerging Markets ETF.......................... --
SPDR S&P BRIC 40 ETF................................... --
SPDR S&P Emerging Europe ETF........................... --
SPDR S&P Emerging Latin America ETF.................... --
SPDR S&P Emerging Middle East & Africa ETF............. --
SPDR S&P World ex-US ETF............................... --
SPDR S&P International Small Cap ETF................... --
SPDR DJ Wilshire International Real Estate ETF......... --
SPDR FTSE/Macquarie Global Infrastructure 100 ETF...... --
SPDR MSCI ACWI ex-US ETF............................... --
SPDR Russell/Nomura PRIME Japan ETF.................... --
SPDR Russell/Nomura Small Cap Japan ETF................ (8,375,745)
</Table>
At September 30, 2007, DJ EURO STOXX 50 ETF had capital loss carryforwards of
$23,283, which may be utilized to offset any realized capital gains expiring
September 30, 2015.
The Funds incurred the following losses during the period November 1, 2006
through September 30, 2007, that are deferred for tax purposes until fiscal
2008:
<Table>
<Caption>
DEFERRED LOSSES
---------------
DJ STOXX 50 ETF................................................ $ (106,255)
DJ EURO STOXX 50 ETF........................................... (101,263)
SPDR S&P Emerging Asia Pacific ETF............................. --
SPDR S&P China ETF............................................. --
SPDR S&P Emerging Markets ETF.................................. --
SPDR S&P BRIC 40 ETF........................................... --
SPDR S&P Emerging Europe ETF................................... --
SPDR S&P Emerging Latin America ETF............................ --
SPDR S&P Emerging Middle East & Africa ETF..................... --
SPDR S&P World ex-US ETF....................................... --
SPDR S&P International Small Cap ETF........................... --
SPDR DJ Wilshire International Real Estate ETF................. (2,570,694)
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........................ --
</Table>
134
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
For the year ended September 30, 2007, there were no significant differences
between the book basis and the tax basis character of distributions to
shareholders.
The tax character of distributions paid during the year ended September 30,
2007, was as follows:
<Table>
<Caption>
LONG-TERM
ORDINARY INCOME CAPITAL GAIN
- ---------------------------------------------------------------------------------------------------
DJ STOXX 50 ETF................................................. $ 4,198,794 $--
DJ EURO STOXX 50 ETF............................................ 15,108,265 --
SPDR S&P Emerging Asia Pacific ETF.............................. -- --
SPDR S&P China ETF.............................................. -- --
SPDR S&P Emerging Markets ETF................................... -- --
SPDR S&P BRIC 40 ETF............................................ -- --
SPDR S&P Emerging Europe ETF.................................... -- --
SPDR S&P Emerging Latin America ETF............................. -- --
SPDR S&P Emerging Middle East & Africa ETF...................... -- --
SPDR S&P World ex-US ETF........................................ -- --
SPDR S&P International Small Cap ETF............................ -- --
SPDR DJ Wilshire International Real Estate ETF.................. 19,239,701 --
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... -- --
SPDR MSCI ACWI ex-US ETF........................................ -- --
SPDR Russell/Nomura PRIME Japan ETF............................. 1,530 --
SPDR Russell/Nomura Small Cap Japan ETF......................... 222,848 --
</Table>
The tax character of distributions paid during the year ended September 30,
2006, was as follows:
<Table>
<Caption>
LONG-TERM
ORDINARY INCOME CAPITAL GAIN
- ---------------------------------------------------------------------------------------------------
DJ STOXX 50 ETF................................................. $1,209,512 $372,861
DJ EURO STOXX 50 ETF............................................ 4,859,299 --
</Table>
As of September 30, 2007 the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED NET UNREALIZED
(OVERDISTRIBUTED) LONG-TERM APPRECIATION
ORDINARY INCOME CAPITAL GAIN (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------------
DJ STOXX 50 ETF..................................... $ 115,147 $-- $ 16,778,279
DJ EURO STOXX 50 ETF................................ (2,045,665) -- 65,350,223
SPDR S&P Emerging Asia Pacific ETF.................. 535,196 -- 12,075,935
SPDR S&P China ETF.................................. 654,576 -- 35,430,636
SPDR S&P Emerging Markets ETF....................... 628,680 -- 7,586,890
SPDR S&P BRIC 40 ETF................................ 364,614 -- 17,925,484
SPDR S&P Emerging Europe ETF........................ 167,086 -- 3,934,080
SPDR S&P Emerging Latin America ETF................. 288,376 -- 8,935,439
SPDR S&P Emerging Middle East & Africa ETF.......... 289,771 -- 2,080,572
SPDR S&P World ex-US ETF............................ 174,757 -- 420,149
SPDR S&P International Small Cap ETF................ 653,997 -- 1,314,167
SPDR DJ Wilshire International Real Estate ETF...... (2,353,705) -- (22,825,794)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF... 549,242 -- 2,691,313
SPDR MSCI ACWI ex-US ETF............................ 1,439,713 -- 10,297,505
SPDR Russell/Nomura PRIME Japan ETF................. 2,222,730 -- 6,491,493
SPDR Russell/Nomura Small Cap Japan ETF............. 1,188,740 -- (8,883,104)
</Table>
135
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
DISTRIBUTIONS
The Trust declares and distributes dividends from net investment income, if any,
to its shareholders quarterly for DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF and SPDR
DJ Wilshire International Real Estate ETF. The following Funds distribute
annually: SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P
Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR
S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR
S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie
Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura
PRIME Japan ETF and SPDR Russell/Nomura Small Cap Japan ETF. The Trust
distributes net realized capital gains, if any, at least annually. Distributions
are recorded on the ex-dividend date. Income and capital gain distributions are
determined in accordance with income tax regulations, which may differ from
accounting principles generally accepted in the United States.
NEW ACCOUNTING PRONOUNCEMENTS
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 "Accounting for Uncertainty In Income Taxes" (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Funds' tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet a more-likely-than-not threshold would be recorded
as a tax expense in the current year. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open tax
years as of the effective date. Recent SEC guidance allows implementing FIN 48
in fund NAV calculations as late as the Funds' last NAV calculation in the first
required financial statement reporting period. As a result, the Funds will
incorporate FIN 48 in their semi annual report on March 31, 2008. At this time,
management is evaluating the implications of FIN 48 and its impact, if any, to
the financial statements has not yet been determined.
In September, 2006, Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("SFAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. Management is currently evaluating the impact, if any, the
adoption of SFAS 157 will have on the Funds' financial statements.
3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY
TRANSACTIONS
ADVISORY FEE
Each Fund has entered into an Investment Advisory Agreement with SSgA Funds
Management, Inc. (the "Adviser"). As compensation for the services rendered,
facilities furnished, and expenses borne by the Adviser, each Fund pays the
Adviser a fee accrued daily and paid monthly, based on a percentage of each
Funds' average daily net assets as shown in the following table:
<Table>
<Caption>
ANNUAL RATE
-----------
DJ STOXX 50 ETF.................................................. 0.29%
DJ EURO STOXX 50 ETF............................................. 0.29
SPDR S&P Emerging Asia Pacific ETF............................... 0.59
SPDR S&P China ETF............................................... 0.59
SPDR S&P Emerging Markets ETF.................................... 0.59
SPDR S&P BRIC 40 ETF............................................. 0.50*
SPDR S&P Emerging Europe ETF..................................... 0.59
SPDR S&P Emerging Latin America ETF.............................. 0.59
SPDR S&P Emerging Middle East & Africa ETF....................... 0.59
SPDR S&P World ex-US ETF......................................... 0.34
SPDR S&P International Small Cap ETF............................. 0.59
SPDR DJ Wilshire 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
</Table>
* The Adviser has contractually agreed to limit its management fee to the extent
necessary to limit annual operating expenses to 0.40% until June 19, 2008.
136
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
The Adviser pays the 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 and other
extraordinary expenses.
State Street Bank and Trust Company ("State Street"), an affiliate of the
Adviser, receives fees for its services as Custodian, Administrator and Transfer
Agent. State Street has also been approved to act as the securities lending
agent for the Funds and will receive a portion of any lending income.
DISTRIBUTOR
State Street Global Markets, LLC (the "Distributor") acts as the principal
underwriter of each Fund pursuant to a principal underwriting contract with the
Trust. The Distributor may enter into agreements with other broker-dealers
(affiliated and non-affiliated) and other financial institutions to authorize
them to sell Shares.
TRUSTEES' FEES
Commencing August 11, 2007, the Trust and SPDR Series Trust ("SST Trust") pay,
in the aggregate, each Independent Trustee an annual fee of $60,000 plus $3,000
per in-person meeting attended. An Independent Trustee will receive $1,000 for
each telephonic or video conference meeting attended. The Chair of the Board
receives an additional annual fee of $25,000 and the Chair of the Audit
Committee receives an additional annual fee of $9,000. The Trust also reimburses
each Independent Trustee for travel and other out-of-pocket expenses incurred by
him/her in connection with attending such meetings. Trustee fees are allocated
between the Trust and the 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. Previously, the Trust paid each Independent Trustee an annual fee
of $12,000 plus $4,500 per in person meeting attended and $500 for each meeting
attended via telephone or video conference.
4. SHAREHOLDER TRANSACTIONS
With the exception of the Trust's dividend reinvestment plan, Shares are issued
and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares
for DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF, SPDR Russell/Nomura Small Cap Japan
ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China
ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging
Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East &
Africa ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie
Global Infrastructure 100 ETF, and 200,000 shares for SPDR World ex-US ETF, SPDR
S&P International Small Cap ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura
PRIME Japan ETF. Such transactions are only permitted on an in-kind basis, with
a separate cash payment (cash component), which is used to equate the
transaction to the net asset value per Share of a Fund on the transaction date.
Transaction fees at scheduled amounts ranging from $500 to $12,000 per
transaction are charged to those persons creating or redeeming Creation Units.
Transaction fees are received by the Custodian and used to offset the expense of
processing orders.
137
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
At September 30, 2007, the identified cost of investments in securities owned by
each Fund for federal income tax purposes and the gross unrealized appreciation
and depreciation as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------
DJ STOXX 50 ETF............................. $ 168,149,078 $20,422,872 $ 3,653,739 $ 16,769,133
DJ EURO STOXX 50 ETF........................ 487,027,921 69,675,242 4,336,734 65,338,508
SPDR S&P Emerging Asia Pacific ETF.......... 48,618,019 12,546,713 357,260 12,189,453
SPDR S&P China ETF.......................... 86,592,950 35,533,465 104,875 35,428,590
SPDR S&P Emerging Markets ETF............... 36,103,226 7,729,277 187,401 7,541,876
SPDR S&P BRIC 40 ETF........................ 138,378,875 18,216,706 291,320 17,925,386
SPDR S&P Emerging Europe ETF................ 34,572,591 4,154,197 224,050 3,930,147
SPDR S&P Emerging Latin America ETF......... 30,374,840 9,351,259 414,398 8,936,861
SPDR S&P Emerging Middle East & Africa ETF.. 24,776,423 2,581,748 520,768 2,060,980
SPDR S&P World ex-US ETF.................... 13,076,031 1,109,640 693,548 416,092
SPDR S&P International Small Cap ETF........ 108,221,500 6,986,101 5,701,495 1,284,606
SPDR DJ Wilshire International Real Estate
ETF....................................... 1,141,103,608 59,313,824 82,177,251 (22,863,427)
SPDR FTSE/Macquarie Global Infrastructure
100 ETF................................... 43,063,350 3,239,684 552,670 2,687,014
SPDR MSCI ACWI ex-US ETF.................... 116,145,135 13,196,235 2,934,357 10,261,878
SPDR Russell/Nomura PRIME Japan ETF......... 260,429,844 27,947,237 21,473,030 6,474,207
SPDR Russell/Nomura Small Cap Japan ETF..... 145,741,071 8,024,454 16,912,113 (8,887,659)
</Table>
6. INVESTMENT TRANSACTIONS
For the year ended September 30, 2007, the Trust had in-kind contributions and
in-kind redemptions as follows:
<Table>
<Caption>
CONTRIBUTIONS REDEMPTIONS
- -------------------------------------------------------------------------------------------------
DJ STOXX 50 ETF................................................ $ 150,263,274 $ 59,487,912
DJ EURO STOXX 50 ETF........................................... 326,724,761 149,877,484
SPDR S&P Emerging Asia Pacific ETF............................. 23,816,248 --
SPDR S&P China ETF............................................. 86,217,347 --
SPDR S&P Emerging Markets ETF.................................. 25,621,530 --
SPDR S&P BRIC 40 ETF........................................... 134,435,621 --
SPDR S&P Emerging Europe ETF................................... 29,422,970 --
SPDR S&P Emerging Latin America ETF............................ 23,408,801 --
SPDR S&P Emerging Middle East & Africa ETF..................... 21,813,210 --
SPDR S&P World ex-US ETF....................................... 12,622,567 --
SPDR S&P International Small Cap ETF........................... 99,597,171 --
SPDR DJ Wilshire International Real Estate ETF................. 1,133,577,201 --
SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. 42,417,198 --
SPDR MSCI ACWI ex-US ETF....................................... 113,401,589 --
SPDR Russell/Nomura PRIME Japan ETF............................ 249,783,227 --
SPDR Russell/Nomura Small Cap Japan ETF........................ 194,619,098 41,905,248
</Table>
The in-kind contributions and in-kind redemptions in this table may not accord
with the beneficial interest transactions on the Statements of Changes. The
table represents the accumulation of the Fund's daily net shareholder
transactions while the Statements of Changes reflect gross shareholder
transactions including any cash component of the transaction.
138
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2007
- --------------------------------------------------------------------------------
For the year ended September 30, 2007, the Trust had purchases and sales of
investment securities as follows:
<Table>
<Caption>
PURCHASES SALES
- ------------------------------------------------------------------------------------------------
DJ STOXX 50 ETF................................................. $ 11,625,107 $ 12,851,189
DJ EURO STOXX 50 ETF............................................ 48,611,187 60,859,216
SPDR S&P Emerging Asia Pacific ETF.............................. 23,121,024 195,306
SPDR S&P China ETF.............................................. 178,558 --
SPDR S&P Emerging Markets ETF................................... 10,064,761 107,003
SPDR S&P BRIC 40 ETF............................................ 3,576,198 --
SPDR S&P Emerging Europe ETF.................................... 5,635,391 541,942
SPDR S&P Emerging Latin America ETF............................. 7,139,768 510,391
SPDR S&P Emerging Middle East & Africa ETF...................... 3,449,471 176,179
SPDR S&P World ex-US ETF........................................ 518,293 53,725
SPDR S&P International Small Cap ETF............................ 9,623,661 1,339,650
SPDR DJ Wilshire International Real Estate ETF.................. 119,904,653 114,625,488
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 2,118,901 1,603,575
SPDR MSCI ACWI ex-US ETF........................................ 3,834,126 1,015,542
SPDR Russell/Nomura PRIME Japan ETF............................. 11,370,059 1,006,085
SPDR Russell/Nomura Small Cap Japan ETF......................... 3,543,326 1,984,160
</Table>
For the year ended September 30, 2007, the Trust did not pay any commissions to
an affiliate of the Adviser for Investment Transactions.
7. CONCENTRATION OF RISK
The Funds' assets may be concentrated in one or more foreign countries. By
concentrating their assets in a single country or group of countries, the Funds
are subject to the risk that economic, political or other conditions that have a
negative effect on that country or group of countries will negatively impact the
Funds to a greater extent than if the Funds' assets were invested in a wider
variety of countries. In addition, the Funds' assets may be concentrated in
certain industries, subjecting them to greater risk than funds that invest in a
wider range of industries.
8. SECURITIES LENDING
Each Fund may lend securities up to 33 1/3% of its total assets to qualified
broker-dealers or institutional investors. The loans are secured at all times by
cash, cash equivalents or U.S. government securities in an amount at least equal
to the market value of the securities loaned, plus accrued interest and
dividends, determined on a daily basis and adjusted accordingly. The Funds will
regain record ownership of loaned securities to exercise certain beneficial
rights; however, the Funds may bear the risk of delay in recovery of, or even
loss of rights in, the securities loaned should the borrower fail financially.
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 plus reasonable
administrative and custody fees. As of September 30, 2007, DJ EURO STOXX 50 ETF
had securities on loan through an unaffiliated securities lending agent. In the
future, it is expected that State Street will act as the securities lending
agent for the Funds.
139
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of
SPDR Index Shares Funds,
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of each of the sixteen funds (each a
"Fund") comprising the SPDR Index Shares Funds (formally "streetTRACKS Index
Shares Funds")(the "Trust") at September 30, 2007, the results of each of their
operations, and the changes in each of their net assets and the financial
highlights for the periods indicated, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Trust's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 2007 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 26, 2007
140
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
CLOSING BID/ASK MIDPOINT PRICE VS. NAV
The following charts are provided to show the frequency at which the daily
market price on the American Stock Exchange ("Exchange"), the secondary market
for shares of each Fund, was at a discount or premium to such Fund's daily net
asset value ("NAV"). The market price of each Fund generally is determined using
the midpoint between the highest bid and the lowest offer on the Exchange, as of
the time that the Fund's NAV is calculated (referred to as the "Bid/Offer
Midpoint"). Each Fund's Bid/Offer Midpoint may at times be at, above or below
its NAV. The discount or premium is the percentage difference between the NAV
and the Bid/Offer Midpoint of a Fund. A discount is the amount that a Fund is
trading below the reported NAV, expressed as a percentage of the NAV. A premium
is the amount that a Fund is trading above the reported NAV, expressed as a
percentage of NAV. The NAV of each Fund will fluctuate with changes in the
market value of its portfolio holdings. The Bid/Offer Midpoint of each Fund will
fluctuate in accordance with changes in its NAV, as well as supply and demand.
DJ STOXX 50 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (10/21/2002)
through 9/30/2007..................... 226 73 5 79 30 12
</Table>
DJ EURO STOXX 50 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (10/21/2002)
through 9/30/2007..................... 157 49 6 119 65 15
</Table>
SPDR S&P EMERGING ASIA PACIFIC ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2007..................... 23 20 6 9 15 3
</Table>
- --------
* Prior to 11/1/2006, the discount and premium information was calculated by
comparing the closing price (last trade) vs. the NAV of the Fund.
141
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P CHINA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2007..................... 25 17 11 17 9 11
</Table>
SPDR S&P EMERGING MARKETS ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2007..................... 21 12 5 17 12 1
</Table>
SPDR S&P BRIC 40 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (6/22/2007)
through 9/30/2007..................... 19 18 9 2 5 0
</Table>
SPDR S&P EMERGING EUROPE ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2007..................... 37 12 2 4 3 0
</Table>
SPDR S&P EMERGING LATIN AMERICA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2007..................... 7 5 0 6 5 0
</Table>
142
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2007..................... 39 14 4 9 9 1
</Table>
SPDR S&P WORLD EX-US ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (4/26/2007)
through 9/30/2007..................... 16 3 1 10 4 0
</Table>
SPDR S&P INTERNATIONAL SMALL CAP ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (4/26/2007)
through 9/30/2007..................... 51 12 3 8 0 0
</Table>
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (12/20/2006)
through 9/30/2007..................... 90 28 4 13 4 0
</Table>
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (1/30/2007)
through 9/30/2007..................... 38 5 0 3 0 1
</Table>
143
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR MSCI ACWI EX-US ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (1/17/2007)
through 9/30/2007..................... 45 11 3 11 3 0
</Table>
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (11/14/2006)
through 9/30/2007..................... 37 9 3 24 21 4
</Table>
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (11/14/2006)
through 9/30/2007..................... 56 43 7 12 19 5
</Table>
144
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs
which may include creation and redemption fees on brokerage charges and (2)
ongoing costs, including management fees, distribution (12b-1) fees,
administration, custodian and transfer agent fees and other Fund expenses. This
Example is intended to help you understand your ongoing costs (in dollars) of
investing in a Fund and to compare these costs with the ongoing costs of
investing in other mutual funds. It is based on an investment of $1,000 invested
at April 1, 2007 and held for the six months ended September 30, 2007.
ACTUAL EXPENSES
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you incurred over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
table under the heading entitled "Expenses Paid During Period" to estimate the
expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second table provides information about hypothetical account values and
hypothetical expenses based on a Fund's actual expense ratio and an assumed rate
of return of 5% per year before expenses, which is not a Fund's actual return.
Thus, you should not use the hypothetical account values and expenses to
estimate the actual ending account balance or your expenses for the period.
Rather, these figures are provided to enable you to compare the ongoing costs of
investing in a Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds. The Funds charge transaction fees ranging from $500 to
$12,000 per transaction to those persons creating or redeeming Creation Units.
If you buy or sell Shares of the Funds in the secondary market, you will incur
customary brokerage commissions and charges.
145
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as creation
and redemption fees on brokerage charges. Therefore, the second table is useful
in comparing ongoing costs only, and will not help you determine the relative
total costs of owning different funds. In addition, if these transaction costs
were included, your costs would have been higher.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
ACTUAL 4/1/07 9/30/07 4/1/07 TO 9/30/07
- ------ ------------- ------------- -----------------
DJ STOXX 50 ETF................................... $1,000 $1,120.57 $1.59
DJ EURO STOXX 50 ETF.............................. 1,000 1,146.72 1.61
SPDR S&P Emerging Asia Pacific ETF................ 1,000 1,423.20 3.83
SPDR S&P China ETF................................ 1,000 1,744.45 4.06
SPDR S&P Emerging Markets ETF..................... 1,000 1,307.77 3.47
SPDR S&P BRIC 40 ETF**............................ 1,000 1,253.80 1.28
SPDR S&P Emerging Europe ETF...................... 1,000 1,120.42 3.19
SPDR S&P Emerging Latin America ETF............... 1,000 1,320.94 3.49
SPDR S&P Emerging Middle East & Africa ETF........ 1,000 1,108.19 3.12
SPDR S&P World ex-US ETF***....................... 1,000 1,045.60 1.61
SPDR S&P International Small Cap ETF***........... 1,000 1,031.40 2.69
SPDR DJ Wilshire International Real Estate ETF.... 1,000 969.50 2.96
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................. 1,000 1,070.92 3.06
SPDR MSCI ACWI ex-US ETF.......................... 1,000 1,121.77 1.86
SPDR Russell/Nomura PRIME Japan ETF............... 1,000 977.96 2.53
SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 909.28 2.68
</Table>
* Expenses are equal to the Fund's annualized expense ratios of 0.30%, 0.30%,
0.63%, 0.59%, 0.60%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.60%, 0.59%,
0.35%, 0.51%, 0.56%, respectively, multiplied by the average account value of
the period, multiplied by 183/365 or since inception.
** For the period June 19, 2007 (commencement of operations) to September 30,
2007.
*** For the period April 20, 2007 (commencement of operations) to September 30,
2007.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
HYPOTHETICAL 4/1/07 9/30/07 4/1/07 TO 9/30/07
- ------------ ------------- ------------- -----------------
DJ STOXX 50 ETF................................... $1,000 $1,023.56 $1.52
DJ EURO STOXX 50 ETF.............................. 1,000 1,023.56 1.52
SPDR S&P Emerging Asia Pacific ETF................ 1,000 1,021.91 3.19
SPDR S&P China ETF................................ 1,000 1,022.11 2.99
SPDR S&P Emerging Markets ETF..................... 1,000 1,022.11 3.04
SPDR S&P BRIC 40 ETF.............................. 1,000 1,023.06 2.03
SPDR S&P Emerging Europe ETF...................... 1,000 1,022.06 3.04
SPDR S&P Emerging Latin America ETF............... 1,000 1,022.06 3.04
SPDR S&P Emerging Middle East & Africa ETF........ 1,000 1,022.11 2.99
SPDR S&P World ex-US ETF.......................... 1,000 1,023.31 1.78
SPDR S&P International Small Cap ETF.............. 1,000 1,022.11 2.99
SPDR DJ Wilshire International Real Estate ETF.... 1,000 1,022.06 3.04
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................. 1,000 1,022.11 2.99
SPDR MSCI ACWI ex-US ETF.......................... 1,000 1,023.31 1.78
SPDR Russell/Nomura PRIME Japan ETF............... 1,000 1,022.51 2.59
SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 1,022.26 2.84
</Table>
* Expenses (hypothetical expenses if the Fund had been in existence from 4/1/07)
are equal to the Fund's annualized expense ratios of 0.30%, 0.30%, 0.63%, 0.59%,
0.60%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.60%, 0.59%, 0.35%, 0.51%, and
0.56%, respectively, 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.
146
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
TAX INFORMATION
For federal income tax purposes, the following information is furnished with
respect to the distributions of the Trust for its fiscal year ended September
30, 2007:
QUALIFIED DIVIDEND INCOME
For the fiscal year ended September 30, 2007, a portion of dividends distributed
by the Funds are considered qualified dividend income, and are eligible for
reduced tax rates. These lower rates range from 5% to 15% depending on the
individual's tax bracket. These amounts are noted below:
<Table>
<Caption>
PERCENTAGE
- -------------------------------------------------------------------------------
DJ STOXX 50 ETF................................................... 100.00%
DJ EURO STOXX 50 ETF.............................................. 99.60
SPDR S&P Emerging Asia Pacific ETF................................ --
SPDR S&P China ETF................................................ --
SPDR S&P Emerging Markets ETF..................................... --
SPDR S&P BRIC 40 ETF.............................................. --
SPDR S&P Emerging Europe ETF...................................... --
SPDR S&P Emerging Latin America ETF............................... --
SPDR S&P Emerging Middle East & Africa ETF........................ --
SPDR S&P World ex-US ETF.......................................... --
SPDR S&P International Small Cap ETF.............................. --
SPDR DJ Wilshire International Real Estate ETF.................... 68.32
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. --
SPDR MSCI ACWI ex-US ETF.......................................... --
SPDR Russell/Nomura PRIME Japan ETF............................... 100.00
SPDR Russell/Nomura Small Cap Japan ETF........................... 100.00
</Table>
For the fiscal year ended September 30, 2007, certain dividends paid by DJ STOXX
50 ETF, DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia pacific ETF, SPDR S&P China
ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging
Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East &
Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR
DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global
Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME
Japan ETF, and SPDR Russell/Nomura Small Cap Japan ETF may be subject to a
minimum tax rate of 15% as provided for by the Internal Revenue code. The Funds
noted above hereby designate the maximum amount of such dividends allowable up
to the amount of dividends that were paid during the year. Complete information
will be reported in conjunction with the 2007 form 1099-DIV.
147
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
FOREIGN TAX CREDIT
The Trust has made an election under Internal Revenue Code Section 853 to pass
through foreign taxes paid by a Fund to its shareholders. For the year ended
September 30, 2007, the total amount of foreign taxes that will be passed
through are:
<Table>
<Caption>
AMOUNT
- -------------------------------------------------------------------------------
DJ STOXX 50 ETF................................................... $ 470,097
DJ EURO STOXX 50 ETF.............................................. 2,141,705
SPDR S&P Emerging Asia Pacific ETF................................ 67,534
SPDR S&P China ETF................................................ 85
SPDR S&P Emerging Markets ETF..................................... 24,075
SPDR S&P BRIC 40 ETF.............................................. 12,907
SPDR S&P Emerging Europe ETF...................................... 31,609
SPDR S&P Emerging Latin America ETF............................... 25,824
SPDR S&P Emerging Middle East & Africa ETF........................ 12,403
SPDR S&P World ex-US ETF.......................................... 19,785
SPDR S&P International Small Cap ETF.............................. 39,009
SPDR DJ Wilshire International Real Estate ETF.................... 2,713,196
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 34,539
SPDR MSCI ACWI ex-US ETF.......................................... 140,679
SPDR Russell/Nomura PRIME Japan ETF............................... 239,735
SPDR Russell/Nomura Small Cap Japan ETF........................... 127,901
</Table>
148
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
PROXY VOTING POLICIES AND PROCEDURES AND RECORD
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 SEC's website at www.sec.gov.
Information regarding how the investment adviser voted proxies for the prior 12
months ended June 30 is available by August 31 of each year by calling the same
number and on the SEC's website, at www.sec.gov, and on the Funds' website at
www.spdretfs.com.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file a complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q
are available on the SEC's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on Form N-Q is available upon request, without charge, by
calling 1-866-787-2257 (toll-free), and on the Funds' website www.spdretfs.com.
INVESTMENT ADVISORY CONTRACT RENEWAL
At an in-person meeting held on August 22, 2007, the Board of Trustees of the
Trust (the "Board") evaluated the proposal to continue the Investment Advisory
Agreement with respect to the operational series of the Trust (the "Current
ETFs") and to continue the Investment Advisory Agreement with respect to the
previously approved non-operational series of the Trust (collectively, the "New
ETFs" and, together with the Current ETFs, the "ETFs"). The Trustees who are not
"interested persons" of the Trust within the meaning of the Investment Company
Act of 1940, as amended (the "Independent Trustees") also met separately with
their counsel to consider the Investment Advisory Agreement.
In evaluating the Investment Advisory Agreement, the Board drew on materials
provided to them by the Adviser and on other materials provided by State Street
Bank and Trust Company, the Trust's Administrator, Transfer Agent and Custodian
("State Street"). In deciding whether to approve the Investment Advisory
Agreement, the Board considered various factors, including (i) the nature,
extent and quality of services provided by the Adviser with respect to the
Current ETFs and to be provided by the Adviser with respect to the New ETFs,
under the Investment Advisory Agreement, (ii) investment performance of the
Current ETFs, (iii) costs to the Adviser of its services and profits realized by
the Adviser from its relationship with the Trust, and (iv) the extent to which
economies of scale would be realized if and as the ETFs grow and whether fee
levels in the Investment Advisory Agreement reflect these economies of scale.
The Board considered the nature, extent and quality of services provided by, or
to be provided by, the Adviser. In doing so, they relied on their prior
experience with the Trust and the materials provided prior to and at the
meeting. The Board reviewed the Investment Advisory Agreement and the Adviser's
responsibilities for managing the investment operations of the Current ETFs and
anticipated responsibilities for managing the investment operations of the New
ETFs, in accordance with each ETF's investment objective and policies, and
applicable legal and regulatory requirements. They appreciated the relatively
unique nature of the ETFs, as exchange-traded funds, and the experience and
expertise of the Adviser with exchange-traded funds. The Board considered the
background and experience of the Adviser's senior management, including those
individuals responsible for portfolio management and compliance of the ETFs.
They also considered the portfolio management resources, structures and
practices of the Adviser, including those associated with monitoring and
securing each ETF's compliance with its investment objectives and policies and
with applicable laws and regulations. The Board also considered information
about the Adviser's best execution procedures and overall investment management
business, noting that the Adviser serves a wide range of clients across a broad
spectrum of asset classes. The Board looked at the Adviser's general knowledge
of the investment business and that of its affiliates which make up State Street
Global Advisors, with which the Adviser shares all of its senior personnel. The
Board considered that the Adviser and its affiliates constitute one of the
world's largest investment management enterprises for indexed products generally
and ETFs in particular. The Board also considered the Adviser's experience in
managing equity ETFs. The Board then determined that the nature, extent and
quality of services provided by the Adviser to the Trust were necessary and
appropriate.
149
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
The Board reviewed the Current ETFs' performance. The Board noted that the
distinctive indexed investment objective of each of the Current ETFs made
analysis of investment performance, in absolute terms, less of a priority than
that which normally attaches to performance of actively-managed funds. The Board
was more concerned with the extent to which each Current ETF achieved its
objective and the Board reviewed each Current ETF's index tracking and tracking
error. The Board considered that each Current ETF closely tracked its benchmark
index and that the Current ETFs did not generate any taxable gain during the
most recent fiscal year. The Board then determined that the performance of each
Current ETF was satisfactory.
The Board considered the profitability of the advisory arrangement with the
Current ETFs to the Adviser, including data on the Current ETFs' historical
profitability to the Adviser. The Independent Trustees, through their counsel,
had the opportunity to discuss, with representatives of the Adviser and State
Street, methodologies used in computing costs that formed the bases of
profitability calculations and determined that these methodologies were
reasonable. The Board concluded that, to the extent that the Adviser's
relationships with the current ETFs had been profitable, profitability was not
excessive.
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 ETFs to be excessive.
The Board determined that the Adviser is likely to realize economies of scale in
managing the ETFs as assets grow in size. The Board further determined that such
economies of scale are currently shared with the ETFs by way of the relatively
low advisory fee and unitary fee structure of the Trust, although the Board
intends to continue to monitor fees as the ETFs grow in size and assess whether
breakpoints may be warranted.
The Board evaluated the ETFs' unitary fee through review of comparative
information with respect to fees paid by similar funds -- i.e., exchange-traded
funds tracking equity indexes. The Board reviewed the universe of similar
exchange-traded funds for the ETFs based upon data from Lipper Analytical
Services and related comparative information for similar ETFs. The Board also
reviewed the historical expense ratios of the Current ETFs, estimated expense
ratios of the New ETFs, and the unitary fee structure. The Board used an ETF by
ETF analysis of the data. The Board concluded, based on the information
presented, that each ETF's fees were fair and reasonable in light of those of
their direct competitors.
The Board's conclusions in approving the Investment Advisory Agreement,
including the Independent Trustees voting separately, were as follows: (a) the
nature and extent of the services provided by the Adviser with respect to the
Current ETFs and expected to be provided by the Adviser with respect to the New
ETFs were appropriate; (b) the performance and, more importantly, the index
tracking, of each Current ETF had been satisfactory; (c) the Adviser's fees for
each ETF and the unitary fee, considered in relation to services provided or
expected to be provided, were fair and reasonable; (d) profitability of the
Trust's relationship with the Adviser was not excessive; (e) any additional
benefits to the Adviser were not of a magnitude materially to affect the Board's
conclusions; and (f) fees paid to the Adviser adequately shared the economies of
scale with the Current ETFs and fees expected to be paid to the Adviser were
expected to share economies of scale with respect to the New ETFs by way of the
low fee structure of the Trust.
At the meeting, the Board also evaluated the proposal to continue the Sub-
Advisory Agreement (the "Sub-Advisory Agreement") between the Trust and The
Tuckerman Group LLC, an affiliate of the Adviser (the "Sub-Adviser"), with
respect to one of the Current ETFs, the SPDR(R) DJ Wilshire International Real
Estate ETF (the "International Real Estate ETF"). The Independent Trustees also
met separately with their counsel to consider the Sub-Advisory Agreement.
In evaluating the Sub-Advisory Agreement, the Board drew on materials provided
to them by the Sub-Adviser and on other materials provided to them by State
Street. In deciding whether to approve the Sub-Advisory Agreement, the Board
considered various factors, including (i) the nature, extent and quality of
services provided by the Sub-Adviser with respect to the International Real
Estate ETF under the Sub-Advisory Agreement, (ii) investment performance of the
International Real Estate ETF, (iii) the fees charged by the Sub-Adviser and any
additional benefits received by the Sub-Adviser due to its relationship with the
Adviser and the Trust, and (iv) the extent to which economies of scale
150
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
would be realized if and as the International Real Estate ETF grows and whether
fee levels in the Sub-Advisory Agreements reflect these economies of scale.
The Board considered the background and experience of the Sub-Adviser's senior
management and in particular the Sub-Adviser's experience in investing in REITs
and real estate related securities. The Board considered that the International
Real Estate ETF satisfactorily tracked its benchmark index and did not
distribute any capital gains. In light of the Board's determination that the
unitary fee paid to the Adviser by the International Real Estate ETF was fair
and reasonable and that the Sub-Adviser's fees are paid by the Adviser, the
Board did not believe it necessary to evaluate the Sub-Adviser's profitability
or any additional benefits that the Sub-Adviser may receive.
The Board's conclusions in approving the Sub-Advisory Agreement, including the
Independent Trustees voting separately, were as follows: (a) the nature and
extent of the services provided by the Sub-Adviser to the International Real
Estate ETF were appropriate; (b) the performance, and more importantly, the
index tracking, of the International Real Estate ETF had been satisfactory; (c)
the Sub-Adviser's fees for the International Real Estate ETF and the unitary
fee, considered in relation to the services provided, were fair and reasonable;
(d) any additional benefits to the Sub-Adviser were not of a magnitude
materially to affect the Board's conclusions; and (e) the fees paid to the Sub-
Adviser adequately shared the economies of scale with the International Real
Estate ETF.
151
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
TRUSTEES AND OFFICERS
<Table>
<Caption>
NUMBER
OF
TERM OF PORTFO-
OFFICE LIOS
AND IN FUND
POSI- LENGTH PRINCIPAL COMPLEX OTHER
TION(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS
NAME, ADDRESS WITH TIME DURING PAST BY HELD BY
AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE
- ----------------- -------- -------- ------------- -------- -------------
INDEPENDENT TRUSTEES
DAVID M. KELLY Indepen- Unlim- Retired. 65 Chicago Stock
c/o SPDR Index Shares Funds dent ited Exchange
State Street Financial Center Trustee Elected: (Public
One Lincoln Street July Governor/
Boston, MA 02111-2900 2004 Director);
10/10/38 Penson
Worldwide
Inc.
(Director);
Custodial
Trust Co.
(Director);
SPDR Series
Trust
(Trustee).
FRANK NESVET Indepen- Unlim- Chief 65 SPDR Series
c/o SPDR Index Shares Funds dent ited Executive Trust
State Street Financial Center Trustee, Elected: Officer, (Trustee)
One Lincoln Street Chairman July Libra Group,
Boston, MA 02111-2900 2004 Inc. (1998-
9/24/43 present) (a
financial
services
consulting
company).
HELEN F. PETERS Indepen- Unlim- Professor of 65 Federal Home
c/o SPDR Index Shares Funds dent ited Finance, Loan Bank of
State Street Financial Center Trustee, Elected: Carroll Boston
One Lincoln Street Chair of July School of (Director);
Boston, MA 02111-2900 Audit 2004 Management, BJ's
3/22/48 Commit- Boston Wholesale
tee College Clubs
(2003- (Director);
present); SPDR Series
Dean, Boston Trust
College (Trustee).
(August 2000-
2003).
INTERESTED TRUSTEE
JAMES E. ROSS* Inter- Unlim- President, 74 SPDR Series
SSgA Funds Management, Inc. ested ited SSgA Funds Trust
State Street Financial Center Trustee, Elected Management, (Trustee);
One Lincoln Street Presi- Presi- Inc. (2005- Select Sector
Boston, MA 02111 dent dent: present); SPDR Trust
6/24/65 May Principal, (Trustee);
2005, SSgA Funds State Street
Elected Management, Master Funds
Trustee: Inc. (2001- (Trustee);
November present); and State
2005 Senior Street
Managing Institutional
Director, Investment
State Street Trust
Global (Trustee).
Advisors
(2006-
present);
Principal,
State Street
Global
Advisors
(2000-2006).
</Table>
* Mr. Ross is an Interested Trustee because of his employment with the Adviser
and ownership interest in an affiliate of the Adviser.
The Statement of Additional Information includes additional information about
the Board of Trustees and is available without charge upon request, by calling
1-866-787-2257 (toll-free).
152
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
NUMBER
OF
TERM OF PORTFO-
OFFICE LIOS
AND IN FUND
POSITIO- LENGTH PRINCIPAL COMPLEX OTHER
N(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS
NAME, ADDRESS WITH TIME DURING PAST BY HELD BY
AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE
- ----------------- -------- -------- ------------- -------- -------------
OFFICERS
MICHAEL P. RILEY Vice Unlim- Principal, N/A N/A
SSgA Funds Management, Inc. Presi- ited State Street
State Street Financial Center dent Elected: Global
One Lincoln Street February Advisors
Boston, MA 02111 2005 (2005-
3/22/69 present);
Assistant
Vice
President,
State Street
Bank and
Trust Company
(2000-2004).
GARY L. FRENCH Trea- Unlim- Senior Vice N/A N/A
State Street Bank and Trust surer ited President,
Company Elected: State Street
Two Avenue de Lafayette May 2005 Bank and
Boston, MA 02111 Trust Company
07/04/51 (2002-
present);
Managing
Director,
Deutsche Bank
(2001-2002).
MATTHEW FLAHERTY Assis- Unlim- Assistant N/A N/A
State Street Bank and Trust tant ited Vice
Company Trea- Elected: President,
Two Avenue de Lafayette surer May 2005 State Street
Boston, MA 02111 Bank and
2/19/71 Trust (1994-
present).*
CHAD C. HALLETT Assis- Unlim- Vice N/A N/A
State Street Bank and Trust tant ited President,
Company Trea- Elected: State Street
Two Avenue de Lafayette surer May 2006 Bank and
Boston, MA 02111 Trust Company
1/28/69 (2001-
Present).*
</Table>
* Served in various capacities during noted time period.
153
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
NUMBER
OF
TERM OF PORTFO-
OFFICE LIOS
AND IN FUND
POSI- LENGTH PRINCIPAL COMPLEX OTHER
TION(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS
NAME, ADDRESS WITH TIME DURING PAST BY HELD BY
AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE
- ----------------- -------- -------- ------------- -------- -------------
MARY MORAN ZEVEN Secre- Unlim- Senior Vice N/A N/A
State Street Bank and Trust tary ited President and
Company Elected: Senior
Two Avenue de Lafayette July Managing
Boston, MA 02111 2004 Counsel,
2/27/61 State Street
Bank and
Trust Company
(2002-
present).
RYAN M. LOUVAR Assis- Unlim- Vice N/A N/A
State Street Bank and Trust tant ited President and
Company Secre- Elected: Counsel,
Two Avenue de Lafayette tary October State Street
Boston, MA 02111 2006 Bank and
2/18/72 Trust Company
(2005-
present);
Counsel,
BISYS Group,
Inc. (2000-
2005) (a
financial
services
company).
MARK E. TUTTLE Assis- Unlim- Vice N/A N/A
State Street Bank and Trust tant ited President and
Company Secre- Elected: Assistant
Two Avenue de Lafayette tary August Counsel,
Boston, MA 02111 2007 State Street
3/25/70 Bank and
Trust Company
(2007-
present);
Assistant
Counsel,
BISYS Group,
Inc. (2006-
2007) (a
financial;
services
company);
Compliance
Manager,
BISYS Group,
Inc. (2005-
2006); Sole
Practitioner,
Mark E.
Tuttle
Attorney at
Law (2004-
2005);
Paralegal,
John Hancock
Financial
Services,
Inc. (2000-
2004).
JULIE B. PIATELLI Chief Unlim- Principal and N/A N/A
SSgA Funds Management, Inc. Compli- ited Senior
State Street Financial Center ance Elected: Compliance
One Lincoln Street Officer August Officer, SSgA
Boston, MA 02111 2007 Funds
8/5/67 Management,
Inc. (2004-
present);
Vice
President,
State Street
Global
Advisors
(2004-
present);
Senior
Manager,
Pricewater-
houseCoopers,
LLP (1999-
2004)
</Table>
154
THE SPDR(R) FAMILY OF EXCHANGE TRADED FUNDS
The following is a list of SPDR ETF's being offered, along with their respective
exchange trading symbols. PLEASE CALL 1-866-787-2257 TO OBTAIN A PROSPECTUS FOR
ANY SPDR ETF. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING
CHARGES, EXPENSES, INVESTMENT OBJECTIVES AND RISK FACTORS THAT SHOULD BE
CAREFULLY CONSIDERED TO DETERMINE IF THE FUND(S) ARE AN APPROPRIATE INVESTMENT
FOR YOU. READ THE PROSPECTUS(ES) CAREFULLY BEFORE INVESTING. INVESTING INVOLVES
RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.
SPDR INDEX SHARES FUNDS
DJ STOXX 50 ETF (FEU)
DJ EURO STOXX 50 ETF (FEZ)
SPDR S&P Emerging Asia Pacific ETF (GMF)
SPDR S&P China ETF (GXC)
SPDR S&P Emerging Markets ETF (GMM)
SPDR S&P BRIC 40 ETF (BIK)
SPDR S&P Emerging Europe ETF (GUR)
SPDR S&P Emerging Latin America ETF (GML)
SPDR S&P Emerging Middle East & Africa ETF (GAF)
SPDR S&P World ex-US ETF (GWL)
SPDR S&P International Small Cap ETF (GWX)
SPDR DJ Wilshire 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 SERIES TRUST
SPDR DJ Wilshire Total Market ETF (TMW)
SPDR DJ Wilshire Large Cap ETF (ELR)
SPDR DJ Wilshire Large Cap Growth ETF (ELG)
SPDR DJ Wilshire Large Cap Value ETF (ELV)
SPDR DJ Wilshire Mid Cap ETF (EMM)
SPDR DJ Wilshire Mid Cap Growth ETF (EMG)
SPDR DJ Wilshire Mid Cap Value ETF (EMV)
SPDR DJ Wilshire Small Cap ETF (DSC)
SPDR DJ Wilshire Small Cap Growth ETF (DSG)
SPDR DJ Wilshire Small Cap Value ETF (DSV)
SPDR DJ Global Titans ETF (DGT)
DJ Wilshire REIT ETF (RWR)
KBW Bank ETF (KBE)
KBW Capital Markets ETF (KCE)
KBW Insurance ETF (KIE)
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)
KBW Regional Banking ETF (KRE)
SPDR Lehman 1-3 Month T-Bill ETF (BIL)
SPDR Lehman Short Term Municipal Bond ETF (SHM)
SPDR Lehman Intermediate Term Treasury ETF (ITE)
SPDR Lehman Long Term Treasury ETF (TLO)
SPDR Barclays Capital TIPS ETF (IPE)
SPDR Lehman California Municipal Bond ETF (CXA)
SPDR Lehman New York Municipal Bond ETF (INY)
SPDR Lehman Municipal Bond ETF (TFI)
SPDR Lehman Aggregate Bond ETF (LAG)
SPDR Lehman International Treasury Bond ETF (BWX)
THE SELECT SECTOR SPDR TRUST
The Consumer Discretionary Select Sector SPDR Fund (XLY)
The Consumer Staples Select Sector SPDR Fund (XLP)
The Energy Select Sector SPDR Fund (XLE)
The Financial Select Sector SPDR Fund (XLF)
The Health Care Select Sector SPDR Fund (XLV)
The Industrial Select Sector SPDR Fund (XLI)
The Materials Select Sector SPDR Fund (XLB)
The Technology Select Sector SPDR Fund (XLK)
The Utilities Select Sector SPDR Fund (XLU)
DIAMONDS TRUST, SERIES 1 (DIA)
SPDR TRUST, SERIES 1 (SPY)
State Street Global Markets, LLC, member NASD, SIPC is distributor for all
investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS
Distributors, Inc., a registered broker-dealer, is distributor for SPDR Trust
and Diamonds Trust, both unit investment trusts; and all investment portfolios
of The Select Sector SPDR Trust.
SPDR INDEX SHARES FUNDS
TRUSTEES
David M. Kelly
Frank Nesvet
Helen F. Peters
James E. Ross
OFFICERS
James E. Ross, President
Michael P. Riley, Vice President
Gary L. French, Treasurer
Mary Moran Zeven, Secretary
Ryan M. Louvar, Assistant Secretary
Mark E. Tuttle, Assistant Secretary
Chad C. Hallett, Assistant Treasurer
Matthew W. Flaherty, Assistant Treasurer
Julie B. Piatelli, Chief Compliance Officer
INVESTMENT MANAGER
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
DISTRIBUTOR
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111
CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
LEGAL COUNSEL
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned
subsidiary of State Street Corporation.
State Street Global Markets, LLC is a member of NASD, SIPC, and the Boston Stock
Exchange.
The information contained in this report is intended for the general information
of shareholders of the Trust. This report is not authorized for distribution to
prospective investors unless preceded or accompanied by a current Trust
prospectus which contains important information concerning the Trust. You may
obtain a current prospectus and SAI from the Distributor by calling
1-866-787-2257 or visiting WWW.SPDRETFS.COM
Please read the prospectus carefully before you invest.
State Street Global Advisors
State Street Financial Center
One Lincoln Street
Boston, MA 02111
The investment return and principal value of an investment in the Funds will
fluctuate in value, so that when shares are sold or redeemed they may be worth
more or less than when they were purchased.
ETFs trade like stocks, are subject to investment risk and will fluctuate in
market value.
DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR
S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P
Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging
Middle East & Africa ETF, SPDR S&P World ex-US ETF, S&P International Small Cap
ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/ Macquarie Global
Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME
Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF: In addition to the normal
risks associated with equity investing, narrowly focused investments and
investments in smaller companies typically exhibit higher volatility and price
fluctuation.
For all SPDR Index Shares Funds: International investments may involve risk of
capital loss from unfavorable fluctuations in currency values, from differences
in generally accepted accounting principles or from economic or political
instability in other nations.
In general, Fund shares can be expected to move up or down in value with the
value of the applicable index. Although Fund shares may be bought and sold on
the exchange through any brokerage account, Fund shares are not individually
redeemable from the Fund. Investors may acquire Fund Shares and tender them for
redemption through the Fund in Creation Unit Aggregations only. Please see the
prospectus for more details.
The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company,
Time Inc., FTSE International Limited, Macquarie Bank Limted, The London Stock
Exchange Place, The Financial Times Limited, Morgan Stanley Capital
International Inc., Russell Investment Group, Standard & Poor's and Wilshire
Associates. Neither do these companies make any representation regarding the
advisability of investing in the Funds. The Funds are distributed by State
Street Global Markets, LLC, a wholly-owned subsidiary of State Street
Corporation. State Street Global Markets, LLC is a member of NASD, SIPC, and the
Boston Stock Exchange. References to State Street may include State Street
Corporation and its affiliates. Shares of the Funds are not insured by the FDIC
or by another governmental agency; they are not obligations of the FDIC nor are
they deposits or obligations of or guaranteed by State Street Bank and Trust
Company. Fund shares are subject to investment risks, including possible loss of
the principal invested. The Funds pay State Street for its services as
investment advisor, custodian, transfer agent and shareholder servicing agent.
Please read the prospectus carefully before you invest or send money.
(C) 2007 State Street Corporation STISFAR
For more complete information, please call 866.787.2257 or visit spdretfs.com
today
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party (the "Code of Ethics"). During
the period covered by this report, no substantive amendments were made to the
Code of Ethics. During the period covered by this report, the registrant did not
grant any waivers, including any implicit waivers, from any provision of the
Code of Ethics.
The Code of Ethics is attached hereto as Exhibit 12(a)(1).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) The Board of Trustees of the registrant has determined that the
registrant has one Board member serving on the Audit Committee that possess the
attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as
an "audit committee financial expert."
(2) Frank Nesvet is the registrant's audit committee financial expert. The
Board also determined that Mr. Nesvet is not an "interested person(s)" of the
registrant as that term is defined in Section 2(a)(19) of the Investment Company
Act.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees.
For the fiscal years ending September 30, 2007 and September 30, 2006, the
aggregate audit fees billed for professional services rendered by the principal
accountant were $178,200 and $38,800, respectively. The nature of the services
are (1) auditing of the statements of assets and liabilities, related statements
of operations and changes in net assets, and the financial highlights of each
series of the registrant; (2) auditing and reporting on the financial statements
to be included in the amendment to the registrant's registration statement on
Form N-1A to be filed with the Securities and Exchange Commission; (3) review of
the amendment to the registration statement; and (4) issuance of a Report on
Internal Control for inclusion in the registrant's Form N-SAR.
(b) Audit-Related Fees.
For the fiscal years ending September 30, 2007 and September 30, 2006, the
principal accountant did not bill the registrant any fees for assurances and
related services that are reasonably related to the performance of the audit of
the registrant's financial statements and are not reported under paragraph (a)
of this Item.
(c) Tax Fees.
For the fiscal years ending September 30, 2007 and September 30, 2006, the
aggregate tax fees billed for professional services rendered by the principal
accountant were $123,200 and $14,800, respectively. Services included the review
of the registrant's federal, state and local income, franchise and other tax
returns.
(d) All Other Fees.
There were no other fees billed by the principal accountant for the fiscal years
ending September 30, 2007 and September 30, 2006.
(e)(1) Audit Committee Pre-Approval Policies and Procedures.
The registrant's Audit Committee Charter states the following with respect to
pre-approval procedures:
Before the independent auditors are engaged by the Trust to render audit or
non-audit services, either:
a. The Audit Committee shall pre-approve all auditing services and
permissible non-audit services (e.g., tax services) provided to the
Trust. The Audit Committee may delegate to one or more of its members
the authority to grant pre-approvals. Any decision of any member to
whom authority is delegated under this section shall be presented to
the full Audit Committee at its next regularly scheduled meeting;
or
b. The engagement to render the auditing service or permissible non-audit
service is entered into pursuant to pre-approval policies and
procedures established by the Audit Committee. Any such policies and
procedures must (1) be detailed as to the particular service and (2)
not involve any delegation of the Audit Committee's responsibilities
to the investment adviser. The Audit Committee must be informed of
each service entered into pursuant to the policies and procedures. A
copy of any such policies and procedures shall be attached as an
exhibit to the Audit Committee Charter.
c. De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a
service provided to the Trust other than audit, review or attest
services is not required if: (1) the aggregate amount of all such
non-audit services provided to the Trust constitutes not more than 5
percent of the total amount of revenues paid by the Trust to the
independent auditors during the fiscal year in which the non-audit
services are provided; (2) such services were not recognized by the
Trust at the time of the engagement to be non-audit services; and (3)
such services are promptly brought to the attention of the Audit
Committee and are approved by the Audit Committee or by one or more
members of the Audit Committee to whom authority to grant such
approvals has been delegated by the Audit Committee prior to the
completion of the audit.
d. Pre-Approval of Non-Audit Services Provided to the investment adviser
and Certain Control Persons. The Audit Committee shall pre-approve any
non-audit services proposed to be provided by the independent auditors
to (a) the investment adviser and (b) any entity controlling,
controlled by, or under common control with the investment adviser
that provides ongoing services to the Trust, if the independent
auditors' engagement with the investment adviser or any such control
persons relates directly to the operations and financial reporting of
the Trust. It shall be the responsibility of the independent auditors
to notify the Audit Committee of any non-audit services that need to
be pre-approved.
e. Application of De Minimis Exception: The De Minimis exception set
forth above applies to pre-approvals under this Section as well,
except that the "total amount of revenues" calculation is based on the
total amount of revenues paid to the independent auditors by the Trust
and any other entity that has its services approved under this Section
(i.e., the investment adviser or any control person).
(e)(2) Percentage of Services.
One hundred percent of the services described in each of paragraphs (b) through
(d) of this Item were approved by the registrant's Audit Committee pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) For the fiscal years ending September 30, 2007 and September 30, 2006, the
aggregate non-audit fees billed by PwC for services rendered to the Trust and
SSgA Funds Management, Inc. (the "Adviser") and any entity controlling,
controlled by, or under common control with the Adviser that provided ongoing
services to the Trust were $7,265,000 (estimated) and $5,831,000, respectively.
(h) Not applicable.
ITEM 5. DISCLOSURE OF AUDIT COMMITTEES FOR LISTED COMPANIES.
The registrant has an audit committee which was established by the Board of
Trustees of the Trust in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934, as amended. The members of the registrant's audit
committee are Frank Nesvet, David Kelly and Helen Peters.
ITEM 6. SCHEDULE OF INVESTMENTS.
The schedule of investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Registrant has not adopted any material changes to the procedures by which
shareholders may recommend nominees to the registrant's Board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Within 90 days of the filing date of this Form N-CSR, James Ross, the
registrant's President and Principal Executive Officer, and Gary L. French, the
registrant's Treasurer and Principal Financial Officer, reviewed the
registrant's disclosure controls and procedures and evaluated their
effectiveness. Based on their review, Messrs. Ross and French determined that
the disclosure controls and procedures
adequately ensure that information required to be disclosed by the registrant in
its periodic reports is recorded, processed, summarized and reported within the
time periods required by the Securities and Exchange Commission.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 12. EXHIBITS.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule 30a-2 under the Investment
Company Act of 1940 for each principal executive officer and principal financial
officer of the registrant are attached.
(b) A single certification required by Rule 30a-2(b) under the Investment
Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities
Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United
States Code for the principal executive officer and principal financial officer
of the registrant is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
SPDR(R) Index Shares Funds
By: /s/ James Ross
---------------------------------
James Ross
President and Principal Executive
Officer
Date: November 27, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ James Ross
---------------------------------
James Ross
President and Principal Executive
Officer
Date: November 27, 2007
By: /s/ Gary L. French
---------------------------------
Gary L. French
Treasurer and Principal Financial
Officer
Date: November 27, 2007