UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21145
----------
SPDR(R) INDEX SHARES FUNDS
(Exact name of registrant as specified in charter)
One Lincoln Street, Boston, Massachusetts 02111
(Address of principal executive offices) (zip code)
(Name and Address of Agent for Service) Copy to:
Ryan M. Louvar, Esq. W. John McGuire, Esq.
State Street Bank and Trust Company Morgan, Lewis & Bockius LLP
One Lincoln Street/CPH0326 1111 Pennsylvania Avenue, N.W.
Boston, MA 02111 Washington, DC 20004
Registrant's telephone number, including area code: (866) 787-2257
Date of fiscal year end: September 30
Date of reporting period: September 30, 2008
ITEM 1. REPORTS TO SHAREHOLDERS.
ANNUAL REPORT September 30, 2008
(SPDR(R) LOGO)
STATE STREET GLOBAL ADVISORS PRECISE IN A WORLD THAT ISN'T.(SM)
TABLE OF CONTENTS
<Table>
PRESIDENT'S LETTER TO SHAREHOLDERS............................... 1
MANAGEMENT DISCUSSIONS OF FUND PERFORMANCE AND PORTFOLIO
SUMMARIES...................................................... 2
SPDR(R) DJ STOXX 50(R) ETF (FEU)............................... 2
SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ).......................... 6
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 10
SPDR(R) S&P(R) CHINA ETF (GXC)................................. 15
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 19
SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 24
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 29
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 34
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 39
SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 44
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 49
SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)................ 54
SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD)................. 59
SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)............ 60
SPDR(R) DJ WILSHIRE GLOBAL REAL ESTATE ETF (RWO)............... 61
SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 62
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 67
SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 71
SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF (JPP)............... 75
SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF (JSC)........... 79
SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
(IPD)....................................................... 83
SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF
(IPS)....................................................... 84
SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW)........... 85
SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)........ 86
SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IRY)...... 87
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)....... 88
SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IRV)........ 89
SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)....... 90
SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
(IST)....................................................... 91
SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)........ 92
SCHEDULES OF INVESTMENTS
SPDR(R) DJ STOXX 50(R) ETF (FEU)............................... 93
SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ).......................... 94
SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 95
SPDR(R) S&P(R) CHINA ETF (GXC)................................. 98
SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 101
SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 107
SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 108
SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 109
SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 111
SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 113
</Table>
<Table>
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 120
SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)................ 126
SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD)................. 128
SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)............ 132
SPDR(R) DJ WILSHIRE GLOBAL REAL ESTATE ETF (RWO)............... 135
SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 138
SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 140
SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 142
SPDR(R) RUSSELL/NOMURA PRIME JAPAN ETF (JPP)................... 149
SPDR(R) RUSSELL/NOMURA SMALL CAP JAPAN ETF (JSC)............... 154
SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
(IPD)....................................................... 159
SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF
(IPS)....................................................... 161
SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW)........... 162
SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)........ 163
SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IPY)...... 165
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)....... 167
SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IPV)........ 169
SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)....... 171
SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
(IST)....................................................... 173
SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)........ 174
FINANCIAL STATEMENTS............................................. 176
FINANCIAL HIGHLIGHTS............................................. 206
NOTES TO FINANCIAL STATEMENTS.................................... 216
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.......... 231
OTHER INFORMATION................................................ 232
</Table>
(Logo/annual report)
PRESIDENT'S LETTER TO SHAREHOLDERS
Dear Shareholders,
Enclosed, please find a copy of the annual report for the period ended September
30, 2008. In the past year, we have continued our efforts to develop new and
valuable additions to our family of SPDR exchange-traded funds ("ETFs").
State Street has launched 20 new SPDR ETFs so far in 2008, offering investors
exposure to segments of the global stock markets and targeted international
sectors, as well as fixed income.
NEW INTERNATIONAL AND EMERGING MARKET SPDRS
The new International SPDRs cover key segments of the developed and emerging
international and global markets and include:
- SPDR S&P International Mid Cap ETF (Ticker Symbol: MDD)
- SPDR S&P International Dividend ETF (Ticker Symbol: DWX)
- SPDR DJ Wilshire Global Real Estate ETF (Ticker Symbol: RWO)
- SPDR S&P Emerging Markets Small Cap ETF (Ticker Symbol: EWX)
The new family of International Sector SPDRs, a suite of ten sector-specific
ETFs, includes:
- SPDR S&P International Consumer Discretionary Sector ETF (Ticker Symbol:
IPD)
- SPDR S&P International Consumer Staples Sector ETF (Ticker Symbol: IPS)
- SPDR S&P International Energy Sector ETF (Ticker Symbol: IPW)
- SPDR S&P International Financial Sector ETF (Ticker Symbol: IPF)
- SPDR S&P International Health Care Sector ETF (Ticker Symbol: IRY)
- SPDR S&P International Industrial Sector ETF (Ticker Symbol: IPN)
- SPDR S&P International Materials Sector ETF (Ticker Symbol: IRV)
- SPDR S&P International Technology Sector ETF (Ticker Symbol: IPK)
- SPDR S&P International Telecommunications Sector ETF (Ticker Symbol: IST)
- SPDR S&P International Utilities Sector ETF (Ticker Symbol: IPU)
NEW FIXED INCOME SPDRS
State Street also introduced new fixed income SPDRs to provide precise bond and
cash exposure at highly competitive expense ratios.
- SPDR DB International Inflation-Protected Government Bond ETF (Ticker
Symbol: WIP)
- SPDR Lehman High Yield Bond ETF (Ticker Symbol: JNK)
- SPDR Lehman California Municipal Bond ETF (Ticker Symbol: CXA)
- SPDR Lehman New York Municipal Bond ETF (Ticker Symbol: INY)
- SPDR Lehman Short Term Municipal Bond ETF (Ticker Symbol: SHM)
- SPDR Lehman International Treasury Bond ETF (Ticker Symbol: BWX)
Each of these new ETFs was created to meet the demands of our investors. 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 continuing to help you reach
your investment goals.
The past year has been difficult as investors everywhere struggled with volatile
and uncertain market conditions. On behalf of the SPDR Index Shares Funds, I
thank you for your continued support.
Sincerely,
/s/ James Ross
James Ross
President
1
(Logo/Annual Report)
SPDR DJ STOXX 50 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) DJ STOXX 50(R) ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the price and yield performance of the Dow
Jones STOXX 50(R) Index (the "Index"). To accomplish this objective, the Fund
uses a passive management strategy designed to track the price and yield
performance of the Index.
For the twelve-month period ended September 30, 2008 the Fund returned -29.27%
and the Index returned -29.41%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
months ended September 30, 2008 drew to a close, the markets entered a period
that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States ceased to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual, and reached a deal to sell most of its
assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months ended September 30, 2008.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
All sectors in the Index posted double-digit negative returns as investors fled
risky assets in the latter part of the year. Information Technology, Consumer
Discretionary and Financials were particularly weak, while defensive sectors
like Health Care and Consumer Staples were relatively strong performers. The
largest detractor to performance was the Index's heavy weighting in Financials.
All 50 names in the Index were down for the year. Amongst the larger detractors
were Nokia, and Unicredito Italiano. Nokia was hurt by weaker than expected
results and Unicredito was caught in the credit crisis.
While the news this year has been grim, governments and central banks around the
world have acted to stabilize markets with dramatically increased liquidity,
cash investments in banks, and programs to increase liquidity in the short-term
debt markets. As these programs begin to take hold, there is reason for some
optimism from investors.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
2
(Logo/Annual Report)
SPDR DJ STOXX 50 ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR DJ STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE DOW JONES STOXX 50 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.27% -28.28% -29.41%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/08 3.15% 4.80% 3.33%
--------------------------------------------------------------------------------------------------------------------
FIVE YEARS ENDED 9/30/08 53.20% 55.01% 54.30%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 72.80% 75.56% 74.16%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE DOW JONES STOXX 50 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.27% -28.28% -29.41%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/08 1.04% 1.58% 1.10%
--------------------------------------------------------------------------------------------------------------------
FIVE YEARS ENDED 9/30/08 8.91% 9.16% 9.06%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 9.61% 9.90% 9.75%
(1) For the period October 15, 2002 to September 30, 2008.
3
(Logo/Annual Report)
SPDR DJ STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DJ STOXX 50 ETF (BASED ON NET ASSET VALUE)
LINE GRAPH
<Table>
<Caption>
DOW JONES
STOXX 50
SPDR DJ INDEX -
STOXX 50 US DOLLAR
ETF DENOMINATED
-------- -----------
10/15/02 10000 10000
12/31/02 10059 9978
3/31/03 9129 9132
6/30/03 11098 11096
9/30/03 11279 11287
12/31/03 13631 13660
3/31/04 13384 13423
6/30/04 13524 13552
9/30/04 13776 13815
12/31/04 15710 15814
3/31/05 15626 15695
6/30/05 15612 15682
9/30/05 16751 16856
12/31/05 16872 16994
3/31/06 18242 18401
6/30/06 18818 18954
9/30/06 19666 19835
12/31/06 21383 21577
3/31/07 21801 22014
6/30/07 23864 24079
9/30/07 24429 24672
12/31/07 24300 24556
3/31/08 21760 21990
6/30/08 21237 21420
9/30/08 17280 17416
</Table>
4
(Logo/Annual Report)
SPDR DJ STOXX 50 ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------
DESCRIPTION HSBC HOLDINGS PLC NESTLE SA BP PLC NOVARTIS AG
-------------------------------------------------------------------------------------------------------
MARKET VALUE $4,276,019 3,646,951 3,437,692 2,831,653
-------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.6% 4.8 4.5 3.7
-------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
DESCRIPTION TOTAL SA
-----------------------------------------------------------------
MARKET VALUE 2,796,776
-----------------------------------------------------------------
% OF NET ASSETS 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Banks 23.2%
Health Care 14.3
Oil & Gas 13.0
Telecommunications 9.0
Food & Beverage 7.3
Basic Resources 5.7
Insurance 5.7
Utilities 5.7
Technology 4.2
Industrial Goods & Services 3.4
Chemicals 2.9
Personal & Household Goods 2.1
Retail 1.6
Automobiles & Parts 1.3
Short Term Investments 2.4
Other Assets & Liabilities (1.8)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
5
(Logo/Annual Report)
SPDR DJ EURO STOXX 50 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) DJ EURO STOXX 50(R) ETF (the "Fund") seeks to replicate as closely
as possible, before fees and expenses, the price and yield performance of the
Dow Jones EURO STOXX 50(R) Index (the "Index"). To accomplish this objective,
the Fund uses a passive management strategy designed to track the price and
yield performance of the Index.
For the twelve month period ended September 30, 2008 the Fund returned -29.00%
and the Index returned -29.28%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
months ended September 30, 2008 drew to a close, the markets entered a period
that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States cease to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual, and reached a deal to sell most of its
assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months ended September 30, 2008.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
All of the sectors in the Index fell over the last year. The sectors more
sensitive to economic cycles felt the most pain as investors reacted to a
looming economic slowdown. Industrial and Technology stocks fell. Consumer
Discretionary stocks fell in general, but were aided by a very strong year by
Volkswagen. Although still posting a loss, the traditionally defensive sector
Health Care was the best performing sector.
At the stock level, the biggest contributors to the negative return were Nokia
and Unicredito Italiano. Nokia was hurt by weaker than expected results and
Unicredito was caught in the credit crisis.
While much of the news was bleak, there were some bright spots. Central Banks
around the world lowered rates and increased liquidity in the cash markets. In
addition, many countries set plans in motion to support credit markets and
financial institutions. These actions give hope for a recovery in the future.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
6
(Logo/Annual Report)
SPDR DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR DJ EURO STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.30%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE DOW JONES EURO STOXX 50 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.00% -27.73% -29.28%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/08 12.84% 15.17% 12.10%
--------------------------------------------------------------------------------------------------------------------
FIVE YEARS ENDED 9/30/08 74.95% 77.92% 74.02%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 105.50% 109.32% 104.15%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE DOW JONES EURO STOXX 50 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.00% -27.73% -29.28%
--------------------------------------------------------------------------------------------------------------------
THREE YEARS ENDED 9/30/08 4.11% 4.82% 3.88%
--------------------------------------------------------------------------------------------------------------------
FIVE YEARS ENDED 9/30/08 11.84% 12.21% 11.72%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 12.84% 13.19% 12.72%
--------------------------------------------------------------------------------------------------------------------
(1) For the period October 15, 2002 to September 30, 2008.
7
(Logo/Annual Report)
SPDR DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR DJ EURO STOXX 50 ETF (BASED ON NET ASSET VALUE)
LINE GRAPH
<Table>
<Caption>
DOW
JONES EURO
STOXX 50
SPDR DJ INDEX -
EURO STOXX US DOLLAR
50 ETF DENOMINATED
---------- -----------
10/15/02 10000 10000
12/31/02 10343 10283
3/31/03 9148 9156
6/30/03 11657 11641
9/30/03 11746 11732
12/31/03 14658 14657
3/31/04 14443 14452
6/30/04 14685 14664
9/30/04 14590 14562
12/31/04 17299 17325
3/31/05 17161 17147
6/30/05 16958 16927
9/30/05 18211 18212
12/31/05 18626 18636
3/31/06 20603 20633
6/30/06 21028 21004
9/30/06 22306 22297
12/31/06 24591 24595
3/31/07 25448 25238
6/30/07 28094 28022
9/30/07 28944 28868
12/31/07 29961 29884
3/31/08 26801 26755
6/30/08 25335 25184
9/30/08 20550 20415
</Table>
8
(Logo/Annual Report)
SPDR DJ EURO STOXX 50 ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------
DESCRIPTION TOTAL SA TELEFONICA SA E. ON AG BANCO SANTANDER SA
------------------------------------------------------------------------------------------------------------
MARKET VALUE $12,683,848 9,745,884 9,362,177 9,267,721
------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.7% 4.3 4.2 4.1
------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------
DESCRIPTION BNP PARIBAS SA
---------------------------------------------------------------
MARKET VALUE 8,003,065
---------------------------------------------------------------
% 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Banks 20.0%
Utilities 12.1
Insurance 10.8
Oil & Gas 9.5
Telecommunications 9.4
Chemicals 5.8
Technology 5.2
Automobiles & Parts 5.1
Industrial Goods & Services 5.0
Food & Beverage 3.4
Personal & Household Goods 3.3
Health Care 3.0%
Basic Resources 1.7
Construction & Materials 1.7
Media 1.6
Retail 1.3
Financial Services 0.8
Short Term Investments 2.8
Other Assets & Liabilities (2.5)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
9
(Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) 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(R)/Citigroup(R) BMI Asia Pacific Emerging Index (the "Index"). To
accomplish this objective, the Fund uses a passive management strategy and
"sampling" methodology designed to track the total return performance of the
Index. As such the Fund's return may not match or achieve a high degree of
correlation with the return of the Index, as would be the case if the Fund
purchased all of the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -36.95%
and the Index returned -39.59%. Index returns do not reflect deductions for fees
and expenses associated with investing in the fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States cease to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual and reached a deal to sell most of its
assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full year.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
China is the largest market in the Index for the period. China is still expected
to grow next year, but posted negative performance for the period. With $1.8
trillion in reserves, the government has substantial policy flexibility. In
September 2008, the Chinese authorities cut reserve requirements for most banks
by 50 basis points, but stocks fell 20.4% in that month alone. In fact, Chinese
stocks have fallen almost 50% over the fiscal year. There is great apprehension
among investors that property market busts in the US and Europe will be
accompanied by a similar bust in China. In the last quarter of the period, the
Olympic Games took place in Beijing without a major hitch. While economic
indicators appear to remain favorable for China, its economic performance in the
next eighteen months will be key to the evolution of the global economy.
Stocks also plunged in Taiwan, particularly in the financial sector as investor
fears regarding sub-prime mortgages spread to Taiwan banks. Despite optimism in
the recent developments in its relationship with China, Taiwan stock performance
was also down for the period. Some examples of these developments include
Taiwanese approval of a bill that will allow the Chinese Yuan to be exchanged at
the island's banks. In addition, Taiwan and China also reached deals to expand
tourism and to partly roll back a decade-old ban on direct air traffic.
10
(Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Inflation in Asia in general appears to be slowing, but India's inflation rate
is expected to run about 12% through the end of 2008. Investors are concerned
that a global slowdown will negatively impact India's information technology
industry. Given the sharp rise of property prices in recent months, there is
also a pervasive fear of a decline in property value. One of the best performing
countries last year, India experienced a downward spiral during the period.
Among the smaller markets, Malaysia, Indonesia and Pakistan (which encountered
substantial political violence including the assassination of Mrs. Bhutto) all
fell significantly as well.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
11
(Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING ASIA PACIFIC ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE ASIA PACIFIC EMERGING INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -36.95% -36.57% -39.59%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -8.56% -7.96% -11.18%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE ASIA PACIFIC EMERGING INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -36.95% -36.57% -39.59%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -5.67% -5.27% -7.44%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008.
12
(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
------------- -----------------
10000 10000
3/20/07 10191 10276
4/30/07 10650 10718
5/31/07 11262 11400
6/30/07 12073 12233
7/31/07 12791 13117
8/31/07 12854 13016
9/30/07 14503 14702
10/31/07 16435 16401
11/30/07 14890 14924
12/31/07 14764 14986
1/31/08 12701 12746
2/29/08 13580 13726
3/31/08 12734 12793
4/30/08 13878 13876
5/31/08 13335 13255
6/30/08 11729 11504
7/31/08 11657 11460
8/31/08 11116 10950
9/30/08 9144 8882
</Table>
13
(Logo/Annual Report)
SPDR S&P EMERGING ASIA PACIFIC ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, TAIWAN SEMICONDUCTOR RELIANCE
LTD. MANUFACTURING CO., LTD. ADR INDUSTRIES, LTD. GDR
----------------------------------------------------------------------------------------------------------------
MARKET VALUE $7,543,427 6,041,542 4,731,904
----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.6% 3.7 2.9
----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
DESCRIPTION CHINA LIFE PETROCHINA
INSURANCE CO., LTD. CO., LTD.
------------------------------------------------------------------------------------------
MARKET VALUE 4,385,662 3,615,889
------------------------------------------------------------------------------------------
% OF NET ASSETS 2.7 2.2
------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 12.9%
Commercial Banks 12.6
Wireless Telecommunication
Services 9.0
Semiconductors & Semiconductor
Equipment 7.8
Computers & Peripherals 5.2
Electronic Equipment &
Instruments 4.7
Insurance 4.4
Chemicals 3.0
Automobiles 2.8
Metals & Mining 2.6
Diversified Telecommunication
Services 2.6
IT Services 2.5
Transportation Infrastructure 2.3
Internet Software & Services 2.3
Electrical Equipment 2.2
Real Estate Management &
Development 1.9
Food Products 1.5
Hotels, Restaurants & Leisure 1.4
Media 1.4
Diversified Financial Services 1.3
Construction & Engineering 1.2
Thrifts & Mortgage Finance 1.2
Electric Utilities 1.1
Marine 1.1
Construction Materials 1.1
Beverages 1.0
Capital Markets 0.9
Household Products 0.8
Independent Power Producers &
Energy Traders 0.8
Industrial Conglomerates 0.7
Energy Equipment & Services 0.6
Airlines 0.6
Tobacco 0.6
Textiles, Apparel & Luxury
Goods 0.5
Distributors 0.4
Pharmaceuticals 0.4
Gas Utilities 0.3
Health Care Providers &
Services 0.3
Machinery 0.3
Leisure Equipment & Products 0.2
Paper & Forest Products 0.0**
Short Term Investments 4.7
Other Assets & Liabilities (3.2)
------------------------------------------------
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.
14
(Logo/Annual Report)
SPDR S&P CHINA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) China ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the total return performance of the
S&P(R)/Citigroup(R) BMI China Index (the "Index"). To accomplish this objective,
the Fund uses a passive management strategy and "sampling" methodology designed
to track the total return performance of the Index. As such the Fund's return
may not match or achieve a high degree of correlation with the return of the
Index, as would be the case if the Fund purchased all of the stocks in the
Index.
For the twelve month period ended September 30, 2008 the Fund returned -45.26%
and the Index returned -46.69%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
months ended September 30, 2008 drew to a close, the markets entered a period
that has been compared to the crash of 1929 and the Great Depression. In a
matter of weeks, the traditional structure of investment banks in the United
States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch
into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman
Sachs reorganized into bank holding companies. While these changes were
occurring, the government seized Washington Mutual and reached a deal to sell
most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the
government unveiled plans for a $700 Billion program to attempt to stabilize
markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months ended September 30, 2008.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
The favorable run that Chinese stocks had been enjoying came to a halt over the
past twelve months. The People's Bank of China made several increases over the
course of the year to the required reserve ratio in an attempt to absorb excess
liquidity from the banking sector. Additionally, the government introduced
several pricing policies to the market aimed at balancing supply and demand: a)
increasing oil refinery product prices by 16-25%, b) increasing electricity
prices by 4.7%, and c) putting a nationwide cap on coal prices. Despite these
changes, domestic inflation concerns continued to impact the market.
While China remains the largest market in Emerging Asia, there is great
apprehension among investors that property market busts in the US and Europe
will be accompanied by a similar bust in China. Economic indicators appear to
remain favorable, including a 9.5% growth target for next year and $1.8 trillion
in reserves, however, China's economic performance over the next 18 months will
be key to the evolution of the global economy.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
15
(Logo/Annual Report)
SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P CHINA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE S&P/CITIGROUP BMI CHINA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -45.26% -44.43% -46.69%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -1.11% -0.17% -2.52%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE S&P/CITIGROUP BMI CHINA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -45.26% -44.43% -46.69%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -0.73% -0.11% -1.63%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008.
16
(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>
S&P/CITIGROUP BMI
SPDR S&P CHINA INDEX
CHINA ETF
--------- -----------------
10000 10000
3/20/07 10355 10373
4/30/07 10719 10820
5/31/07 11550 11742
6/30/07 12839 12985
7/31/07 14141 14345
8/31/07 15073 15260
9/30/07 18064 18286
10/31/07 21101 21239
11/30/07 18485 18546
12/31/07 17666 17837
1/31/08 13858 14018
2/29/08 15216 15335
3/31/08 13299 13440
4/30/08 15518 15470
5/31/08 14890 14882
6/30/08 13089 13029
7/31/08 13346 13278
8/31/08 12441 12240
9/30/08 9889 9748
</Table>
17
(Logo/Annual Report)
SPDR S&P CHINA ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION CHINA MOBILE, CHINA LIFE INSURANCE CHINA CONSTRUCTION PETROCHINA
LTD. CO., LTD. BANK CORP. CO., LTD.
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $16,594,557 9,501,530 7,760,237 7,329,912
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.5% 7.7 6.3 6.0
----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
DESCRIPTION INDUSTRIAL & COMMERCIAL
BANK OF CHINA
-----------------------------------------------------------------
MARKET VALUE 7,098,562
-----------------------------------------------------------------
% OF NET ASSETS 5.8
-----------------------------------------------------------------
(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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 18.8%
Commercial Banks 18.0
Wireless Telecommunication
Services 14.7
Insurance 10.7
Internet Software & Services 4.5
Transportation Infrastructure 3.3
Diversified Telecommunication
Services 2.9
Real Estate Management &
Development 2.7
Food Products 2.4
Independent Power Producers &
Energy Traders 2.3
Electrical Equipment 2.3
Metals & Mining 2.2
Marine 1.6
Construction & Engineering 1.2
Distributors 1.0
Hotels, Restaurants & Leisure 1.0
Automobiles 0.9
Construction Materials 0.8
Media 0.8
Chemicals 0.7
Computers & Peripherals 0.6
Energy Equipment & Services 0.6
Multiline Retail 0.5
Communications Equipment 0.5
Leisure Equipment & Products 0.4
Industrial Conglomerates 0.4
Airlines 0.3
Textiles, Apparel & Luxury
Goods 0.3
Paper & Forest Products 0.3
Road & Rail 0.3
Machinery 0.3
Health Care Equipment &
Supplies 0.2
Beverages 0.2
Semiconductors & Semiconductor
Equipment 0.2
Software 0.2
Water Utilities 0.2
Air Freight & Logistics 0.1
IT Services 0.1
Biotechnology 0.1
Commercial Services & Supplies 0.1
Short Term Investments 3.5
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.
18
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) Emerging Markets ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the total return performance of
the S&P(R)/Citigroup(R) BMI Emerging Markets Index (the "Index"). To accomplish
this objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the Index. As
such the Fund's return may not match or achieve a high degree of correlation
with the return of the Index, as would be the case if the Fund purchased all of
the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -29.77%
and the Index returned -31.95%. Index returns do not reflect deductions for fees
and expenses associated with investing in the fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States ceased to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual and reached a deal to sell most of its
assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
During the twelve month period, the Fund has been negatively impacted by many of
the same factors impacting stock markets around the globe. One of these has been
a slowing in global demand. While many of the emerging markets are still
expected to post better growth than the developed markets, these numbers have
nevertheless been dramatically reduced in many cases. Another factor that
negatively impacted the Fund's return during this period was the ongoing credit
crunch which took on historical proportions during September 2008 as corporate
financing and inter-bank lending essentially seized up. A third factor behind
this decline was a significant decrease in general risk appetite which when
coupled with market closings and the institution of price floors in some of the
emerging markets led to a difficult environment for the Fund. Another factor
that impacted the Funds' return was the significant decline during the last
quarter of the period in commodity prices. This has a particularly negative
influence on the emerging markets which are typically more commodity rich than
their developed market counterparts. Finally, the emerging markets were hurt by
an increasing acceptance that the world was either in or will move into a
recessionary state and that the interconnectedness of the global markets will
not prevent problems in one arena from dramatically spilling over into the
emerging markets.
19
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
For the period, the two currencies with the greatest depreciation relative to
the US dollar were the South Korean won and the Pakistan rupee. Conversely, the
Israeli Sheckel and the Czech Koruna were the best performing currencies
relative to the US dollar. In general, currencies were more volatile during this
period.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
20
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING MARKETS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF
THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE EMERGING MARKETS INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.77% -29.33% -31.95%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -5.05% -4.27% -7.62%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE EMERGING MARKETS INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.77% -29.33% -31.95%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -3.33% -2.80% -5.04%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008.
21
(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
---------------- -----------------
10000 10000
3/20/07 10338 10389
4/30/07 10818 10863
5/31/07 11294 11357
6/30/07 11823 11927
7/31/07 12305 12467
8/31/07 12156 12226
9/30/07 13520 13575
10/31/07 15145 15078
11/30/07 14085 14146
12/31/07 14134 14295
1/31/08 12448 12516
2/29/08 13329 13474
3/31/08 12706 12786
4/30/08 13774 13744
5/31/08 14123 14066
6/30/08 12780 12676
7/31/08 12302 12203
8/31/08 11498 11338
9/30/08 9495 9238
</Table>
22
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
DESCRIPTION PETROLEO GAZPROM COMPANHIA VALE CHINA MOBILE, LTD.
BRASILEIRO SA ADR OAO ADR DO RIO DOCE ADR
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,654,256 1,521,378 992,369 772,531
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.6% 4.2 2.7 2.1
--------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
DESCRIPTION AMERICA
MOVIL SAB DE CV
-----------------------------------------------------------
MARKET VALUE 751,344
-----------------------------------------------------------
% OF NET ASSETS 2.1
-----------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 18.7%
Commercial Banks 14.3
Metals & Mining 8.4
Wireless Telecommunication
Services 8.0
Diversified Telecommunication
Services 3.1
Semiconductors & Semiconductor
Equipment 3.0
Pharmaceuticals 2.3
Insurance 2.1
Chemicals 2.0
Computers & Peripherals 2.0
Industrial Conglomerates 2.0
Electric Utilities 1.8
Diversified Financial Services 1.8
Beverages 1.7
Construction & Engineering 1.7
Electronic Equipment &
Instruments 1.5
Construction Materials 1.5
Food Products 1.3
IT Services 1.2
Real Estate Management &
Development 1.1
Food & Staples Retailing 1.1
Media 1.0
Transportation Infrastructure 0.9
Independent Power Producers &
Energy Traders 0.8
Hotels, Restaurants & Leisure 0.8
Internet Software & Services 0.8
Multiline Retail 0.7
Specialty Retail 0.7
Energy Equipment & Services 0.7
Automobiles 0.7
Electrical Equipment 0.6
Household Durables 0.5
Thrifts & Mortgage Finance 0.5
Capital Markets 0.5
Household Products 0.5
Software 0.4
Paper & Forest Products 0.4
Marine 0.4
Leisure Equipment & Products 0.3
Airlines 0.3
Machinery 0.3
Gas Utilities 0.3
Communications Equipment 0.2
Distributors 0.2
Aerospace & Defense 0.2
Biotechnology 0.2
Water Utilities 0.1
Tobacco 0.1
Textiles, Apparel & Luxury
Goods 0.1
Building Products 0.1
Trading Companies &
Distributors 0.1
Health Care Providers &
Services 0.1
Road & Rail 0.1
Consumer Finance 0.1
Commercial Services & Supplies 0.1
Air Freight & Logistics 0.0**
Short Term Investments 10.2
Other Assets & Liabilities (4.6)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
23
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) BRIC 40 ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the total return performance of the S&P(R)
BRIC 40 Index (the "Index"). To accomplish this objective, the Fund uses a
passive management strategy designed to track the total return performance of
the Index.
For the twelve month period ended September 30, 2008 the Fund returned -32.50%
and the Index returned -32.21%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and sold to JP Morgan at the price of $10 per share.
Skyrocketing commodity prices, falling housing prices and troubled credit
markets dominated news in late spring and early summer. As the twelve months
ended September 30, 2008 drew to a close, the markets entered a period that has
been compared to the crash of 1929 and the Great Depression. In a matter of
weeks, the traditional structure of investment banks in the United States ceased
to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a
merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual and reached a deal to sell most of its
assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months ended September 30, 2008.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
China is the largest market in the Index for the period. With $1.8 trillion in
reserves, the government has substantial policy flexibility. In September, the
Chinese authorities cut reserve requirements for most banks by 50 basis points.
There is great apprehension among investors that property market busts in the US
and Europe will be accompanied by a similar bust in China. While economic
indicators appear to remain favorable for China, its economic performance in the
next eighteen months will be key to the evolution of the global economy.
Brazil is the second largest country in the Index. In the last quarter alone,
Brazil's currency fell 21.3%. The prospect of sharply lower demand in Asia for
Brazilian materials pre-occupied investors. Growth is expected to decelerate in
Brazil in 2009 substantially.
Russia is the third largest market in the Index. More than $30 Billion in
capital fled the Russian market in the quarter in response to three shocks: the
Russian invasion of Georgia; government interference in a steel company, Mechel;
and the global credit crisis. As global risk appetite fell, hedge funds and
other investors sold Russian stocks. This development led to margin calls on
local investors who had borrowed heavily to invest in the stock market. The
resulting downward spiral led to a crash and financial problems at Russian
brokerage firms. The market was closed for a couple of days by the authorities,
who also agreed to study the possibility of using some of Russia's sovereign
wealth fund assets to support the market. Russian energy
24
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
stocks Lukoil and Surgutneftegaz declined significantly and Gazprom's loss
erased nearly $100 Billion in market capitalization. As the global credit crisis
intensified, Russian corporations and banks found it increasingly difficult to
access external credit and investors were concerned about a possible banking
crisis. A severe liquidity squeeze and crisis of confidence erupted in
September.
India is the smallest market in the Index. Inflation in Asia in general is
slowing, but India's inflation rate is expected to run about 12% through this
year. Investors are concerned that a global slowdown will negatively impact
India's IT industry. Given the sharp rise of property prices in recent months,
there is also a pervasive fear of a property decline.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
25
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (6/19/07, 6/22/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P BRIC 40 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.50%.*
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE S&P BRIC 40 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -32.50% -32.14% -32.21%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -15.36% -15.10% -14.90%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE S&P BRIC 40 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -32.50% -32.14% -32.21%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -12.18% -11.96% -11.87%
--------------------------------------------------------------------------------------------------------------------
(1) For the period June 19, 2007 to September 30, 2008.
* SSgA Funds Management, Inc. has contractually agreed to limit its management
fee to the extent necessary to limit annual operating expenses to 0.40%
until January 31, 2009.
26
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF -- PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P BRIC 40 ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P
BRIC 40 S&P BRIC
ETF 40 INDEX
-------- --------
6/19/07 10000 10000
6/30/07 9954 9955
7/31/07 10544 10542
8/31/07 10727 10732
9/30/07 12538 12554
10/31/07 14703 14711
11/30/07 13469 13499
12/31/07 13469 13504
1/31/08 11350 11379
2/29/08 12339 12375
3/31/08 11530 11565
4/30/08 13089 13139
5/31/08 13661 13731
6/30/08 12418 12473
7/31/08 11672 11722
8/31/08 10591 10639
9/30/08 8464 8510
</Table>
27
(Logo/Annual Report)
SPDR S&P BRIC 40 ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
DESCRIPTION GAZPROM CHINA PETROLEO BRASILEIRO COMPANHIA VALE DO
OAO ADR MOBILE, LTD. SA ADR RIO DOCE ADR
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $16,035,350 15,440,713 14,717,976 9,355,790
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.5% 8.2 7.8 5.0
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------
DESCRIPTION CHINA LIFE INSURANCE
CO., LTD.
--------------------------------------------------------------
MARKET VALUE 9,343,416
--------------------------------------------------------------
% OF NET ASSETS 5.0
--------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 39.7%
Commercial Banks 26.4
Metals & Mining 9.9
Wireless Telecommunication
Services 9.8
Insurance 6.4
IT Services 2.5
Diversified Telecommunication
Services 1.7
Beverages 1.6
Real Estate Management &
Development 0.8
Construction & Engineering 0.6
Transportation Infrastructure 0.0**
Short Term Investments 8.1
Other Assets & Liabilities (7.5)
------------------------------------------------
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.
28
(Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) Emerging Europe ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the total return performance of
the S&P(R)/Citigroup(R) BMI European Emerging Capped Index (the "Index"). To
accomplish this objective, the Fund uses a passive management strategy and
"sampling" methodology designed to track the total return performance of the
Index. As such the Fund's return may not match or achieve a high degree of
correlation with the return of the Index, as would be the case if the Fund
purchased all of the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -33.45%
and the Index returned -34.45%. Index returns do not reflect deductions for fees
and expenses associated with investing in the fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States cease to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual and reached a deal to sell most of its
assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
Russia is the largest market in the EMEA region. This market experienced three
shocks and has had a significant negative impact on performance: the Russian
invasion of Georgia; government interference in a steel company, Mechel; and the
global credit crisis. The Mechel incident reminded investors of the Yukos
affair. Despite a surge at the end of 2007 resulting from a spike in oil prices
and greater clarity about President Putins's succession plans, in 2008,
investors fled the Russian market to other countries.
As global risk appetite fell, hedge funds and other investors sold Russian
stocks. This development led to margin calls on local investors who had borrowed
heavily to invest in the stock market. The resulting downward spiral led to a
crash and financial problems at Russian brokerage firms. Russian energy stocks
Lukoil and Surgutneftegaz declined significantly and Gazprom's decline erased
nearly $100 Billion in market capitalization. As the global credit crisis
intensified, Russian corporations and banks found it increasingly difficult to
access external credit and investors were concerned about a possible banking
crisis in Russia. A severe liquidity squeeze and crisis of confidence erupted in
September. On the political front, Dmitry Medvedev, President Putin's handpicked
successor, won the Russian presidential election. This was also a downward force
on most of the Russian stocks.
29
(Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Investors still have concerns regarding Turkey and, consequently, this market
was down for the period. These concerns relate to a large current account
deficit as a percent of GDP, inflation risks, political issues with the AKP
ruling party and attempts to change the constitution. However, the outlook for
Turkey is not as bleak. While Turkey historically has been subject to global
volatility, the Turkish market sells at roughly 6.6 times forward earnings.
Reportedly, Turkish banks, which have long experience with dollarized deposits,
actually lent dollars to their European counterparts during the latter part of
the fiscal year. Turkey is a nation where US dollar deposits to total deposits
have historically been significantly higher than average which enables the
country to be able to lend out to other countries especially ones who
desperately need help in liquidity.
In the small Eastern Europe markets (Czech Republic, Hungary, and Poland), the
Czech Republic rallied and was a standout returning only mildly negative
performance, helped by Cez, the utility. Eastern Europe continues to integrate
rapidly with its Western neighbors.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
30
(Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING EUROPE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI EUROPEAN
VALUE VALUE EMERGING CAPPED INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -33.45% -31.92% -34.45%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -20.98% -18.96% -20.98%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI EUROPEAN
VALUE VALUE EMERGING CAPPED INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -33.45% -31.92% -34.45%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -14.24% -12.82% -14.24%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008.
31
(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
--------------- -----------------
10000 10000
3/20/07 10597 10577
4/30/07 10796 10655
5/31/07 10316 10385
6/30/07 11059 11109
7/31/07 11386 11588
8/31/07 10877 11120
9/30/07 11873 12055
10/31/07 12861 13155
11/30/07 12585 13063
12/31/07 13045 13553
1/31/08 10898 11377
2/29/08 11418 12109
3/31/08 11351 11803
4/30/08 11695 12140
5/31/08 13053 13562
6/30/08 12152 12547
7/31/08 11429 11601
8/31/08 9822 10020
9/30/08 7902 7902
</Table>
32
(Logo/Annual Report)
SPDR S&P EMERGING EUROPE ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------------------
DESCRIPTION GAZPROM LUKOIL ADR CEZ AS SBERBANK GDR OTP BANK
OAO ADR NYRT
---------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $16,350,266 8,000,387 3,903,707 3,836,204 3,265,976
---------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 20.1% 9.9 4.8 4.7 4.0
---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 43.3%
Commercial Banks 22.4
Metals & Mining 8.2
Diversified Telecommunication
Services 8.1
Electric Utilities 4.8
Pharmaceuticals 1.9
Media 1.4
Industrial Conglomerates 1.4
Wireless Telecommunication
Services 1.2
Beverages 0.8
Food & Staples Retailing 0.8
Diversified Financial Services 0.7
Household Durables 0.6
Construction & Engineering 0.6
Real Estate Management &
Development 0.6
Airlines 0.4
Chemicals 0.4
Software 0.4
Hotels, Restaurants & Leisure 0.4
Auto Components 0.3
Building Products 0.2
Electronical Equipment 0.2
Biotechnology 0.1
Short Term Investments 4.9
Other Assets & Liabilities (4.1)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
33
(Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) 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(R)/Citigroup(R) BMI Latin America Index (the "Index"). To accomplish
this objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the Index. As
such the Fund's return may not match or achieve a high degree of correlation
with the return of the Index, as would be the case if the Fund purchased all of
the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -20.21%
and the Index returned -21.44%. Index returns do not reflect deductions for fees
and expenses associated with investing in the fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States cease to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual and reached a deal to sell most of its
assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
In the third quarter of 2008, particularly the month of September, there was a
convulsion in global financial markets and massive US government intervention to
infuse the US banking system with liquidity and avert systemic collapse. As US
companies found it increasingly difficult to finance themselves (the commercial
paper market continued to contract sharply), investors increasingly moved to the
view that the US was in recession, and that the chances of a global recession
(defined as global growth below 2.5% on a purchasing power basis), were rising.
Understandably, commodity prices fell, with crude oil down to 100.64 vs. 141.24
on June 30. In reaction to these events, investors sold emerging market stocks,
as deleveraging intensified and risk appetite fell dramatically.
The emerging Latin America markets were particularly affected by events in
Brazil and Mexico. Brazil is the largest country in the Index, comprising nearly
two-thirds of the benchmark. In the last quarter alone, the Real fell and Brazil
stocks plunged for the twelve month period. Materials stocks, led by CVRD, fell
and financial stocks fell as well. The prospect of sharply lower demand in Asia
for Brazilian materials pre-occupied investors. Energy stocks, led by Petrobras,
were up for the entire period, but declined over the last quarter. Growth is
expected to decelerate in Brazil in 2009 substantially. Brazil is traditionally
a high beta market, and this quarter was no exception. Mexico, the second
largest market in the region, has held up
34
(Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
fairly well during the period. In the last quarter, Mexico fell less than
Brazil, Peru and Argentina. Mexican stocks have proved to be remarkably
resilient. As the recession in the United States deepens, and as remittances by
Mexican workers in the United States slow, the risks to the downside for the
Mexican economy are intensifying. But in the quarter, Telmex actually managed to
rally.
Among the smaller markets, Peru fell during the twelve month period. Peru is a
major copper producer and investors feared a global slowdown would depress
commodity prices. Southern Peru Copper fell in the last quarter alone. Colombia
fell for the period. Argentina fell for the twelve month period, led by Tenaris
which fell in the last quarter. As in the past, Argentina's inflation is
accelerating. As well, the country is endeavoring to undertake a complex debt
restructuring.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
35
(Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING LATIN AMERICA ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE LATIN AMERICA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -20.21% -20.20% -21.44%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 8.90% 8.79% 8.80%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI
VALUE VALUE LATIN AMERICA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -20.21% -20.20% -21.44%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) 5.72% 5.65% 5.65%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008.
36
(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
-------------- -----------------
10000 10000
3/20/07 10333 10407
4/30/07 10966 11050
5/31/07 12152 12210
6/30/07 12423 12580
7/31/07 12578 12803
8/31/07 12197 12391
9/30/07 13649 13850
10/31/07 15186 15452
11/30/07 14298 14592
12/31/07 14333 14711
1/31/08 13706 13749
2/29/08 14803 14980
3/31/08 14321 14445
4/30/08 15689 15781
5/31/08 16913 17184
6/30/08 15541 15886
7/31/08 14349 14704
8/31/08 13240 13504
9/30/08 10890 10880
</Table>
37
(Logo/Annual Report)
SPDR S&P EMERGING LATIN AMERICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------
DESCRIPTION PETROLEO COMPANHIA VALE AMERICA BANCO ITAU
BRASILEIRO DO RIO DOCE MOVIL HOLDING FINANCEIRA
SA ADR ADR SAB DE CV SA ADR
-------------------------------------------------------------------------------------------------------------
MARKET VALUE $12,247,222 7,165,808 5,298,773 3,066,945
-------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 16.5% 9.7 7.1 4.1
-------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
DESCRIPTION BANCO BRADESCO
SA PREFERENCE
SHARES ADR
------------------------------------------------------------
MARKET VALUE 2,825,775
------------------------------------------------------------
% 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Metals & Mining 18.3%
Commercial Banks 17.7
Oil, Gas & Consumable Fuels 17.0
Wireless Telecommunication
Services 8.0
Diversified Telecommunication
Services 4.6
Beverages 4.2
Electric Utilities 3.8
Industrial Conglomerates 2.4
Food & Staples Retailing 2.3
Multiline Retail 2.2
Construction Materials 2.2
Paper & Forest Products 1.9
Food Products 1.8
Media 1.8
Household Durables 1.7
Independent Power Producers &
Energy Traders 1.4
Energy Equipment & Services 1.4
Transportation Infrastructure 1.0
Household Products 0.8
Diversified Financial Services 0.8
Airlines 0.7
Construction & Engineering 0.6
Aerospace & Defense 0.6
Tobacco 0.5
Biotechnology 0.3
Water Utilities 0.3
Chemicals 0.2
Internet & Catalog Retail 0.2
Building Products 0.2
Real Estate Management &
Development 0.0**
Short Term Investments 12.8
Other Assets & Liabilities (11.7)
------------------------------------------------
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.
38
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) 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(R)/ Citigroup(R) BMI Middle East & Africa Index (the
"Index"). To accomplish this objective, the Fund uses a passive management
strategy and "sampling" methodology designed to track the total return
performance of the Index. As such the Fund's return may not match or achieve a
high degree of correlation with the return of the Index, as would be the case if
the Fund purchased all of the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -19.37%
and the Index returned -17.08%. Index returns do not reflect deductions for fees
and expenses associated with investing in the fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States ceased to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual, and reached a deal to sell most of its
assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
The South African stocks declined the most in the Fund over the twelve months
ended September 30, 2008. This was fueled by several events. President Mbeki
resigned in a scandal and the former trade union leader and ANC Deputy President
Kgalema Motlanthe was elected interim President by Parliament. He promptly
initiated a major Cabinet reshuffle. Furthermore, as in many other parts of the
emerging world, inflation is a problem in South Africa. Headline inflation is
running at 13.6%, while core inflation is at 14.3%. The country also had
problems related to violence that occurred in May, local gasoline prices being
raised 7.4%, taking it to a record R10.70 per liter, and Eskom announcing it was
likely that power shortages would continue.
The next largest underperformers in the region were Egypt and Israel, two
countries causing a drag on the region's overall performance. Israel's declines
were minimized by Teva Pharmaceutical, a large stock in the benchmark, which
delivered positive performance. These two countries suffered sharp declines as
investors fear that the financial crisis in the United States and Europe may be
spreading to the Middle East. Surprisingly, Jordan was one of the few countries
in the world that was able to overcome the economic problems by delivering
positive returns in the third quarter.
Among the smaller EMEA markets, Jordan was the best performing market.
39
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
As credit problems in Europe intensified, the dollar rallied in September and
many emerging market currencies weakened, contributing to the overall negative
performance.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
40
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI MIDDLE
VALUE VALUE EAST & AFRICA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -19.37% -19.01% -17.08%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -6.60% -5.86% -3.38%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI MIDDLE
VALUE VALUE EAST & AFRICA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -19.37% -19.01% -17.08%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -4.36% -3.86% -2.21%
--------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008.
41
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
EMERGING MIDDLE MIDDLE EAST
EAST & & AFRICA
AFRICA ETF INDEX
--------------- -----------------
10000 10000
3/20/07 10453 10469
4/30/07 11246 11263
5/31/07 11081 11158
6/30/07 10892 11037
7/31/07 10944 11092
8/31/07 10878 10957
9/30/07 11584 11652
10/31/07 12811 12920
11/30/07 12178 12473
12/31/07 12042 12466
1/31/08 10889 11423
2/29/08 11521 12177
3/31/08 10818 11522
4/30/08 11773 12304
5/31/08 12015 12507
6/30/08 11245 11639
7/31/08 11261 11554
8/31/08 10780 11028
9/30/08 9340 9662
</Table>
42
(Logo/Annual Report)
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------
DESCRIPTION TEVA PHARMACEUTICAL MTN GROUP, SASOL, LTD. ARAB BANK
INDUSTRIES, LTD. LTD. PLC
----------------------------------------------------------------------------------------------------------
MARKET VALUE $16,541,429 9,608,704 7,532,189 5,449,859
----------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.8% 6.3 4.9 3.6
----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------
DESCRIPTION IMPALA PLATINUM
HOLDINGS, LTD.
---------------------------------------------------------------
MARKET VALUE 4,971,530
---------------------------------------------------------------
% OF NET ASSETS 3.3
---------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 20.6%
Pharmaceuticals 11.9
Metals & Mining 10.8
Diversified Financial Services 7.8
Wireless Telecommunication
Services 7.3
Oil, Gas & Consumable Fuels 4.9
Industrial Conglomerates 4.7
Chemicals 4.4
Media 2.2
Food & Staples Retailing 2.2
Diversified Telecommunication
Services 1.9
Real Estate Management &
Development 1.9
Construction & Engineering 1.9
Specialty Retail 1.9
Capital Markets 1.3
Insurance 1.3
Aerospace & Defense 1.2
Electric Utilities 1.2
Software 1.1
Food Products 1.0
Construction Materials 0.8
Communications Equipment 0.7
Paper & Forest Products 0.7
Tobacco 0.7
Household Durables 0.7
Health Care Providers &
Services 0.5
Real Estate Investment Trust 0.5
Multiline Retail 0.4
Marine 0.4
Hotels, Restaurants & Leisure 0.4
Distributors 0.3
Semiconductors & Semiconductor
Equipment 0.3
Health Care Equipment &
Supplies 0.1
Internet Software & Services 0.1
Trading Companies &
Distributors 0.1
Electrical Equipment 0.0**
Short Term Investments 1.1
Other Assets & Liabilities 0.7
------------------------------------------------
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.
43
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) World ex-US ETF (the "Fund") seeks to replicate as closely as
possible, before fees and expenses, the total return performance of the
S&P(R)/Citigroup BMI World Ex US Index (the "Index"). To accomplish this
objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the Index. As
such the Fund's return may not match or achieve a high degree of correlation
with the return of the Index, as would be the case if the Fund purchased all of
the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -30.13%
and the Index returned -30.32%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929 and the Great Depression. In
a matter of weeks, the traditional structure of investment banks in the United
States became ceased to exist. Lehman Brothers filed for bankruptcy and Merrill
Lynch entered into a merger with Bank of America. Soon after that, Morgan
Stanley and Goldman Sachs reorganized into bank holding companies. While these
changes were occurring, the government seized Washington Mutual and reached a
deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion
loan, and the government unveiled plans for a $700 Billion program to attempt to
stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
Contributing most significantly to the negative returns of the Fund and the
Index over the period was the Fund's overweight to the financial sector. At the
country level, the Fund was hurt most by its overweight to Japan relative to the
holdings in the Index, followed closely by the UK, Germany and France.
Toward the end of the period LIBOR rates for Dollars, Pounds, and Euros climbed
sharply from already elevated levels, reflecting heightened concerns in
unsecured lending. A host of European financial firms felt the effects of
tightening credit in the market place, similar to their American counterparts.
British lenders HBOS and Bradford & Bingley, Belgian financial conglomerate
Fortis, and Germany's Hypo Real Estate all saw their share prices negatively
impacted as financial conditions seized up. The combination of faltering global
growth prospects and unnerving liquidity strains led to broad share price
declines across Europe and Asia.
Japanese stocks languished throughout the course of the period, but the yen was
one of the few currencies that managed to hold its own against the US dollar.
The economic picture in Japan shows no exception to the less optimistic global
trend, as the job market remains tepid and confidence indicators have been
eroding. However, Japanese financial institutions have relatively little
exposure to the credit issues that are
44
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
burdening many western firms. While the United States and Europe are worried
about rising inflation, Japan is benefitting from the fiscal uncertainty. Since
Japanese stocks have been steadily losing investors since early 2006, they were
relatively less affected by the persistent selling that characterized global
equity markets through the second half of the year ended September 30, 2008.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
45
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P WORLD EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.35%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI WORLD EX US
VALUE VALUE INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -30.13% -28.41% -30.32%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -26.95% -25.13% -26.84%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P/CITIGROUP BMI WORLD EX US
VALUE VALUE INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -30.13% -28.41% -30.32%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -19.49% -18.11% -19.42%
--------------------------------------------------------------------------------------------------------------------
(1) For the period April 20, 2007 to September 30, 2008.
46
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P WORLD ex-US ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
SPDR S&P S&P/CITIGROUP BMI
WORLD EX-US WORLD EX
ETF US INDEX
----------- -----------------
10000 10000
4/20/07 9983 9986
5/31/07 10192 10231
6/30/07 10235 10245
7/31/07 10134 10161
8/31/07 9937 9960
9/30/07 10456 10494
10/31/07 10901 10978
11/30/07 10474 10498
12/31/07 10239 10286
1/31/08 9333 9330
2/29/08 9496 9540
3/31/08 9371 9404
4/30/08 9866 9899
5/31/08 10032 10067
6/30/08 9230 9269
7/31/08 8901 8933
8/31/08 8522 8557
9/30/08 7305 7316
</Table>
47
(Logo/Annual Report)
SPDR S&P WORLD ex-US ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------
DESCRIPTION HSBC HOLDINGS PLC NESTLE SA BP PLC TOTAL SA NOVARTIS AG
------------------------------------------------------------------------------------------------------------------
MARKET VALUE $355,485 344,031 338,721 296,239 288,873
------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.3% 1.2 1.2 1.1 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 14.4%
Oil, Gas & Consumable Fuels 8.7
Pharmaceuticals 5.8
Metals & Mining 5.2
Insurance 4.8
Diversified Telecommunication
Services 3.3
Automobiles 3.0
Electric Utilities 3.0
Chemicals 2.9
Food Products 2.7
Real Estate Management &
Development 2.4
Capital Markets 2.3
Food & Staples Retailing 2.0
Machinery 2.0
Wireless Telecommunication
Services 1.9
Industrial Conglomerates 1.7
Media 1.7
Multi-Utilities 1.6
Diversified Financial Services 1.4
Electrical Equipment 1.4
Road & Rail 1.3
Construction & Engineering 1.2
Electronic Equipment &
Instruments 1.2
Hotels, Restaurants & Leisure 1.2
Beverages 1.1
Semiconductors & Semiconductor
Equipment 1.1
Trading Companies &
Distributors 1.1
Communications Equipment 0.9
Health Care Equipment &
Supplies 0.9
Household Durables 0.9
Textiles, Apparel & Luxury
Goods 0.9
Auto Components 0.8
Energy Equipment & Services 0.8
Software 0.8
Specialty Retail 0.8
Tobacco 0.8
Building Products 0.7
Commercial Services & Supplies 0.7
Marine 0.7
Aerospace & Defense 0.6
Gas Utilities 0.6
IT Services 0.6
Professional Services 0.6
Real Estate Investment Trust 0.6
Biotechnology 0.5
Computers & Peripherals 0.5
Airlines 0.4
Construction Materials 0.4
Health Care Providers &
Services 0.4
Multiline Retail 0.4
Office Electronics 0.4
Transportation Infrastructure 0.4
Air Freight & Logistics 0.3
Household Products 0.3
Paper & Forest Products 0.3
Consumer Finance 0.2
Independent Power Producers &
Energy Traders 0.2
Distributors 0.1
Leisure Equipment & Products 0.1
Life Sciences, Tools & Services 0.1
Internet & Catalog Retail 0.0**
Short Term Investments 9.0
Other Assets & Liabilities (7.1)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
48
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) International Small Cap ETF (the "Fund") seeks to replicate
as closely as possible, before fees and expenses, the total return performance
of the S&P(R) /Citigroup World Ex-U.S. Cap Range 2 Billion USD Index (the
"Index"). To accomplish this objective, the Fund uses a passive management
strategy and "sampling" methodology designed to track the total return
performance of the Index. As such the Fund's return may not match or achieve a
high degree of correlation with the return of the Index, as would be the case if
the Fund purchased all of the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -33.83%
and the Index returned -35.58%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
months ended September 30, 2008 drew to a close, the markets entered a period
that has been compared to the crash of 1929 and the Great Depression. In a
matter of weeks, the traditional structure of investment banks in the United
States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch
entered into a merger with Bank of America. Soon after that, Morgan Stanley and
Goldman Sachs reorganized into bank holding companies. While these changes were
occurring, the government seized Washington Mutual, and reached a deal to sell
most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the
government unveiled plans for a $700 Billion program to attempt to stabilize
markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
With currency fallout steady and equity weakness broad, every one of the markets
in the Fund suffered double-digit depreciation during this period. Korean stocks
in the Index were down sharply and the country remains vulnerable to a global
slowdown, and there is concern about the asset quality of Korea's mutual and
savings banks. News flow from the country continues to be fairly grim.
Additionally, Korea is a major oil importer, and has experienced inflationary
pressures in recent months. Inflation is rising as energy costs increase and the
currency remains weak. Economic growth forecasts have been declining. Consumer
confidence has fallen to the lowest level in three years. The government
unveiled a $10 Billion tax rebate and subsidy package for low income people to
help manage the burden of higher oil prices. There were several protests and
strikes in June, the biggest event being the protest over US beef imports.
Ireland was one of the worst performing countries in the Fund. Shares tumbled on
continued selling of its troubled banks. Other than Ireland, the other sharp
declines came in resource-focused countries, such as Austria. Norway also saw
major declines, specifically over the latest three months, as oil-related stocks
sank.
Already tentative liquidity conditions deteriorated sharply during the period,
and at the same time the global growth outlook continued to dim rapidly.
Apparently cheap equity valuations could do little to stem
49
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
the downward share-price momentum; ample dividend yields and single-digit price
earnings ratios provided scant protection when money was tight and economic
prospects seemed uncertain. The severity of the dislocations at many financial
firms, however, may at long last elicit a more meaningful policy response. These
remarkable dislocations may bring yet more explicit measures to shore up
interbank confidence and restore some semblance of normality to global financial
conditions.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
50
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL SMALL CAP ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.59%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
S&P/CITIGROUP WORLD
NET ASSET MARKET EX US CAP RANGE 2 BILLION USD
VALUE VALUE INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -33.83% -32.35% -35.58%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -31.75% -29.85% -33.80%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
S&P/CITIGROUP WORLD
NET ASSET MARKET EX US CAP RANGE 2 BILLION USD
VALUE VALUE INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -33.83% -32.35% -35.58%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -23.19% -21.72% -24.76%
--------------------------------------------------------------------------------------------------------------------
(1) For the period April 20, 2007 to September 30, 2008.
51
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL SMALL CAP ETF (BASED ON NET ASSET VALUE)
(Line Graph)
<Table>
<Caption>
S&P CITIGROUP
WORLD EX
SPDR S&P US CAP
INTERNATIONAL SMALL RANGE 2 BILLION
CAP ETF USD INDEX
------------------- ---------------
10000 10000
4/20/07 10053 10043
5/31/07 10261 10278
6/30/07 10250 10298
7/31/07 10368 10393
8/31/07 9927 9903
9/30/07 10315 10276
10/31/07 10886 10811
11/30/07 10054 9958
12/31/07 9776 9692
1/31/08 8878 8764
2/29/08 9238 9169
3/31/08 9154 8958
4/30/08 9356 9164
5/31/08 9522 9406
6/30/08 8849 8743
7/31/08 8484 8316
8/31/08 8104 7885
9/30/08 6825 6620
</Table>
52
(Logo/Annual Report)
SPDR S&P INTERNATIONAL SMALL CAP ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-----------------------------------------------------------------------------------------------------------------
DESCRIPTION HONG LEONG FINANCE, LTD. HAW PAR CORP., LTD. DUNDEE REAL ESTATE
INVESTMENT TRUST
-----------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,982,189 1,651,688 1,601,955
-----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.6% 0.5 0.5
-----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------
DESCRIPTION CAFE DE CORAL NANKAI ELECTRIC
HOLDINGS, LTD. RAILWAY CO., LTD.
------------------------------------------------------------------------------
MARKET VALUE 1,578,523 1,502,473
------------------------------------------------------------------------------
% OF NET ASSETS 0.5 0.5
------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Services & Supplies 5.7%
Machinery 5.3
Metals & Mining 5.1
Commercial Banks 4.5
Real Estate Management &
Development 4.1
Oil, Gas & Consumable Fuels 4.1
Electronic Equipment &
Instruments 4.0
Specialty Retail 3.7
Chemicals 3.7
Capital Markets 3.1
Construction & Engineering 3.1
Food Products 3.1
Media 2.8
Hotels, Restaurants & Leisure 2.8
Pharmaceuticals 2.2
Health Care Equipment &
Supplies 2.2
Household Durables 2.0
Textiles, Apparel & Luxury
Goods 1.8
Road & Rail 1.8
Electrical Equipment 1.7
Industrial Conglomerates 1.7
Auto Components 1.6
Trading Companies &
Distributors 1.6
Building Products 1.4
Health Care Providers &
Services 1.4
Paper & Forest Products 1.3
Multiline Retail 1.2
IT Services 1.2
Insurance 1.1
Software 1.1
Real Estate Investment Trust 1.1
Communications Equipment 1.0
Semiconductors & Semiconductor
Equipment 1.0
Consumer Finance 1.0
Retail 0.9
Marine 0.9
Energy Equipment & Services 0.9
Diversified Financial Services 0.9
Beverages 0.8
Distributors 0.8
Construction Materials 0.8
Internet Software & Services 0.7
Biotechnology 0.7
Transportation Infrastructure 0.7
Containers & Packaging 0.6
Gas Utilities 0.6
Aerospace & Defense 0.6
Automobiles 0.5
Food & Staples Retailing 0.5
Diversified Consumer Services 0.5
Airlines 0.4
Independent Power Producers &
Energy Traders 0.3
Thrifts & Mortgage Finance 0.3
Computers & Peripherals 0.3
Electric Utilities 0.2
Leisure Equipment & Products 0.2
Internet & Catalog Retail 0.2
Air Freight & Logistics 0.1
Short Term Investments 15.0
Other Assets & Liabilities (12.9)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
53
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) S&P(R) International Dividend ETF (the "Fund") seeks to replicate as
closely as possible, before fees and expenses, the price and yield performance
of the S&P International Dividend Opportunities 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. As such the Fund's return may not match or achieve a high degree of
correlation with the return of the Index, as would be the case if the Fund
purchased all of the stocks in the Index.
The Fund commenced operations on February 12, 2008. For the period ended
September 30, 2008 the Fund returned -26.93% and the Index returned -27.12%.
Index returns do not reflect deductions for fees and expenses associated with
investing in the Fund, which would reduce Index returns, if applied. It is not
possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. We started the year in October 2007 with news of falling housing prices
and massive sub-prime losses. As we moved into 2008, a weakening dollar and
rising commodity prices spurred fears of stagflation (low or negative growth
with rising prices.) In March 2008, the major Wall Street house of Bear Stearns
could no longer fund its own business and had no choice but to sell to JP Morgan
at the price of $10 per share. Skyrocketing commodity prices, falling housing
prices and troubled credit markets dominated news in late spring and early
summer. As the twelve months ended September 30, 2008 drew to a close, the
markets entered a period that has been compared to the crash of 1929. In a
matter of weeks, the traditional structure of investment banks in the United
States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch
entered into a merger with Bank of America. Soon after that, Morgan Stanley and
Goldman Sachs reorganized into bank holding companies. While these changes were
occurring, the government seized Washington Mutual, and reached a deal to sell
most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the
government unveiled plans for a $700 Billion program to attempt to stabilize
markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months.
The emerging markets were negatively impacted by many of the same factors
impacting stock markets around the globe. One of these has been slow growth in
global demand. While many of the emerging markets are still expected to post
better growth than the developed markets, these numbers have nevertheless been
dramatically reduced in many cases. One cause behind this decline has been a
significant decrease in the general risk appetite, which when coupled with
market closings and the institution of price floors in some of the emerging
markets, led to a difficult environment. Also, the emerging markets were hurt by
an increasing acceptance that the world was either in or will move into a
recessionary state and that the interconnectedness of the global markets will
not prevent problems in one arena from dramatically spilling over into the
emerging markets.
The main sectors that contributed to the bulk of negative performance in the
Fund were the Financials, non-energy minerals followed by Consumer Durables and
services. Not surprisingly, the frozen credit markets, collapses of leading U.S.
investment banks, uncertainties surrounding the acquisition of HBOS by Lloyds
and the massive write-downs on the exposure to subprime mortgages led to an
erosion of banks' market values. As corporate financing and inter-bank lending
essentially seized up, Lloyds TSB, Royal Bank of Scotland, Kungsleden and
Bradford & Bringley became amongst the major detractors in this sector for the
Fund. As a result, financials contributed to a negative return. Another factor
that impacted the Funds' return was the significant decline during the last
quarter in commodity prices. This has a negative influence on the emerging
markets particularly which are typically more commodity rich than their
developed market counterparts. International Nickel Indonesia was one of the
largest performance detractors for the Fund.
54
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Finally, the Consumer Durables sector was negatively impacted by sluggish demand
and highly volatile and spiraling input costs that are being passed onto the
consumers. Economic sentiment remains bearish and apprehension looms in the
struggling equity markets as investors fear a rocky future, which appears to be
on the brink of a recession.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
55
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PERFORMANCE SUMMARY
The following Performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (2/12/08, 2/19/08,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR S&P INTERNATIONAL DIVIDEND ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED FEBRUARY 12, 2008 IS 0.45%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET S&P INTERNATIONAL DIVIDEND
VALUE VALUE OPPORTUNITIES INDEX
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -26.93% -25.55% -27.12%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(1) For the period February 12, 2008 to September 30, 2008.
56
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR S&P INTERNATIONAL DIVIDEND ETF (BASED ON NET ASSET VALUE)
(Line Graph
<Table>
<Caption>
SPDR S&P S&P INTERNATIONAL
INTERNATIONAL DIVIDEND DIVIDEND OPPORTUNITIES
ETF INDEX
---------------------- ----------------------
10000 10000
2/12/2008 10577 10510
3/31/2008 10432 10373
4/30/2008 10433 10393
5/31/2008 10267 10264
6/30/2008 9266 9239
7/31/2008 8833 8827
8/31/2008 8777 8777
9/30/2008 7307 7288
</Table>
57
(Logo/Annual Report)
SPDR S&P INTERNATIONAL DIVIDEND ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------------------
DESCRIPTION WOLSELEY PLC GESTEVISION TELECINCO SA BIOVAIL CORP. PAGESJAUNES GROUPE
----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $1,260,072 1,168,422 1,132,593 1,104,450
----------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 2.9% 2.7 2.6 2.5
----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------
DESCRIPTION MEDIASET SpA
---------------------------------------------------------------------
MARKET VALUE 1,001,197
---------------------------------------------------------------------
% OF NET ASSETS 2.3
---------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Media 14.4%
Commercial Banks 12.8
Oil, Gas & Consumable Fuels 12.3
Diversified Telecommunication
Services 6.9
Insurance 6.3
Trading Companies &
Distributors 4.3
Airlines 3.8
Construction & Engineering 3.7
Metals & Mining 3.5
Marine 3.3
Hotels, Restaurants & Leisure 3.1
Capital Markets 2.9
Food & Staples Retailing 2.6
Pharmaceuticals 2.6
Construction Materials 2.6
Diversified Financial Services 2.1
Electric Utilities 1.9
Multiline Retail 1.7
Automobiles 1.5
Machinery 1.4
Real Estate Management &
Development 1.4
Industrial Conglomerates 1.3
Food Products 0.8
Multi-Utilities 0.7
Energy Equipment & Services 0.7
Semiconductors & Semiconductor
Equipment 0.6
Short Term Investments 12.6
Other Assets & Liabilities (11.8)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
58
(Logo/Annual Report)
SPDR S&P INTERNATIONAL MID CAP ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------
DESCRIPTION SINGAPORE PRESS PSP SWISS TOBU RAILWAY CFS RETAIL
HOLDINGS, LTD. PROPERTY AG CO., LTD. PROPERTY TRUST
-------------------------------------------------------------------------------------------------------------
MARKET VALUE $55,676 51,128 48,133 42,845
-------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.1% 1.0 0.9 0.8
-------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
DESCRIPTION INDRA SISTEMAS, SA
-----------------------------------------------------------------
MARKET VALUE 42,167
-----------------------------------------------------------------
% 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Real Estate Management &
Development 6.2%
Commercial Banks 5.2
Oil, Gas & Consumable Fuels 4.9
Construction & Engineering 4.4
Chemicals 4.0
Machinery 3.8
Media 3.6
Insurance 3.4
Food Products 3.2
Road & Rail 2.7
Multiline Retail 2.6
Electronic Equipment &
Instruments 2.4
Energy Equipment & Services 2.3
Metals & Mining 2.3
Industrial Conglomerates 2.2
Capital Markets 2.2
Health Care Equipment &
Supplies 2.1
Diversified Financial Services 2.0
Commercial Services & Supplies 1.8
Hotels, Restaurants & Leisure 1.8
IT Services 1.8
Food & Staples Retailing 1.7
Health Care Providers &
Services 1.7
Trading Companies &
Distributors 1.5
Electrical Equipment 1.4
Auto Components 1.4
Software 1.4
Diversified Telecommunication
Services 1.3
Leisure Equipment & Products 1.3
Aerospace & Defense 1.3
Construction Materials 1.1
Household Durables 1.1
Building Products 1.0
Professional Services 0.9
Automobiles 0.9
Textiles, Apparel & Luxury
Goods 0.8
Pharmaceuticals 0.8
Biotechnology 0.7
Beverages 0.7
Consumer Finance 0.7
Independent Power Producers &
Energy Traders 0.7
Office Electronics 0.7
Electric Utilities 0.6
Marine 0.6
Water Utilities 0.6
Diversified Consumer Services 0.5
Computers & Peripherals 0.5
Specialty Retail 0.5
Containers & Packaging 0.5
Air Freight & Logistics 0.3
Distributors 0.3
Transportation Infrastructure 0.3
Internet Software & Services 0.2
Paper & Forest Products 0.2
Internet & Catalog Retail 0.2
Semiconductors & Semiconductor
Equipment 0.2
Household Products 0.1
Airlines 0.1
Communications Equipment 0.1
Short Term Investments 9.2
Other Assets & Liabilities (3.0)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
59
(Logo/Annual Report)
SPDR S&P EMERGING MARKETS SMALL CAP ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
DESCRIPTION ASPEN PHARMACARE CHINA BILLS OSEM ELBIT
HOLDINGS, LTD. FINANCE CORP. INVESTMENTS, LTD. SYSTEMS, LTD.
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $107,381 103,353 98,046 96,311
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.1% 1.1 1.0 1.0
--------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
DESCRIPTION NICE
SYSTEMS, LTD.
-----------------------------------------------------------
MARKET VALUE 95,037
-----------------------------------------------------------
% 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 7.1%
Food Products 5.3
Real Estate Management &
Development 5.2
Computers & Peripherals 3.9
Electronic Equipment &
Instruments 3.9
Metals & Mining 3.9
Industrial Conglomerates 3.3
Semiconductors & Semiconductor
Equipment 3.2
Capital Markets 3.1
Construction & Engineering 2.7
Oil, Gas & Consumable Fuels 2.6
Textiles, Apparel & Luxury
Goods 2.4
Electric Utilities 2.2
Specialty Retail 2.2
Media 2.2
Construction Materials 2.1
Marine 2.1
Hotels, Restaurants & Leisure 2.0
Independent Power Producers &
Energy Traders 1.9
Chemicals 1.8
Electrical Equipment 1.8
Machinery 1.8
Pharmaceuticals 1.6
Transportation Infrastructure 1.3
Communications Equipment 1.3
Software 1.2%
Paper & Forest Products 1.1
IT Services 1.1
Diversified Financial Services 1.1
Leisure Equipment & Products 1.0
Aerospace & Defense 1.0
Internet Software & Services 0.9
Household Durables 0.9
Auto Components 0.9
Wireless Telecommunication
Services 0.9
Tobacco 0.8
Beverages 0.7
Automobiles 0.7
Airlines 0.7
Multiline Retail 0.7
Building Products 0.6
Energy Equipment & Services 0.6
Consumer Finance 0.5
Health Care Providers &
Services 0.4
Air Freight & Logistics 0.4
Health Care Equipment &
Supplies 0.4
Insurance 0.3
Food & Staples Retailing 0.2
Short Term Investments 0.2
Other Assets & Liabilities 11.8
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
60
(Logo/Annual Report)
SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------
DESCRIPTION WESTFIELD SIMON PROPERTY UNIBAIL- MITSUI FUDOSAN
GROUP GROUP, INC. RODAMCO CO., LTD.
------------------------------------------------------------------------------------------------------
MARKET VALUE $773,953 696,557 529,416 517,195
------------------------------------------------------------------------------------------------------
% OF NET ASSETS 4.9% 4.4 3.4 3.3
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
DESCRIPTION BROOKFIELD ASSET
MANAGEMENT, INC. (CLASS A)
------------------------------------------------------------------------
MARKET VALUE 451,911
------------------------------------------------------------------------
% OF NET ASSETS 2.9
------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Retail REIT's 31.7%
Real Estate Management &
Development 15.8
Office REIT's 14.7
Specialized REIT's 12.4
Diversified REIT's 10.1
Residential REIT's 9.1
Industrial REIT's 6.3
Short Term Investments 3.8
Other Assets & Liabilities (3.9)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
61
(Logo/Annual Report)
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) 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. As such the Fund's return may not match or achieve a high
degree of correlation with the return of the Index, as would be the case if the
Fund purchased all of the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -38.38%
and the Index returned -38.72%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
During the year, capital availability and re-financing risks remained a
significant threat to the listed real estate sector. As the financial crisis
intensified and liquidity evaporated in the capital markets, investors renewed
their focus on balance sheet strength, near-term debt maturities and available
credit facilities. The balance sheets of publicly traded real estate companies
continued to exhibit relative strength given the sector's average debt to
enterprise value ratio of 36%. Each region, however, had outliers; those
companies that lacked capital discipline and overextended their balance sheets
earlier in the cycle. Those companies are finding limited alternatives as they
look to meet their near-term debt maturities.
Given the severity of the capital crisis, opportunistic and distressed pools of
equity capital are being formed by private equity and sovereign wealth funds for
strategic investment. In addition, public real estate companies with strong
balance sheets are conserving capital to invest in opportunistic acquisitions as
they appear on the market. A prolonged period of limited capital availability
will ultimately force weaker property owners to sell debt or assets at
"discounted" prices in search of liquidity. Until such market clearing commences
or adequate financing resumes, transactional activity in the private real estate
market will remain limited and there will be little clarity on cap rates and net
asset values.
Compounding the crisis in the financial sector, macroeconomic concerns
intensified throughout the year. Operating capital has become more difficult to
secure, business and consumer spending have been shrinking, unemployment has
risen and a recession now appears imminent. As a result, negative operating
fundamental trends in the real estate sector have accelerated. Tenants are more
reluctant to sign new leases as they evaluate their own future growth and
employment needs. As new leasing activity has slowed, vacancies, rental
concessions and retention offers have increased. In contrast to the slowing
demand for property, the supply picture remains mostly benign. Construction
starts have been modest since the beginning of the year and will remain
constrained due to limited financing for new development.
From a regional perspective, the US real estate market held up better than its
global counterparts. Given that the debt markets were effectively shut down
during the fourth quarter of the twelve months ended September 30, 2008 US REITs
increasingly sought financing in the public equity market where capital was
cheaper and more readily available. By the end of September, publicly traded
REITs were priced below the private market valuations of the underlying assets,
discounted -5% to -10% versus a historical average of a +3% premium. These
valuations would suggest that a further drop in private property values, and
correspondingly in REIT net asset values, is very likely in store for the
market.
The US liquidity crisis spread beyond North America and has resulted in
significantly less lending to commercial real estate in the UK. Led by
increasing financing costs, the appraisal process in the UK has adjusted real
estate valuations down since the peak of the cycle in 2007. However, shares of
listed real estate companies are trading at a discount to net asset value
implying further potential downside risk to property valuations. Despite lower
valuations, operating fundamentals remain relatively stable. With the exception
of the London office market, there have been few examples of rent declines or
vacancy increases.
Continental Europe lost its previous economic resilience. German real estate was
shaken by the credit crisis and subsequent bailout of Hypo Real Estate, the
country's second largest commercial property investor. The
62
(Logo/Annual Report)
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
implication of a declining German financial sector will likely be a decline in
office space demand in the near term. The Brussels office market, while
supported by demand from the EU and Belgian governments, also has significant
exposure to financial institutions. Paris office space is more immune to the
trouble in the financial sector. Having fewer financial tenants, Paris has a
lower risk of occupancy declines and more stability in rents. Amidst the
unfolding property market crisis, the Spanish government introduced REIT
legislation, timed to increase transparency, inject liquidity and improve
investor confidence in the sector.
Since the beginning of 2008, the Asia-Pacific region has been posting negative
returns. The real estate sector in Hong Kong and mainland China is comprised
predominately of property developers whose focus is squarely on solvency rather
than growth. Recently, the majority of developers in Hong Kong announced cuts to
their 2008 and 2009 completion targets as they continued to suffer from a
tightening lending environment. Residential rental rates in Hong Kong are likely
to decrease, the result of competition from condominiums returning to the rental
market. Office and retail fundamentals are also at risk due to the declining
rate of foreign investment.
The residential property market in Singapore suffered a combined blow from
declining property pricing and falling sales volumes. Grade A office rental
rates fell during the fourth quarter of the twelve months ended September 30,
2008 and net absorption was down over 2007. Travel, one of the main drivers of
recent economic growth in Singapore, has declined as well. European and Asian
tourists are scaling back on leisure travel and businesses are reducing travel
budgets.
In addition to the financial and macroeconomic headwinds, the Australian listed
property sector continued to suffer from the fallout surrounding previously
financially engineered dividend yields. Australian REITs had historically paid
out dividends that included the effects of leverage, currency hedging and fund
management income. In today's environment, companies have had to revert to lower
and more sustainable payout ratios. During the most recent earnings season, A-
REITs improved their financial statement transparency and provided more credible
earnings guidance.
Japan has experienced a less severe downturn than its Asian counterparts.
Because of their rather conservative financing, Japanese REITs have less
exposure to leverage-related financing risks and the rising cost of debt. In
contrast to the relative stability of Japanese REITs, small to medium size
residential developers are experiencing greater financial stress.
The listed property sector in the emerging region includes a significant
proportion of property developers. The illiquidity in the capital markets
imposes a greater risk on new property development. Capitalization rates are
shifting upwards and squeezing the development profits. In the wake of the
deteriorating financing environment, larger risk premiums are returning to the
emerging markets.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
63
(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.SPDRS.COM FOR MOST RECENT MONTH END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET DOW JONES WILSHIRE EX-US
VALUE VALUE REAL ESTATE SECURITIES INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -38.38% -38.12% -38.72%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION(1) -33.39% -32.88% -33.20%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET DOW JONES WILSHIRE EX-US
VALUE VALUE REAL ESTATE SECURITIES INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -38.38% -38.12% -38.72%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION(1) -20.26% -19.92% -20.13%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(1) For the period December 15, 2006 to September 30, 2008.
64
(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
---------------------- ----------------
10000 10000
12/15/06 10401 10397
1/31/07 10546 10576
2/28/07 10836 10871
3/31/07 11149 11207
4/30/07 11390 11448
5/31/07 11605 11670
6/30/07 10857 10949
7/31/07 10297 10383
8/31/07 10270 10341
9/30/07 10809 10900
10/31/07 11009 11112
11/30/07 10174 10274
12/31/07 9682 9785
1/31/08 9171 9257
2/29/08 9207 9285
3/31/08 9032 9098
4/30/08 9451 9510
5/31/08 9251 9313
6/30/08 8218 8251
7/31/08 8103 8145
8/31/08 7736 7770
9/30/08 6661 6680
</Table>
65
(Logo/Annual Report)
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------------
DESCRIPTION WESTFIELD UNIBAIL- MITSUI BROOKFIELD ASSET
GROUP RODAMCO FUDOSAN CO., LTD. MANAGEMENT, INC. (CLASS A)
-------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $82,381,170 56,357,632 56,004,823 48,285,389
-------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.2% 6.9 6.9 6.0
-------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------
DESCRIPTION LAND SECURITIES
GROUP PLC
--------------------------------------------------------------
MARKET VALUE 36,158,373
--------------------------------------------------------------
% OF NET ASSETS 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Retail REIT's 37.5%
Real Estate Management &
Development 30.7
Office REIT's 12.9
Diversified REIT's 12.3
Industrial REIT's 4.7
Residential REIT's 1.0
Specialized REIT's 0.5
Short Term Investments 16.5
Other Assets & Liabilities (16.1)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
66
(Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) FTSE Macquarie Global Infrastructure 100 ETF (the "Fund") seeks to
replicate 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 uses a passive management strategy and
"sampling" methodology to track the total return performance of the Index. As
such the Fund's return may not match or achieve a high degree of correlation
with the return of the Index, as would be the case if the Fund purchased all of
the stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -16.93%
and the Index returned -16.46%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
month period ended September 30, 2008 drew to a close, the markets entered a
period that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States became cease to
exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a
merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual and reached a deal to sell most of its
assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months ended September 30, 2008.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
The Index fared better than many indices over the last period. The Index is
heavily weighted toward Utilities which posted better (although negative)
returns than the broader market. The defensive nature of this sector helped the
Index weather the storm better than the broad market averages. The Index also
had smaller exposures to Energy, Industrials and Telecommunications during the
period. Although Energy stocks in the index posted negative returns, they posted
strong performance versus the decline in the Industrial and Telecom stocks.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
67
(Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF AS STATED IN THE FEES AND
EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET MACQUARIE GLOBAL INFRASTRUCTURE
VALUE VALUE 100 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -16.93% -16.03% -16.46%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -4.94% -3.74% -3.86%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET MACQUARIE GLOBAL INFRASTRUCTURE
VALUE VALUE 100 INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -16.93% -16.03% -16.46%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -2.96% -2.24% -2.31%
--------------------------------------------------------------------------------------------------------------------
(1) For the period January 25, 2007 to September 30, 2008.
68
(Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (BASED ON NET ASSET VALUE)
(LINE GRAPH)
<Table>
<Caption>
SPDR FSTE/MACQUARIE MACQUARIE GLOBAL
GLOBAL INFRASTRUCTURE INFRASTRUCTURE 100
100 ETF INDEX
--------------------- ------------------
10000 10000
1/25/07 10090 10089
2/28/07 10275 10277
3/31/07 10685 10692
4/30/07 11114 11125
5/31/07 11384 11425
6/30/07 11080 11120
7/31/07 10715 10754
8/31/07 10894 10949
9/30/07 11443 11508
10/31/07 12134 12217
11/30/07 12294 12386
12/31/07 12245 12343
1/31/08 11364 11453
2/29/08 11313 11411
3/31/08 11244 11347
4/30/08 11653 11777
5/31/08 12075 12218
6/30/08 11616 11755
7/31/08 11176 11312
8/31/08 10800 10932
9/30/08 9506 9614
</Table>
69
(Logo/Annual Report)
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------
DESCRIPTION E. ON AG GDF SUEZ IBERDROLA SA EXELON CORP. ENEL SPA
------------------------------------------------------------------------------------------------------------------
MARKET VALUE $6,141,429 5,539,592 3,248,689 2,683,330 2,475,531
------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.7% 6.9 4.1 3.4 3.1
------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Electric Utilities 51.3%
Multi-Utilities 27.7
Oil, Gas & Consumable Fuels 5.8
Gas Utilities 4.7
Independent Power Producers &
Energy Traders 4.0
Transportation Infrastructure 2.7
Wireless Telecommunication
Services 1.7
Water Utilities 0.8
Commercial Services and
Supplies 0.7
Short Term Investments 19.4
Other Assets & Liabilities (18.8)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
70
(Logo/Annual Report)
SPDR MSCI ACWI ex-US ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) MSCI(R) ACWI(sm) ex-US ETF (the "Fund") seeks to replicate 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 uses a passive management strategy and "sampling"
methodology to track the total return performance of the Index. As such the
Fund's return may not match or achieve a high degree of correlation with the
return of the Index, as would be the case if the Fund purchased all of the
stocks in the Index.
For the twelve month period ended September 30, 2008 the Fund returned -29.53%
and the Index returned -29.97%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
months ended September 30, 2008 drew to a close, the markets entered a period
that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States ceased to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual, and reached a deal to sell most of its
assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full twelve months ended September 30, 2008.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
All ten sectors in the index posted negative returns during the period. As one
might expect, the traditionally defensive sectors of Health Care, Consumer
Staples, and Utilities did relatively well, while more cyclical sectors such as
Consumer Discretionary, Technology, and Industrials suffered more than the
benchmark as a whole. Financials also fell as the credit crunch took a heavy
toll on the sector. Materials companies were also down. During the first part of
the period, these companies were performing well as commodity prices rose. In
the last portion of the period, the bottom falling out of commodity prices
combined with concerns about falling demand pushing the Materials sector into
negative performance.
As detailed earlier, the effect of the negative economic news was widespread
across countries in both the developed and emerging world, as almost every
market fell over the twelve month period. Only the small markets of Jordan and
Morocco managed gains during the period. All other markets were down for the
period, and the vast majority (by size and number) were down double digits for
the period.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
71
(Logo/Annual Report)
SPDR MSCI ACWI ex-US ETF -- PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR MSCI ACWI EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE
PROSPECTUS DATED JANUARY 31, 2008 IS 0.35%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET MSCI ALL COUNTRY
VALUE VALUE WORLD INDEX EX USA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.53% -28.49% -29.97%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -15.76% -14.27% -15.19%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET MSCI ALL COUNTRY
VALUE VALUE WORLD INDEX EX USA INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -29.53% -28.49% -29.97%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -9.47% -8.54% -9.13%
--------------------------------------------------------------------------------------------------------------------
(1) For the period January 10, 2007 to September 30, 2008.
72
(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
SPDR MSCI COUNTRY WORLD
ACWI EX-US INDEX EX
ETF USA
---------- -------------
10000 10000
1/10/07 10306 10315
2/28/07 10362 10378
3/31/07 10657 10671
4/30/07 11140 11166
5/31/07 11421 11472
6/30/07 11494 11569
7/31/07 11402 11537
8/31/07 11227 11359
9/30/07 11955 12112
10/31/07 12607 12788
11/30/07 12042 12214
12/31/07 11861 12037
1/31/08 10763 10871
2/29/08 11010 11187
3/31/08 10783 10945
4/30/08 11457 11618
5/31/08 11658 11819
6/30/08 10709 10850
7/31/08 10296 10462
8/31/08 9837 9975
9/30/08 8424 8481
</Table>
73
(Logo/Annual Report)
SPDR MSCI ACWI ex-US ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION ROYAL DUTCH HSBC HOLDINGS NESTLE SA BP PLC TAIWAN SEMICONDUCTOR
SHELL PLC PLC MANUFACTURING CO., LTD.
ADR
--------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $3,700,547 3,645,171 3,406,348 3,278,666 2,601,215
--------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 1.4% 1.4 1.3 1.3 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 14.8%
Oil, Gas & Consumable Fuels 11.4
Metals & Mining 5.9
Pharmaceuticals 5.9
Insurance 4.3
Diversified Telecommunication
Services 4.1
Automobiles 3.1
Wireless Telecommunication
Services 2.7
Chemicals 2.7
Electric Utilities 2.6
Food Products 2.5
Semiconductors & Semiconductor
Equipment 2.2
Diversified Financial Services 2.2
Capital Markets 2.0
Food & Staples Retailing 1.9
Machinery 1.7
Media 1.6
Industrial Conglomerates 1.6
Real Estate Management &
Development 1.5
Beverages 1.4
Multi-Utilities 1.4
Road & Rail 1.4
Electronic Equipment &
Instruments 1.4
Electrical Equipment 1.2
Communications Equipment 1.1
Household Durables 0.9
Tobacco 0.9
Trading Companies &
Distributors 0.9
Textiles, Apparel & Luxury
Goods 0.8
Construction & Engineering 0.8
Hotels, Restaurants & Leisure 0.8
Commercial Services & Supplies 0.8
IT Services 0.7
Auto Components 0.7
Software 0.7
Marine 0.6
Building Products 0.6
Transportation Infrastructure 0.6
Construction Materials 0.6
Independent Power Producers &
Energy Traders 0.5
Aerospace & Defense 0.5
Gas Utilities 0.5
Health Care Equipment &
Supplies 0.4
Office Electronics 0.4
Biotechnology 0.4
Specialty Retail 0.4
Energy Equipment & Services 0.3
Air Freight & Logistics 0.3
Computers & Peripherals 0.3
Multiline Retail 0.3
Household Products 0.3
Distributors 0.2
Health Care Providers &
Services 0.2
Consumer Finance 0.2
Airlines 0.1
Internet Software & Services 0.1
Paper & Forest Products 0.1
Water Utilities 0.1
Containers & Packaging 0.1
Leisure Equipment & Products 0.1
Internet & Catalog Retail 0.0**
Short Term Investments 11.1
Other Assets & Liabilities (9.9)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
74
(Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) Russell/Nomura Prime(TM) Japan ETF (the "Fund") seeks to replicate
as closely as possible, before fees and expenses, the total return performance
of the Russell/Nomura Prime(TM) Index (the "Index"). To accomplish this
objective, the Fund uses a passive management strategy and "sampling"
methodology designed to track the total return performance of the Index. As
such the Fund's return may not match or achieve a high degree of correlation
with the return of the Index, as would be the case if the Fund purchased all of
the stocks in the Index.
For the twelve-month period ended September 30, 2008 the Fund returned -26.48%
and the Index returned -26.18%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news both at home and abroad.
We started the year in October 2007 with news of falling housing prices, sub-
prime losses, and rising commodity prices. As we moved into 2008, a weakening
dollar and rising commodity prices spurred fears of stagflation (low or negative
growth with rising prices.) In March 2008, the major Wall Street house of Bear
Stearns could no longer fund its own business and had no choice but to sell to
JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling
housing prices and troubled credit markets dominated news in late spring and
early summer. As twelve months ended September 30, 2008 drew to a close, the
markets entered a period that has been compared to the crash of 1929. In a
matter of weeks, the traditional structure of investment banks in the United
States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch
entered into a merger with Bank of America. Soon after that, Morgan Stanley and
Goldman Sachs reorganized into bank holding companies. While these changes were
occurring, the government seized Washington Mutual, and reached a deal to sell
most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the
government unveiled plans for a $700 Billion program to attempt to stabilize
markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The combination of faltering global growth prospects
and unnerving financial strains led to broad share price declines across Europe
and parts of Asia as well, with MSCI EAFE down over 30% for the period. The MSCI
ACWI ex USA Index also fell 30% (declined 21.8% in the quarter ended September
30, 2008). These returns were very similar to MSCI Pacific and MSCI Japan
indices, which were down almost 30% and 27%, respectfully, for the period as
well. Aside from a small single digit positive return in the second quarter of
2008 for the Fund, the rest of the year resulted in consistent declines,
finishing off with a negative return of over 17% during the last three months of
the period.
Although Japanese stocks languished throughout the course of the year, the yen
was one of the few currencies that managed to hold its own against the US
dollar. The economic picture in Japan shows no exception to the less optimistic
global trend, as the job market remains tepid and confidence indicators have
been eroding. However, Japanese financial institutions have relatively little
exposure to the credit issues that are burdening many western firms. While the
United States and Europe are worried about rising inflation, Japan is
benefitting from the fiscal uncertainty. Since Japanese stocks have been
steadily losing investors since early 2006, they were relatively less affected
by the persistent selling that characterized global equity markets through the
second half of the year ended September 30, 2008.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
75
(Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR RUSSELL/NOMURA PRIME JAPAN ETF AS STATED IN THE FEES AND EXPENSES TABLE
OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.51%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE RUSSELL/NOMURA PRIME(TM) INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -26.48% -24.54% -26.18%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -21.93% -20.34% -21.11%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET
VALUE VALUE RUSSELL/NOMURA PRIME(TM) INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -26.48% -24.54% -26.18%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -12.26% -11.32% -11.78%
--------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2008.
76
(Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF --
PERFORMANCE SUMMARY (CONTINUED)
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
SPDR RUSSELL/NOMURA PRIME JAPAN ETF (BASED ON NET ASSET VALUE)
(LINE GRAPH)
<Table>
<Caption>
SPDR RUSSELL/NOMURA
PRIME JAPAN RUSSELL/ NOMURA
ETF PRIME INDEX
------------------- ---------------
10000 10000
11/9/06 10320 10323
12/31/06 10514 10520
1/31/07 10605 10611
2/28/07 11002 11024
3/31/07 10858 10898
4/30/07 10656 10702
5/31/07 10799 10848
6/30/07 10765 10829
7/31/07 10717 10796
8/31/07 10421 10475
9/30/07 10619 10688
10/31/07 10604 10693
11/30/07 10408 10509
12/31/07 9988 9946
1/31/08 9546 9616
2/29/08 9600 9675
3/31/08 9284 9259
4/30/08 9897 9871
5/31/08 10161 10128
6/30/08 9462 9450
7/31/08 9152 9138
8/31/08 8782 8779
9/30/08 7807 7889
</Table>
77
(Logo/Annual Report)
SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MITSUBISHI UFJ MIZUHO FINANCIAL SUMITOMO MITSUI
MOTOR CORP. FINANCIAL GROUP, INC. GROUP, INC. FINANCIAL GROUP, INC.
------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $848,936 775,904 474,620 445,062
------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.6% 3.3 2.0 1.9
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
DESCRIPTION NIPPON TELEGRAPH &
TELEPHONE CORP.
------------------------------------------------------------
MARKET VALUE 432,930
------------------------------------------------------------
% 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 11.6%
Automobiles 7.4
Electronic Equipment &
Instruments 5.1
Pharmaceuticals 4.7
Electric Utilities 4.5
Road & Rail 4.2
Chemicals 4.0
Machinery 3.9
Household Durables 3.5
Trading Companies &
Distributors 3.4
Metals & Mining 3.0
Office Electronics 2.4
Insurance 2.4
Real Estate Management &
Development 2.3
Wireless Telecommunication
Services 2.3
Software 2.2
Specialty Retail 2.0
Capital Markets 2.0
Auto Components 1.9
Oil, Gas & Consumable Fuels 1.9
Food & Staples Retailing 1.9
Diversified Telecommunication
Services 1.8
Leisure Equipment & Products 1.6
Computers & Peripherals 1.5
Electrical Equipment 1.3
Commercial Services & Supplies 1.2
Semiconductors & Semiconductor
Equipment 1.2
Consumer Finance 1.1
Food Products 1.0
Construction & Engineering 0.9
Building Products 0.9
Marine 0.9
Gas Utilities 0.9
Tobacco 0.8
IT Services 0.7
Beverages 0.7
Personal Products 0.6
Multiline Retail 0.5
Media 0.5
Airlines 0.5
Paper & Forest Products 0.4
Textiles, Apparel & Luxury
Goods 0.4
Household Products 0.4
Industrial Conglomerates 0.3
Health Care Equipment &
Supplies 0.3
Health Care Providers &
Services 0.3
Internet Software & Services 0.3
Hotels, Restaurants & Leisure 0.2
Air Freight & Logistics 0.2
Internet & Catalog Retail 0.2
Independent Power Producers &
Energy Traders 0.2
Diversified Consumer Services 0.2
Containers & Packaging 0.1
Distributors 0.1
Transportation Infrastructure 0.1
Construction Materials 0.1
Communications Equipment 0.0**
Diversified Financial Services 0.0**
Short Term Investments 23.4
Other Assets & Liabilities (22.4)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
78
(Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The SPDR(R) Russell/Nomura Small Cap(TM) Japan ETF (the "Fund") seeks to
replicate as closely as possible, before fees and expenses, the total return
performance of the float-adjusted Russell/Nomura Japan Small Cap(TM) Index (the
"Index"). To accomplish this objective, the Fund uses a passive management
strategy and "sampling" methodology designed to track the total return
performance of the Index. As such the Fund's return may not match or achieve a
high degree of correlation with the return of the Index, as would be the case if
the Fund purchased all of the stocks in the Index.
For the twelve-month period ended September 30, 2008 the Fund returned -24.85%
and the Index returned -24.09%. Index returns do not reflect deductions for fees
and expenses associated with investing in the Fund, which would reduce Index
returns, if applied. It is not possible to invest directly in an Index.
There were numerous headlines in the financial press over the last twelve
months. Unfortunately, many of them were not good news. We started the year in
October 2007 with news of falling housing prices, sub-prime losses, and rising
commodity prices. As we moved into 2008, a weakening dollar and rising commodity
prices spurred fears of stagflation (low or negative growth with rising prices.)
In March 2008, the major Wall Street house of Bear Stearns could no longer fund
its own business and had no choice but to sell to JP Morgan at the price of $10
per share. Skyrocketing commodity prices, falling housing prices and troubled
credit markets dominated news in late spring and early summer. As the twelve
months ended September 30, 2008 drew to a close, the markets entered a period
that has been compared to the crash of 1929. In a matter of weeks, the
traditional structure of investment banks in the United States ceased to exist.
Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger
with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs
reorganized into bank holding companies. While these changes were occurring, the
government seized Washington Mutual, and reached a deal to sell most of its
assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government
unveiled plans for a $700 Billion program to attempt to stabilize markets.
All of these headlines weighed heavily on markets both at home and abroad. The
S&P 500 Index fell almost 22% during the period, and posted negative returns in
each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better,
falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declined 21.8% in the
quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in
the final quarter, and 32% for the full period.
The pain in the equity markets was widespread and credit markets had issues of
their own, but there was some good news. Central Banks around the world added
significant liquidity to markets throughout the year, the U.S. Federal Reserve
cut rates on a number of occasions, and plans to stabilize markets were set in
motion.
Japanese stocks languished throughout the course of the year, but the yen was
one of the few currencies that managed to hold its own against the US dollar.
The economic picture in Japan shows no exception to the less optimistic global
trend, as the job market remains tepid and confidence indicators have been
eroding. However, Japanese financial institutions have relatively little
exposure to the credit issues that are burdening many western firms. While the
United States and Europe are worried about rising inflation, Japan is
benefitting from the fiscal uncertainty. Since Japanese stocks have been
steadily losing investors since early 2006, they were relatively less affected
by the persistent selling that characterized global equity markets through the
second half of the year ended September 30, 2008.
As a whole, the Japanese market has lagged over the period. While small cap
stocks had been underperforming in the prior period, later in the twelve months
ended September 30, 2008 small cap stocks began gaining ground versus large cap
stocks as investors found overseas opportunities less attractive. Contributing
most significantly to the negative returns over the period was the Fund's
overweight to the Financials and Producer Manufacturing sectors.
The views expressed reflect those of the portfolio manager(s) only through the
end of the period as stated on the cover of this report. These views are subject
to change at any time based upon market or other conditions and State Street
disclaims any responsibility to update such views. These views may not be relied
on as investment advice or an indication of trading intent on behalf of any
fund. References to specific securities are not recommendations of such
securities, and may not be representative of any Fund's current or future
investments.
79
(Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PERFORMANCE SUMMARY
The following performance chart of the Fund's total return at net asset value to
the total return based on market price and its benchmark index is provided for
comparative purposes only and represents the periods noted. The Fund's per share
net asset value ("NAV") is the value of one share of the Fund and is calculated
by dividing the value of total assets less total liabilities by the number of
shares outstanding. The NAV return is based on the NAV of the Fund and the
market return is based on the market price per share of the Fund. The market
price used to calculate the market return is determined by using the midpoint
between the highest bid and the lowest offer on the exchange on which the shares
of the Fund are listed for trading, as of the time that the Fund's NAV is
calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Fund's inception, for the period from inception to the
first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06,
respectively), the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
dividends and capital gain distributions have been reinvested in the Fund at
NAV. Market returns do not include brokerage commission that may be payable on
secondary market transactions. If brokerage commissions were included market
returns would be lower.
An index is a statistical measure of a specified financial market or sector. An
index does not actually hold a portfolio of securities and therefore does not
reflect deductions for fees or expenses. In comparison, the Fund's performance
is negatively impacted by these deductions.
PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A
GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER
THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO
FOR SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF AS STATED IN THE FEES AND EXPENSES
TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.56%.
PERFORMANCE AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA JAPAN SMALL
VALUE VALUE CAP(TM) INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -24.85% -22.75% -24.09%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -25.29% -23.99% -24.49%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------------------------------------------
NET ASSET MARKET RUSSELL/NOMURA JAPAN SMALL
VALUE VALUE CAP(TM) INDEX
--------------------------------------------------------------------------------------------------------------------
ONE YEAR ENDED 9/30/08 -24.85% -22.75% -24.09%
--------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION (1) -14.27% -13.49% -13.79%
--------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2008.
80
(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
------------- ---------------
10000 10000
11/9/06 10421 10352
12/31/06 10437 10359
1/31/07 10616 10517
2/28/07 11009 10853
3/31/07 10935 10749
4/30/07 10679 10523
5/31/07 10437 10327
6/30/07 10449 10402
7/31/07 10447 10403
8/31/07 9969 9916
9/30/07 9943 9948
10/31/07 10045 10114
11/30/07 9759 9831
12/31/07 9229 9187
1/31/08 8783 8926
2/29/08 8868 9018
3/31/08 8927 8979
4/30/08 9077 9118
5/31/08 9383 9380
6/30/08 8851 8850
7/31/08 8560 8603
8/31/08 8245 8261
9/30/08 7471 7551
</Table>
81
(Logo/Annual Report)
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------
DESCRIPTION HISAMITSU HOKUTO CORP. NANKAI ELECTRIC RAILWAY SAGAMI RAILWAY
PHARMACEUTICAL CO., LTD. CO., LTD.
CO., INC.
------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $690,425 608,265 597,136 583,901
------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 0.9% 0.8 0.8 0.8
------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
DESCRIPTION TAKARA HOLDINGS, INC.
-----------------------------------------------------------------
MARKET VALUE 564,950
-----------------------------------------------------------------
% OF NET ASSETS 0.7
-----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 8.9%
Machinery 5.6
Food Products 5.6
Chemicals 5.2
Specialty Retail 4.9
Pharmaceuticals 4.1
Electronic Equipment &
Instruments 3.7
Metals & Mining 3.6
Commercial Services & Supplies 3.3
Auto Components 3.3
Food & Staples Retailing 3.2
Building Products 2.7
Textiles, Apparel & Luxury
Goods 2.7
Hotels, Restaurants & Leisure 2.4
Construction & Engineering 2.4
Trading Companies &
Distributors 2.4
Household Durables 2.2
Media 2.2
Capital Markets 2.1
Software 2.0
Road & Rail 1.9
Health Care Equipment &
Supplies 1.9
Electrical Equipment 1.8
IT Services 1.8
Multiline Retail 1.7
Real Estate Management &
Development 1.6
Beverages 1.4
Transportation Infrastructure 1.3
Consumer Finance 1.3
Personal Products 1.3
Internet Software & Services 1.2
Diversified Financial Services 1.2
Semiconductors & Semiconductor
Equipment 1.2
Communications Equipment 1.2
Containers & Packaging 0.9
Oil, Gas & Consumable Fuels 0.8
Distributors 0.7
Automobiles 0.5
Marine 0.4
Health Care Providers &
Services 0.4
Leisure Equipment & Products 0.3
Industrial Conglomerates 0.3
Insurance 0.3
Gas Utilities 0.3
Computers & Peripherals 0.3
Internet & Catalog Retail 0.3
Office Electronics 0.2
Biotechnology 0.1
Life Sciences, Tools & Services 0.0**
Short Term Investments 27.2
Other Assets & Liabilities (26.3)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
82
(Logo/Annual Report)
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF --
PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-----------------------------------------------------------------------------------------------------------------------
DESCRIPTION TOYOTA MOTOR VOLKSWAGEN AG DAIMLER AG HONDA MOTOR VIVENDI
CORP. CO., LTD.
-----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $354,806 268,669 168,467 157,170 125,237
-----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 7.9% 6.0 3.8 3.5 2.8
-----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Automobiles 31.4%
Media 16.4
Household Durables 11.5
Hotels, Restaurants & Leisure 10.2
Textiles, Apparel & Luxury
Goods 7.5
Auto Components 7.5
Specialty Retail 6.7
Multiline Retail 3.3
Leisure Equipment & Products 1.8
Distributors 1.6
Internet & Catalog Retail 0.9
Diversified Consumer Services 0.5
Short Term Investments 0.4
Other Assets & Liabilities 0.3
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
83
(Logo/Annual Report)
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------------
DESCRIPTION NESTLE SA UNILEVER NV TESCO PLC BRITISH AMERICAN DIAGEO PLC
TOBACCO PLC
----------------------------------------------------------------------------------------------------------------------
MARKET VALUE $514,649 282,841 258,119 234,287 232,702
----------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.0% 5.5 5.0 4.5 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Food Products 33.1%
Food & Staples Retailing 26.1
Beverages 17.3
Tobacco 11.0
Household Products 7.0
Personal Products 4.8
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.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
84
(Logo/Annual Report)
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------
DESCRIPTION ROYAL DUTCH BP PLC TOTAL SA BG GROUP PLC ENI SPA
SHELL PLC
---------------------------------------------------------------------------------------------------------------
MARKET VALUE $736,857 639,579 554,738 249,608 243,420
---------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 14.7% 12.8 11.1 5.0 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Oil, Gas & Consumable Fuels 92.7%
Energy Equipment & Services 5.7
Short Term Investments 0.7
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.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
85
(Logo/Annual Report)
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------------------------
DESCRIPTION BANCO MITSUBISHI UFJ BNP PARIBAS SA ROYAL BANK ALLIANZ SE
SANTANDER SA FINANCIAL GROUP, INC. OF CANADA
---------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $130,173 120,283 116,210 101,076 92,234
---------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 3.0% 2.8 2.7 2.4 2.1
---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Commercial Banks 52.4%
Insurance 17.7
Real Estate Management &
Development 13.5
Capital Markets 8.5
Diversified Financial Services 6.9
Consumer Finance 0.6
Short Term Investments 0.4
Other Assets & Liabilities 0.0**
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
** Amount represents less than 0.05% of net assets.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
86
(Logo/Annual Report)
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-----------------------------------------------------------------------------------------------------------------
DESCRIPTION ROCHE GLAXOSMITHKLINE PLC NOVARTIS AG ASTRAZENECA PLC
HOLDINGS AG
-----------------------------------------------------------------------------------------------------------------
MARKET VALUE $484,131 468,814 454,771 307,595
-----------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 8.5% 8.3 8.0 5.4
-----------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
DESCRIPTION SANOFI-AVENTIS
-------------------------------------------------------------
MARKET VALUE 305,616
-------------------------------------------------------------
% OF NET ASSETS 5.4
-------------------------------------------------------------
(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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Pharmaceuticals 67.7%
Health Care Equipment &
Supplies 16.9
Health Care Providers &
Services 7.1
Biotechnology 5.4
Life Sciences, Tools & Services 1.4
Short Term Investments 0.3
Other Assets & Liabilities 1.2
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets
and may change over time.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
87
(Logo/Annual Report)
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SIEMENS AG ABB, LTD. MITSUBISHI CORP. BAE SYSTEMS PLC
-----------------------------------------------------------------------------------------------------------
MARKET VALUE $230,705 122,397 83,224 79,246
-----------------------------------------------------------------------------------------------------------
% OF NET ASSETS 5.2% 2.8 1.9 1.8
-----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------
DESCRIPTION KONINKLIJKE (ROYAL)
PHILIPS ELECTRONICS NV
--------------------------------------------------------------------
MARKET VALUE 75,839
--------------------------------------------------------------------
% OF NET ASSETS 1.7
--------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Machinery 16.2%
Industrial Conglomerates 13.5
Electrical Equipment 11.6
Commercial Services & Supplies 10.6
Trading Companies &
Distributors 8.3
Construction & Engineering 7.5
Road & Rail 6.8
Transportation Infrastructure 5.4
Aerospace & Defense 5.2%
Building Products 5.0
Marine 3.5
Air Freight & Logistics 3.4
Airlines 1.8
Short Term Investments 0.2
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.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
88
(Logo/Annual Report)
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------
DESCRIPTION BHP BILLITON, LTD. RIO TINTO PLC BHP BILLITON PLC ANGLO
AMERICAN PLC
--------------------------------------------------------------------------------------------------------------------
MARKET VALUE $296,833 196,990 177,239 158,445
--------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 6.9% 4.6 4.1 3.7
--------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
DESCRIPTION POTASH CORP OF
SASKATCHEWAN, INC.
----------------------------------------------------------------
MARKET VALUE 146,120
----------------------------------------------------------------
% OF NET ASSETS 3.4
----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Metals & Mining 58.0%
Chemicals 31.0
Construction Materials 7.0
Paper & Forest Products 2.9
Containers & Packaging 0.8
Short Term Investments 0.0**
Other Assets & Liabilities 0.3
------------------------------------------------
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.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
89
(Logo/Annual Report)
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------------------------
SAMSUNG NOKIA OYJ SAP AG NINTENDO CO., LTD. CANON, INC.
DESCRIPTION ELECTRONICS CO.,
LTD. GDR
---------------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $466,144 390,812 257,264 245,279 237,479
---------------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 10.5% 8.8 5.8 5.5 5.3
---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Electronic Equipment &
Instruments 21.3%
Communications Equipment 19.0
Semiconductors & Semiconductor
Equipment 17.8
Software 16.6
IT Services 8.4
Office Electronics 8.2
Computers & Peripherals 7.5
Internet Software & Services 1.0
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.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
90
(Logo/Annual Report)
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------
DESCRIPTION VODAFONE TELEFONICA SA DEUTSCHE FRANCE KONINKLIJKE
GROUP PLC TELEKOM AG TELECOM SA ROYAL KPN NV
------------------------------------------------------------------------------------------------------------------------
MARKET VALUE $775,307 761,388 311,185 287,744 202,374
------------------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 17.1% 16.8 6.9 6.3 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, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Diversified Telecommunication
Services 67.6%
Wireless Telecommunication
Services 32.3
Short Term Investments 0.6
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.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
91
(Logo/Annual Report)
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF -- PORTFOLIO SUMMARY
TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------
DESCRIPTION E.ON AG GDF SUEZ IBERDROLA SA RWE AG ENEL SPA
-------------------------------------------------------------------------------------------------------------
MARKET VALUE $667,849 490,395 336,951 316,773 233,070
-------------------------------------------------------------------------------------------------------------
% OF NET ASSETS 13.4% 9.8 6.8 6.3 4.7
-------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees
the Fund will continue to remain invested in any particular company.)
INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
<Table>
<Caption>
------------------------------------------------
PERCENT OF
INDUSTRY NET ASSETS
------------------------------------------------
Electric Utilities 56.6%
Multi-Utilities 29.0
Gas Utilities 9.1
Independent Power Producers &
Energy Traders 5.2
Water Utilities 1.5
Short Term Investments 0.1
Other Assets & Liabilities (1.5)
------------------------------------------------
TOTAL 100.0%
------------------------------------------------
</Table>
* The Fund's industry breakdown is expressed as a percentage of net assets and
may change over time.
A Management Discussion of Fund Performance will be presented after the fund
has been in existence greater than six months.
92
SPDR DJ STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
FINLAND -- 2.0%
Nokia Oyj...................... 84,258 $ 1,526,754
-----------
FRANCE -- 14.3%
AXA (a)........................ 36,472 1,172,920
BNP Paribas SA (a)............. 19,021 1,765,516
France Telecom SA.............. 42,125 1,171,584
GDF Suez....................... 28,664 1,469,595
Sanofi-Aventis................. 22,709 1,484,861
Societe Generale............... 12,431 1,082,595
Total SA....................... 46,761 2,796,776
-----------
TOTAL FRANCE................... 10,943,847
-----------
GERMANY -- 14.6%
Allianz SE..................... 10,028 1,356,184
BASF SE........................ 20,789 985,543
Bayer AG....................... 16,950 1,233,297
Daimler AG..................... 19,769 983,006
Deutsche Bank AG............... 11,663 811,504
Deutsche Telekom AG............ 65,483 990,632
E.ON AG........................ 41,318 2,064,968
SAP AG......................... 19,720 1,043,448
Siemens AG..................... 17,962 1,658,894
-----------
TOTAL GERMANY.................. 11,127,476
-----------
ITALY -- 5.8%
Assicurazioni Generali SpA
(a).......................... 26,131 858,161
Eni SpA........................ 54,021 1,411,379
Intesa Sanpaolo SpA............ 196,617 1,061,905
UniCredit SpA.................. 295,844 1,079,410
-----------
TOTAL ITALY.................... 4,410,855
-----------
LUXEMBOURG -- 1.1%
ArcelorMittal.................. 16,517 815,501
-----------
NETHERLANDS -- 3.3%
Fortis VVPR Strip (b).......... 33,296 468
ING Groep NV................... 46,112 967,034
Koninklijke (Royal) Philips
Electronics NV............... 22,991 616,337
Unilever NV.................... 34,124 951,935
-----------
TOTAL NETHERLANDS.............. 2,535,774
-----------
SPAIN -- 8.2%
Banco Bilbao Vizcaya Argentaria
SA........................... 78,948 1,270,849
Banco Santander SA............. 138,594 2,044,099
Iberdrola SA................... 80,294 805,285
Telefonica SA.................. 91,139 2,149,429
-----------
TOTAL SPAIN.................... 6,269,662
-----------
SWEDEN -- 0.8%
Telefonaktiebolaget LM Ericsson
(Class B).................... 66,072 606,448
-----------
SWITZERLAND -- 15.7%
ABB, Ltd. (b).................. 51,043 961,452
Credit Suisse Group AG......... 22,957 1,021,676
Nestle SA...................... 84,837 3,646,951
Novartis AG.................... 54,227 2,831,653
Roche Holding AG............... 15,566 2,422,535
UBS AG (b)..................... 65,035 1,070,721
-----------
TOTAL SWITZERLAND.............. 11,954,988
-----------
UNITED KINGDOM -- 33.6%
Anglo American PLC............. 29,761 984,030
AstraZeneca PLC................ 32,222 1,412,878
Barclays PLC................... 180,641 1,051,276
BHP Billiton PLC............... 49,471 1,110,180
BP PLC......................... 415,654 3,437,692
British American Tobacco PLC... 31,150 1,018,852
Diageo PLC..................... 55,464 934,243
GlaxoSmithKline PLC............ 126,608 2,732,891
HSBC Holdings PLC.............. 266,255 4,276,019
Rio Tinto PLC.................. 23,562 1,457,753
Royal Bank of Scotland Group
PLC.......................... 366,849 1,170,462
Royal Dutch Shell PLC (Class
A)........................... 78,591 2,271,333
Tesco PLC...................... 174,228 1,203,701
Vodafone Group PLC............. 1,173,173 2,565,805
-----------
TOTAL UNITED KINGDOM........... 25,627,115
-----------
TOTAL COMMON STOCKS --
(Cost $102,575,548)......... 75,818,420
-----------
SHORT TERM INVESTMENTS -- 2.4%
UNITED STATES -- 2.4%
MONEY MARKET FUNDS -- 2.4%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d)............. 1,426,057 1,426,057
STIC Prime Portfolio........... 437,873 437,873
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $1,863,930)............ 1,863,930
-----------
TOTAL INVESTMENTS -- 101.8%
(Cost $104,439,478).......... 77,682,350
OTHER ASSETS AND
LIABILITIES -- (1.8)%........ (1,371,661)
-----------
NET ASSETS -- 100.0%........... $76,310,689
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
93
SPDR DJ EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- --------- ------------
COMMON STOCKS -- 99.7%
FINLAND -- 3.1%
Nokia Oyj..................... 381,853 $ 6,919,172
------------
FRANCE -- 34.6%
Air Liquide SA (a)............ 26,195 2,848,470
Alstom SA..................... 20,001 1,482,401
AXA (a)....................... 165,235 5,313,870
BNP Paribas SA................ 86,222 8,003,065
Carrefour SA.................. 61,226 2,846,637
Cie de Saint-Gobain........... 30,352 1,541,004
Credit Agricole SA............ 102,692 1,933,622
France Telecom SA............. 190,850 5,307,934
GDF Suez...................... 129,910 6,660,451
Groupe Danone (a)............. 47,863 3,361,539
L'Oreal SA (a)................ 23,947 2,329,373
LVMH Moet Hennessy Louis
Vuitton SA.................. 25,881 2,244,844
Renault SA.................... 20,036 1,253,937
Sanofi-Aventis................ 102,919 6,729,510
Schneider Electric SA......... 24,857 2,103,478
Societe Generale.............. 56,323 4,905,075
Total SA (a).................. 212,069 12,683,848
Vinci SA...................... 49,596 2,297,553
Vivendi....................... 117,529 3,635,219
------------
TOTAL FRANCE.................. 77,481,830
------------
GERMANY -- 29.0%
Allianz SE.................... 45,449 6,146,510
BASF SE....................... 95,050 4,506,030
Bayer AG...................... 76,806 5,588,472
Daimler AG.................... 89,555 4,453,088
Deutsche Bank AG.............. 53,322 3,710,110
Deutsche Boerse AG............ 19,590 1,757,517
Deutsche Telekom AG........... 299,332 4,528,319
E.ON AG....................... 187,328 9,362,177
Muenchener Rueckversicherungs-
Gesellschaft AG............. 20,742 3,094,456
RWE AG........................ 41,486 3,933,449
SAP AG........................ 89,330 4,726,734
Siemens AG.................... 81,423 7,519,883
Volkswagen AG (a)............. 14,662 5,725,611
------------
TOTAL GERMANY................. 65,052,356
------------
ITALY -- 11.2%
Assicurazioni Generali SpA
(a)......................... 119,470 3,923,481
Enel SpA...................... 421,235 3,485,041
Eni SpA....................... 244,831 6,396,576
Intesa Sanpaolo SpA........... 898,946 4,855,100
Telecom Italia SpA............ 1,027,094 1,517,729
UniCredit SpA................. 1,340,767 4,891,894
------------
TOTAL ITALY................... 25,069,821
------------
LUXEMBOURG -- 1.7%
ArcelorMittal................. 75,520 3,728,683
------------
NETHERLANDS -- 6.4%
Aegon NV...................... 145,519 1,267,300
Fortis (a).................... 236,263 1,460,214
Fortis VVPR Strip (a)(b)...... 129,370 1,817
ING Groep NV.................. 208,927 4,381,498
Koninklijke (Royal) Philips
Electronics NV.............. 105,117 2,817,950
Unilever NV................... 156,016 4,352,278
------------
TOTAL NETHERLANDS............. 14,281,057
------------
SPAIN -- 13.7%
Banco Bilbao Vizcaya
Argentaria SA............... 357,729 5,758,468
Banco Santander SA............ 628,370 9,267,721
Iberdrola SA.................. 367,108 3,681,801
Repsol YPF SA................. 79,488 2,333,544
Telefonica SA................. 413,240 9,745,884
------------
TOTAL SPAIN................... 30,787,418
------------
TOTAL COMMON STOCKS --
(Cost $323,607,819)......... 223,320,337
------------
SHORT TERM INVESTMENTS -- 2.8%
UNITED STATES -- 2.8%
MONEY MARKET FUNDS -- 2.8%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d)............ 5,351,935 5,351,935
STIC Prime Portfolio.......... 1,033,588 1,033,588
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $6,385,523)........... 6,385,523
------------
TOTAL INVESTMENTS -- 102.5%
(Cost $329,993,342)......... 229,705,860
OTHER ASSETS AND
LIABILITIES -- (2.5)%....... (5,626,302)
------------
NET ASSETS -- 100.0%.......... $224,079,558
============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
94
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.5%
CHINA -- 33.9%
Agile Property Holdings,
Ltd. ....................... 894,188 $ 398,474
Air China, Ltd. .............. 767,414 337,038
Aluminum Corp. of China,
Ltd. ....................... 796,304 472,797
Angang Steel Co., Ltd. ....... 317,244 286,831
Anhui Conch Cement Co., Ltd.
(a)......................... 177,750 663,900
Baidu.com ADR (a)(b).......... 6,443 1,599,346
Bank of China, Ltd. .......... 3,439,382 1,306,764
Bank of Communications Co.,
Ltd. ....................... 1,063,723 949,416
China CITIC Bank.............. 954,385 421,612
China Construction Bank
Corp. ...................... 5,197,768 3,373,979
China COSCO Holdings Co.,
Ltd. ....................... 722,632 639,394
China Life Insurance Co.,
Ltd. ....................... 1,192,708 4,385,662
China Mengniu Dairy Co.,
Ltd. ....................... 240,390 245,209
China Merchants Bank Co.,
Ltd. ....................... 462,669 1,085,710
China Merchants Holdings
International Co., Ltd. .... 242,543 762,208
China Mobile, Ltd. ........... 761,636 7,543,427
China Oilfield Services,
Ltd. ....................... 1,138,557 1,036,738
China Overseas Land &
Investment, Ltd. ........... 719,043 851,996
China Petroleum & Chemical
Corp. ...................... 2,937,462 2,281,311
China Resources Enterprise.... 298,746 714,896
China Shenhua Energy Co.,
Ltd. ....................... 602,556 1,435,701
China Shipping Container Lines
Co., Ltd. .................. 3,146,339 526,798
China Shipping Development
Co., Ltd. .................. 481,215 615,437
China Telecom Corp., Ltd. .... 2,877,930 1,160,164
China Unicom, Ltd. ........... 616,172 918,979
CNOOC, Ltd. .................. 2,868,470 3,269,554
COSCO Pacific, Ltd. .......... 359,331 405,409
Ctrip.com International, Ltd.
ADR......................... 18,934 731,042
Denway Motors, Ltd. .......... 1,408,205 438,911
Dongfeng Motor Group Co.,
Ltd. ....................... 1,040,763 372,642
Focus Media Holding, Ltd. ADR
(a)(b)...................... 17,305 493,366
Guangzhou R&F Properties Co.,
Ltd. ....................... 442,576 396,157
Huaneng Power International,
Inc. ....................... 988,472 648,003
Industrial & Commercial Bank
of China.................... 4,611,180 2,720,022
Jiangsu Expressway Co. ....... 922,060 681,657
Jiangxi Copper Co., Ltd. ..... 429,578 419,378
Lenovo Group, Ltd. ........... 1,463,703 631,528
Maanshan Iron & Steel......... 718,971 220,386
NetEase.com ADR (a)(b)........ 26,598 606,434
PetroChina Co., Ltd. ......... 3,509,379 3,615,889
Ping An Insurance Group Co. of
China, Ltd. ................ 221,864 1,255,858
Samling Global, Ltd. ......... 1,524,707 79,531
Semiconductor Manufacturing
International Corp. (a)..... 5,367,837 161,774
Shanghai Electric Group Co.,
Ltd. (a).................... 1,283,179 381,763
SINA Corp. (a)(b)............. 10,700 376,640
Sinopec Shanghai Petrochemical
Co., Ltd. .................. 933,252 206,739
Suntech Power Holdings Co.,
Ltd. ADR (b)................ 20,408 732,035
Tencent Holdings, Ltd. ....... 156,594 1,119,342
Tingyi Cayman Islands Holding
Corp. ...................... 478,383 553,899
Yanzhou Coal Mining Co.,
Ltd. ....................... 540,882 557,298
Zijin Mining Group Co.,
Ltd. ....................... 797,790 398,671
------------
TOTAL CHINA................... 55,487,715
------------
INDIA -- 19.1%
Apollo Hospitals Enterprise,
Ltd. ....................... 50,877 487,483
Bharat Heavy Electricals,
Ltd. ....................... 34,132 1,163,497
Bharti Airtel, Ltd. (a)....... 162,065 2,708,848
Cipla, Ltd. .................. 135,435 666,000
HDFC Bank, Ltd. .............. 43,774 1,155,749
Hero Honda Motors, Ltd. ...... 49,152 913,653
Hindustan Lever, Ltd. ........ 250,815 1,361,285
Hindustan Zinc, Ltd. ......... 29,063 267,331
Housing Development Finance
Corp., Ltd. ................ 42,464 1,905,884
ICICI Bank, Ltd. ............. 100 1,150
ICICI Bank, Ltd. ADR (b)...... 41,601 978,455
Idea Cellular, Ltd. (a)....... 374,655 614,254
Indiabulls Financial Services,
Ltd. ....................... 68,687 226,543
Indiabulls Securities, Ltd.... 72,293 58,493
Indian Hotels Co., Ltd. ...... 442,540 631,325
Infosys Technologies, Ltd. ADR
(b)......................... 67,743 2,256,519
ITC, Ltd. GDR................. 225,345 901,380
Larsen & Toubro, Ltd. GDR
(a)......................... 25,366 1,319,032
Mahindra & Mahindra, Ltd.
GDR......................... 41,596 450,856
Oil & Natural Gas Corp.,
Ltd. ....................... 64,888 1,429,705
Reliance Capital, Ltd. ....... 25,817 623,973
Reliance Communications,
Ltd. ....................... 152,502 1,081,623
Reliance Industries, Ltd. GDR
(c)......................... 58,203 4,731,904
Reliance Infrastructure,
Ltd. ....................... 55,309 929,295
Satyam Computer Services, Ltd.
ADR (b)..................... 48,734 787,054
Siemens India, Ltd. .......... 57,067 481,178
Steel Authority of India,
Ltd. ....................... 174,318 468,597
Sterlite Industries India,
Ltd. ....................... 33,393 304,352
Suzlon Energy, Ltd. .......... 103,278 338,103
Tata Consultancy Services,
Ltd. ....................... 34,626 484,388
Tata Motors, Ltd. ............ 65,037 476,370
Unitech, Ltd. ................ 89,664 227,191
Wipro, Ltd. ADR (b)........... 52,745 512,681
Zee Entertainment Enterprises,
Ltd. ....................... 94,511 404,487
------------
TOTAL INDIA................... 31,348,638
------------
INDONESIA -- 3.7%
Astra International Tbk PT.... 538,220 975,987
Bank Central Asia Tbk PT...... 3,316,796 1,107,944
Bank Rakyat Indonesia PT...... 1,578,648 903,998
Bumi Resources Tbk PT......... 2,742,964 930,804
Indosat Tbk PT................ 1,176,248 760,882
Perusahaan Gas Negara PT...... 2,339,140 539,515
Telekomunikasi Indonesia Tbk
PT.......................... 1,222,594 926,993
------------
TOTAL INDONESIA............... 6,146,123
------------
MALAYSIA -- 7.3%
Alliance Financial Group Bhd.. 1,064,900 767,161
Bintulu Port Holdings Bhd..... 367,706 576,794
Bursa Malaysia Bhd............ 289,607 534,206
Carlsberg Brewery Bhd......... 1,393,003 1,561,944
Genting Bhd................... 597,900 911,830
IJM Corp. Bhd (a)............. 466,600 637,043
IOI Corp. Bhd................. 766,040 934,602
Lingkaran Trans Kota Holdings
Bhd......................... 1,340,300 677,450
</Table>
See accompanying notes to financial statements.
95
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Malaysian Airline System Bhd.. 595,333 $ 594,901
Naim Cendera Holding Bhd...... 800,713 655,922
Sarawake Energy Bhd........... 1,263,966 870,181
Star Publications Malaysia
Bhd......................... 1,415,500 1,332,235
Tan Chong Motor Holdings Bhd.. 3,155,000 1,512,201
Uchi Technologies Bhd......... 1,016,600 318,933
------------
TOTAL MALAYSIA................ 11,885,403
------------
PHILIPPINES -- 1.0%
Ayala Land, Inc. ............. 3,370,758 659,107
Philippine Long Distance
Telephone Co. .............. 17,324 988,628
------------
TOTAL PHILIPPINES............. 1,647,735
------------
TAIWAN -- 29.9%
Acer, Inc. ................... 514,516 850,823
Advanced Semiconductor
Engineering, Inc. .......... 1,086,758 542,171
Asia Cement Corp. ............ 687,282 598,166
Asustek Computer, Inc. ....... 597,969 1,154,248
AU Optronics Corp. ADR (b).... 127,450 1,447,832
Catcher Technology Co., Ltd.
(a)......................... 155,900 484,590
Cathay Financial Holding Co.,
Ltd. ....................... 842,900 1,130,539
Chang Hwa Commercial Bank..... 1,670,000 825,358
Chi Mei Optoelectronics Corp.
GDR......................... 70,037 443,334
China Development Financial
Holding Corp. .............. 2,465,553 728,059
China Steel Chemical Corp. ... 678,877 1,295,651
China Steel Corp. ............ 1,435,935 1,401,500
Chinatrust Financial Holding
Co., Ltd. (a)............... 1,618,150 860,089
Chunghwa Picture Tubes,
Ltd. ....................... 2,435,000 374,656
Chunghwa Telecom Co., Ltd. ... 577,181 1,340,174
Compal Electronics, Inc. ..... 1,072,668 766,870
Delta Electronics, Inc. ...... 333,503 850,046
Epistar Corp. ................ 156,170 204,366
Everlight Electronics Co.,
Ltd. ....................... 107,527 217,250
Far Eastern Textile Co.,
Ltd. ....................... 994,764 686,439
First Financial Holding Co.,
Ltd. ....................... 1,179,948 713,364
Formosa Chemicals & Fibre
Corp. ...................... 546,000 930,041
Formosa Plastics Corp. ....... 789,000 1,253,218
Foxconn Technology Co.,
Ltd. ....................... 184,345 581,602
Fubon Financial Holding Co.,
Ltd. ....................... 1,103,000 773,127
High Tech Computer Corp. ..... 134,190 2,022,975
Hon Hai Precision Industry
Co., Ltd. .................. 856,600 2,982,118
Hua Nan Financial Holdings
Co., Ltd. .................. 1,048,140 628,789
King Yuan Electronics Co.,
Ltd. ....................... 1,517,859 502,470
Largan Precision Co., Ltd. ... 31,461 320,756
Lite-On Technology Corp. ..... 466,523 395,156
Macronix International........ 1,030,741 292,195
MediaTek, Inc. ............... 169,638 1,713,702
Mega Financial Holding Co.,
Ltd. ....................... 1,392,000 620,897
Motech Industries, Inc. ...... 57,610 253,386
Nan Ya Plastics Corp. ........ 842,000 1,223,552
Novatek Microelectronics
Corp., Ltd. ................ 114,868 167,456
Polaris Securities Co.,
Ltd. ....................... 3,491,150 1,340,183
Powerchip Semiconductor Corp.
(a)......................... 1,759,638 264,180
Powertech Technology, Inc. ... 246,995 529,744
ProMOS Technologies, Inc.
(a)......................... 1,760,000 177,797
Quanta Computer, Inc. ........ 729,430 886,521
Realtek Semiconductor Corp. .. 228,697 376,049
Shin Kong Financial Holding
Co., Ltd. .................. 1,505,505 510,079
Siliconware Precision
Industries Co. ............. 570,745 647,536
SinoPac Financial Holdings
Co., Ltd. .................. 1,779,000 481,640
Tainan Enterprises............ 1,388,826 854,755
Taishin Financial Holdings
Co., Ltd. .................. 1,442,000 277,450
Taiwan Cement Corp. .......... 842,322 488,299
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR
(b)......................... 644,775 6,041,542
Tatung Co., Ltd. (a).......... 1,277,000 271,901
Tripod Technology Corp. ...... 275,742 515,974
Uni-President Enterprises
Corp. ...................... 863,145 759,275
United Microelectronics Corp.
ADR (b)..................... 447,960 873,523
Via Technologies, Inc. (a).... 583,000 246,454
Walsin Lihwa Corp. ........... 3,003,000 796,220
Wistron Corp. ................ 421,022 506,459
Yageo Corp. .................. 2,429,000 483,210
------------
TOTAL TAIWAN.................. 48,905,756
------------
THAILAND -- 3.6%
Advanced Info Service PCL..... 339,523 807,672
Bangkok Expressway PCL........ 1,290,265 602,429
Electricity Generating PCL.... 327,296 609,328
IRPC PCL...................... 2,178,139 261,325
Kasikornbank PCL.............. 477,998 875,765
PTT Exploration & Production
PCL......................... 291,205 1,092,879
PTT PCL....................... 182,236 1,227,831
Thai Oil PCL.................. 340,491 417,563
------------
TOTAL THAILAND................ 5,894,792
------------
TOTAL COMMON STOCKS --
(Cost $211,964,872)......... 161,316,162
------------
PREFERRED STOCKS -- 0.0% (D)
MALAYSIA -- 0.0% (D)
Malaysian Airline System Bhd
(a)
(Cost $11,093).............. 37,333 8,947
------------
RIGHTS -- 0.0% (D)
INDIA -- 0.0% (D)
Tata Motors, Ltd.
(expiring 11/27/08) (a)..... 7,542 2,545
Tata Motors, Ltd.
(expiring 11/27/08) (a)..... 7,542 8,166
------------
TOTAL RIGHTS --
(Cost $0).................. 10,711
------------
WARRANTS -- 0.0% (D)
MALAYSIA -- 0.0% (D)
IJM Land Bhd (expiring
9/11/2013) (a) (Cost $0)... 27,580 1,803
------------
SHORT TERM INVESTMENTS -- 4.7%
UNITED STATES -- 4.7%
MONEY MARKET FUNDS -- 4.7%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............ 6,821,576 6,821,576
STIC Prime Portfolio.......... 829,580 829,580
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $7,651,156)........... 7,651,156
------------
TOTAL INVESTMENTS -- 103.2%
(Cost $219,627,121)......... 168,988,779
OTHER ASSETS AND
LIABILITIES -- (3.2)%....... (5,208,941)
------------
NET ASSETS -- 100.0%.......... $163,779,838
============
</Table>
See accompanying notes to financial statements.
96
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2008.
(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security which represents 2.9% of net assets as of September 30, 2008, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(d) Amount shown represents less than 0.05% of net assets.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investment of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
97
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.7%
CHINA -- 98.7%
AIR FREIGHT & LOGISTICS -- 0.1%
Sinotrans, Ltd. .............. 934,000 $ 179,237
------------
AIRLINES -- 0.3%
Air China, Ltd. .............. 898,000 394,390
------------
AUTOMOBILES -- 0.9%
Brilliance China Automotive
Holdings, Ltd. (a).......... 1,098,000 79,192
Denway Motors, Ltd. .......... 2,044,000 637,076
Dongfeng Motor Group Co.,
Ltd. ....................... 1,236,000 442,546
------------
1,158,814
------------
BEVERAGES -- 0.2%
Tsingtao Brewery Co., Ltd. ... 150,000 266,603
------------
BIOTECHNOLOGY -- 0.1%
American Oriental
Bioengineering, Inc.
(a)(b)...................... 19,756 128,216
------------
CHEMICALS -- 0.7%
China Bluechemical, Ltd. ..... 770,000 422,470
Sinofert Holdings, Ltd. ...... 384,000 189,914
Sinopec Shanghai Petrochemical
Co., Ltd. .................. 996,000 220,639
------------
833,023
------------
COMMERCIAL BANKS -- 18.0%
Bank of China, Ltd. .......... 8,286,000 3,148,197
Bank of Communications Co.,
Ltd. ....................... 1,959,000 1,748,488
China CITIC Bank.............. 570,393 251,978
China Construction Bank
Corp. ...................... 11,955,000 7,760,237
China Merchants Bank Co.,
Ltd. ....................... 909,000 2,133,080
Industrial & Commercial Bank
of China.................... 12,034,000 7,098,562
------------
22,140,542
------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Bio-Treat Technology, Ltd. ... 1,535,015 123,471
------------
COMMUNICATIONS EQUIPMENT -- 0.5%
AAC Acoustic Technology
Holdings, Inc. (a).......... 298,000 226,445
ZTE Corp. .................... 97,680 363,579
------------
590,024
------------
COMPUTERS & PERIPHERALS -- 0.6%
Lenovo Group, Ltd. ........... 1,384,000 597,140
TPV Technology, Ltd. ......... 588,000 177,967
------------
775,107
------------
CONSTRUCTION & ENGINEERING -- 1.2%
China Communications
Construction Co., Ltd. ..... 1,320,394 1,129,189
China Railway Construction
Corp. (a)................... 273,500 355,069
------------
1,484,258
------------
CONSTRUCTION MATERIALS -- 0.8%
Anhui Conch Cement Co., Ltd.
(a)......................... 150,000 560,253
China National Building
Material Co., Ltd. ......... 346,000 388,586
------------
948,839
------------
DISTRIBUTORS -- 1.0%
China Resources Enterprise.... 448,000 1,072,059
Xinyu Hengdeli Holdings,
Ltd. ....................... 728,907 150,206
------------
1,222,265
------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.9%
China Communications Services
Corp., Ltd. ................ 489,369 334,047
China Netcom Group
Corp. -- Hong Kong, Ltd. ... 499,000 1,104,126
China Telecom Corp., Ltd. .... 5,184,000 2,089,797
------------
3,527,970
------------
ELECTRICAL EQUIPMENT -- 2.3%
Byd Co., Ltd. ................ 274,900 454,605
Dongfang Electrical Machinery
Co., Ltd. .................. 51,000 133,997
Harbin Power Equipment........ 248,000 173,439
Shanghai Electric Group Co.,
Ltd. (a).................... 1,346,000 400,453
Suntech Power Holdings Co.,
Ltd. ADR (a)(b)............. 45,303 1,625,019
------------
2,787,513
------------
ENERGY EQUIPMENT & SERVICES -- 0.6%
China Oilfield Services,
Ltd. ....................... 798,000 726,637
------------
FOOD PRODUCTS -- 2.4%
Chaoda Modern Agriculture
Holdings, Ltd. ............. 657,475 548,718
China Foods, Ltd. ............ 1,339 421
China Huiyuan Juice Group,
Ltd. ....................... 264,448 323,563
China Mengniu Dairy Co.,
Ltd. ....................... 361,000 368,237
China Milk Products Group,
Ltd. (b).................... 811,000 334,679
China Yurun Food Group,
Ltd. ....................... 286,000 368,350
People's Food Holdings,
Ltd. ....................... 590,000 196,020
Tingyi Cayman Islands Holding
Corp. ...................... 700,000 810,499
------------
2,950,487
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2%
China Medical Technologies,
Inc. ADR (b)................ 8,872 289,050
------------
HOTELS, RESTAURANTS & LEISURE -- 1.0%
China Travel International
Investment Hong Kong,
Ltd. ....................... 996,000 221,922
Ctrip.com International, Ltd.
ADR (b)..................... 21,663 836,409
Shanghai Jin Jiang
International Hotels Group
Co., Ltd. .................. 1,332,000 161,260
------------
1,219,591
------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 2.3%
China Power International
Development, Ltd. .......... 873,000 177,650
China Resources Power Holdings
Co. ........................ 398,000 849,890
Datang International Power
Generation Co., Ltd. ....... 1,334,000 728,478
Huadian Power International
Co. ........................ 798,000 197,333
Huaneng Power International,
Inc. ....................... 1,336,000 875,829
------------
2,829,180
------------
INDUSTRIAL CONGLOMERATES -- 0.4%
Shanghai Industrial Holdings,
Ltd. ....................... 218,000 491,348
------------
</Table>
See accompanying notes to financial statements.
98
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
INSURANCE -- 10.7%
China Insurance International
Holdings Co., Ltd. ......... 250,000 $ 475,249
China Life Insurance Co.,
Ltd. ....................... 2,584,000 9,501,530
PICC Property & Casualty Co.,
Ltd. (a).................... 938,000 369,674
Ping An Insurance Group Co. of
China, Ltd. ................ 497,500 2,816,092
------------
13,162,545
------------
INTERNET SOFTWARE & SERVICES -- 4.5%
Baidu.com ADR (a)(b).......... 6,867 1,704,595
NetEase.com ADR (a)(b)........ 49,162 1,120,894
SINA Corp. (a)(b)............. 15,870 558,624
Sohu.com, Inc. (a)(b)......... 10,626 592,399
Tencent Holdings, Ltd. ....... 225,800 1,614,031
------------
5,590,543
------------
IT SERVICES -- 0.1%
Travelsky Technology, Ltd. ... 350,000 172,648
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.4%
Li Ning Co., Ltd. ............ 284,500 492,466
------------
MACHINERY -- 0.3%
China Infrastructure Machinery
Holdings, Ltd. ............. 574 419
Guangzhou Shipyard
International Co., Ltd. .... 50,000 57,313
Weichai Power Co., Ltd. ...... 71,000 265,186
------------
322,918
------------
MARINE -- 1.6%
China COSCO Holdings Co.,
Ltd. ....................... 961,875 851,080
China Shipping Container Lines
Co., Ltd. .................. 1,667,500 279,193
China Shipping Development
Co., Ltd. .................. 550,000 703,407
Yangzijiang Shipbuilding
Holdings, Ltd. (b).......... 485,000 167,920
------------
2,001,600
------------
MEDIA -- 0.8%
Focus Media Holding, Ltd. ADR
(a)(b)...................... 32,287 920,502
------------
METALS & MINING -- 2.2%
Aluminum Corp. of China,
Ltd. ....................... 1,290,000 765,924
Angang Steel Co., Ltd. ....... 471,720 426,497
Hunan Non-Ferrous Metal Corp.,
Ltd. ....................... 600,000 74,185
Jiangxi Copper Co., Ltd. ..... 562,000 548,656
Maanshan Iron & Steel......... 748,000 229,284
Zijin Mining Group Co.,
Ltd. ....................... 1,358,500 678,870
------------
2,723,416
------------
MULTILINE RETAIL -- 0.5%
Golden Eagle Retail Group,
Ltd. ....................... 250,000 203,172
Parkson Retail Group, Ltd. ... 373,500 408,888
------------
612,060
------------
OIL, GAS & CONSUMABLE FUELS -- 18.8%
China Coal Energy Co. ........ 1,249,413 1,284,115
China Petroleum & Chemical
Corp. ...................... 6,138,000 4,766,933
China Shenhua Energy Co.,
Ltd. ....................... 1,149,500 2,738,896
CNOOC, Ltd. .................. 5,039,000 5,743,578
CNPC Hong Kong, Ltd. ......... 990,000 414,394
PetroChina Co., Ltd. ......... 7,114,000 7,329,912
Yanzhou Coal Mining Co.,
Ltd. ....................... 850,000 875,798
------------
23,153,626
------------
PAPER & FOREST PRODUCTS -- 0.3%
Citic Resources Holdings, Ltd.
(a)......................... 679,200 104,972
Lee & Man Paper Manufacturing,
Ltd. ....................... 147,200 79,436
Nine Dragons Paper Holdings,
Ltd. ....................... 449,000 164,811
------------
349,219
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.7%
Agile Property Holdings,
Ltd. ....................... 600,000 267,376
China Overseas Land &
Investment, Ltd. ........... 1,196,000 1,417,144
China Resources Land, Ltd. ... 398,000 413,155
Greentown China Holdings,
Ltd. ....................... 199,500 99,694
Guangzhou Investment Co.,
Ltd. ....................... 1,534,000 146,202
Guangzhou R&F Properties Co.,
Ltd. ....................... 406,800 364,133
Shanghai Forte Land Co. (a)... 500,000 81,140
Shenzhen Investment, Ltd. .... 653,254 95,073
Shimao Property Holdings,
Ltd. ....................... 445,500 251,314
Yanlord Land Group, Ltd. (b).. 369,000 234,867
------------
3,370,098
------------
ROAD & RAIL -- 0.3%
Guangshen Railway Co., Ltd. .. 700,000 340,788
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2%
Actions Semiconductor Co.,
Ltd. ADR (a)................ 39,149 96,307
Semiconductor Manufacturing
International Corp. (a)..... 5,541,000 166,993
------------
263,300
------------
SOFTWARE -- 0.2%
Shanda Interactive
Entertainment, Ltd. ADR
(a)(b)...................... 9,856 251,821
------------
TEXTILES, APPAREL & LUXURY GOODS -- 0.3%
Ports Design, Ltd. ........... 134,000 241,617
Weiqiao Textile Co. .......... 299,000 145,565
------------
387,182
------------
TRANSPORTATION INFRASTRUCTURE -- 3.3%
Anhui Expressway Co., Ltd. ... 706,000 366,441
Beijing Capital International
Airport Co., Ltd. .......... 700,000 567,981
China Merchants Holdings
International Co., Ltd. .... 404,580 1,271,420
COSCO Pacific, Ltd. .......... 448,000 505,449
Dalian Port PDA Co., Ltd. .... 446,000 155,093
Jiangsu Expressway Co. ....... 650,000 480,530
Shenzhen Expressway Co.,
Ltd. ....................... 600,000 241,102
Zhejiang Expressway Co.,
Ltd. ....................... 748,000 435,447
------------
4,023,463
------------
WATER UTILITIES -- 0.2%
Guangdong Investment, Ltd. ... 968,000 224,410
------------
</Table>
See accompanying notes to financial statements.
99
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
WIRELESS TELECOMMUNICATION SERVICES -- 14.7%
China Mobile, Ltd. ........... 1,675,500 $ 16,594,557
China Unicom, Ltd. ........... 996,000 1,485,466
------------
18,080,023
------------
TOTAL COMMON STOCKS --
(Cost $186,415,682)......... 121,509,193
------------
SHORT TERM INVESTMENTS -- 3.5%
UNITED STATES -- 3.5%
MONEY MARKET FUNDS -- 3.5%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d)............ 3,900,607 3,900,607
STIC Prime Portfolio.......... 424,340 424,340
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $4,324,947)........... 4,324,947
------------
TOTAL INVESTMENTS -- 102.2%
(Cost $190,740,629)......... 125,834,140
OTHER ASSETS AND
LIABILITIES -- (2.2)%....... (2,726,556)
------------
NET ASSETS -- 100.0%.......... $123,107,584
============
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2008.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
100
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 94.4%
ARGENTINA -- 0.5%
Grupo Financiero Galicia SA ADR
(a)(b)....................... 2,103 $ 9,821
Telecom Argentina SA ADR (a)... 1,785 21,866
Tenaris SA ADR................. 3,792 141,404
-----------
TOTAL ARGENTINA................ 173,091
-----------
BRAZIL -- 15.6%
Aracruz Celulose SA ADR (b).... 984 36,123
Banco Bradesco SA Preference
Shares ADR (b)............... 23,564 379,380
Banco do Brasil SA............. 5,407 63,770
Banco Itau Holding Financeira
SA Preference Shares ADR
(b).......................... 23,519 411,583
Bradespar SA Preference
Shares....................... 4,782 66,191
Brasil Telecom Participacoes SA
ADR.......................... 1,340 65,472
Braskem SA Preference Shares
ADR (b)...................... 1,977 21,628
Centrais Eletricas Brasileiras
SA ADR....................... 6,323 90,537
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar ADR (b)............... 1,249 43,665
Companhia de Bebidas das
Americas Preference Shares
ADR.......................... 3,271 178,629
Companhia de Saneamento Basico
do Estado de Sao Paulo....... 2,509 34,274
Companhia Energetica de Minas
Gerais ADR (b)............... 5,617 110,880
Companhia Siderurgica Nacional
SA ADR (b)................... 8,088 171,951
Companhia Vale do Rio Doce ADR
(b).......................... 23,657 453,032
Companhia Vale do Rio Doce
Preference Shares ADR (b).... 30,471 539,337
Cosan SA Industria e Comercio
(a).......................... 1,893 12,463
Cyrela Brazil Realty SA........ 5,326 53,841
Cyrela Commercial Properties SA
Empreendimentos e
Participacoes................ 498 2,065
Duratex SA Preference Shares... 2,066 24,099
Empresa Brasileira de
Aeronautica SA............... 8,136 55,254
Gerdau SA ADR (b).............. 12,045 133,700
Investimentos Itau SA.......... 7,803 57,644
Investimentos Itau SA
Preference Shares............ 41,661 205,611
Lojas Americanas SA Preference
Shares....................... 4,684 20,276
Lojas Renner SA................ 3,447 41,994
Metalurgica Gerdau SA
Preference Shares............ 5,936 91,396
Natura Cosmeticos SA........... 2,912 27,928
Perdigao SA ADR (b)............ 1,349 52,800
Petroleo Brasileiro SA ADR
Preference Shares............ 23,560 881,615
Petroleo Brasileiro SA ADR..... 17,580 772,641
Souza Cruz SA.................. 1,923 45,350
Tam SA ADR (b)................. 1,505 28,384
Telemig Celular Participacoes
ADR (b)...................... 311 11,510
Tim Participacoes SA ADR (b)... 1,491 31,102
Tractebel Energia SA ADR (b)... 510 27,367
Unibanco -- Uniao de Bancos
Brasileiros SA GDR (b)....... 1,911 192,858
Usinas Siderurgicas de Minas
Gerais SA ADR (b)............ 4,733 98,932
Vivo Participacoes SA
Preference Shares............ 12,241 49,435
Votorantim Celulose e Papel SA
ADR (b)...................... 2,439 37,585
Weg SA......................... 4,726 34,766
-----------
TOTAL BRAZIL................... 5,657,068
-----------
CHILE -- 1.9%
Administradora de Fondos de
Pensiones Caprum SA.......... 2,101 50,314
Antarchile SA.................. 3,387 46,086
Cementos Bio-Bio SA............ 15,897 28,841
Companhia de Telecomunicaciones
de Chile SA ADR.............. 5,674 38,640
Companhia General de
Electricidad................. 7,623 40,107
Empresa Nacional de
Electricidad SA ADR (b)...... 1,864 82,967
Empresas COPEC SA.............. 7,796 88,398
Enersis SA ADR................. 4,552 74,289
Farmacias Ahumada SA........... 13,320 25,374
Lan Airlines SA ADR (b)........ 2,998 34,177
Parque Arauco SA............... 43,591 32,108
SACI Falabella................. 23,432 82,046
Vina Concha y Toro SA ADR (b).. 1,221 42,991
Vina San Pedro SA.............. 5,454,257 32,753
-----------
TOTAL CHILE.................... 699,091
-----------
CHINA -- 15.7%
AAC Acoustic Technology
Holdings, Inc. (a)........... 28,000 21,277
Agile Property Holdings,
Ltd. ........................ 42,000 18,716
Air China, Ltd. ............... 38,000 16,689
Aluminum Corp. of China,
Ltd. ........................ 68,000 40,374
Angang Steel Co., Ltd. ........ 16,640 15,045
Anhui Conch Cement Co., Ltd.
(a).......................... 14,000 52,290
Baidu.com ADR (a)(b)........... 456 113,193
Bank of China, Ltd. ........... 343,000 130,320
Bank of Communications Co.,
Ltd. ........................ 91,000 81,221
Beijing Capital International
Airport Co., Ltd. ........... 42,000 34,079
Chaoda Modern Agriculture...... 36,375 30,358
China CITIC Bank............... 80,000 35,341
China Coal Energy Co. ......... 69,000 70,916
China Communications
Construction Co., Ltd. ...... 65,000 55,587
China Construction Bank
Corp. ....................... 472,000 306,385
China COSCO Holdings Co.,
Ltd. ........................ 50,425 44,617
China Life Insurance Co.,
Ltd. ........................ 120,000 441,248
China Mengniu Dairy Co.,
Ltd. ........................ 21,000 21,421
China Merchants Bank Co.,
Ltd. ........................ 42,000 98,558
China Merchants Holdings
International Co., Ltd. ..... 14,304 44,951
China Mobile, Ltd. ............ 78,000 772,531
China Netcom Group
Corp. -- Hong Kong, Ltd. .... 21,000 46,466
China Oilfield Services,
Ltd. ........................ 52,000 47,350
China Overseas Land &
Investment, Ltd. ............ 56,000 66,355
China Petroleum & Chemical
Corp. ....................... 272,000 211,242
China Power International
Development, Ltd. ........... 70,000 14,245
China Railway Construction
Corp. (a).................... 35,000 45,438
China Railway Group, Ltd. (a).. 62,000 36,972
China Resources Enterprise..... 14,000 33,502
China Resources Land, Ltd. .... 28,000 29,066
China Resources Power Holdings
Co. ......................... 28,000 59,791
China Shenhua Energy Co.,
Ltd. ........................ 55,000 131,048
</Table>
See accompanying notes to financial statements.
101
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
China Shipping Container Lines
Co., Ltd. ................... 113,350 $ 18,978
China Shipping Development Co.,
Ltd. ........................ 28,000 35,810
China Telecom Corp., Ltd. ..... 246,000 99,169
China Travel International
Investment Hong Kong, Ltd. .. 64,000 14,260
China Unicom, Ltd. ............ 42,000 62,640
Citic Pacific, Ltd. ........... 18,000 51,698
CNOOC, Ltd. ................... 265,000 302,054
CNPC Hong Kong, Ltd. .......... 70,000 29,301
COSCO Pacific, Ltd. ........... 28,000 31,591
Ctrip.com International, Ltd.
ADR.......................... 1,404 54,208
Datang International Power
Generation Co., Ltd. ........ 84,000 45,871
Denway Motors, Ltd. ........... 94,000 29,298
Dongfang Electric Corp.,
Ltd. ........................ 1,000 2,627
Dongfeng Motor Group Co.,
Ltd. ........................ 70,000 25,063
Focus Media Holding, Ltd. ADR
(a)(b)....................... 1,565 44,618
Guangdong Investment, Ltd. .... 58,000 13,446
Guangshen Railway Co., Ltd. ... 56,000 27,263
Guangzhou Investment Co.,
Ltd. ........................ 96,000 9,150
Guangzhou R&F Properties Co.,
Ltd. ........................ 25,200 22,557
Harbin Power Equipment......... 14,000 9,791
Huadian Power International
Co. ......................... 84,000 20,772
Huaneng Power International,
Inc. ........................ 70,000 45,889
Industrial & Commercial Bank of
China........................ 623,000 367,493
Jiangsu Expressway Co., Ltd. .. 44,000 32,528
Jiangxi Copper Co., Ltd. ...... 16,000 15,620
Kingboard Chemical Holdings,
Ltd. ........................ 9,500 31,996
Lenovo Group, Ltd. ............ 92,000 39,694
Li Ning Co., Ltd. ............. 14,000 24,234
Maanshan Iron & Steel.......... 42,000 12,874
NetEase.com ADR (a)(b)......... 1,659 37,825
Nine Dragons Paper Holdings,
Ltd. ........................ 21,000 7,708
Parkson Retail Group, Ltd. .... 16,134 17,663
PetroChina Co., Ltd. .......... 300,000 309,105
PICC Property & Casualty Co.,
Ltd. (a)..................... 56,000 22,070
Pine Agritech, Ltd. ........... 57,000 3,588
Ping An Insurance Group Co. of
China, Ltd. ................. 21,000 118,870
Semiconductor Manufacturing
International Corp. (a)...... 338,000 10,187
Shanghai Electric Group Co.,
Ltd. (a)..................... 70,000 20,826
Shenzhen Expressway Co.,
Ltd. ........................ 56,000 22,503
Shimao Property Holdings,
Ltd. ........................ 21,000 11,846
SINA Corp. (a)(b).............. 740 26,048
Sinopec Shanghai Petrochemical
Co., Ltd. ................... 56,000 12,405
Sinotrans, Ltd. ............... 70,000 13,433
Suntech Power Holdings Co.,
Ltd. ADR (b)................. 1,349 48,389
Tencent Holdings, Ltd. ........ 14,000 100,073
Tingyi Cayman Islands Holding
Corp. ....................... 42,000 48,630
TPV Technology, Ltd. .......... 56,000 16,949
Travelsky Technology, Ltd. .... 32,000 15,785
Weiqiao Textile Co. ........... 18,000 8,763
Xinyu Hengdeli Holdings,
Ltd. ........................ 104,000 21,431
Yanzhou Coal Mining Co.,
Ltd. ........................ 42,000 43,275
Zhejiang Expressway Co.,
Ltd. ........................ 50,000 29,107
Zijin Mining Group Co., Ltd. .. 58,000 28,984
ZTE Corp. ..................... 7,840 29,182
-----------
TOTAL CHINA.................... 5,711,730
-----------
CZECH REPUBLIC -- 1.0%
CEZ AS......................... 2,898 176,726
Komercni Banka AS.............. 317 69,567
Telefonica O2 Czech Republic
AS........................... 2,039 47,505
Unipetrol...................... 2,067 21,834
Zentiva NV..................... 794 51,241
-----------
TOTAL CZECH REPUBLIC........... 366,873
-----------
EGYPT -- 0.8%
Commercial International Bank.. 7,990 58,171
Egyptian Co. for Mobile
Services..................... 1,275 24,975
Egyptian Financial Group-Hermes
Holding...................... 4,989 31,053
Egyptian Kuwait Holding Co. ... 6,406 14,926
Orascom Construction
Industries................... 2,012 116,569
Orascom Telecom Holding SAE.... 2,073 15,222
Orascom Telecom Holding SAE
GDR.......................... 1,152 40,677
-----------
TOTAL EGYPT.................... 301,593
-----------
HUNGARY -- 1.0%
FHB Mortgage Bank NyRt (a)..... 4,719 26,863
MOL Hungarian Oil and Gas
NyRt......................... 1,159 104,621
OTP Bank NyRt (a).............. 4,192 148,781
Richter Gedeon NyRt............ 345 62,395
Tiszai Vegyi Kominat NyRt...... 914 22,485
-----------
TOTAL HUNGARY.................. 365,145
-----------
INDIA -- 7.2%
Ambuja Cements, Ltd. .......... 15,013 23,871
Bajaj Holdings & Investment,
Ltd. (c)(d).................. 28 848
Bajaj Holdings & Investment,
Ltd. (c)..................... 625 18,925
Bharat Heavy Electricals,
Ltd. ........................ 2,436 83,039
Bharti Airtel, Ltd. (a)........ 15,898 265,728
Cipla, Ltd. ................... 8,318 40,904
Dr. Reddy's Laboratories, Ltd.
ADR.......................... 2,580 28,767
Gail India, Ltd. .............. 6,100 53,123
Grasim Industries, Ltd.
(c)(d)....................... 731 26,272
HCL Technologies, Ltd. ........ 2,342 9,799
HDFC Bank, Ltd. ............... 3,369 88,950
Hero Honda Motors, Ltd. ....... 2,664 49,519
Hindustan Lever, Ltd. ......... 21,129 114,676
Housing Development Finance
Corp., Ltd. ................. 3,619 162,429
ICICI Bank, Ltd. ADR (b)....... 4,005 94,198
Indian Hotels Co., Ltd. ....... 11,440 16,320
Infosys Technologies, Ltd. ADR
(b).......................... 6,971 232,204
ITC, Ltd. GDR.................. 2,611 10,444
ITC, Ltd. GDR (d).............. 15,410 61,640
Larsen & Toubro, Ltd. GDR (a).. 1,428 74,256
Mahindra & Mahindra, Ltd. GDR.. 2,445 27,139
Maruti Udyog, Ltd. ............ 2,009 29,730
Oil & Natural Gas Corp.,
Ltd. ........................ 5,954 131,187
Reliance Capital, Ltd. ........ 1,057 25,547
Reliance Communications,
Ltd. ........................ 12,956 91,891
Reliance Industries, Ltd. GDR
(d).......................... 5,527 449,345
Reliance Infrastructure,
Ltd. ........................ 3,096 52,019
Satyam Computer Services, Ltd.
ADR.......................... 3,983 64,325
Siemens India, Ltd. ........... 2,825 23,820
State Bank of India GDR........ 643 38,901
Suzlon Energy, Ltd. ........... 7,903 25,872
Tata Consultancy Services,
Ltd. ........................ 2,870 40,149
Tata Motors, Ltd. ADR (b)...... 3,341 25,592
</Table>
See accompanying notes to financial statements.
102
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tata Power Co., Ltd. .......... 2,557 $ 49,327
Tata Steel, Ltd. .............. 4,488 40,709
Wipro, Ltd. ADR (b)............ 4,199 40,814
-----------
TOTAL INDIA.................... 2,612,279
-----------
INDONESIA -- 1.8%
Astra International Tbk PT..... 42,000 76,161
Bank Central Asia Tbk PT....... 246,000 82,174
Bank Danamon Indonesia Tbk PT.. 33,500 17,407
Bank Mandiri Persero Tbk PT.... 130,500 36,673
Bank Rakyat Indonesia PT....... 113,000 64,708
Barito Pacific Tbk PT (a)...... 117,000 12,283
Bumi Resources Tbk PT.......... 211,500 71,771
Indofood Sukses Makmur Tbk PT.. 155,000 32,216
Indosat Tbk PT................. 70,000 45,281
Kalbe Farma Tbk PT............. 170,500 11,752
Medco Energi Internasional Tbk
PT (a)....................... 81,500 31,330
Perusahaan Gas Negara PT....... 177,500 40,940
Telekomunikasi Indonesia Tbk
PT........................... 89,000 67,482
United Tractors Tbk PT......... 49,000 49,104
-----------
TOTAL INDONESIA................ 639,282
-----------
ISRAEL -- 3.5%
Avner Oil & Gas, Ltd. LP....... 410,100 36,191
Bank Hapoalim BM............... 18,764 57,902
Bank Leumi Le-Israel BM........ 19,123 67,889
Check Point Software
Technologies (a)(b).......... 3,160 71,858
Formula Systems (1985), Ltd. .. 2,487 27,126
Israel Chemicals, Ltd. ........ 8,634 128,184
Israel Discount Bank, Ltd.
(a).......................... 16,491 24,831
Koor Industries, Ltd. ......... 428 17,737
Makhteshim-Agan Industries,
Ltd. ........................ 7,450 48,449
Mizrahi Tefahot Bank, Ltd. .... 6,374 40,643
NICE Systems, Ltd. (a)......... 1,322 38,316
Ormat Industries, Ltd. ........ 3,751 41,085
Partner Communications Company,
Ltd. ........................ 2,522 47,858
Retalix, Ltd. (a).............. 1,712 20,045
Teva Pharmaceutical Industries,
Ltd. ........................ 12,457 565,819
The Israel Corp., Ltd. ........ 63 47,602
-----------
TOTAL ISRAEL................... 1,281,535
-----------
JORDAN -- 0.5%
Arab Bank PLC.................. 6,975 193,449
-----------
MALAYSIA -- 2.7%
Aeon Co. Bhd................... 49,600 60,226
Alliance Financial Group Bhd... 53,600 38,614
Berjaya Sports Toto Bhd........ 24,200 31,494
Bintulu Port Holdings Bhd...... 42,494 66,657
Bursa Malaysia Bhd............. 10,893 20,093
Carlsberg Brewery Bhd.......... 79,597 89,250
Dialog Group Bhd............... 81,000 24,000
Digi.Com Bhd................... 7,000 45,548
Genting Bhd.................... 42,000 64,052
IGB Corp. Bhd.................. 56,500 22,649
IOI Corp. Bhd.................. 63,200 77,107
KFC Holdings Bhd............... 27,400 52,532
KNM Group Bhd.................. 134,250 49,137
Malaysian Airline System Bhd... 36,700 36,673
Malaysian Resources Corp. Bhd.. 56,400 12,206
Multi Purpose Holdings Bhd..... 36,300 13,497
Naim Cendera Holding Bhd....... 33,887 27,759
Osk Holdings Bhd............... 51,500 21,243
OSK Property Holdings Bhd...... 9,363 1,578
Padiberas Nasional Bhd......... 72,300 27,303
Resorts World Bhd.............. 5,400 3,984
Sarawake Energy Bhd............ 61,234 42,157
SP Setia Bhd................... 33,900 30,527
Sunrise Bhd.................... 56,176 23,499
Ta Enterprise Bhd.............. 67,900 15,582
Tebrau Teguh Bhd (a)........... 4,700 614
UEM World Bhd (a).............. 19,600 13,551
WCT Engineering Bhd............ 62,800 47,431
-----------
TOTAL MALAYSIA................. 958,963
-----------
MEXICO -- 6.4%
Alfa SAB de CV (b)............. 7,386 33,073
America Movil SAB de CV (b).... 325,525 751,344
Axtel SAB de CV (a)............ 22,624 20,591
Cemex SAB de CV................ 123,600 212,611
Coca-Cola Femsa SAB de CV...... 11,395 57,663
Consorcio ARA SAB de CV (b).... 22,479 12,480
Corporation GEO SAB de CV (a).. 9,545 21,683
Desarrolladora Homex SAB de CV
(a).......................... 4,198 31,028
Empresas ICA SAB de CV (a)(b).. 9,217 26,676
Fomento Economico Mexicano SAB
de CV........................ 34,188 130,157
Grupo Aeroportuario del Sureste
SAB de CV.................... 8,907 43,565
Grupo Bimbo SAB de CV (b)...... 11,040 69,129
Grupo Elektra SA de CV (b)..... 1,630 56,374
Grupo Financiero Banorte SAB de
CV........................... 23,165 73,580
Grupo Iusacell SA de CV (a).... 270 1,930
Grupo Mexico SAB de CV......... 71,856 75,208
Grupo Modelo SAB de CV......... 12,944 54,781
Grupo Televisa SA de CV........ 26,261 115,036
Impulsora Del Desarrollo Y El
Empleo en America Latina SA
de CV (a)(b)................. 23,401 23,854
Industrias CH SAB, Series B
(a)(b)....................... 6,014 22,113
Industrias Penoles SA de CV
(b).......................... 2,084 25,302
Kimberly-Clark de Mexico SAB de
CV........................... 12,121 52,401
Sare Holding SAB de CV (Class
B)(a)(b)..................... 26,727 10,679
Telefonos de Mexico SA de CV... 93,790 119,506
Telmex Internacional SAB de CV
(b).......................... 126,203 82,700
TV Azteca SA de CV............. 51,713 32,334
Urbi Desarrollos Urbanos SA de
CV (a)(b).................... 10,073 23,405
Wal-Mart de Mexico SAB de CV
(b).......................... 42,600 148,496
-----------
TOTAL MEXICO................... 2,327,699
-----------
MOROCCO -- 0.9%
Banque Marocaine Du Commerce
et l'Industrie SA............ 320 36,422
Banque Marocaine du Commerce
Exterieur.................... 3,670 132,367
Douja Promotion Groupe Addoha
SA........................... 2,070 40,804
Holcim Maroc SA................ 197 53,720
ONA SA......................... 355 65,127
-----------
TOTAL MOROCCO.................. 328,440
-----------
</Table>
See accompanying notes to financial statements.
103
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
PERU -- 0.7%
Companhia de Minas Buenaventura
SA........................... 3,728 $ 88,323
Credicorp, Ltd. ............... 1,348 83,913
Southern Copper Corp. (b)...... 3,502 66,818
Volcan Cia Minera SA........... 21,269 16,463
-----------
TOTAL PERU..................... 255,517
-----------
PHILIPPINES -- 0.6%
Ayala Land, Inc. .............. 178,780 34,958
Banco de Oro Universal Bank.... 31,000 25,037
Bank of the Philippine
Islands...................... 53,680 51,341
Filinvest Land, Inc. .......... 807,000 10,806
Philippine Long Distance
Telephone Co. ............... 1,400 79,894
-----------
TOTAL PHILIPPINES.............. 202,036
-----------
POLAND -- 2.0%
Asseco Poland SA............... 976 25,041
Bank BPH SA (a)................ 232 6,630
Bank Pekao SA.................. 1,986 140,678
Bioton SA (a).................. 45,668 8,707
BRE Bank SA (a)................ 247 31,839
Cersanit Krasnystaw SA (a)..... 2,276 15,603
Getin Holding SA (a)........... 3,887 14,500
Globe Trade Centre SA (a)...... 2,439 22,089
Grupa Lotos SA (a)............. 1,610 17,937
KGHM Polska Miedz SA........... 2,131 44,119
Orbis SA....................... 1,019 22,469
PBG SA (a)..................... 275 26,205
Polimex Mostostal SA........... 9,525 17,726
Polski Koncern Naftowy Orlen
GDR.......................... 2,977 84,893
Powszechna Kasa Oszczednosci
Bank Polski SA............... 6,353 114,281
Telekomunikacja Polska SA...... 13,031 123,308
-----------
TOTAL POLAND................... 716,025
-----------
RUSSIA -- 8.9%
Comstar United Telesystems
GDR.......................... 6,157 30,785
Gazprom OAO ADR................ 49,156 1,521,378
JSC MMC Norilsk Nickel ADR..... 13,010 177,847
LUKOIL ADR..................... 7,910 465,108
Mechel ADR (b)................. 2,327 41,793
Mobile Telesystems OJSC ADR
(a).......................... 3,111 174,247
NovaTek OAO GDR................ 1,605 71,422
Polyus Gold Co. ADR............ 2,645 41,870
Rosneft OJSC GDR............... 20,315 136,517
Rostelecom ADR (b)............. 1,376 59,911
Severstal GDR.................. 4,587 47,705
Surgutneftegaz ADR............. 34,559 177,979
Tatneft GDR.................... 1,211 85,739
Vimpel-Communications ADR (b).. 6,983 141,755
VTB Bank OJSC GDR.............. 10,525 42,100
Wimm-Bill-Dann Foods OJSC ADR
(a)(b)....................... 401 28,471
-----------
TOTAL RUSSIA................... 3,244,627
-----------
SOUTH AFRICA -- 9.1%
ABSA Group, Ltd. .............. 4,773 62,252
Adcock Ingram Holdings, Ltd.
(a).......................... 2,752 11,200
Adcorp Holdings, Ltd. ......... 6,339 21,588
Afgri, Ltd. ................... 34,932 20,839
African Bank Investments,
Ltd. ........................ 20,036 60,974
African Rainbow Minerals,
Ltd. ........................ 2,314 43,817
Allied Electronics Corp.,
Ltd. ........................ 8,091 29,499
Anglo Platinum, Ltd. .......... 901 80,953
AngloGold Ashanti, Ltd. ....... 3,494 81,014
Aquarius Platinum, Ltd. ....... 5,359 26,292
ArcelorMittal South Africa,
Ltd. ........................ 3,287 65,100
Aspen Pharmacare Holdings, Ltd.
(a).......................... 8,751 44,914
Aveng, Ltd. ................... 7,831 59,106
Avusa, Ltd. (a)................ 2,544 7,297
Barloworld, Ltd. .............. 3,352 26,110
Bidvest Group, Ltd. ........... 4,863 61,311
Business Connexion Group,
Ltd. ........................ 28,831 15,320
Cadiz Holdings................. 35,377 8,544
Coronation Fund Managers,
Ltd. ........................ 26,948 18,712
Discovery Holdings, Ltd. ...... 4,414 11,461
ElementOne, Ltd. (a)........... 2,889 4,117
Eqstra Holdings, Ltd. (a)...... 3,040 4,519
FirstRand, Ltd. ............... 74,573 150,485
Foschini, Ltd. ................ 4,417 21,070
Freeworld Coatings, Ltd. ...... 3,933 3,747
Gold Fields, Ltd. ............. 10,534 102,406
Grindrod, Ltd. ................ 13,182 28,336
Group Five, Ltd. .............. 3,743 25,539
Harmony Gold Mining Co., Ltd.
(a).......................... 3,153 31,508
Impala Platinum Holdings,
Ltd. ........................ 9,146 183,347
Imperial Holdings, Ltd. ....... 2,587 18,461
Investec, Ltd. ................ 2,860 16,406
Invicta Holdings, Ltd. ........ 7,997 25,109
JD Group, Ltd. ................ 2,814 10,110
Kagiso Media, Ltd. ............ 15,641 20,796
Kumba Iron Ore, Ltd. .......... 819 18,693
Lewis Group, Ltd. ............. 3,387 16,357
Massmart Holdings, Ltd. ....... 4,501 40,767
Metorex, Ltd. (a).............. 9,764 15,329
MTN Group, Ltd. ............... 25,767 357,847
Murray & Roberts Holdings,
Ltd. ........................ 6,931 80,269
Mvelaphanda Resources, Ltd.
(a).......................... 3,617 17,909
Naspers, Ltd. ................. 6,220 120,935
Nedbank Group, Ltd. ........... 7,250 90,618
Netcare, Ltd. ................. 29,476 29,367
Pretoria Portland Cement Co.,
Ltd. ........................ 3,097 11,688
PSG Group, Ltd. ............... 5,840 11,143
Remgro, Ltd. .................. 6,049 138,795
RMB Holdings, Ltd. ............ 13,410 42,105
Sanlam, Ltd. .................. 29,211 62,086
Sappi, Ltd. ................... 3,981 38,461
Sasol, Ltd. ................... 7,123 300,983
Shoprite Holdings, Ltd. ....... 11,167 62,708
Standard Bank Group, Ltd. (a).. 14,146 159,779
Steinhoff International
Holdings, Ltd. .............. 21,935 41,721
Sun International, Ltd. ....... 2,330 25,529
Super Group, Ltd. (a).......... 18,399 7,443
Telkom SA, Ltd. ............... 3,771 47,872
Tiger Brands, Ltd. ............ 2,752 45,664
Truworths International,
Ltd. ........................ 10,184 35,899
Wilson Bayly Holmes-Ovcon,
Ltd. ........................ 3,244 56,805
Woolworths Holdings, Ltd. ..... 17,973 25,395
-----------
TOTAL SOUTH AFRICA............. 3,304,426
-----------
</Table>
See accompanying notes to financial statements.
104
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TAIWAN -- 10.1%
Acer, Inc. .................... 40,812 $ 67,488
Advanced Semiconductor
Engineering, Inc. ........... 80,365 40,093
Asustek Computer, Inc. ........ 45,743 88,297
AU Optronics Corp. ADR (b)..... 15,060 171,082
Cathay Financial Holding Co.,
Ltd. ........................ 62,550 83,895
Chang Hwa Commercial Bank...... 88,000 43,492
Chi Mei Optoelectronics Corp.
GDR.......................... 9,561 60,521
China Development Financial
Holding Corp. ............... 189,758 56,034
China Steel Chemical Corp. .... 60,345 115,170
China Steel Corp. ............. 105,537 103,006
Chinatrust Financial Holding
Co., Ltd. ................... 117,767 62,596
Chunghwa Telecom Co., Ltd. .... 48,727 113,141
CMC Magnetics Corp. (a)........ 50,000 9,714
Compal Electronics, Inc. ...... 80,520 57,565
Delta Electronics, Inc. ....... 31,099 79,266
Elite Semiconductor Memory
Technology, Inc. ............ 25,750 19,410
Epistar Corp. ................. 9,850 12,890
Far Eastern Textile Co.,
Ltd. ........................ 73,062 50,417
Formosa Chemicals & Fibre
Corp. ....................... 40,000 68,135
Formosa Plastics Corp. ........ 60,000 95,302
Foxconn Technology Co., Ltd. .. 12,595 39,737
Fubon Financial Holding Co.,
Ltd. ........................ 88,000 61,682
Giant Manufacturing Co.,
Ltd. ........................ 37,800 92,939
Grape King, Inc. .............. 43,000 18,044
High Tech Computer Corp. ...... 14,170 213,619
Hon Hai Precision Industry Co.,
Ltd. ........................ 53,360 185,764
Hotai Motor Co., Ltd. ......... 20,000 42,771
Hua Nan Financial Holdings Co.,
Ltd. ........................ 79,560 47,729
Innolux Display Corp. ......... 29,700 38,312
Lite-On Technology Corp. ...... 41,894 35,485
MediaTek, Inc. ................ 9,251 93,455
Mosel Vitelic, Inc. (a)........ 4,000 1,504
Nan Ya Plastics Corp. ......... 60,000 87,189
National Petroleum Co., Ltd. .. 89,000 49,242
Novatek Microelectronics Corp.,
Ltd. ........................ 9,145 13,332
POU Chen Corp. ................ 55,626 33,543
Powerchip Semiconductor Corp.
(a).......................... 95,660 14,362
Powertech Technology, Inc. .... 12,395 26,584
Precision Silicon Corp. ....... 6,098 2,985
ProMOS Technologies, Inc. (a).. 98,000 9,900
Quanta Computer, Inc. ......... 52,599 63,927
Shin Kong Financial Holding
Co., Ltd. ................... 56,883 19,272
Siliconware Precision
Industries Co. .............. 40,578 46,038
SinoPac Financial Holdings Co.,
Ltd. ........................ 129,000 34,925
Solar Applied Materials
Technology Corp. ............ 25,541 56,685
Taishin Financial Holdings Co.,
Ltd. ........................ 109,000 20,972
Taiwan Cement Corp. ........... 59,681 34,597
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR
(b).......................... 71,988 674,528
Taiwan Tea Corp. (a)........... 34,000 10,885
Tatung Co., Ltd. (a)........... 98,000 20,866
Tripod Technology Corp. ....... 11,985 22,427
United Microelectronics Corp.
ADR (b)...................... 52,569 102,509
Visual Photonics Epitaxy Co.,
Ltd. ........................ 20,924 14,471
Wistron Corp. ................. 29,941 36,017
-----------
TOTAL TAIWAN................... 3,663,811
-----------
THAILAND -- 1.6%
Advanced Info Service PCL...... 25,315 60,220
Bangkok Expressway PCL......... 72,459 33,831
Banpu PCL...................... 5,608 49,385
Electricity Generating PCL..... 16,400 30,532
IRPC PCL....................... 184,958 22,191
Kasikornbank PCL............... 12,000 21,986
PTT Exploration & Production
PCL.......................... 22,598 84,809
PTT PCL........................ 15,224 102,573
Siam Cement PCL................ 8,100 30,638
Siam Commercial Bank PCL....... 24,002 48,586
Thai Oil PCL................... 22,695 27,832
Tisco Bank PCL Preference
Shares....................... 47,000 22,222
TMB Bank PCL (a)............... 926,117 27,368
-----------
TOTAL THAILAND................. 562,173
-----------
TURKEY -- 1.9%
Akbank TAS..................... 15,723 81,027
Anadolu Efes Biracilik Ve Malt
Sanayii AS................... 4,509 46,474
Dogan Sirketler Grubu Holdings
AS (a)....................... 18,574 21,921
Dogan Yayin Holding AS (a)..... 7,743 9,077
Eregli Demir ve Celik
Fabrikalari TAS.............. 10,179 52,056
Haci Omer Sabanci Holding AS... 10,666 40,449
KOC Holding AS................. 13,321 41,084
Migros Turk TAS................ 2,576 44,386
Tupras-Turkiye Petrol
Rafinerileri AS.............. 2,541 47,181
Turkcell Iletisim Hizmet AS.... 9,639 62,945
Turkiye Garanti Bankasi AS
(a).......................... 48,980 117,922
Turkiye Is Bankasi............. 16,256 68,426
Ulker Biskuvi Sanayi AS........ 10,649 22,454
Yapi ve Kredi Bankasi AS (a)... 18,458 39,211
-----------
TOTAL TURKEY................... 694,613
-----------
TOTAL COMMON STOCKS --
(Cost $46,584,591)........... 34,259,466
-----------
RIGHTS -- 0.0% (E)
BRAZIL -- 0.0% (E)
Cosan SA Industria e Comercio
(expiring 10/22/08) (a)...... 382 24
-----------
MALAYSIA-- 0.0% (E)
Malaysian Airline System Bhd
(expiring 10/30/12) (a)...... 7,900 1,893
-----------
SOUTH AFRICA-- 0.0% (E)
Super Group, Ltd.
(expiring 12/31/08) (a)...... 9,199 44
-----------
TOTAL RIGHTS --
(Cost $2,347)................ 1,961
-----------
SHORT TERM INVESTMENTS -- 10.2%
UNITED STATES -- 10.2%
MONEY MARKET FUNDS -- 10.2%
State Street Navigator
Securities Lending Prime
Portfolio (f)(g)............. 2,859,970 2,859,970
STIC Prime Portfolio........... 839,475 839,475
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $3,699,445)............ 3,699,445
-----------
</Table>
See accompanying notes to financial statements.
105
SPDR S&P EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
-----
TOTAL INVESTMENTS -- 104.6%
(Cost $50,286,383)........... $37,960,872
OTHER ASSETS AND
LIABILITIES -- (4.6)%........ (1,661,595)
-----------
NET ASSETS -- 100.0%........... $36,299,277
===========
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2008.
(c) Security is valued at fair value as determined in good faith by the Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities, which represent 1.48% of net assets as of September 30,
2008, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(e) Amount shown represents less than 0.05% of net assets.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
At September 30, 2008, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE DEPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Stock Index....... 10/31/2008 77 $1,822,455 $1,680,910 $(141,545)
</Table>
See accompanying notes to financial statements.
106
SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
BRAZIL -- 27.4%
Banco Bradesco SA ADR (a)..... 488,501 $ 7,864,866
Banco Itau Holding Financeira
SA ADR (a).................. 436,373 7,636,527
Companhia de Bebidas das
Americas ADR................ 53,868 2,941,731
Companhia Siderurgica Nacional
SA ADR (a).................. 128,799 2,738,267
Companhia Vale do Rio Doce ADR
(a)......................... 488,553 9,355,790
Gerdau SA ADR (a)............. 215,149 2,388,154
Petroleo Brasileiro SA ADR.... 334,880 14,717,976
Unibanco -- Uniao de Bancos
Brasileiros SA GDR.......... 39,831 4,019,745
------------
TOTAL BRAZIL.................. 51,663,056
------------
CHINA -- 41.0%
Bank of China, Ltd. .......... 9,523,000 3,618,184
Bank of Communications Co.,
Ltd. ....................... 1,901,000 1,696,720
BOC Hong Kong Holdings,
Ltd. ....................... 1,056,000 1,849,685
China Coal Energy Co. ........ 1,225,000 1,259,024
China Communications
Construction Co., Ltd. ..... 1,314,000 1,123,721
China Construction Bank
Corp. ...................... 11,935,000 7,747,255
China Life Insurance Co.,
Ltd. ....................... 2,541,000 9,343,416
China Merchants Bank Co.,
Ltd. ....................... 765,500 1,796,340
China Merchants Holdings
International Co., Ltd. .... 835 2,624
China Mobile, Ltd. ........... 1,559,000 15,440,713
China Overseas Land &
Investment, Ltd. ........... 1,282,000 1,519,045
China Petroleum & Chemical
Corp. ...................... 4,958,000 3,850,514
China Shenhua Energy Co.,
Ltd. ....................... 922,500 2,198,027
China Telecom Corp., Ltd. .... 3,954,000 1,593,954
CNOOC, Ltd. .................. 4,576,000 5,215,839
Industrial & Commercial Bank
of China.................... 15,685,000 9,252,198
PetroChina Co., Ltd. ......... 7,110,000 7,325,790
Ping An Insurance Group Co. of
China, Ltd. ................ 468,500 2,651,938
------------
TOTAL CHINA................... 77,484,987
------------
INDIA -- 6.5%
HDFC Bank, Ltd. ADR (a)....... 17,495 1,486,200
ICICI Bank, Ltd. ADR (a)...... 89,354 2,101,606
Infosys Technologies, Ltd. ADR
(a)......................... 139,264 4,638,884
Reliance Industries, Ltd. GDR
(b)......................... 48,872 3,973,294
------------
TOTAL INDIA................... 12,199,984
------------
RUSSIA -- 24.5%
Gazprom OAO ADR............... 518,105 16,035,350
JSC MMC Norilsk Nickel ADR.... 308,401 4,215,842
LUKOIL ADR.................... 148,939 8,757,613
Mobile Telesystems OJSC ADR... 56,167 3,145,914
NovaTek OAO GDR............... 41,829 1,861,390
OAO Rosneft Oil Co. GDR....... 771,031 5,181,328
Rosneft OJSC GDR.............. 5,891 39,588
Surgutneftegaz ADR............ 585,341 3,014,506
Tatneft GDR................... 21,286 1,507,049
Vimpel-Communications ADR..... 84,027 1,705,748
VTB Bank OJSC GDR............. 210,689 842,756
------------
TOTAL RUSSIA.................. 46,307,084
------------
TOTAL COMMON STOCKS --
(Cost $286,289,174)......... 187,655,111
------------
SHORT TERM INVESTMENTS -- 8.1%
UNITED STATES -- 8.1%
MONEY MARKET FUNDS -- 8.1%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d)............ 14,901,275 14,901,275
STIC Prime Portfolio.......... 358,763 358,763
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $15,260,038).......... 15,260,038
------------
TOTAL INVESTMENTS -- 107.5%
(Cost $301,549,212)......... 202,915,149
OTHER ASSETS AND
LIABILITIES -- (7.5)%....... (14,181,337)
------------
NET ASSETS -- 100.0%.......... $188,733,812
============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 2.11% of net assets as of September 30, 2008, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
107
SPDR S&P EMERGING EUROPE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
CZECH REPUBLIC -- 8.3%
CEZ AS......................... 64,014 $ 3,903,707
Komercni Banka AS (a).......... 4,848 1,063,919
Telefonica O2 Czech Republic
AS........................... 33,670 784,448
Unipetrol...................... 32,327 341,469
Zentiva NV..................... 9,434 608,828
-----------
TOTAL CZECH REPUBLIC........... 6,702,371
-----------
HUNGARY -- 7.6%
Magyar Telekom NyRt............ 191,703 890,848
MOL Hungarian Oil and Gas
NyRt......................... 12,067 1,089,269
OTP Bank NyRt (a)(b)........... 92,021 3,265,976
Richter Gedeon NyRt............ 5,044 912,239
-----------
TOTAL HUNGARY.................. 6,158,332
-----------
POLAND -- 13.8%
Agora SA....................... 29,917 339,762
Apator SA...................... 29,703 160,048
Asseco Poland SA............... 12,685 325,452
Bank BPH SA (b)................ 2,212 63,216
Bank Pekao SA.................. 20,761 1,470,605
Bank Zachodni WBK SA........... 6,306 398,593
Bioton SA (b).................. 540,205 102,996
BRE Bank SA (b)................ 2,496 321,744
Cersanit Krasnystaw SA (b)..... 28,496 195,355
Debica SA...................... 8,746 250,129
Echo Investment SA (b)......... 88,652 146,979
Getin Holding SA (b)........... 52,843 197,122
Globe Trade Centre SA (b)...... 35,923 325,334
Impexmetal SA.................. 53,787 47,486
ING Bank Slaski SA............. 1,699 359,849
KGHM Polska Miedz SA........... 25,818 534,520
Netia SA (b)................... 148,298 162,272
Orbis SA....................... 13,108 289,037
PBG SA (b)..................... 2,927 278,912
Polimex Mostostal SA........... 118,354 220,260
Polski Koncern Naftowy Orlen... 48,902 697,253
Powszechna Kasa Oszczednosci
Bank Polski SA............... 93,302 1,678,365
Telekomunikacja Polska SA...... 212,391 2,009,776
TVN SA......................... 54,495 404,085
Zaklad Przetworstwa Hutniczego
Stalprodukt SA............... 1,034 231,430
-----------
TOTAL POLAND................... 11,210,580
-----------
RUSSIA -- 57.5%
Comstar United Telesystems
GDR.......................... 133,294 666,470
CTC Media, Inc. (a)(b)......... 20,476 307,140
Gazprom Neft ADR............... 39,863 817,191
Gazprom Neft OAO ADR (Class
S)........................... 16,085 329,742
Gazprom OAO ADR................ 528,280 16,350,266
JSC MMC Norilsk Nickel ADR
(a).......................... 221,105 3,022,505
LUKOIL ADR..................... 136,061 8,000,387
NovaTek OAO GDR................ 23,676 1,053,582
OAO Rosneft Oil Co. GDR........ 409,889 2,754,454
Polyus Gold Co. ADR............ 46,332 733,436
Rosneft OJSC GDR............... 103,373 694,667
Rostelecom ADR (a)............. 47,919 2,086,393
Sberbank GDR................... 14,699 3,836,204
Severstal GDR.................. 119,868 1,246,628
Surgutneftegaz ADR............. 548,975 2,827,221
Tatneft........................ 15,000 57,000
VTB Bank OJSC.................. 106,937 203
VTB Bank OJSC GDR (d).......... 33,086 132,344
VTB Bank OJSC GDR (a).......... 443,983 1,775,932
-----------
TOTAL RUSSIA................... 46,691,765
-----------
TURKEY -- 12.0%
Akbank TAS..................... 215,721 1,111,702
Anadolu Efes Biracilik Ve Malt
Sanayii AS................... 63,698 656,525
Arcelik........................ 55,146 156,196
Dogan Sirketler Grubu Holdings
AS........................... 202,101 238,514
Dogan Yayin Holding AS (b)..... 98,241 115,168
Enka Insaat ve Sanayi AS....... 64,754 445,789
Eregli Demir ve Celik
Fabrikalari TAS.............. 127,797 653,565
Grundig Elektronik AS (b)...... 445,879 196,453
Haci Omer Sabanci Holding AS... 140,312 532,104
KOC Holding AS................. 154,095 475,258
Migros Turk TAS................ 35,637 614,044
Tupras-Turkiye Petrol
Rafinerileri AS.............. 28,215 523,898
Turk Hava Yollari Anonim
Ortakligi (b)................ 66,493 345,282
Turkcell Iletisim Hizmet AS.... 149,204 974,346
Turkiye Garanti Bankasi AS..... 553,752 1,333,187
Turkiye Is Bankasi............. 166,261 699,840
Vestel Elektronik Sanayi (b)... 147,882 167,545
Yapi ve Kredi Bankasi AS (b)... 240,419 510,725
-----------
TOTAL TURKEY................... 9,750,141
-----------
TOTAL COMMON STOCKS --
(Cost $122,978,614).......... 80,513,189
-----------
SHORT TERM INVESTMENTS -- 4.9%
UNITED STATES -- 4.9%
MONEY MARKET FUNDS -- 4.9%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............. 3,774,091 3,774,091
STIC Prime Portfolio........... 200,082 200,082
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $3,974,173)............ 3,974,173
-----------
TOTAL INVESTMENTS -- 104.1%
(Cost $126,952,787).......... 84,487,362
OTHER ASSETS AND
LIABILITIES -- (4.1)%........ (3,298,047)
-----------
NET ASSETS -- 100.0%........... $81,189,315
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 0.16% of net assets as of September 30, 2008, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
108
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.9%
ARGENTINA -- 2.4%
Banco Macro SA ADR (a)......... 6,013 $ 111,240
Grupo Financiero Galicia SA ADR
(a)(b)....................... 16,398 76,579
Petrobras Energia
Participaciones SA ADR....... 37,690 370,869
Telecom Argentina SA ADR (b)... 12,172 149,107
Tenaris SA ADR................. 28,244 1,053,219
-----------
TOTAL ARGENTINA................ 1,761,014
-----------
BRAZIL -- 59.5%
AES Tiete SA Preference
Shares....................... 25,504 203,614
Aracruz Celulose SA ADR (a).... 9,447 346,799
B2W Companhia Global Do
Varejo....................... 7,067 168,308
Banco Bradesco SA Prefrence
Shares ADR (a)............... 175,514 2,825,775
Banco do Brasil SA............. 38,538 454,516
Banco Itau Holding Financeira
SA ADR (a)................... 175,254 3,066,945
Bradespar SA Preference
Shares....................... 40,717 563,594
Brasil Telecom Participacoes SA
ADR (a)...................... 10,040 490,554
Braskem SA Preference Shares
ADR (a)...................... 16,151 176,692
Centrais Eletricas Brasileiras
SA ADR....................... 40,551 580,638
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar ADR (a)............... 12,034 420,709
Companhia de Bebidas das
Americas Preference Shares
ADR.......................... 24,836 1,356,294
Companhia de Concessoes
Rodoviarias.................. 22,815 295,692
Companhia de Saneamento Basico
do Estado de Sao Paulo....... 17,159 234,397
Companhia Energetica de Minas
Gerais ADR (a)............... 39,468 779,098
Companhia Energetica de Sao
Paulo Preference Shares...... 17,742 151,763
Companhia Paranaense de Energia
Preference Shares............ 17,670 241,835
Companhia Siderurgica Nacional
SA ADR....................... 62,363 1,325,837
Companhia Vale do Rio Doce ADR
(a).......................... 166,891 3,195,963
Companhia Vale do Rio Doce
Preference Shares ADR........ 224,285 3,969,845
Cosan SA Industria e Comercio
(b).......................... 11,048 72,739
Cyrela Brazil Realty SA........ 35,467 358,540
Cyrela Commercial Properties SA
Empreendimentos e
Participacoes................ 1,878 7,789
Duratex SA Preference Shares... 13,225 154,261
Empresa Brasileira de
Aeronautica SA............... 62,518 424,576
Gafisa SA...................... 14,986 187,233
Gerdau SA ADR.................. 95,387 1,058,796
Gol Linhas Aereas Inteligentes
SA Preference Shares......... 8,479 52,528
Investimentos Itau SA.......... 51,899 383,401
Investimentos Itau SA
Preference Shares............ 324,440 1,601,218
JBS SA......................... 50,253 123,486
Lojas Americanas SA Preference
Shares....................... 49,559 214,530
Lojas Renner SA................ 30,375 370,052
Metalurgica Gerdau SA
Preference Shares............ 50,400 776,008
Natura Cosmeticos SA........... 25,011 239,873
NET Servicos de Comunicacao SA
Preference Shares (b)........ 21,472 180,663
Perdigao SA ADR (a)............ 10,291 402,790
Petroleo Brasileiro SA ADR
Preference Shares............ 180,386 6,750,044
Petroleo Brasileiro SA ADR..... 125,078 5,497,178
Sadia SA Preference Shares..... 34,263 101,246
Souza Cruz SA.................. 16,359 385,791
Tam SA ADR (a)................. 10,374 195,654
Tele Norte Leste Participacoes
SA ADR....................... 25,621 447,343
Tim Participacoes SA ADR (a)... 10,590 220,907
Tractebel Energia SA ADR (a)... 3,627 194,625
Unibanco -- Uniao de Bancos
Brasileiros SA GDR (a)....... 14,163 1,429,330
Usinas Siderurgicas de Minas
Gerais SA ADR (a)............ 34,141 713,636
Vivo Participacoes SA
Preference Shares (b)........ 79,622 321,551
Votorantim Celulose e Papel SA
ADR (a)...................... 27,971 431,033
-----------
TOTAL BRAZIL................... 44,145,689
-----------
CHILE -- 8.5%
Almendral SA................... 2,026,885 163,636
Antarchile SA.................. 32,282 439,257
Banco de Credito e
Inversiones.................. 22,340 567,416
CAP SA......................... 16,187 408,170
Cencosud SA ADR (c)............ 12,323 434,949
Companhia de Telecomunicaciones
de Chile SA ADR.............. 58,939 401,375
Companhia General de
Electricidad................. 86,833 456,850
Empresa Nacional de
Electricidad SA ADR (a)...... 15,743 700,721
Empresas CMPC SA............... 20,614 617,036
Empresas COPEC SA.............. 61,099 692,795
Enersis SA ADR................. 32,662 533,044
Lan Airlines SA ADR (a)........ 22,088 251,803
SACI Falabella................. 183,968 644,155
-----------
TOTAL CHILE.................... 6,311,207
-----------
COLUMBIA -- 1.6%
BanColombia SA ADR (a)......... 42,844 1,218,912
-----------
MEXICO -- 23.6%
Alfa SAB de CV (a)............. 59,675 267,216
America Movil SAB de CV (a).... 2,295,731 5,298,773
Cemex SAB de CV................ 927,928 1,596,177
Corporation GEO SAB de CV (b).. 79,357 180,275
Desarrolladora Homex SAB de CV
(b).......................... 39,094 288,951
Empresas ICA SAB de CV (a)(b).. 71,154 205,936
Fomento Economico Mexicano SAB
de CV........................ 294,916 1,122,771
Grupo Aeroportuario del Sureste
SAB de CV.................... 86,201 421,614
Grupo Bimbo SAB de CV (a)...... 96,041 601,382
Grupo Carso SA de CV (a)....... 94,937 361,174
Grupo Financiero Banorte SAB de
CV (a)....................... 209,094 664,159
Grupo Iusacell SA de CV (b).... 8,766 62,677
Grupo Mexico SAB de CV......... 530,200 554,936
</Table>
See accompanying notes to financial statements.
109
SPDR S&P EMERGING LATIN AMERICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Grupo Modelo SAB de CV......... 173,271 $ 733,304
Grupo Televisa SA ADR (a)...... 1,436 31,405
Grupo Televisa SA de CV........ 187,802 822,662
Impulsora Del Desarrollo Y El
Empleo en America Latina SA
de CV (a)(b)................. 230,915 235,383
Kimberly-Clark de Mexico SAB de
CV........................... 130,937 566,058
Telefonos de Mexico SA de CV... 902,324 1,149,729
Telmex Internacional SAB de CV
(a).......................... 902,324 591,289
TV Azteca SA de CV............. 426,858 266,898
Urbi Desarrollos Urbanos SA de
CV (a)(b).................... 98,837 229,655
Wal-Mart de Mexico SAB de CV
(a).......................... 371,450 1,294,805
-----------
TOTAL MEXICO................... 17,547,229
-----------
PERU -- 3.3%
Companhia de Minas Buenaventura
SA........................... 28,604 677,679
Companhia Minera Milpo SA...... 88,048 213,342
Credicorp, Ltd. ............... 12,596 784,101
Minsur SA...................... 109,968 212,423
Southern Copper Corp. (a)...... 24,130 460,400
Volcan Cia Minera SA........... 126,254 97,723
-----------
TOTAL PERU..................... 2,445,668
-----------
TOTAL COMMON STOCKS --
(Cost $100,211,308).......... 73,429,719
-----------
RIGHTS -- 0.0%(D)
BRAZIL -- 0.0%(D)
Cosan SA Industria e Comercio
(expiring 10/22/08)(b) (Cost
$0).......................... 2,229 139
-----------
SHORT TERM INVESTMENTS -- 12.8%
UNITED STATES -- 12.8%
MONEY MARKET FUNDS -- 12.8%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............. 8,828,249 8,828,249
STIC Prime Portfolio........... 654,864 654,864
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $9,483,113)............ 9,483,113
-----------
TOTAL INVESTMENTS -- 111.7%
(Cost $109,694,421).......... 82,912,971
OTHER ASSETS AND
LIABILITIES -- (11.7)%....... (8,711,269)
-----------
NET ASSETS -- 100.0%........... $74,201,702
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 0.59% of net assets as of September 30, 2008, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(d) Amount shown represents less than 0.05% of net assets.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
110
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.2%
EGYPT -- 5.7%
Commercial International Bank.. 217,140 $ 1,580,898
Eastern Tobacco................ 23,071 1,055,881
Egyptian Financial Group-Hermes
Holding...................... 127,553 793,923
Egyptian Kuwait Holding Co. ... 286,833 668,321
Orascom Construction
Industries................... 32,517 1,883,932
Orascom Telecom Holding SAE
GDR.......................... 36,287 1,281,294
Sidi Kerir Petrochemicals
Co. ......................... 137,464 390,058
Suez Cement Co. ............... 69,000 391,705
Telecom Egypt.................. 224,772 612,697
------------
TOTAL EGYPT.................... 8,658,709
------------
ISRAEL -- 24.0%
Africa-Israel Investments,
Ltd. ........................ 990 25,978
Alvarion, Ltd. (a)(b).......... 49,481 287,485
Bank Hapoalim BM............... 553,020 1,706,507
Bank Leumi Le-Israel BM........ 541,580 1,922,668
Bezeq Israeli Telecommunication
Corp., Ltd. ................. 593,655 1,058,221
Cellcom Israel, Ltd. .......... 2,314 69,559
Check Point Software
Technologies (a)(b).......... 74,585 1,696,063
Delek Automotive Systems,
Ltd. ........................ 106,346 1,027,424
Delek Group, Ltd. ............. 4,372 369,429
Elbit Imaging, Ltd. ........... 1,075 20,771
Elbit Systems, Ltd. ........... 35,567 1,887,333
Gazit Globe, Ltd. ............. 61,892 465,863
Harel Insurance Investments &
Finances, Ltd. .............. 1,031 42,816
Israel Chemicals, Ltd. ........ 269,144 3,995,828
Israel Discount Bank, Ltd.
(a).......................... 390,815 588,449
Makhteshim-Agan Industries,
Ltd. ........................ 182,008 1,183,643
Mellanox Technologies, Ltd.
(a)(b)....................... 36,265 374,617
Mizrahi Tefahot Bank, Ltd. .... 146,118 931,700
NICE Systems, Ltd. (a)......... 28,782 834,201
Ormat Industries, Ltd. ........ 5,054 55,357
Partner Communications Company,
Ltd. ........................ 6,121 116,153
RADVision, Ltd. (a)............ 19,869 119,413
Syneron Medical, Ltd. (a)(b)... 14,737 210,002
Teva Pharmaceutical Industries,
Ltd. ........................ 364,174 16,541,429
The Israel Corp., Ltd. ........ 1,387 1,048,000
------------
TOTAL ISRAEL................... 36,578,909
------------
JORDAN -- 4.9%
Arab Bank PLC.................. 196,500 5,449,859
Jordanian Electric Power Co. .. 254,135 1,761,189
United Arab Investors (a)...... 89,804 316,881
------------
TOTAL JORDAN................... 7,527,929
------------
MOROCCO -- 7.8%
Attijariwafa Bank.............. 82,530 2,874,151
Banque Centrale Populaire...... 2,634 814,907
Banque Marocaine Du Commerce et
l'Industrie SA............... 6,750 768,271
Banque Marocaine du Commerce
Exterieur.................... 105,790 3,815,559
Ciments du Maroc............... 3,978 802,769
Douja Promotion Groupe Addoha
SA........................... 38,340 755,766
ONA SA......................... 11,042 2,025,726
------------
TOTAL MOROCCO.................. 11,857,149
------------
NIGERIA -- 1.1%
Guaranty Trust Bank GDR........ 231,190 1,676,127
------------
SOUTH AFRICA -- 54.7%
ABSA Group, Ltd. .............. 144,521 1,884,909
Adcock Ingram Holdings, Ltd.
(a).......................... 89,042 362,377
African Bank Investments,
Ltd. ........................ 289,457 880,887
African Rainbow Minerals,
Ltd. ........................ 46,923 888,520
Anglo Platinum, Ltd. .......... 25,627 2,302,535
AngloGold Ashanti, Ltd. ....... 81,053 1,879,342
Aquarius Platinum, Ltd. ....... 135,442 664,504
ArcelorMittal South Africa,
Ltd. ........................ 79,958 1,583,585
Aspen Pharmacare Holdings, Ltd.
(a).......................... 248,861 1,277,266
Aveng, Ltd. ................... 135,864 1,025,463
Avusa, Ltd. (a)................ 57,277 164,278
Barloworld, Ltd. .............. 81,900 637,939
Bidvest Group, Ltd. ........... 132,629 1,672,147
Discovery Holdings, Ltd. ...... 31,863 82,730
ElementOne, Ltd. (a)........... 73,194 104,302
Eqstra Holdings, Ltd. (a)...... 62,097 92,313
FirstRand, Ltd. ............... 2,265,209 4,571,096
Foschini, Ltd. ................ 111,132 530,117
Fountainhead Property Trust.... 1,057,770 715,344
Freeworld Coatings, Ltd. ...... 20,340 19,380
Gold Fields, Ltd. ............. 200,687 1,950,970
Grindrod, Ltd. ................ 299,624 644,069
Growthpoint Properties, Ltd. .. 592,344 980,009
Harmony Gold Mining Co., Ltd.
(a).......................... 71,445 713,963
Hyprop Investments, Ltd. ...... 143,240 681,547
Impala Platinum Holdings,
Ltd. ........................ 247,997 4,971,530
Imperial Holdings, Ltd. ....... 66,993 478,056
Investec, Ltd. ................ 95,910 550,165
JD Group, Ltd. ................ 69,905 251,149
Kumba Iron Ore, Ltd. .......... 37,031 845,207
Massmart Holdings, Ltd. ....... 111,862 1,013,163
Metorex, Ltd. (a).............. 212,519 333,639
MTN Group, Ltd. ............... 691,881 9,608,704
Murray & Roberts Holdings,
Ltd. ........................ 152,845 1,770,131
Mvelaphanda Resources, Ltd.
(a).......................... 77,290 382,686
Naspers, Ltd. ................. 156,119 3,035,409
Nedbank Group, Ltd. ........... 208,947 2,611,633
Netcare, Ltd. ................. 773,722 770,858
Pick'n Pay Stores, Ltd. ....... 200,139 713,000
Pretoria Portland Cement Co.,
Ltd. ........................ 21,371 80,651
PSG Group, Ltd. ............... 128,710 245,587
Remgro, Ltd. .................. 204,974 4,703,140
Reunert, Ltd. ................. 105,687 733,752
RMB Holdings, Ltd. ............ 390,155 1,225,028
Sanlam, Ltd. .................. 887,421 1,886,157
Sappi, Ltd. ................... 110,509 1,067,636
Sasol, Ltd. ................... 178,255 7,532,189
Shoprite Holdings, Ltd. ....... 275,558 1,547,396
Standard Bank Group, Ltd. (a).. 418,217 4,723,764
Steinhoff International
Holdings, Ltd. .............. 541,232 1,029,437
Sun International, Ltd. ....... 49,588 543,329
Super Group, Ltd. (a).......... 396,813 160,534
Telkom SA, Ltd. ............... 101,945 1,294,157
Tiger Brands, Ltd. ............ 89,042 1,477,465
Truworths International,
Ltd. ........................ 259,332 914,168
Woolworths Holdings, Ltd. ..... 461,929 652,675
------------
TOTAL SOUTH AFRICA............. 83,461,987
------------
TOTAL COMMON STOCKS --
(Cost $190,369,270).......... 149,760,810
------------
</Table>
See accompanying notes to financial statements.
111
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
RIGHTS -- 0.0%(C)
SOUTH AFRICA -- 0.0% (C)
Super Group, Ltd.
(expiring 12/31/08) (a)
(Cost $0).................... 198,406 $ 958
------------
SHORT TERM INVESTMENTS -- 1.1%
UNITED STATES -- 1.1%
MONEY MARKET FUNDS -- 1.1%
State Street Navigator
Securities Lending Prime
Portfolio (d)(e)............. 1,202,100 1,202,100
STIC Prime Portfolio........... 557,227 557,227
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $1,759,327)............ 1,759,327
------------
TOTAL INVESTMENTS -- 99.3%
(Cost $192,128,597).......... 151,521,095
OTHER ASSETS AND
LIABILITIES -- 0.7%.......... 1,016,463
------------
NET ASSETS -- 100.0%........... $152,537,558
============
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2008.
(c) Amount shown represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
112
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.8%
AUSTRALIA -- 5.9%
Abacus Property Group (a)...... 39,392 $ 27,965
Alesco Corp, Ltd. ............. 4,323 20,187
Alumina, Ltd. (a).............. 5,812 14,075
AMP, Ltd. ..................... 5,369 29,561
Ansell, Ltd. .................. 3,724 37,306
APA Group (a).................. 15,854 38,142
Aristocrat Leisure, Ltd. (a)... 2,376 12,107
Asciano Group.................. 2,005 4,998
Australia & New Zealand Banking
Group, Ltd. (a).............. 2,642 39,075
Babcock & Brown, Ltd. (a)...... 1,323 2,030
BHP Billiton, Ltd. ............ 7,622 186,379
Billabong International, Ltd.
(a).......................... 2,376 25,676
BlueScope Steel, Ltd. (a)...... 3,227 18,633
Brambles, Ltd. ................ 5,160 31,341
Bunnings Warehouse Property
Trust........................ 43,879 62,128
Carindale Property Trust....... 29,621 88,787
Commonwealth Bank of Australia
(a).......................... 2,110 70,935
Computershare, Ltd. ........... 3,187 23,379
ConnectEast Group.............. 32,338 20,789
CSL, Ltd. ..................... 1,728 50,842
CSR, Ltd. ..................... 10,898 21,319
DUET Group..................... 25,301 51,490
Envestra, Ltd. ................ 107,859 55,727
GWA International, Ltd. (a).... 11,721 25,888
Harvey Norman Holdings, Ltd. .. 8,776 21,391
Hills Industries, Ltd. (a)..... 9,233 31,025
Insurance Australia Group,
Ltd. ........................ 6,597 21,335
Lend Lease Corp., Ltd. ........ 2,201 15,941
Macquarie Airports............. 9,068 19,313
Macquarie Group, Ltd. ......... 769 22,444
Mirvac Real Estate Investment
Trust........................ 65,138 31,856
National Australia Bank,
Ltd. ........................ 2,679 51,266
Newcrest Mining, Ltd. ......... 1,659 36,157
OZ Minerals, Ltd. (a).......... 8,776 11,111
Perpetual, Ltd. (a)............ 545 20,119
Rio Tinto, Ltd. ............... 727 48,457
Sonic Healthcare, Ltd. ........ 2,781 28,737
Suncorp-Metway, Ltd. .......... 2,980 21,861
Tatts Group, Ltd. (a).......... 7,264 13,637
Thakral Holdings Group......... 76,890 52,766
Toll Holdings, Ltd. (a)........ 3,018 16,521
Virgin Blue Holdings, Ltd.
(a).......................... 2,288 569
Wesfarmers, Ltd. (a)........... 1,173 26,352
Wesfarmers, Ltd. PPS........... 154 3,426
Westpac Banking Corp. (a)...... 2,821 47,797
Woodside Petroleum, Ltd. ...... 1,617 65,050
Woolworths, Ltd. .............. 2,781 59,667
WorleyParsons, Ltd. ........... 1,029 24,594
-----------
TOTAL AUSTRALIA................ 1,650,151
-----------
AUSTRIA -- 0.3%
Erste Bank der
Oesterreichischen Sparkassen
AG (a)....................... 575 27,824
OMV AG......................... 775 31,929
voestalpine AG................. 507 15,490
-----------
TOTAL AUSTRIA.................. 75,243
-----------
BELGIUM -- 0.8%
Bekaert NV..................... 274 36,161
Delhaize Group................. 499 28,734
Dexia SA (a)................... 1,878 19,784
Gimv NV........................ 506 23,519
InBev NV....................... 602 35,376
KBC Groep NV................... 492 41,279
UCB SA......................... 625 21,851
Umicore........................ 859 26,044
-----------
TOTAL BELGIUM.................. 232,748
-----------
CANADA -- 7.9%
AGF Management Ltd............. 967 15,598
Agrium, Inc. .................. 679 37,999
Bank of Montreal............... 1,043 45,077
Bank of Nova Scotia (a)........ 1,600 72,235
Barrick Gold Corp. ............ 2,556 93,686
Bombardier, Inc. .............. 5,105 27,753
Brookfield Asset Management,
Inc. (Class A)............... 1,308 35,296
Brookfield Infrastructure
Partners LP.................. 16 252
CAE, Inc. ..................... 1,550 12,392
Cameco Corp. .................. 1,083 23,489
Canadian Imperial Bank of
Commerce (a)................. 825 47,396
Canadian National Railway
Co. ......................... 1,348 64,382
Canadian Natural Resources,
Ltd. ........................ 1,364 93,653
Canadian Oil Sands Trust....... 1,247 45,461
Canadian Pacific Railway,
Ltd. ........................ 640 34,354
Canadian Western Bank (a)...... 1,536 28,778
CGI Group, Inc. (Class A)(b).. 3,165 27,715
Crescent Point Energy Trust.... 1,957 57,263
EnCana Corp. .................. 1,822 116,463
Fairfax Financial Holdings,
Ltd. (a)..................... 78 25,027
First Quantum Minerals, Ltd.
(a).......................... 304 11,437
Gildan Activewear, Inc.
(a)(b)....................... 875 19,464
Goldcorp, Inc. ................ 2,042 64,283
Husky Energy, Inc. ............ 1,075 44,690
Imperial Oil, Ltd. ............ 1,083 46,429
International Royalty Corp..... 4,999 14,529
Kinross Gold Corp. (a)......... 2,033 32,679
Magna International, Inc.
(Class A).................... 492 25,303
Manulife Financial Corp. ...... 3,025 108,914
MDS, Inc. (b).................. 1,630 19,486
Nexen, Inc. ................... 1,303 30,271
Nortel Networks, Corp. (b)..... 1,832 4,032
OPTI Canada, Inc. (b).......... 1,558 17,216
Petro-Canada................... 1,465 48,778
Potash Corp. of Saskatchewan,
Inc. ........................ 817 106,021
Research In Motion, Ltd. (b)... 1,124 75,811
Rogers Communications, Inc.
(Class B) (a)................ 1,356 44,027
Royal Bank of Canada (a)....... 2,376 114,095
Russel Metals, Inc. ........... 1,239 26,803
Shaw Communications, Inc. ..... 1,467 29,721
Sherritt International Corp. .. 1,690 9,044
Sun Life Financial, Inc. ...... 1,231 43,071
Suncor Energy, Inc. ........... 2,308 95,515
Talisman Energy, Inc. ......... 3,085 43,582
Teck Cominco, Ltd. (Class B)... 1,306 37,121
TELUS Corp. (Non-Voting)....... 599 21,471
TMX Group, Inc. (a)............ 740 20,184
</Table>
See accompanying notes to financial statements.
113
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Toronto-Dominion Bank.......... 1,708 $ 102,943
TransCanada Corp. (a).......... 1,519 54,534
WesternZagros Resources, Ltd.
(b).......................... 326 377
-----------
TOTAL CANADA................... 2,216,100
-----------
CHINA -- 1.8%
Bank of East Asia, Ltd. ....... 6,140 18,979
Chong Hing Bank, Ltd. ......... 12,000 21,637
Dah Sing Banking Group, Ltd. .. 15,670 16,085
Dah Sing Financial Holdings,
Ltd. ........................ 2,417 10,086
Esprit Holdings, Ltd. ......... 3,600 21,954
Giordano International, Ltd. .. 72,000 25,037
Hang Lung Group, Ltd. ......... 12,000 37,402
Hang Lung Properties, Ltd. .... 12,000 27,634
Hong Kong Exchanges and
Clearing, Ltd. .............. 3,600 43,167
Hong Kong Land Holdings,
Ltd. ........................ 7,000 20,720
Hopewell Holdings.............. 6,000 21,483
Hysan Development Co., Ltd. ... 12,321 31,706
Li & Fung, Ltd. ............... 12,000 28,716
New World Development Co.,
Ltd. ........................ 14,137 15,385
Pacific Basin Shipping, Ltd. .. 24,000 19,474
Sino Land Co., Ltd. ........... 12,079 13,223
Swire Pacific, Ltd. ........... 3,000 26,042
The Link REIT.................. 13,868 28,614
Transport International
Holdings, Ltd. .............. 8,000 22,204
Wheelock & Co., Ltd. .......... 18,000 32,317
Wing Hang Bank, Ltd. .......... 3,000 22,816
-----------
TOTAL CHINA.................... 504,681
-----------
DENMARK -- 0.9%
A P Moller -- Maersk A/S....... 6 51,282
Bang & Olufsen A/S (Class B)... 241 8,938
DSV A/S........................ 1,646 25,642
FLSmidth & Co. A/S............. 304 15,052
Forstaedernes Bank A/S......... 779 14,812
GN Store Nord A/S (a)(b)....... 2,301 9,833
Novo-Nordisk A/S (Class B)..... 1,280 65,304
SimCorp A/S.................... 118 13,618
Vestas Wind Systems A/S (b).... 545 46,273
-----------
TOTAL DENMARK.................. 250,754
-----------
FINLAND -- 1.8%
Amer Sports Oyj (Class A) (a).. 1,666 19,891
Elisa Oyj...................... 999 19,281
Fortum Oyj..................... 1,332 44,118
Kemira Oyj (a)................. 1,364 15,902
Kesko Oyj (Class B)............ 616 15,506
Kone Oyj (Class B)............. 1,309 34,935
Konecranes Oyj................. 857 19,995
Lassila & Tikanoja Oyj......... 1,332 25,820
Metso Oyj...................... 640 15,346
Neste Oil Oyj (a).............. 1,061 21,714
Nokia Oyj...................... 4,781 86,632
Pohjola Bank PLC............... 1,948 27,746
Rautaruukki Oyj................ 529 10,343
Sampo Oyj (Class A)............ 1,278 28,399
SanomaWSOY Oyj (a)............. 1,285 23,988
Stockmann Oyj (Class B)........ 851 19,903
Stora Enso Oyj................. 2,150 20,627
UPM-Kymmene Oyj................ 1,582 24,310
Uponor Oyj..................... 787 9,805
Wartsila Oyj (Class B)......... 458 18,952
YIT Oyj........................ 943 9,669
-----------
TOTAL FINLAND.................. 512,882
-----------
FRANCE -- 8.7%
Accor SA....................... 586 30,764
Air France-KLM................. 593 13,323
Air Liquide SA................. 515 56,002
Alcatel-Lucent (a)(b).......... 5,500 20,836
Alstom SA...................... 530 39,282
AXA (a)........................ 3,819 122,817
BNP Paribas SA (a)............. 1,566 145,355
Bourbon SA (a)................. 438 21,496
Bouygues SA.................... 685 30,549
CA Ile de France CCI........... 250 20,192
Cap Gemini SA.................. 536 24,996
Carrefour SA................... 1,402 65,184
Casino Guichard-Perrachon SA... 288 25,344
Cie de Saint-Gobain............ 840 42,648
Cie Generale de Geophysique-
Veritas (b).................. 590 18,348
Cie Generale des Etablissements
Michelin..................... 412 26,303
Credit Agricole SA............. 1,644 30,955
Electricite de France.......... 526 37,633
Essilor International SA (a)... 763 37,629
France Telecom SA.............. 3,936 109,468
GDF Suez....................... 2,786 142,837
Groupe Danone (a).............. 1,027 72,129
Guyenne et Gascogne SA......... 296 26,231
Hermes International (a)....... 282 45,359
L'Oreal SA (a)................. 529 51,457
Lafarge SA..................... 388 40,216
Lagardere SCA.................. 631 28,092
LVMH Moet Hennessy Louis
Vuitton SA (a)............... 451 39,118
Nexans SA...................... 180 15,671
Pernod-Ricard SA (a)........... 560 48,596
PPR............................ 228 20,076
PSA Peugeot Citroen............ 523 19,372
Publicis Groupe (a)............ 725 22,496
Renault SA..................... 475 29,728
Rhodia SA (a).................. 653 9,906
Sanofi-Aventis................. 2,042 133,519
Schneider Electric SA.......... 569 48,151
Societe Generale............... 881 76,725
Sodexho........................ 421 24,600
Suez SA (b).................... 717 17,615
Technip SA..................... 475 26,268
Thomson (b).................... 1,970 6,946
Total SA....................... 4,953 296,239
Unibail-Rodamco (a)............ 190 37,930
Valeo SA (a)................... 506 15,104
Vallourec SA................... 154 32,677
Veolia Environnement........... 919 37,261
Vinci SA....................... 1,105 51,190
Vivendi SA..................... 2,727 84,347
-----------
TOTAL FRANCE................... 2,418,980
-----------
GERMANY -- 7.4%
Adidas AG...................... 703 37,228
Allianz SE..................... 967 130,777
BASF SE........................ 1,868 88,556
</Table>
See accompanying notes to financial statements.
114
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Bayer AG....................... 1,738 $ 126,458
Bayerische Motoren Werke AG.... 796 30,513
Bilfinger Berger AG............ 265 13,646
Commerzbank AG................. 1,642 23,987
Continental AG (b)............. 272 26,976
Daimler AG..................... 2,205 109,643
Deutsche Bank AG............... 1,122 78,068
Deutsche Boerse AG............. 529 47,459
Deutsche Post AG............... 1,918 39,819
Deutsche Telekom AG............ 6,717 101,615
E.ON AG........................ 4,400 219,901
Fresenius Medical Care AG & Co.
KGaA......................... 631 32,502
GEA Group AG................... 951 18,247
Hochtief AG.................... 228 10,719
Hypo Real Estate Holding AG
(a).......................... 521 3,037
Infineon Technologies AG (b)... 2,795 15,370
IVG Immobilien AG.............. 529 5,045
Lanxess AG..................... 545 14,821
Linde AG....................... 328 34,776
MAN AG (a)..................... 319 21,194
Merck KGaA..................... 241 25,525
Muenchener Rueckversicherungs-
Gesellschaft AG.............. 545 81,307
Puma AG Rudolf Dassler Sport... 48 12,926
Rheinmetall AG................. 337 17,960
RWE AG......................... 1,122 106,381
Salzgitter AG.................. 164 16,301
SAP AG......................... 2,150 113,763
Siemens AG..................... 1,965 181,479
ThyssenKrupp AG................ 943 27,856
TUI AG (a)..................... 1,178 19,285
Volkswagen AG (a).............. 514 200,721
Wincor Nixdorf AG.............. 406 23,661
-----------
TOTAL GERMANY.................. 2,057,522
-----------
GREECE -- 0.5%
Hellenic Telecommunications
Organization SA ADR (a)...... 4,185 37,665
National Bank of Greece SA ADR
(a).......................... 11,629 95,939
-----------
TOTAL GREECE................... 133,604
-----------
IRELAND -- 0.8%
Anglo Irish Bank Corp PLC...... 2,231 12,046
Bank of Ireland................ 2,203 12,223
C&C Group PLC.................. 1,865 4,975
CRH PLC........................ 1,356 28,571
DCC PLC........................ 967 18,473
Elan Corp. PLC (b)............. 1,142 11,788
Grafton Group PLC (b).......... 2,246 10,190
Independent News & Media PLC... 6,764 11,021
Kingspan Group PLC............. 957 8,603
Ryanair Holdings PLC ADR
(a)(b)....................... 2,684 60,202
United Drug PLC................ 7,353 39,041
-----------
TOTAL IRELAND.................. 217,133
-----------
ITALY -- 3.3%
Assicurazioni Generali SpA
(a).......................... 2,492 81,839
Atlantia SpA................... 1,263 25,671
Banca Italease SpA (b)......... 514 3,213
Banca Piccolo Credito
Valtellinese Scarl........... 2,743 22,578
Banca Popolare dell'Etruria e
del Lazio Scrl............... 2,580 20,004
Banca Popolare di Milano
Scarl........................ 2,424 20,191
Banco Popolare Societa
Cooperativa Scarl............ 816 12,482
Davide Campari-Milano SpA...... 3,405 27,286
Enel SpA....................... 7,856 64,996
Eni SpA........................ 5,255 137,295
Fiat SpA....................... 2,235 29,416
Finmeccanica SpA............... 1,200 25,688
Fondiaria -Sai SpA............. 599 13,917
IFIL Investments SpA (a)....... 3,380 15,003
Intesa Sanpaolo SpA............ 22,326 120,580
Parmalat SpA (a)............... 10,708 24,968
Pirelli & C. SpA............... 43,813 25,417
Saipem SpA..................... 1,348 39,592
Seat Pagine Gialle SpA (a)(b).. 52,616 5,077
Societa Cattolica di
Assicurazioni Scrl........... 655 29,883
Telecom Italia SpA............. 29,970 44,286
UniCredit SpA.................. 22,634 82,582
Unione di Banche Italiane
ScpA......................... 2,088 45,226
-----------
TOTAL ITALY.................... 917,190
-----------
JAPAN -- 19.2%
Advantest Corp. (a)............ 900 18,481
Aeon Co., Ltd. (a)............. 2,400 23,804
Aoyama Trading Co., Ltd. (a)... 1,200 15,723
Asahi Breweries, Ltd. (a)...... 2,200 38,129
Asahi Kasei Corp. (a).......... 6,000 24,810
Astellas Pharma, Inc. (a)...... 1,200 49,395
Bridgestone Corp. (a).......... 1,800 33,231
Canon, Inc. ................... 2,500 89,954
Casio Computer Co., Ltd. (a)... 1,600 14,800
Central Japan Railway Co. ..... 6 56,233
Chubu Electric Power Co., Inc.
(a).......................... 1,800 42,133
Chugai Pharmaceutical Co., Ltd.
(a).......................... 1,480 23,727
Chuo Mitsui Trust Holdings,
Inc. ........................ 6,000 31,084
Cosmo Oil Co., Ltd. ........... 7,000 16,352
Credit Saison Co., Ltd. ....... 1,200 19,114
CSK Holdings Corp. (a)......... 800 11,529
Daiichi Sankyo Co., Ltd. (a)... 1,800 45,693
Daikin Industries, Ltd. ....... 1,200 39,222
Daito Trust Construction Co.,
Ltd. (a)..................... 600 21,872
Daiwa Securities Group, Inc.
(a).......................... 6,000 41,709
Denso Corp. (a)................ 1,200 28,710
Dentsu, Inc. (a)............... 9 17,794
East Japan Railway Co. ........ 7 51,825
Eisai Co., Ltd. (a)............ 700 26,967
Fanuc, Ltd. ................... 600 43,743
FUJIFILM Holdings Corp. (a).... 1,200 30,406
Fujitsu, Ltd. ................. 7,000 38,440
Fukuoka Financial Group, Inc.
(a).......................... 6,000 21,420
Hankyu Hanshin Holdings, Inc.
(a).......................... 7,000 31,979
Hitachi, Ltd. ................. 8,000 54,104
Honda Motor Co., Ltd. ......... 3,000 87,317
Hoya Corp. (a)................. 1,300 25,225
Ibiden Co., Ltd. (a)........... 600 14,072
IHI Corp. ..................... 9,000 13,733
Isetan Mitsukoshi Holdings,
Ltd. (a)(b).................. 2,100 24,172
Isuzu Motors, Ltd. ............ 6,000 16,050
Itochu Corp. (a)............... 6,000 35,153
Japan Digital Laboratory Co.,
Ltd. ........................ 2,400 25,726
Japan Tobacco, Inc. ........... 10 37,112
</Table>
See accompanying notes to financial statements.
115
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
JFE Holdings, Inc. (a)......... 1,200 $ 35,944
JSR Corp. (a).................. 1,200 15,508
Kajima Corp. (a)............... 8,000 23,586
Kawasaki Heavy Industries, Ltd.
(a).......................... 7,000 14,374
KDDI Corp. (a)................. 6 33,288
Kintetsu Corp. (a)............. 12,000 41,596
Kiyo Holdings, Inc. ........... 18,000 25,602
Kobe Steel, Ltd. .............. 6,000 11,699
Komatsu, Ltd. ................. 2,400 37,866
Konica Minolta Holdings, Inc.
(a).......................... 3,000 33,542
Kubota Corp. (a)............... 6,000 36,622
Kurita Water Industries, Ltd.
(a).......................... 1,200 27,184
Kyocera Corp. (a).............. 600 44,534
Leopalace21 Corp. ............. 800 6,058
Marubeni Corp. (a)............. 6,000 26,449
Matsushita Electric Industrial
Co., Ltd. ................... 6,000 101,446
Mediceo Paltac Holdings Co.,
Ltd. ........................ 1,500 18,127
MISUMI Group, Inc. (a)......... 2,000 34,098
Mitsubishi Motors Corp.
(a)(b)....................... 19,000 31,140
Mitsubishi Chemical Holdings
Corp. (a).................... 3,000 15,627
Mitsubishi Corp. (a)........... 3,400 69,015
Mitsubishi Electric Corp. (a).. 6,000 39,052
Mitsubishi Heavy Industries,
Ltd. ........................ 12,000 50,412
Mitsubishi Materials Corp. .... 6,000 18,424
Mitsubishi UFJ Financial Group,
Inc. ........................ 23,400 196,828
Mitsui & Co., Ltd. ............ 4,000 48,151
Mitsui Chemicals, Inc. (a)..... 6,000 25,884
Mitsui OSK Lines, Ltd. ........ 6,000 49,960
Mitsui Sumitomo Insurance Group
Holdings, Inc. .............. 1,500 49,310
Mizuho Financial Group, Inc.
(a).......................... 24 99,920
Murata Manufacturing Co., Ltd.
(a).......................... 600 23,567
NEC Corp. (a).................. 7,000 29,011
Nidec Corp. (a)................ 600 36,057
Nintendo Co., Ltd. ............ 200 81,760
Nippon Mining Holdings, Inc. .. 4,000 15,787
Nippon Oil Corp. (a)........... 6,000 29,671
Nippon Steel Corp. (a)......... 12,000 43,743
Nippon Telegraph & Telephone
Corp. ....................... 9 39,759
Nippon Yusen KK................ 6,000 37,753
Nissan Motor Co., Ltd. (a)..... 4,800 31,513
Nitto Denko Corp. ............. 600 14,892
Nomura Holdings, Inc. (a)...... 4,200 52,458
NTT Data Corp. (a)............. 7 27,297
NTT DoCoMo, Inc. .............. 40 63,260
Obayashi Corp. (a)............. 6,000 29,558
ORIX Corp. .................... 240 28,439
Pioneer Corp. (a).............. 2,400 15,440
Resona Holdings, Inc. (a)...... 18 23,075
Rohm Co., Ltd. ................ 600 32,271
Rohto Pharmaceutical Co.,
Ltd. ........................ 2,000 22,512
Secom Co., Ltd. ............... 800 32,779
Seven & I Holdings Co., Ltd.
(a).......................... 2,200 62,064
Shimizu Corp. (a).............. 7,000 32,506
Shin-Etsu Chemical Co., Ltd. .. 1,000 46,060
Softbank Corp. (a)............. 1,900 24,035
Sompo Japan Insurance, Inc. ... 4,000 32,666
Sony Corp. .................... 2,400 71,662
Stanley Electric Co., Ltd. .... 1,600 22,938
Sumitomo Chemical Co., Ltd. ... 6,000 25,715
Sumitomo Corp. (a)............. 3,000 27,156
Sumitomo Electric Industries,
Ltd. (a)..................... 2,400 25,613
Sumitomo Metal Industries,
Ltd. ........................ 12,000 35,831
Sumitomo Mitsui Financial
Group, Inc. (a).............. 18 106,815
T&D Holdings, Inc. ............ 600 30,858
Taisei Corp. (a)............... 9,000 23,058
Takeda Pharmaceutical Co., Ltd.
(a).......................... 1,800 89,012
TDK Corp. (a).................. 600 29,049
Teijin, Ltd. (a)............... 6,000 17,633
Terumo Corp. .................. 800 41,068
The Akita Bank, Ltd. .......... 6,000 22,606
The Aomori Bank, Ltd. ......... 12,000 44,874
The Awa Bank, Ltd. ............ 6,000 34,305
The Bank of Iwate, Ltd. ....... 600 35,266
The Bank of Okinawa, Ltd. ..... 600 20,967
The Bank of Yokohama, Ltd.
(a).......................... 6,000 28,371
The Chiba Bank, Ltd. (a)....... 6,000 30,179
The Daisan Bank, Ltd. ......... 18,000 59,681
The Daishi Bank, Ltd. ......... 10,000 38,713
The Eighteenth Bank, Ltd. ..... 8,000 20,421
The Furukawa Electric Co.,
Ltd. ........................ 6,000 25,658
The Higo Bank, Ltd. (a)........ 6,000 33,853
The Hokkoku Bank, Ltd. (a)..... 6,000 22,211
The Hyakugo Bank, Ltd. ........ 6,000 33,344
The Musashino Bank, Ltd. (a)... 600 17,011
The Nanto Bank, Ltd. (a)....... 6,000 31,253
The Ogaki Kyoritsu Bank,
Ltd. ........................ 6,000 31,310
The San-In Godo Bank, Ltd. .... 6,000 45,947
The Shiga Bank, Ltd. (a)....... 6,000 37,357
The Shikoku Bank, Ltd. ........ 12,000 37,527
The Sumitomo Trust & Banking
Co., Ltd. ................... 6,000 37,866
The Toho Bank, Ltd. ........... 12,000 46,117
The Tokyo Electric Power Co.,
Inc. (a)..................... 2,400 58,550
The Yamagata Bank, Ltd. ....... 10,000 55,574
The Yamanashi Chuo Bank,
Ltd. ........................ 6,000 29,219
Tokio Marine Holdings, Inc. ... 1,800 63,411
Tokyo Electron, Ltd. (a)....... 600 26,336
Tokyo Gas Co., Ltd. ........... 8,000 32,930
Tokyu Corp. ................... 6,000 28,145
Toray Industries, Inc. (a)..... 6,000 27,523
Toshiba Corp. (a).............. 7,000 29,737
Toyota Motor Corp. ............ 5,600 231,037
USS Co., Ltd. ................. 500 31,743
Yamada Denki Co., Ltd. (a)..... 420 31,293
-----------
TOTAL JAPAN.................... 5,376,865
-----------
LUXEMBOURG -- 0.4%
ArcelorMittal.................. 1,786 88,118
SES............................ 1,505 31,287
-----------
TOTAL LUXEMBOURG............... 119,405
-----------
NETHERLANDS -- 4.2%
Aegon NV....................... 3,224 28,077
Akzo Nobel NV.................. 763 36,027
ASML Holding NV................ 1,386 24,160
European Aeronautic Defence and
Space Co. NV (a)............. 1,239 20,884
Fortis......................... 3,335 20,143
Fortis VVPR Strip (b).......... 592 8
Fugro NV....................... 501 29,170
</Table>
See accompanying notes to financial statements.
116
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Heineken NV.................... 763 $ 30,379
ING Groep NV................... 4,856 101,837
Koninklijke (Royal) Philips
Electronics NV............... 2,635 70,638
Koninklijke Ahold NV........... 3,443 39,304
Koninklijke DSM NV............. 767 35,936
Koninklijke Royal KPN NV....... 4,333 62,032
Koninkljike Numico NV (c)...... 180 13,881
Randstad Holding NV............ 438 11,354
Reed Elsevier NV (a)........... 2,639 39,030
Royal Dutch Shell PLC (Class
A)........................... 7,926 228,586
Royal Dutch Shell PLC (Class
B)........................... 5,862 164,881
SBM Offshore NV (a)............ 844 17,807
STMicroelectronics NV (a)...... 3,434 33,861
TNT NV......................... 1,200 32,869
Unilever NV.................... 3,594 100,260
Wolters Kluwer NV.............. 1,247 24,934
-----------
TOTAL NETHERLANDS.............. 1,166,058
-----------
NEW ZEALAND -- 0.1%
Calan Healthcare Properties
Trust........................ 46,271 33,068
-----------
NORWAY -- 0.7%
DnB NOR ASA.................... 2,455 18,436
Norsk Hydro ASA................ 2,073 13,587
Norske Skogindustrier ASA
(a)(b)....................... 3,073 12,318
Orkla ASA...................... 3,272 29,276
Petroleum Geo-Services ASA
(a)(b)....................... 742 9,551
StatoilHydro ASA............... 2,433 57,159
Storebrand ASA................. 1,943 11,207
Telenor ASA.................... 1,957 23,766
Yara International ASA......... 897 30,799
-----------
TOTAL NORWAY................... 206,099
-----------
PORTUGAL -- 0.4%
Banco Comercial Portugues SA
(a).......................... 13,223 21,211
Ibersol, SGPS SA............... 5,432 44,560
Portugal Telecom, SGPS, SA
(a).......................... 3,617 36,098
Zon Multimedia Servicos de
Telecomunicacoes e Multimedia
SGPS SA (a).................. 663 4,833
-----------
TOTAL PORTUGAL................. 106,702
-----------
SINGAPORE -- 0.9%
Ascendas REIT.................. 20,000 26,159
CapitaLand, Ltd. .............. 7,000 14,982
City Developments, Ltd. (a).... 6,000 36,889
Cosco Corp. Singapore, Ltd.
(a).......................... 12,000 12,590
Flextronics International, Ltd.
(b).......................... 2,978 21,084
Genting International PLC
(a)(b)....................... 46,000 14,639
Keppel Corp., Ltd. ............ 4,978 27,333
SembCorp Industries, Ltd. ..... 8,000 18,074
Singapore Exchange, Ltd. ...... 6,000 25,726
Stamford Land Corp, Ltd. ...... 190,000 49,836
-----------
TOTAL SINGAPORE................ 247,312
-----------
SOUTH AFRICA -- 0.0%(D)
Mondi, Ltd. (a)................ 118 610
-----------
SOUTH KOREA -- 2.4%
Hyundai Securities Co., Ltd. .. 6,020 57,858
KIWOOM Securities Co., Ltd. ... 1,822 42,420
Korea Electric Power Corp.
ADR.......................... 4,326 53,599
KT Corp. ADR................... 4,542 76,260
LG Display Co., Ltd. ADR (a)... 3,862 49,048
POSCO ADR (a).................. 1,378 128,664
Samsung Electronics Co., Ltd.
GDR (e)...................... 751 168,224
SK Telecom Co., Ltd. ADR (a)... 5,143 96,791
-----------
TOTAL SOUTH KOREA.............. 672,864
-----------
SPAIN -- 4.9%
Abertis Infraestructuras SA
(a).......................... 2,034 39,485
Acciona SA (a)................. 156 23,293
Acerinox SA (a)................ 1,161 20,483
ACS, Actividades de
Construccion y Servicios SA
(a).......................... 773 30,913
Banco Bilbao Vizcaya Argentaria
SA........................... 6,133 98,725
Banco de Andalucia SA.......... 375 22,808
Banco de Valencia SA........... 2,932 35,377
Banco Guipuzcoano SA (a)....... 1,746 16,432
Banco Pastor SA................ 1,558 13,240
Banco Popular Espanol SA (a)... 3,016 35,120
Banco Sabadell SA (a).......... 4,329 33,140
Banco Santander SA............. 10,618 156,603
Cia Espanola de Petroleos SA
(a).......................... 428 41,843
Ebro Puleva SA (a)............. 1,839 28,776
Enagas......................... 1,994 42,573
Faes Farma SA.................. 1,578 11,858
Gamesa Corp. Tecnologica SA.... 951 32,086
Gestevision Telecinco SA (a)... 1,488 15,007
Grupo Ferrovial SA (a)......... 343 15,533
Iberdrola SA................... 9,042 90,684
Iberia Lineas Aereas de Espana
(a).......................... 7,448 17,890
Indra Sistemas, SA (a)......... 1,654 38,985
Industria de Desino Textil SA
(a).......................... 809 33,739
NH Hoteles SA (a).............. 1,666 19,423
Red Electrica Corporacion SA... 903 45,472
Repsol YPF SA.................. 2,548 74,802
Sacyr Vallehermoso SA (a)...... 499 8,124
SOS Cuetara SA (a)............. 2,827 47,651
Telefonica SA.................. 9,855 232,421
Union Fenosa SA................ 2,055 49,764
-----------
TOTAL SPAIN.................... 1,372,250
-----------
SWEDEN -- 1.7%
Alfa Laval AB.................. 1,846 18,598
Assa Abloy AB (Class B)(a)..... 1,465 17,334
Atlas Copco AB (Class B)....... 4,207 41,480
Boliden AB Mines............... 1,091 4,444
Electrolux AB (a).............. 1,137 13,004
Hennes & Mauritz AB (Class B).. 1,091 43,498
Investor AB.................... 1,957 35,714
Kinnevik Investment AB......... 1,433 16,544
Nordea Bank AB................. 4,536 52,758
Sandvik AB..................... 2,795 28,861
Scania AB...................... 1,682 20,203
Securitas AB (Class B)......... 2,564 28,222
Skanska AB (Class B)........... 2,230 24,786
Tele2 AB (Class B)............. 1,676 18,688
Telefonaktiebolaget LM Ericsson
(Class B).................... 7,261 66,646
TeliaSonera AB................. 4,581 25,688
Volvo AB ADR (Class A)......... 3,702 30,661
-----------
TOTAL SWEDEN................... 487,129
-----------
SWITZERLAND -- 6.8%
ABB, Ltd. (b).................. 5,042 94,972
</Table>
See accompanying notes to financial statements.
117
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Adecco SA...................... 572 $ 24,609
Alcon, Inc. ................... 234 37,793
Bachem Holding AG (Class B).... 428 33,782
Cie Financiere Richemont SA
(Class A).................... 679 29,613
Clariant AG (b)................ 1,374 13,137
Credit Suisse Group AG......... 2,440 108,590
Geberit AG (a)................. 166 20,194
Graubuendner Kantonalbank...... 32 27,398
Holcim, Ltd. .................. 492 35,542
Julius Baer Holding AG......... 545 26,442
Kuehne & Nagel International
AG........................... 334 21,939
Lonza Group AG................. 304 37,849
Nestle SA...................... 8,003 344,031
Nobel Biocare Holding AG....... 701 23,170
Novartis AG.................... 5,532 288,873
PSP Swiss Property AG (a)(b)... 927 53,615
Roche Holding AG............... 1,643 255,700
SGS SA......................... 24 27,997
Sulzer AG...................... 170 17,891
Swatch Group AG................ 141 25,591
Swiss Life Holding (b)......... 100 14,350
Swiss Reinsurance.............. 790 42,767
Syngenta AG.................... 288 60,926
UBS AG (b)..................... 5,730 94,337
Xstrata PLC.................... 1,457 44,565
Zurich Financial Services AG... 310 84,602
-----------
TOTAL SWITZERLAND.............. 1,890,275
-----------
UNITED KINGDOM -- 16.0%
3i Group PLC................... 1,262 15,926
Amec PLC....................... 2,312 26,230
Anglo American PLC............. 3,168 104,748
AstraZeneca PLC................ 3,366 147,593
Aviva PLC...................... 5,666 48,477
BAE Systems PLC................ 7,973 58,551
Balfour Beatty PLC............. 3,697 19,769
Barclays PLC................... 13,162 76,599
Barratt Developments PLC....... 3,472 6,483
BG Group PLC................... 8,118 146,580
BHP Billiton PLC............... 5,221 117,165
BP PLC......................... 40,955 338,721
British Airways PLC (a)........ 2,338 7,009
British American Tobacco PLC... 3,117 101,951
British Energy Group PLC....... 2,954 40,017
British Land Co. PLC........... 1,465 19,441
British Sky Broadcasting Group
PLC.......................... 3,672 27,130
BT Group PLC................... 16,684 47,908
Burberry Group PLC............. 2,298 15,975
Cable & Wireless PLC........... 7,075 20,871
Cadbury PLC.................... 3,067 30,915
Capita Group PLC............... 3,953 49,181
Carnival PLC................... 703 20,813
Centrica PLC................... 8,845 49,504
Compass Group PLC.............. 6,248 38,310
Diageo PLC..................... 4,777 80,464
Drax Group PLC................. 1,893 25,374
DSG International PLC.......... 8,594 7,315
Enterprise Inns PLC............ 2,400 7,636
Experian PLC................... 4,282 28,049
FirstGroup PLC................. 2,252 21,375
Friends Provident PLC.......... 7,761 13,017
G4S PLC........................ 6,530 23,570
GKN PLC........................ 3,640 12,700
GlaxoSmithKline PLC............ 11,823 255,205
Hays PLC....................... 11,264 16,062
HBOS PLC....................... 8,899 19,415
Home Retail Group PLC.......... 2,868 11,860
HSBC Holdings PLC.............. 22,135 355,485
ICAP PLC....................... 2,791 17,661
Imperial Tobacco Group PLC..... 2,626 84,112
Inchcape PLC................... 2,516 8,409
Informa PLC.................... 2,469 13,852
Intercontinental Hotels Group
PLC.......................... 1,177 14,434
International Power PLC........ 4,739 30,557
Invensys PLC (b)............... 3,031 11,089
Investec PLC................... 1,957 10,543
ITV PLC........................ 13,730 10,279
J Sainsbury PLC................ 3,942 24,452
Kingfisher PLC................. 7,535 17,688
Land Securities Group PLC...... 1,098 24,464
Legal & General Group PLC...... 13,105 23,359
Lloyds TSB Group PLC........... 11,922 48,132
Logica PLC..................... 8,296 15,970
Lonmin PLC..................... 445 18,037
Man Group PLC.................. 4,386 26,326
Marks & Spencer Group PLC...... 4,419 15,871
Michael Page International
PLC.......................... 3,364 13,851
Mondi PLC (a).................. 3,004 13,815
National Express Group PLC..... 1,029 14,710
National Grid PLC.............. 5,522 70,277
Next PLC....................... 840 15,257
Old Mutual PLC................. 14,455 19,839
Pearson PLC.................... 2,603 27,838
Persimmon PLC.................. 1,760 12,494
Prudential PLC................. 5,612 50,766
Punch Taverns PLC.............. 1,137 2,736
Reckitt Benckiser PLC.......... 1,393 67,313
Rentokil Initial PLC........... 12,863 15,820
Rio Tinto PLC.................. 2,143 132,585
Rolls-Royce Group PLC (b)...... 5,131 30,775
Royal & Sun Alliance Insurance
Group PLC.................... 9,562 25,395
Royal Bank of Scotland Group
PLC.......................... 25,086 80,039
SABMiller PLC.................. 2,159 41,793
Scottish & Southern Energy
PLC.......................... 2,079 52,880
Serco Group PLC................ 3,983 25,665
Shire, Ltd. ................... 1,839 28,960
Smith & Nephew PLC............. 3,987 42,000
Smiths Group PLC............... 1,518 27,382
Standard Chartered PLC......... 2,473 59,288
Standard Life PLC.............. 6,199 26,519
Tate & Lyle PLC................ 3,252 22,085
Taylor Wimpey PLC.............. 8,792 5,524
Tesco PLC...................... 17,160 118,554
The Sage Group PLC............. 6,514 22,676
Thomson Reuters PLC............ 305 6,747
Tomkins PLC.................... 6,156 16,871
Tullow Oil PLC................. 3,417 43,426
Unilever PLC................... 2,978 80,790
United Business Media PLC...... 1,699 14,839
Virgin Media, Inc. (a)......... 989 7,813
</Table>
See accompanying notes to financial statements.
118
SPDR S&P WORLD EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Vodafone Group PLC............. 118,307 $ 258,745
William Hill PLC............... 2,541 10,576
William Morrison Supermarkets
PLC.......................... 7,422 34,198
Willis Group Holdings, Ltd.
(a).......................... 857 27,647
Wolseley PLC................... 1,878 13,950
WPP Group PLC.................. 3,492 27,885
Yell Group PLC................. 3,280 4,473
-----------
TOTAL UNITED KINGDOM........... 4,483,425
-----------
UNITED STATES -- 0.0% (D)
Dr. Pepper Snapple Group, Inc.
(b).......................... 96 2,542
-----------
TOTAL COMMON STOCKS --
(Cost $34,736,667)........... 27,351,592
-----------
PREFERRED STOCKS -- 0.3%
GERMANY -- 0.3%
Fresenius SE................... 358 25,742
Henkel AG & Co. KGaA........... 747 27,124
Porsche Automobil Holding SE... 238 25,340
-----------
TOTAL GERMANY.................. 78,206
-----------
ITALY -- 0.0%(D)
Istituto Finanziario
Industriale SpA (b).......... 803 8,708
-----------
TOTAL PREFERRED STOCKS --
(Cost $120,136).............. 86,914
-----------
RIGHTS -- 0.0% (D)
AUSTRALIA -- 0.0% (D)
Alumina Limited (expired
9/19/08) (b)(c)
(Cost $0).................... 1,011 56
-----------
SHORT TERM INVESTMENTS -- 9.0%
UNITED STATES -- 9.0%
MONEY MARKET FUNDS -- 9.0%
State Street Navigator
Securities Lending Prime
Portfolio (f)(g)............. 2,150,629 2,150,629
STIC Prime Portfolio........... 358,577 358,577
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $2,509,206)............ 2,509,206
-----------
TOTAL INVESTMENTS -- 107.1%
(Cost $37,366,009)........... 29,947,768
OTHER ASSETS AND
LIABILITIES -- (7.1)%........ (1,974,830)
-----------
NET ASSETS -- 100.0%........... $27,972,938
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Amount shown represents less than 0.05% of net assets.
(e) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 0.6% of net assets as of September 30, 2008, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
119
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.8%
AUSTRALIA -- 8.4%
ABB Grain, Ltd. .............. 70,835 $ 441,969
Adelaide Brighton, Ltd. (a)... 336,499 820,180
Ausenco, Ltd. ................ 72,516 644,079
Austar United Communications,
Ltd. ....................... 531,199 473,481
Austereo Group, Ltd. ......... 711,987 895,777
Australian Wealth Management,
Ltd. (a).................... 437,208 415,568
Australian Worldwide
Exploration, Ltd. (b)....... 587,195 1,185,740
Beach Petroleum, Ltd. (a)(b).. 847,615 605,082
Billabong International,
Ltd. ....................... 75,808 819,224
Boom Logistics, Ltd. (a)...... 435,926 407,472
Buru Energy Ltd(b)............ 262,133 55,828
Campbell Brothers, Ltd. ...... 49,398 1,250,782
Centennial Coal Co., Ltd.
(a)......................... 287,177 833,613
David Jones, Ltd. ............ 208,192 706,154
FKP Property Group............ 152,089 461,876
Fleetwood Corp., Ltd. ........ 134,339 937,805
Futuris Corp., Ltd. (a)....... 687,259 764,375
Goodman Fielder, Ltd. ........ 564,562 619,004
Healthscope, Ltd. ............ 191,132 693,519
Iluka Resources, Ltd. (b)..... 160,586 595,350
ING Real Estate Community
Living Group (a)............ 1,367,641 339,821
Invocare, Ltd. (a)............ 301,123 1,152,001
IOOF Holdings, Ltd. (a)....... 134,069 589,048
JB Hi-Fi, Ltd. (a)............ 98,078 946,935
Kagara Zinc, Ltd. (a)......... 156,001 340,859
Linc Energy, Ltd. ............ 64,426 254,604
Monadelphous Group, Ltd. ..... 76,467 723,806
Mount Gibson Iron Ltd. (b).... 269,929 349,189
Oakton, Ltd. (a).............. 169,565 468,135
Pacific Brands, Ltd. (a)...... 505,134 769,008
Pan Australian Resources, Ltd.
(b)......................... 1,146,258 501,814
PaperlinX, Ltd. (a)........... 335,978 463,784
Programmed Maintenance
Services, Ltd. ............. 223,078 686,260
Record Realty (b)............. 213,188 3,027
Riversdale Mining, Ltd. ...... 72,828 479,680
Roc Oil Co., Ltd. (a)(b)...... 508,200 420,912
SAI Global, Ltd. (a).......... 450,604 966,788
Sigma Pharmaceuticals, Ltd. .. 858,258 809,008
Sino Gold Mining, Ltd.
(a)(b)...................... 243,012 801,256
Spark Infrastructure Group.... 702,073 803,003
Spotless Group, Ltd. (a)...... 205,053 530,526
STW Communications Group,
Ltd. ....................... 579,916 523,766
Transfield Services, Ltd.
(a)......................... 109,438 655,205
Transpacific Industries Group,
Ltd. ....................... 80,059 442,054
WHK Group, Ltd. .............. 455,818 373,931
------------
TOTAL AUSTRALIA............... 28,021,298
------------
AUSTRIA -- 0.8%
Austrian Airlines AG (a)(b)... 68,710 440,102
BWIN Interactive Entertainment
AG (a)(b)................... 11,418 298,152
BWT AG........................ 18,843 448,630
Eco Business-Immobilien AG
(b)......................... 107,432 537,219
Schoeller-Bleckmann Oilfield
Equipment AG (a)............ 13,277 792,605
------------
TOTAL AUSTRIA................. 2,516,708
------------
BELGIUM -- 1.2%
AGFA-Gevaert NV (b)........... 67,142 420,627
Barco NV (a).................. 21,858 985,868
EVS Broadcast Equipment SA.... 10,790 759,628
RHJ International (b)......... 99,625 898,404
Tessenderlo Chemie NV......... 17,806 877,893
------------
TOTAL BELGIUM................. 3,942,420
------------
CANADA -- 10.1%
AltaGas Income Trust.......... 33,971 760,449
Anvil Mining, Ltd. (b)........ 86,050 367,444
Aurelian Resources, Inc.
(a)(b)...................... 58,732 359,065
Biovail Corp. ................ 42,405 402,832
Canadian Hydro Developers,
Inc. (a)(b)................. 254,405 988,236
Canadian Western Bank (a)..... 58,480 1,095,675
CanWest Global Communications
Corp. (a)(b)................ 138,508 298,329
Celestica, Inc. (a)(b)........ 121,480 760,964
Compton Petroleum Corp. (b)... 115,979 630,510
Corus Entertainment, Inc.
(Class B) (a)............... 77,236 1,321,410
Denison Mines Corp. (a)(b).... 86,536 255,571
Dundee Corp. (b).............. 52,321 513,269
Dundee Real Estate Investment
Trust....................... 57,116 1,601,955
DundeeWealth, Inc. ........... 51,605 505,275
First Calgary Petroleums, Ltd.
(a)(b)...................... 147,372 468,508
FirstService Corp. (b)........ 37,016 537,902
FNX Mining Co., Inc. (b)...... 64,739 685,629
Freehold Royalty Trust (a).... 47,640 766,219
Gammon Gold, Inc. (a)(b)...... 61,325 435,481
GMP Capital Trust............. 55,727 528,337
Golden Star Resources, Ltd.
(b)......................... 276,682 416,376
Great Canadian Gaming Corp.
(b)......................... 69,078 412,571
Guardian Capital Group,
Ltd. ....................... 149,445 986,742
Highpine Oil & Gas, Ltd. (b).. 85,630 683,784
Home Capital Group, Inc. ..... 30,854 914,128
HudBay Minerals, Inc. (b)..... 61,220 403,642
Iamgold Corp. ................ 166,617 919,904
Linamar Corp. ................ 67,296 632,957
MacDonald Dettwiler &
Associates, Ltd. (b)........ 31,988 650,772
Major Drilling Group
International, Inc. (b)..... 18,752 523,299
Martinrea International, Inc.
(b)......................... 56,690 324,187
New Gold, Inc. (b)............ 161,746 751,529
Novagold Resources, Inc. (a).. 94,234 619,541
NuVista Energy, Ltd. (b)...... 79,465 934,267
Open Text Corp. (a)(b)........ 24,593 816,760
Peyto Energy Trust............ 61,540 885,593
ProEx Energy, Ltd. (b)........ 70,876 887,283
Progress Energy Trust......... 93,177 1,056,041
Quebecor, Inc. (Class B) (a).. 27,072 640,388
Red Back Mining, Inc. (b)..... 94,069 567,139
Russel Metals, Inc. .......... 47,284 1,022,886
Savanna Energy Services
Corp. ...................... 60,280 877,099
Stantec, Inc. (a)(b).......... 38,354 919,168
The Forzani Group, Ltd. ...... 45,521 449,558
TriStar Oil & Gas, Ltd. (b)... 57,587 840,623
Uni-Select, Inc. ............. 69,808 1,453,677
</Table>
See accompanying notes to financial statements.
120
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Uranium One, Inc. (b)......... 161,913 $ 350,263
Westjet Airlines, Ltd. (b).... 45,315 500,801
------------
TOTAL CANADA.................. 33,724,038
------------
CHINA -- 3.0%
Allied Properties HK, Ltd. ... 2,248,791 289,630
Cafe de Coral Holdings,
Ltd. ....................... 907,867 1,578,523
Chow Sang Sang Holding
International, Ltd. ........ 572,939 326,156
Far East Consortium
International, Ltd. ........ 1,844,277 358,672
First Pacific, Co., Ltd. ..... 946,000 497,103
Giordano International,
Ltd. ....................... 2,984,000 1,037,666
HKR International, Ltd. ...... 1,508,779 555,759
Integrated Distribution
Services Group, Ltd. ....... 275,205 372,169
K Wah International Holdings,
Ltd. ....................... 1,403,565 307,310
Midland Holdings, Ltd. ....... 1,790 553
Miramar Hotel & Investment
Co., Ltd. .................. 779,000 851,805
Peace Mark Holdings, Ltd. .... 524,228 101,276
Road King Infrastructure,
Ltd. ....................... 655,544 377,402
Techtronic Industries Co.,
Ltd. ....................... 805,000 733,011
Texwinca Holdings, Ltd. ...... 1,192,050 982,583
VTech Holdings, Ltd. ......... 71,000 411,496
Xinao Gas Holdings, Ltd. ..... 548,000 734,022
Xinyi Glass Holdings Co.,
Ltd. ....................... 934,315 375,442
------------
TOTAL CHINA................... 9,890,578
------------
DENMARK -- 1.0%
Bang & Olufsen A S (Class B)
(a)......................... 14,344 531,979
East Asiatic Co., Ltd. ....... 20,133 830,063
GN Store Nord A/S (b)......... 113,207 483,791
IC Companys A/S............... 15,093 262,830
NeuroSearch A/S (a)(b)........ 13,576 587,838
SimCorp A S................... 4,466 515,392
------------
TOTAL DENMARK................. 3,211,893
------------
FINLAND -- 2.4%
Amer Sports Oyj (Class A)
(a)......................... 59,022 704,695
Atria Group PLC............... 34,203 569,313
Citycon Oyj................... 146,272 472,560
Cramo Oyj (Class B) (a)....... 32,535 303,907
Finnlines Oyj................. 81,676 1,345,738
HKScan Oyj.................... 52,747 415,651
Lassila & Tikanoja Oyj (a).... 46,069 893,010
Poyry Oyj..................... 48,582 927,391
TietoEnator Oyj (a)........... 39,958 582,037
Vacon Oyj..................... 23,670 897,698
Vaisala Oyj (Class A)......... 24,070 811,438
------------
TOTAL FINLAND................. 7,923,438
------------
FRANCE -- 3.1%
Canal Plus.................... 30,357 264,374
Carbone Lorraine SA (a)....... 15,576 724,189
Club Mediterranee SA (b)...... 15,632 532,250
GL Events SA.................. 18,203 440,296
Groupe Steria SCA (a)......... 18,761 408,466
IMS International Metal
Service..................... 23,221 397,932
Ingenico SA................... 26,867 666,843
IPSOS......................... 32,736 950,921
Rhodia SA..................... 37,822 573,768
Rubis......................... 19,152 1,345,093
Saft Groupe SA................ 19,343 759,677
Sequana Capital SA............ 46,279 647,458
Societe de la Tour Eiffel..... 6,685 592,890
SOITEC (a)(b)................. 55,500 292,343
Sperian Protection............ 6,307 642,287
STEF-TFE...................... 17,144 963,253
------------
TOTAL FRANCE.................. 10,202,040
------------
GERMANY -- 2.7%
Demag Cranes AG............... 17,239 673,897
Deutsche Wohnen AG (b)........ 29,994 373,703
DIC Asset AG.................. 21,520 299,258
Epcos AG...................... 35,742 895,657
Gerresheimer AG............... 9,041 409,049
Gildemeister AG............... 35,910 597,726
Indus Holding AG.............. 38,840 913,823
Jenoptik AG (a)(b)............ 86,346 521,530
Kontron AG.................... 48,821 493,750
KUKA AG (a)................... 29,266 708,710
Leoni AG...................... 24,767 742,745
MLP AG........................ 31,067 567,297
MTU Aero Engines Holding AG... 21,082 574,193
Patrizia Immobilien AG
(a)(b)...................... 106,165 319,127
Pfleiderer AG (a)............. 31,227 375,467
Solar Millennium AG (b)....... 12,398 376,335
------------
TOTAL GERMANY................. 8,842,267
------------
GREECE -- 1.2%
Ellaktor SA................... 65,976 639,445
Fourlis Holdings SA........... 29,438 558,226
Hellenic Exchanges SA......... 47,155 543,138
Intracom Holdings SA (b)...... 245,869 486,958
Michaniki SA.................. 112,500 360,293
Minoan Lines Shipping SA...... 103,745 655,764
Thessaloniki Port Authority
SA.......................... 23,083 596,593
------------
TOTAL GREECE.................. 3,840,417
------------
IRELAND -- 0.7%
C&C Group PLC................. 149,274 398,178
Fyffes PLC.................... 807,453 362,940
Kingspan Group PLC............ 69,005 620,339
McInerney Holdings PLC........ 454,498 236,212
McInerney Holdings PLC........ 58,881 30,174
Paddy Power PLC............... 36,518 628,877
Paddy Power PLC............... 13,334 232,060
------------
TOTAL IRELAND................. 2,508,780
------------
ITALY -- 2.0%
Amplifon SpA.................. 162,578 408,774
Astaldi SpA................... 125,371 832,964
Banca Popolare dell'Etruria e
del Lazio Scrl (a).......... 123,375 956,609
Digital Multimedia
Technologies SpA (a)(b)..... 16,644 355,127
Esprinet SpA (a).............. 54,878 235,878
IMMSI SpA..................... 412,228 494,497
Interpump Group SpA........... 126,905 823,548
Permasteelisa SpA............. 60,397 954,413
Recordati SpA................. 107,748 658,365
Sorin SpA (b)................. 538,929 553,750
</Table>
See accompanying notes to financial statements.
121
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tiscali SpA (a)(b)............ 254,743 $ 422,591
------------
TOTAL ITALY................... 6,696,516
------------
JAPAN -- 30.5%
Alps Electric Co., Ltd. (a)... 101,236 775,254
Asahi Pretec Corp. (a)........ 26,443 501,885
Atrium Co., Ltd. (a).......... 15 62
Bank of the Ryukyus, Ltd. .... 77,400 638,651
Best Denki Co., Ltd. (a)...... 128,769 479,101
Capcom Co., Ltd. (a).......... 45 1,265
Central Glass Co., Ltd. ...... 303,145 987,973
COMSYS Holdings Corp. (a)..... 117,050 992,276
DA Office Investment Corp.
(a)......................... 179 649,131
Daifuku Co., Ltd. ............ 70,000 427,919
Daihen Corp. (a).............. 140,000 485,282
Daiichi Chuo Kisen Kaisha
(a)......................... 75,834 339,294
Daimei Telecom Engineering
Corp. (a)................... 76,000 602,760
Dainippon Screen Manufacturing
Co., Ltd. (a)............... 143,000 453,925
DCM Japan Holdings Co., Ltd.
(a)......................... 99,333 685,829
Disco Corp. (a)............... 14,000 400,885
Don Quijote Co., Ltd. (a)..... 43,800 775,623
DOUTOR NICHIRES Holdings Co.,
Ltd. ....................... 94,632 1,403,012
DTS Corp. (a)................. 49,782 510,645
eAccess, Ltd. (a)............. 1,148 637,988
EDION Corp. (a)............... 58,100 385,819
FCC Co., Ltd. ................ 57,548 745,877
Fukuoka REIT Corp. ........... 179 912,156
Furukawa Co., Ltd. (a)........ 406,387 558,871
Glory, Ltd. .................. 42,100 947,761
H2O Retailing Corp. (a)....... 140,000 837,376
Hanwa Co., Ltd. .............. 210,000 708,143
Heiwa Real Estate Co., Ltd.
(a)......................... 182,000 634,296
Hitachi Kokusai Electric, Inc.
(a)......................... 84,372 500,677
Hitachi Zosen Corp. (a)(b).... 453,000 460,830
Horiba, Ltd. (a).............. 30,113 669,398
Hosiden Corp. (a)............. 63,700 889,214
Iino Kaiun Kaisha, Ltd. (a)... 79,400 614,768
IT Holdings Corp. (b)......... 53,308 760,216
Izumiya Co., Ltd. ............ 149,000 804,192
Japan Airport Terminal Co.,
Ltd. (a).................... 54,700 544,089
Japan Asia Investment Co.,
Ltd. ....................... 128,000 245,957
Japan Aviation Electronics
Industry, Ltd. (a).......... 70,000 320,445
Japan Excellent, Inc. ........ 146 636,726
Japan Logistics Fund, Inc. ... 142 835,963
Juki Corp. (a)................ 332 547
K's Holdings Corp. (a)........ 29,700 533,769
Kanematsu Corp. (b)........... 437,698 408,158
Katakura Industries Co., Ltd.
(a)......................... 55,774 714,479
Kayaba Industry Co., Ltd.
(a)......................... 184,832 499,664
Keisei Electric Railway Co.,
Ltd. (a).................... 243,230 1,319,648
Kenedix, Inc. (a)............. 312 174,860
Kitz Corp. (a)................ 76,000 347,195
Kiyo Holdings, Inc. .......... 652,000 927,349
Komori Corp. (a).............. 61,436 811,894
Kurabo Industries, Ltd. ...... 400,000 689,493
Kyowa Exeo Corp. (a).......... 76,000 677,926
Makino Milling Machine Co.,
Ltd. (a).................... 81,000 313,578
Marudai Food Co., Ltd. ....... 315,656 666,010
Maruha Nichiro Holdings, Inc.
(a)......................... 446,485 723,359
Marusan Securities Co., Ltd.
(a)......................... 93,798 556,612
Meiji Dairies Corp. (a)....... 255,451 1,345,049
Miraca Holdings, Inc. (a)..... 46,000 883,907
Mitsubishi Rayon Co., Ltd. ... 193,000 467,207
Mitsui Mining & Smelting Co.,
Ltd. ....................... 369,000 844,600
Mitsui-Soko Co., Ltd. (a)..... 177,000 783,592
Mitsumi Electric Co., Ltd. ... 34,800 852,258
Nabtesco Corp. (a)............ 70,000 551,217
Nakanishi, Inc. .............. 6,583 558,065
Nankai Electric Railway Co.,
Ltd. (a).................... 390,000 1,502,473
NET One Systems Co., Ltd.
(a)......................... 533 751,065
Neturen Co., Ltd. ............ 122,303 756,870
New City Residence Investment
Corp. (a)................... 278 387,548
Nihon Dempa Kogyo Co., Ltd.
(a)......................... 15,200 255,421
Nihon Kohden Corp. (a)........ 37,300 683,005
Nikkiso Co., Ltd. ............ 138,000 692,827
Nippon Accommodations Fund,
Inc. ....................... 150 712,099
Nippon Carbon Co., Ltd. (a)... 130,712 401,376
Nippon Konpo Unyu Soko Co.,
Ltd. ....................... 117,000 1,080,017
Nippon Light Metal Co., Ltd.
(a)......................... 836,000 952,819
Nippon Seiki Co., Ltd. ....... 64,000 574,502
Nippon Shinyaku Co., Ltd. .... 115,000 1,083,219
Nippon Soda Co., Ltd. ........ 152,000 599,896
Nippon Suisan Kaisha, Ltd.
(a)......................... 231,199 838,427
Nippon Thompson Co., Ltd. .... 121,000 500,344
Nishimatsu Construction Co.,
Ltd. (a).................... 370,000 825,978
Nishimatsuya Chain Co., Ltd.
(a)......................... 66,093 621,927
Nitto Boseki Co., Ltd. ....... 308,153 647,277
NOF Corp. .................... 242,000 795,535
NSD Co., Ltd. ................ 52,808 423,300
Okasan Holdings, Inc. (a)..... 155,682 733,208
Oki Electric Industry Co.,
Ltd. (a)(b)................. 596,000 611,915
Orix JREIT, Inc. ............. 213 1,069,364
Osaka Securities Exchange Co.,
Ltd. ....................... 174 475,134
OSG Corp. (a)................. 85,400 711,097
Park24 Co., Ltd. (a).......... 105,813 583,060
Point, Inc. (a)............... 13,970 525,035
Premier Investment Co. ....... 267 1,116,639
Rengo Co., Ltd. .............. 79,000 527,584
Rohto Pharmaceutical Co.,
Ltd. ....................... 95,000 1,069,326
Ryohin Keikaku Co., Ltd. (a).. 18,703 905,509
Sakai Chemical Industry Co.,
Ltd. ....................... 201,565 533,507
Sanden Corp. (a).............. 273,000 902,586
Sankyu, Inc. (a).............. 166,000 581,661
Sanyo Shokai, Ltd. (a)........ 101,000 515,631
Sanyo Special Steel Co., Ltd.
(a)......................... 112,937 572,318
Sato Corp. (a)................ 68,600 897,522
Seiren Co., Ltd. ............. 114,200 551,826
Shima Seiki Manufacturing,
Ltd. (a).................... 38,925 742,459
Shimachu Co., Ltd. ........... 53,900 1,198,173
Shinko Electric Co., Ltd.
(a)......................... 248,000 756,860
Shochiku Co., Ltd. (a)........ 228,000 1,228,427
Shoei Co., Ltd. .............. 61,700 584,658
SMK Corp. (a)................. 138,343 437,840
Star Micronics Co., Ltd. ..... 36,400 366,520
Sumitomo Osaka Cement Co.,
Ltd. (a).................... 526,793 833,620
Sysmex Corp. (a).............. 57 2,507
</Table>
See accompanying notes to financial statements.
122
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tadano, Ltd. (a).............. 74,526 $ 449,269
Takara Holdings, Inc. (a)..... 177,000 1,220,402
Takasago International Corp.
(a)......................... 201,694 957,507
Takefuji Corp. ............... 39,740 503,090
Takuma Co., Ltd. (a).......... 158,000 391,410
The Bank of Nagoya, Ltd. (a).. 142,000 765,073
The Bank of Okinawa, Ltd. .... 28,700 1,002,939
The Ehime Bank, Ltd. ......... 373,000 1,036,453
The Eighteenth Bank, Ltd. .... 366,730 936,126
The Hokuetsu Bank, Ltd. (a)... 512,000 1,041,699
The Michinoku Bank, Ltd. ..... 421,000 872,416
The Minato Bank, Ltd. ........ 438,000 606,471
The Miyazaki Bank, Ltd. (a)... 340,000 999,199
The Musashino Bank, Ltd. (a).. 22,400 635,087
The Oita Bank, Ltd. .......... 222,000 1,141,732
The Tochigi Bank, Ltd. ....... 150,000 785,570
The Tokushima Bank, Ltd. ..... 161,000 586,888
The Tokyo Tomin Bank, Ltd.
(a)......................... 23,900 380,905
Toagosei Co., Ltd. (a)........ 331,818 828,256
TOC Co., Ltd. (a)............. 115,000 431,121
Toei Co., Ltd. ............... 182,000 860,585
Toho Pharmaceutical Co., Ltd.
(a)......................... 43,319 606,747
Toho Zinc Co., Ltd. (a)....... 132,000 349,381
Tokai Tokyo Securities Co.,
Ltd. (a).................... 142,000 469,477
Tokuyama Corp................. 80,000 450,619
Tokyo Dome Corp. ............. 140,000 717,374
Tokyo Tatemono Co., Ltd. ..... 114,000 522,941
Topy Industries, Ltd. ........ 421,381 1,139,136
Toyo Corp/Chuo-ku (a)......... 78,348 758,647
Toyo Tire & Rubber Co., Ltd.
(a)......................... 211,000 566,430
Toyobo Co., Ltd. (a).......... 570,788 935,498
Tsumura & Co. (a)............. 43,900 1,108,199
Ulvac, Inc. (a)............... 26,100 715,405
Unitika, Ltd. (a)............. 582,000 487,901
Yodogawa Steel Works, Ltd. ... 227,000 996,392
Zenrin Co., Ltd. (a).......... 32,477 381,470
------------
TOTAL JAPAN................... 101,169,696
------------
NETHERLANDS -- 2.3%
Aalberts Industries NV........ 48,495 610,342
ASM International NV (a)(b)... 39,783 710,809
Crucell NV (b)................ 42,926 657,829
Draka Holdings (a)............ 15,876 320,900
Exact Holdings NV............. 27,556 700,588
Imtech NV..................... 30,546 616,137
James Hardie Industries NV.... 231,365 907,029
KAS Bank NV................... 53,740 1,123,985
OPG Groep NV.................. 87,023 1,189,365
Ordina NV..................... 53,812 401,367
Orthofix International N.V.
(a)(b)...................... 16,565 308,606
------------
TOTAL NETHERLANDS............. 7,546,957
------------
NEW ZEALAND -- 0.7%
Fisher & Paykel Appliances
Holdings, Ltd. (a).......... 543,974 581,312
Fisher & Paykel Healthcare
Corp., Ltd. ................ 354,286 693,319
Nuplex Industries, Ltd. ...... 240,691 948,470
------------
TOTAL NEW ZEALAND............. 2,223,101
------------
NORWAY -- 1.5%
Awilco Offshore ASA (b)....... 204 2,916
DET Norske Oljeselskap ASA
(a)(b)...................... 597,595 535,706
Ekornes ASA................... 69,818 938,811
Farstad Shipping ASA.......... 6,578 131,286
Norske Skogindustrier ASA..... 145,353 582,661
Norwegian Property ASA (a).... 231,202 391,052
Songa Offshore ASA (b)........ 70,420 655,092
Tomra Systems ASA............. 104,396 529,723
Veidekke ASA.................. 140,638 742,165
Wavefield Inseis ASA (b)...... 164,150 460,885
------------
TOTAL NORWAY.................. 4,970,297
------------
PORTUGAL -- 0.3%
Altri SGPS SA................. 104,809 324,031
F. Ramada Investimentos SGPS
(b)......................... 20,157 26,162
Semapa-Sociedade de
Investimento e Gestao, SGPS,
SA.......................... 81,140 786,416
------------
TOTAL PORTUGAL................ 1,136,609
------------
SINGAPORE -- 2.6%
Bukit Sembawang Estates,
Ltd. ....................... 158,080 685,526
Haw Par Corp., Ltd. .......... 513,352 1,651,688
Hong Leong Finance, Ltd. ..... 960,656 1,982,189
Mapletree Logistics Trust..... 2,229,965 1,138,613
Parkway Holdings, Ltd. ....... 663,309 872,225
Suntec REIT Trust............. 1,362,000 1,105,071
Verigy, Ltd. (b).............. 35,529 578,412
WBL Corp., Ltd. .............. 45,000 97,573
Wing Tai Holdings, Ltd. ...... 708,000 465,496
------------
TOTAL SINGAPORE............... 8,576,793
------------
SOUTH KOREA -- 5.1%
Asiana Airlines............... 117,731 427,244
Cheil Communications, Inc. ... 4,130 769,916
Daewoo Motor Sales............ 20,720 366,521
Daum Communications Corp.
(b)......................... 9,113 303,905
Dong-A Pharmaceutical Co.,
Ltd. ....................... 6,568 544,182
Eugene Investment & Securities
Co., Ltd. .................. 308,100 403,329
Hana Tour Service, Inc. ...... 13,120 273,933
Hanmi Pharm Co., Ltd. ........ 5,587 541,596
Hansol Paper Co. (b).......... 40,010 520,450
Hanwha Chemical Corp. ........ 52,290 467,900
Hanwha Securities Co. ........ 49,060 325,183
Hite Brewery Co., Ltd. (b).... 3,423 623,936
Hotel Shilla Co., Ltd. ....... 37,140 483,117
Humax Co., Ltd. .............. 34,727 323,691
Hyundai Department Store Co.,
Ltd. ....................... 10,520 801,889
Hyundai Marine & Fire
Insurance Co., Ltd. ........ 44,500 689,465
Jeonbuk Bank.................. 118,119 606,767
Korean Reinsurance Co. ....... 62,345 477,809
LG International Corp. ....... 34,950 712,349
LG Life Sciences, Ltd. (b).... 12,526 526,176
LIG Insurance Co., Ltd. ...... 30,090 605,814
LS Industrial Systems Co.,
Ltd. ....................... 11,448 465,717
MegaStudy Co., Ltd. .......... 2,894 426,085
Meritz Fire & Marine Insurance
Co., Ltd. .................. 83,650 568,317
Meritz Securities Co., Ltd. .. 394,760 385,945
NCSoft Corp. ................. 9,712 342,791
Orion Corp. (a)............... 3,327 532,011
Poongsan Corp. (b)............ 62,961 521,654
</Table>
See accompanying notes to financial statements.
123
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Poongsan Corp. ............... 8 $ 104
Samsung Fine Chemicals Co.,
Ltd. ....................... 14,736 643,430
SFA Engineering Corp. ........ 11,239 489,806
SK Chemicals Co., Ltd. ....... 15,802 424,197
Ssangyong Motor Co. (a)(b).... 159,620 333,272
Yuhan Corp. .................. 4,807 856,295
------------
TOTAL SOUTH KOREA............. 16,784,796
------------
SPAIN -- 2.1%
Amper, SA..................... 68,116 501,359
Campofrio Alimentacion SA..... 101,663 1,120,987
Construcciones y Auxiliar de
Ferrocarriles SA............ 2,920 1,025,805
Ercros SA (a)(b).............. 1,211,995 357,510
Faes Farma SA................. 89,008 668,884
General de Alquiler de
Maquinaria (a)(b)........... 32,110 324,293
Parquesol Inmobiliaria y
Proyectos SA................ 36,354 714,905
Tubacex SA.................... 135,290 843,756
Tubos Reunidos SA............. 161,641 599,410
Vidrala SA.................... 35,940 856,194
------------
TOTAL SPAIN................... 7,013,103
------------
SWEDEN -- 2.2%
Boliden AB Mines.............. 141,160 574,945
Castellum AB.................. 104,516 891,858
D Carnegie & Co. AB (a)....... 52,041 373,174
Elekta AB (Class B) (a)....... 59,488 996,052
Haldex AB..................... 74,802 742,898
Hemtex AB (a)................. 43,290 235,921
Intrum Justitia AB (a)........ 59,268 620,496
Kungsleden AB (a)............. 90,711 567,208
New Wave Group AB (Class B)
(a)......................... 137,300 362,313
Q-Med AB (a).................. 81,335 348,774
TradeDoubler AB............... 33,340 282,107
Trelleborg AB (Class B)....... 57,027 776,963
Wihlborgs Fastigheter AB...... 52,737 712,841
------------
TOTAL SWEDEN.................. 7,485,550
------------
SWITZERLAND -- 2.3%
Basilea Pharmaceutica AG (b).. 5,101 750,649
Belimo Holding AG............. 1,355 1,196,388
Ciba Holding AG............... 23,598 999,692
Daetwyler Holding AG (b)...... 17,407 967,961
Georg Fischer AG.............. 1,702 604,144
Kudelski SA (a)............... 35,763 436,651
Kuoni Reisen Holding (Class
B).......................... 2,545 976,009
Mobimo Holding AG (b)......... 2,361 368,495
Temenos Group AG (a)(b)....... 33,245 619,684
Valora Holding AG (a)......... 4,677 880,131
------------
TOTAL SWITZERLAND............. 7,799,804
------------
UNITED KINGDOM -- 11.6%
Bellway PLC................... 50,603 487,065
Berkeley Group Holdings PLC
(b)......................... 37,263 501,466
Bodycote International........ 197,277 553,827
Bovis Homes Group PLC......... 98,895 664,558
Britvic PLC................... 125,428 453,286
Chemring Group PLC............ 23,276 851,754
Chloride Group................ 273,281 940,121
Connaught PLC................. 182,702 1,221,214
Croda International PLC....... 64,657 695,520
Dairy Crest Group PLC......... 94,923 676,782
Dimension Data Holdings PLC... 790,048 577,370
DS Smith PLC.................. 178,705 342,422
DSG International PLC......... 759,682 646,580
Elementis PLC................. 487,240 573,197
Fenner PLC.................... 193,229 606,181
Galliford Try PLC............. 338,723 271,690
Game Group PLC................ 223,526 816,768
Helphire PLC (a).............. 162,174 398,912
Henderson Group PLC........... 277,379 538,911
Hiscox, Ltd. ................. 126,721 552,261
HMV Group PLC (a)............. 428,470 968,022
International Personal
Finance..................... 156,845 693,329
Interserve PLC................ 100,237 537,789
ITE Group PLC................. 278,364 600,365
Jardine Lloyd Thompson Group
PLC......................... 67,887 534,843
Keller Group PLC.............. 53,880 637,214
Kier Group PLC................ 31,656 438,988
Laird Group PLC............... 110,489 485,952
Melrose PLC................... 309,364 791,296
Michael Page International
PLC......................... 144,683 595,726
Mitchells & Butlers PLC....... 122,788 479,858
Mitie Group................... 260,847 960,114
Mondi PLC..................... 183,483 843,786
Morgan Crucible Co. .......... 160,889 449,522
Morgan Sindall PLC............ 36,054 285,013
N Brown Group PLC............. 137,019 539,747
Northern Foods PLC............ 512,948 585,154
PayPoint PLC.................. 57,320 539,457
Persimmon PLC................. 113,845 808,140
Premier Farnell PLC........... 207,319 602,343
Premier Foods PLC............. 362,647 483,184
Rank Group PLC (b)............ 447,648 564,521
Raymarine PLC................. 153,434 298,102
Redrow PLC.................... 164,885 474,647
Restaurant Group PLC.......... 182,470 404,115
RPS Group PLC................. 166,064 721,501
Senior PLC.................... 360,041 545,491
Shaftesbury PLC (a)........... 115,731 871,552
Shanks Group PLC.............. 184,709 625,545
SIG Plc....................... 71,510 491,051
Spectris PLC.................. 60,914 721,488
SSL International PLC......... 107,847 861,679
St James's Place PLC.......... 101,367 388,465
Taylor Wimpey PLC............. 532,798 334,764
Travis Perkins PLC............ 50,322 474,045
Tullett Prebon PLC............ 138,421 676,036
UK Coal PLC (b)............... 91,760 558,549
Ultra Electronics Holdings
PLC......................... 23,578 529,535
Unite Group PLC............... 135,986 550,221
UTV Media PLC................. 147,902 331,512
Victrex PLC................... 83,981 1,070,297
Wetherspoon (J.D.) PLC........ 86,388 360,318
WH Smith PLC.................. 91,685 616,108
Wincanton PLC................. 128,224 425,679
Yell Group PLC................ 330,818 451,095
------------
TOTAL UNITED KINGDOM.......... 38,576,043
------------
TOTAL COMMON STOCKS --
</Table>
See accompanying notes to financial statements.
124
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
(Cost $448,345,648)......... $324,603,142
------------
PREFERRED STOCK -- 0.1%
GERMANY -- 0.1%
Draegerwerk AG & Co. KGaA
(Cost $636,134)............. 8,664 461,847
------------
WARRANTS -- 0.0% (D)
AUSTRALIA -- 0.0% (D)
Beach Petroleum, Ltd.
(expiring 6/30/2010) (b)
(Cost $0)................... 72,739 4,016
Buru Energy, Ltd.
(expiring 10/10/2010) (b)(c)
(Cost $0)................... 87,378 --
------------
TOTAL AUSTRALIA............... 4,016
------------
SWITZERLAND -- 0.0% (D)
Precious Woods Holding AG (b)
(expiring 10/31/08)
(Cost $0)................... 900 32
------------
TOTAL WARRANTS --
(Cost $0)................... 4,048
------------
SHORT TERM INVESTMENTS -- 15.0%
UNITED STATES -- 15.0%
MONEY MARKET FUNDS -- 15.0%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f)............ 48,309,606 48,309,606
STIC Prime Portfolio.......... 1,417,167 1,417,167
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $49,726,773).......... 49,726,773
------------
TOTAL INVESTMENTS -- 112.9%
(Cost $498,708,555)......... 374,795,810
OTHER ASSETS AND
LIABILITIES -- (12.9)%...... (42,906,004)
------------
NET ASSETS -- 100.0%.......... $331,889,806
============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Amount shown represents less than 0.05% of net assets.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
125
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.2%
AUSTRALIA -- 9.6%
Aristocrat Leisure, Ltd. ...... 65,551 $ 334,027
Australia & New Zealand Banking
Group, Ltd. ................. 4,952 73,240
Boral, Ltd. (a)................ 84,941 410,049
Commonwealth Bank of Australia
(a).......................... 741 24,911
Lend Lease Corp., Ltd. ........ 80,123 580,188
Macquarie Group, Ltd. ......... 2,071 60,443
National Australia Bank,
Ltd. ........................ 28,042 536,620
Perpetual, Ltd. (a)............ 17,494 645,806
St. George Bank, Ltd. ......... 1,216 27,433
Suncorp-Metway, Ltd. .......... 57,070 418,657
TABCORP Holdings, Ltd. ........ 110,637 705,143
Wesfarmers, Ltd. (a)........... 12,961 291,169
Westpac Banking Corp. ......... 3,107 52,643
-----------
TOTAL AUSTRALIA................ 4,160,329
-----------
AUSTRIA -- 0.0% (B)
Immofinanz Immobilien Anlagen
AG........................... 3,022 10,357
-----------
BELGIUM -- 6.3%
Belgacom SA.................... 19,373 720,718
Cofinimmo REIT................. 3,581 618,696
Compagnie Maritime Belge SA
(a).......................... 19,409 772,084
Dexia SA (a)................... 52,441 552,459
KBC Ancora..................... 1,086 69,637
-----------
TOTAL BELGIUM.................. 2,733,594
-----------
CANADA -- 15.2%
ARC Energy Trust............... 22,425 487,225
Bank of Montreal............... 2,481 107,225
Biovail Corp. (a).............. 119,225 1,132,593
Canadian Imperial Bank of
Commerce (a)................. 617 35,446
Enerplus Resources Fund........ 26,959 985,353
Manitoba Telecom Services, Inc.
(a).......................... 21,012 775,697
NAL Oil & Gas Trust............ 72,837 858,397
National Bank of Canada........ 660 30,201
Peyto Energy Trust............. 51,248 737,485
Precision Drilling Trust....... 15,348 252,624
Russel Metals, Inc. ........... 28,279 611,754
Vermilion Energy Trust......... 17,879 572,760
-----------
TOTAL CANADA................... 6,586,760
-----------
CZECH REPUBLIC -- 1.6%
Telefonica O2 Czech Republic
AS........................... 29,174 679,700
-----------
DENMARK -- 1.0%
D/S Norden A/S................. 8,569 400,881
Danske Bank A/S................ 1,084 25,458
-----------
TOTAL DENMARK.................. 426,339
-----------
FINLAND -- 2.2%
Kesko Oyj (Class B)............ 14,125 355,545
Outokumpu Oyj.................. 12,898 200,376
Pohjola Bank PLC............... 1,866 26,578
SanomaWSOY Oyj (a)............. 19,060 355,808
-----------
TOTAL FINLAND.................. 938,307
-----------
FRANCE -- 10.7%
AXA (a)........................ 1,126 36,212
Credit Agricole SA............. 11,726 220,793
Euler Hermes SA (a)............ 9,706 673,906
Fonciere des Regions (a)....... 562 57,864
Gecina SA REIT................. 524 55,939
M6-Metropole Television........ 39,948 866,384
Natixis (a).................... 3,648 11,734
PagesJaunes Groupe (a)......... 80,727 1,104,450
Renault SA..................... 10,360 648,372
Societe Television Francaise 1
(a).......................... 55,395 965,629
-----------
TOTAL FRANCE................... 4,641,283
-----------
GERMANY -- 3.3%
Deutsche Bank AG............... 8,156 567,489
Deutsche Lufthansa AG.......... 45,570 883,337
-----------
TOTAL GERMANY.................. 1,450,826
-----------
GREECE -- 0.6%
Diana Shipping, Inc. .......... 13,391 263,669
-----------
IRELAND -- 2.8%
Allied Irish Banks PLC......... 32,242 262,675
Allied Irish Banks PLC......... 26,020 215,639
Bank of Ireland................ 27,364 151,825
Irish Life & Permanent PLC..... 60,854 414,571
The Governor & Co. of the Bank
of Ireland................... 30,981 171,894
-----------
TOTAL IRELAND.................. 1,216,604
-----------
ISRAEL -- 1.4%
Delek Group, Ltd. ............. 6,761 571,297
Mizrahi Tefahot Bank, Ltd. .... 3,170 20,213
-----------
TOTAL ISRAEL................... 591,510
-----------
ITALY -- 11.9%
Alleanza Assicurazioni SpA..... 8,684 78,738
Arnoldo Mondadori Editore SpA.. 160,517 802,674
Banca Popolare di Milano
Scarl........................ 65,483 545,446
Credito Emiliano SpA........... 3,593 30,155
Enel SpA....................... 100,753 833,569
Eni SpA........................ 11,176 291,990
Intesa Sanpaolo................ 114,062 536,728
Mediaset SpA................... 159,368 1,001,197
Milano Assicurazioni SpA....... 142,244 620,888
UniCredit SpA.................. 104,592 381,612
Unione di Banche Italiane
ScpA......................... 1,345 29,132
-----------
TOTAL ITALY.................... 5,152,129
-----------
JAPAN -- 0.9%
Pacific Metals Co., Ltd. ...... 55,000 388,546
-----------
NETHERLANDS -- 3.2%
Aegon NV....................... 54,097 471,124
Eurocommercial Properties NV... 693 29,690
ING Groep NV................... 3,194 66,983
Koninklijke BAM Groep NV....... 59,033 749,603
SNS Reaal...................... 4,239 47,396
-----------
TOTAL NETHERLANDS.............. 1,364,796
-----------
NORWAY -- 0.0% (B)
DnB NOR ASA.................... 2,441 18,331
-----------
PORTUGAL -- 1.9%
Portugal Telecom, SGPS SA...... 82,902 827,365
-----------
</Table>
See accompanying notes to financial statements.
126
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SINGAPORE -- 3.7%
Frontline, Ltd. (a)............ 17,830 $ 826,315
Singapore Airlines, Ltd. ...... 77,000 765,853
-----------
TOTAL SINGAPORE................ 1,592,168
-----------
SOUTH AFRICA -- 2.8%
ABSA Group, Ltd. .............. 14,806 193,107
Anglo Platinum, Ltd. .......... 4,708 423,004
Massmart Holdings, Ltd. ....... 20,188 182,848
Nedbank Group, Ltd. ........... 33,850 423,092
-----------
TOTAL SOUTH AFRICA............. 1,222,051
-----------
SPAIN -- 2.7%
Gestevision Telecinco SA (a)... 115,853 1,168,422
-----------
SWEDEN -- 4.7%
Axfood AB (a).................. 11,891 318,901
Boliden AB Mines............... 125,739 512,135
NCC AB (B Shares).............. 86,891 841,152
Swedbank AB (Class A) (a)...... 6,480 81,549
Volvo AB (Class B)............. 33,664 296,918
-----------
TOTAL SWEDEN................... 2,050,655
-----------
TAIWAN -- 0.5%
Siliconware Precision
Industries Co. ADR........... 38,153 220,143
-----------
THAILAND -- 1.6%
Siam Cement PCL................ 82,795 327,852
Siam Cement PCL................ 100,800 381,277
-----------
TOTAL THAILAND................. 709,129
-----------
TURKEY -- 1.3%
Tupras-Turkiye Petrol
Rafinerileri AS.............. 30,404 564,543
-----------
UNITED KINGDOM -- 9.3%
Barclays PLC ADR............... 18,767 463,545
HSBC Holdings PLC.............. 2,115 33,967
IMI PLC........................ 48,281 321,213
Lloyds TSB Group PLC ADR....... 18,687 312,633
Marks & Spencer Group PLC...... 82,816 297,445
Next PLC....................... 22,228 403,730
Tate & Lyle PLC................ 50,174 340,738
United Utilities Group PLC..... 22,841 282,955
William Hill PLC............... 75,997 316,301
Wolseley PLC................... 169,630 1,260,072
-----------
TOTAL UNITED KINGDOM........... 4,032,599
-----------
TOTAL COMMON STOCKS --
(Cost $52,992,945)........... 43,010,155
-----------
SHORT TERM INVESTMENTS -- 12.6%
UNITED STATES -- 12.6%
MONEY MARKET FUNDS -- 12.6%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d)............. 4,529,771 4,529,771
STIC Prime Portfolio........... 954,124 954,124
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $5,483,895)............ 5,483,895
-----------
TOTAL INVESTMENTS -- 111.8%
(Cost $58,476,840)........... 48,494,050
OTHER ASSET AND
LIABILITIES -- (11.8)%....... (5,125,291)
-----------
NET ASSETS -- 100.0%........... $43,368,759
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Amount shown represents less than 0.05% of net assets.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
127
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 93.6%
AUSTRALIA -- 6.5%
Amcor, Ltd. .................... 2,024 $ 8,621
Aquila Resources, Ltd. (a)...... 355 2,576
Aristocrat Leisure, Ltd. ....... 1,665 8,484
Arrow Energy, Ltd. (a).......... 1,938 4,433
Asciano Group................... 1,760 4,387
Bendigo and Adelaide Bank,
Ltd. ......................... 780 7,137
Boral, Ltd. .................... 5,839 28,188
Caltex Australia, Ltd. ......... 667 6,498
CFS Retail Property Trust (b)... 24,141 42,845
Cochlear, Ltd. ................. 423 19,786
Computershare, Ltd. ............ 917 6,727
CSR, Ltd. ...................... 9,149 17,898
Dexus Property Group............ 28,852 32,545
Felix Resources, Ltd. .......... 274 3,670
GPT Group....................... 4,242 5,856
Harvey Norman Holdings, Ltd. ... 6,536 15,931
Macquarie Airports.............. 2,670 5,686
Metcash, Ltd. .................. 9,298 29,117
Mirvac Group.................... 9,617 18,510
OZ Minerals, Ltd. .............. 305 386
Paladin Energy, Ltd. (a)(b)..... 3,124 9,610
Queensland Gas Co., Ltd. (a).... 1,405 4,488
Sonic Healthcare, Ltd. ......... 2,791 28,840
TABCORP Holdings, Ltd. ......... 1,314 8,375
Tatts Group, Ltd. .............. 3,914 7,348
Toll Holdings, Ltd. ............ 2,351 12,870
----------
TOTAL AUSTRALIA................. 340,812
----------
AUSTRIA -- 0.6%
Andritz AG...................... 600 25,284
Wienerberger AG................. 236 6,292
----------
TOTAL AUSTRIA................... 31,576
----------
BELGIUM -- 0.5%
Ackermans & Van Haaren NV....... 292 26,053
----------
CANADA -- 8.0%
Alimentation Couche Tard,
Inc. ......................... 1,440 18,894
Canadian Tire Corp., Ltd. ...... 172 7,927
Eldorado Gold Corp. (a)......... 716 4,472
Equinox Minerals, Ltd. (a)...... 2,977 7,056
Fairfax Financial Holdings,
Ltd. ......................... 96 30,803
Finning International, Inc. .... 1,536 30,165
First Quantum Minerals, Ltd. ... 149 5,606
Fortis, Inc. ................... 1,440 32,560
Franco-Nevada Corp. ............ 320 6,035
Gildan Activewear, Inc. (a)(b).. 864 19,219
Inmet Mining Corp. ............. 288 13,425
Ivanhoe Mines, Ltd. (a)......... 862 5,229
Methanex Corp. ................. 864 16,944
Metro, Inc. .................... 1,248 36,247
Niko Resources, Ltd. ........... 288 16,476
Nortel Networks, Corp. (a)...... 1,451 3,193
Oilexco, Inc. (a)............... 1,152 11,323
Onex Corp. ..................... 1,056 27,284
OPTI Canada, Inc. (a)........... 1,632 18,034
Pan American Silver Corp. (a)... 576 12,547
Petrobank Energy & Resources,
Ltd. (a)...................... 384 14,573
Sherritt International Corp. ... 1,921 10,281
Silver Wheaton Corp. (a)........ 738 5,990
Sino-Forest Corp. (a)........... 864 10,898
Thompson Creek Metals Co., Inc.
(a)........................... 401 3,719
TMX Group, Inc. (b)............. 576 15,711
Trican Well Service, Ltd. ...... 1,056 15,892
UTS Energy Corp. (a)............ 2,593 3,097
Viterra, Inc. (a)............... 1,152 11,019
----------
TOTAL CANADA.................... 414,619
----------
CHINA -- 3.1%
Chinese Estates Holdings,
Ltd. ......................... 10,000 12,210
Hengan International Group Co.,
Ltd. ......................... 6,000 16,923
Hopewell Holdings............... 9,000 32,224
NWS Holdings, Ltd. ............. 6,000 10,664
Pacific Basin Shipping, Ltd. ... 14,000 11,360
PCCW, Ltd. ..................... 47,000 19,371
Television Broadcasts, Ltd. .... 6,000 25,269
The Link REIT................... 15,310 31,589
----------
TOTAL CHINA..................... 159,610
----------
CYPRUS -- 0.2%
ProSafe SE (a).................. 2,161 11,550
----------
DENMARK -- 1.9%
D/S Norden A/S.................. 156 7,298
DSV A/S......................... 1,632 25,424
Genmab A/S (a).................. 114 6,439
Jyske Bank A/S (a).............. 557 27,421
Rockwool International A/S...... 56 4,691
Sydbank A/S..................... 912 26,827
----------
TOTAL DENMARK................... 98,100
----------
FINLAND -- 1.4%
Elisa Oyj....................... 1,056 20,381
Kesko Oyj (Class B)............. 250 6,293
Orion Oyj (Class B)............. 1,170 19,639
Outokumpu Oyj................... 290 4,505
Outotec Oyj..................... 409 10,789
YIT Oyj......................... 1,076 11,033
----------
TOTAL FINLAND................... 72,640
----------
FRANCE -- 3.9%
Atos Origin SA.................. 509 22,092
Bourbon SA...................... 571 28,024
Groupe Eurotunnel SA (a)........ 651 7,626
Neopost SA...................... 362 33,738
Nexans SA....................... 216 18,805
SCOR SE......................... 1,162 22,198
UbiSoft Entertainment SA (a).... 206 14,121
Valeo SA (b).................... 772 23,043
Zodiac SA (b)................... 731 34,398
----------
TOTAL FRANCE.................... 204,045
----------
GERMANY -- 2.9%
Bilfinger Berger AG............. 347 17,869
IVG Immobilien AG............... 757 7,220
Kloeckner & Co. AG.............. 470 10,609
Lanxess AG...................... 704 19,145
Nordex AG (a)................... 366 9,855
Premiere AG (a)................. 240 3,186
Rhoen-Klinikum AG............... 865 25,030
SGL Carbon AG (a)............... 418 16,017
Stada Arzneimittel AG........... 411 16,326
</Table>
See accompanying notes to financial statements.
128
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Symrise AG...................... 826 $ 13,923
United Internet AG.............. 1,076 11,456
----------
TOTAL GERMANY................... 150,636
----------
GREECE -- 0.9%
Alapis Holding Industrial and
Commercial SA................. 2,509 5,251
Intralot SA..................... 1,665 13,939
Titan Cement Co. SA............. 895 29,166
----------
TOTAL GREECE.................... 48,356
----------
IRELAND -- 0.8%
Dragon Oil PLC(a)............... 967 2,988
Irish Life & Permanent PLC...... 1,505 10,253
Kerry Group PLC (Class A)....... 1,061 30,999
----------
TOTAL IRELAND................... 44,240
----------
ITALY -- 2.3%
Banca Popolare di Milano Scarl.. 1,846 15,377
Davide Campari-Milano SpA....... 4,654 37,295
Milano Assicurazio.............. 2,378 10,555
Parmalat SpA.................... 5,734 13,370
Saras SpA....................... 1,682 6,928
Societa Cattolica di
Assicurazioni Scrl............ 856 39,053
----------
TOTAL ITALY..................... 122,578
----------
JAPAN -- 24.5%
Acom Co., Ltd. ................. 190 6,425
Advantest Corp. ................ 200 4,107
Alfresa Holdings Corp. (b)...... 300 14,327
Amada Co., Ltd. ................ 4,000 21,363
Benesse Corp. .................. 700 28,286
Casio Computer Co., Ltd. ....... 1,800 16,650
Cosmo Oil Co., Ltd. ............ 9,000 21,024
Credit Saison Co., Ltd. ........ 1,200 19,114
Daido Steel Co., Ltd. .......... 3,000 15,485
Elpida Memory, Inc. (a)......... 200 3,615
Fuji Heavy Industries, Ltd. .... 8,000 39,260
Fukuoka Financial Group, Inc. .. 6,000 21,419
Hirose Electric Co., Ltd. ...... 300 28,088
Hokuhoku Financial Group,
Inc. ......................... 9,000 19,328
Ibiden Co., Ltd. ............... 300 7,036
Idemitsu Kosan Co., Ltd. ....... 300 23,934
Isetan Mitsukoshi Holdings, Ltd.
(a)(b)........................ 2,200 25,323
J Front Retailing Co., Ltd. .... 5,000 28,211
Japan Real Estate Investment
Corp. ........................ 4 31,498
Kajima Corp. (b)................ 8,000 23,586
Keihin Electric Express Railway
Co., Ltd. (b)................. 6,000 38,996
Konami Corp. ................... 800 19,630
Kuraray Co., Ltd. (b)........... 3,500 33,989
Kurita Water Industries, Ltd. .. 400 9,061
Marui Group Co., Ltd. (b)....... 3,500 25,715
Mediceo Paltac Holdings Co.,
Ltd. ......................... 1,500 18,127
Minebea Co., Ltd. .............. 4,000 14,694
Mitsubishi Gas Chemical Co.,
Inc. (b)...................... 4,000 18,914
Mitsui Chemicals, Inc. ......... 2,000 8,628
Mitsui Engineering &
Shipbuilding Co., Ltd. ....... 7,000 12,791
Namco Bandai Holdings, Inc.
(b)........................... 1,800 19,413
NGK Spark Plug Co., Ltd. (b).... 2,000 19,140
Nippon Sheet Glass Co., Ltd.
(b)........................... 6,000 30,236
Nisshin Steel Co., Ltd. (b)..... 7,000 13,187
Nitto Denko Corp. .............. 400 9,928
NTN Corp. ...................... 5,000 25,526
Obayashi Corp. (b).............. 6,000 29,558
Promise Co., Ltd. (b)........... 600 11,388
Sanyo Electric Co., Ltd. (a).... 12,000 20,233
SBI Holdings, Inc. ............. 63 9,026
Shimano, Inc. .................. 700 23,803
Shimizu Corp. .................. 5,000 23,219
Showa Denko K.K................. 10,000 20,440
Showa Shell Sekiyu K.K.......... 3,600 34,384
Sojitz Corp. ................... 2,900 6,501
Stanley Electric Co., Ltd. ..... 1,400 20,071
Suzuken Co., Ltd. .............. 100 3,024
Taisei Corp. (b)................ 10,000 25,620
Takashimaya Co., Ltd. .......... 3,000 25,658
The Bank of Kyoto, Ltd. (b)..... 3,000 29,671
The Furukawa Electric Co.,
Ltd. ......................... 7,000 29,935
The Gunma Bank, Ltd. (b)........ 5,000 27,881
The Hachijuni Bank, Ltd. (b).... 6,000 31,140
The Joyo Bank, Ltd. (b)......... 6,000 26,619
THK Co., Ltd. (b)............... 1,300 19,751
Tobu Railway Co., Ltd. (b)...... 10,000 48,133
Trend Micro, Inc. .............. 500 18,603
Ube Industries, Ltd. ........... 8,000 21,024
Yamaha Corp. ................... 1,500 25,248
Yaskawa Electric Corp. ......... 2,000 10,983
Yokogawa Electric Corp. (b)..... 2,700 16,760
----------
TOTAL JAPAN..................... 1,274,727
----------
LUXEMBOURG -- 0.4%
Acergy SA....................... 560 5,446
Oriflame Cosmetics SA SDR....... 336 15,300
----------
TOTAL LUXEMBOURG................ 20,746
----------
NETHERLANDS -- 3.3%
Boskalis Westminster NV......... 426 19,842
Chicago Bridge & Iron Co. NV.... 576 11,082
Core Laboratories NV............ 192 19,453
Gemalto NV (a).................. 761 26,927
Koninklijke BAM Groep NV........ 987 12,533
Qiagen NV (a)................... 1,185 23,153
Randstad Holding NV............. 330 8,555
SBM Offshore NV................. 613 12,933
TomTom NV (a)................... 190 3,416
Wereldhave NV................... 341 32,897
----------
TOTAL NETHERLANDS............... 170,791
----------
NORWAY -- 0.6%
Marine Harvest (a).............. 8,159 3,961
Petroleum Geo-Services ASA
(a)(b)........................ 988 12,717
Storebrand ASA.................. 3,073 17,724
----------
TOTAL NORWAY.................... 34,402
----------
PORTUGAL -- 0.5%
Zon Multimedia Servicos de
Telecomunicacoes e
Multimedia SGPS SA (b)........ 3,296 24,028
----------
SINGAPORE -- 3.0%
CapitaMall Trust................ 14,000 22,033
Fraser and Neave, Ltd. ......... 13,000 32,279
Frontline, Ltd. (b)............. 384 17,796
</Table>
See accompanying notes to financial statements.
129
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Singapore Press Holdings, Ltd.
(b)........................... 20,000 $ 55,676
Venture Corp., Ltd. ............ 5,000 26,929
----------
TOTAL SINGAPORE................. 154,713
----------
SOUTH KOREA -- 4.6%
Cheil Industries, Inc. ......... 520 22,274
CJ CheilJedang Corp. (a)........ 58 9,251
Daewoo Engineering &
Construction Co., Ltd. ....... 500 5,593
Doosan Corp. (a)................ 96 9,306
GS Holdings Corp. .............. 230 5,746
Hanjin Heavy Industries &
Construction Co., Ltd. ....... 100 2,863
Hanjin Shipping Co., Ltd. ...... 500 11,206
Hanwha Corp. ................... 310 11,430
Hyundai Development Co. ........ 200 7,208
Hyundai Mipo Dockyard Co.,
Ltd. ......................... 36 5,041
Hyundai Securities Co., Ltd. ... 1,000 9,611
KCC Corp. ...................... 38 11,586
Kia Motors Corp. (a)............ 430 5,219
Korea Express Co., Ltd. (a)..... 110 8,795
Korea Investment Holdings Co.,
Ltd. ......................... 327 8,534
Korea Line Corp. ............... 20 2,494
Korea Zinc Co., Ltd. ........... 39 3,060
Mirae Asset Securities Co.,
Ltd. ......................... 144 12,050
Samsung Electro-Mechanics Co.,
Ltd. ......................... 539 16,657
Samsung Engineering Co., Ltd. .. 202 12,201
Samsung SDI Co., Ltd. (a)....... 289 20,640
Samsung Securities Co., Ltd. ... 159 9,551
Samsung Techwin Co., Ltd. ...... 346 7,425
STX Corp Co., Ltd. ............. 80 2,399
STX Shipbuilding Co., Ltd. ..... 260 4,836
Woori Investment & Securities
Co., Ltd. .................... 900 13,497
----------
TOTAL SOUTH KOREA............... 238,473
----------
SPAIN -- 2.6%
Bolsas y Mercados Espanoles
(b)........................... 518 13,119
Ebro Puleva SA.................. 2,419 37,852
Indra Sistemas, SA.............. 1,789 42,167
SOS Cuetara SA.................. 2,413 40,673
----------
TOTAL SPAIN..................... 133,811
----------
SWEDEN -- 1.7%
Electrolux AB (Class B) (a)..... 922 10,545
Getinge AB (Class B)............ 1,536 31,060
Husqvarna AB (Class B).......... 851 6,255
Kinnevik Investment AB (Class
B)............................ 575 6,638
Lundin Petroleum AB (a)......... 1,655 13,411
Meda AB (Class A)............... 563 5,370
Modern Times Group AB (Class
B)............................ 383 13,485
----------
TOTAL SWEDEN.................... 86,764
----------
SWITZERLAND -- 4.3%
Aryzta AG (a)................... 284 11,525
Baloise Holding AG.............. 197 13,212
Banque Cantonale Vaudoise....... 15 4,452
Basellandschaftliche
Kantonalbank.................. 31 27,067
Clariant AG (a)................. 1,013 9,685
EFG International AG............ 261 7,449
Nobel Biocare Holding AG........ 503 16,625
OC Oerlikon Corp AG (a)......... 20 3,906
Panalpina Welttransport Holding
AG............................ 67 4,422
Petroplus Holdings AG (a)....... 357 13,468
PSP Swiss Property AG (a)....... 884 51,128
Sika AG......................... 21 23,561
Sonova Holding AG............... 160 10,274
Straumann Holding AG............ 23 6,318
Sulzer AG....................... 202 21,259
----------
TOTAL SWITZERLAND............... 224,351
----------
UNITED KINGDOM -- 15.0%
Admiral Group PLC............... 1,339 24,225
Aggreko PLC..................... 2,234 21,642
Alliance & Leicester PLC........ 1,828 8,724
Autonomy Corp. PLC (a).......... 1,138 20,751
Babcock International Group
PLC........................... 2,119 18,847
Balfour Beatty PLC.............. 3,436 18,373
Bunzl PLC....................... 1,374 16,090
Charter PLC..................... 1,111 12,248
Cobham PLC...................... 9,205 31,158
Cookson Group PLC............... 1,763 14,644
Dana Petroleum PLC (a).......... 259 5,461
De La Rue PLC................... 1,398 22,477
Drax Group PLC.................. 2,718 36,432
easyJet PLC (a)................. 652 3,661
Enodis PLC...................... 850 4,765
FirstGroup PLC.................. 1,332 12,643
Friends Provident PLC........... 6,782 11,375
GKN PLC......................... 1,783 6,221
Hays PLC........................ 11,468 16,353
Home Retail Group PLC........... 2,584 10,686
Imperial Energy Corp. PLC (a)... 366 6,635
Inchcape PLC.................... 4,019 13,432
Informa PLC..................... 3,667 20,573
Inmarsat PLC.................... 3,426 29,541
Intercontinental Hotels Group
PLC........................... 638 7,824
Intermediate Capital Group PLC.. 914 19,566
Intertek Group PLC.............. 1,424 21,156
Invensys PLC (a)................ 2,717 9,940
Investec PLC.................... 3,559 19,174
ITV PLC......................... 11,127 8,330
Logica PLC...................... 11,012 21,199
London Stock Exchange Group
PLC........................... 717 11,029
Next PLC........................ 490 8,900
Pennon Group PLC................ 2,942 30,651
Petrofac, Ltd. ................. 531 5,518
Randgold Resources, Ltd. ....... 233 9,328
Rentokil Initial PLC............ 5,216 6,415
Rexam PLC....................... 2,074 14,528
Serco Group PLC................. 3,833 24,698
Signet Jewelers, Ltd. .......... 1,100 25,718
SOCO International PLC (a)...... 173 4,558
Subsea 7, Inc. (a).............. 697 9,207
Tate & Lyle PLC................. 1,364 9,263
Thomas Cook Group PLC........... 1,197 4,726
Thomson Reuters PLC............. 495 10,950
Tomkins PLC..................... 8,410 23,048
Tui Travel PLC.................. 7,025 26,984
United Business Media PLC....... 2,082 18,184
Venture Production PLC.......... 424 4,595
Virgin Media, Inc. ............. 879 6,944
William Hill PLC................ 3,513 14,621
Wolseley PLC.................... 2,229 16,558
----------
TOTAL UNITED KINGDOM............ 780,569
----------
</Table>
See accompanying notes to financial statements.
130
SPDR S&P INTERNATIONAL MID CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
UNITED STATES -- 0.1%
WABCO Holdings, Inc. ........... 159 $ 5,651
----------
TOTAL COMMON STOCKS --
(Cost $6,414,876)............. 4,873,841
----------
PREFERRED STOCKS -- 0.2%
ITALY -- 0.1%
Istituto Finanziario Industriale
SpA (a)....................... 577 6,257
----------
SOUTH KOREA -- 0.1%
Daewoo Securities Co., Ltd. .... 790 4,248
----------
TOTAL PREFERRED STOCKS --
(Cost $10,270)................ 10,505
----------
SHORT TERM INVESTMENTS -- 9.2%
UNITED STATES -- 9.2%
MONEY MARKET FUNDS -- 9.2%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d).............. 479,486 479,486
STIC Prime Portfolio............ 1,545 1,545
----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $481,031)............... 481,031
----------
TOTAL INVESTMENTS -- 103.0%
(Cost $6,906,177)............. 5,365,377
OTHER ASSETS AND
LIABILITIES -- (3.0)%......... (157,717)
----------
NET ASSETS -- 100.0% ........... $5,207,660
==========
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2008.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
131
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 84.7%
ARGENTINA -- 0.9%
Banco Macro SA ADR............. 3,523 $ 65,175
MercadoLibre, Inc. ............ 1,191 24,237
----------
TOTAL ARGENTINA................ 89,412
----------
BRAZIL -- 3.5%
BR Malls Participacoes SA (a).. 6,128 36,534
Brasil Ecodiesel Industria e
Comercio de Biocombustiveis e
Oleos Vegetais SA (a)........ 17,199 12,215
Diagnosticos da America SA..... 3,330 43,935
Eternit SA..................... 13,811 42,243
Lupatech SA (a)................ 2,291 42,757
PDG Realty SA Empreendimentos e
Participacoes................ 4,601 32,082
Sao Martinho SA (a)............ 3,947 37,752
Terna Participacoes SA......... 3,605 45,788
Totvs SA....................... 2,120 49,457
----------
TOTAL BRAZIL................... 342,763
----------
CHILE -- 2.8%
Almendral SA................... 483,345 39,022
Companiha SudAmericana de
Vapores SA................... 33,723 35,485
La Polar SA.................... 16,991 48,704
Masisa SA...................... 583,532 84,163
Vina Concha Y Toro SA.......... 41,363 73,091
----------
TOTAL CHILE.................... 280,465
----------
CHINA -- 7.1%
Anhui Expressway Co., Ltd. .... 98,000 50,866
Brilliance China Automotive
Holdings, Ltd. (a)........... 282,000 20,339
Chaoda Modern Agriculture
Holdings, Ltd. .............. 78,000 65,097
China Green Holdings, Ltd. .... 45,000 35,991
China Hongxing Sports, Ltd. ... 113,000 23,316
China Huiyuan Juice Group,
Ltd. ........................ 62,500 76,471
China Medical Technologies,
Inc. ADR..................... 1,063 34,633
China Power International
Development, Ltd. ........... 248,000 50,467
Great Wall Motor Co., Ltd. .... 40,000 16,692
Home Inns & Hotels Management
Inc. ADR (a)................. 2,808 39,172
Huangshan Tourism Development
Co., Ltd. ................... 19,900 18,169
Inner Mongolia Eerduosi
Cashmere Products Co.,
Ltd. ........................ 39,900 28,209
Jiangsu Xincheng Real Estate
Co., Ltd. ................... 27,700 10,664
Ports Design, Ltd. ............ 27,500 49,586
Shenzhen International
Holdings, Ltd. .............. 700,000 38,316
Sohu.com, Inc. (a)............. 1,210 67,457
TPV Technology, Ltd. .......... 116,000 35,109
Zhuzhou CSR Times Electric Co.,
Ltd. ........................ 55,000 38,677
----------
TOTAL CHINA.................... 699,231
----------
CZECH REPUBLIC -- 0.5%
Philip Morris CR AS............ 174 52,865
----------
EGYPT -- 2.0%
Eastern Tobacco................ 630 28,833
Egyptian for Tourism Resorts... 28,906 15,452
Egyptian Kuwait Holding Co. ... 15,659 36,485
El Ezz Steel Rebars SAE........ 3,033 10,255
ElSwedy Cables Holding Co. .... 1,523 28,715
Misr Beni Suef Cement Co. ..... 2,005 24,776
Olympic Group Financial
Investments.................. 2,196 14,070
Six of October Development &
Investment Co. (a)........... 632 12,484
Suez Cement Co. ............... 4,039 22,929
----------
TOTAL EGYPT.................... 193,999
----------
INDIA -- 6.2%
Amtek Auto, Ltd. .............. 7,096 24,930
Anant Raj Industries, Ltd. .... 9,008 21,482
Ashok Leyland, Ltd. ........... 61,766 34,917
Bharat Forge, Ltd. ............ 10,887 42,653
CESC, Ltd. .................... 4,506 26,385
Divi's Laboratories, Ltd. ..... 1,858 52,617
Essar Oil, Ltd. (a)............ 10,716 36,484
GTL, Ltd. ..................... 7,359 25,697
India Cements, Ltd. ........... 9,556 25,220
IVRCL Infrastructures &
Projects, Ltd. .............. 5,316 26,481
Lanco Infratech, Ltd. (a)...... 5,719 22,029
Moser Baer India, Ltd. ........ 13,801 31,942
Mphasis, Ltd. ................. 12,009 47,560
Nagarjuna Construction, Co.,
Ltd. ........................ 11,764 23,796
Patni Computer Systems, Ltd. .. 8,291 31,388
Sintex Industries, Ltd. ....... 4,408 26,468
United Phosphorus, Ltd. ....... 7,754 51,677
Yes Bank, Ltd. (a)............. 20,589 53,703
----------
TOTAL INDIA.................... 605,429
----------
INDONESIA -- 2.2%
Bank Internasional Indonesia
Tbk PT....................... 884,000 29,061
Bank Panin Indonesia Tbk PT
(a).......................... 843,500 67,981
Energi Mega Persada Tbk PT
(a).......................... 391,000 21,561
Indofood Sukses Makmur Tbk PT.. 247,500 51,442
Lippo Karawaci Tbk PT.......... 606,500 45,021
----------
TOTAL INDONESIA................ 215,066
----------
ISRAEL -- 5.3%
Clal Industries, Ltd. ......... 18,567 63,934
Elbit Imaging, Ltd. ........... 1,188 22,955
Elbit Systems, Ltd. ........... 1,815 96,311
First International Bank of
Israel, Ltd. (a)............. 5,721 50,404
IDB Development Corp., Ltd. ... 294 3,988
Koor Industries, Ltd. ......... 1,191 49,357
NICE Systems, Ltd. (a)......... 3,279 95,037
Orbotech, Ltd. ................ 5,592 44,680
Osem Investments, Ltd. ........ 7,664 98,046
----------
TOTAL ISRAEL................... 524,712
----------
JORDAN -- 0.4%
Jordan Petroleum Refinery...... 2,459 40,087
----------
MALAYSIA -- 6.7%
Alliance Financial Group Bhd... 100,800 72,617
Bursa Malaysia Bhd............. 31,100 57,367
Gamuda Bhd..................... 101,400 62,740
IGB Corp. Bhd.................. 188,800 75,685
KNM Group Bhd.................. 162,650 59,532
Kulim Malaysia Bhd............. 33,000 52,723
Malaysian Bulk Carriers Bhd.... 45,200 40,178
Media Prima Bhd................ 95,700 36,417
</Table>
See accompanying notes to financial statements.
132
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Sarawake Energy Bhd............ 127,700 $ 87,915
SP Setia Bhd................... 90,100 81,136
UEM World Bhd (a).............. 43,400 30,005
----------
TOTAL MALAYSIA................. 656,315
----------
MEXICO -- 3.4%
Consorcio ARA, SAB de CV (b)... 62,577 34,742
Grupo Aeroportuario del Sureste
SAB de CV.................... 16,104 78,766
Industrias CH SAB, (Series B)
(a).......................... 13,708 50,403
Mexichem SAB de CV (b)......... 31,800 57,595
Promotora y Operadora de
Infraestructura SAB de CV
(a).......................... 16,598 31,723
TV Azteca SAB de CV............ 126,354 79,004
----------
TOTAL MEXICO................... 332,233
----------
MOROCCO -- 1.4%
Banque Centrale Populaire...... 236 73,014
Societe Anonyme Marocaine de
1'Industrie du Raffinage..... 742 63,895
----------
TOTAL MOROCCO.................. 136,909
----------
PAKISTAN -- 1.5%
Bank Al Habib, Ltd. ........... 76,400 33,333
EFU General Insurance, Ltd. ... 4,600 9,599
Hub Power Co., Ltd. ........... 178,500 48,953
Lucky Cement, Ltd. (a)......... 26,000 19,195
Pakistan Oil Fields, Ltd. ..... 10,700 33,297
----------
TOTAL PAKISTAN................. 144,377
----------
PERU -- 0.4%
Sociedad Minera El Brocal SA... 3,824 38,607
----------
PHILIPPINES -- 0.4%
Megaworld Corp. ............... 1,232,000 36,659
----------
POLAND -- 3.8%
Agora SA....................... 3,473 39,442
Asseco Poland SA............... 1,873 48,055
Ciech SA....................... 1,280 27,057
Echo Investment SA (a)......... 20,583 34,125
Emperia Holding SA............. 712 22,724
Grupa Lotos SA (a)............. 4,191 46,693
LPP SA (a)..................... 49 30,759
Orbis SA....................... 1,788 39,426
PBG SA (a)..................... 494 47,073
Polimex Mostostal SA........... 20,580 38,300
----------
TOTAL POLAND................... 373,654
----------
SOUTH AFRICA -- 9.2%
Afgri, Ltd. ................... 84,510 50,416
Aspen Pharmacare Holdings,
Ltd. ........................ 20,922 107,381
Coronation Fund Managers,
Ltd. ........................ 73,253 50,866
DataTec, Ltd. ................. 15,495 47,155
Foschini, Ltd. ................ 14,994 71,524
Gold Reef Resorts, Ltd. ....... 22,006 40,129
Grindrod, Ltd. ................ 23,792 51,143
Hosken Consolidated
Investments, Ltd. ........... 6,044 40,867
JD Group, Ltd. ................ 12,568 45,153
JSE, Ltd. ..................... 7,007 45,728
Lewis Group, Ltd. ............. 13,091 63,221
Merafe Resources, Ltd. (a)..... 110,438 18,405
Metorex, Ltd. (a).............. 24,882 39,063
Mvelaphanda Resources, Ltd.
(a).......................... 8,079 40,002
Northam Platinum, Ltd. ........ 7,682 41,747
Reunert, Ltd. ................. 11,263 78,195
SA Corporate Real Estate Fund.. 215,552 61,172
Sentula Mining, Ltd. (c)....... 7,478 7,766
----------
TOTAL SOUTH AFRICA............. 899,933
----------
TAIWAN -- 20.4%
AmTRAN Technology Co., Ltd. ... 35,721 13,768
Asia Optical Co., Inc. ........ 18,090 23,870
BES Engineering Corp. ......... 84,000 15,927
Capital Securities Corp. ...... 70,100 24,404
Cathay Real Estate Development
Co., Ltd. ................... 42,000 11,462
Chicony Electronics Co.,
Ltd. ........................ 18,630 28,172
China Bills Finance Corp. (a).. 734,000 103,353
China Life Insurance Co.,
Ltd. ........................ 47,540 20,392
China Petrochemical Development
Corp. (a).................... 74,000 17,297
Clevo Co. ..................... 19,450 18,742
CMC Magnetics Corp. (a)........ 108,000 20,981
Coretronic Corp. .............. 43,420 36,103
D-Link Corp. .................. 33,320 28,016
E.Sun Financial Holding Co.,
Ltd. ........................ 339,400 89,567
Elan Microelectronics Corp. ... 18,000 11,833
Everlight Electronics Co.,
Ltd. ........................ 12,119 24,485
Far Eastern Department Stores,
Ltd. ........................ 26,650 16,982
Far Eastern International Bank
(a).......................... 136,000 25,998
Faraday Technology Corp. ...... 14,069 14,344
Feng Hsin Iron & Steel Co.,
Ltd. ........................ 18,270 23,397
Firich Enterprises Co., Ltd. .. 1,352 3,765
Formosa Taffeta Co., Ltd. ..... 58,000 36,598
Giant Manufacturing Co.,
Ltd. ........................ 23,550 57,902
Global Unichip Corp. .......... 4,109 23,118
Goldsun Development &
Construction Co., Ltd. ...... 58,350 15,435
Greatek Electronics, Inc. ..... 36,020 28,438
HannStar Display Corp. ........ 160,474 34,418
Highwealth Construction
Corp. ....................... 14,351 7,717
Himax Technologies, Inc. ADR... 14,337 41,434
Hotai Motor Co., Ltd. ......... 16,000 34,217
Huaku Development Co., Ltd. ... 9,600 11,086
International Games System Co.,
Ltd. ........................ 4,199 15,532
Inventec Co., Ltd. ............ 160,550 76,853
KGI Securities Co., Ltd. ...... 80,000 29,840
King Yuan Electronics Co.,
Ltd. ........................ 66,546 22,029
Kinsus Interconnect Technology
Corp. ....................... 12,030 16,378
Largan Precision Co., Ltd. .... 2,020 20,595
Macronix International Co.,
Ltd. ........................ 88,429 25,068
Makalot Industrial Co., Ltd. .. 40,000 33,943
Mitac International Corp. ..... 53,999 25,681
Mosel Vitelic, Inc. (a)........ 28,000 10,531
Nan Kang Rubber Tire Co.,
Ltd. ........................ 26,000 19,073
Pan-International Industrial
Co., Ltd. ................... 12,300 14,070
PixArt Imaging, Inc. .......... 1,040 3,621
Polaris Securities Co., Ltd. .. 101,920 39,125
President Securities Corp. .... 58,924 22,894
Prince Housing Development
Corp. ....................... 17,510 3,440
Qisda Corp. ................... 58,080 21,574
RichTek Technology Corp. ...... 2,100 11,097
Ritek Corp. (a)................ 254,000 39,160
Ruentex Development Co.,
Ltd. ........................ 22,000 11,694
</Table>
See accompanying notes to financial statements.
133
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Silicon Motion Technology Corp.
ADR (a)...................... 3,312 $ 15,500
Simplo Technology Co., Ltd. ... 6,300 20,268
Sino-American Silicon Products,
Inc. ........................ 4,174 13,104
Solar Applied Materials
Technology Corp. ............ 9,788 21,723
Taichung Commercial Bank (a)... 74,000 20,127
Taiwan Business Bank (a)....... 106,000 25,403
Taiwan Glass Industrial
Corp. ....................... 62,240 34,823
Teco Electric & Machinery Co.,
Ltd. ........................ 182,000 61,946
Tripod Technology Corp. ....... 19,540 36,564
TSRC Corp. .................... 24,000 25,364
Tung Ho Steel Enterprise
Corp. ....................... 26,000 21,295
Unimicron Technology Corp. .... 26,130 20,427
Universal Cement Corp. ........ 77,800 37,967
Via Technologies, Inc. (a)..... 46,000 19,446
Wafer Works Corp. ............. 4,060 8,367
Walsin Lihwa Corp. ............ 184,000 48,786
Wan Hai Lines, Ltd. ........... 60,400 26,284
Winbond Electronics Corp. (a).. 302,000 36,141
Wintek Corp. .................. 42,000 16,384
WPG Holdings Co., Ltd. ........ 21,304 16,290
Yageo Corp. ................... 132,000 26,259
Yang Ming Marine Transport..... 65,899 22,327
Yosun Industrial Corp. ........ 45,680 23,428
Yuen Foong Yu Paper
Manufacturing Co., Ltd. ..... 112,080 28,567
Yulon Motor Co., Ltd. ......... 64,462 34,564
Zinwell Corp. ................. 7,542 10,327
----------
TOTAL TAIWAN................... 1,997,100
----------
THAILAND -- 4.7%
BEC World PCL.................. 93,800 59,041
Cal-Comp Electronics Thailand
PCL.......................... 521,900 50,278
Central Pattana PCL............ 77,600 37,837
Charoen Pokphand Foods PCL..... 444,900 53,378
Glow Energy PCL................ 107,200 88,700
Hana Microelectronics PCL...... 132,300 51,997
Minor International PCL........ 125,900 41,297
Thanachart Capital PCL......... 165,300 51,778
Thoresen Thai Agencies PCL..... 35,700 27,165
----------
TOTAL THAILAND................. 461,471
----------
TURKEY -- 1.9%
Albaraka Turk Katilim Bankasi.. 15,318 36,397
Kardemir Karabuk Demir Celik
Sanayi ve Ticaret AS (a)..... 39,030 24,566
Petkim Petrokimya Holding AS
(a).......................... 10,414 36,052
Sekerbank TAS.................. 13,454 20,112
Turk Hava Yollari Anonim
Ortakligi (a)................ 13,427 69,723
----------
TOTAL TURKEY................... 186,850
----------
TOTAL COMMON STOCKS --
(Cost $10,405,331)........... 8,308,137
----------
PREFERRED STOCKS -- 3.3%
BRAZIL -- 3.3%
Banco do Estado do Rio Grande
do Sul SA.................... 9,097 30,654
Centrais Eletricas de Santa
Catarina SA.................. 2,606 59,849
Companiha de Tecidos Norte de
Minas (a).................... 11,687 29,082
Confab Industrial SA........... 20,110 55,150
Marcopolo SA................... 18,967 49,066
Randon SA Implementos e
Participacoes................ 8,484 47,325
Telemig Celular Participacoes
SA........................... 2,456 45,824
----------
TOTAL PREFERRED STOCKS --
(Cost $397,243).............. 316,950
----------
SHORT TERM INVESTMENTS -- 0.2%
UNITED STATES -- 0.2%
MONEY MARKET FUNDS -- 0.2%
State Street Navigator
Securities Lending Prime
Portfolio (d)(e)............. 20,014 20,014
STIC Prime Portfolio........... 100 100
----------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $20,114)............... 20,114
----------
TOTAL INVESTMENTS -- 88.2%
(Cost $10,822,688)........... 8,645,201
OTHER ASSETS AND
LIABILITIES -- 11.8%......... 1,161,627
----------
NET ASSETS -- 100.0%........... $9,806,828
==========
</Table>
(a) Non-income producing security.
(b) Security, or portion thereof, was on loan at September 30, 2008.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Comittee in accordance with procedures approved by
the Board of Trustees.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
At September 30, 2008, open futures contracts purchased were as follows:
<Table>
<Caption>
EXPIRATION AGGREGATE UNREALIZED
FUTURES DATE CONTRACTS FACE VALUE VALUE DEPRECIATION
- ------- ---------- --------- ---------- ---------- ------------
MSCI Taiwan Stock Index....... 10/31/2008 46 $1,014,260 $1,004,180 $(10,080)
</Table>
See accompanying notes to financial statements.
134
SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 100.1%
AUSTRALIA -- 9.1%
Abacus Property Group (a)....... 19,740 $ 14,014
Babcock & Brown Japan Property
Trust......................... 16,932 7,813
Bunnings Warehouse Property
Trust......................... 7,577 10,728
Centro Properties Group (b)(a).. 27,166 1,886
Centro Retail Group............. 53,071 4,814
CFS Retail Property Trust (a)... 40,526 71,926
Commonwealth Property Office
Fund.......................... 51,904 58,956
Dexus Property Group............ 97,948 110,484
Goodman Group................... 47,737 91,502
GPT Group....................... 69,926 96,526
ING Industrial Fund (a)......... 36,201 44,261
ING Office Fund................. 40,454 45,312
ING Real Estate Community Living
Group (a)..................... 12,382 3,077
Macquarie CountryWide Trust
(a)........................... 44,480 33,332
Macquarie DDR Trust............. 27,203 6,652
Macquarie Leisure Trust Group... 115 134
Macquarie Office Trust (a)...... 65,231 40,134
Tishman Speyer Office Fund...... 10,186 7,472
Valad Property Group............ 51,002 11,868
Westfield Group (a)............. 58,965 773,953
-----------
TOTAL AUSTRALIA................. 1,434,844
-----------
AUSTRIA -- 0.9%
Atrium European Real Estate,
Ltd. (b)...................... 6,784 50,028
CA Immobilien Anlagen AG (b).... 2,524 24,463
IMMOEAST AG (b)................. 12,068 30,004
Immofinanz Immobilien Anlagen
AG............................ 13,388 45,885
-----------
TOTAL AUSTRIA................... 150,380
-----------
BELGIUM -- 0.6%
Befimmo S.C.A. ................. 352 35,367
Cofinimmo REIT.................. 315 54,423
-----------
TOTAL BELGIUM................... 89,790
-----------
CANADA -- 5.1%
Artis REIT...................... 527 6,915
Boardwalk REIT.................. 796 26,728
Brookfield Asset Management,
Inc. (Class A)................ 16,747 451,911
Brookfield Properties Corp. .... 6,538 103,562
Calloway REIT................... 1,216 21,342
Canadian Apartment Properties
REIT.......................... 1,046 15,643
Canadian REIT................... 952 25,376
Chartwell Seniors Housing REIT.. 1,506 10,057
Extendicare REIT................ 978 6,393
First Capital Realty, Inc. ..... 1,029 20,450
H&R REIT........................ 2,276 32,068
Primaris Retail REIT............ 972 14,929
RioCan REIT..................... 3,412 64,857
-----------
TOTAL CANADA.................... 800,231
-----------
CHINA -- 4.1%
Champion REIT................... 53,000 21,570
GZI REIT........................ 20,000 6,362
Hang Lung Group, Ltd. .......... 24,000 74,803
Hang Lung Properties, Ltd. ..... 59,000 135,867
Hong Kong Land Holdings, Ltd. .. 40,000 118,400
Hysan Development Co., Ltd. .... 19,096 49,140
Kerry Properties, Ltd. ......... 19,500 62,034
Prosperity REIT................. 36,000 6,213
The Link REIT................... 53,269 109,909
Wheelock & Co., Ltd. ........... 30,000 53,862
-----------
TOTAL CHINA..................... 638,160
-----------
FRANCE -- 5.1%
Fonciere des Regions (a)........ 628 64,659
Gecina SA....................... 663 70,778
Klepierre....................... 2,343 90,110
Societe Immobiliere de Location
pour l'Industrie et le
Commerce...................... 337 41,183
Unibail-Rodamco................. 2,652 529,416
-----------
TOTAL FRANCE.................... 796,146
-----------
GERMANY -- 0.2%
IVG Immobilien AG............... 2,943 28,069
-----------
ITALY -- 0.1%
Beni Stabili SpA................ 15,676 14,312
-----------
JAPAN -- 9.9%
Aeon Mall Co., Ltd. ............ 2,500 73,000
Creed Office Investment Corp. .. 4 6,480
DA Office Investment Corp. ..... 7 25,385
Daibiru Corp. .................. 1,900 14,049
Frontier Real Estate Investment
Corp. ........................ 4 22,908
Fukuoka REIT Corp. ............. 3 15,288
Global One REIT................. 3 27,438
Hankyu REIT, Inc. .............. 3 14,129
Heiwa Real Estate Co., Ltd. .... 4,500 15,683
Japan Excellent, Inc. .......... 4 17,445
Japan Hotel and Resort, Inc. ... 3 6,188
Japan Prime Realty Investment
Corp. ........................ 19 44,026
Japan Real Estate Investment
Corp. ........................ 15 118,118
Japan Retail Fund Investment
Corp. (a)..................... 12 48,378
Kenedix Realty Investment
Corp. ........................ 7 25,385
Mitsui Fudosan Co., Ltd. ....... 28,000 517,195
Mori Hills REIT Investment
Corp. ........................ 4 16,390
Mori Trust Sogo REIT, Inc. (a).. 4 29,878
New City Residence Investment
Corp. (a)..................... 5 6,970
Nippon Building Fund, Inc. ..... 17 160,448
Nippon Commercial Investment
Corp. ........................ 8 16,879
Nippon Residential Investment
Corp. ........................ 8 19,585
Nomura Real Estate Office Fund,
Inc. ......................... 9 60,189
NTT Urban Development Corp. .... 35 41,473
Orix JREIT, Inc. ............... 8 40,164
Premier Investment Co. ......... 4 16,729
Shoei Co., Ltd. ................ 1,200 11,371
TOC Co., Ltd. (a)............... 3,500 13,121
Tokyu Land Corp. (a)............ 15,000 53,549
Tokyu REIT, Inc. ............... 5 31,837
Top REIT, Inc. ................. 5 17,708
United Urban Investment Corp. .. 7 30,132
-----------
TOTAL JAPAN..................... 1,557,518
-----------
NETHERLANDS -- 1.5%
Corio NV........................ 2,177 152,545
Eurocommercial Properties NV.... 1,004 43,013
VastNed Retail NV............... 543 37,869
-----------
TOTAL NETHERLANDS............... 233,427
-----------
</Table>
See accompanying notes to financial statements.
135
SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NEW ZEALAND -- 0.3%
AMP NZ Office Trust............. 17,096 $ 12,674
Goodman Property Trust.......... 21,318 16,659
ING Property Trust.............. 16,855 7,993
Kiwi Income Property Trust (a).. 23,228 17,996
-----------
TOTAL NEW ZEALAND............... 55,322
-----------
SINGAPORE -- 2.3%
Allco Commercial REIT........... 20,000 7,065
Ascendas REIT................... 31,000 40,547
Cambridge Industrial Trust...... 23,000 6,998
CapitaCommercial Trust.......... 25,000 22,907
CapitaLand, Ltd. ............... 53,000 113,436
CapitaMall Trust................ 33,000 51,934
Guocoland, Ltd. ................ 5,000 6,400
Macquarie Prime REIT............ 21,000 12,118
Mapletree Logistics Trust....... 42,000 21,445
Singapore Land, Ltd. ........... 4,000 13,429
Suntec REIT (a)................. 47,000 38,134
United Industrial Corp., Ltd. .. 21,000 30,111
-----------
TOTAL SINGAPORE................. 364,524
-----------
SOUTH AFRICA -- 0.3%
Capital Property Fund........... 9,064 5,692
Fountainhead Property Trust..... 32,018 21,653
SA Corporate Real Estate Fund... 25,941 7,362
Sycom Property Fund............. 3,189 7,047
-----------
TOTAL SOUTH AFRICA.............. 41,754
-----------
SPAIN-- 0.0%
Martinsa-Fadesa SA (b)(c)(d).... 178 0
-----------
SWEDEN -- 0.6%
Castellum AB.................... 5,158 44,014
Fabege AB....................... 4,004 22,051
Kungsleden AB................... 4,388 27,438
-----------
TOTAL SWEDEN.................... 93,503
-----------
SWITZERLAND -- 0.8%
PSP Swiss Property AG (b)....... 1,366 79,005
Swiss Prime Site AG (b)......... 744 42,467
-----------
TOTAL SWITZERLAND............... 121,472
-----------
UNITED KINGDOM -- 7.7%
Big Yellow Group PLC............ 2,731 15,821
British Land Co. PLC............ 16,910 224,401
Brixton PLC..................... 8,102 29,966
Capital & Regional PLC.......... 2,127 6,407
Derwent London PLC.............. 3,029 56,312
Grainger PLC.................... 3,848 13,718
Great Portland Estates PLC...... 5,819 34,591
Hammerson PLC................... 9,399 162,674
Land Securities Group PLC....... 15,247 339,713
Liberty International PLC....... 9,641 164,714
Minerva PLC (b)................. 5,181 3,186
Quintain Estates & Development
PLC........................... 4,258 15,274
Segro PLC....................... 14,033 104,242
Shaftesbury PLC................. 4,350 32,759
Workspace Group PLC............. 5,603 12,883
-----------
TOTAL UNITED KINGDOM............ 1,216,661
-----------
UNITED STATES -- 51.5%
Acadia Realty Trust............. 971 24,547
Alexander's, Inc. (b)........... 84 33,600
Alexandria Real Estate Equities,
Inc. ......................... 1,024 115,200
AMB Property Corp. ............. 3,141 142,287
American Campus Communities,
Inc. ......................... 1,364 46,212
Apartment Investment &
Management Co. (Class A)...... 2,914 102,048
Ashford Hospitality Trust,
Inc. ......................... 3,870 15,673
Associated Estates Realty
Corp. ........................ 506 6,593
Avalonbay Communities, Inc. .... 2,470 243,097
BioMed Realty Trust, Inc. ...... 2,288 60,518
Boston Properties, Inc. ........ 3,823 358,062
Brandywine Realty Trust......... 2,817 45,156
BRE Properties, Inc. ........... 1,644 80,556
Camden Property Trust........... 1,694 77,687
CBL & Associates Properties,
Inc. ......................... 2,123 42,630
Cedar Shopping Centers, Inc. ... 1,422 18,799
Colonial Properties Trust....... 1,339 25,026
Corporate Office Properties
Trust......................... 1,522 61,413
Cousins Properties, Inc. ....... 1,266 31,941
DCT Industrial Trust, Inc. ..... 5,491 41,128
Developers Diversified Realty
Corp. ........................ 3,839 121,658
DiamondRock Hospitality Co. .... 2,946 26,809
Digital Realty Trust, Inc. ..... 2,149 101,540
Douglas Emmett, Inc. ........... 3,476 80,191
Duke Realty Corp. .............. 4,681 115,059
DuPont Fabros Technology,
Inc. ......................... 1,140 17,385
EastGroup Properties, Inc. ..... 790 38,347
Education Realty Trust, Inc. ... 903 10,005
Equity Lifestyle Properties,
Inc. ......................... 722 38,288
Equity One, Inc. ............... 1,066 21,842
Equity Residential.............. 8,813 391,385
Essex Property Trust, Inc. ..... 817 96,676
Extra Space Storage, Inc. ...... 2,661 40,873
Federal Realty Investment
Trust......................... 1,888 161,613
FelCor Lodging Trust, Inc. ..... 2,001 14,327
First Industrial Realty Trust,
Inc. ......................... 1,419 40,697
First Potomac Realty Trust...... 783 13,460
Forest City Enterprises, Inc.
(Class A)..................... 2,225 68,241
General Growth Properties,
Inc. ......................... 8,115 122,536
Glimcher Realty Trust........... 1,211 12,643
HCP, Inc. ...................... 8,082 324,331
Health Care REIT, Inc. ......... 3,272 174,169
Healthcare Realty Trust, Inc. .. 1,629 47,485
Hersha Hospitality Trust........ 1,476 10,981
Highwoods Properties, Inc. ..... 1,823 64,826
Home Properties, Inc. .......... 1,023 59,283
Hospitality Properties Trust.... 3,016 61,888
Host Hotels & Resorts, Inc. .... 16,844 223,857
HRPT Properties Trust........... 7,246 49,925
Inland Real Estate Corp. ....... 1,910 29,968
Kilroy Realty Corp. ............ 1,049 50,132
Kimco Realty Corp. ............. 7,100 262,274
Kite Realty Group Trust......... 928 10,208
LaSalle Hotel Properties........ 1,285 29,966
Liberty Property Trust.......... 2,971 111,858
Mack-Cali Realty Corp. ......... 2,111 71,500
Maguire Properties, Inc. ....... 1,183 7,051
</Table>
See accompanying notes to financial statements.
136
SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Mid-America Apartment
Communities, Inc. ............ 890 $ 43,735
Nationwide Health Properties,
Inc. ......................... 3,089 111,142
Parkway Properties, Inc. ....... 493 18,665
Pennsylvania Real Estate
Investment Trust.............. 1,263 23,808
Post Properties, Inc. .......... 1,411 39,466
ProLogis........................ 8,485 350,176
PS Business Parks, Inc. ........ 493 28,397
Public Storage.................. 4,161 411,981
Ramco-Gershenson Properties
Trust......................... 593 13,295
Regency Centers Corp. .......... 2,225 148,385
Saul Centers, Inc. ............. 494 24,967
Senior Housing Properties
Trust......................... 3,557 84,763
Simon Property Group, Inc. ..... 7,181 696,557
SL Green Realty Corp. .......... 1,869 121,111
Sovran Self Storage, Inc. ...... 700 31,283
Strategic Hotels & Resorts,
Inc. ......................... 2,390 18,044
Sun Communities, Inc. .......... 541 10,717
Sunstone Hotel Investors,
Inc. ......................... 1,610 21,735
Tanger Factory Outlet Centers,
Inc. ......................... 1,007 44,096
Taubman Centers, Inc. .......... 1,691 84,550
The Macerich Co. ............... 2,400 152,760
U-Store-It Trust................ 1,515 18,589
UDR, Inc. ...................... 4,132 108,052
Universal Health Realty Income
Trust......................... 353 13,732
Ventas, Inc. ................... 4,624 228,518
Vornado Realty Trust............ 4,610 419,279
Washington Real Estate
Investment Trust.............. 1,566 57,363
Weingarten Realty Investors..... 2,499 89,139
-----------
TOTAL UNITED STATES............. 8,109,755
-----------
TOTAL COMMON STOCKS --
(Cost $17,495,035)............ 15,745,868
-----------
SHORT TERM INVESTMENTS -- 3.8%
UNITED STATES -- 3.8%
MONEY MARKET FUNDS -- 3.8%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f).............. 499,627 499,627
STIC Prime Portfolio............ 103,736 103,736
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $603,363)............... 603,363
-----------
TOTAL INVESTMENTS -- 103.9%
(Cost $18,098,398)............ 16,349,231
OTHER ASSETS AND
LIABILITIES -- (3.9)%......... (617,945)
-----------
NET ASSETS -- 100.0%............ $15,731,286
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Company has filed for insolvency.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
137
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 19.0%
Abacus Property Group....... 2,121,321 $ 1,505,969
Babcock & Brown Japan
Property Trust (a)........ 1,915,850 884,065
Bunnings Warehouse Property
Trust..................... 828,293 1,172,777
Centro Properties Group
(a)(b).................... 2,874,130 199,506
Centro Retail Group......... 5,597,973 507,804
CFS Retail Property Trust
(a)....................... 4,428,392 7,859,513
Commonwealth Property Office
Fund (a).................. 5,562,834 6,318,670
Dexus Property Group........ 10,717,662 12,089,356
Goodman Group (a)........... 5,116,275 9,806,798
GPT Group (a)............... 7,491,957 10,341,901
ING Industrial Fund (a)..... 3,912,946 4,784,126
ING Office Fund (a)......... 4,335,633 4,856,327
ING Real Estate Community
Living Group (a).......... 1,296,763 322,209
Macquarie CountryWide Trust
(a)....................... 4,863,621 3,644,604
Macquarie DDR Trust......... 2,821,578 689,955
Macquarie Leisure Trust
Group..................... 58,648 68,467
Macquarie Office Trust (a).. 6,991,137 4,301,397
Tishman Speyer Office Fund
(a)....................... 1,081,203 793,154
Valad Property Group (a).... 5,486,532 1,276,695
Westfield Group (a)......... 6,276,356 82,381,170
-------------
TOTAL AUSTRALIA............. 153,804,463
-------------
AUSTRIA -- 2.0%
Atrium European Real Estate,
Ltd. (b).................. 727,560 5,365,328
CA Immobilien Anlagen AG
(b)....................... 270,557 2,622,262
IMMOEAST AG (b)............. 1,308,723 3,253,788
Immofinanz Immobilien
Anlagen AG (a)............ 1,447,222 4,960,131
-------------
TOTAL AUSTRIA............... 16,201,509
-------------
BELGIUM -- 1.2%
Befimmo S.C.A. ............. 37,683 3,786,186
Cofinimmo REIT (a).......... 34,066 5,885,650
-------------
TOTAL BELGIUM............... 9,671,836
-------------
CANADA -- 9.2%
Artis REIT.................. 53,900 707,209
Boardwalk REIT.............. 84,450 2,835,652
Brookfield Asset Management,
Inc. (Class A) (a)........ 1,789,370 48,285,389
Calloway REIT............... 132,020 2,317,055
Canadian Apartment
Properties REIT........... 111,026 1,660,378
Canadian REIT............... 102,106 2,721,674
Chartwell Seniors Housing
REIT...................... 166,007 1,108,587
Extendicare REIT (b)........ 110,487 722,239
First Capital Realty,
Inc. ..................... 114,997 2,285,446
H&R REIT.................... 245,637 3,460,913
Primaris Retail REIT........ 103,069 1,583,067
RioCan REIT................. 369,718 7,027,841
-------------
TOTAL CANADA................ 74,715,450
-------------
CHINA -- 8.5%
Champion REIT............... 5,727,000 2,330,822
GZI REIT.................... 2,305,000 733,268
Hang Lung Group, Ltd. ...... 2,605,000 8,119,289
Hang Lung Properties,
Ltd. ..................... 6,305,449 14,520,395
Henderson Investment,
Ltd. ..................... 30,000 1,391
Henderson Land Development
Co., Ltd. ................ 32,000 140,128
Hong Kong Land Holdings,
Ltd. (a).................. 4,215,000 12,476,400
Hysan Development Co.,
Ltd. ..................... 2,093,185 5,386,392
Kerry Properties, Ltd. ..... 2,105,718 6,698,723
Prosperity REIT............. 3,755,000 648,052
The Link REIT............... 5,813,685 11,995,239
Wheelock & Co., Ltd. ....... 3,226,000 5,791,913
-------------
TOTAL CHINA................. 68,842,012
-------------
FRANCE -- 10.5%
Fonciere des Regions (a).... 67,757 6,976,319
Gecina SA................... 71,583 7,641,730
Klepierre................... 251,497 9,672,404
Societe Immobiliere de
Location pour l'Industrie
et le Commerce............ 36,456 4,455,090
Unibail-Rodamco (a)......... 282,312 56,357,632
-------------
TOTAL FRANCE................ 85,103,175
-------------
GERMANY -- 0.4%
IVG Immobilien AG (a)....... 315,433 3,008,466
-------------
ITALY -- 0.2%
Beni Stabili SpA (a)........ 1,632,813 1,490,795
-------------
JAPAN -- 20.6%
Aeon Mall Co., Ltd. (a)..... 274,580 8,017,689
Creed Office Investment
Corp. (a)................. 453 733,914
DA Office Investment
Corp. .................... 706 2,560,260
Daibiru Corp. (a)........... 197,300 1,458,866
Frontier Real Estate
Investment Corp. (a)...... 472 2,703,113
Fukuoka REIT Corp. ......... 282 1,437,027
Global One REIT Co., Ltd. .. 335 3,063,957
Hankyu REIT, Inc. (a)....... 292 1,375,218
Heiwa Real Estate Co., Ltd.
(a)....................... 513,500 1,789,620
Japan Excellent, Inc. ...... 482 2,102,068
Japan Hotel and Resort,
Inc. ..................... 285 587,906
Japan Prime Realty
Investment Corp. ......... 2,015 4,669,053
Japan Real Estate Investment
Corp. .................... 1,526 12,016,540
Japan Retail Fund Investment
Corp. (a)................. 1,333 5,373,937
Kenedix Realty Investment
Corp. .................... 689 2,498,611
Mitsui Fudosan Co., Ltd.
(a)....................... 3,032,000 56,004,823
Mori Hills REIT Investment
Corp. .................... 377 1,544,718
Mori Trust Sogo REIT, Inc.
(a)....................... 386 2,883,229
New City Residence
Investment Corp. (a)...... 617 860,133
Nippon Building Fund, Inc.
(a)....................... 1,859 17,545,500
Nippon Commercial Investment
Corp. .................... 885 1,867,282
Nippon Residential
Investment Corp. ......... 847 2,073,520
Nomura Real Estate Office
Fund, Inc. ............... 1,051 7,028,776
NTT Urban Development Corp.
(a)....................... 3,740 4,431,705
Orix JREIT, Inc. ........... 861 4,322,639
Premier Investment Co. (a).. 446 1,865,248
Shoei Co., Ltd. ............ 123,890 1,173,959
</Table>
See accompanying notes to financial statements.
138
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TOC Co., Ltd. (a)........... 350,500 $ 1,313,983
Tokyu Land Corp. (a)........ 1,575,000 5,622,616
Tokyu REIT, Inc. (a)........ 549 3,495,728
Top REIT, Inc. ............. 527 1,866,453
United Urban Investment
Corp. .................... 689 2,965,883
-------------
TOTAL JAPAN................. 167,253,974
-------------
NETHERLANDS -- 3.1%
Corio NV.................... 231,691 16,234,815
Eurocommercial Properties
NV........................ 107,505 4,605,711
VastNed Retail NV........... 58,233 4,061,221
-------------
TOTAL NETHERLANDS........... 24,901,747
-------------
NEW ZEALAND -- 0.7%
AMP NZ Office Trust (a)..... 1,814,572 1,345,268
Goodman Property Trust (a).. 2,244,073 1,753,615
ING Property Trust.......... 1,800,439 853,784
Kiwi Income Property Trust
(a)....................... 2,486,975 1,926,819
-------------
TOTAL NEW ZEALAND........... 5,879,486
-------------
SINGAPORE -- 4.9%
Allco Commercial REIT....... 2,032,000 717,745
Ascendas REIT............... 3,329,000 4,354,221
Cambridge Industrial Trust.. 2,362,074 718,684
CapitaCommercial Trust (a).. 2,736,000 2,506,932
CapitaLand, Ltd. (a)........ 5,745,000 12,296,076
CapitaMall Trust (a)........ 3,646,000 5,737,917
Guocoland, Ltd. (a)......... 623,000 797,433
Macquarie Prime REIT........ 2,368,000 1,366,441
Mapletree Logistics Trust... 4,524,000 2,309,939
Singapore Land, Ltd. (a).... 444,000 1,490,662
Suntec REIT (a)............. 4,999,000 4,055,984
United Industrial Corp.,
Ltd. (a).................. 2,341,000 3,356,683
-------------
TOTAL SINGAPORE............. 39,708,717
-------------
SOUTH AFRICA -- 0.5%
Capital Property Fund....... 992,044 622,974
Fountainhead Property
Trust..................... 3,431,497 2,320,637
SA Corporate Real Estate
Fund...................... 2,738,451 777,156
Sycom Property Fund......... 336,684 744,062
-------------
TOTAL SOUTH AFRICA.......... 4,464,829
-------------
SPAIN -- 0.0%
Martinsa-Fadesa SA
(b)(c)(d)................. 35,998 0
-------------
SWEDEN -- 1.2%
Castellum AB (a)............ 552,831 4,717,428
Fabege AB................... 433,981 2,390,000
Kungsleden AB (a)........... 470,268 2,940,545
-------------
TOTAL SWEDEN................ 10,047,973
-------------
SWITZERLAND -- 1.6%
PSP Swiss Property AG
(a)(b).................... 146,250 8,458,696
Swiss Prime Site AG (b)..... 79,621 4,544,699
-------------
TOTAL SWITZERLAND........... 13,003,395
-------------
UNITED KINGDOM -- 16.0%
Big Yellow Group PLC (a).... 292,608 1,695,066
British Land Co. PLC........ 1,799,994 23,886,513
Brixton PLC................. 880,243 3,255,650
Capital & Regional PLC...... 232,065 699,058
Derwent London PLC.......... 324,890 6,040,010
Grainger PLC................ 408,490 1,456,225
Great Portland Estates PLC
(a)....................... 623,647 3,707,248
Hammerson PLC............... 1,000,418 17,314,810
Land Securities Group PLC... 1,622,863 36,158,373
Liberty International PLC
(a)....................... 1,026,211 17,532,579
Minerva PLC (b)............. 546,635 336,150
Quintain Estates &
Development PLC........... 458,159 1,643,498
Segro PLC................... 1,504,484 11,175,841
Shaftesbury PLC (a)......... 466,342 3,511,950
Workspace Group PLC......... 592,605 1,362,611
-------------
TOTAL UNITED KINGDOM........ 129,775,582
-------------
TOTAL COMMON STOCKS --
(Cost $1,285,829,508)..... 807,873,409
-------------
SHORT TERM INVESTMENTS -- 16.5%
UNITED STATES -- 16.5%
MONEY MARKET FUNDS -- 16.5%
State Street Navigator
Securities Lending Prime
Portfolio (e)(f).......... 122,547,301 122,547,301
STIC Prime Portfolio........ 10,884,476 10,884,476
-------------
TOTAL SHORT TERM
INVESTMENTS --
(Cost $133,431,777)....... 133,431,777
-------------
TOTAL INVESTMENTS -- 116.1%
(Cost $1,419,261,285)..... 941,305,186
OTHER ASSETS AND
LIABILITIES -- (16.1)%.... (130,187,130)
-------------
NET ASSETS -- 100.0%........ $ 811,118,056
=============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Company has filed for insolvency.
(e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
139
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.4%
AUSTRALIA -- 1.2%
AGL Energy, Ltd. ............. 28,242 $ 305,195
Macquarie Infrastructure Group
(a)......................... 165,331 301,254
Transurban Group (a).......... 81,642 359,348
------------
TOTAL AUSTRALIA............... 965,797
------------
BRAZIL -- 0.8%
Centrais Eletricas Brasileiras
SA ADR...................... 21,264 304,473
Companhia Energetica de Minas
Gerais ADR (a).............. 18,542 366,019
------------
TOTAL BRAZIL.................. 670,492
------------
CANADA -- 3.5%
Enbridge, Inc. ............... 23,883 884,605
Fortis, Inc. ................. 10,281 232,464
TransAlta Corp. .............. 13,000 349,699
TransCanada Corp. (a)......... 37,393 1,342,448
------------
TOTAL CANADA.................. 2,809,216
------------
CHINA -- 3.2%
China Merchants Holdings
International Co., Ltd. .... 77,212 242,643
CLP Holdings, Ltd. ........... 118,000 947,574
Hong Kong & China Gas Co.,
Ltd. ....................... 322,320 728,965
HongKong Electric Holdings,
Ltd. ....................... 104,000 649,636
------------
TOTAL CHINA................... 2,568,818
------------
FINLAND -- 1.2%
Fortum Oyj.................... 28,933 958,309
------------
FRANCE -- 10.7%
Electricite de France......... 16,658 1,191,811
GDF Suez...................... 108,048 5,539,592
Suez SA (b)................... 23,889 586,889
Veolia Environnement.......... 30,347 1,230,426
------------
TOTAL FRANCE.................. 8,548,718
------------
GERMANY -- 10.7%
E.ON AG....................... 122,884 6,141,429
RWE AG........................ 25,470 2,414,910
------------
TOTAL GERMANY................. 8,556,339
------------
ITALY -- 5.0%
A2A SpA (a)................... 98,383 248,196
Atlantia SpA.................. 18,541 376,851
Enel SpA...................... 299,216 2,475,531
Hera SpA...................... 66,095 180,389
Snam Rete Gas SpA (a)......... 63,308 379,712
Terna -- Rete Elettrica
Nationale SpA............... 97,148 354,111
------------
TOTAL ITALY................... 4,014,790
------------
JAPAN -- 8.7%
Chubu Electric Power Co., Inc.
(a)......................... 37,900 887,124
Electric Power Development
Co., Ltd. .................. 10,700 341,666
Hokkaido Electric Power Co.,
Inc. ....................... 10,600 219,658
Hokuriku Electric Power Co.
(a)......................... 10,600 254,105
Kyushu Electric Power Co.,
Inc. ....................... 22,900 474,544
Osaka Gas Co., Ltd. .......... 105,000 358,028
Shikoku Electric Power Co.,
Inc. (a).................... 12,000 300,664
The Chugoku Electric Power
Co., Inc. (a)............... 18,100 370,814
The Kansai Electric Power Co.,
Inc. (a).................... 46,700 1,033,721
The Tokyo Electric Power Co.,
Inc. (a).................... 65,900 1,607,696
Tohoku Electric Power Co.,
Inc. (a).................... 24,600 527,151
Tokyo Gas Co., Ltd. .......... 132,000 543,343
------------
TOTAL JAPAN................... 6,918,514
------------
PORTUGAL -- 1.3%
Brisa-Auto Estradas de
Portugal SA (a)............. 28,192 277,199
EDP -- Energias de Portugal
S.A. (a).................... 178,253 735,876
------------
TOTAL PORTUGAL................ 1,013,075
------------
SOUTH KOREA -- 0.5%
Korea Electric Power Corp. ADR
(a)......................... 30,502 377,920
------------
SPAIN -- 6.7%
Abertis Infraestructuras SA
(a)......................... 21,641 420,101
Cintra Concesiones de
Infraestructuras de
Transporte SA (a)........... 13,749 159,328
Enagas........................ 11,599 247,647
Gas Natural SDG SA............ 14,562 533,454
Iberdrola SA.................. 323,923 3,248,689
Union Fenosa SA............... 29,641 717,792
------------
TOTAL SPAIN................... 5,327,011
------------
UNITED KINGDOM -- 9.7%
British Energy Group PLC...... 66,236 897,273
Centrica PLC.................. 240,491 1,346,002
Drax Group PLC................ 21,965 294,419
International Power PLC....... 97,624 629,480
National Grid PLC............. 158,755 2,020,425
Pennon Group PLC.............. 22,426 233,643
Scottish & Southern Energy
PLC......................... 56,521 1,437,642
Severn Trent PLC.............. 15,276 368,677
United Utilities Group PLC.... 43,929 544,193
------------
TOTAL UNITED KINGDOM.......... 7,771,754
------------
UNITED STATES -- 36.2%
Allegheny Energy, Inc. (a).... 10,843 398,697
Alliant Energy Corp. (a)...... 7,095 228,530
Ameren Corp. (a).............. 13,630 531,979
American Electric Power Co.,
Inc. ....................... 26,127 967,483
American Tower Corp. (Class A)
(b)......................... 25,745 926,048
CenterPoint Energy, Inc. (a).. 22,189 323,294
Consolidated Edison, Inc.
(a)......................... 17,591 755,709
Constellation Energy Group,
Inc. (a).................... 11,495 279,328
Crown Castle International
Corp. (b)(a)................ 13,690 396,599
Dominion Resources, Inc. (a).. 37,364 1,598,432
DTE Energy Co. (a)............ 10,503 421,380
Duke Energy Corp. ............ 81,386 1,418,558
Edison International (a)...... 21,202 845,960
El Paso Corp. (a)............. 45,409 579,419
Energen Corp. ................ 4,595 208,062
Entergy Corp. (a)............. 12,558 1,117,788
Equitable Resources, Inc.
(a)......................... 8,424 308,992
Exelon Corp. (a).............. 42,851 2,683,330
FirstEnergy Corp. (a)......... 19,743 1,322,584
FPL Group, Inc. (a)........... 26,515 1,333,704
Integrys Energy Group, Inc.
(a)......................... 4,898 244,606
Mirant Corp. (b)(a)........... 12,001 219,498
</Table>
See accompanying notes to financial statements.
140
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
National Fuel Gas Co. (a)..... 5,246 $ 221,276
NiSource, Inc. ............... 17,586 259,569
Northeast Utilities (a)....... 9,858 252,858
NRG Energy, Inc. (b)(a)....... 15,356 380,061
ONEOK, Inc. (a)............... 6,697 230,377
Pepco Holdings, Inc. (a)...... 12,953 296,753
PG&E Corp. (a)................ 22,992 861,050
Pinnacle West Capital Corp.
(a)......................... 6,433 221,359
PPL Corp. (a)................. 24,184 895,292
Progress Energy, Inc. (a)..... 16,922 729,846
Public Service Enterprise
Group, Inc. ................ 33,039 1,083,349
Reliant Energy, Inc. (a)(b)... 22,242 163,479
SCANA Corp. (a)............... 7,418 288,783
Sempra Energy (a)............. 16,165 815,847
Spectra Energy Corp. (a)...... 39,919 950,072
The AES Corp. (b)(a).......... 43,656 510,339
The Southern Co. (a).......... 49,818 1,877,640
The Williams Cos., Inc. ...... 37,838 894,869
Wisconsin Energy Corp. (a).... 7,533 338,232
Xcel Energy, Inc. (a)......... 27,675 553,223
------------
TOTAL UNITED STATES........... 28,934,254
------------
TOTAL COMMON STOCKS --
(Cost $97,770,162).......... 79,435,007
------------
SHORT TERM INVESTMENTS -- 19.4%
UNITED STATES -- 19.4%
MONEY MARKET FUNDS -- 19.4%
State Street Navigator
Securities Lending Prime
Portfolio (c)(d)............ 15,292,308 15,292,308
STIC Prime Portfolio.......... 236,467 236,467
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $15,528,775).......... 15,528,775
------------
TOTAL INVESTMENTS -- 118.8%
(Cost $113,298,937)......... 94,963,782
OTHER ASSETS AND
LIABILITIES -- (18.8)%...... (15,019,891)
------------
NET ASSETS -- 100.0%.......... $ 79,943,891
============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
141
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.7%
ARGENTINA -- 0.1%
Tenaris SA ADR................ 6,997 $ 260,918
------------
AUSTRALIA -- 4.9%
Alumina, Ltd. (a)............. 52,401 126,895
Amcor, Ltd. .................. 43,357 184,680
AMP, Ltd. .................... 44,077 242,680
Australia & New Zealand
Banking Group, Ltd. ........ 31,909 471,934
Babcock & Brown, Ltd. (a)..... 10,515 16,132
BHP Billiton, Ltd. ........... 70,183 1,716,172
BlueScope Steel, Ltd. (a)..... 27,898 161,084
Boral, Ltd. (a)............... 36,876 178,017
Brambles, Ltd. ............... 37,108 225,385
CFS Retail Property Trust
(a)......................... 221,862 393,761
Coca-Cola Amatil, Ltd. ....... 47,721 310,549
Commonwealth Bank of Australia
(a)......................... 24,145 811,723
CSL, Ltd. .................... 14,637 430,653
Fortescue Metals Group, Ltd.
(a)(b)...................... 22,308 82,000
Foster's Group, Ltd. ......... 57,415 249,995
Insurance Australia Group,
Ltd. ....................... 53,605 173,363
Lend Lease Corp., Ltd. ....... 17,122 123,986
Macquarie Group, Ltd. (a)..... 6,314 184,278
Macquarie Infrastructure Group
(a)......................... 96,597 176,012
Macquarie Office Trust (a).... 554,363 341,080
National Australia Bank,
Ltd. ....................... 29,858 571,372
Newcrest Mining, Ltd. ........ 10,492 228,668
Origin Energy, Ltd. .......... 42,450 539,436
OZ Minerals, Ltd. (a)......... 40,024 50,672
Perpetual, Ltd. (a)........... 4,204 155,194
Qantas Airways, Ltd. ......... 46,154 113,952
QBE Insurance Group, Ltd.
(a)......................... 17,308 361,797
Rio Tinto, Ltd. .............. 6,783 452,112
Santos, Ltd. ................. 32,709 492,795
Sonic Healthcare, Ltd. ....... 18,575 191,941
Suncorp-Metway, Ltd. ......... 20,445 149,981
Toll Holdings, Ltd. (a)....... 24,081 131,826
Transurban Group (a).......... 41,170 181,210
Virgin Blue Holdings, Ltd.
(a)......................... 24,081 5,983
Wesfarmers, Ltd. (a).......... 14,613 328,282
Wesfarmers, Ltd. PPS.......... 2,012 44,755
Westfield Group (a)........... 29,030 381,037
Westpac Banking Corp. (a)..... 34,811 589,818
Woodside Petroleum, Ltd. ..... 12,979 522,130
Woolworths, Ltd. ............. 25,312 543,078
------------
TOTAL AUSTRALIA............... 12,636,418
------------
AUSTRIA -- 0.4%
Boehler-Uddeholm AG (b)(c).... 196 19,343
Erste Bank der
Oesterreichischen Sparkassen
AG (a)...................... 4,345 210,256
OMV AG........................ 5,148 212,089
Raiffeisen International Bank-
Holding AG.................. 2,921 205,026
Telekom Austria AG............ 10,519 183,069
Wienerberger AG (a)........... 3,941 105,068
------------
TOTAL AUSTRIA................. 934,851
------------
BELGIUM -- 0.6%
Delhaize Group................ 2,325 133,882
Dexia SA (a).................. 14,332 150,986
Fortis........................ 31,375 189,505
InBev NV...................... 5,844 343,414
KBC Groep NV.................. 3,941 330,649
Solvay SA (a)................. 2,061 249,837
UCB SA........................ 3,460 120,968
------------
TOTAL BELGIUM................. 1,519,241
------------
BRAZIL -- 2.5%
Banco Bradesco Preference
Shares SA ADR (a)........... 39,768 640,265
Banco Itau Holding Financeira
SA Preference Shares ADR
(a)......................... 31,785 556,237
Companhia de Bebidas das
Americas Preference Shares
ADR......................... 5,551 303,140
Companhia Energetica de Minas
Gerais ADR (a).............. 13,143 259,443
Companhia Siderurgica Nacional
SA ADR (a).................. 15,443 328,318
Companhia Vale do Rio Doce
Preference Shares ADR....... 74,389 1,316,685
Gerdau SA ADR (a)............. 34,678 384,926
Petroleo Brasileiro SA ADR.... 56,748 2,123,510
Tele Norte Leste Participacoes
SA ADR...................... 6,302 110,033
Unibanco -- Uniao de Bancos
Brasileiros SA GDR (a)...... 5,243 529,124
------------
TOTAL BRAZIL.................. 6,551,681
------------
CANADA -- 7.5%
Agrium, Inc. ................. 6,175 345,572
Bank of Montreal (a).......... 10,837 468,360
Bank of Nova Scotia (a)....... 19,020 858,691
Barrick Gold Corp. ........... 20,322 744,872
Brookfield Asset Management,
Inc. (Class A).............. 12,890 347,831
Brookfield Properties Corp.
(a)......................... 10,207 159,556
Cameco Corp. ................. 8,600 186,527
Canadian Imperial Bank of
Commerce (a)................ 7,258 416,966
Canadian National Railway
Co. ........................ 11,857 566,308
Canadian Natural Resources,
Ltd. ....................... 11,857 814,109
Canadian Pacific Railway,
Ltd. ....................... 5,148 276,332
Canadian Tire Corp., Ltd. .... 3,800 175,132
Enbridge, Inc. ............... 10,519 389,615
EnCana Corp. ................. 17,632 1,127,042
Enerplus Resources Fund....... 6,719 245,580
Gildan Activewear, Inc.
(a)(b)...................... 7,251 161,292
Goldcorp, Inc. ............... 16,301 513,163
Husky Energy, Inc. ........... 8,692 361,349
IGM Financial, Inc. (a)....... 7,302 263,798
Imperial Oil, Ltd. ........... 9,717 416,573
Loblaw Co., Ltd. ............. 6,895 192,609
Magna International, Inc.
(Class A)................... 3,623 186,330
Manulife Financial Corp. ..... 30,657 1,103,790
MDS, Inc. (b)................. 11,946 142,808
National Bank of Canada....... 6,587 301,409
Nexen, Inc. .................. 8,447 196,239
Nortel Networks, Corp. (b).... 38 84
Onex Corp. ................... 11,681 301,803
Penn West Energy Trust........ 9,229 219,701
Petro-Canada.................. 11,994 399,349
</Table>
See accompanying notes to financial statements.
142
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Potash Corp of Saskatchewan,
Inc. ....................... 7,396 $ 959,769
Research In Motion, Ltd. (b).. 10,875 733,490
Rogers Communications, Inc.
(Class B) (a)............... 10,387 337,245
Royal Bank of Canada.......... 24,977 1,186,361
Shaw Communications, Inc. .... 11,110 225,084
Shoppers Drug Mart Corp. ..... 7,073 341,609
SNC-Lavalin Group, Inc. ...... 9,544 345,422
Sun Life Financial, Inc. ..... 12,311 430,746
Suncor Energy, Inc. .......... 19,875 822,517
Talisman Energy, Inc. ........ 27,217 384,499
Teck Cominco, Ltd. (Class B).. 10,023 284,890
TELUS Corp. .................. 4,803 175,595
TELUS Corp. (Non-Voting)...... 345 12,366
Thomson Corp. ................ 8,366 227,641
TMX Group, Inc. (a)........... 5,331 145,409
TransAlta Corp. .............. 13,293 357,581
TransCanada Corp. (a)......... 12,579 451,599
------------
TOTAL CANADA.................. 19,304,613
------------
CHILE -- 0.3%
Empresa Nacional de
Electricidad SA ADR (a)..... 11,044 491,569
Enersis SA ADR................ 19,132 312,234
------------
TOTAL CHILE................... 803,803
------------
CHINA -- 4.0%
Bank of China, Ltd. .......... 613,000 232,904
Bank of Communications Co.,
Ltd. ....................... 222,000 198,144
Bank of East Asia, Ltd. ...... 109,724 339,162
Cheung Kong Holdings, Ltd. ... 44,000 488,772
China Construction Bank
Corp. ...................... 572,000 371,297
China COSCO Holdings Co.,
Ltd. ....................... 80,500 71,227
China Life Insurance Co.,
Ltd. ....................... 176,000 647,163
China Merchants Holdings
International Co., Ltd. .... 89,351 280,792
China Mobile, Ltd. ........... 93,000 921,095
China Petroleum & Chemical
Corp. ...................... 440,000 341,716
China Resources Enterprise.... 88,000 210,583
China Telecom Corp., Ltd. .... 440,000 177,375
Citic Pacific, Ltd. .......... 88,000 252,745
CNOOC, Ltd. .................. 352,000 401,218
COSCO Pacific, Ltd. .......... 100,000 112,823
Esprit Holdings, Ltd. ........ 22,000 134,164
Guangzhou R&F Properties Co.,
Ltd. ....................... 143,600 128,539
Hang Lung Properties, Ltd. ... 88,000 202,649
Henderson Land Development
Co., Ltd. .................. 42,000 183,918
Hong Kong & China Gas Co.,
Ltd. ....................... 212,420 480,413
Hong Kong Exchanges and
Clearing, Ltd. ............. 33,600 402,888
Huaneng Power International,
Inc. ....................... 176,000 115,379
Hutchison Whampoa, Ltd. ...... 44,000 333,215
Industrial & Commercial Bank
of China.................... 902,000 532,068
Li & Fung, Ltd. .............. 88,000 210,583
Mongolia Energy Co., Ltd.
(b)......................... 105,000 55,311
New World Development Co.,
Ltd. ....................... 268,025 291,694
PCCW, Ltd. ................... 392,000 161,559
PetroChina Co., Ltd. ......... 440,000 453,354
Ping An Insurance Group Co. of
China, Ltd. ................ 44,000 249,061
Shangri-La Asia, Ltd. ........ 114,000 161,507
Sun Hung Kai Properties,
Ltd. ....................... 44,000 444,287
Swire Pacific, Ltd. .......... 44,000 381,951
The Link REIT................. 113,900 235,007
Zijin Mining Group Co.,
Ltd. ....................... 174,000 86,951
------------
TOTAL CHINA................... 10,291,514
------------
DENMARK -- 0.7%
A P Moller -- Maersk A/S...... 44 376,068
Danisco A/S................... 3,267 181,131
Danske Bank A/S............... 8,366 196,479
DSV A/S....................... 11,555 180,010
Novo Nordisk A/S (Class B).... 11,550 589,264
Vestas Wind Systems A/S (b)... 4,836 410,602
------------
TOTAL DENMARK................. 1,933,554
------------
FINLAND -- 1.2%
Elisa Oyj..................... 7,390 142,626
Fortum Oyj.................... 11,022 365,067
Kesko Oyj (Class B)........... 4,477 112,692
Kone Oyj (Class B)............ 8,146 217,403
Metso Oyj..................... 4,748 113,845
Neste Oil Oyj (a)............. 7,073 144,754
Nokia Oyj..................... 68,347 1,238,447
Outokumpu Oyj................. 6,030 93,679
Sampo Oyj (Class A)........... 11,769 261,526
Stora Enso Oyj................ 17,636 169,195
UPM-Kymmene Oyj............... 8,605 132,232
Wartsila Oyj (Class B)........ 3,267 135,192
YIT Oyj....................... 8,144 83,508
------------
TOTAL FINLAND................. 3,210,166
------------
FRANCE -- 7.5%
Accor SA...................... 5,060 265,644
Air France-KLM (a)............ 4,748 106,675
Air Liquide SA (a)............ 5,520 600,250
Alcatel-Lucent (a)(b)......... 48,740 184,644
Alstom........................ 4,738 351,163
AXA (a)....................... 22,638 728,026
BNP Paribas SA (a)............ 16,121 1,496,340
Bouygues SA................... 5,060 225,664
Cap Gemini SA................. 3,489 162,707
Carrefour SA.................. 12,535 582,801
Cie de Saint-Gobain (a)....... 6,631 336,663
Cie Generale des
Etablissements Michelin..... 3,579 228,488
Credit Agricole SA............ 15,399 289,953
Essilor International SA (a).. 7,344 362,186
France Telecom SA............. 35,400 984,548
GDF Suez...................... 19,845 1,017,448
Groupe Danone (a)............. 9,759 685,399
Hermes International (a)...... 2,149 345,659
L'Oreal SA (a)................ 5,999 583,535
Lafarge SA.................... 3,179 329,501
Lagardere SCA................. 4,030 179,417
LVMH Moet Hennessy Louis
Vuitton SA.................. 4,880 423,277
Neopost SA (a)................ 1,840 171,485
Pernod -- Ricard SA........... 4,051 351,543
</Table>
See accompanying notes to financial statements.
143
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
PPR (a)....................... 1,531 $ 134,805
PSA Peugeot Citroen........... 4,345 160,942
Publicis Groupe (a)........... 5,287 164,049
Renault SA.................... 4,074 254,968
Sanofi-Aventis................ 20,410 1,334,538
Schneider Electric SA......... 5,460 462,042
Societe Generale.............. 10,083 878,112
Sodexho....................... 3,135 183,189
Technip SA.................... 3,267 180,669
Total SA...................... 42,122 2,519,317
Unibail-Rodamco (a)........... 1,439 287,266
Valeo SA (a).................. 4,433 132,320
Vallourec SA.................. 985 209,004
Veolia Environnement.......... 6,492 263,220
Vinci SA...................... 9,867 457,092
Vivendi SA.................... 24,162 747,340
------------
TOTAL FRANCE.................. 19,361,889
------------
GERMANY -- 6.8%
Adidas AG..................... 6,939 367,457
Allianz SE.................... 8,778 1,187,134
BASF SE....................... 19,074 904,240
Bayer AG...................... 15,170 1,103,783
Commerzbank AG................ 13,785 201,376
Continental AG (b)............ 3,311 328,393
Daimler AG.................... 19,020 945,762
Deutsche Bank AG.............. 10,563 734,967
Deutsche Boerse AG............ 5,365 481,321
Deutsche Lufthansa AG......... 8,275 160,404
Deutsche Post AG.............. 16,965 352,206
Deutsche Telekom AG........... 59,129 894,508
E.ON AG....................... 37,329 1,865,609
Fresenius Medical Care AG &
Co. KGaA.................... 5,112 263,312
Hypo Real Estate Holding AG
(a)......................... 12,015 70,039
Infineon Technologies AG (b).. 18,443 101,422
Linde AG...................... 2,913 308,845
MAN AG (a).................... 3,223 214,136
Merck KGaA.................... 1,771 187,568
Metro AG...................... 4,074 203,322
Muenchener Rueckversicherungs-
Gesellschaft AG............. 4,345 648,221
RWE AG........................ 9,758 925,194
Salzgitter AG................. 1,349 134,081
SAP AG........................ 18,575 982,862
Siemens AG.................... 16,922 1,562,844
ThyssenKrupp AG............... 8,100 239,272
TUI AG (a).................... 8,322 136,241
Volkswagen AG (a)............. 5,148 2,010,329
------------
TOTAL GERMANY................. 17,514,848
------------
GREECE -- 0.5%
Hellenic Telecommunications
Organization SA ADR (a)..... 26,717 240,453
National Bank of Greece SA ADR
(a)......................... 119,294 984,175
------------
TOTAL GREECE.................. 1,224,628
------------
HUNGARY -- 0.3%
MOL Hungarian Oil and Gas
NyRt........................ 2,771 250,134
Richter Gedeon NyRt........... 2,594 469,141
------------
TOTAL HUNGARY................. 719,275
------------
INDIA -- 1.4%
Dr Reddy's Laboratories, Ltd.
ADR......................... 17,553 195,716
HDFC Bank, Ltd. ADR (a)....... 4,610 391,620
ICICI Bank, Ltd. ADR (a)...... 21,016 494,296
Infosys Technologies, Ltd.
ADR......................... 15,682 522,367
Reliance Industries, Ltd. GDR
(d)......................... 7,981 648,855
Satyam Computer Services, Ltd.
ADR (a)..................... 40,840 659,566
Tata Motors, Ltd. ADR (a)..... 82,466 631,690
------------
TOTAL INDIA................... 3,544,110
------------
INDONESIA -- 0.3%
PT Astra International Tbk.... 191,500 347,259
PT Bank Rakyat Indonesia...... 620,050 355,065
PT Telekomunikasi Indonesia
Tbk......................... 242,000 183,489
------------
TOTAL INDONESIA............... 885,813
------------
IRELAND -- 0.3%
Allied Irish Banks PLC........ 16,965 140,596
Bank of Ireland............... 21,566 119,656
CRH PLC....................... 12,148 255,955
Elan Corp. PLC (b)............ 8,222 82,576
Elan Corp. PLC (b)............ 2,164 22,342
Irish Life & Permanent PLC.... 11,637 79,278
------------
TOTAL IRELAND................. 700,403
------------
ISRAEL -- 0.5%
Bank Hapoalim BM.............. 68,420 211,130
Bank Leumi Le-Israel BM....... 80,011 284,048
Teva Pharmaceutical
Industries, Ltd. ADR (a).... 17,822 816,069
------------
TOTAL ISRAEL.................. 1,311,247
------------
ITALY -- 2.7%
Assicurazioni Generali SpA
(a)......................... 20,146 661,609
Atlantia SpA.................. 13,075 265,753
Banca Monte dei Paschi di
Siena SpA (a)............... 66,154 161,686
Banca Popolare di Milano
Scarl....................... 16,830 140,187
Enel SpA...................... 84,011 695,056
Eni SpA....................... 49,733 1,299,349
Fiat SpA...................... 14,332 188,632
Finmeccanica SpA.............. 9,937 212,720
Intesa Sanpaolo SpA........... 164,970 890,983
Lottomatica SpA............... 13,251 344,341
Mediaset SpA (a).............. 25,379 159,438
Mediobanca SpA................ 13,647 182,012
Pirelli & C. SpA.............. 208,786 121,121
Saipem SpA.................... 9,038 265,457
Seat Pagine Gialle SpA
(a)(b)...................... 2 --
Telecom Italia SpA............ 295,231 436,261
UniCredit SpA................. 174,197 635,572
Unione di Banche Italiane
ScpA........................ 21,102 457,063
------------
TOTAL ITALY................... 7,117,240
------------
JAPAN -- 15.9%
Aeon Co., Ltd. (a)............ 13,200 130,925
Aisin Seiki Co., Ltd. ........ 4,400 104,648
Asahi Breweries, Ltd. (a)..... 13,200 228,776
Asahi Glass Co., Ltd. ........ 44,000 379,635
Asahi Kasei Corp. (a)......... 44,000 181,943
Astellas Pharma, Inc. (a)..... 13,200 543,343
</Table>
See accompanying notes to financial statements.
144
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Bridgestone Corp. (a)......... 13,200 $ 243,696
Canon, Inc. .................. 18,400 662,064
Central Japan Railway Co. .... 44 412,377
Chubu Electric Power Co., Inc.
(a)......................... 13,200 308,972
Credit Saison Co., Ltd. ...... 15,300 243,699
Daiichi Sankyo Co., Ltd. (a).. 17,600 446,776
Daikin Industries, Ltd. ...... 11,900 388,951
Daiwa Securities Group, Inc.
(a)......................... 44,000 305,864
Denso Corp. (a)............... 8,800 210,540
East Japan Railway Co. ....... 78 577,478
Eisai Co., Ltd. (a)........... 4,400 169,510
Electric Power Development
Co., Ltd. .................. 4,400 140,498
Elpida Memory, Inc. (a)(b).... 4,400 79,533
Fanuc, Ltd. .................. 4,400 320,784
FUJIFILM Holdings Corp. (a)... 13,200 334,461
Fujitsu, Ltd. ................ 44,000 241,624
Hankyu Hanshin Holdings, Inc.
(a)......................... 44,000 201,008
Hitachi, Ltd. ................ 88,000 595,149
Hokuhoku Financial Group,
Inc. ....................... 77,000 165,365
Honda Motor Co., Ltd. ........ 30,800 896,454
Hoya Corp. (a)................ 8,800 170,753
Ibiden Co., Ltd. (a).......... 4,400 103,198
Inpex Holdings, Inc. (a)...... 44 371,347
Itochu Corp. (a).............. 44,000 257,787
Japan Real Estate Investment
Corp. ...................... 49 385,852
Japan Retail Fund Investment
Corp. (a)................... 44 177,384
Japan Tobacco, Inc. .......... 98 363,698
JFE Holdings, Inc. (a)........ 13,200 395,385
JS Group Corp. ............... 8,800 109,415
JSR Corp. (a)................. 8,800 113,725
Kajima Corp. (a).............. 44,000 129,723
Kamigumi Co., Ltd. ........... 44,000 324,928
Kawasaki Kisen Kaisha, Ltd.
(a)......................... 44,000 261,932
KDDI Corp. (a)................ 52 288,494
Keihin Electric Express
Railway Co., Ltd. (a)....... 68,000 441,954
Kintetsu Corp. (a)............ 102,000 353,563
Kobe Steel, Ltd. ............. 88,000 171,582
Komatsu, Ltd. ................ 22,000 347,101
Konica Minolta Holdings, Inc.
(a)......................... 22,000 245,976
Kubota Corp. (a).............. 44,000 268,563
Kyocera Corp. (a)............. 4,400 326,586
Makita Corp. (a).............. 4,400 87,034
Marubeni Corp. ............... 52,000 229,228
Marui Group Co., Ltd. (a)..... 17,600 129,308
Matsushita Electric Industrial
Co., Ltd. .................. 44,000 743,936
Mitsubishi Chemical Holdings
Corp. (a)................... 44,000 229,190
Mitsubishi Corp. (a).......... 29,700 602,868
Mitsubishi Electric Corp.
(a)......................... 44,000 286,384
Mitsubishi Estate Co., Ltd. .. 44,000 833,043
Mitsubishi Heavy Industries,
Ltd. ....................... 88,000 369,689
Mitsubishi Rayon Co., Ltd.
(a)......................... 44,000 106,513
Mitsubishi UFJ Financial
Group, Inc. ................ 179,000 1,505,647
Mitsui & Co., Ltd. ........... 46,000 553,742
Mitsui Chemicals, Inc. (a).... 44,000 189,818
Mitsui Mining & Smelting Co.,
Ltd. (a).................... 44,000 100,711
Mitsui OSK Lines, Ltd. ....... 44,000 366,373
Mitsui Sumitomo Insurance
Group Holdings, Inc. ....... 14,100 463,514
Mizuho Financial Group,
Inc. ....................... 183 761,890
Murata Manufacturing Co., Ltd.
(a)......................... 4,400 172,825
NEC Corp. (a)................. 44,000 182,358
Nidec Corp. (a)............... 4,400 264,419
Nintendo Co., Ltd. ........... 1,500 613,196
Nippon Mining Holdings,
Inc. ....................... 22,000 86,827
Nippon Oil Corp. (a).......... 44,000 217,586
Nippon Steel Corp. (a)........ 134,000 488,466
Nippon Telegraph & Telephone
Corp. ...................... 88 388,753
Nippon Yusen KK............... 44,000 276,852
Nissan Motor Co., Ltd. (a).... 44,000 288,871
Nitto Denko Corp. ............ 4,400 109,207
Nomura Holdings, Inc. (a)..... 35,200 439,648
NTT Data Corp. (a)............ 44 171,582
NTT DoCoMo, Inc. ............. 352 556,688
Obayashi Corp. (a)............ 44,000 216,757
Omron Corp. (a)............... 8,800 133,453
ORIX Corp. ................... 1,760 208,551
Osaka Gas Co., Ltd. .......... 88,000 300,061
Resona Holdings, Inc. (a)..... 98 125,633
Rohm Co., Ltd. ............... 4,400 236,651
Secom Co., Ltd. .............. 4,400 180,285
Seven & I Holdings Co., Ltd.
(a)......................... 17,600 496,510
Sharp Corp. .................. 44,000 466,670
Shin-Etsu Chemical Co.,
Ltd. ....................... 8,800 405,331
Softbank Corp. (a)............ 18,900 239,087
Sompo Japan Insurance, Inc. .. 44,000 359,327
Sony Corp. ................... 22,000 656,902
Sumitomo Chemical Co., Ltd. .. 44,000 188,574
Sumitomo Corp. (a)............ 22,000 199,143
Sumitomo Electric Industries,
Ltd. (a).................... 17,600 187,828
Sumitomo Metal Industries,
Ltd. ....................... 88,000 262,761
Sumitomo Mitsui Financial
Group, Inc. (a)............. 132 783,309
T&D Holdings, Inc. ........... 4,400 226,289
Takeda Pharmaceutical Co.,
Ltd. (a).................... 17,600 870,343
TDK Corp. (a)................. 4,400 213,027
Teijin, Ltd. (a).............. 44,000 129,308
Terumo Corp. ................. 7,300 374,747
The 77 Bank, Ltd. ............ 69,000 337,965
The Bank of Yokohama, Ltd.
(a)......................... 44,000 208,054
The Chiba Bank, Ltd. (a)...... 44,000 221,316
The Furukawa Electric Co.,
Ltd. ....................... 44,000 188,160
The Joyo Bank, Ltd. (a)....... 46,000 204,079
The Kansai Electric Power Co.,
Inc. (a).................... 13,200 292,187
The Shizuoka Bank, Ltd. (a)... 53,000 509,207
The Sumitomo Trust & Banking
Co., Ltd. .................. 44,000 277,681
The Tokyo Electric Power Co.,
Inc. (a).................... 22,000 536,712
Tokio Marine Holdings, Inc. .. 13,200 465,012
Tokyo Electron, Ltd. (a)...... 4,400 193,133
Tokyo Gas Co., Ltd. .......... 44,000 181,114
Tokyu Corp. .................. 44,000 206,396
Toppan Printing Co., Ltd.
(a)......................... 44,000 339,019
Toray Industries, Inc. (a).... 44,000 201,837
Toshiba Corp. (a)............. 44,000 186,917
Toyota Motor Corp. ........... 55,700 2,297,989
</Table>
See accompanying notes to financial statements.
145
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Toyota Tsusho Corp. .......... 5,400 $ 68,819
West Japan Railway Co. ....... 73 310,799
Yahoo! Japan Corp. (a)........ 571 181,253
Yamada Denki Co., Ltd. (a).... 2,640 196,698
Yamaha Corp. (a).............. 8,800 148,124
Yamaha Motor Co., Ltd. ....... 8,800 117,455
------------
TOTAL JAPAN................... 41,269,658
------------
LUXEMBOURG -- 0.3%
ArcelorMittal................. 14,319 706,979
------------
MEXICO -- 1.1%
America Movil SAB de CV (a)... 405,157 935,142
Cemex SAB de CV............... 186,135 320,181
Fomento Economico Mexicano SAB
de CV....................... 42,140 160,431
Grupo Financiero Banorte SAB
de CV (a)................... 93,927 298,347
Grupo Modelo SAB de CV........ 53,581 226,761
Grupo Televisa SA de CV....... 83,019 363,662
Telefonos de Mexico SA de CV.. 315,104 401,501
Telmex Internacional SAB de CV
(a)......................... 300,720 197,061
------------
TOTAL MEXICO.................. 2,903,086
------------
NETHERLANDS -- 3.7%
Aegon NV (a).................. 24,145 210,275
Akzo Nobel NV................. 6,851 323,486
ASML Holding NV............... 10,814 188,506
European Aeronautic Defence
and Space Co. NV (a)........ 7,703 129,840
Fortis VVPR Strip (b)......... 5,332 75
Heineken NV................... 5,728 228,059
ING Groep NV.................. 35,084 735,762
James Hardie Industries NV
ADR......................... 24,385 95,597
Koninklijke (Royal) Philips
Electronics NV.............. 25,821 692,203
Koninklijke Ahold NV.......... 29,363 335,196
Koninklijke DSM NV............ 5,506 257,968
Koninklijke Royal KPN NV...... 43,907 628,581
Reed Elsevier NV (a).......... 21,846 323,093
Royal Dutch Shell PLC (Class
A).......................... 74,973 2,162,223
Royal Dutch Shell PLC (Class
B).......................... 54,692 1,538,324
SBM Offshore NV (a)........... 8,476 178,825
TNT NV........................ 10,837 296,833
Unilever NV................... 35,354 986,248
Wolters Kluwer NV............. 9,527 190,494
------------
TOTAL NETHERLANDS............. 9,501,588
------------
NORWAY -- 0.6%
DnB NOR ASA................... 19,516 146,561
Norsk Hydro ASA............... 17,405 114,075
Orkla ASA (a)................. 31,106 278,319
StatoilHydro ASA.............. 21,002 493,408
Storebrand ASA................ 19,499 112,463
Telenor ASA................... 17,449 211,904
Yara International ASA........ 8,867 304,450
------------
TOTAL NORWAY.................. 1,661,180
------------
POLAND -- 0.2%
Telekomunikacja Polska SA
GDR......................... 59,400 562,080
------------
PORTUGAL -- 0.2%
Banco Comercial Portugues SA
(a)......................... 144,979 232,562
Portugal Telecom, SGPS SA
(a)......................... 33,791 337,236
------------
TOTAL PORTUGAL................ 569,798
------------
RUSSIA -- 1.5%
Gazprom OAO ADR............... 50,697 1,569,072
LUKOIL ADR (a)................ 11,994 705,247
Mechel OAO ADR (a)............ 9,747 175,056
Mobile Telesystems OJSC ADR... 8,427 471,996
Tatneft GDR................... 5,235 370,638
Unified Energy System ADR
(c)......................... 600 54,000
Vimpel-Communications ADR
(a)......................... 30,659 622,378
------------
TOTAL RUSSIA.................. 3,968,387
------------
SINGAPORE -- 1.0%
CapitaLand, Ltd. ............. 81,000 173,365
DBS Group Holdings, Ltd. ..... 44,000 516,416
Fraser and Neave, Ltd. ....... 88,000 218,507
Singapore Exchange, Ltd. ..... 88,000 377,310
Singapore Press Holdings, Ltd.
(a)......................... 132,000 367,462
Singapore Telecommunications,
Ltd. ....................... 132,000 300,063
United Overseas Bank, Ltd. ... 47,000 552,284
------------
TOTAL SINGAPORE............... 2,505,407
------------
SOUTH AFRICA -- 1.3%
Anglo Platinum, Ltd. ......... 1,664 149,507
AngloGold Ashanti, Ltd. ...... 5,582 129,428
Barloworld, Ltd. ............. 17,758 138,321
Discovery Holdings, Ltd. ..... 1 3
FirstRand, Ltd. .............. 88,164 177,911
Gold Fields, Ltd. ............ 21,346 207,514
Harmony Gold Mining Co., Ltd.
(b)......................... 38,486 384,597
Impala Platinum Holdings,
Ltd. ....................... 13,293 266,481
Kumba Iron Ore, Ltd. ......... 6,400 146,076
MTN Group, Ltd. .............. 32,041 444,979
Naspers, Ltd. ................ 9,273 180,294
Sanlam, Ltd. ................. 86,694 184,263
Sasol, Ltd. .................. 13,785 582,487
Standard Bank Group, Ltd. .... 26,938 304,265
Telkom SA, Ltd. .............. 10,207 129,574
------------
TOTAL SOUTH AFRICA............ 3,425,700
------------
SOUTH KOREA -- 2.5%
Hana Financial Group, Inc. ... 6,680 152,478
Hyundai Development Co. ...... 2,900 104,520
Hyundai Heavy Industries...... 1,286 286,618
Hyundai Mobis................. 1,782 135,686
Kia Motors Corp. (b).......... 17,040 206,832
KB Financial.................. 9,376 423,375
Korea Electric Power Corp.
ADR......................... 12,715 157,539
KT Corp. ADR.................. 9,141 153,477
KT Freetel Co., Ltd. (b)...... 5,160 126,975
KT&G Corp. ................... 3,500 260,408
LG Electronics, Inc. ......... 3,500 313,186
NHN Corp. (b)................. 1,226 152,367
POSCO ADR (a)................. 6,719 627,353
Samsung Corp. ................ 6,278 268,920
Samsung Electro-Mechanics Co.,
Ltd. ....................... 5,010 154,831
Samsung Electronics Co., Ltd.
GDR (d)..................... 5,659 1,267,616
</Table>
See accompanying notes to financial statements.
146
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Samsung Fire & Marine
Insurance Co., Ltd. ........ 1,286 $ 219,492
Samsung Heavy Industries Co.,
Ltd. ....................... 6,790 174,398
Samsung Securities Co., Ltd.
(a)......................... 7,278 437,180
Shinhan Financial Group Co.,
Ltd. ....................... 7,874 273,351
Shinsegae Co., Ltd. .......... 356 165,767
SK Energy Co., Ltd. .......... 1,352 99,696
SK Holdings Co., Ltd. ........ 1,351 122,009
SK Telecom Co., Ltd. ADR (a).. 10,519 197,968
------------
TOTAL SOUTH KOREA............. 6,482,042
------------
SPAIN -- 3.7%
Abertis Infraestructuras SA
(a)......................... 14,194 275,538
Acciona SA (a)................ 1,753 261,748
Acerinox SA (a)............... 15,640 275,927
ACS Actividades de
Construccion y Servicios
(a)......................... 7,658 306,246
Banco Bilbao Vizcaya
Argentaria SA............... 67,488 1,086,374
Banco Popular Espanol SA (a).. 41,365 481,677
Banco Santander SA............ 111,947 1,651,087
Gamesa Corp. Tecnologica SA... 9,141 308,415
Gas Natural SDG SA............ 6,895 252,587
Grupo Ferrovial SA (a)........ 2,635 119,328
Iberdrola SA.................. 70,966 711,732
Indra Sistemas, SA (a)........ 12,528 295,285
Industria de Desino Textil SA
(a)......................... 5,955 248,348
Mapfre SA (a)................. 44,583 192,254
Repsol YPF SA................. 19,968 586,204
Telefonica SA................. 89,075 2,100,752
Union Fenosa SA............... 13,035 315,658
------------
TOTAL SPAIN................... 9,469,160
------------
SWEDEN -- 1.5%
Assa Abloy AB (Class B) (a)... 11,769 139,248
Atlas Copco AB (Class B)...... 27,128 267,477
Hennes & Mauritz AB (Class B)
(a)......................... 9,758 389,047
Husqvarna AB (Class B) (a).... 14,676 107,869
Nordea Bank AB................ 44,763 520,638
Sandvik AB.................... 24,297 250,889
Securitas AB (Class B)........ 14,729 162,124
Skandinaviska Enskilda Banken
AB (a)...................... 11,325 170,133
Skanska AB (Class B) (a)...... 14,596 162,230
SKF AB (Class B).............. 14,200 177,175
Svenska Handelsbanken AB
(Class A)................... 12,443 271,247
Tele2 AB (Class B)............ 18,187 202,795
Telefonaktiebolaget LM
Ericsson (Class B).......... 63,985 587,292
TeliaSonera AB (a)............ 43,100 241,685
Volvo AB ADR (Class A) (a).... 18,453 152,832
------------
TOTAL SWEDEN.................. 3,802,681
------------
SWITZERLAND -- 5.7%
ABB, Ltd. (b)................. 44,316 834,741
Adecco SA..................... 3,636 156,433
Cie Financiere Richemont SA
(Class A)................... 11,462 499,881
Credit Suisse Group AG........ 22,359 995,063
Geberit AG (a)................ 1,345 163,619
Givaudan SA................... 315 261,411
Holcim, Ltd. ................. 4,606 332,741
Kuehne & Nagel International
AG.......................... 4,431 291,053
Logitech International SA
(b)......................... 5,684 127,545
Nestle SA..................... 79,240 3,406,348
Nobel Biocare Holding AG...... 3,760 124,277
Novartis AG................... 41,604 2,172,499
Roche Holding AG.............. 14,244 2,216,792
SGS SA........................ 192 223,979
Swatch Group AG............... 1,393 252,821
Syngenta AG................... 2,502 529,297
UBS AG (b).................... 53,509 880,960
Xstrata PLC................... 12,935 395,640
Zurich Financial Services AG.. 2,961 808,086
------------
TOTAL SWITZERLAND............. 14,673,186
------------
TAIWAN -- 1.8%
AU Optronics Corp. ADR (a).... 82,797 940,574
Taiwan Semiconductor
Manufacturing Co., Ltd. ADR
(a)......................... 277,611 2,601,215
United Microelectronics Corp.
ADR (a)..................... 545,785 1,064,281
------------
TOTAL TAIWAN.................. 4,606,070
------------
THAILAND -- 0.5%
Bangkok Bank PCL.............. 361,000 1,088,121
PTT PCL....................... 34,400 231,773
------------
TOTAL THAILAND................ 1,319,894
------------
TURKEY -- 0.2%
Akbank TAS.................... 36,593 188,579
Turkiye Garanti Bankasi AS.... 115,212 277,379
Turkiye Is Bankasi............ 46,819 197,075
------------
TOTAL TURKEY.................. 663,033
------------
UNITED KINGDOM -- 14.5%
3i Group PLC.................. 10,924 137,858
Anglo American PLC............ 28,123 929,871
AstraZeneca PLC............... 29,332 1,286,156
Aviva PLC..................... 29,675 253,892
BAE Systems PLC............... 69,240 508,477
Barclays PLC.................. 162,035 942,994
BG Group PLC.................. 70,669 1,276,014
BHP Billiton PLC.............. 51,291 1,151,023
BP PLC........................ 396,426 3,278,666
British American Tobacco PLC.. 31,562 1,032,328
British Land Co. PLC.......... 11,149 147,951
British Sky Broadcasting Group
PLC......................... 29,097 214,976
BT Group PLC.................. 169,812 487,619
Burberry Group PLC............ 17,141 119,157
Cable & Wireless PLC.......... 59,797 176,398
Cadbury PLC................... 30,595 308,390
Capita Group PLC.............. 18,930 235,517
Carnival PLC.................. 5,012 148,388
Centrica PLC.................. 79,309 443,884
Cobham PLC.................... 62,848 212,732
Compass Group PLC............. 54,421 333,689
Diageo PLC.................... 55,477 934,462
Enterprise Inns PLC........... 19,064 60,655
Experian Group, Ltd. ......... 24,208 158,575
FirstGroup PLC................ 18,132 172,101
G4S PLC....................... 47,177 170,283
GKN PLC....................... 31,376 109,475
GlaxoSmithKline PLC........... 116,996 2,525,412
</Table>
See accompanying notes to financial statements.
147
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Hammerson PLC................. 9,141 $ 158,209
Hays PLC...................... 59,085 84,253
HBOS PLC...................... 115,448 251,875
Home Retail Group PLC......... 845 3,494
HSBC Holdings PLC............. 226,974 3,645,171
ICAP PLC...................... 20,190 127,756
IMI PLC....................... 26,231 174,515
Imperial Tobacco Group PLC.... 21,611 692,213
Inchcape PLC.................. 19,291 64,472
Intercontinental Hotels Group
PLC......................... 9,013 110,529
International Power PLC....... 36,931 238,131
ITV PLC....................... 110,017 82,362
J Sainsbury PLC............... 39,357 244,128
Land Securities Group PLC..... 10,207 227,418
Lloyds TSB Group PLC.......... 113,733 459,168
Man Group PLC................. 35,526 213,241
Marks & Spencer Group PLC..... 37,820 135,836
National Grid PLC............. 56,531 719,452
Next PLC...................... 7,570 137,495
Old Mutual PLC................ 116,282 159,595
Pearson PLC................... 20,322 217,338
Prudential PLC................ 50,202 454,124
Reckitt Benckiser PLC......... 13,406 647,807
Reed Elsevier PLC............. 29,604 292,860
Rentokil Initial PLC.......... 78,368 96,384
Rio Tinto PLC................. 21,533 1,332,221
Rolls-Royce Group PLC (b)..... 41,700 250,114
Royal & Sun Alliance Insurance
Group PLC................... 73,470 195,125
Royal Bank of Scotland Group
PLC......................... 242,305 773,094
SABMiller PLC................. 19,196 371,585
Scottish & Southern Energy
PLC......................... 19,284 490,499
Severn Trent PLC.............. 9,585 231,328
Smith & Nephew PLC............ 28,194 297,003
Smiths Group PLC.............. 11,425 206,089
Standard Life PLC............. 53,824 230,252
Tate & Lyle PLC............... 18,192 123,544
Tesco PLC..................... 163,137 1,127,076
The Sage Group PLC............ 43,012 149,730
Thomson Reuters PLC (a)....... 4,455 98,545
Tomkins PLC................... 41,693 114,260
Unilever PLC.................. 26,827 727,786
United Utilities Group PLC.... 19,818 245,506
Vodafone Group PLC............ 1,140,066 2,493,399
Whitbread PLC................. 7,390 139,363
William Hill PLC.............. 18,000 74,916
Wolseley PLC.................. 15,170 112,688
WPP Group PLC................. 28,372 226,561
------------
TOTAL UNITED KINGDOM.......... 37,405,453
------------
TOTAL COMMON STOCKS --
(Cost $358,037,851)......... 255,321,594
------------
PREFERRED STOCKS -- 0.1%
GERMANY -- 0.1%
Porsche Automobil Holding SE
(Cost $422,961)............. 2,208 235,091
------------
RIGHTS -- 0.0% (E)
AUSTRALIA -- 0.0% (E)
Alumina Limited
(expired 9/19/08) (b)(c)
(Cost $0)................... 13,789 761
------------
SHORT TERM INVESTMENTS -- 11.1%
UNITED STATES -- 11.1%
MONEY MARKET FUNDS -- 11.1%
State Street Navigator
Securities Lending Prime
Portfolio (f)(g)............ 28,071,322 28,071,322
STIC Prime Portfolio.......... 645,605 645,605
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $28,716,927).......... 28,716,927
------------
TOTAL INVESTMENTS -- 109.9%
(Cost $387,177,739)......... 284,274,373
OTHER ASSETS AND
LIABILITIES -- (9.9)%....... (25,635,553)
------------
NET ASSETS -- 100.0%.......... $258,638,820
============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(d) Security purchased pursuant to Rule 144A of the Securities Act of 1933.
These securities, which represent 0.74% of net assets as of September 30,
2008, are considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
(e) Amount shown represents less than 0.05% of net assets.
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
REIT = Real Estate Investment Trust
See accompanying notes to financial statements.
148
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.0%
JAPAN -- 99.0%
AIR FREIGHT & LOGISTICS -- 0.2%
Yamato Holdings Co., Ltd. (a).. 4,180 $ 46,302
-----------
AIRLINES -- 0.5%
All Nippon Airways Co., Ltd. .. 18,000 63,580
Japan Airlines Corp. (a) (b)... 24,000 48,830
-----------
112,410
-----------
AUTO COMPONENTS -- 1.9%
Aisin Seiki Co., Ltd. ......... 1,968 46,806
Bridgestone Corp. (a).......... 6,303 116,365
Denso Corp. (a)................ 2,947 70,507
FCC Co., Ltd. ................. 1,384 17,938
Futaba Industrial Co., Ltd.
(a).......................... 808 9,902
Keihin Corp. (a)............... 856 9,700
NGK Spark Plug Co., Ltd. ...... 160 1,531
NHK Spring Co., Ltd. .......... 2,340 12,585
Nissin Kogyo Co., Ltd. (a)..... 916 11,743
NOK Corp. (a).................. 1,916 20,989
Showa Corp. ................... 4,712 28,050
Stanley Electric Co., Ltd. .... 1,144 16,401
Sumitomo Rubber Industries,
Inc. (a)..................... 3,008 26,123
Tokai Rika Co., Ltd. .......... 220 2,717
Toyo Tire & Rubber Co., Ltd. .. 3,851 10,338
Toyoda Gosei Co., Ltd. ........ 68 1,121
Toyota Boshoku Corp. .......... 100 1,076
Toyota Industries Corp. (a).... 1,872 46,286
-----------
450,178
-----------
AUTOMOBILES -- 7.4%
Daihatsu Motor Co., Ltd. (a)... 4,464 47,934
Fuji Heavy Industries, Ltd.
(a).......................... 10,347 50,778
Honda Motor Co., Ltd. ......... 14,374 418,364
Isuzu Motors, Ltd. ............ 16,651 44,543
Mazda Motor Corp. (a).......... 9,123 35,920
Mitsubishi Motors Corp. (a)
(b).......................... 51,173 83,870
Nissan Motor Co., Ltd. (a)..... 21,462 140,904
Suzuki Motor Corp. (a)......... 3,492 63,087
Toyota Motor Corp. ............ 20,577 848,936
Yamaha Motor Co., Ltd. ........ 2,216 29,577
-----------
1,763,913
-----------
BEVERAGES -- 0.7%
Asahi Breweries, Ltd. (a)...... 2,584 44,785
Ito En, Ltd. (a)............... 1,656 21,198
Kirin Holdings Co., Ltd. ...... 5,207 67,537
Takara Holdings, Inc. (a)...... 3,479 23,987
-----------
157,507
-----------
BUILDING PRODUCTS -- 0.9%
Aica Kogyo Co., Ltd. .......... 3,584 27,547
Asahi Glass Co., Ltd. (a)...... 8,299 71,605
Daikin Industries, Ltd. ....... 2,532 82,758
Hitachi Construction Machinery
Co., Ltd. ................... 100 2,378
JS Group Corp. ................ 3,072 38,196
-----------
222,484
-----------
CAPITAL MARKETS -- 2.0%
Daiwa Securities Group, Inc.
(a).......................... 15,482 107,622
JAFCO Co., Ltd. (a)............ 512 18,616
Nomura Holdings, Inc. (a)...... 19,576 244,504
Okasan Holdings, Inc. (a)...... 8,107 38,181
SBI Holdings, Inc. (a)......... 221 31,662
Shinko Securities Co., Ltd.
(a).......................... 8,587 23,295
Tokai Tokyo Securities Co.,
Ltd. (a)..................... 5,967 19,728
-----------
483,608
-----------
CHEMICALS -- 4.0%
Asahi Kasei Corp. (a).......... 10,859 44,903
Daicel Chemical Industries,
Ltd. (a)..................... 3,055 13,525
Dainippon Ink and Chemicals,
Inc. ........................ 10,391 19,282
Hitachi Chemical Co., Ltd. .... 1,676 22,022
JSR Corp. (a).................. 2,260 29,207
Kaneka Corp. (a)............... 7,224 39,194
Kansai Paint Co., Ltd. (a)..... 7,092 43,221
Kuraray Co., Ltd. (a).......... 5,471 53,130
Mitsubishi Chemical Holdings
Corp. (a).................... 9,623 50,125
Mitsubishi Gas Chemical Co.,
Inc. (a)..................... 4,268 20,181
Mitsubishi Rayon Co., Ltd.
(a).......................... 8,291 20,070
Mitsui Chemicals, Inc. (a)..... 6,843 29,521
Nifco, Inc. ................... 1,528 26,295
Nissan Chemical Industries,
Ltd. ........................ 1,416 12,684
Nitto Denko Corp. ............. 1,184 29,387
Sekisui Chemical Co., Ltd.
(a).......................... 5,079 29,709
Shin-Etsu Chemical Co., Ltd. .. 3,820 175,951
Showa Denko K.K................ 9,723 19,874
Sumitomo Chemical Co., Ltd. ... 12,674 54,318
Taiyo Nippon Sanso Corp. (a)... 4,180 32,561
Teijin, Ltd. (a)............... 10,367 30,467
Tokai Carbon Co., Ltd. (a)..... 4,828 34,153
Toray Industries, Inc. (a)..... 12,758 58,523
Tosoh Corp. (a)................ 8,599 24,785
Ube Industries, Ltd. .......... 13,543 35,591
Zeon Corp. (a)................. 4,132 14,011
-----------
962,690
-----------
COMMERCIAL BANKS -- 11.6%
Chuo Mitsui Trust Holdings,
Inc. ........................ 8,981 46,527
Fukuoka Financial Group, Inc.
(a).......................... 19,000 67,828
Hokuhoku Financial Group,
Inc. ........................ 15,658 33,627
Mitsubishi UFJ Financial Group,
Inc. ........................ 92,244 775,904
Mizuho Financial Group, Inc.
(a).......................... 114 474,620
Resona Holdings, Inc. (a)...... 48 61,534
Shinsei Bank, Ltd. ............ 4,726 13,889
Sumitomo Mitsui Financial
Group, Inc. ................. 75 445,062
Suruga Bank, Ltd. (a).......... 4,496 50,650
The 77 Bank, Ltd. ............. 4,803 23,525
The Awa Bank, Ltd. ............ 8,731 49,920
The Bank of Kyoto, Ltd. (a).... 5,916 58,511
The Bank of Yokohama, Ltd.
(a).......................... 11,947 56,491
The Chiba Bank, Ltd. (a)....... 11,063 55,646
The Chugoku Bank, Ltd. ........ 1,504 20,697
The Hachijuni Bank, Ltd. (a)... 7,719 40,062
The Hiroshima Bank, Ltd. ...... 7,811 28,179
The Hyakugo Bank, Ltd. ........ 7,147 39,719
The Iyo Bank, Ltd. (a)......... 7,180 76,964
The Joyo Bank, Ltd. (a)........ 7,155 31,743
The Juroku Bank, Ltd. (a)...... 6,883 25,674
The Musashino Bank, Ltd. (a)... 820 23,249
The Nanto Bank, Ltd. (a)....... 9,391 48,917
The Nishi-Nippon City Bank,
Ltd. (a)..................... 14,799 35,685
The Shizuoka Bank, Ltd. (a).... 4,363 41,918
</Table>
See accompanying notes to financial statements.
149
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
The Sumitomo Trust & Banking
Co., Ltd. ................... 15,634 $ 98,665
Yamaguchi Financial Group,
Inc. ........................ 3,076 36,507
-----------
2,761,713
-----------
COMMERCIAL SERVICES & SUPPLIES -- 1.2%
Dai Nippon Printing Co., Ltd.
(a).......................... 5,739 76,707
Daiseki Co., Ltd. (a).......... 400 10,474
MEITEC Corp. .................. 1,412 37,440
Nissha Printing Co., Ltd. (a).. 336 15,824
Park24 Co., Ltd. (a)........... 1,900 10,470
Secom Co., Ltd. ............... 2,268 92,929
The Goodwill Group, Inc.(a)
(b).......................... 78 2,454
TKC Corp. ..................... 400 6,254
Toppan Printing Co., Ltd. (a).. 5,299 40,829
-----------
293,381
-----------
COMMUNICATIONS EQUIPMENT -- 0.0%(C)
Aiphone Co., Ltd. (a).......... 200 3,468
Epson Toyocom Corp. (a)........ 2,188 5,709
-----------
9,177
-----------
COMPUTERS & PERIPHERALS -- 1.5%
Fujitsu, Ltd. ................. 18,498 101,581
NEC Corp. (a).................. 20,918 86,694
Seiko Epson Corp. (a).......... 2,076 47,224
Toshiba Corp. (a).............. 27,633 117,388
-----------
352,887
-----------
CONSTRUCTION & ENGINEERING -- 0.9%
Chiyoda Corp. ................. 688 4,899
COMSYS Holdings Corp. (a)...... 3,000 25,432
JGC Corp. ..................... 1,460 22,746
Kajima Corp. (a)............... 10,595 31,237
Kyowa Exeo Corp. .............. 1,548 13,808
Maeda Corp. (a)................ 6,855 20,856
Obayashi Corp. (a)............. 9,679 47,681
Shimizu Corp. (a).............. 4,559 21,171
Taisei Corp. (a)............... 14,995 38,418
-----------
226,248
-----------
CONSTRUCTION MATERIALS -- 0.1%
Taiheiyo Cement Corp. ......... 11,607 16,509
-----------
CONSUMER FINANCE -- 1.1%
Acom Co., Ltd. (a)............. 912 30,839
Aeon Credit Service Co., Ltd.
(a).......................... 1,640 16,143
Aiful Corp. (a)................ 531 3,991
Credit Saison Co., Ltd. ....... 2,064 32,875
NIS Group Co., Ltd.(a) (b)..... 8,500 9,047
Orient Corp. (b)............... 4,001 5,201
ORIX Corp. .................... 1,006 119,206
Promise Co., Ltd. (a).......... 1,214 23,042
SFCG Co., Ltd. (a)............. 128 5,655
Takefuji Corp. (a)............. 1,754 22,205
-----------
268,204
-----------
CONTAINERS & PACKAGING -- 0.1%
Toyo Seikan Kaisha, Ltd. ...... 1,748 26,311
-----------
DISTRIBUTORS -- 0.1%
Canon Marketing Japan, Inc. ... 1,492 22,373
-----------
DIVERSIFIED CONSUMER SERVICES -- 0.2%
Benesse Corp. ................. 928 37,499
-----------
DIVERSIFIED FINANCIAL SERVICES -- 0.0% (C)
Mizuho Trust & Banking Co.,
Ltd. (a)..................... 8,370 10,959
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.8%
Nippon Telegraph & Telephone
Corp. ....................... 98 432,930
-----------
ELECTRIC UTILITIES -- 4.5%
Chubu Electric Power Co., Inc.
(a).......................... 6,363 148,939
Funai Electric Co., Ltd. ...... 695 12,589
Hokkaido Electric Power Co.,
Inc. ........................ 2,128 44,097
Hokuriku Electric Power Co.
(a).......................... 2,312 55,424
Kyushu Electric Power Co.,
Inc. ........................ 3,776 78,248
Sanyo Electric Co., Ltd.
(a)(b)....................... 15,422 26,002
Sharp Corp. (a)................ 8,519 90,354
Shikoku Electric Power Co.,
Inc. (a)..................... 2,472 61,937
The Chugoku Electric Power Co.,
Inc. (a)..................... 2,848 58,347
The Kansai Electric Power Co.,
Inc. (a)..................... 6,311 139,696
The Okinawa Electric Power Co.,
Inc. ........................ 236 11,181
The Tokyo Electric Power Co.,
Inc. (a)..................... 11,367 277,309
Tohoku Electric Power Co., Inc.
(a).......................... 2,943 63,065
-----------
1,067,188
-----------
ELECTRICAL EQUIPMENT -- 1.3%
Fuji Electric Holdings Co.,
Ltd. ........................ 6,099 14,362
Fujikura, Ltd. (a)............. 8,107 30,621
Matsushita Electric Works, Ltd.
(a).......................... 6,151 53,303
Mitsubishi Electric Corp. (a).. 18,974 123,497
Sumitomo Electric Industries,
Ltd. (a)..................... 6,187 66,028
Ushio, Inc. ................... 1,836 29,728
-----------
317,539
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 5.1%
Alps Electric Co., Ltd. (a).... 2,868 21,963
Casio Computer Co., Ltd. (a)... 3,648 33,743
Dainippon Screen Manufacturing
Co., Ltd. (a)................ 6,364 20,201
Hamamatsu Photonics K.K. (a)... 1,068 25,602
Hirose Electric Co., Ltd. (a).. 608 56,926
Hitachi, Ltd. ................. 27,933 188,912
Horiba, Ltd. (a)............... 804 17,873
Hoya Corp. (a)................. 4,332 84,057
Ibiden Co., Ltd. (a)........... 1,696 39,778
Keyence Corp. (a).............. 340 66,613
Konica Minolta Holdings, Inc.
(a).......................... 6,075 67,923
Kyocera Corp. (a).............. 1,492 110,742
Murata Manufacturing Co., Ltd.
(a).......................... 2,128 83,585
Nidec Corp. (a)................ 1,464 87,979
Nippon Electric Glass Co.,
Ltd. ........................ 4,548 39,669
Oki Electric Industry Co.,
Ltd.(a) (b).................. 13,166 13,518
Olympus Corp. ................. 492 14,042
OMRON Corp. (a)................ 2,480 37,609
Shimadzu Corp. ................ 7,312 58,130
Taiyo Yuden Co., Ltd. ......... 776 7,426
TDK Corp. (a).................. 1,596 77,271
The Furukawa Electric Co.,
Ltd. ........................ 6,899 29,503
Yaskawa Electric Corp. ........ 2,604 14,300
Yokogawa Electric Corp. (a).... 2,964 18,398
-----------
1,215,763
-----------
FOOD & STAPLES RETAILING -- 1.9%
Aeon Co., Ltd. (a)............. 8,703 86,321
Cawachi, Ltd. ................. 848 15,927
</Table>
See accompanying notes to financial statements.
150
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
FamilyMart Co., Ltd. .......... 1,552 $ 65,346
Izumiya Co., Ltd. ............. 6,740 36,378
Seven & I Holdings Co., Ltd.
(a).......................... 7,439 209,860
UNY Co., Ltd. (a).............. 3,000 29,840
-----------
443,672
-----------
FOOD PRODUCTS -- 1.0%
Ajinomoto Co., Inc. (a)........ 6,003 56,487
Hokuto Corp. (a)............... 700 15,528
Kikkoman Corp. (a)............. 3,256 43,612
Meiji Dairies Corp. (a)........ 6,175 32,514
Nissin Food Products Co., Ltd.
(a).......................... 940 33,292
Sakata Seed Corp. (a).......... 2,584 37,896
Yakult Honsha Co., Ltd. (a).... 764 23,532
-----------
242,861
-----------
GAS UTILITIES -- 0.9%
Saibu Gas Co., Ltd. (a)........ 52,273 115,708
Tokyo Gas Co., Ltd. ........... 21,873 90,035
-----------
205,743
-----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.3%
Miraca Holdings, Inc. (a)...... 936 17,986
Nakanishi, Inc. ............... 100 8,477
Sysmex Corp. (a)............... 200 8,798
Terumo Corp. .................. 756 38,809
-----------
74,070
-----------
HEALTH CARE PROVIDERS & SERVICES -- 0.3%
Alfresa Holdings Corp. ........ 184 8,787
Mediceo Paltac Holdings Co.,
Ltd. ........................ 1,892 22,865
Suzuken Co., Ltd. (a).......... 1,032 31,203
-----------
62,855
-----------
HOTELS, RESTAURANTS & LEISURE -- 0.2%
Oriental Land Co., Ltd. (a).... 604 40,678
Round One Corp. (a)............ 12 9,337
-----------
50,015
-----------
HOUSEHOLD DURABLES -- 3.5%
Daikyo, Inc. (a)............... 6,256 9,310
Daiwa House Industry Co., Ltd.
(a).......................... 3,363 31,297
Haseko Corp. .................. 14,139 9,722
Matsushita Electric Industrial
Co., Ltd. ................... 18,981 320,924
Pioneer Corp. (a).............. 3,460 22,260
Sangetsu Co., Ltd. ............ 2,576 42,923
Sekisui House, Ltd. (a)........ 3,679 33,060
Sony Corp. .................... 10,211 304,892
TOTO, Ltd. (a)................. 7,444 53,920
-----------
828,308
-----------
HOUSEHOLD PRODUCTS -- 0.4%
Kao Corp. ..................... 1,339 35,630
Uni-Charm Corp. ............... 644 49,135
-----------
84,765
-----------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2%
Electric Power Development Co.,
Ltd. ........................ 1,240 39,595
-----------
INDUSTRIAL CONGLOMERATES -- 0.3%
Hankyu Hanshin Holdings, Inc.
(a).......................... 11,486 52,472
Keihan Electric Railway Co.,
Ltd. (a)..................... 5,747 24,793
-----------
77,265
-----------
INSURANCE -- 2.4%
Aioi Insurance Co., Ltd. (a)... 5,579 26,748
Mitsui Sumitomo Insurance Group
Holdings, Inc. .............. 5,036 165,550
Nipponkoa Insurance Co.,
Ltd. ........................ 7,479 40,578
Sompo Japan Insurance, Inc. ... 7,111 58,072
T&D Holdings, Inc. ............ 1,060 54,515
Tokio Marine Holdings, Inc. ... 6,247 220,071
-----------
565,534
-----------
INTERNET & CATALOG RETAIL -- 0.2%
Rakuten, Inc. (a).............. 82 45,107
-----------
INTERNET SOFTWARE & SERVICES -- 0.3%
DeNA Co., Ltd. ................ 1 3,881
Yahoo! Japan Corp. (a)......... 177 56,185
-----------
60,066
-----------
IT SERVICES -- 0.7%
CSK Holdings Corp. (a)......... 1,156 16,660
IT Holdings Corp. (b).......... 1,332 18,995
Itochu Techno-Solutions Corp.
(a).......................... 908 22,579
NET One Systems Co., Ltd. (a).. 24 33,819
Nomura Research Institute, Ltd.
(a).......................... 300 6,005
NTT Data Corp. (a)............. 12 46,795
Otsuka Corp. .................. 212 13,679
-----------
158,532
-----------
LEISURE EQUIPMENT & PRODUCTS -- 1.6%
Canon Electronics, Inc. ....... 100 1,563
FUJIFILM Holdings Corp. (a).... 4,827 122,306
Namco Bandai Holdings, Inc.
(a).......................... 3,632 39,171
Nikon Corp. (a)................ 3,440 79,548
Roland Corp. .................. 300 3,789
Sankyo Co., Ltd. .............. 1,040 52,213
Sega Sammy Holdings, Inc. (a).. 3,331 29,619
Shimano, Inc. (a).............. 692 23,531
Yamaha Corp. (a)............... 2,092 35,213
-----------
386,953
-----------
MACHINERY -- 3.9%
Amada Co., Ltd. (a)............ 2,527 13,496
Amano Corp. (a)................ 2,136 16,760
Fanuc, Ltd. ................... 1,880 137,062
Fuji Machine Manufacturing Co.,
Ltd. ........................ 100 1,185
Glory, Ltd. ................... 1,544 34,759
IHI Corp. ..................... 12,311 18,786
JTEKT Corp. ................... 2,408 26,923
Kawasaki Heavy Industries,
Ltd. ........................ 978 2,008
Komatsu, Ltd. ................. 8,939 141,034
Komori Corp. (a)............... 1,188 15,700
Kubota Corp. (a)............... 6,663 40,669
Kurita Water Industries, Ltd.
(a).......................... 1,676 37,967
Makita Corp. (a)............... 1,676 33,152
Minebea Co., Ltd. ............. 5,255 19,304
Mitsubishi Heavy Industries,
Ltd. ........................ 23,676 99,463
Mitsui Engineering &
Shipbuilding Co., Ltd. ...... 12,567 22,964
</Table>
See accompanying notes to financial statements.
151
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Mori Seiki Co., Ltd. (a)....... 1,368 $ 15,836
NGK Insulators, Ltd. .......... 2,320 27,534
NSK, Ltd. (a).................. 4,463 25,013
NTN Corp. ..................... 3,495 17,843
OKUMA Corp. (a)................ 2,648 14,916
OSG Corp. (a).................. 1,812 15,088
SMC Corp. ..................... 320 32,704
Sumitomo Heavy Industries,
Ltd. ........................ 5,795 26,692
Tadano, Ltd. .................. 1,780 10,730
Takeuchi Manufacturing Co.,
Ltd. ........................ 100 1,242
The Japan Steel Works, Ltd.
(a).......................... 3,708 44,811
THK Co., Ltd. (a).............. 1,800 27,348
Toshiba Machine Co., Ltd. ..... 1,944 6,574
-----------
927,563
-----------
MARINE -- 0.9%
Kawasaki Kisen Kaisha, Ltd.
(a).......................... 6,759 40,236
Mitsui OSK Lines, Ltd. ........ 10,491 87,355
Nippon Yusen KK................ 13,995 88,058
-----------
215,649
-----------
MEDIA -- 0.5%
Dentsu, Inc. (a)............... 24 47,451
Fuji Television Network,
Inc. ........................ 2 2,547
Jupiter Telecommunications
Co. ......................... 36 25,771
Nippon Television Network
Corp. ....................... 20 1,874
Toho Co, Ltd. (a).............. 2,152 44,291
Tokyo Broadcasting System,
Inc. ........................ 200 3,381
-----------
125,315
-----------
METALS & MINING -- 3.0%
Daido Steel Co., Ltd. (a)...... 2,199 11,351
Dowa Holdings Co., Ltd. ....... 2,767 12,119
JFE Holdings, Inc. (a)......... 5,547 166,151
Kobe Steel, Ltd. .............. 28,645 55,852
Mitsubishi Materials Corp. .... 14,027 43,073
Mitsui Mining & Smelting Co.,
Ltd. (a)..................... 6,839 15,654
Nippon Steel Corp. (a)......... 50,755 185,016
Nisshin Steel Co., Ltd. (a).... 10,951 20,630
OSAKA Titanium Technologies
Co. ......................... 36 1,150
Pacific Metals Co., Ltd. (a)... 1,988 14,044
Sumitomo Metal Industries,
Ltd. ........................ 38,340 114,480
Sumitomo Metal Mining Co., Ltd.
(a).......................... 5,575 54,666
Toho Titanium Co., Ltd. ....... 56 833
Tokyo Steel Manufacturing Co.,
Ltd. (a)..................... 1,844 19,783
Yodogawa Steel Works, Ltd. .... 963 4,227
-----------
719,029
-----------
MULTILINE RETAIL -- 0.5%
Isetan Mitsukoshi Holdings,
Ltd.(a) (b).................. 3,941 45,362
Ryohin Keikaku Co., Ltd. ...... 336 16,268
Takashimaya Co., Ltd. (a)...... 5,332 45,603
The Daiei, Inc.(a) (b)......... 3,802 19,482
-----------
126,715
-----------
OFFICE ELECTRONICS -- 2.4%
Brother Industries, Ltd. (a)... 2,932 30,407
Canon, Inc. ................... 11,658 419,475
Ricoh Co., Ltd. ............... 8,555 116,602
-----------
566,484
-----------
OIL, GAS & CONSUMABLE FUELS -- 1.9%
Cosmo Oil Co., Ltd. ........... 9,927 23,189
Inpex Holdings, Inc. (a)....... 23 194,113
Nippon Mining Holdings, Inc. .. 12,251 48,351
Nippon Oil Corp. (a)........... 15,430 76,303
Osaka Gas Co., Ltd. ........... 22,150 75,527
TonenGeneral Sekiyu K.K. (a)... 3,547 28,833
-----------
446,316
-----------
PAPER & FOREST PRODUCTS -- 0.4%
Nippon Paper Group, Inc. (a)... 12 34,588
OJI Paper Co., Ltd. (a)........ 9,839 48,840
Sumitomo Forestry Co., Ltd.
(a).......................... 2,068 11,785
-----------
95,213
-----------
PERSONAL PRODUCTS -- 0.6%
Mandom Corp. .................. 1,816 47,895
Shiseido Co., Ltd. (a)......... 4,232 93,478
-----------
141,373
-----------
PHARMACEUTICALS -- 4.7%
Astellas Pharma, Inc. (a)...... 3,671 151,107
Chugai Pharmaceutical Co., Ltd.
(a).......................... 2,716 43,542
Daiichi Sankyo Co., Ltd. (a)... 6,751 171,374
Dainippon Sumitomo Pharma Co.,
Ltd. ........................ 1,960 15,859
Eisai Co., Ltd. (a)............ 1,840 70,886
Hisamitsu Pharmaceutical Co.,
Inc. (a)..................... 804 34,912
Kissei Pharmaceutical Co.,
Ltd. ........................ 1,000 21,664
Kyowa Hakko Kogyo Co., Ltd.
(a).......................... 6,833 70,412
Mitsubishi Tanabe Pharma
Corp. ....................... 1,000 13,724
Mochida Pharmaceutical Co.,
Ltd. ........................ 1,000 10,201
Nichi-iko Pharmaceutical Co.,
Ltd. ........................ 200 4,804
Ono Pharmaceutical Co., Ltd.
(a).......................... 532 24,354
Santen Pharmaceutical Co., Ltd.
(a).......................... 1,456 36,618
Seikagaku Corp. ............... 800 7,694
Shionogi & Co., Ltd. .......... 3,496 69,976
Taisho Pharmaceutical Co.,
Ltd. ........................ 592 11,571
Takeda Pharmaceutical Co., Ltd.
(a).......................... 7,255 358,769
Torii Pharmaceutical Co.,
Ltd. ........................ 200 2,777
Tsumura & Co. ................. 100 2,524
-----------
1,122,768
-----------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.3%
Aeon Delight Co., Ltd. ........ 200 4,615
Daito Trust Construction Co.,
Ltd. (a)..................... 1,164 42,431
Heiwa Real Estate Co., Ltd.
(a).......................... 3,356 11,696
K.K. DaVinci Holdings (a) (b).. 22 4,911
Leopalace21 Corp. ............. 1,544 11,693
Mitsubishi Estate Co., Ltd. ... 10,111 191,430
Mitsui Fudosan Co., Ltd. (a)... 5,923 109,405
Sumitomo Realty & Development
Co., Ltd. ................... 5,843 121,907
Tokyo Tatemono Co., Ltd. ...... 4,540 20,826
Tokyu Land Corp. (a)........... 7,664 27,360
Urban Corp. (a)(f)(g).......... 1,458 14
-----------
546,288
-----------
ROAD & RAIL -- 4.2%
Central Japan Railway Co. ..... 14 131,211
East Japan Railway Co. ........ 36 266,528
Keihin Electric Express Railway
Co., Ltd. (a)................ 6,355 41,303
</Table>
See accompanying notes to financial statements.
152
SPDR RUSSELL/NOMURA PRIME JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Keisei Electric Railway Co.,
Ltd. ........................ 7,147 $ 38,776
Kintetsu Corp. (a)............. 20,038 69,458
Nagoya Railroad Co., Ltd. ..... 19,362 54,895
Nankai Electric Railway Co.,
Ltd. (a)..................... 10,111 38,953
Nippon Express Co., Ltd. ...... 11,555 50,502
Odakyu Electric Railway Co.,
Ltd. (a)..................... 5,483 40,284
Sagami Railway Co., Ltd. ...... 13,254 49,812
Tobu Railway Co., Ltd. (a)..... 13,007 62,606
Tokyu Corp. ................... 12,391 58,124
West Japan Railway Co. ........ 24 102,181
-----------
1,004,633
-----------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.2%
Advantest Corp. (a)............ 2,216 45,503
Disco Corp. (a)................ 784 22,450
Elpida Memory, Inc.(a) (b)..... 1,976 35,717
Rohm Co., Ltd. ................ 376 20,223
Sanken Electric Co., Ltd. (a).. 8,404 34,435
Shinko Electric Industries Co.,
Ltd. (a)..................... 892 8,116
SUMCO Corp. ................... 1,546 23,431
Tokyo Electron, Ltd. (a)....... 1,940 85,154
-----------
275,029
-----------
SOFTWARE -- 2.2%
Konami Corp. (a)............... 1,192 29,248
Nintendo Co., Ltd. ............ 1,048 428,420
NSD Co., Ltd. ................. 1,432 11,479
Square Enix Co., Ltd. (a)...... 1,296 37,355
Trend Micro, Inc. ............. 368 13,692
-----------
520,194
-----------
SPECIALTY RETAIL -- 2.0%
Aoyama Trading Co., Ltd. (a)... 1,684 22,064
Autobacs Seven Co., Ltd. (a)... 2,480 61,553
Citizen Holdings Co., Ltd.
(a).......................... 5,103 34,752
Culture Convenience Club Co.,
Ltd. ........................ 2,532 18,650
Fast Retailing Co., Ltd. (a)... 776 77,114
Hikari Tsushin, Inc. (a)....... 284 5,925
J Front Retailing Co., Ltd. ... 778 4,390
Marui Group Co., Ltd. (a)...... 4,016 29,506
Nitori Co., Ltd. (a)........... 860 50,548
Sanrio Co., Ltd. (a)........... 848 9,202
Shimachu Co., Ltd. ............ 1,384 30,766
Shimamura Co., Ltd. (a)........ 432 28,403
USS Co., Ltd. ................. 660 41,901
Yamada Denki Co., Ltd. (a)..... 980 73,016
-----------
487,790
-----------
TEXTILES, APPAREL & LUXURY GOODS -- 0.4%
Asics Corp. ................... 1,064 8,148
Gunze, Ltd. ................... 6,223 24,033
Nisshinbo Industries, Inc.
(a).......................... 2,584 24,583
Onward Kashiyama Co., Ltd. .... 580 5,949
The Japan Wool Textile Co.,
Ltd. ........................ 1,031 7,973
Toyobo Co., Ltd. (a)........... 14,302 23,440
-----------
94,126
-----------
TOBACCO -- 0.8%
Japan Tobacco, Inc. ........... 50 185,560
-----------
TRADING COMPANIES & DISTRIBUTORS -- 3.4%
Hanwa Co., Ltd. ............... 4,207 14,186
Inaba Denki Sangyo Co., Ltd. .. 1,456 32,435
Itochu Corp. (a)............... 11,266 66,005
Iwatani Corp. (a).............. 9,451 21,810
Marubeni Corp. ................ 15,402 67,896
Mitsubishi Corp. (a)........... 12,907 261,994
Mitsui & Co., Ltd. ............ 16,202 195,037
Sojitz Corp. .................. 11,228 25,171
Sumitomo Corp. (a)............. 10,275 93,009
Toyota Tsusho Corp. ........... 1,539 19,614
-----------
797,157
-----------
TRANSPORTATION INFRASTRUCTURE -- 0.1%
Kamigumi Co., Ltd. ............ 2,395 17,686
Mitsubishi Logistics Corp. .... 216 2,684
-----------
20,370
-----------
WIRELESS TELECOMMUNICATION SERVICES -- 2.3%
KDDI Corp. (a)................. 36 199,727
NTT DoCoMo, Inc. .............. 165 260,948
Softbank Corp. (a)............. 6,315 79,885
-----------
540,560
-----------
TOTAL COMMON STOCKS --
(Cost $30,915,871)........... 23,541,246
-----------
SHORT TERM INVESTMENTS -- 23.4%
UNITED STATES -- 23.4%
MONEY MARKET FUNDS -- 23.4%
State Street Navigator
Securities Lending Prime
Portfolio (d) (e)............ 5,538,108 5,538,108
STIC Prime Portfolio........... 37,428 37,428
-----------
TOTAL SHORT TERM INVESTMENTS --
(Cost $5,575,536)............ 5,575,536
-----------
TOTAL INVESTMENTS -- 122.4%
(Cost $36,491,407)........... 29,116,782
OTHER ASSETS AND
LIABILITIES -- (22.4)%....... (5,330,727)
-----------
NET ASSETS -- 100.0%........... $23,786,055
===========
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Amount represents less than 0.05% of net assets.
(d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e) Investments of cash collateral for securities loaned.
(f) Company has filed for civil rehabilitation (insolvency).
(g) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
See accompanying notes to financial statements.
153
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.1%
JAPAN -- 99.1%
AUTO COMPONENTS -- 3.3%
Ahresty Corp. ................ 700 $ 6,000
FCC Co., Ltd. (a)............. 17,113 221,801
Futaba Industrial Co., Ltd.
(a)......................... 18,394 225,410
Kayaba Industry Co., Ltd.
(a)......................... 62,902 170,045
Keihin Corp. (a).............. 13,341 151,173
Musashi Seimitsu Industry Co.,
Ltd. (a).................... 11,852 205,748
NHK Spring Co., Ltd. ......... 34,000 182,866
Nippon Seiki Co., Ltd. ....... 9,939 89,218
Nissin Kogyo Co., Ltd. (a).... 17,134 219,652
Press Kogyo Co., Ltd. ........ 49,569 132,134
Showa Corp. .................. 21,539 128,222
Takata Corp. (a).............. 7,200 96,642
Tokai Rika Co., Ltd. ......... 10,900 134,601
Topre Corp. .................. 24,434 164,098
Toyo Tire & Rubber Co., Ltd.
(a)......................... 83,372 223,812
Toyoda Gosei Co., Ltd. ....... 5,098 84,034
Toyota Boshoku Corp. (a)...... 10,500 112,947
------------
2,548,403
------------
AUTOMOBILES -- 0.5%
Daihatsu Motor Co., Ltd. (a).. 36,000 386,568
------------
BEVERAGES -- 1.4%
Ito En, Ltd. (a).............. 13,100 167,691
Mikuni Coca-Cola Bottling Co.,
Ltd. (a).................... 38,245 331,782
Takara Holdings, Inc. (a)..... 81,937 564,950
------------
1,064,423
------------
BIOTECHNOLOGY -- 0.1%
AnGes MG, Inc. (a)(b)......... 37 71,445
------------
BUILDING PRODUCTS -- 2.7%
Aica Kogyo Co., Ltd. ......... 38,619 296,831
Bunka Shutter Co., Ltd. ...... 84,577 261,303
Central Glass Co., Ltd. ...... 86,309 281,288
Nichias Corp. (a)............. 2,000 5,915
Nitto Boseki Co., Ltd. (a).... 87,020 182,786
Noritz Corp. (a).............. 25,265 226,794
Sankyo-Tateyama Holdings,
Inc. ....................... 170,467 176,625
Sanwa Shutter Corp. (a)....... 85,910 318,829
Sekisui Jushi Corp. .......... 55,938 353,021
------------
2,103,392
------------
CAPITAL MARKETS -- 2.1%
Asset Managers Co., Ltd. (a).. 113 13,315
JAFCO Co., Ltd. (a)........... 7,800 283,596
Japan Asia Investment Co.,
Ltd. ....................... 38,188 73,380
Mito Securities Co., Ltd. .... 86,129 224,723
Monex Beans Holdings, Inc.
(a)......................... 387 135,969
Okasan Holdings, Inc. (a)..... 44,447 209,330
SBI Holdings, Inc. (a)........ 1,355 194,128
Tokai Tokyo Securities Co.,
Ltd. (a).................... 92,721 306,552
Toyo Securities Co., Ltd. .... 60,457 138,379
------------
1,579,372
------------
CHEMICALS -- 5.2%
ADEKA Corp. .................. 42,913 266,375
Air Water, Inc. .............. 43,390 425,460
Asahi Organic Chemicals
Industry Co., Ltd. ......... 127,540 336,374
C. Uyemura & Co., Ltd. ....... 4,176 159,307
Fujikura Kasei Co., Ltd. ..... 30,538 188,984
Fujimi, Inc. ................. 73 861
Ishihara Sangyo Kaisha, Ltd.
(b)......................... 171,811 226,567
Kansai Paint Co., Ltd. (a).... 46,000 280,337
Lintec Corp. (a).............. 17,308 277,150
Nifco, Inc. .................. 21,479 369,633
Nihon Parkerizing Co., Ltd. .. 7,401 81,982
Nippon Soda Co., Ltd. ........ 44,065 173,911
Nippon Valqua Industries,
Ltd. ....................... 86,025 203,384
NOF Corp. .................... 84,731 278,539
Okamoto Industries, Inc. (a).. 128,841 401,699
SK Kaken Co., Ltd. ........... 780 18,221
Sumitomo Bakelite Co., Ltd.
(a)......................... 45,000 188,198
Tokai Carbon Co., Ltd. (a).... 21,542 152,386
------------
4,029,368
------------
COMMERCIAL BANKS -- 8.9%
Bank of the Ryukyus, Ltd. .... 17,281 142,591
Kansai Urban Banking Corp.
(a)......................... 54,000 80,874
Kiyo Holdings, Inc. .......... 257,754 366,607
Mitsubishi UFJ Financial
Group, Inc. ................ 32,560 273,876
The 77 Bank, Ltd. ............ 49,000 240,004
The Aichi Bank, Ltd. ......... 4,149 284,117
The Awa Bank, Ltd. ........... 43,000 245,853
The Bank of Iwate, Ltd. ...... 4,356 256,030
The Bank of Nagoya, Ltd. ..... 42,000 226,289
The Biwako Bank, Ltd. ........ 127,049 161,556
The Daishi Bank, Ltd. ........ 51,000 197,438
The Fukushima Bank, Ltd. ..... 171,478 117,910
The Higo Bank, Ltd. (a)....... 42,000 236,971
The Hokkoku Bank, Ltd. (a).... 43,000 159,177
The Hyakujushi Bank, Ltd. .... 49,000 269,081
The Juroku Bank, Ltd. (a)..... 57,000 212,612
The Kagoshima Bank, Ltd. ..... 42,000 283,653
The Keiyo Bank, Ltd. ......... 50,000 234,070
The Musashino Bank, Ltd. (a).. 6,000 170,113
The Nagano Bank, Ltd. ........ 127,534 239,055
The Nanto Bank, Ltd. (a)...... 44,000 229,190
The Nishi-Nippon City Bank,
Ltd. (a).................... 146,000 352,056
The Ogaki Kyoritsu Bank,
Ltd. ....................... 48,000 250,478
The San-In Godo Bank, Ltd. ... 42,000 321,631
The Shiga Bank, Ltd. (a)...... 42,000 261,499
The Shikoku Bank, Ltd. ....... 43,000 134,470
The Taiko Bank, Ltd. ......... 82,000 171,469
The Tochigi Bank, Ltd. ....... 42,846 224,390
The Tokushima Bank, Ltd. ..... 43,305 157,858
The Tokyo Tomin Bank, Ltd.
(a)......................... 8,705 138,736
Tomato Bank, Ltd. ............ 129,872 238,544
------------
6,878,198
------------
COMMERCIAL SERVICES & SUPPLIES -- 3.3%
Arrk Corp. (a)(b)............. 6,500 10,408
Daiseki Co., Ltd. (a)......... 11,693 306,189
en-japan, Inc. (a)............ 43 38,843
MEITEC Corp. (a).............. 15,144 401,548
Moshi Moshi Hotline, Inc.
(a)......................... 12,872 332,818
Nippon Kanzai Co., Ltd. (a)... 13,452 328,808
Nissha Printing Co., Ltd.
(a)......................... 8,642 407,008
Okamura Corp. (a)............. 36,884 233,120
</Table>
See accompanying notes to financial statements.
154
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Oyo Corp. .................... 31,560 $ 345,431
Park24 Co., Ltd. (a).......... 30,085 165,777
------------
2,569,950
------------
COMMUNICATIONS EQUIPMENT -- 1.2%
Aiphone Co., Ltd. (a)......... 19,006 329,582
Denki Kogyo Co., Ltd. ........ 43,303 238,612
Epson Toyocom Corp. (a)....... 43,705 114,033
Hitachi Kokusai Electric, Inc.
(a)......................... 34,634 205,523
------------
887,750
------------
COMPUTERS & PERIPHERALS -- 0.3%
Mitsumi Electric Co., Ltd. ... 57 1,396
Wacom Co., Ltd. (a)........... 126 227,516
------------
228,912
------------
CONSTRUCTION & ENGINEERING -- 2.4%
Chugai Ro Co., Ltd. (a)....... 72,522 344,286
Daimei Telecom Engineering
Corp. ...................... 229 1,816
Kyowa Exeo Corp. ............. 42,676 380,673
Kyudenko Corp. ............... 72,657 417,471
Maeda Corp. (a)............... 87,158 265,172
Penta-Ocean Construction Co.,
Ltd. (b).................... 115,389 121,731
Sanki Engineering Co., Ltd.
(a)......................... 44,196 300,149
Tokyu Construction Co.,
Ltd. ....................... 2 6
------------
1,831,304
------------
CONSUMER FINANCE -- 1.3%
Acom Co., Ltd. (a)............ 16,410 554,909
Aeon Credit Service Co., Ltd.
(a)......................... 19,000 187,020
Aiful Corp. (a)............... 17,300 130,037
NIS Group Co., Ltd. (b)....... 40 43
OMC Card, Inc. (b)............ 62 132
Orient Corp. (b).............. 85,000 110,488
------------
982,629
------------
CONTAINERS & PACKAGING -- 0.9%
Fuji Seal International, Inc.
(a)......................... 17,170 275,910
Rengo Co., Ltd. (a)........... 62,063 414,475
------------
690,385
------------
DISTRIBUTORS -- 0.7%
Canon Marketing Japan, Inc. .. 14,300 214,436
Yokohama Reito Co., Ltd. ..... 53,580 362,869
------------
577,305
------------
DIVERSIFIED FINANCIAL SERVICES -- 1.2%
Diamond Lease Co., Ltd. ...... 9,129 291,502
Fintech Global, Inc. ......... 124 5,186
Japan Securities Finance Co.,
Ltd. (a).................... 34,319 212,383
Osaka Securities Exchange Co.,
Ltd. ....................... 60 163,839
Privee Fund Group Co., Ltd.
(b)......................... 45,175 6,808
Ricoh Leasing Co., Ltd. (a)... 12,667 215,004
Secured Capital Japan Co.,
Ltd. (a).................... 13 10,763
Sparx Group Co., Ltd. (a)..... 149 33,754
------------
939,239
------------
ELECTRICAL EQUIPMENT -- 1.8%
Daihen Corp. (a).............. 54,971 190,546
GS Yuasa Corp. (a)............ 130,287 452,842
Japan Cash Machine Co., Ltd.
(a)......................... 25,824 204,568
Shinko Electric Co., Ltd.
(a)......................... 85,826 261,928
Sumitomo Electric Industries,
Ltd. ....................... 31 331
SWCC Showa Holdings Co.,
Ltd. ....................... 258,075 281,983
------------
1,392,198
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.7%
Arisawa Manufacturing Co.,
Ltd. (a).................... 17,172 83,300
Enplas Corp. (a).............. 19,089 168,118
ESPEC Corp. .................. 31 198
Hakuto Co., Ltd. ............. 26,411 203,994
Hamamatsu Photonics K.K. (a).. 13,600 326,021
Horiba, Ltd. (a).............. 12,165 270,423
Hosiden Corp. (a)............. 20,095 280,514
Japan Aviation Electronics
Industry, Ltd. (a).......... 23,971 109,734
Koa Corp. .................... 21,491 115,790
Nidec Sankyo Corp. ........... 28,917 136,189
Nihon Dempa Kogyo Co., Ltd.
(a)......................... 6,295 105,781
Nippon Ceramic Co., Ltd. (a).. 16,423 168,461
Nippon Chemi-Con Corp. ....... 43,432 135,412
Ryoyo Electro Corp. (a)....... 20,104 168,914
Star Micronics Co., Ltd. ..... 15,469 155,761
Toko, Inc. (b)................ 117,739 129,755
Yamatake Corp. (a)............ 19,548 307,310
------------
2,865,675
------------
FOOD & STAPLES RETAILING -- 3.2%
Cawachi, Ltd. ................ 13,035 244,825
Circle K Sunkus Co., Ltd.
(a)......................... 29,998 495,328
FamilyMart Co., Ltd. ......... 12,000 505,251
Izumiya Co., Ltd. ............ 43,933 237,118
Ministop Co., Ltd. ........... 20,294 364,724
Sugi Pharmacy Co., Ltd. (a)... 7,000 196,487
UNY Co., Ltd. (a)............. 39,000 387,924
------------
2,431,657
------------
FOOD PRODUCTS -- 5.6%
Ariake Japan Co., Ltd. (a).... 15,364 249,639
Fujicco Co., Ltd. ............ 42,657 452,426
Hokuto Corp. (a).............. 27,421 608,265
Kagome Co., Ltd. (a).......... 30,067 465,314
Marudai Food Co., Ltd. (a).... 127,417 268,840
Mitsui Sugar Co., Ltd. (a).... 64,497 236,931
Nakamuraya Co., Ltd. ......... 76,952 314,578
Nippon Suisan Kaisha, Ltd.
(a)......................... 75,575 274,067
Nosan Corp. (a)............... 121,463 255,133
Riken Vitamin Co., Ltd. ...... 10,580 305,945
Snow Brand Milk Products Co.,
Ltd. (a).................... 129,255 410,295
Toyo Suisan Kaisha, Ltd. (a).. 18,000 450,996
------------
4,292,429
------------
GAS UTILITIES -- 0.3%
Shizuoka Gas Co., Ltd. ....... 63,819 230,834
------------
HEALTH CARE EQUIPMENT & SUPPLIES -- 1.9%
Asahi Intecc Co., Ltd. ....... 7,640 38,860
Fukuda Denshi Co., Ltd. ...... 9,986 189,063
Miraca Holdings, Inc. (a)..... 15,700 301,681
Nakanishi, Inc. .............. 2,147 182,009
Paramount Bed Co., Ltd. (a)... 18,510 244,092
Sysmex Corp. (a).............. 8,705 382,917
Topcon Corp. (a).............. 15,519 99,693
------------
1,438,315
------------
</Table>
See accompanying notes to financial statements.
155
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
HEALTH CARE PROVIDERS & SERVICES -- 0.4%
Alfresa Holdings Corp. (a).... 5,900 $ 281,759
------------
HOTELS, RESTAURANTS & LEISURE -- 2.4%
DOUTOR NICHIRES Holdings Co.,
Ltd. ....................... 23,175 343,592
McDonald's Holdings Co.
(Japan), Ltd. .............. 30,800 418,925
MOS Food Services, Inc. (a)... 33,514 373,763
Nissin Healthcare Food Service
Co., Ltd. (a)............... 22,108 224,068
Round One Corp. (a)........... 100 77,803
Tokyo Dome Corp. ............. 60,085 307,882
Zensho Co., Ltd. (a).......... 30,046 131,318
------------
1,877,351
------------
HOUSEHOLD DURABLES -- 2.2%
Clarion Co., Ltd. ............ 69,472 94,885
Daikyo, Inc. (a).............. 85,352 127,025
France Bed Holdings Co.,
Ltd. ....................... 170,734 212,282
Goldcrest Co., Ltd. (a)....... 6,439 92,189
Juki Corp. (a)................ 42,450 69,974
Kenwood Corp. (a)(d).......... 172,915 128,670
Misawa Homes Holdings, Inc.
(a)(b)...................... 9,166 32,981
Rinnai Corp. ................. 12,951 520,894
The Japan General Estate Co.,
Ltd. (a).................... 10,023 21,337
TOTO, Ltd. (a)................ 59,000 427,363
------------
1,727,600
------------
INDUSTRIAL CONGLOMERATES -- 0.3%
Katakura Industries Co., Ltd.
(a)......................... 19,280 246,982
------------
INSURANCE -- 0.3%
Nissay Dowa General Insurance
Co., Ltd. (a)............... 43,000 231,677
------------
INTERNET & CATALOG RETAIL -- 0.3%
Senshukai Co., Ltd. (a)....... 32,224 210,952
------------
INTERNET SOFTWARE & SERVICES -- 1.2%
Access Co., Ltd. (a)(b)....... 60 100,598
DeNA Co., Ltd. (a)............ 57 221,203
eAccess, Ltd. (a)............. 495 275,091
GMO Internet, Inc. (b)........ 93 429
Index Holdings (a)............ 14 2,013
Kakaku.com, Inc. (a).......... 82 252,569
mixi, Inc. (a)(b)............. 12 83,304
So-net Entertainment Corp. ... 8 20,067
Telewave, Inc. ............... 9 1,586
------------
956,860
------------
IT SERVICES -- 1.8%
INES Corp. (a)................ 42,960 164,694
IT Holdings Corp. (b)......... 15,937 227,275
Itochu Techno-Solutions Corp.
(a)......................... 9,500 236,236
Obic Co., Ltd. (a)............ 2,141 345,052
Otsuka Corp. ................. 3,900 251,636
Trans Cosmos, Inc. (a)........ 17,167 132,757
------------
1,357,650
------------
LEISURE EQUIPMENT & PRODUCTS -- 0.3%
Aruze Corp. .................. 5,200 110,941
Mars Engineering Corp. ....... 58 1,229
Roland Corp. ................. 10,876 137,378
------------
249,548
------------
LIFE SCIENCES, TOOLS & SERVICES -- 0.0% (C)
Soiken Holdings, Inc. (b)..... 10 1,743
------------
MACHINERY -- 5.6%
Amano Corp. (a)............... 30,532 239,562
Asahi Diamond Industrial Co.,
Ltd. (a).................... 42,942 245,522
CKD Corp. (a)................. 25,905 110,291
Daifuku Co., Ltd. ............ 22,181 135,595
Fuji Machine Manufacturing
Co., Ltd. .................. 12,771 151,330
Furukawa Co., Ltd. (a)........ 128,280 176,413
Glory, Ltd. .................. 6,587 148,287
Hitachi Zosen Corp. (a)(b).... 269,726 274,388
Kitz Corp. (a)................ 42,502 194,164
Komori Corp. (a).............. 7,240 95,679
Kyokuto Kaihatsu Kogyo Co.,
Ltd. ....................... 42,340 175,079
Makino Milling Machine Co.,
Ltd. (a).................... 41,739 161,586
Nabtesco Corp. (a)............ 32,052 252,395
Nachi-Fujikoshi Corp. ........ 80,418 207,550
Namura Shipbuilding Co.,
Ltd. ....................... 2,800 7,253
Nippon Sharyo, Ltd. (a)....... 128,970 414,249
Nippon Thompson Co., Ltd. .... 42,511 175,786
OKUMA Corp. (a)............... 19,192 108,104
Ryobi, Ltd. (a)............... 43,723 115,727
Shima Seiki Manufacturing,
Ltd. (a).................... 6,000 114,444
Sintokogio, Ltd. ............. 21,419 130,937
Tadano, Ltd. (a).............. 39,913 240,610
Takeuchi Manufacturing Co.,
Ltd. ....................... 700 8,697
Tocalo Co., Ltd. ............. 36 409
Toshiba Machine Co., Ltd. .... 43,009 145,436
Tsubakimoto Chain Co. ........ 44,124 171,650
Union Tool Co. (a)............ 4,432 102,487
------------
4,303,630
------------
MARINE -- 0.4%
Daiichi Chuo Kisen Kaisha..... 9,000 40,268
Iino Kaiun Kaisha, Ltd. (a)... 34,006 263,297
------------
303,565
------------
MEDIA -- 2.2%
Avex Group Holdings, Inc.
(a)......................... 17,092 148,598
Daiichikosho Co., Ltd. ....... 19,981 203,264
Jupiter Telecommunications
Co. ........................ 661 473,188
Kadokawa Group Holdings, Inc.
(a)......................... 8,687 193,517
Shochiku Co., Ltd. (a)........ 43,243 232,986
Sky Perfect JSAT Corp. (a).... 982 367,678
Usen Corp. (a)(b)............. 3,480 5,441
Zenrin Co., Ltd. (a).......... 8,624 101,297
------------
1,725,969
------------
METALS & MINING -- 3.6%
Godo Steel, Ltd. ............. 440 1,359
Hitachi Metals, Ltd. (a)...... 27,000 315,104
Maruichi Steel Tube, Ltd.
(a)......................... 13,800 371,761
Nakayama Steel Works, Ltd.
(a)......................... 87,212 276,837
Nippon Yakin Kogyo Co., Ltd.
(a)......................... 32,000 114,840
OSAKA Titanium Technologies
Co. (a)..................... 4,400 140,498
Pacific Metals Co., Ltd. ..... 759 5,362
Sanyo Special Steel Co., Ltd.
(a)......................... 43,750 221,707
Sumitomo Light Metal
Industries, Ltd. (a)........ 172,135 163,760
Toho Zinc Co., Ltd. (a)....... 41,796 110,627
Tokyo Rope Manufacturing Co.,
Ltd. (a).................... 157,654 316,303
</Table>
See accompanying notes to financial statements.
156
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
Tokyo Steel Manufacturing Co.,
Ltd. (a).................... 27,800 $ 298,255
Yamato Kogyo Co., Ltd. (a).... 13,648 462,797
------------
2,799,210
------------
MULTILINE RETAIL -- 1.7%
Don Quijote Co., Ltd. (a)..... 12,300 217,812
H2O Retailing Corp. (a)....... 44,107 263,815
Matsuya Co., Ltd. (a)......... 15,308 262,571
Parco Co., Ltd. (a)........... 25,725 267,512
Ryohin Keikaku Co., Ltd. (a).. 5,700 275,967
------------
1,287,677
------------
OFFICE ELECTRONICS -- 0.2%
Riso Kagaku Corp. ............ 15,247 175,642
------------
OIL, GAS & CONSUMABLE FUELS -- 0.8%
Itochu Enex Co, Ltd. ......... 47,104 300,376
Japan Petroleum Exploration
Co. (a)..................... 6,925 351,582
------------
651,958
------------
PERSONAL PRODUCTS -- 1.3%
Aderans Holdings Co., Ltd.
(a)......................... 19,204 301,541
Mandom Corp. ................. 18,545 489,106
Milbon Co., Ltd. (a).......... 8,708 190,294
------------
980,941
------------
PHARMACEUTICALS -- 4.1%
Hisamitsu Pharmaceutical Co.,
Inc. (a).................... 15,900 690,425
Kaken Pharmaceutical Co.,
Ltd. ....................... 43,428 337,885
Mochida Pharmaceutical Co.,
Ltd. (a).................... 43,483 443,575
Nichi-iko Pharmaceutical Co.,
Ltd. ....................... 10,865 260,969
Rohto Pharmaceutical Co.,
Ltd. ....................... 33,493 376,999
Santen Pharmaceutical Co.,
Ltd. (a).................... 15,900 399,878
Torii Pharmaceutical Co.,
Ltd. ....................... 20,800 288,788
Tsumura & Co. (a)............. 14,300 360,985
------------
3,159,504
------------
REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.6%
Aeon Mall Co., Ltd. (a)....... 7,389 215,758
Ardepro Co., Ltd. ............ 48 916
Arealink Co., Ltd. ........... 16 656
Cosmos Initia Co., Ltd. (a)... 14,096 12,082
Creed Corp. (a)............... 80 60,283
Daibiru Corp. (a)............. 24,826 183,567
Heiwa Real Estate Co., Ltd.
(a)......................... 61,755 215,225
Joint Corp. (a)............... 8,618 17,453
K.K. DaVinci Holdings (a)(b).. 287 64,069
Kenedix, Inc. (a)............. 149 83,507
Nomura Real Estate Holdings,
Inc. (a).................... 12,100 278,665
Pacific Management Corp. (a).. 148 17,007
Shoei Co., Ltd. .............. 9,998 94,739
Suruga Corp. (a)(d)(e)........ 10,689 0
------------
1,243,927
------------
ROAD & RAIL -- 1.9%
Nankai Electric Railway Co.,
Ltd. (a).................... 155,000 597,136
Sagami Railway Co., Ltd. (a).. 155,363 583,901
Sankyu, Inc. ................. 81,830 286,731
------------
1,467,768
------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.2%
Disco Corp. (a)............... 7,219 206,714
NEC Electronics Corp. (a)(b).. 8,100 162,893
Shinko Electric Industries
Co., Ltd. (a)............... 14,300 130,116
SUMCO Corp. (a)............... 5,660 85,781
Tokyo Seimitsu Co., Ltd. (a).. 8,600 102,148
Ulvac, Inc. (a)............... 8,302 227,559
------------
915,211
------------
SOFTWARE -- 2.0%
Capcom Co., Ltd. (a).......... 15,634 439,575
DTS Corp. (a)................. 17,332 177,785
Fuji Soft, Inc. (a)........... 17,074 297,366
NSD Co., Ltd. ................ 17,278 138,497
Square Enix Co., Ltd. (a)..... 16,400 472,698
------------
1,525,921
------------
SPECIALTY RETAIL -- 4.9%
Aoyama Trading Co., Ltd. (a).. 14,500 189,983
Autobacs Seven Co., Ltd. (a).. 12,888 319,878
Chiyoda Co., Ltd. (a)......... 17,113 229,538
Culture Convenience Club Co.,
Ltd. (a).................... 42,528 313,257
EDION Corp. (a)............... 25,650 170,332
Gulliver International Co.,
Ltd. (a).................... 3,443 58,797
Honeys Co., Ltd. (a).......... 8,832 39,765
J Front Retailing Co., Ltd.
(a)......................... 27,172 153,309
K's Holdings Corp. (a)........ 13,002 233,672
Nishimatsuya Chain Co., Ltd.
(a)......................... 17,266 162,471
Nitori Co., Ltd. (a).......... 8,100 476,089
Point, Inc. (a)............... 5,411 203,362
Right On Co., Ltd. ........... 40 502
Sanrio Co., Ltd. (a).......... 17,305 187,777
Shimachu Co., Ltd. ........... 11,700 260,086
United Arrows, Ltd. (a)....... 17,329 129,765
USS Co., Ltd. ................ 6,760 429,166
Xebio Co., Ltd. (a)........... 10,961 208,555
------------
3,766,304
------------
TEXTILES, APPAREL & LUXURY GOODS -- 2.7%
Atsugi Co., Ltd. ............. 299,470 324,392
Daidoh, Ltd. (a).............. 25,911 252,850
Daiwabo Co., Ltd. ............ 635 1,585
Gunze, Ltd. .................. 86,348 333,468
Sanyo Shokai, Ltd. (a)........ 43,516 222,161
Seiko Corp. (a)............... 42,649 138,193
The Japan Wool Textile Co.,
Ltd. (a).................... 44,170 341,577
Toyobo Co., Ltd. (a).......... 156,000 255,678
Unitika, Ltd. ................ 258,084 216,356
------------
2,086,260
------------
TRADING COMPANIES & DISTRIBUTORS -- 2.4%
Hanwa Co., Ltd. .............. 126,032 424,994
Inaba Denki Sangyo Co.,
Ltd. ....................... 13,763 306,593
Inabata & Co., Ltd. .......... 51,575 180,232
Iwatani Corp. (a)............. 133,422 307,902
MISUMI Group, Inc. (a)........ 21,533 367,115
Okaya & Co., Ltd. ............ 21,605 223,854
------------
1,810,690
------------
</Table>
See accompanying notes to financial statements.
157
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
TRANSPORTATION INFRASTRUCTURE -- 1.3%
Japan Airport Terminal Co.,
Ltd. (a).................... 19,148 $ 190,461
Mitsubishi Logistics Corp.
(a)......................... 21,000 260,905
Mitsui-Soko Co., Ltd. (a)..... 58,686 259,807
The Sumitomo Warehouse Co.,
Ltd. (a).................... 70,563 277,826
------------
988,999
------------
TOTAL COMMON STOCKS --
(Cost $107,678,866)......... 76,355,049
------------
SHORT TERM INVESTMENTS -- 27.2%
UNITED STATES -- 27.2%
MONEY MARKET FUNDS -- 27.2%
State Street Navigator
Securities Lending Prime
Portfolio (f)(g)............ 20,878,980 20,878,980
STIC Prime Portfolio.......... 90,239 90,239
------------
TOTAL SHORT TERM INVESTMENTS --
(Cost $20,969,219).......... 20,969,219
------------
TOTAL INVESTMENTS -- 126.3%
(Cost $128,648,085)......... 97,324,268
OTHER ASSETS AND
LIABILITIES -- (26.3)%...... (20,266,998)
------------
NET ASSETS -- 100.0%.......... $ 77,057,270
============
</Table>
(a) Security, or portion thereof, was on loan at September 30, 2008.
(b) Non-income producing security.
(c) Amount shown represents less than 0.05% of net assets.
(d) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
(e) Company has filed for civil rehabilitation (insolvency).
(f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g) Investments of cash collateral for securities loaned.
See accompanying notes to financial statements.
158
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.3%
AUSTRALIA -- 2.2%
Aristocrat Leisure, Ltd. ........ 3,314 $ 16,887
Crown, Ltd. ..................... 4,991 33,464
Fairfax Media, Ltd. ............. 13,723 28,577
Tatts Group, Ltd. ............... 11,364 21,334
----------
TOTAL AUSTRALIA.................. 100,262
----------
BELGIUM -- 0.6%
S.A. D'Ieteren NV................ 118 26,357
----------
CANADA -- 3.7%
Canadian Tire Corp., Ltd. ....... 627 28,897
Gildan Activewear, Inc. (a)...... 838 18,640
Magna International, Inc. (Class
A)............................. 692 35,589
Shaw Communications, Inc. ....... 2,087 42,282
Thomson Reuters Corp. ........... 1,397 38,013
----------
TOTAL CANADA..................... 163,421
----------
CHINA -- 2.1%
Esprit Holdings, Ltd. ........... 4,700 28,662
Giordano International, Ltd. .... 80,000 27,820
GOME Electrical Appliances
Holdings, Ltd. ................ 26,000 7,534
Li & Fung, Ltd. ................. 12,000 28,716
----------
TOTAL CHINA...................... 92,732
----------
FINLAND -- 1.0%
Nokian Renkaat Oyj............... 561 13,238
SanomaWSOY Oyj................... 1,672 31,213
----------
TOTAL FINLAND.................... 44,451
----------
FRANCE -- 11.6%
Accor SA......................... 923 48,456
Cie Generale des Etablissements
Michelin....................... 705 45,008
Havas SA......................... 9,322 28,807
Hermes International............. 267 42,946
LVMH Moet Hennessy Louis Vuitton
SA............................. 745 64,619
PPR.............................. 370 32,579
PSA Peugeot Citroen.............. 829 30,707
Renault SA....................... 787 49,254
Sodexo........................... 588 34,359
Thomson (a)...................... 4,652 16,402
Vivendi.......................... 4,049 125,237
----------
TOTAL FRANCE..................... 518,374
----------
GERMANY -- 15.1%
Adidas AG........................ 925 48,984
Bayerische Motoren Werke AG...... 1,319 50,561
Continental AG................... 668 66,254
Daimler AG....................... 3,388 168,467
Porsche Automobil Holding SE..... 379 40,353
Premiere AG (a).................. 643 8,535
TUI AG........................... 1,466 24,000
Volkswagen AG.................... 688 268,669
----------
TOTAL GERMANY.................... 675,823
----------
GREECE -- 0.9%
Jumbo SA......................... 991 15,785
OPAP SA.......................... 874 26,542
----------
TOTAL GREECE..................... 42,327
----------
ITALY -- 2.6%
Fiat SpA......................... 3,783 49,790
Lottomatica SpA.................. 1,377 35,783
Pirelli & C. SpA................. 55,752 32,343
----------
TOTAL ITALY...................... 117,916
----------
JAPAN -- 35.9%
Aisin Seiki Co., Ltd. ........... 1,100 26,162
Aoyama Trading Co., Ltd. ........ 2,000 26,205
Benesse Corp. ................... 600 24,245
Bridgestone Corp. ............... 3,100 57,232
Casio Computer Co., Ltd. ........ 1,900 17,575
Denso Corp. ..................... 1,700 40,673
Dentsu, Inc. .................... 15 29,657
Fast Retailing Co., Ltd. ........ 300 29,812
Fuji Heavy Industries, Ltd. ..... 6,000 29,445
Gunze, Ltd. ..................... 10,000 38,619
Honda Motor Co., Ltd. ........... 5,400 157,170
Isetan Mitsukoshi Holdings, Ltd.
(a)............................ 2,600 29,927
Isuzu Motors, Ltd. .............. 6,000 16,050
Makita Corp. .................... 900 17,802
Matsushita Electric Industrial
Co., Ltd. ..................... 7,000 118,354
Mazda Motor Corp. ............... 5,000 19,686
Mitsubishi Motors Corp. (a)...... 17,000 27,862
Namco Bandai Holdings, Inc. ..... 2,000 21,570
Nikon Corp. ..................... 1,000 23,124
Nissan Motor Co., Ltd. .......... 8,000 52,522
Pioneer Corp. ................... 3,000 19,300
Rakuten, Inc. ................... 31 17,053
Resorttrust, Inc. ............... 3,200 29,750
Sanyo Electric Co., Ltd. (a)..... 10,000 16,861
Sekisui Chemical Co., Ltd. ...... 4,000 23,398
Sekisui House, Ltd. ............. 4,000 35,944
Sharp Corp. ..................... 4,000 42,425
Shimano, Inc. ................... 600 20,402
Sony Corp. ...................... 3,700 110,479
Stanley Electric Co., Ltd. ...... 1,200 17,203
Sumitomo Forestry Co., Ltd. ..... 3,400 19,376
Suzuki Motor Corp. .............. 1,800 32,519
Toyobo Co., Ltd. ................ 17,000 27,862
Toyota Motor Corp. .............. 8,600 354,806
Yamada Denki Co., Ltd. .......... 500 37,253
----------
TOTAL JAPAN...................... 1,608,323
----------
LUXEMBOURG -- 0.7%
SES.............................. 1,421 29,042
----------
NETHERLANDS -- 2.0%
Reed Elsevier NV................. 3,490 51,615
Wolters Kluwer NV................ 1,892 37,831
----------
TOTAL NETHERLANDS................ 89,446
----------
NORWAY -- 0.4%
Schibsted ASA.................... 1,035 18,863
----------
SOUTH KOREA -- 2.1%
Hyundai Motor Co. ............... 837 50,971
LG Electronics, Inc. ............ 472 42,235
----------
TOTAL SOUTH KOREA................ 93,206
----------
</Table>
See accompanying notes to financial statements.
159
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SPAIN -- 1.8%
Industria de Diseno Textil SA.... 882 $ 36,783
La Seda de Barcelona SA (Class
B)............................. 15,959 15,019
NH Hoteles SA.................... 2,406 28,051
----------
TOTAL SPAIN...................... 79,853
----------
SWEDEN -- 3.1%
Electrolux AB.................... 3,140 35,914
Eniro AB......................... 10,320 35,373
Hennes & Mauritz AB (Class B)... 1,676 66,821
----------
TOTAL SWEDEN..................... 138,108
----------
SWITZERLAND -- 1.8%
Cie Financiere Richemont SA
(Class A)...................... 974 42,478
Swatch Group AG.................. 209 37,932
----------
TOTAL SWITZERLAND................ 80,410
----------
UNITED KINGDOM -- 11.7%
British Sky Broadcasting Group
PLC............................ 5,280 39,010
Carnival PLC..................... 1,158 34,284
Compass Group PLC................ 8,251 50,592
Enterprise Inns PLC.............. 4,020 12,790
Home Retail Group PLC............ 5,694 23,546
Inchcape PLC..................... 4,711 15,745
Kingfisher PLC................... 15,757 36,989
Marks & Spencer Group PLC........ 7,561 27,156
Next PLC......................... 1,676 30,442
Pearson PLC...................... 4,836 51,720
Reed Elsevier PLC................ 5,517 54,577
Thomson Reuters PLC.............. 1,189 26,301
Tui Travel PLC................... 7,923 30,434
Virgin Media, Inc. .............. 1,732 13,683
Whitbread PLC.................... 1,637 30,871
WPP Group PLC.................... 5,619 44,870
----------
TOTAL UNITED KINGDOM............. 523,010
----------
TOTAL COMMON STOCKS --
(Cost $5,092,987).............. 4,441,924
----------
SHORT TERM INVESTMENTS -- 0.4%
UNITED STATES -- 0.4%
MONEY MARKET FUND -- 0.4%
STIC Prime Portfolio
(Cost $20,190)................. 20,190 20,190
----------
TOTAL INVESTMENTS -- 99.7%
(Cost $5,113,177).............. 4,462,114
OTHER ASSETS AND
LIABILITIES -- 0.3%............ 12,491
----------
NET ASSETS -- 100.0%............. $4,474,605
==========
</Table>
(a) Non-income producing security.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
160
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ ----------
COMMON STOCKS -- 98.0%
AUSTRALIA -- 7.0%
Coca-Cola Amatil, Ltd. .......... 8,129 $ 52,900
Foster's Group, Ltd. ............ 15,316 66,689
Wesfarmers, Ltd. ................ 4,345 97,610
Woolworths, Ltd. ................ 6,805 146,004
----------
TOTAL AUSTRALIA.................. 363,203
----------
BELGIUM -- 2.4%
Delhaize Group................... 836 48,140
InBev NV......................... 1,279 75,158
----------
TOTAL BELGIUM.................... 123,298
----------
CANADA -- 2.9%
Loblaw Co., Ltd. ................ 1,585 44,276
Shoppers Drug Mart Corp. ........ 1,867 90,172
Viterra, Inc. (a)................ 1,572 15,037
----------
TOTAL CANADA..................... 149,485
----------
DENMARK -- 1.3%
Carlsberg A/S (Class B)......... 921 69,008
----------
FINLAND -- 0.5%
Kesko Oyj (Class B)............. 924 23,258
----------
FRANCE -- 12.0%
Carrefour SA..................... 3,261 151,617
Casino Guichard-Perrachon SA..... 470 41,361
Groupe Danone.................... 2,969 208,520
L'Oreal SA....................... 1,188 115,559
Pernod -- Ricard SA.............. 1,177 102,139
----------
TOTAL FRANCE..................... 619,196
----------
GERMANY -- 1.1%
Beiersdorf AG.................... 901 56,711
----------
GREECE -- 0.3%
Alapis Holding Industrial and
Commercial SA.................. 6,089 12,744
----------
IRELAND -- 1.0%
Kerry Group PLC (Class A)....... 1,703 49,756
----------
ITALY -- 0.8%
Parmalat SpA..................... 17,146 39,980
----------
JAPAN -- 15.4%
Aeon Co., Ltd. .................. 4,500 44,633
Ajinomoto Co., Inc. ............. 7,000 65,869
Asahi Breweries, Ltd. ........... 3,700 64,127
Japan Tobacco, Inc. ............. 28 103,914
Kao Corp. ....................... 4,000 106,438
Kirin Holdings Co., Ltd. ........ 6,000 77,822
Lawson, Inc. .................... 1,100 50,563
Nichirei Corp. .................. 10,000 51,995
Seven & I Holdings Co., Ltd. .... 4,800 135,412
Shiseido Co., Ltd. .............. 3,000 66,265
UNY Co., Ltd. ................... 3,000 29,840
----------
TOTAL JAPAN...................... 796,878
----------
LUXEMBOURG -- 0.2%
Oriflame Cosmetics SA SDR........ 232 10,564
----------
NETHERLANDS -- 8.6%
Heineken NV...................... 2,037 81,103
Koninklijke Ahold NV............. 7,126 81,347
Unilever NV...................... 10,139 282,841
----------
TOTAL NETHERLANDS................ 445,291
----------
NORWAY -- 0.1%
Marine Harvest (a)............... 15,432 7,491
----------
SINGAPORE -- 0.4%
Golden Agri-Resources, Ltd. ..... 42,000 9,254
Wilmar International, Ltd. ...... 7,000 12,289
----------
TOTAL SINGAPORE.................. 21,543
----------
SPAIN -- 1.8%
Ebro Puleva SA................... 3,362 52,608
SOS Cuetara SA................... 2,234 37,656
----------
TOTAL SPAIN...................... 90,264
----------
SWEDEN -- 1.0%
Swedish Match AB................. 3,090 53,178
----------
SWITZERLAND -- 11.1%
Lindt & Spruengli AG............. 24 58,007
Nestle SA........................ 11,972 514,649
----------
TOTAL SWITZERLAND................ 572,656
----------
UNITED KINGDOM -- 30.1%
British American Tobacco PLC..... 7,163 234,287
Cadbury PLC...................... 8,457 85,244
Diageo PLC....................... 13,815 232,702
Imperial Tobacco Group PLC....... 5,572 178,474
J Sainsbury PLC.................. 7,639 47,384
Reckitt Benckiser PLC............ 3,571 172,559
SABMiller PLC.................... 3,573 69,164
Tate & Lyle PLC.................. 3,592 24,394
Tesco PLC........................ 37,361 258,119
Unilever PLC..................... 7,139 193,673
William Morrison Supermarkets
PLC............................ 12,075 55,637
----------
TOTAL UNITED KINGDOM............. 1,551,637
----------
TOTAL COMMON STOCKS --
(Cost $5,393,385).............. 5,056,141
----------
PREFERRED STOCKS -- 1.3%
GERMANY -- 1.3%
Henkel AG & Co. KGaA
(Cost $70,891)................. 1,914 69,498
----------
SHORT TERM INVESTMENTS -- 0.5%
UNITED STATES -- 0.5%
MONEY MARKET FUND -- 0.5%
STIC Prime Portfolio
(Cost $24,306)................. 24,306 24,306
----------
TOTAL INVESTMENTS -- 99.8%
(Cost $5,488,582).............. 5,149,945
OTHER ASSETS AND
LIABILITIES -- 0.2%............ 10,268
----------
NET ASSETS -- 100.0%............. $5,160,213
==========
</Table>
(a) Non-income producing security.
See accompanying notes to financial statements.
161
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.4%
AUSTRALIA -- 4.7%
Origin Energy, Ltd. ............. 4,670 $ 59,344
Santos, Ltd. .................... 3,576 53,872
Woodside Petroleum, Ltd. ........ 2,196 88,343
WorleyParsons, Ltd. ............. 1,428 34,130
----------
TOTAL AUSTRALIA.................. 235,689
----------
AUSTRIA -- 0.6%
OMV AG........................... 729 30,034
----------
CANADA -- 27.2%
Bonavista Energy Trust........... 1,398 34,569
Cameco Corp. .................... 2,096 45,461
Canadian Natural Resources,
Ltd. .......................... 2,329 159,911
Canadian Oil Sands Trust......... 1,165 42,471
Enbridge, Inc. .................. 1,630 60,374
EnCana Corp. .................... 3,261 208,444
Enerplus Resources Fund.......... 1,165 42,581
Husky Energy, Inc. .............. 1,630 67,763
Imperial Oil, Ltd. .............. 1,630 69,879
Nexen, Inc. ..................... 2,795 64,933
Niko Resources, Ltd. ............ 466 25,075
OPTI Canada, Inc. (a)............ 2,096 21,784
Penn West Energy Trust........... 1,398 33,692
Petro-Canada..................... 2,329 77,546
Provident Energy Trust........... 4,659 41,629
Suncor Energy, Inc. ............. 3,960 163,883
Talisman Energy, Inc. ........... 5,590 78,971
TransCanada Corp. ............... 2,329 83,613
Vermilion Energy Trust........... 1,165 37,321
----------
TOTAL CANADA..................... 1,359,900
----------
FRANCE -- 13.2%
Bourbon SA....................... 771 37,840
Cie Generale de Geophysique-
Veritas (a).................... 983 30,570
Technip SA....................... 699 38,655
Total SA......................... 9,275 554,738
----------
TOTAL FRANCE..................... 661,803
----------
ITALY -- 6.4%
Eni SpA.......................... 9,317 243,420
Saipem SpA....................... 1,451 42,618
Saras SpA........................ 8,835 36,393
----------
TOTAL ITALY...................... 322,431
----------
JAPAN -- 2.3%
Inpex Holdings, Inc. ............ 5 42,198
Nippon Mining Holdings, Inc. .... 7,000 27,627
Nippon Oil Corp. ................ 9,000 44,506
----------
TOTAL JAPAN...................... 114,331
----------
NETHERLANDS -- 0.6%
SBM Offshore NV.................. 1,374 28,989
----------
NORWAY -- 3.3%
Aker Solutions ASA............... 2,634 41,611
StatoilHydro ASA................. 5,357 125,854
----------
TOTAL NORWAY..................... 167,465
----------
PAPUA NEW GUINEA -- 0.7%
Oil Search, Ltd. ................ 7,668 33,872
----------
PORTUGAL -- 0.8%
Galp Energia SGPS SA (Class B)... 2,558 41,824
----------
SPAIN -- 4.0%
Cia Espanola de Petroleos SA..... 727 71,074
Repsol YPF SA.................... 4,409 129,436
----------
TOTAL SPAIN...................... 200,510
----------
UNITED KINGDOM -- 34.6%
Amec PLC......................... 2,874 32,606
BG Group PLC..................... 13,824 249,608
BP PLC........................... 77,332 639,579
Cairn Energy PLC (a)............. 757 27,958
Royal Dutch Shell PLC (Class A).. 13,787 397,617
Royal Dutch Shell PLC (Class B).. 12,061 339,240
Tullow Oil PLC................... 3,892 49,463
----------
TOTAL UNITED KINGDOM............. 1,736,071
----------
TOTAL COMMON STOCKS --
(Cost $6,245,130).............. 4,932,919
----------
SHORT TERM INVESTMENTS -- 0.7%
UNITED STATES -- 0.7%
MONEY MARKET FUND -- 0.7%
STIC Prime Portfolio
(Cost $33,451)................. 33,451 33,451
----------
TOTAL INVESTMENTS -- 99.1%
(Cost $6,278,581).............. 4,966,370
OTHER ASSETS AND
LIABILITIES -- 0.9%............ 47,333
----------
NET ASSETS -- 100.0%............. $5,013,703
==========
</Table>
(a) Non-income producing security.
See accompanying notes to financial statements.
162
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.6%
AUSTRALIA -- 10.8%
AMP, Ltd. ...................... 5,215 $ 28,713
Australia & New Zealand Banking
Group, Ltd. .................. 3,439 50,863
Commonwealth Bank of Australia.. 2,215 74,465
Commonwealth Property Office
Fund.......................... 41,535 47,178
Macquarie Group, Ltd. .......... 780 22,765
National Australia Bank, Ltd. .. 2,749 52,606
QBE Insurance Group, Ltd. ...... 2,174 45,447
St. George Bank, Ltd. .......... 1,446 32,621
Westfield Group................. 3,883 50,967
Westpac Banking Corp. .......... 3,399 57,591
----------
TOTAL AUSTRALIA................. 463,216
----------
AUSTRIA -- 0.7%
Atrium European Real Estate,
Ltd. (a)...................... 2,627 19,373
Raiffeisen International Bank-
Holding AG.................... 175 12,283
----------
TOTAL AUSTRIA................... 31,656
----------
BELGIUM -- 1.9%
Gimv NV......................... 647 30,072
KBC Groep NV.................... 409 34,315
RHJ International (a)........... 2,069 18,658
----------
TOTAL BELGIUM................... 83,045
----------
CANADA -- 12.1%
Bank of Montreal................ 1,044 45,120
Bank of Nova Scotia............. 1,616 72,957
Brookfield Asset Management,
Inc. (Class A)............... 1,313 35,431
Canadian Imperial Bank of
Commerce...................... 751 43,144
Manulife Financial Corp. ....... 2,424 87,275
Royal Bank of Canada............ 2,128 101,076
Sun Life Financial, Inc. ....... 1,247 43,631
TMX Group, Inc. ................ 586 15,984
Toronto-Dominion Bank........... 1,276 76,906
----------
TOTAL CANADA.................... 521,524
----------
CHINA -- 5.3%
Bank of East Asia, Ltd. ........ 6,246 19,307
Cheung Kong Holdings, Ltd. ..... 5,000 55,542
GZI REIT........................ 227,000 72,213
Hong Kong Exchanges and
Clearing, Ltd. ............... 2,300 27,579
New World Development Co.,
Ltd. ......................... 10,000 10,883
Sun Hung Kai Properties, Ltd. .. 4,000 40,390
----------
TOTAL CHINA..................... 225,914
----------
DENMARK -- 0.6%
Jyske Bank A/S (a).............. 519 25,550
----------
FINLAND -- 1.0%
Sponda Oyj...................... 3,510 20,904
Technopolis Oyj................. 3,430 23,512
----------
TOTAL FINLAND................... 44,416
----------
FRANCE -- 7.6%
AXA............................. 2,539 81,653
BNP Paribas SA.................. 1,252 116,210
Societe Generale................ 917 79,860
Store Electronic (a)............ 782 13,620
Unibail-Rodamco................. 172 34,336
----------
TOTAL FRANCE.................... 325,679
----------
GERMANY -- 6.0%
Allianz SE...................... 682 92,234
Commerzbank AG.................. 1,339 19,561
Deutsche Bank AG................ 841 58,516
Deutsche Boerse AG.............. 361 32,387
Hypo Real Estate Holding AG..... 673 3,923
Muenchener Rueckversicherungs-
Gesellschaft AG............... 347 51,768
----------
TOTAL GERMANY................... 258,389
----------
IRELAND -- 0.8%
Bank of Ireland................. 6,144 34,089
----------
ITALY -- 7.8%
Assicurazioni Generali SpA...... 1,679 55,139
Banca Monte dei Paschi di Siena
SpA........................... 13,544 33,103
Banca Popolare dell'Etruria e
del Lazio Scrl................ 3,307 25,641
Banco Popolare Societa
Cooperativa Scarl............. 1,519 23,236
Intesa Sanpaolo SpA............. 15,882 85,777
UniCredit SpA................... 19,618 71,578
Unione di Banche Italiane ScpA.. 1,779 38,533
----------
TOTAL ITALY..................... 333,007
----------
JAPAN -- 16.6%
Chuo Mitsui Trust Holdings,
Inc. ......................... 3,000 15,542
Daito Trust Construction Co.,
Ltd. ......................... 600 21,872
Daiwa House Industry Co.,
Ltd. ......................... 3,000 27,919
Daiwa Securities Group, Inc. ... 4,000 27,806
Mitsubishi Estate Co., Ltd. .... 2,000 37,865
Mitsubishi UFJ Financial Group,
Inc. ......................... 14,300 120,283
Mitsui Fudosan Co., Ltd. ....... 2,000 36,942
Mitsui Sumitomo Insurance Group
Holdings, Inc. ............... 900 29,586
Mizuho Financial Group, Inc. ... 17 70,777
Nomura Holdings, Inc. .......... 3,800 47,462
ORIX Corp. ..................... 220 26,069
Resona Holdings, Inc. .......... 14 17,947
Sompo Japan Insurance, Inc. .... 3,000 24,499
Sumitomo Mitsui Financial Group,
Inc. ......................... 12 71,210
Sumitomo Realty & Development
Co., Ltd. .................... 1,000 20,864
T&D Holdings, Inc. ............. 500 25,715
The Bank of Yokohama, Ltd. ..... 4,000 18,914
The Sumitomo Trust & Banking
Co., Ltd. .................... 4,000 25,244
Tokio Marine Holdings, Inc. .... 1,300 45,797
----------
TOTAL JAPAN..................... 712,313
----------
NETHERLANDS -- 3.1%
Aegon NV........................ 2,940 25,604
Fortis.......................... 3,678 22,215
ING Groep NV.................... 3,259 68,346
Van Lanschot NV................. 267 18,414
----------
TOTAL NETHERLANDS............... 134,579
----------
NORWAY -- 1.2%
Sparebanken More................ 982 28,651
Sparebanken Rogaland............ 3,468 22,583
----------
TOTAL NORWAY.................... 51,234
----------
</Table>
See accompanying notes to financial statements.
163
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
PORTUGAL -- 0.4%
Banco Comercial Portugues SA.... 11,226 $ 18,008
----------
SINGAPORE -- 3.0%
City Developments, Ltd. ........ 4,000 24,593
Oversea-Chinese Banking Corp.,
Ltd. ......................... 11,000 55,165
United Overseas Bank, Ltd. ..... 4,000 47,003
----------
TOTAL SINGAPORE................. 126,761
----------
SPAIN -- 8.9%
Banco Bilbao Vizcaya Argentaria
SA............................ 5,713 91,964
Banco de Andalucia SA........... 439 26,701
Banco de Sabadell SA............ 3,980 30,468
Banco Guipuzcoano SA............ 1,769 16,648
Banco Pastor SA................. 1,785 15,169
Banco Popular Espanol SA........ 3,651 42,514
Banco Santander SA.............. 8,826 130,173
Corporacion Financiera Alba SA.. 662 26,846
----------
TOTAL SPAIN..................... 380,483
----------
SWEDEN -- 2.2%
Investor AB..................... 2,889 52,723
Nordea Bank AB.................. 3,725 43,326
----------
TOTAL SWEDEN.................... 96,049
----------
SWITZERLAND -- 7.0%
Credit Suisse Group AG.......... 1,648 73,343
Julius Baer Holding AG.......... 503 24,404
Swiss Life Holding (a).......... 102 14,637
Swiss Reinsurance............... 735 39,790
UBS AG (a)...................... 4,639 76,375
Zurich Financial Services AG.... 257 70,138
----------
TOTAL SWITZERLAND............... 298,687
----------
UNITED KINGDOM -- 2.6%
Barclays PLC.................... 13,121 76,360
HBOS PLC........................ 7,077 15,440
Man Group PLC................... 3,465 20,799
----------
TOTAL UNITED KINGDOM............ 112,599
----------
TOTAL COMMON STOCKS --
(Cost $4,886,564)............. 4,277,198
----------
SHORT TERM INVESTMENTS -- 0.4%
UNITED STATES -- 0.4%
MONEY MARKET FUND -- 0.4%
STIC Prime Portfolio
(Cost $17,675)................ 17,675 17,675
----------
TOTAL INVESTMENTS -- 100.0%
(Cost $4,904,239)............. 4,294,873
OTHER ASSETS AND
LIABILITIES -- 0.0% (B)....... 422
----------
NET ASSETS -- 100.0%............ $4,295,295
==========
</Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
See accompanying notes to financial statements.
164
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 97.3%
AUSTRALIA -- 3.9%
Cochlear, Ltd. .................. 439 $ 20,535
CSL, Ltd. ....................... 4,764 140,168
Primary Health Care, Ltd. ....... 3,501 14,222
Sonic Healthcare, Ltd. .......... 4,669 48,246
----------
TOTAL AUSTRALIA.................. 223,171
----------
BELGIUM -- 0.9%
UCB SA........................... 1,463 51,149
----------
CANADA -- 0.4%
MDS, Inc. (a).................... 1,671 19,976
----------
DENMARK -- 5.3%
Coloplast A/S (Class B)......... 533 38,883
Genmab A/S (a)................... 279 15,757
H. Lundbeck A/S.................. 1,021 19,270
Novo-Nordisk A/S (Class B)...... 4,174 212,951
William Demant A/S (a)........... 311 13,759
----------
TOTAL DENMARK.................... 300,620
----------
FINLAND -- 0.5%
Orion Oyj (Class A)............. 919 15,749
Orion Oyj (Class B)............. 900 15,107
----------
TOTAL FINLAND.................... 30,856
----------
FRANCE -- 8.8%
bioMerieux....................... 279 23,953
Essilor International SA......... 2,219 109,435
Ipsen SA......................... 524 23,436
Orpea (a)........................ 848 35,377
Sanofi-Aventis................... 4,674 305,616
----------
TOTAL FRANCE..................... 497,817
----------
GERMANY -- 10.3%
Bayer AG......................... 3,871 281,657
Celesio AG....................... 1,236 53,317
Fresenius Medical Care AG & Co.
KGaA........................... 2,145 110,486
Fresenius SE..................... 326 23,761
Merck KGaA....................... 588 62,276
Rhoen-Klinikum AG................ 913 26,418
Stada Arzneimittel AG............ 692 27,489
----------
TOTAL GERMANY.................... 585,404
----------
IRELAND -- 0.6%
Elan Corp. PLC (a)............... 3,348 34,565
----------
ITALY -- 0.3%
Recordati SpA.................... 2,614 15,972
----------
JAPAN -- 19.2%
Alfresa Holdings Corp. .......... 200 9,551
Astellas Pharma, Inc. ........... 3,400 139,952
Chugai Pharmaceutical Co.,
Ltd. .......................... 2,125 34,067
Daiichi Sankyo Co., Ltd. ........ 5,100 129,464
Dainippon Sumitomo Pharma Co.,
Ltd. .......................... 1,000 8,091
Eisai Co., Ltd. ................. 2,400 92,460
Hisamitsu Pharmaceutical Co.,
Inc. .......................... 600 26,054
Kyowa Hakko Kogyo Co., Ltd. ..... 2,422 24,958
Mediceo Paltac Holdings Co.,
Ltd. .......................... 1,600 19,336
Mitsubishi Tanabe Pharma Corp. .. 2,000 27,448
Olympus Corp. ................... 2,000 57,081
Ono Pharmaceutical Co., Ltd. .... 1,200 54,933
Shionogi & Co., Ltd. ............ 3,000 60,048
Suzuken Co., Ltd. ............... 700 21,165
Taisho Pharmaceutical Co.,
Ltd. .......................... 2,000 39,090
Takeda Pharmaceutical Co.,
Ltd. .......................... 5,600 276,928
Terumo Corp. .................... 1,400 71,869
----------
TOTAL JAPAN...................... 1,092,495
----------
NETHERLANDS -- 1.0%
OPG Groep NV..................... 1,126 15,389
Qiagen NV (a).................... 2,154 42,087
----------
TOTAL NETHERLANDS................ 57,476
----------
NEW ZEALAND -- 0.4%
Fisher & Paykel Healthcare Corp.,
Ltd. .......................... 10,469 20,487
----------
SINGAPORE -- 0.4%
Parkway Holdings, Ltd. .......... 16,000 21,039
----------
SPAIN -- 0.9%
Faes Farma SA.................... 1,707 12,828
Grifols SA....................... 1,583 40,024
----------
TOTAL SPAIN...................... 52,852
----------
SWEDEN -- 1.4%
Elekta AB (Class B)............. 737 12,340
Getinge AB (Class B)............ 2,643 53,446
Meda AB (Class A)............... 1,635 15,593
----------
TOTAL SWEDEN..................... 81,379
----------
SWITZERLAND -- 25.2%
Acino Holding AG................. 67 12,847
Actelion, Ltd. (a)............... 1,072 54,592
Bachem Holding AG (Class B)..... 497 39,228
Basilea Pharmaceutica AG (a)..... 120 17,659
Coltene Holding AG............... 224 15,043
Galenica AG...................... 78 27,687
Lonza Group AG................... 496 61,754
Nobel Biocare Holding AG......... 1,737 57,412
Novartis AG...................... 8,709 454,771
Roche Holding AG................. 3,110 484,131
Sonova Holding AG................ 727 46,684
Straumann Holding AG............. 116 31,864
Synthes, Inc. ................... 804 110,427
Tecan Group AG................... 314 15,542
----------
TOTAL SWITZERLAND................ 1,429,641
----------
UNITED KINGDOM -- 17.8%
AstraZeneca PLC.................. 7,015 307,595
Consort Medical PLC.............. 1,395 13,253
GlaxoSmithKline PLC.............. 21,719 468,814
Hikma Pharmaceuticals PLC........ 2,154 15,367
Shire, Ltd. ..................... 5,683 89,496
Smith & Nephew PLC............... 7,997 84,242
SSL International PLC............ 3,749 29,954
----------
TOTAL UNITED KINGDOM............. 1,008,721
----------
TOTAL COMMON STOCKS --
(Cost $6,022,485) 5,523,620
----------
PREFERRED STOCKS -- 1.2%
GERMANY -- 1.2%
Fresenius SE
(Cost $79,650)................. 973 69,963
----------
</Table>
See accompanying notes to financial statements.
165
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SHORT TERM INVESTMENTS -- 0.3%
UNITED STATES -- 0.3%
MONEY MARKET FUND -- 0.3%
STIC Prime Portfolio
(Cost $14,817)................. 14,817 $ 14,817
----------
TOTAL INVESTMENTS -- 98.8%
(Cost $6,116,952) 5,608,400
OTHER ASSETS AND
LIABILITIES -- 1.2%............ 67,344
----------
NET ASSETS -- 100.0%............. $5,675,744
==========
</Table>
(a) Non-income producing security.
See accompanying notes to financial statements.
166
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 98.8%
AUSTRALIA -- 3.9%
Brambles, Ltd. .................. 5,970 $ 36,260
GWA International, Ltd. ......... 14,235 31,440
Leighton Holdings, Ltd. ......... 581 17,209
Macquarie Infrastructure Group... 15,750 28,699
Toll Holdings, Ltd. ............. 4,321 23,654
Transurban Group................. 7,599 33,447
Virgin Blue Holdings, Ltd. ...... 4,321 1,074
----------
TOTAL AUSTRALIA.................. 171,783
----------
AUSTRIA -- 0.9%
Andritz AG....................... 455 19,173
Zumtobel AG...................... 1,352 18,972
----------
TOTAL AUSTRIA.................... 38,145
----------
BELGIUM -- 0.7%
Bekaert NV....................... 233 30,750
----------
CANADA -- 4.8%
Bombardier, Inc. ................ 4,976 27,052
CAE, Inc. ....................... 2,290 18,308
Canadian National Railway Co. ... 1,538 73,457
Canadian Pacific Railway, Ltd. .. 649 34,837
SNC-Lavalin Group, Inc. ......... 721 26,095
Toromont Industries, Ltd. ....... 1,304 32,330
----------
TOTAL CANADA..................... 212,079
----------
CHINA -- 2.3%
Hopewell Highway Infrastructure,
Ltd. .......................... 48,000 33,198
Hutchison Whampoa, Ltd. ......... 6,000 45,438
Jardine Matheson Holdings,
Ltd. .......................... 943 24,518
----------
TOTAL CHINA...................... 103,154
----------
DENMARK -- 2.7%
A P Moller -- Maersk A/S......... 5 42,735
FLSmidth & Co. A/S............... 275 13,616
NKT Holding A/S.................. 356 16,420
Vestas Wind Systems A/S (a)...... 563 47,802
----------
TOTAL DENMARK.................... 120,573
----------
FINLAND -- 1.6%
Kone Oyj (Class B).............. 1,012 27,009
Metso Oyj........................ 648 15,537
Wartsila Oyj (Class B).......... 455 18,828
YIT Oyj.......................... 943 9,670
----------
TOTAL FINLAND.................... 71,044
----------
FRANCE -- 7.9%
Air France-KLM................... 1,368 30,735
Alstom SA........................ 627 46,471
Bouygues SA...................... 963 42,948
Cie de Saint-Gobain.............. 924 46,912
Eiffage SA....................... 273 14,376
Schneider Electric SA............ 698 59,067
Vallourec SA..................... 180 38,194
Vinci SA......................... 1,496 69,303
----------
TOTAL FRANCE..................... 348,006
----------
GERMANY -- 10.0%
Deutsche Lufthansa AG............ 1,611 31,228
Deutsche Post AG................. 2,504 51,985
GEA Group AG..................... 877 16,827
Hochtief AG...................... 279 13,117
Kloeckner & Co. AG............... 445 10,045
MAN AG........................... 358 23,785
Pfeiffer Vacuum Technology AG.... 308 24,474
Q-Cells AG (a)................... 165 13,579
SGL Carbon AG (a)................ 331 12,684
Siemens AG....................... 2,498 230,705
Solarworld AG.................... 362 14,954
----------
TOTAL GERMANY.................... 443,383
----------
IRELAND -- 0.6%
DCC PLC.......................... 1,308 24,987
----------
ITALY -- 2.1%
Ansaldo STS SpA.................. 2,741 38,425
Autostrada Torino-Milano SpA..... 2,001 21,628
Finmeccanica SpA................. 1,496 32,025
----------
TOTAL ITALY...................... 92,078
----------
JAPAN -- 29.1%
Asahi Glass Co., Ltd. ........... 4,000 34,512
Central Japan Railway Co. ....... 6 56,233
Daikin Industries, Ltd. ......... 900 29,416
East Japan Railway Co. .......... 10 74,036
Fanuc, Ltd. ..................... 600 43,743
Futaba Corp. .................... 2,300 40,036
Hankyu Hanshin Holdings, Inc. ... 7,000 31,978
IHI Corp. ....................... 12,000 18,311
Itochu Corp. .................... 5,000 29,294
Iwatani Corp. ................... 14,000 32,308
Jgc Corp. ....................... 1,000 15,580
Kajima Corp. .................... 7,000 20,638
Kamigumi Co., Ltd. .............. 6,000 44,308
Kawasaki Heavy Industries,
Ltd. .......................... 11,000 22,587
Kawasaki Kisen Kaisha, Ltd. ..... 3,000 17,859
Kokuyo Co., Ltd. ................ 3,800 29,351
Komatsu, Ltd. ................... 2,700 42,599
Kubota Corp. .................... 5,000 30,519
Marubeni Corp. .................. 5,000 22,041
MEITEC Corp. .................... 1,600 42,425
MISUMI Group, Inc. .............. 2,000 34,098
Mitsubishi Corp. ................ 4,100 83,224
Mitsubishi Electric Corp. ....... 6,000 39,052
Mitsubishi Heavy Industries,
Ltd. .......................... 12,000 50,412
Mitsui & Co., Ltd. .............. 5,000 60,189
Mitsui OSK Lines, Ltd. .......... 4,000 33,307
NGK Insulators, Ltd. ............ 1,000 11,868
Nippon Sheet Glass Co., Ltd. .... 5,000 25,197
Nippon Yusen KK.................. 4,000 25,168
Secom Co., Ltd. ................. 1,000 40,974
Sojitz Corp. .................... 6,000 13,451
Sumitomo Corp. .................. 3,900 35,303
Sumitomo Electric Industries,
Ltd. .......................... 2,900 30,949
Sumitomo Heavy Industries,
Ltd. .......................... 4,000 18,424
The Japan Steel Works, Ltd. ..... 2,000 24,170
THK Co., Ltd. ................... 1,400 21,271
Tokyu Corp. ..................... 6,000 28,145
Yamato Holdings Co., Ltd. ....... 3,000 33,231
----------
TOTAL JAPAN...................... 1,286,207
----------
</Table>
See accompanying notes to financial statements.
167
SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
NETHERLANDS -- 4.5%
Aalberts Industries NV........... 1,457 $ 18,337
European Aeronautic Defence and
Space Co. NV................... 1,861 31,369
Koninklijke (Royal) Philips
Electronics NV................. 2,829 75,839
Koninklijke BAM Groep NV......... 1,225 15,555
Randstad Holding NV.............. 677 17,550
TNT NV........................... 1,450 39,716
----------
TOTAL NETHERLANDS................ 198,366
----------
NORWAY -- 1.0%
Orkla ASA........................ 3,552 31,781
Renewable Energy Corp AS (a)..... 638 11,385
----------
TOTAL NORWAY..................... 43,166
----------
SINGAPORE -- 2.4%
Fraser and Neave, Ltd. .......... 11,000 27,313
Haw Par Corp., Ltd. ............. 12,000 38,610
Keppel Corp., Ltd. .............. 5,000 27,453
Neptune Orient Lines, Ltd. ...... 9,000 11,268
----------
TOTAL SINGAPORE.................. 104,644
----------
SPAIN -- 3.1%
Abertis Infraestructuras SA...... 1,924 37,349
ACS, Actividades de Construccion
y Servicios SA................. 1,025 40,990
Gamesa Corp. Tecnologica SA...... 657 22,167
Grupo Ferrovial SA............... 506 22,915
Sacyr Vallehermoso SA............ 778 12,666
----------
TOTAL SPAIN...................... 136,087
----------
SWEDEN -- 4.6%
Alfa Laval AB.................... 1,813 18,266
Atlas Copco AB (Class B)........ 3,461 34,125
B&B Tools AB..................... 1,164 19,573
Sandvik AB....................... 3,464 35,769
Securitas AB (Class B).......... 2,464 27,121
Trelleborg AB (Class B)......... 2,240 30,519
Volvo AB ADR (Class A).......... 4,662 38,612
----------
TOTAL SWEDEN..................... 203,985
----------
SWITZERLAND -- 5.9%
ABB, Ltd. (a).................... 6,498 122,397
Adecco SA........................ 626 26,932
Geberit AG....................... 220 26,763
Kaba Holding AG.................. 109 28,751
Kuehne & Nagel International AG.. 354 23,253
SGS SA........................... 27 31,497
----------
TOTAL SWITZERLAND................ 259,593
----------
UNITED KINGDOM -- 10.7%
Aggreko PLC...................... 1,867 18,087
Babcock International Group PLC.. 2,122 18,874
BAE Systems PLC.................. 10,791 79,246
British Airways PLC.............. 4,906 14,709
Capita Group PLC................. 3,805 47,340
Charter PLC...................... 999 11,013
De La Rue PLC.................... 2,022 32,509
Experian PLC..................... 4,685 30,689
FirstGroup PLC................... 3,352 31,816
Intertek Group PLC............... 1,561 23,191
Invensys PLC (a)................. 3,313 12,120
Rentokil Initial PLC............. 13,709 16,861
Rolls-Royce Group PLC (a)........ 6,999 41,980
Serco Group PLC.................. 4,120 26,547
Smiths Group PLC................. 2,177 39,270
Wolseley PLC..................... 3,888 28,881
----------
TOTAL UNITED KINGDOM............. 473,133
----------
TOTAL COMMON STOCKS --
(Cost $5,444,703).............. 4,361,163
----------
SHORT TERM INVESTMENTS -- 0.2%
UNITED STATES -- 0.2%
MONEY MARKET FUND -- 0.2%
STIC Prime Portfolio
(Cost $9,900).................. 9,900 9,900
----------
TOTAL INVESTMENTS -- 99.0%
(Cost $5,454,603).............. 4,371,063
OTHER ASSETS AND
LIABILITIES -- 1.0%............ 42,105
----------
NET ASSETS -- 100.0%............. $4,413,168
==========
</Table>
(a) Non-income producing security.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
168
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.7%
AUSTRALIA -- 15.2%
Alumina, Ltd. .................. 7,639 $ 18,499
BHP Billiton, Ltd. ............. 12,139 296,833
BlueScope Steel, Ltd. .......... 4,952 28,593
Boral, Ltd. .................... 6,619 31,953
Fortescue Metals Group, Ltd.
(a)........................... 6,257 23,000
Iluka Resources, Ltd. (a)....... 5,281 19,579
Incitec Pivot, Ltd. ............ 5,420 21,676
Newcrest Mining, Ltd. .......... 1,940 42,281
OneSteel, Ltd. ................. 6,429 23,327
Orica, Ltd. .................... 1,710 28,258
OZ Minerals, Ltd. .............. 16,194 20,502
Rio Tinto, Ltd. ................ 1,038 69,186
Sims Group, Ltd. ............... 1,280 30,088
----------
TOTAL AUSTRALIA................. 653,775
----------
AUSTRIA -- 1.1%
RHI AG (a)...................... 798 28,651
Voestalpine AG.................. 635 19,400
----------
TOTAL AUSTRIA................... 48,051
----------
BELGIUM -- 1.5%
Tessenderlo Chemie NV........... 784 38,654
Umicore......................... 824 24,983
----------
TOTAL BELGIUM................... 63,637
----------
CANADA -- 16.8%
Agnico-Eagle Mines, Ltd. ....... 660 36,067
Agrium, Inc. ................... 662 37,048
Barrick Gold Corp. ............. 3,315 121,506
Eldorado Gold Corp. (a)......... 2,904 18,136
Equinox Minerals, Ltd. (a)...... 3,393 8,042
First Quantum Minerals, Ltd. ... 392 14,748
FNX Mining Co., Inc. (a)........ 862 9,129
Fording Canadian Coal Trust..... 347 28,483
Gerdau Ameristeel Corp. ........ 1,428 13,767
Goldcorp, Inc. ................. 2,735 86,099
Inmet Mining Corp. ............. 342 15,942
Ivanhoe Mines, Ltd. (a)......... 1,695 10,283
Kinross Gold Corp. ............. 2,576 41,407
Lundin Mining Corp. (a)......... 2,852 8,477
Pan American Silver Corp. (a)... 681 14,834
Potash Corp. of Saskatchewan,
Inc. ......................... 1,126 146,120
Sherritt International Corp. ... 2,315 12,389
Silver Wheaton Corp. (a)........ 1,052 8,539
Sino-Forest Corp. (a)........... 928 11,705
Teck Cominco, Ltd. (Class B)... 1,840 52,299
Thompson Creek Metals Co., Inc.
(a)........................... 625 5,796
Yamana Gold, Inc. .............. 2,764 22,747
----------
TOTAL CANADA.................... 723,563
----------
CHINA -- 0.8%
Hung Hing Printing Group,
Ltd. ......................... 160,000 35,238
----------
DENMARK -- 0.8%
Novozymes A/S................... 416 36,417
----------
FINLAND -- 2.5%
Rautaruukki Oyj................. 899 17,578
Stora Enso Oyj.................. 4,345 41,685
UPM-Kymmene Oyj................. 3,049 46,853
----------
TOTAL FINLAND................... 106,116
----------
FRANCE -- 4.2%
Air Liquide SA.................. 1,012 110,046
Lafarge SA...................... 662 68,616
----------
TOTAL FRANCE.................... 178,662
----------
GERMANY -- 7.7%
BASF SE......................... 2,829 134,114
K+S AG.......................... 608 41,540
Lanxess AG...................... 736 20,015
Linde AG........................ 560 59,373
Salzgitter AG................... 257 25,544
ThyssenKrupp AG................. 1,770 52,285
----------
TOTAL GERMANY................... 332,871
----------
IRELAND -- 1.1%
CRH PLC......................... 2,201 46,375
----------
ITALY -- 0.5%
Buzzi Unicem SpA................ 1,346 20,381
----------
JAPAN -- 16.5%
Asahi Kasei Corp. .............. 8,000 33,081
Denki Kagaku Kogyo Kabushiki
Kaisha........................ 11,000 28,183
JFE Holdings, Inc. ............. 2,300 68,893
JSR Corp. ...................... 1,600 20,677
Kobe Steel, Ltd. ............... 19,000 37,046
Mitsubishi Chemical Holdings
Corp. ........................ 5,500 28,649
Mitsubishi Materials Corp. ..... 8,000 24,566
Mitsubishi Rayon Co., Ltd. ..... 9,000 21,787
Mitsui Chemicals, Inc. ......... 6,000 25,884
Mitsui Mining & Smelting Co.,
Ltd. ......................... 14,000 32,044
Nippon Steel Corp. ............. 23,000 83,841
Nitto Denko Corp. .............. 1,000 24,820
Shin-Etsu Chemical Co., Ltd. ... 1,500 69,091
Sumitomo Chemical Co., Ltd. .... 7,000 30,000
Sumitomo Metal Industries,
Ltd. ......................... 17,000 50,761
Sumitomo Metal Mining Co.,
Ltd. ......................... 3,000 29,416
Taiheiyo Cement Corp. .......... 14,000 19,912
Teijin, Ltd. ................... 10,000 29,388
Toray Industries, Inc. ......... 7,000 32,110
Ube Industries, Ltd. ........... 8,000 21,024
----------
TOTAL JAPAN..................... 711,173
----------
LUXEMBOURG -- 3.4%
ArcelorMittal................... 2,946 145,351
----------
NETHERLANDS -- 2.2%
Akzo Nobel NV................... 1,088 51,373
Koninklijke DSM NV.............. 925 43,338
----------
TOTAL NETHERLANDS............... 94,711
----------
NORWAY -- 1.0%
Norsk Hydro ASA................. 2,897 18,987
Yara International ASA.......... 736 25,271
----------
TOTAL NORWAY.................... 44,258
----------
PAPUA NEW GUINEA -- 0.6%
Lihir Gold, Ltd. (a)............ 11,255 24,858
----------
PORTUGAL -- 0.6%
Semapa-Sociedade de Investimento
e Gestao, SGPS, SA............ 2,724 26,401
----------
</Table>
See accompanying notes to financial statements.
169
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SOUTH KOREA -- 0.7%
POSCO ADR....................... 344 $ 32,119
----------
SPAIN -- 0.6%
Cementos Portland Valderrivas
SA............................ 563 26,896
----------
SWEDEN -- 1.0%
Boliden AB Mines................ 2,867 11,677
SSAB Svenskt Stal AB (Series
A)............................ 1,965 30,295
----------
TOTAL SWEDEN.................... 41,972
----------
SWITZERLAND -- 6.5%
Givaudan SA..................... 81 67,220
Holcim, Ltd. ................... 803 58,009
Syngenta AG..................... 399 84,408
Xstrata PLC..................... 2,322 71,023
----------
TOTAL SWITZERLAND............... 280,660
----------
UNITED KINGDOM -- 14.4%
Anglo American PLC.............. 4,792 158,445
Antofagasta PLC................. 2,244 15,999
BHP Billiton PLC................ 7,898 177,239
Kazakhmys PLC................... 1,028 10,628
Lonmin PLC...................... 717 29,062
Randgold Resources, Ltd. ....... 492 19,696
Rio Tinto PLC................... 3,184 196,990
Vedanta Resources PLC........... 632 12,989
----------
TOTAL UNITED KINGDOM............ 621,048
----------
TOTAL COMMON STOCKS --
(Cost $6,277,374) 4,294,533
----------
RIGHTS -- 0.0% (B)
AUSTRALIA -- 0.0% (B)
Alumina Limited (expired
9/19/08) (a)(c)
(Cost $0)..................... 2,010 111
----------
SHORT TERM INVESTMENTS -- 0.0% (B)
UNITED STATES -- 0.0% (B)
MONEY MARKET FUND -- 0.0% (B)
STIC Prime Portfolio
(Cost $1,855)................. 1,855 1,855
----------
TOTAL INVESTMENTS -- 99.7%
(Cost $6,279,229)............. 4,296,499
OTHER ASSETS AND
LIABILITIES -- 0.3%........... 12,011
----------
NET ASSETS -- 100.0%............ $4,308,510
==========
</Table>
(a) Non-income producing security.
(b) Amount shown represents less than 0.05% of net assets.
(c) Security is valued at fair value as determined in good faith by Trust's
Pricing and Investment Committee in accordance with procedures approved by
the Board of Trustees.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
170
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.8%
AUSTRALIA -- 1.1%
Computershare, Ltd. ............. 3,814 $ 27,979
Iress Market Technology, Ltd. ... 4,705 21,414
----------
TOTAL AUSTRALIA.................. 49,393
----------
BELGIUM -- 0.4%
Barco NV......................... 425 19,169
----------
CANADA -- 5.3%
CGI Group, Inc. (Class A) (a)... 2,981 26,103
MacDonald Dettwiler & Associates,
Ltd. (a)....................... 533 10,844
Nortel Networks Corp. (a)........ 3,725 8,198
Research In Motion, Ltd. (a)..... 2,828 190,741
----------
TOTAL CANADA..................... 235,886
----------
CHINA -- 0.3%
ASM Pacific Technology, Ltd. .... 2,700 15,422
----------
DENMARK -- 0.3%
SimCorp A/S...................... 116 13,387
----------
FINLAND -- 10.0%
F-Secure Oyj..................... 4,948 16,125
Nokia Oyj........................ 21,568 390,812
TietoEnator Oyj.................. 1,092 15,906
Vaisala Oyj (Class A)........... 635 21,407
----------
TOTAL FINLAND.................... 444,250
----------
FRANCE -- 4.1%
Alcatel-Lucent (a)............... 14,888 56,401
Atos Origin SA................... 576 25,001
Cap Gemini SA.................... 982 45,795
Groupe Steria SCA................ 786 17,113
Neopost SA....................... 239 22,274
UbiSoft Entertainment SA (a)..... 267 18,302
----------
TOTAL FRANCE..................... 184,886
----------
GERMANY -- 8.2%
Epcos AG......................... 999 25,034
Infineon Technologies AG (a)..... 5,387 29,624
SAP AG........................... 4,862 257,264
Software AG...................... 304 17,072
United Internet AG............... 1,378 14,672
Wincor Nixdorf AG................ 363 21,155
----------
TOTAL GERMANY.................... 364,821
----------
JAPAN -- 43.3%
Advantest Corp. ................. 1,600 32,855
Alps Electric Co., Ltd. ......... 2,000 15,316
Brother Industries, Ltd. ........ 1,900 19,704
Canon, Inc. ..................... 6,600 237,479
Citizen Holdings Co., Ltd. ...... 2,400 16,344
CSK Holdings Corp. .............. 1,300 18,735
Dainippon Screen Manufacturing
Co., Ltd. ..................... 5,000 15,872
Elpida Memory, Inc. (a).......... 900 16,268
FUJIFILM Holdings Corp. ......... 2,200 55,743
Fujitsu, Ltd. ................... 12,000 65,897
Hirose Electric Co., Ltd. ....... 300 28,088
Hitachi High-Technologies
Corp. ......................... 900 17,548
Hitachi, Ltd. ................... 17,000 114,972
Horiba, Ltd. .................... 700 15,561
Hoya Corp. ...................... 2,400 46,569
Ibiden Co., Ltd. ................ 1,000 23,454
IT Holdings Corp. (a)............ 1,000 14,261
Japan Aviation Electronics
Industry, Ltd. ................ 2,000 9,156
Japan Digital Laboratory Co.,
Ltd. .......................... 1,700 18,223
Keyence Corp. ................... 200 39,184
Konami Corp. .................... 800 19,630
Konica Minolta Holdings, Inc. ... 3,000 33,542
Kyocera Corp. ................... 900 66,802
Mitsumi Electric Co., Ltd. ...... 1,000 24,490
Murata Manufacturing Co., Ltd. .. 1,300 51,062
NEC Corp. ....................... 13,000 53,878
Nichicon Corp. .................. 2,400 16,096
Nidec Corp. ..................... 600 36,057
Nintendo Co., Ltd. .............. 600 245,279
Nippon Electric Glass Co.,
Ltd. .......................... 3,000 26,167
Nomura Research Institute,
Ltd. .......................... 1,000 20,016
NTT Data Corp. .................. 10 38,996
OBIC Co., Ltd. .................. 130 20,951
Oki Electric Industry Co., Ltd.
(a)............................ 12,000 12,320
OMRON Corp. ..................... 1,400 21,231
Ricoh Co., Ltd. ................. 3,000 40,889
ROHM Co., Ltd. .................. 700 37,649
Seiko Epson Corp. ............... 1,000 22,748
Shimadzu Corp. .................. 2,000 15,900
SUMCO Corp. ..................... 1,100 16,671
Taiyo Yuden Co., Ltd. ........... 2,000 19,140
TDK Corp. ....................... 800 38,732
Tokyo Electron, Ltd. ............ 1,000 43,894
Toshiba Corp. ................... 17,000 72,218
Trend Micro, Inc. ............... 1,000 37,206
Yahoo! Japan Corp. .............. 104 33,013
Yamatake Corp. .................. 700 11,005
Yaskawa Electric Corp. .......... 3,000 16,474
Yokogawa Electric Corp. ......... 2,600 16,139
----------
TOTAL JAPAN...................... 1,929,424
----------
NETHERLANDS -- 2.1%
ASM International NV (a)......... 631 11,274
ASML Holding NV.................. 2,624 45,741
Gemalto NV (a)................... 758 26,820
Oce NV........................... 1,456 10,226
----------
TOTAL NETHERLANDS................ 94,061
----------
NORWAY -- 0.4%
Tandberg ASA..................... 1,278 16,882
----------
SINGAPORE -- 1.4%
Flextronics International, Ltd.
(a)............................ 5,628 39,846
Venture Corp., Ltd. ............. 4,000 21,543
----------
TOTAL SINGAPORE.................. 61,389
----------
SOUTH KOREA -- 11.5%
LG Display Co., Ltd. ADR......... 3,484 44,247
Samsung Electronics Co., Ltd. GDR
(b)............................ 2,081 466,144
----------
TOTAL SOUTH KOREA................ 510,391
----------
SPAIN -- 1.2%
Amper, SA........................ 1,605 11,813
Indra Sistemas, SA............... 1,728 40,729
----------
TOTAL SPAIN...................... 52,542
----------
SWEDEN -- 3.8%
Telefonaktiebolaget LM Ericsson
(Class B)...................... 18,605 170,768
----------
</Table>
See accompanying notes to financial statements.
171
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
SWITZERLAND -- 2.1%
Logitech International SA (a).... 1,221 $ 27,398
STMicroelectronics NV............ 5,520 54,431
Temenos Group AG (a)............. 617 11,501
----------
TOTAL SWITZERLAND................ 93,330
----------
UNITED KINGDOM -- 4.3%
ARM Holdings PLC................. 13,267 22,465
Autonomy Corp. PLC (a)........... 1,542 28,118
Aveva Group PLC.................. 753 15,368
Dimension Data Holdings PLC...... 22,332 16,320
Diploma PLC...................... 6,318 17,174
Logica PLC....................... 13,367 25,732
Misys PLC........................ 7,400 16,026
Spectris PLC..................... 1,427 16,902
The Sage Group PLC............... 9,428 32,820
----------
TOTAL UNITED KINGDOM............. 190,925
----------
TOTAL COMMON STOCKS --
(Cost $5,558,639).............. 4,446,926
----------
TOTAL INVESTMENTS -- 99.8%
(Cost $5,558,639).............. 4,446,926
OTHER ASSETS AND
LIABILITIES -- 0.2%............ 7,027
----------
NET ASSETS -- 100.0%............. $4,453,953
==========
</Table>
(a) Non-income producing security.
(b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This
security, which represents 10.5% of net assets as of September 30, 2008, is
considered liquid and may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ADR = American Depositary Receipt
GDR = Global Depositary Receipt
See accompanying notes to financial statements.
172
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 99.9%
AUSTRALIA -- 1.2%
Telstra Corp., Ltd. ............ 16,298 $ 53,738
----------
AUSTRIA -- 1.1%
Telekom Austria AG.............. 2,744 47,755
----------
BELGIUM -- 1.8%
Belgacom SA..................... 1,185 44,084
Mobistar SA..................... 294 20,543
Telenet Group Holding NV (a).... 854 17,406
----------
TOTAL BELGIUM................... 82,033
----------
CANADA -- 6.4%
BCE, Inc. ...................... 2,175 75,494
Bell Aliant Regional
Communications Income Fund.... 544 12,787
Rogers Communications, Inc. .... 4,168 138,544
Telus Corp. .................... 1,269 45,126
Telus Corp. (non -- voting).... 544 19,888
----------
TOTAL CANADA.................... 291,839
----------
CHINA -- 0.7%
Hutchison Telecommunications
International, Ltd. (a)....... 14,000 15,903
PCCW, Ltd. ..................... 40,000 16,486
----------
TOTAL CHINA..................... 32,389
----------
FINLAND -- 0.6%
Elisa Oyj....................... 1,450 27,985
----------
FRANCE -- 6.3%
France Telecom SA............... 10,346 287,744
----------
GERMANY -- 6.9%
Deutsche Telekom AG............. 20,570 311,185
----------
ITALY -- 4.0%
Telecom Italia SpA.............. 83,946 124,046
Telecom Italia SpA.............. 49,715 55,901
----------
TOTAL ITALY..................... 179,947
----------
JAPAN -- 12.6%
KDDI Corp. ..................... 24 133,151
Nippon Telegraph & Telephone
Corp. ........................ 40 176,706
NTT DoCoMo, Inc. ............... 121 191,362
Softbank Corp. ................. 5,800 73,371
----------
TOTAL JAPAN..................... 574,590
----------
LUXEMBOURG -- 1.0%
COLT Telecom Group SA (a)....... 5,970 10,641
Millicom International Cellular
SA............................ 531 36,464
----------
TOTAL LUXEMBOURG................ 47,105
----------
NETHERLANDS -- 4.5%
Koninklijke Royal KPN NV........ 14,136 202,374
----------
NEW ZEALAND -- 0.3%
Telecom Corporation of New
Zealand, Ltd. ................ 6,385 11,642
----------
NORWAY -- 1.6%
Telenor ASA..................... 6,162 74,832
----------
PORTUGAL -- 1.7%
Portugal Telecom, SGPS, SA...... 7,668 76,527
----------
SINGAPORE -- 2.7%
Singapore Telecommunications,
Ltd. ......................... 49,000 111,387
StarHub, Ltd. .................. 7,000 12,632
----------
TOTAL SINGAPORE................. 124,019
----------
SOUTH KOREA -- 2.5%
KT Corp. ADR.................... 2,677 44,947
SK Telecom Co., Ltd. ADR........ 3,538 66,585
----------
TOTAL SOUTH KOREA............... 111,532
----------
SPAIN -- 16.8%
Telefonica SA................... 32,284 761,388
----------
SWEDEN -- 2.8%
Tele2 AB (Class B)............. 2,608 29,081
TeliaSonera AB.................. 17,217 96,545
----------
TOTAL SWEDEN.................... 125,626
----------
SWITZERLAND -- 1.3%
Swisscom AG..................... 205 60,609
----------
UNITED KINGDOM -- 23.1%
BT Group PLC.................... 61,774 177,386
Cable & Wireless PLC............ 21,211 62,571
Inmarsat PLC.................... 4,056 34,973
Vodafone Group PLC.............. 354,497 775,307
----------
TOTAL UNITED KINGDOM............ 1,050,237
----------
TOTAL COMMON STOCKS --
(Cost $5,401,722)............. 4,535,096
----------
SHORT TERM INVESTMENTS -- 0.6%
UNITED STATES -- 0.6%
MONEY MARKET FUND -- 0.6%
STIC Prime Portfolio
(Cost $28,480)................ 28,480 28,480
----------
TOTAL INVESTMENTS -- 100.5%
(Cost $5,430,202)............. 4,563,576
OTHER ASSETS AND
LIABILITIES -- (0.5)%......... (21,838)
----------
NET ASSETS -- 100.0%............ $4,541,738
==========
</Table>
(a) Non-income producing security.
ADR = American Depositary Receipt
See accompanying notes to financial statements.
173
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SECURITY DESCRIPTION SHARES VALUE
- -------------------- ------ -----
COMMON STOCKS -- 101.4%
AUSTRALIA -- 2.2%
AGL Energy, Ltd. ................ 3,871 $ 41,835
APA Group........................ 12,379 29,782
Envestra, Ltd. .................. 74,632 38,560
----------
TOTAL AUSTRALIA.................. 110,177
----------
AUSTRIA -- 0.7%
Oesterreichische
Elektrizitaetswirtschafts AG... 611 37,033
----------
CANADA -- 2.2%
ATCO, Ltd. ...................... 733 26,612
Fortis, Inc. .................... 1,605 36,291
TransAlta Corp. ................. 1,716 46,160
----------
TOTAL CANADA..................... 109,063
----------
CHINA -- 5.1%
CLP Holdings, Ltd. .............. 12,000 96,364
Hong Kong & China Gas Co.,
Ltd. .......................... 35,000 79,157
Hongkong Electric Holdings,
Ltd. .......................... 13,000 81,204
----------
TOTAL CHINA...................... 256,725
----------
FINLAND -- 2.0%
Fortum Oyj....................... 2,955 97,874
----------
FRANCE -- 14.5%
Electricite de France............ 1,582 113,186
GDF Suez......................... 9,565 490,395
Sechilienne SA................... 298 16,785
Veolia Environnement............. 2,570 104,201
----------
TOTAL FRANCE..................... 724,567
----------
GERMANY -- 19.7%
E.ON AG.......................... 13,363 667,849
RWE AG........................... 3,341 316,773
----------
TOTAL GERMANY.................... 984,622
----------
ITALY -- 7.6%
A2A SpA.......................... 13,174 33,235
Enel SpA......................... 28,171 233,070
Hera SpA......................... 7,165 19,555
Snam Rete Gas SpA................ 7,669 45,997
Terna -- Rete Elettrica Nationale
SpA............................ 12,442 45,352
----------
TOTAL ITALY...................... 377,209
----------
JAPAN -- 16.0%
Chubu Electric Power Co., Inc. .. 4,500 105,331
Electric Power Development Co.,
Ltd. .......................... 1,300 41,511
Hokuriku Electric Power Co. ..... 1,500 35,958
Kyushu Electric Power Co.,
Inc. .......................... 3,300 68,384
Osaka Gas Co., Ltd. ............. 16,000 54,557
The Chugoku Electric Power Co.,
Inc. .......................... 2,300 47,120
The Kansai Electric Power Co.,
Inc. .......................... 5,100 112,890
The Tokyo Electric Power Co.,
Inc. .......................... 7,600 185,410
Tohoku Electric Power Co.,
Inc. .......................... 3,300 70,716
Tokyo Gas Co., Ltd. ............. 18,000 74,092
----------
TOTAL JAPAN...................... 795,969
----------
PORTUGAL -- 1.1%
EDP -- Energias de Portugal SA... 13,590 56,103
----------
SPAIN -- 13.5%
EDP Renovaveis SA (a)............ 3,426 26,901
Enagas........................... 2,081 44,431
Gas Natural SDG SA............... 2,378 87,114
Iberdrola Renovables (a)......... 5,892 25,325
Iberdrola SA..................... 33,597 336,951
Red Electrica Corporacion SA..... 886 44,616
Union Fenosa SA.................. 4,363 105,655
----------
TOTAL SPAIN...................... 670,993
----------
UNITED KINGDOM -- 16.8%
British Energy Group PLC......... 6,985 94,623
Centrica PLC..................... 25,330 141,769
Drax Group PLC................... 2,592 34,743
International Power PLC.......... 10,584 68,246
National Grid PLC................ 16,713 212,701
Pennon Group PLC................. 2,986 31,109
Scottish & Southern Energy PLC... 5,854 148,900
Severn Trent PLC................. 1,877 45,300
United Utilities Group PLC....... 4,734 58,645
----------
TOTAL UNITED KINGDOM............. 836,036
----------
TOTAL COMMON STOCKS --
(Cost $5,943,038).............. 5,056,371
----------
SHORT TERM INVESTMENTS -- 0.1%
UNITED STATES -- 0.1%
MONEY MARKET FUND -- 0.1%
STIC Prime Portfolio
(Cost $7,113).................. 7,113 7,113
----------
TOTAL INVESTMENTS -- 101.5%
(Cost $5,950,151).............. 5,063,484
OTHER ASSETS &
LIABILITIES -- (1.5)%.......... (74,246)
----------
NET ASSETS -- 100.0%............. $4,989,238
==========
</Table>
(a) Non-income producing security.
See accompanying notes to financial statements.
174
(This page intentionally left blank)
175
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
SPDR DJ
DJ EURO
STOXX 50 STOXX 50
ETF ETF
------------ -------------
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)....... $ 76,256,293 $ 224,353,925
Investments in affiliated issuers, at value (Note 2 and Note
3)......................................................... 1,426,057 5,351,935
------------ -------------
Total Investments.......................................... 77,682,350 229,705,860
Foreign currency, at value.................................... 161,071 370,592
Margin deposit on futures..................................... -- --
Receivable for foreign taxes recoverable...................... 172,115 200,888
Dividends receivable.......................................... 208,363 203,089
------------ -------------
TOTAL ASSETS............................................. 78,223,899 230,480,429
------------ -------------
LIABILITIES
Cash collateral for securities loaned......................... 1,426,057 5,351,935
Payable for investments purchased............................. -- --
Due to custodian.............................................. -- --
Distributions payable......................................... 417,906 819,906
Accrued advisory fee (Note 3)................................. 68,529 226,694
Accrued trustees fees (Note 3)................................ 718 2,336
------------ -------------
TOTAL LIABILITIES........................................ 1,913,210 6,400,871
------------ -------------
NET ASSETS............................................... $ 76,310,689 $ 224,079,558
============ =============
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4)...................................... $108,634,899 $ 332,472,063
Undistributed (distributions in excess of) net investment
income..................................................... 462,794 (231,736)
Accumulated net realized gain (loss) on investments, foreign
currency transactions and futures.......................... (6,012,363) (7,841,815)
Net unrealized appreciation (depreciation) on:
Investments................................................ (26,757,128) (100,287,482)
Foreign currency related transactions...................... (17,513) (31,472)
Futures.................................................... -- --
------------ -------------
NET ASSETS............................................... $ 76,310,689 $ 224,079,558
============ =============
NET ASSET VALUE PER SHARE
Net asset value per share..................................... $ 36.33 $ 41.88
============ =============
Shares outstanding (unlimited amount authorized, $0.01 par
value)..................................................... 2,100,274 5,350,702
============ =============
COST OF INVESTMENTS:
Unaffiliated issuers.......................................... 103,013,421 324,641,407
Affiliated issuers (Note 3)................................... 1,426,057 5,351,935
------------ -------------
Total cost of investments..................................... $104,439,478 $ 329,993,342
============ =============
Foreign currency, at cost..................................... $ 167,394 $ 384,383
============ =============
</Table>
* Includes $1,352,105, $5,101,712, $7,162,960, $4,090,691, $3,036,374,
$16,460,272, $3,638,916, respectively, of investments in securities on loan,
at value.
See accompanying notes to financial statements.
176
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P
EMERGING S&P EMERGING S&P EMERGING
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE
ETF ETF ETF ETF ETF
------------ ------------ ------------ ------------ ------------
$162,167,203 $121,933,533 $ 35,100,902 $188,013,874 $ 80,713,271
6,821,576 3,900,607 2,859,970 14,901,275 3,774,091
------------ ------------ ------------ ------------ ------------
168,988,779 125,834,140 37,960,872 202,915,149 84,487,362
1,561,166 1,130,761 1,045,436 510,303 446,127
62,017 -- 139,158 -- --
2,482 -- 1,189 -- 17,651
275,486 253,606 77,738 478,317 167,783
------------ ------------ ------------ ------------ ------------
170,889,930 127,218,507 39,224,393 203,903,769 85,118,923
------------ ------------ ------------ ------------ ------------
6,821,576 3,900,607 2,859,970 14,901,275 3,774,091
97,893 -- -- -- --
-- -- -- 269 --
-- -- -- -- --
190,029 209,427 64,882 266,919 155,047
594 889 264 1,494 470
------------ ------------ ------------ ------------ ------------
7,110,092 4,110,923 2,925,116 15,169,957 3,929,608
------------ ------------ ------------ ------------ ------------
$163,779,838 $123,107,584 $ 36,299,277 $188,733,812 $ 81,189,315
============ ============ ============ ============ ============
$214,865,344 $189,181,081 $ 49,668,140 $288,878,561 $124,823,610
1,517,942 1,518,048 757,546 3,099,496 591,542
(1,959,944) (2,685,377) (1,603,377) (4,610,513) (1,704,852)
(50,638,342) (64,906,489) (12,325,511) (98,634,063) (42,465,425)
(5,162) 321 (55,976) 331 (55,560)
-- -- (141,545) -- --
------------ ------------ ------------ ------------ ------------
$163,779,838 $123,107,584 $ 36,299,277 $188,733,812 $ 81,189,315
============ ============ ============ ============ ============
$ 54.59 $ 51.29 $ 51.86 $ 20.29 $ 42.73
============ ============ ============ ============ ============
3,000,000 2,400,000 700,000 9,300,000 1,900,000
============ ============ ============ ============ ============
$212,805,545 $186,840,022 $ 47,426,413 $286,647,937 $123,178,696
6,821,576 3,900,607 2,859,970 14,901,275 3,774,091
------------ ------------ ------------ ------------ ------------
$219,627,121 $190,740,629 $ 50,286,383 $301,549,212 $126,952,787
============ ============ ============ ============ ============
$ 1,563,916 $ 1,130,238 $ 1,099,910 $ 509,734 $ 497,872
============ ============ ============ ============ ============
</Table>
177
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P EMERGING
EMERGING MIDDLE EAST &
LATIN AMERICA AFRICA
ETF ETF
------------- -------------
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)..... $ 74,084,722 $150,318,995
Investments in affiliated issuers, at value (Note 2 and Note
3)....................................................... 8,828,249 1,202,100
------------ ------------
Total Investments........................................ 82,912,971 151,521,095
Foreign currency, at value.................................. 127,405 2,318,365
Cash........................................................ -- --
Margin deposit on futures................................... -- --
Receivable for investments sold............................. -- --
Receivable for fund shares sold in-kind..................... -- --
Receivable for foreign taxes recoverable.................... -- --
Dividends receivable........................................ 154,832 150,151
------------ ------------
TOTAL ASSETS........................................... 83,195,208 153,989,611
------------ ------------
LIABILITIES
Cash collateral for securities loaned....................... 8,828,249 1,202,100
Payable for investments purchased........................... -- --
Due to custodian............................................ -- --
Distributions payable....................................... -- --
Accrued advisory fee (Note 3)............................... 164,775 249,293
Accrued trustees fees (Note 3).............................. 482 660
------------ ------------
TOTAL LIABILITIES...................................... 8,993,506 1,452,053
------------ ------------
NET ASSETS............................................. $ 74,201,702 $152,537,558
============ ============
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4).................................... $102,260,330 $189,703,371
Undistributed (distributions in excess of) net investment
income................................................... 1,048,493 4,024,422
Accumulated net realized gain (loss) on investments, foreign
currency transactions and futures........................ (2,317,531) (503,486)
Net unrealized appreciation (depreciation) on:
Investments.............................................. (26,781,450) (40,607,502)
Foreign currency related transactions.................... (8,140) (79,247)
Futures.................................................. -- --
------------ ------------
NET ASSETS............................................. $ 74,201,702 $152,537,558
============ ============
NET ASSET VALUE PER SHARE
Net asset value per share................................... $ 61.83 $ 54.48
============ ============
Shares outstanding (unlimited amount authorized, $0.01 par
value)................................................... 1,200,000 2,800,000
============ ============
COST OF INVESTMENTS:
Unaffiliated issuers........................................ $100,866,172 $190,926,497
Affiliated issuers (Note 3)................................. 8,828,249 1,202,100
------------ ------------
Total cost of investments................................... $109,694,421 $192,128,597
============ ============
Foreign currency, at cost................................... $ 133,337 $ 2,391,552
============ ============
</Table>
* Includes $9,543,265, $1,226,477, $2,036,472, $45,241,243, $4,284,975,
$448,619, $19,817, respectively, of investments in securities on loan, at
value.
See accompanying notes to financial statements.
178
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR S&P SPDR S&P SPDR S&P SPDR S&P
S&P INTERNATIONAL INTERNATIONAL INTERNATIONAL EMERGING MARKETS
WORLD EX-US SMALL CAP DIVIDEND MID CAP SMALL CAP
ETF ETF ETF ETF ETF
----------- ------------- ------------- ------------- ----------------
$27,797,139 $ 326,486,204 $43,964,279 $ 4,885,891 $ 8,625,187
2,150,629 48,309,606 4,529,771 479,486 20,014
----------- ------------- ----------- ----------- -----------
29,947,768 374,795,810 48,494,050 5,365,377 8,645,201
98,864 4,788,130 120,798 50,673 1,043,762
-- -- 11,329 20 --
-- -- -- -- 67,998
-- 44,642,893 21,326 1,048,431 --
-- 402,708 -- -- 2,100,938
13,067 46,744 7,034 832 67
83,148 1,641,256 212,795 19,453 7,850
----------- ------------- ----------- ----------- -----------
30,142,847 426,317,541 48,867,332 6,484,786 11,865,816
----------- ------------- ----------- ----------- -----------
2,150,629 48,309,606 4,529,771 479,486 20,014
-- 45,608,123 -- 790,782 1,901,291
-- -- -- -- 130,470
-- -- 923,220 -- --
19,185 508,507 45,429 6,823 7,189
95 1,499 153 35 24
----------- ------------- ----------- ----------- -----------
2,169,909 94,427,735 5,498,573 1,277,126 2,058,988
----------- ------------- ----------- ----------- -----------
$27,972,938 $ 331,889,806 $43,368,759 $ 5,207,660 $ 9,806,828
=========== ============= =========== =========== ===========
$34,867,734 $ 462,846,863 $59,806,635 $ 7,092,400 $12,004,964
542,254 5,289,106 (645,245) 63,173 48,547
(12,762) (12,137,901) (5,797,702) (401,566) (52,096)
(7,418,241) (123,912,745) (9,982,790) (1,540,800) (2,177,487)
(6,047) (195,517) (12,139) (5,547) (7,020)
-- -- -- -- (10,080)
----------- ------------- ----------- ----------- -----------
$27,972,938 $ 331,889,806 $43,368,759 $ 5,207,660 $ 9,806,828
=========== ============= =========== =========== ===========
$ 23.31 $ 23.71 $ 48.17 $ 26.04 $ 32.69
=========== ============= =========== =========== ===========
1,200,000 14,000,000 900,380 200,000 300,000
=========== ============= =========== =========== ===========
$35,215,380 $ 450,398,949 $53,947,069 $ 6,426,691 $10,802,674
2,150,629 48,309,606 4,529,771 479,486 20,014
----------- ------------- ----------- ----------- -----------
$37,366,009 $ 498,708,555 $58,476,840 $ 6,906,177 $10,822,688
=========== ============= =========== =========== ===========
$ 102,647 $ 4,843,465 $ 124,663 $ 56,035 $ 1,050,941
=========== ============= =========== =========== ===========
</Table>
179
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR DJ
WILSHIRE WILSHIRE
GLOBAL INTERNATIONAL
REAL ESTATE REAL ESTATE
ETF ETF
----------- --------------
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)....... $15,849,604 $ 818,757,885
Investments in affiliated issuers, at value (Note 2 and Note
3)......................................................... 499,627 122,547,301
----------- --------------
Total Investments.......................................... 16,349,231 941,305,186
Foreign currency, at value.................................... 26,632 496,264
Cash.......................................................... -- --
Receivable for Fund shares sold in-kind....................... 459 --
Receivable for foreign taxes recoverable...................... 601 358,388
Dividends receivable.......................................... 44,969 3,076,882
----------- --------------
TOTAL ASSETS............................................. 16,421,892 945,236,720
----------- --------------
LIABILITIES
Cash collateral for securities loaned......................... 499,627 122,547,301
Payable for investments purchased............................. 38,627 --
Due to custodian.............................................. 584 --
Due to sub-custodian.......................................... -- 257,189
Distributions payable......................................... 139,246 9,927,881
Accrued advisory fee (Note 3)................................. 12,481 1,380,874
Accrued trustees fees (Note 3)................................ 41 5,419
----------- --------------
TOTAL LIABILITIES........................................ 690,606 134,118,664
----------- --------------
NET ASSETS............................................... $15,731,286 $ 811,118,056
=========== ==============
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4)...................................... $17,618,342 $1,337,988,178
Undistributed (distributions in excess of) net investment
income..................................................... (27,991) (2,892,727)
Accumulated net realized gain (loss) on investments and
foreign currency transactions.............................. (109,893) (45,968,996)
Net unrealized appreciation (depreciation) on:
Investments................................................ (1,749,167) (477,956,099)
Foreign currency related transactions...................... (5) (52,300)
----------- --------------
NET ASSETS............................................... $15,731,286 $ 811,118,056
=========== ==============
NET ASSET VALUE PER SHARE
Net asset value per share..................................... $ 39.33 $ 37.86
=========== ==============
Shares outstanding (unlimited amount authorized, $0.01 par
value)..................................................... 400,000 21,422,322
=========== ==============
COST OF INVESTMENTS:
Unaffiliated issuers.......................................... $17,598,771 $1,296,713,984
Affiliated issuers (Note 3)................................... 499,627 122,547,301
----------- --------------
Total cost of investments..................................... $18,098,398 $1,419,261,285
=========== ==============
Foreign currency, at cost..................................... $ 27,683 $ 243,574
=========== ==============
</Table>
* Includes $464,021, $113,916,624, $14,948,485, $27,109,607, $5,184,568,
$19,470,660, $0, respectively, of investments in securities on loan, at value.
See accompanying notes to financial statements.
180
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR SPDR S&P
FTSE/MACQUARIE SPDR SPDR RUSSELL/NORMURA INTERNATIONAL
GLOBAL MSCI ACWI RUSSELL/NORMURA SMALL CAP CONSUMER DISCRETIONARY
INFRASTRUCTURE 100 EX-US PRIME JAPAN JAPAN SECTOR
ETF ETF ETF ETF ETF
------------------ ------------- --------------- --------------- ----------------------
$ 79,671,474 $ 256,203,051 $23,578,674 $ 76,445,288 $4,462,114
15,292,308 28,071,322 5,538,108 20,878,980 --
------------ ------------- ----------- ------------ ----------
94,963,782 284,274,373 29,116,782 97,324,268 4,462,114
210,074 1,754,931 41,578 155,424 7,178
-- 3,832 -- -- --
-- -- -- -- --
15,944 121,758 -- -- 56
182,627 868,896 199,878 577,848 16,988
------------ ------------- ----------- ------------ ----------
95,372,427 287,023,790 29,358,238 98,057,540 4,486,336
------------ ------------- ----------- ------------ ----------
15,292,308 28,071,322 5,538,108 20,878,980 --
3,841 55,600 -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- 6,448
131,980 256,665 33,717 120,776 5,255
407 1,383 358 514 28
------------ ------------- ----------- ------------ ----------
15,428,536 28,384,970 5,572,183 21,000,270 11,731
------------ ------------- ----------- ------------ ----------
$ 79,943,891 $ 258,638,820 $23,786,055 $ 77,057,270 $4,474,605
============ ============= =========== ============ ==========
$ 96,774,646 $ 359,474,740 $31,123,455 $109,687,434 $5,108,000
2,007,866 4,311,569 410,654 1,209,725 17,373
(497,669) (2,156,223) (374,694) (2,518,390) 370
(18,335,155) (102,903,366) (7,374,625) (31,323,817) (651,063)
(5,797) (87,900) 1,265 2,318 (75)
------------ ------------- ----------- ------------ ----------
$ 79,943,891 $ 258,638,820 $23,786,055 $ 77,057,270 $4,474,605
============ ============= =========== ============ ==========
$ 47.03 $ 29.39 $ 39.64 $ 35.84 $ 22.37
============ ============= =========== ============ ==========
1,700,000 8,800,000 600,000 2,150,025 200,000
============ ============= =========== ============ ==========
$ 98,006,629 $ 359,106,417 $30,953,299 $107,769,105 $5,113,177
15,292,308 28,071,322 5,538,108 20,878,980 --
------------ ------------- ----------- ------------ ----------
$113,298,937 $ 387,177,739 $36,491,407 $128,648,085 $5,113,177
============ ============= =========== ============ ==========
$ 214,194 $ 1,817,123 $ 40,922 $ 156,302 $ 7,155
============ ============= =========== ============ ==========
</Table>
181
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
CONSUMER STAPLES ENERGY
SECTOR SECTOR
ETF ETF
---------------- -------------
ASSETS
Investments in securities, at value (Note 2)............... $5,149,945 $ 4,966,370
Foreign currency, at value................................. 12,830 71,863
Cash....................................................... -- --
Receivable for investments sold............................ -- --
Receivable for foreign taxes recoverable................... 222 1,021
Dividends receivable....................................... 24,067 7,772
---------- -----------
TOTAL ASSETS.......................................... 5,187,064 5,047,026
---------- -----------
LIABILITIES
Due to custodian........................................... -- --
Distributions payable...................................... 21,072 27,210
Accrued advisory fee (Note 3).............................. 5,749 6,080
Accrued trustees fees (Note 3)............................. 30 33
---------- -----------
TOTAL LIABILITIES..................................... 26,851 33,323
---------- -----------
NET ASSETS............................................ $5,160,213 $ 5,013,703
========== ===========
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4)................................... $5,494,000 $ 6,323,333
Undistributed (distributions in excess of) net investment
income.................................................. 4,105 4,483
Accumulated net realized gain (loss) on investments and
foreign currency transactions........................... 1,901 (4,624)
Net unrealized appreciation (depreciation) on:
Investments............................................. (338,637) (1,312,211)
Foreign currency related transactions................... (1,156) 2,722
---------- -----------
NET ASSETS............................................ $5,160,213 $ 5,013,703
========== ===========
NET ASSET VALUE PER SHARE
Net asset value per share.................................. $ 25.80 $ 25.07
========== ===========
Shares outstanding (unlimited amount authorized, $0.01 par
value).................................................. 200,000 200,000
========== ===========
COST OF INVESTMENTS:
Investments in securities, at cost......................... $5,488,582 $ 6,278,581
========== ===========
Foreign currency, at cost.................................. $ 13,090 $ 68,885
========== ===========
</Table>
See accompanying notes to financial statements.
182
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY
SECTOR SECTOR SECTOR SECTOR SECTOR
ETF ETF ETF ETF ETF
------------- ------------- ------------- ------------- -------------
$4,294,873 $5,608,400 $ 4,371,063 $ 4,296,499 $ 4,446,926
12,632 61,622 41,892 16,983 1,663
-- -- -- -- --
-- -- -- -- --
81 -- 140 210 --
11,136 22,046 14,638 14,741 15,621
---------- ---------- ----------- ----------- -----------
4,318,722 5,692,068 4,427,733 4,328,433 4,464,210
---------- ---------- ----------- ----------- -----------
-- -- -- -- 4,639
18,330 9,902 9,075 14,130 --
5,070 6,389 5,461 5,763 5,588
27 33 29 30 30
---------- ---------- ----------- ----------- -----------
23,427 16,324 14,565 19,923 10,257
---------- ---------- ----------- ----------- -----------
$4,295,295 $5,675,744 $ 4,413,168 $ 4,308,510 $ 4,453,953
========== ========== =========== =========== ===========
$4,903,333 $6,246,000 $ 5,493,334 $ 6,304,667 $ 5,554,000
2,125 11,712 8,057 8,541 11,724
-- (69,918) (4,318) (21,135) --
(609,366) (508,552) (1,083,540) (1,982,730) (1,111,713)
(797) (3,498) (365) (833) (58)
---------- ---------- ----------- ----------- -----------
$4,295,295 $5,675,744 $ 4,413,168 $ 4,308,510 $ 4,453,953
========== ========== =========== =========== ===========
$ 21.48 $ 28.38 $ 22.07 $ 21.54 $ 22.27
========== ========== =========== =========== ===========
200,000 200,000 200,000 200,000 200,000
========== ========== =========== =========== ===========
$4,904,239 $6,116,952 $ 5,454,603 $ 6,279,229 $ 5,558,639
========== ========== =========== =========== ===========
$ 13,000 $ 64,296 $ 42,209 $ 17,677 $ 1,678
========== ========== =========== =========== ===========
</Table>
183
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF ETF
------------------ -------------
ASSETS
Investments in securities, at value (Note 2).............. $4,563,576 $5,063,484
Foreign currency, at value................................ 2,540 6,790
Dividends receivable...................................... 8,087 12,154
---------- ----------
TOTAL ASSETS......................................... 4,574,203 5,082,428
---------- ----------
LIABILITIES
Distributions payable..................................... 27,198 87,344
Accrued advisory fee (Note 3)............................. 5,239 5,815
Accrued trustees fees (Note 3)............................ 28 31
---------- ----------
TOTAL LIABILITIES.................................... 32,465 93,190
---------- ----------
NET ASSETS........................................... $4,541,738 $4,989,238
========== ==========
NET ASSETS REPRESENTED BY:
Paid in capital (Note 4).................................. $5,403,333 $5,894,000
Undistributed (distributions in excess of) net investment
income................................................. 5,128 (12,774)
Accumulated net realized gain (loss) on investments and
foreign currency transactions.......................... -- (5,147)
Net unrealized appreciation (depreciation) on:
Investments............................................ (866,626) (886,667)
Foreign currency related transactions.................. (97) (174)
---------- ----------
NET ASSETS........................................... $4,541,738 $4,989,238
========== ==========
NET ASSET VALUE PER SHARE
Net asset value per share................................. $ 22.71 $ 24.95
========== ==========
Shares outstanding (unlimited amount authorized, $0.01 par
value)................................................. 200,000 200,000
========== ==========
COST OF INVESTMENTS:
Investments in securities, at cost........................ $5,430,202 $5,950,151
========== ==========
Foreign currency, at cost................................. $ 2,646 $ 6,836
========== ==========
</Table>
See accompanying notes to financial statements.
184
(This page intentionally left blank)
185
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR
DJ DJ EURO
STOXX 50 STOXX 50
ETF ETF
------------ -------------
INVESTMENT INCOME
Dividends (Note 2)............................................ $ 5,214,672 $ 18,403,546
Interest (Note 2)............................................. 837 1,682
Unaffiliated securities lending -- net (Note 8)............... 17,143 87,050
Affiliated securities lending -- net (Note 3 and Note 8)...... 79,828 670,551
Foreign taxes withheld........................................ (497,369) (2,759,398)
------------ -------------
TOTAL INVESTMENT INCOME....................................... 4,815,111 16,403,431
------------ -------------
EXPENSES
Advisory fee (Note 3)......................................... 382,789 1,243,513
Trustee fees and expenses (Note 3)............................ 4,520 13,593
Miscellaneous expenses........................................ -- 400
------------ -------------
TOTAL EXPENSES BEFORE WAIVERS................................. 387,309 1,257,506
Expenses waived by Adviser (Note 3)........................... -- --
------------ -------------
NET EXPENSES.................................................. 387,309 1,257,506
------------ -------------
NET INVESTMENT INCOME (LOSS).................................. 4,427,802 15,145,925
------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions.............. (1,084,614) 26,417,244
Futures.................................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments and foreign currency transactions.............. (43,646,718) (166,078,657)
Futures.................................................... -- --
------------ -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS AND FUTURES.................. (44,731,332) (139,661,413)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................... $(40,303,530) $(124,515,488)
============ =============
</Table>
See accompanying notes to financial statements.
186
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P SPDR S&P EMERGING
EMERGING S&P EMERGING S&P EMERGING EMERGING MIDDLE EAST &
ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE LATIN AMERICA AFRICA
ETF ETF ETF ETF ETF ETF ETF
------------ ------------- ------------ ------------- ------------ ------------- -------------
$ 3,688,726 $ 3,159,113 $ 1,346,992 $ 5,304,856 $ 1,541,496 $ 2,378,552 $ 5,735,967
15,754 424 10,784 126 -- -- 2,311
-- -- -- -- -- -- --
18,875 21,652 14,854 70,830 28,584 72,682 9,868
(488,534) (21,271) (124,145) (325,872) (206,664) (179,428) (210,950)
------------ ------------- ------------ ------------- ------------ ------------ ------------
3,234,821 3,159,918 1,248,485 5,049,940 1,363,416 2,271,806 5,537,196
------------ ------------- ------------ ------------- ------------ ------------ ------------
664,093 969,669 287,408 1,376,407 514,676 526,256 730,350
3,171 5,503 1,500 8,066 2,250 2,209 2,765
1,909 -- 778 -- 6,855 9,705 1,467
------------ ------------- ------------ ------------- ------------ ------------ ------------
669,173 975,172 289,686 1,384,473 523,781 538,170 734,582
-- -- -- (277,682) -- -- --
------------ ------------- ------------ ------------- ------------ ------------ ------------
669,173 975,172 289,686 1,106,791 523,781 538,170 734,582
------------ ------------- ------------ ------------- ------------ ------------ ------------
2,565,648 2,184,746 958,799 3,943,149 839,635 1,733,636 4,802,614
------------ ------------- ------------ ------------- ------------ ------------ ------------
2,536,218 (4,435,411) 2,894,406 (8,467,660) (1,681,698) 2,142,603 (455,703)
(969,626) -- (835,993) -- -- -- --
(62,719,439) (100,336,806) (19,906,653) (116,559,216) (46,455,065) (35,725,029) (42,767,321)
-- -- (203,297) -- -- -- --
------------ ------------- ------------ ------------- ------------ ------------ ------------
(61,152,847) (104,772,217) (18,051,537) (125,026,876) (48,136,763) (33,582,426) (43,223,024)
------------ ------------- ------------ ------------- ------------ ------------ ------------
$(58,587,199) $(102,587,471) $(17,092,738) $(121,083,727) $(47,297,128) $(31,848,790) $(38,420,410)
============ ============= ============ ============= ============ ============ ============
</Table>
187
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR SPDR S&P
S&P INTERNATIONAL
WORLD EX-US SMALL CAP
ETF ETF
----------- -------------
INVESTMENT INCOME
Dividends (Note 2)............................................ $ 712,129 $ 8,639,502
Interest (Note 2)............................................. 180 7,592
Affiliated securities lending -- net (Note 3 and Note 8)...... 17,905 384,458
Foreign taxes withheld........................................ (64,997) (660,372)
----------- -------------
TOTAL INVESTMENT INCOME....................................... 665,217 8,371,180
----------- -------------
EXPENSES
Advisory fee (Note 3)......................................... 61,084 1,658,413
Trustee fees and expenses (Note 3)............................ 475 6,915
Miscellaneous expenses........................................ 685 2,015
----------- -------------
TOTAL EXPENSES................................................ 62,244 1,667,343
----------- -------------
NET INVESTMENT INCOME (LOSS).................................. 602,973 6,703,837
----------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions.............. 15,226 (7,266,699)
Futures.................................................... -- --
Net change in unrealized appreciation (depreciation) on:
Investments and foreign currency transactions.............. (7,844,493) (125,441,700)
Futures.................................................... -- --
----------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS AND FUTURES.................. (7,829,267) (132,708,399)
----------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................... $(7,226,294) $(126,004,562)
=========== =============
</Table>
See accompanying notes to financial statements.
188
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR DJ SPDR
SPDR S&P SPDR S&P SPDR S&P WILSHIRE WILSHIRE FTSE/MACQUARIE SPDR
INTERNATIONAL INTERNATIONAL EMERGING MARKETS GLOBAL INTERNATIONAL GLOBAL MSCI ACWI
DIVIDEND MID CAP SMALL CAP REAL ESTATE REAL ESTATE INFASTRUCTURE 100 EX-US
ETF(1) ETF(2) ETF(3) ETF(2) ETF ETF ETF
------------- ------------- ---------------- ----------- ------------- ----------------- -------------
$ 1,875,141 $ 74,280 $ 90,868 $ 152,204 $ 44,732,895 $ 3,214,041 $ 9,200,721
522 -- 471 -- 11,318 1,418 4,240
27,017 442 39 241 710,437 83,121 215,441
(184,561) (6,199) (16,679) (8,186) (5,046,966) (200,554) (815,860)
------------ ----------- ----------- ----------- ------------- ------------ -------------
1,718,119 68,523 74,699 144,259 40,407,684 3,098,026 8,604,542
------------ ----------- ----------- ----------- ------------- ------------ -------------
83,241 11,459 11,555 16,018 5,924,236 447,751 876,487
473 91 64 90 31,214 2,029 6,854
4,535 -- 2,000 -- 9,527 -- 332
------------ ----------- ----------- ----------- ------------- ------------ -------------
88,249 11,550 13,619 16,108 5,964,977 449,780 883,673
------------ ----------- ----------- ----------- ------------- ------------ -------------
1,629,870 56,973 61,080 128,151 34,442,707 2,648,246 7,720,869
------------ ----------- ----------- ----------- ------------- ------------ -------------
(5,802,467) (395,366) (39,067) (110,381) (47,506,451) (315,720) 1,181,987
-- -- (25,562) -- -- -- --
(9,994,929) (1,546,347) (2,184,507) (1,749,172) (459,696,978) (21,035,048) (113,298,549)
-- -- (10,080) -- -- -- --
------------ ----------- ----------- ----------- ------------- ------------ -------------
(15,797,396) (1,941,713) (2,259,216) (1,859,553) (507,203,429) (21,350,768) (112,116,562)
------------ ----------- ----------- ----------- ------------- ------------ -------------
$(14,167,526) $(1,884,740) $(2,198,136) $(1,731,402) $(472,760,722) $(18,702,522) $(104,395,693)
============ =========== =========== =========== ============= ============ =============
</Table>
189
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
INTERNATIONAL
SPDR SPDR S&P CONSUMER
RUSSELL/NORMURA RUSSELL/NOMURA DISCRETIONARY
PRIME JAPAN SMALL CAP JAPAN SECTOR
ETF ETF ETF(4)
--------------- --------------- -------------
INVESTMENT INCOME
Dividends (Note 2).............................. $ 709,237 $ 1,669,836 $ 27,186
Interest (Note 2)............................... -- -- --
Affiliated securities lending -- net (Note 3 and
Note 8)...................................... 13,283 153,862 --
Foreign taxes withheld.......................... (49,362) (116,144) (1,582)
------------ ------------ ---------
TOTAL INVESTMENT INCOME......................... 673,158 1,707,554 25,604
------------ ------------ ---------
EXPENSES
Advisory fee (Note 3)........................... 327,241 523,593 5,255
Trustee fees and expenses (Note 3).............. 2,677 3,111 28
Miscellaneous expenses.......................... 97 -- 302
------------ ------------ ---------
TOTAL EXPENSES.................................. 330,015 526,704 5,585
------------ ------------ ---------
NET INVESTMENT INCOME (LOSS).................... 343,143 1,180,850 20,019
------------ ------------ ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency
transactions............................... 3,600,579 (5,006,498) 4,172
Net change in unrealized appreciation
(depreciation) on:
Investments and foreign currency
transactions............................... (13,864,853) (22,438,534) (651,138)
------------ ------------ ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS................................. (10,264,274) (27,445,032) (646,966)
------------ ------------ ---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................. $ (9,921,131) $(26,264,182) $(626,947)
============ ============ =========
</Table>
See accompanying notes to financial statements.
190
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
CONSUMER STAPLES ENERGY FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY
SECTOR SECTOR SECTOR SECTOR SECTOR SECTOR SECTOR
ETF(4) ETF(4) ETF(4) ETF(4) ETF(4) ETF(4) ETF(4)
---------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 32,068 $ 47,527 $ 28,080 $ 29,144 $ 24,076 $ 29,989 $ 18,528
-- -- -- -- -- 52 --
-- -- -- -- -- -- --
(916) (4,033) (2,166) (1,073) (1,471) (1,016) (1,140)
--------- ----------- --------- --------- ----------- ----------- -----------
31,152 43,494 25,914 28,071 22,605 29,025 17,388
--------- ----------- --------- --------- ----------- ----------- -----------
5,748 6,080 5,071 6,389 5,461 5,763 5,588
31 33 27 34 29 31 30
75 -- -- -- -- -- --
--------- ----------- --------- --------- ----------- ----------- -----------
5,854 6,113 5,098 6,423 5,490 5,794 5,618
--------- ----------- --------- --------- ----------- ----------- -----------
25,298 37,381 20,816 21,648 17,115 23,231 11,770
--------- ----------- --------- --------- ----------- ----------- -----------
1,780 (10,312) (361) (69,952) (4,301) (21,694) (46)
(339,793) (1,309,489) (610,163) (512,050) (1,083,905) (1,983,564) (1,111,771)
--------- ----------- --------- --------- ----------- ----------- -----------
(338,013) (1,319,801) (610,524) (582,002) (1,088,206) (2,005,258) (1,111,817)
--------- ----------- --------- --------- ----------- ----------- -----------
$(312,715) $(1,282,420) $(589,708) $(560,354) $(1,071,091) $(1,982,027) $(1,100,047)
========= =========== ========= ========= =========== =========== ===========
</Table>
191
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE YEAR ENDED SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF(4) ETF(4)
------------------ -------------
INVESTMENT INCOME
Dividends (Note 2)........................................ $ 41,080 $ 82,840
Foreign taxes withheld.................................... (2,788) (795)
--------- ---------
TOTAL INVESTMENT INCOME................................... 38,292 82,045
--------- ---------
EXPENSES
Advisory fee (Note 3)..................................... 5,240 5,815
Trustee fees and expenses (Note 3)........................ 28 31
--------- ---------
TOTAL EXPENSES............................................ 5,268 5,846
--------- ---------
NET INVESTMENT INCOME (LOSS).............................. 33,024 76,199
--------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments and foreign currency transactions.......... (697) (6,776)
Net change in unrealized appreciation (depreciation) on:
Investments and foreign currency transactions.......... (866,723) (886,841)
--------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS.................... (867,420) (893,617)
--------- ---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $(834,396) $(817,418)
========= =========
</Table>
(1) For the period February 12, 2008 (commencement of operations) to September
30, 2008.
(2) For the period May 7, 2008 (commencement of operations) to September 30,
2008.
(3) For the period May 12, 2008 (commencement of operations) to September 30,
2008.
(4) For the period July 16, 2008 (commencement of operations) to September 30,
2008.
See accompanying notes to financial statements.
192
(This page intentionally left blank)
193
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ
STOXX 50 ETF
----------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
9/30/2008 9/30/2007
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income......................................... $ 4,427,802 $ 4,251,793
Net realized gain (loss) on investments, foreign currency
transactions and futures................................... (1,084,614) 16,740,607
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures..... (43,646,718) 6,510,669
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................. (40,303,530) 27,503,069
------------- ------------
NET EQUALIZATION CREDITS AND CHARGES.......................... (328,048) (69,157)
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................................... (4,077,204) (4,189,162)
Net realized gains............................................ (1,037,078) (9,632)
------------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... (5,114,282) (4,198,794)
------------- ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares.......................... 27,074,724 150,278,141
Net proceeds from the reinvestment of shares issued........... 4,412 4,893
Cost of shares redeemed....................................... (90,606,719) (59,506,527)
Net income equalization....................................... 328,048 69,157
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS.................................................. (63,199,535) 90,845,664
------------- ------------
Net increase (decrease) in net assets during the period....... (108,945,395) 114,080,782
Net assets at beginning of period............................. 185,256,084 71,175,302
------------- ------------
NET ASSETS END OF PERIOD(1)..................................... $ 76,310,689 $185,256,084
============= ============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................... 550,000 3,050,000
Shares issued to shareholders from reinvestment of
distributions.............................................. 95 97
Shares redeemed............................................... (1,900,000) (1,200,000)
------------- ------------
NET INCREASE (DECREASE)....................................... (1,349,905) 1,850,097
============= ============
(1) Including undistributed (distribution in excess of) net
investment income............................................. $ 462,794 $ 115,185
============= ============
</Table>
- ------------
* Commencement of operations
See accompanying notes to financial statements.
194
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR S&P EMERGING SPDR S&P
EURO STOXX 50 ETF ASIA PACIFIC ETF CHINA ETF
----------------------------- -------------------------- ----------------------------
FOR THE FOR THE
FOR THE FOR THE FOR THE PERIOD FOR THE PERIOD
YEAR ENDED YEAR ENDED YEAR ENDED 3/20/2007*- YEAR ENDED 3/20/2007*-
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
------------- ------------- ------------ ----------- ------------- ------------
$ 15,145,925 $ 12,365,738 $ 2,565,648 $ 483,032 $ 2,184,746 $ 653,582
26,417,244 38,971,201 1,566,592 52,164 (4,435,411) 992
(166,078,657) 43,937,804 (62,719,439) 12,075,935 (100,336,806) 35,430,638
------------- ------------- ------------ ----------- ------------- ------------
(124,515,488) 95,274,743 (58,587,199) 12,611,131 (102,587,471) 36,085,212
------------- ------------- ------------ ----------- ------------- ------------
(1,789,862) 2,701,464 3,159,166 411,243 996,287 490,966
------------- ------------- ------------ ----------- ------------- ------------
(13,251,069) (15,108,265) (1,340,743) -- (1,313,923) --
(7,520,932) -- (145,430) -- -- --
------------- ------------- ------------ ----------- ------------- ------------
(20,772,001) (15,108,265) (1,486,173) -- (1,313,923) --
------------- ------------- ------------ ----------- ------------- ------------
280,051,170 326,768,376 184,794,181 48,808,406 157,208,665 86,554,003
19,301 12,731 -- -- -- --
(395,244,395) (156,271,445) (22,360,508) -- (52,838,902) --
1,789,862 (2,701,464) (3,159,166) (411,243) (996,287) (490,966)
------------- ------------- ------------ ----------- ------------- ------------
(113,384,062) 167,808,198 159,274,507 48,397,163 103,373,476 86,063,037
------------- ------------- ------------ ----------- ------------- ------------
(260,461,413) 250,676,140 102,360,301 61,419,537 468,369 122,639,215
484,540,971 233,864,831 61,419,537 -- 122,639,215 --
------------- ------------- ------------ ----------- ------------- ------------
$224,079,558 $ 484,540,971 $163,779,838 $61,419,537 $ 123,107,584 $122,639,215
============= ============= ============ =========== ============= ============
5,000,000 5,750,000 2,600,000 700,000 1,700,000 1,300,000
353 216 -- -- -- --
(7,450,000) (2,700,000) (300,000) -- (600,000) --
------------- ------------- ------------ ----------- ------------- ------------
(2,449,647) 3,050,216 2,300,000 700,000 1,100,000 1,300,000
============= ============= ============ =========== ============= ============
$ (231,736) $ (2,045,665) $ 1,517,942 $ 446,023 $ 1,518,048 $ 654,576
============= ============= ============ =========== ============= ============
</Table>
195
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING MARKETS ETF
--------------------------
FOR THE
FOR THE PERIOD
YEAR ENDED 3/20/2007*-
9/30/2008 9/30/2007
------------ -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 958,799 $ 280,047
Net realized gain (loss) on investments, foreign currency
transactions and futures.................................... 2,058,413 348,605
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures...... (20,109,950) 7,586,918
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. (17,092,738) 8,215,570
------------ -----------
Net equalization credits and charges........................... 106,486 222,753
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (458,445) --
Net realized gains............................................. (520,820) --
------------ -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (979,265) --
------------ -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 29,477,491 36,909,262
Cost of shares redeemed........................................ (20,231,043) --
Net income equalization........................................ (106,486) (222,753)
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... 9,139,962 36,686,509
------------ -----------
Net increase (decrease) in net assets during the period........ (8,825,555) 45,124,832
Net assets at beginning of period.............................. 45,124,832 --
------------ -----------
NET ASSETS END OF PERIOD(1)...................................... $ 36,299,277 $45,124,832
============ ===========
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 400,000 600,000
Shares redeemed................................................ (300,000) --
------------ -----------
NET INCREASE (DECREASE)........................................ 100,000 600,000
============ ===========
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 757,546 $ 249,988
============ ===========
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
196
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P EMERGING
BRIC 40 ETF EMERGING EUROPE ETF LATIN AMERICA ETF
---------------------------- -------------------------- --------------------------
FOR THE FOR THE FOR THE
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 6/19/2007*- YEAR ENDED 3/20/2007*- YEAR ENDED 3/20/2007*-
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
------------- ------------ ------------ ----------- ------------ -----------
$ 3,943,149 $ 364,217 $ 839,635 $ 145,400 $ 1,733,636 $ 299,412
(8,467,660) 397 (1,681,698) 21,686 2,142,603 (11,036)
(116,559,216) 17,925,484 (46,455,065) 3,934,080 (35,725,029) 8,935,439
------------- ------------ ------------ ----------- ------------ -----------
(121,083,727) 18,290,098 (47,297,128) 4,101,166 (31,848,790) 9,223,815
------------- ------------ ------------ ----------- ------------ -----------
346,383 307,570 723,287 235,319 277,544 65,402
------------- ------------ ------------ ----------- ------------ -----------
(1,205,020) -- (404,230) -- (761,665) --
-- -- (34,103) -- (36,533) --
------------- ------------ ------------ ----------- ------------ -----------
(1,205,020) -- (438,333) -- (798,198) --
------------- ------------ ------------ ----------- ------------ -----------
249,747,480 138,631,387 90,183,614 34,639,996 95,148,858 30,020,028
(95,646,406) -- -- -- (27,544,011) --
(346,383) (307,570) (723,287) (235,319) (277,544) (65,402)
------------- ------------ ------------ ----------- ------------ -----------
153,754,691 138,323,817 89,460,327 34,404,677 67,327,303 29,954,626
------------- ------------ ------------ ----------- ------------ -----------
31,812,327 156,921,485 42,448,153 38,741,162 34,957,859 39,243,843
156,921,485 -- 38,741,162 -- 39,243,843 --
------------- ------------ ------------ ----------- ------------ -----------
$ 188,733,812 $156,921,485 $ 81,189,315 $38,741,162 $ 74,201,702 $39,243,843
============= ============ ============ =========== ============ ===========
7,900,000 5,200,000 1,300,000 600,000 1,100,000 500,000
(3,800,000) -- -- -- (400,000) --
------------- ------------ ------------ ----------- ------------ -----------
4,100,000 5,200,000 1,300,000 600,000 700,000 500,000
============= ============ ============ =========== ============ ===========
$ 3,099,496 $ 364,614 $ 591,542 $ 132,983 $ 1,048,493 $ 251,843
============= ============ ============ =========== ============ ===========
</Table>
197
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P
EMERGING
MIDDLE EAST &
AFRICA ETF
--------------------------
FOR THE
FOR THE PERIOD
YEAR ENDED 3/20/2007*-
9/30/2008 9/30/2007
------------ -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 4,802,614 $ 279,477
Net realized gain (loss) on investments, foreign currency
transactions and futures.................................... (455,703) 10,295
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures...... (42,767,321) 2,080,572
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. (38,420,410) 2,370,344
------------ -----------
Net equalization credits and charges........................... 1,984,444 66,796
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (1,015,292) --
Net realized gains............................................. (100,455) --
------------ -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (1,115,747) --
------------ -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 164,621,958 25,081,413
Net proceeds from the reinvestment of shares issued............ -- --
Cost of shares redeemed........................................ -- --
Net income equalization........................................ (1,984,444) (66,796)
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS................................................... 162,637,514 25,014,617
------------ -----------
Net increase (decrease) in net assets during the period........ 125,085,801 27,451,757
Net assets at beginning of period.............................. 27,451,757 --
------------ -----------
NET ASSETS END OF PERIOD(1)...................................... $152,537,558 $27,451,757
============ ===========
SHARES OF BENEFICIAL INTEREST:
Shares sold.................................................... 2,400,000 400,000
Shares issued to shareholders from reinvestment of
distributions............................................... -- --
Shares redeemed................................................ -- --
------------ -----------
NET INCREASE (DECREASE)........................................ 2,400,000 400,000
============ ===========
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 4,024,422 $ 266,042
============ ===========
</Table>
- ------------
* Commencement of operations
See accompanying notes to financial statements.
198
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
SPDR S&P INTERNATIONAL INTERNATIONAL
SPDR S&P INTERNATIONAL DIVIDEND MID CAP
WORLD EX-US ETF SMALL CAP ETF ETF ETF
------------------------- ---------------------------- ------------- -------------
FOR THE FOR THE FOR THE FOR THE
FOR THE PERIOD FOR THE PERIOD PERIOD PERIOD
YEAR ENDED 4/20/2007*- YEAR ENDED 4/20/2007*- 2/12/2008*- 5/7/2008*-
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2008
----------- ----------- ------------- ------------ ------------- -------------
$ 602,973 $ 170,239 $ 6,703,837 $ 507,306 $ 1,629,870 $ 56,973
15,226 4,462 (7,266,699) 127,420 (5,802,467) (395,366)
(7,844,493) 420,205 (125,441,700) 1,333,438 (9,994,929) (1,546,347)
----------- ----------- ------------- ------------ ------------ -----------
(7,226,294) 594,906 (126,004,562) 1,968,164 (14,167,526) (1,884,740)
----------- ----------- ------------- ------------ ------------ -----------
372,476 -- 3,155,093 408,647 615,120 --
----------- ----------- ------------- ------------ ------------ -----------
(228,453) -- (1,646,829) -- (2,270,350) --
(34,955) -- (2,785,844) -- -- --
----------- ----------- ------------- ------------ ------------ -----------
(263,408) -- (4,432,673) -- (2,270,350) --
----------- ----------- ------------- ------------ ------------ -----------
21,841,734 13,026,000 375,432,673 108,147,942 59,783,673 7,092,400
-- -- -- -- 22,962 --
-- -- (23,221,738) -- -- --
(372,476) -- (3,155,093) (408,647) (615,120) --
----------- ----------- ------------- ------------ ------------ -----------
21,469,258 13,026,000 349,055,842 107,739,295 59,191,515 7,092,400
----------- ----------- ------------- ------------ ------------ -----------
14,352,032 13,620,906 221,773,700 110,116,106 43,368,759 5,207,660
13,620,906 -- 110,116,106 -- -- --
----------- ----------- ------------- ------------ ------------ -----------
$27,972,938 $13,620,906 $ 331,889,806 $110,116,106 $ 43,368,759 $ 5,207,660
=========== =========== ============= ============ ============ ===========
800,000 400,000 11,800,000 3,000,000 900,000 200,000
-- -- -- -- 380 --
-- -- (800,000) -- -- --
----------- ----------- ------------- ------------ ------------ -----------
800,000 400,000 11,000,000 3,000,000 900,380 200,000
=========== =========== ============= ============ ============ ===========
$ 542,254 $ 164,987 $ 5,289,106 $ 504,245 $ (645,245) $ 63,173
=========== =========== ============= ============ ============ ===========
</Table>
199
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR DJ
EMERGING WILSHIRE
MARKETS GLOBAL
SMALL CAP REAL ESTATE
ETF ETF
----------- -----------
FOR THE FOR THE
PERIOD PERIOD
5/12/2008*- 5/7/2008*-
9/30/2008 9/30/2008
----------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income........................................... $ 61,080 $ 128,151
Net realized gain (loss) on investments, foreign currency
transactions and futures..................................... (64,629) (110,381)
Net change in unrealized appreciation (depreciation) on
investments, foreign currency transactions and futures....... (2,194,587) (1,749,172)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................... (2,198,136) (1,731,402)
----------- -----------
Net equalization credits and charges............................ 111,201 63,064
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................................... -- (155,654)
Net realized gains.............................................. -- --
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................. -- (155,654)
----------- -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares............................ 12,004,964 17,618,342
Net proceeds from the reinvestment of shares issued............. -- --
Cost of shares redeemed......................................... -- --
Net income equalization......................................... (111,201) (63,064)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS.................................................... 11,893,763 17,555,278
----------- -----------
Net increase (decrease) in net assets during the period......... 9,806,828 15,731,286
Net assets at beginning of period............................... -- --
----------- -----------
NET ASSETS END OF PERIOD(1) $ 9,806,828 $15,731,286
=========== ===========
SHARES OF BENEFICIAL INTEREST:
Shares sold..................................................... 300,000 400,000
Shares issued to shareholders from reinvestment of
distributions................................................ -- --
Shares redeemed................................................. -- --
----------- -----------
NET INCREASE (DECREASE)......................................... 300,000 400,000
=========== ===========
(1) Including undistributed (distribution in excess of) net
investment income............................................... $ 48,547 $ (27,991)
=========== ===========
</Table>
- ------------
* Commencement of operations
See accompanying notes to financial statements.
200
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ SPDR
WILSHIRE FTSE/MACQUARIE SPDR
INTERNATIONAL GLOBAL INFRASTRUCTURE 100 MSCI ACWI
REAL ESTATE ETF ETF EX-US ETF
------------------------------- -------------------------- ----------------------------
FOR THE FOR THE FOR THE
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 12/15/2006*- YEAR ENDED 1/25/2007*- YEAR ENDED 1/10/2007*-
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
-------------- -------------- ------------ ----------- ------------- ------------
$ 34,442,707 $ 16,421,890 $ 2,648,246 $ 452,197 $ 7,720,869 $ 1,315,835
(47,506,451) (6,626,202) (315,720) 94,262 1,181,987 114,100
(459,696,978) (18,311,421) (21,035,048) 2,694,096 (113,298,549) 10,307,283
-------------- -------------- ------------ ----------- ------------- ------------
(472,760,722) (8,515,733) (18,702,522) 3,240,555 (104,395,693) 11,737,218
-------------- -------------- ------------ ----------- ------------- ------------
1,095,614 3,864,004 806,088 276,629 4,065,058 658,602
-------------- -------------- ------------ ----------- ------------- ------------
(35,627,956) (19,239,701) (1,125,385) -- (4,783,573) --
-- -- (243,403) -- (347,849) --
-------------- -------------- ------------ ----------- ------------- ------------
(35,627,956) (19,239,701) (1,368,788) -- (5,131,422) --
-------------- -------------- ------------ ----------- ------------- ------------
356,367,190 1,138,413,796 53,873,665 42,900,981 263,045,750 115,953,647
751,857 567,472 -- -- -- --
(148,838,147) -- -- -- (22,570,680) --
(1,095,614) (3,864,004) (806,088) (276,629) (4,065,058) (658,602)
-------------- -------------- ------------ ----------- ------------- ------------
207,185,286 1,135,117,264 53,067,577 42,624,352 236,410,012 115,295,045
-------------- -------------- ------------ ----------- ------------- ------------
(300,107,778) 1,111,225,834 33,802,355 46,141,536 130,947,955 127,690,865
1,111,225,834 -- 46,141,536 -- 127,690,865 --
-------------- -------------- ------------ ----------- ------------- ------------
$ 811,118,056 $1,111,225,834 $ 79,943,891 $46,141,536 $ 258,638,820 $127,690,865
============== ============== ============ =========== ============= ============
6,800,000 17,400,000 900,000 800,000 6,400,000 3,000,000
13,405 8,917 -- -- -- --
(2,800,000) -- -- (600,000) --
-------------- -------------- ------------ ----------- ------------- ------------
4,013,405 17,408,917 900,000 800,000 5,800,000 3,000,000
============== ============== ============ =========== ============= ============
$ (2,892,727) $ (2,353,705) $ 2,007,866 $ 471,621 $ 4,311,569 $ 1,320,620
============== ============== ============ =========== ============= ============
</Table>
201
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR
RUSSELL/NORMURA
PRIME JAPAN
ETF
----------------------------
FOR THE
FOR THE PERIOD
YEAR ENDED 11/9/2006*-
9/30/2008 9/30/2007
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income......................................... $ 343,143 $ 2,098,585
Net realized gain (loss) on investments and foreign currency
transactions............................................... 3,600,579 125,675
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions.............. (13,864,853) 6,491,493
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................. (9,921,131) 8,715,753
------------- ------------
Net equalization credits and charges.......................... (772,463) --
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income......................................... (2,031,837) (1,530)
Net realized gains............................................ (190,893) --
------------- ------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... (2,222,730) (1,530)
------------- ------------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares.......................... -- 259,677,426
Net proceeds from the reinvestment of shares issued........... -- --
Cost of shares redeemed....................................... (232,461,733) --
Net income equalization....................................... 772,463 --
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST
TRANSACTIONS.................................................. (231,689,270) 259,677,426
------------- ------------
Net increase (decrease) in net assets during the period....... (244,605,594) 268,391,649
Net assets at beginning of period............................. 268,391,649 --
------------- ------------
NET ASSETS END OF PERIOD(1)..................................... $ 23,786,055 $268,391,649
============= ============
SHARES OF BENEFICIAL INTEREST:
Shares sold................................................... -- 4,800,000
Shares issued to shareholders from reinvestment of
distributions.............................................. -- --
Shares redeemed............................................... (4,200,000) --
------------- ------------
NET INCREASE (DECREASE)....................................... (4,200,000) 4,800,000
============= ============
(1) Including undistributed (distribution in excess of) net
investment income............................................. $ 410,654 $ 2,031,837
============= ============
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
202
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P
SPDR INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
RUSSELL/NORMURA CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY FINANCIAL
SMALL CAP JAPAN ETF SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF
--------------------------- ---------------------- ---------------- ------------- -------------
FOR THE FOR THE FOR THE FOR THE FOR THE
FOR THE PERIOD PERIOD PERIOD PERIOD PERIOD
YEAR ENDED 11/9/2006*- 7/16/2008*- 7/16/2008*- 7/16/2008*- 7/16/2008*-
9/30/2008 9/30/2007 9/30/2008 9/30/2008 9/30/2008 9/30/2008
------------ ------------ ---------------------- ---------------- ------------- -------------
$ 1,180,850 $ 1,191,067 $ 20,019 $ 25,298 $ 37,381 $ 20,816
(5,006,498) (8,155,363) 4,172 1,780 (10,312) (361)
(22,438,534) (8,882,965) (651,138) (339,793) (1,309,489) (610,163)
------------ ------------ ---------- ---------- ----------- ----------
(26,264,182) (15,847,261) (626,947) (312,715) (1,282,420) (589,708)
------------ ------------ ---------- ---------- ----------- ----------
(272,670) (56,443) -- -- -- --
------------ ------------ ---------- ---------- ----------- ----------
(1,188,740) (17,720) (6,448) (21,072) (27,210) (18,330)
-- -- -- -- -- --
------------ ------------ ---------- ---------- ----------- ----------
(1,188,740) (17,720) (6,448) (21,072) (27,210) (18,330)
------------ ------------ ---------- ---------- ----------- ----------
17,054,846 196,611,332 5,108,000 5,494,000 6,323,333 4,903,333
1,095 -- -- -- -- --
(50,240,648) (43,051,452) -- -- -- --
272,670 56,443 -- -- -- --
------------ ------------ ---------- ---------- ----------- ----------
(32,912,037) 153,616,323 5,108,000 5,494,000 6,323,333 4,903,333
------------ ------------ ---------- ---------- ----------- ----------
(60,637,629) 137,694,899 4,474,605 5,160,213 5,013,703 4,295,295
137,694,899 -- -- -- -- --
------------ ------------ ---------- ---------- ----------- ----------
$ 77,057,270 $137,694,899 $4,474,605 $5,160,213 $ 5,013,703 $4,295,295
============ ============ ========== ========== =========== ==========
400,000 3,750,000 200,000 200,000 200,000 200,000
25 -- -- -- -- --
(1,100,000) (900,000) -- -- -- --
------------ ------------ ---------- ---------- ----------- ----------
(699,975) 2,850,000 200,000 200,000 200,000 200,000
============ ============ ========== ========== =========== ==========
$ 1,209,725 $ 1,188,740 $ 17,373 $ 4,105 $ 4,483 $ 2,125
============ ============ ========== ========== =========== ==========
</Table>
203
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
HEALTH CARE INDUSTRIAL
SECTOR SECTOR
ETF ETF
------------- -------------
FOR THE FOR THE
PERIOD PERIOD
7/16/2008*- 7/16/2008*-
9/30/2008 9/30/2008
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 21,648 $ 17,115
Net realized gain (loss) on investments and foreign currency
transactions................................................ (69,952) (4,301)
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions............... (512,050) (1,083,905)
---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS.................................................. (560,354) (1,071,091)
---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (9,902) (9,075)
---------- -----------
FROM BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from the sale of shares........................... 6,246,000 5,493,334
---------- -----------
Net increase (decrease) in net assets during the period........ 5,675,744 4,413,168
Net assets at beginning of period.............................. -- --
---------- -----------
NET ASSETS END OF PERIOD(1)...................................... $5,675,744 $ 4,413,168
========== ===========
SHARES OF BENEFICIAL INTEREST:
Share sold..................................................... 200,000 200,000
========== ===========
(1) Including undistributed (distribution in excess of) net
investment income.............................................. $ 11,712 $ 8,057
========== ===========
</Table>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
204
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR
ETF ETF
------------------ -------------
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL
MATERIALS TECHNOLOGY
SECTOR SECTOR
ETF ETF
------------- -------------
FOR THE FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD PERIOD
7/16/2008*- 7/16/2008*- 7/16/2008*- 7/16/2008*-
9/30/2008 9/30/2008 9/30/2008 9/30/2008
------------- ------------- ------------------ -------------
$ 23,231 $ 11,770 $ 33,024 $ 76,199
(21,694) (46) (697) (6,776)
(1,983,564) (1,111,771) (866,723) (886,841)
----------- ----------- ---------- ----------
(1,982,027) (1,100,047) (834,396) (817,418)
----------- ----------- ---------- ----------
(14,130) -- (27,199) (87,344)
----------- ----------- ---------- ----------
6,304,667 5,554,000 5,403,333 5,894,000
----------- ----------- ---------- ----------
4,308,510 4,453,953 4,541,738 4,989,238
-- -- -- --
----------- ----------- ---------- ----------
$ 4,308,510 $ 4,453,953 $4,541,738 $4,989,238
=========== =========== ========== ==========
200,000 200,000 200,000 200,000
=========== =========== ========== ==========
$ 8,541 $ 11,724 $ 5,128 $ (12,774)
=========== =========== ========== ==========
</Table>
205
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ STOXX 50 ETF
----------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/2008 9/30/2007 9/30/2006 9/30/2005 9/30/2004+
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD............. $ 53.69 $ 44.48 $ 39.31 $ 33.20 $ 27.89
------- -------- ------- ------- -------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)..................... 1.88 1.50 1.30(5) 1.01 0.99
Net realized and unrealized gain (loss) (7)...... (17.09) 9.22 5.05 6.10 5.16
------- -------- ------- ------- -------
Total from investment operations................. (15.21) 10.72 6.35 7.11 6.15
------- -------- ------- ------- -------
Net equalization credits and charges (5)......... (0.12) (0.03) 0.38 0.00(4) 0.01
------- -------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................ (1.69) (1.47) (1.41) (1.00) (0.85)
Net realized gains............................... (0.34) (0.01) (0.15) -- --
------- -------- ------- ------- -------
Total distributions.............................. (2.03) (1.48) (1.56) (1.00) (0.85)
------- -------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD................... $ 36.33 $ 53.69 $ 44.48 $ 39.31 $ 33.20
======= ======== ======= ======= =======
TOTAL RETURN (1)................................. (29.27)% 24.22% 17.40% 21.60% 22.13%
Net assets, end of period (in 000's)............. $76,311 $185,256 $71,175 $31,447 $24,896
Ratio of expenses to average net assets.......... 0.29% 0.30% 0.33% 0.32% 0.33%
Ratio of net investment income (loss) to average
net assets..................................... 3.35% 3.16% 3.13% 2.75% 2.98%
Portfolio turnover rate (3)...................... 14% 9% 14% 9% 7%
</Table>
See accompanying notes to financial highlights on page 214 and notes to
financial statements.
206
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ EURO STOXX 50 ETF
- -------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/2008 9/30/2007 9/30/2006 9/30/2005 9/30/2004+
- ---------- ---------- ---------- ---------- ----------
$ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 27.97
-------- -------- -------- -------- -------
2.17 1.40 1.32(5) 0.94 0.64
(19.32) 12.80 7.92 7.39 6.14
-------- -------- -------- -------- -------
(17.15) 14.20 9.24 8.33 6.78
-------- -------- -------- -------- -------
(0.24) 0.35 (0.08) 0.02 0.01
-------- -------- -------- -------- -------
(1.95) (1.66) (1.24) (0.98) (0.82)
(0.90) -- -- -- --
-------- -------- -------- -------- -------
(2.85) (1.66) (1.24) (0.98) (0.82)
-------- -------- -------- -------- -------
$ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 33.94
======== ======== ======== ======== =======
(29.00)% 29.76% 22.48% 24.82% 24.21%
$224,080 $484,541 $233,865 $179,688 $93,325
0.29% 0.30% 0.33% 0.32% 0.33%
3.53% 2.86% 2.92% 2.79% 1.92%
14% 11% 6% 15% 11%
</Table>
207
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING SPDR S&P SPDR S&P EMERGING
ASIA PACIFIC ETF CHINA ETF MARKETS ETF
-------------------------- -------------------------- --------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 3/20/2007* - YEAR ENDED 3/20/2007* - YEAR ENDED 3/20/2007* -
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
---------- -------------- ---------- -------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF
PERIOD............................. $ 87.74 $ 60.50 $ 94.34 $ 52.23 $ 75.21 $ 55.63
-------- ------- -------- -------- ------- -------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)......... 0.90 0.64 0.75 0.50 1.32 0.42
Net realized and unrealized gain
(loss) (7)......................... (35.04) 25.50 (43.64) 40.90 (23.44) 18.49
-------- ------- -------- -------- ------- -------
Total from investment operations..... (34.14) 26.14 (42.89) 41.40 (22.12) 18.91
-------- ------- -------- -------- ------- -------
Net equalization credits and charges
(5)................................ 2.13 1.10 0.47 0.71 0.16 0.67
-------- ------- -------- -------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................ (1.03) -- (0.63) -- (0.65) --
Net realized gains................... (0.11) -- -- -- (0.74) --
-------- ------- -------- -------- ------- -------
Total distributions.................. (1.14) -- (0.63) -- (1.39) --
-------- ------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD....... $ 54.59 $ 87.74 $ 51.29 $ 94.34 $ 51.86 $ 75.21
======== ======= ======== ======== ======= =======
TOTAL RETURN (1)..................... (36.95)% 45.03% (45.26)% 80.64% (29.77)% 35.20%
Net assets, end of period (in
000's)............................. $163,780 $61,420 $123,108 $122,639 $36,299 $45,125
Ratio of expenses to average net
assets............................. 0.59% 0.63%(2) 0.59% 0.59%(2) 0.59% 0.60%(2)
Ratio of expenses to average net
assets before waiver............... 0.59% 0.63%(2) 0.59% 0.59%(2) 0.59% 0.60%(2)
Ratio of net investment income (loss)
to average net assets.............. 2.28% 3.33%(2) 1.33% 2.56%(2) 1.97% 2.42%(2)
Portfolio turnover rate (3).......... 7% 1% 4% 0% 11% 0%(6)
</Table>
See accompanying notes to financial highlights on page 214 and notes to
financial statements.
208
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P EMERGING SPDR S&P EMERGING
BRIC 40 ETF EUROPE ETF LATIN AMERICA ETF
- ---------------------------- --------------------------- ---------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 6/19/2007* - YEAR ENDED 3/20/2007* - YEAR ENDED 3/20/2007* -
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
- ---------- -------------- ---------- -------------- ---------- --------------
$ 30.18 $ 24.07 $ 64.57 $ 54.38 $ 78.49 $ 57.51
-------- -------- ------- ------- ------- -------
0.39 0.07 0.46 0.22 1.32 0.50
(10.19) 5.90 (22.41) 9.18 (17.23) 20.32
-------- -------- ------- ------- ------- -------
(9.80) 5.97 (21.95) 9.40 (15.91) 20.82
-------- -------- ------- ------- ------- -------
0.04 0.14 0.51 0.79 0.25 0.16
-------- -------- ------- ------- ------- -------
(0.13) -- (0.37) -- (0.95) --
-- -- (0.03) -- (0.05) --
-------- -------- ------- ------- ------- -------
(0.13) -- (0.40) -- (1.00) --
-------- -------- ------- ------- ------- -------
$ 20.29 $ 30.18 $ 42.73 $ 64.57 $ 61.83 $ 78.49
======== ======== ======= ======= ======= =======
(32.50)% 25.38% (33.45)% 18.73% (20.21)% 36.49%
$188,734 $156,921 $81,189 $38,741 $74,202 $39,244
0.40% 0.40%(2) 0.60% 0.60%(2) 0.60% 0.60%(2)
0.50% 0.50%(2) 0.60% 0.60%(2) 0.60% 0.60%(2)
1.43% 2.31%(2) 0.96% 1.53%(2) 1.94% 1.98%(2)
16% 0% 19% 3% 7% 2%
</Table>
209
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P EMERGING SPDR S&P SPDR S&P INTERNATIONAL
MIDDLE EAST & AFRICA ETF WORLD EX-US ETF SMALL CAP ETF
-------------------------- -------------------------- --------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 3/20/2007* - YEAR ENDED 4/20/2007* - YEAR ENDED 4/20/2007* -
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
---------- -------------- ---------- -------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD... $ 68.63 $ 59.25 $ 34.05 $ 32.57 $ 36.71 $ 35.59
-------- ------- ------- ------- -------- --------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income (loss)........... 1.79(8) 0.67 0.61 0.41 0.51 0.17
Net realized and unrealized gain (loss)
(7).................................. (15.86) 8.49 (11.31) 1.07 (13.04) 0.70
-------- ------- ------- ------- -------- --------
Total from investment operations....... (14.07) 9.16 (10.70) 1.48 (12.53) 0.87
-------- ------- ------- ------- -------- --------
Net equalization credits and charges
(5).................................. 1.04 0.22 0.62 -- 0.35 0.25
-------- ------- ------- ------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.................. (1.02) -- (0.57) -- (0.30) --
Net realized gains..................... (0.10) -- (0.09) -- (0.52) --
-------- ------- ------- ------- -------- --------
Total distributions.................... (1.12) -- (0.66) -- (0.82) --
-------- ------- ------- ------- -------- --------
NET ASSET VALUE, END OF PERIOD......... $ 54.48 $ 68.63 $ 23.31 $ 34.05 $ 23.71 $ 36.71
======== ======= ======= ======= ======== ========
TOTAL RETURN (1)....................... (19.37)% 15.84% (30.13)% 4.56% (33.83)% 3.14%
Net assets, end of period (in 000's)... $152,538 $27,452 $27,973 $13,621 $331,890 $110,116
Ratio of expenses to average net
assets............................... 0.59% 0.59%(2) 0.35% 0.35%(2) 0.59% 0.59%(2)
Ratio of net investment income (loss)
to average net assets................ 3.88% 2.65%(2) 3.36% 2.89%(2) 2.38% 1.89%(2)
Portfolio turnover rate (3)............ 7% 1% 4% 0%(6) 46% 2%
</Table>
See accompanying notes to financial highlights on page 214 and notes to
financial statements.
210
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ
SPDR S&P SPDR S&P SPDR S&P WILSHIRE
INTERNATIONAL INTERNATIONAL EMERGING MARKETS GLOBAL
DIVIDEND MID CAP SMALL CAP REAL ESTATE
ETF ETF ETF ETF
- -------------- -------------- ---------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
2/12/2008* - 5/7/2008* - 5/12/2008* - 5/7/2008* -
9/30/2008 9/30/2008 9/30/2008 9/30/2008
- -------------- -------------- ---------------- --------------
$ 70.76 $ 35.46 $ 52.29 $ 49.87
------- ------- ------- -------
3.56 0.32 0.16 0.56
(23.17) (9.74) (20.81) (10.80)
------- ------- ------- -------
(19.61) (9.42) (20.65) (10.24)
------- ------- ------- -------
1.30 -- 1.05 0.33
------- ------- ------- -------
(4.28) -- -- (0.63)
-- -- -- --
------- ------- ------- -------
(4.28) -- -- (0.63)
------- ------- ------- -------
$ 48.17 $ 26.04 $ 32.69 $ 39.33
======= ======= ======= =======
(26.93)% (26.54)% (37.48)% (19.89)%
$43,369 $ 5,208 $ 9,807 $15,731
0.48%(2) 0.45%(2) 0.76%(2) 0.50%(2)
8.77%(2) 2.22%(2) 3.41%(2) 3.97%(2)
71% 19% 2% 4%
</Table>
211
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR DJ WILSHIRE SPDR FTSE/MACQUARIE
INTERNATIONAL REAL ESTATE GLOBAL INFRASTRUCTURE 100
ETF ETF
---------------------------- ----------------------------
FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 12/15/2006* - YEAR ENDED 1/25/2007* -
9/30/2008 9/30/2007 9/30/2008 9/30/2007
---------- -------------- ---------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD............ $ 63.83 $ 60.28 $ 57.68 $ 50.41
-------- ---------- ------- -------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... 1.80 1.20 1.53(8) 0.59
Net realized and unrealized gain (loss) (7)..... (26.03) 3.33 (11.64) 6.11
-------- ---------- ------- -------
Total from investment operations................ (24.23) 4.53 (10.11) 6.70
-------- ---------- ------- -------
Net equalization credits and charges (5)........ 0.06 0.36 0.60 0.57
-------- ---------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................... (1.80) (1.34) (0.94) --
Net realized gains.............................. -- -- (0.20) --
-------- ---------- ------- -------
Total distributions............................. (1.80) (1.34) (1.14) --
-------- ---------- ------- -------
NET ASSET VALUE, END OF PERIOD.................. $ 37.86 $ 63.83 $ 47.03 $ 57.68
======== ========== ======= =======
TOTAL RETURN (1)................................ (38.38)% 8.09% (16.93)% 14.43%
Net assets, end of period (in 000's)............ $811,118 $1,111,226 $79,944 $46,142
Ratio of expenses to average net assets......... 0.59% 0.60%(2) 0.59% 0.59%(2)
Ratio of net investment income (loss) to average
net assets.................................... 3.43% 3.01%(2) 3.49% 2.50%(2)
Portfolio turnover rate (3)..................... 8% 16% 7% 6%
</Table>
See accompanying notes to financial highlights on page 214 and notes to
financial statements.
212
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR MSCI ACWI SPDR RUSSELL/NORMURA SPDR RUSSELL/NORMURA
EX-US ETF PRIME JAPAN ETF SMALL CAP JAPAN ETF
- ---------------------------- ---------------------------- ----------------------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
YEAR ENDED 1/10/2007* - YEAR ENDED 11/9/2006* - YEAR ENDED 11/9/2006* -
9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007
- ---------- -------------- ---------- -------------- ---------- --------------
$ 42.56 $ 35.60 $ 55.91 $ 52.65 $ 48.31 $ 48.70
-------- -------- ------- -------- ------- --------
0.82 0.44 1.95 0.42 0.71 0.53
(13.76) 6.12 (15.75) 2.84 (12.49) (0.77)
-------- -------- ------- -------- ------- --------
(12.94) 6.56 (13.80) 3.26 (11.78) (0.24)
-------- -------- ------- -------- ------- --------
0.60 0.40 (0.62) -- (0.12) (0.03)
-------- -------- ------- -------- ------- --------
(0.77) -- (1.69) 0.00(4) (0.57) (0.12)
(0.06) -- (0.16) -- -- --
-------- -------- ------- -------- ------- --------
(0.83) -- (1.85) -- (0.57) (0.12)
-------- -------- ------- -------- ------- --------
$ 29.39 $ 42.56 $ 39.64 $ 55.91 $ 35.84 $ 48.31
======== ======== ======= ======== ======= ========
(29.53)% 19.55% (26.48)% 6.19% (24.85)% (0.57)%
$258,639 $127,691 $23,786 $268,392 $77,057 $137,695
0.34% 0.35%(2) 0.50% 0.51%(2) 0.55% 0.56%(2)
3.00% 2.78%(2) 0.52% 0.97%(2) 1.24% 1.26%(2)
5% 1% 3% 0%(6) 22% 2%
</Table>
213
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL SPDR S&P SPDR S&P SPDR S&P
CONSUMER CONSUMER INTERNATIONAL INTERNATIONAL INTERNATIONAL
DISCRETIONARY STAPLES ENERGY FINANCIAL HEALTH CARE
SECTOR SECTOR SECTOR SECTOR SECTOR
ETF ETF ETF ETF ETF
-------------- -------------- -------------- -------------- --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
7/16/2008* - 7/16/2008* - 7/16/2008* - 7/16/2008*- 7/16/2008* -
9/30/2008 9/30/2008 9/30/2008 9/30/2008 9/30/2008
-------------- -------------- -------------- -------------- --------------
NET ASSET VALUE, BEGINNING OF PERIOD...... $ 25.54 $27.47 $ 31.62 $ 24.52 $31.23
------- ------ ------- ------- ------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss).............. 0.12 0.13 0.16 0.10 0.11
Net realized and unrealized gain (loss)
(7)..................................... (3.26) (1.69) (6.57) (3.05) (2.91)
------- ------ ------- ------- ------
Total from investment operations.......... (3.14) (1.56) (6.41) (2.95) (2.80)
------- ------ ------- ------- ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................... (0.03) (0.11) (0.14) (0.09) (0.05)
------- ------ ------- ------- ------
NET ASSET VALUE, END OF PERIOD............ $ 22.37 $25.80 $ 25.07 $ 21.48 $28.38
======= ====== ======= ======= ======
TOTAL RETURN (1).......................... (12.29)% (5.70)% (20.28)% (12.03)% (8.97)%
Net assets, end of period (in 000's)...... $ 4,475 $5,160 $ 5,014 $ 4,295 $5,676
Ratio of expenses to average net assets... 0.52%(2) 0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2)
Ratio of net investment income (loss) to
average net assets...................... 1.88%(2) 2.17%(2) 3.03%(2) 2.03%(2) 1.67%(2)
Portfolio turnover rate (3)............... 1% 9% 1% 0% 18%
</Table>
- --------
* Commencement of operations
(1) Total return is calculated assuming a purchase of shares at net asset
value on the first day and a sale at net asset value on the last day of
each period reported. Distributions are assumed, for the purpose of this
calculation, to be reinvested at net asset value per share on the
respective payment dates of each Fund. Total return for periods of less
than one year is not annualized. Broker commission charges are not
included in this calculation.
(2) Annualized
(3) Portfolio Turnover rate excludes securities received or delivered from
processing of creations or redemptions.
(4) Amount is less than $0.005 per share
(5) Per share numbers have been calculated using average shares outstanding.
(6) Amount shown represents less than 0.5%
(7) Amounts shown in this caption for a share outstanding may not accord with
the change in aggregate gains and losses in securities for the fiscal
period because of timing of sales and repurchases of Fund shares in
relation to fluctuating market values for the Fund.
(8) Net investment income per share reflects receipt of a special one time
dividend from a portfolio holding. The effect of these dividends amounted
to $0.38 per share on SPDR S&P Emerging Middle East & Africa ETF, $0.44
per share on SPDR FTSE/Macquarie Global Infrastructure 100 ETF, and $0.31
per share on SPDR S&P International Utilities Sector ETF, respectively.
+ Effective on July 1, 2004, SSgA Funds Management, Inc. succeeded UBS
Global Asset Management (US) Inc. as the Fund's Adviser.
See accompanying notes to financial statements.
214
- --------------------------------------------------------------------------------
<Table>
<Caption>
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P
INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL
INDUSTRIAL MATERIALS TECHNOLOGY TELECOMMUNICATIONS UTILITIES
SECTOR SECTOR SECTOR SECTOR SECTOR
ETF ETF ETF ETF ETF
- -------------- -------------- -------------- ------------------ --------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
7/16/2008* - 7/16/2008* - 7/16/2008* - 7/16/2008* - 7/16/2008* -
9/30/200 9/30/2008 9/30/2008 9/30/2008 9/30/2008
- -------------- -------------- -------------- ------------------ --------------
$ 27.47 $ 31.52 $ 27.77 $ 27.02 $ 29.47
------- ------- ------- ------- -------
0.09 0.11 0.06 0.16 0.37(8)
(5.44) (10.02) (5.56) (4.33) (4.45)
------- ------- ------- ------- -------
(5.35) (9.91) (5.50) (4.17) (4.08)
------- ------- ------- ------- -------
(0.05) (0.07) -- (0.14) (0.44)
------- ------- ------- ------- -------
$ 22.07 $ 21.54 $ 22.27 $ 22.71 $ 24.95
======= ======= ======= ======= =======
(19.49)% (31.44)% (19.81)% (15.45)% (13.87)%
$ 4,413 $ 4,309 $ 4,454 $ 4,542 $ 4,989
0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2)
1.55%(2) 1.99%(2) 1.04%(2) 3.11%(2) 6.47%(2)
0% 4% 0% 0% 1%
</Table>
215
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
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, 2008, the Trust offered thirty (30) portfolios, each of
which represents a separate series of beneficial interest in the Trust (each
referred to as a "Fund" and collectively as the "Funds"). Accordingly, the
financial statements herein relate to the following Funds: SPDR DJ STOXX 50 ETF
(formerly, DJ STOXX 50 ETF), SPDR DJ EURO STOXX 50 ETF (formerly, DJ EURO STOXX
50 ETF), SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P
Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR
S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR
S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P
International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P
Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate 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, SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF.
Each Fund operates as a non-diversified investment company. The investment
objective of each Fund is to replicate as closely as possible, before expenses,
the price and yield or total return performance of a specified market index.
Under the Trust's organizational documents, its officers and trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. Additionally, in the normal course of business, the Trust
enters into contracts with service providers that contain general
indemnification clauses. The Trust's maximum exposure under these arrangements
is unknown as this would involve future claims that may be made against the
Trust that have not yet occurred. However, the Trust expects the risk of
material loss to be remote.
The Trust invests in various investments which are exposed to risks, such as
market risk. Due to the level of risk associated with certain investments it is
at least reasonably possible that changes in the values of investment securities
will occur in the near term and that such changes could materially affect the
amounts reported in the financial statements.
An investment in a Fund involves risks similar to those of investing in any fund
of equity securities, such as market fluctuations caused by such factors as
economic and political developments, changes in interest rates and perceived
trends in stock prices. You should anticipate that the value of the Shares will
decline, more or less, in correlation with any decline in value of the relevant
Index. The values of equity securities could decline generally or could
underperform other investments. Further, a Fund would not sell an equity
security because the security's issuer was in financial trouble unless that
security is removed from the Index.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America (US GAAP) requires management
to make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from those
estimates.
SECURITY VALUATION
The value of each Fund's portfolio securities, including exchange-traded futures
contracts, is generally based on the securities' last sale price on local
markets when available. Investments in open-end investment companies are valued
at their net asset value each business day. If a security's market price is not
readily available or does not otherwise accurately reflect the fair value of the
security, the security will be valued by another method that the Board of
216
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
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.
INVESTMENT INCOME
Dividend income is recorded on the ex-dividend date, except for certain foreign
dividends for which the Funds may not record until they receive notice of the
dividend which could result in the Funds recording on pay date. Interest income
is recorded on the accrual basis. The value of additional securities received as
dividend payments is recorded as income and or an increase to the cost basis of
such securities.
EXPENSES
Advisory fees and other expenses, which are directly identifiable to a specific
Fund, are applied to that Fund. 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.
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.
INVESTMENT TRANSACTIONS
Investment transactions are accounted for on the trade date. Realized gains and
losses from the sale or disposition of securities and foreign exchange
transactions are recorded on the identified cost basis. Corporate actions
(including cash dividends) are recorded on ex-date, 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 and foreign currency on the statement of operations.
Net gains and losses on foreign currency transactions include disposition of
foreign currencies, and currency gains and losses between the accrual and
receipt dates of portfolio investment income and between the trade and
settlement dates of portfolio investment transactions.
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in U.S.
companies and securities of the U.S. government. These risks include revaluation
of currencies and the risk of expropriation. Moreover, the markets for
securities of many foreign companies and foreign governments may be less liquid
and the prices of such securities may be more volatile than those of comparable
U.S. companies and the U.S. government.
Some foreign markets in which the Funds invest are considered 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, higher levels of inflation,
217
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
deflation or currency devaluation, greater risk of market shut down, and more
governmental limitations on foreign investment policy than those typically found
in a developed market.
FUTURES
Futures contracts generally provide for the future sale by one party and
purchase by another party of a specified commodity at a specified future time
and at a specified price. Stock index futures contracts are settled periodically
with a payment by one party to the other of a cash amount based on the
difference between the level of the stock index specified in the contract from
one day to the next. Futures contracts are standardized as to maturity date and
underlying instrument and are traded on futures exchanges.
Futures traders are required to make a good faith margin deposit in cash or U.S.
government securities with a broker or custodian to initiate and maintain open
positions in futures contracts. A margin deposit is intended to assure
completion of the contract (delivery or acceptance of the underlying commodity
or payment of the cash settlement amount) if it is not terminated prior to the
specified delivery date. Brokers may establish deposit requirements which are
higher than the exchange minimums. Futures contracts are customarily purchased
and sold on margin deposits which may range upward from less than 5% of the
value of the contract being traded.
After a futures contract position is opened, the value of the contract is marked
to market daily. If the futures contract price changes to the extent that the
margin on deposit does not satisfy margin requirements, payment of additional
"variation" margin will be required. Conversely, change in the contract value
may reduce the required margin, resulting in a repayment of excess margin to the
contract holder. Variation margin payments are made to and from the futures
broker for as long as the contract remains open. In such case, a fund would
expect to earn interest income on its margin deposits. Closing out an open
futures position is done by taking an opposite position ("buying" a contract
which has previously been "sold" or "selling" a contract previously "purchased")
in an identical contract to terminate the position. Brokerage commissions are
incurred when a futures contract position is opened or closed.
Each Fund may use exchange-traded futures, together with positions in cash and
money market instruments, to simulate full investment in its underlying
benchmark index. Under such circumstances, the Adviser (as defined in Note 3)
may seek to utilize other instruments that it believes to be correlated to the
underlying index components or a subset of the components.
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 US GAAP. 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.
218
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
For the year ended September 30, 2008, the Funds reclassified non-taxable
security gains and losses realized on the in-kind redemption of Creation Units
(Note 4) as an increase or decrease to paid in capital in the Statements of
Assets and Liabilities as follows:
<Table>
<Caption>
NET GAIN (LOSS)
RECLASSIFIED TO
PAID IN CAPITAL
- --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF........................................... $ 4,217,580
SPDR DJ EURO STOXX 50 ETF...................................... 26,675,579
SPDR S&P Emerging Asia Pacific ETF............................. 3,623,265
SPDR S&P China ETF............................................. (1,742,685)
SPDR S&P Emerging Markets ETF.................................. 3,507,446
SPDR S&P BRIC 40 ETF........................................... (3,680,534)
SPDR S&P Emerging Europe ETF................................... --
SPDR S&P Emerging Latin America ETF............................ 4,635,453
SPDR S&P Emerging Middle East & Africa ETF..................... --
SPDR S&P World ex-US ETF....................................... --
SPDR S&P International Small Cap ETF........................... 2,488,087
SPDR S&P International Dividend ETF............................ --
SPDR S&P International Mid Cap ETF............................. --
SPDR S&P Emerging Markets Small Cap ETF........................ --
SPDR DJ Wilshire Global Real Estate ETF........................ --
SPDR DJ Wilshire International Real Estate ETF................. (8,529,118)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. --
SPDR MSCI ACWI ex-US ETF....................................... 3,042,361
SPDR Russell/Nomura PRIME Japan ETF............................ 3,948,284
SPDR Russell/Nomura Small Cap Japan ETF........................ (2,543,887)
SPDR S&P International Consumer Discretionary Sector ETF....... --
SPDR S&P International Consumer Staples Sector ETF............. --
SPDR S&P International Energy Sector ETF....................... --
SPDR S&P International Financial Sector ETF.................... --
SPDR S&P International Health Care Sector ETF.................. --
SPDR S&P International Industrial Sector ETF................... --
SPDR S&P International Materials Sector ETF.................... --
SPDR S&P International Technology Sector ETF................... --
SPDR S&P International Telecommunications Sector ETF........... --
SPDR S&P International Utilities Sector ETF.................... --
</Table>
On September 30, 2008, SPDR DJ Wilshire International Real Estate ETF had
capital loss carryforwards of $2,568,760, which may be utilized to offset any
realized capital gains expiring September 30, 2016.
219
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
The Funds incurred the following losses during the period November 1, 2007
through September 30, 2008, that are deferred for tax purposes until fiscal
2009:
<Table>
<Caption>
DEFERRED LOSSES
- --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF........................................... $ (5,602,002)
SPDR DJ EURO STOXX 50 ETF...................................... (6,627,159)
SPDR S&P Emerging Asia Pacific ETF............................. (1,002,009)
SPDR S&P China ETF............................................. (2,685,375)
SPDR S&P Emerging Markets ETF.................................. (1,195,842)
SPDR S&P BRIC 40 ETF........................................... (399,946)
SPDR S&P Emerging Europe ETF................................... (1,695,144)
SPDR S&P Emerging Latin America ETF............................ (2,291,916)
SPDR S&P Emerging Middle East & Africa ETF..................... (439,473)
SPDR S&P World ex-US ETF....................................... (10,674)
SPDR S&P International Small Cap ETF........................... (10,426,429)
SPDR S&P International Dividend ETF............................ (5,603,156)
SPDR S&P International Mid Cap ETF............................. (400,918)
SPDR S&P Emerging Markets Small Cap ETF........................ (52,093)
SPDR DJ Wilshire Global Real Estate ETF........................ (87,494)
SPDR DJ Wilshire International Real Estate ETF................. (34,141,023)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. (246,762)
SPDR MSCI ACWI ex-US ETF....................................... (2,033,696)
SPDR Russell/Nomura PRIME Japan ETF............................ (370,261)
SPDR Russell/Nomura Small Cap Japan ETF........................ (2,258,682)
SPDR S&P International Consumer Discretionary Sector ETF....... --
SPDR S&P International Consumer Staples Sector ETF............. --
SPDR S&P International Energy Sector ETF....................... (4,624)
SPDR S&P International Financial Sector ETF.................... --
SPDR S&P International Health Care Sector ETF.................. (64,535)
SPDR S&P International Industrial Sector ETF................... (4,318)
SPDR S&P International Materials Sector ETF.................... (21,135)
SPDR S&P International Technology Sector ETF................... --
SPDR S&P International Telecommunications Sector ETF........... --
SPDR S&P International Utilities Sector ETF.................... (5,147)
</Table>
220
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
For the year ended September 30, 2008, there were no significant differences
between book basis and the tax basis character of distributions to shareholders.
The tax character of distributions paid during the year ended September 30,
2008, was as follows:
<Table>
<Caption>
LONG-TERM
ORDINARY INCOME CAPITAL GAIN
- ---------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF............................................ $ 4,945,259 $ 169,023
SPDR DJ EURO STOXX 50 ETF....................................... 15,641,539 5,130,462
SPDR S&P Emerging Asia Pacific ETF.............................. 1,486,173 --
SPDR S&P China ETF.............................................. 1,313,923 --
SPDR S&P Emerging Markets ETF................................... 979,265 --
SPDR S&P BRIC 40 ETF............................................ 1,205,020 --
SPDR S&P Emerging Europe ETF.................................... 438,333 --
SPDR S&P Emerging Latin America ETF............................. 798,198 --
SPDR S&P Emerging Middle East & Africa ETF...................... 1,115,747 --
SPDR S&P World ex-US ETF........................................ 263,408 --
SPDR S&P International Small Cap ETF............................ 4,432,673 --
SPDR S&P International Dividend ETF............................. 2,270,350 --
SPDR S&P International Mid Cap ETF.............................. -- --
SPDR S&P Emerging Markets Small Cap ETF......................... -- --
SPDR DJ Wilshire Global Real Estate ETF......................... 155,654 --
SPDR DJ Wilshire International Real Estate ETF.................. 35,627,956 --
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 1,368,788 --
SPDR MSCI ACWI ex-US ETF........................................ 5,131,422 --
SPDR Russell/Nomura PRIME Japan ETF............................. 2,222,730 --
SPDR Russell/Nomura Small Cap Japan ETF......................... 1,188,740 --
SPDR S&P International Consumer Discretionary Sector ETF........ 6,448 --
SPDR S&P International Consumer Staples Sector ETF.............. 21,072 --
SPDR S&P International Energy Sector ETF........................ 27,210 --
SPDR S&P International Financial Sector ETF..................... 18,330 --
SPDR S&P International Health Care Sector ETF................... 9,902 --
SPDR S&P International Industrial Sector ETF.................... 9,075 --
SPDR S&P International Materials Sector ETF..................... 14,130 --
SPDR S&P International Technology Sector ETF.................... -- --
SPDR S&P International Telecommunications Sector ETF............ 27,199 --
SPDR S&P International Utilities Sector ETF..................... 87,344 --
</Table>
The tax character of distributions paid during the year ended September 30,
2007, was as follows:
<Table>
<Caption>
LONG-TERM
ORDINARY INCOME CAPITAL GAIN
- ---------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF............................................ $ 4,198,794 $--
SPDR 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......................... 17,720 --
</Table>
221
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
There were no significant differences between the book basis and the tax basis
of components of net assets other than differences in the net unrealized
appreciation (depreciation) in value of investments attributable to the tax
deferral of losses on washed sales, the cumulative return of capital payment,
PFICs (Passive Foreign Investment Companies), Redemptions In-Kind, Dividend
Payables and the deferral of post-October losses.
As of September 30, 2008 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)
- -------------------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF................................ $ 880,700 $-- $ (27,185,002)
SPDR DJ EURO STOXX 50 ETF........................... 588,170 -- (101,533,611)
SPDR S&P Emerging Asia Pacific ETF.................. 1,517,942 -- (51,601,439)
SPDR S&P China ETF.................................. 1,518,048 -- (64,906,170)
SPDR S&P Emerging Markets ETF....................... 757,546 -- (12,930,567)
SPDR S&P BRIC 40 ETF................................ 3,099,496 -- (102,844,299)
SPDR S&P Emerging Europe ETF........................ 591,542 -- (42,530,693)
SPDR S&P Emerging Latin America ETF................. 1,048,493 -- (26,815,205)
SPDR S&P Emerging Middle East & Africa ETF.......... 4,024,422 -- (40,750,762)
SPDR S&P World ex-US ETF............................ 542,463 -- (7,426,585)
SPDR S&P International Small Cap ETF................ 5,311,892 -- (125,842,520)
SPDR S&P International Dividend ETF................. 277,975 -- (10,189,475)
SPDR S&P International Mid Cap ETF.................. 63,173 -- (1,546,995)
SPDR S&P Emerging Markets Small Cap ETF............. 48,852 -- (2,194,895)
SPDR DJ Wilshire Global Real Estate ETF............. 114,492 -- (1,774,808)
SPDR DJ Wilshire International Real Estate ETF...... 7,286,989 -- (487,519,447)
SPDR FTSE/Macquarie Global Infrastructure 100 ETF... 2,007,866 -- (18,591,859)
SPDR MSCI ACWI ex-US ETF............................ 4,311,569 -- (103,113,793)
SPDR Russell/Nomura PRIME Japan ETF................. 410,654 -- (7,377,793)
SPDR Russell/Nomura Small Cap Japan ETF............. 1,223,058 -- (31,594,540)
SPDR S&P International Consumer Discretionary Sector
ETF............................................... 24,196 -- (651,143)
SPDR S&P International Consumer Staples Sector ETF.. 27,078 -- (339,793)
SPDR S&P International Energy Sector ETF............ 31,693 -- (1,309,489)
SPDR S&P International Financial Sector ETF......... 20,455 -- (610,163)
SPDR S&P International Health Care Sector ETF....... 21,614 -- (517,451)
SPDR S&P International Industrial Sector ETF........ 17,132 -- (1,083,905)
SPDR S&P International Materials Sector ETF......... 22,671 -- (1,983,563)
SPDR S&P International Technology Sector ETF........ 11,724 -- (1,111,771)
SPDR S&P International Telecommunications Sector
ETF............................................... 32,326 -- (866,723)
SPDR S&P International Utilities Sector ETF......... 74,570 -- (886,841)
</Table>
On July 13, 2006, the Financial Accounting Standards Board ("FASB") released
FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN
48" or the "Interpretation"). 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.
Each Fund adopted the provisions of FIN 48 on October 1, 2007. Management
evaluated the implications of FIN 48 and determined that the tax positions met a
"more-likely-than-not" threshold. The Trust is not aware of any tax positions
that for which it is reasonably possible that the total amounts of unrecognized
tax benefits will significantly change over the next twelve months. There was no
impact resulting from the adoption of this Interpretation on the Funds'
financial statements. Each of the Funds' federal tax returns for the prior three
fiscal years remains subject to examination by the Internal Revenue Service. It
is each Fund's policy to record interest and penalty charges on underpaid taxes
associated with its tax positions as interest expense and miscellaneous expense,
respectively. No such charges were recorded in the current financial statements.
222
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
DISTRIBUTIONS
The Trust declares and distributes dividends from net investment income, if any,
to its shareholders quarterly for SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50
ETF, SPDR S&P International Dividend ETF, SPDR DJ Wilshire Global Real Estate
ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF.
The following Funds distribute annually (semi-annual beginning in 2009): SPDR
S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets
ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin
America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US
ETF, SPDR S&P International Small Cap ETF, SPDR S&P International Mid Cap ETF,
SPDR S&P Emerging Markets 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
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. As a result, the Funds will adopt SFAS 157 for the fiscal year
beginning October 1, 2008. Management is evaluating the application of SFAS 157
to the Funds, and believes the impact will be limited to expanded disclosures
resulting from the adoption of SFAS 157 in the Funds' financial statements.
In March 2008, FASB issued Statement of Financial Accounting Standards No. 161,
"Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161").
SFAS 161 was issued and is effective for fiscal years and interim periods
beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about
Funds' derivative and hedging activities. Management is currently evaluating the
impact, if any, the adoption of SFAS 161 will have on the Funds' financial
statement disclosures.
223
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY
TRANSACTIONS ADVISORY FEE
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
Fund's average daily net assets as shown in the following table:
<Table>
<Caption>
ANNUAL RATE
-----------
SPDR DJ STOXX 50 ETF............................................. 0.29%
SPDR DJ EURO STOXX 50 ETF........................................ 0.29
SPDR S&P Emerging Asia Pacific ETF............................... 0.59
SPDR S&P China ETF............................................... 0.59
SPDR S&P Emerging Markets ETF.................................... 0.59
SPDR S&P BRIC 40 ETF............................................. 0.50*
SPDR S&P Emerging Europe ETF..................................... 0.59
SPDR S&P Emerging Latin America ETF.............................. 0.59
SPDR S&P Emerging Middle East & Africa ETF....................... 0.59
SPDR S&P World ex-US ETF......................................... 0.34
SPDR S&P International Small Cap ETF............................. 0.59
SPDR S&P International Dividend ETF.............................. 0.45
SPDR S&P International Mid Cap ETF............................... 0.45
SPDR S&P Emerging Markets Small Cap ETF.......................... 0.65
SPDR DJ Wilshire Global Real Estate ETF.......................... 0.50
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
SPDR S&P International Consumer Discretionary Sector ETF......... 0.50
SPDR S&P International Consumer Staples Sector ETF............... 0.50
SPDR S&P International Energy Sector ETF......................... 0.50
SPDR S&P International Financial Sector ETF...................... 0.50
SPDR S&P International Health Care Sector ETF.................... 0.50
SPDR S&P International Industrial Sector ETF..................... 0.50
SPDR S&P International Materials Sector ETF...................... 0.50
SPDR S&P International Technology Sector ETF..................... 0.50
SPDR S&P International Telecommunications Sector ETF............. 0.50
SPDR S&P International Utilities Sector ETF...................... 0.50
</Table>
* The Adviser has contractually agreed to limit its management fee to the extent
necessary to limit annual operating expenses to 0.40% until January 31, 2009.
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, acquired fund fees
and expenses and other extraordinary expenses.
The Tuckerman Group, LLC, an affiliate of the Adviser, receives fees for its
services as the sub-adviser to the SPDR DJ Wilshire International Real Estate
ETF and the SPDR DJ Wilshire Global Real Estate ETF.
State Street Bank and Trust Company ("State Street"), an affiliate of the
Adviser, receives fees for its services as Custodian, Administrator and Transfer
Agent from the Adviser. See also Note 4.
State Street also acts as the securities lending agent for the Funds and
receives a portion of any lending income. In addition, cash collateral from
lending activities is invested in an investment fund managed by the Adviser, the
State Street Navigator Securities Lending Prime Portfolio. The State Street
Navigator Securities Lending Prime Portfolio is a series of State Street
Navigator Securities Lending Trust, a registered investment company under the
1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under
the 1940 Act. See Note 8 for additional information regarding securities
lending.
224
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
For the period January 31, 2008 (inception of lending activities via State
Street) through September 30, 2008, State Street earned securities lending agent
fees as follows:
<Table>
<Caption>
SECURITIES LENDING
AGENT FEES
- ----------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.......................................... $ 14,069
SPDR DJ EURO STOXX 50 ETF..................................... 117,512
SPDR S&P Emerging Asia Pacific ETF............................ 3,316
SPDR S&P China ETF............................................ 3,805
SPDR S&P Emerging Markets ETF................................. 2,610
SPDR S&P BRIC 40 ETF.......................................... 12,442
SPDR S&P Emerging Europe ETF.................................. 5,022
SPDR S&P Emerging Latin America ETF........................... 12,771
SPDR S&P Emerging Middle East & Africa ETF.................... 1,735
SPDR S&P World ex-US ETF...................................... 3,128
SPDR S&P International Small Cap ETF.......................... 67,647
SPDR S&P International Dividend ETF........................... 4,754
SPDR S&P International Mid Cap ETF............................ 78
SPDR S&P Emerging Markets Small Cap ETF....................... 7
SPDR DJ Wilshire Global Real Estate ETF....................... 42
SPDR DJ Wilshire International Real Estate ETF................ 125,036
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............. 14,175
SPDR MSCI ACWI ex-US ETF...................................... 37,517
SPDR Russell/Nomura PRIME Japan ETF........................... 2,335
SPDR Russell/Nomura Small Cap Japan ETF....................... 27,071
SPDR S&P International Consumer Discretionary Sector ETF...... --
SPDR S&P International Consumer Staples Sector ETF............ --
SPDR S&P International Energy Sector ETF...................... --
SPDR S&P International Financial Sector ETF................... --
SPDR S&P International Health Care Sector ETF................. --
SPDR S&P International Industrial Sector ETF.................. --
SPDR S&P International Materials Sector ETF................... --
SPDR S&P International Technology Sector ETF.................. --
SPDR S&P International Telecommunications Sector ETF.......... --
SPDR S&P International Utilities Sector ETF................... --
</Table>
DISTRIBUTOR
State Street Global Markets, LLC (the "Distributor"), an affiliate of the
Adviser, acts as the principal underwriter of each Fund pursuant to a principal
underwriting contract with the Trust.
TRUSTEES' FEES
The Trust and SPDR Series Trust ("SST Trust") pay, in the aggregate, each
independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting
attended. 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 and in connection with attending
industry seminars and 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.
225
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
TRANSACTIONS WITH AFFILIATES
Each Fund invests its cash collateral for securities lending in the shares of
the State Street Navigator Securities Lending Prime Portfolio, an affiliated
fund of the Adviser. Amounts relating to these investments at September 30, 2008
and for the period then ended are:
<Table>
<Caption>
SHARES PURCHASED SHARES SOLD INCOME EARNED
NUMBER OF FOR THE FOR THE NUMBER OF FOR THE
SHARES HELD YEAR ENDED YEAR ENDED SHARES HELD YEAR ENDED
AT 09/30/07 09/30/08 09/30/08 AT 09/30/08 09/30/08
- ------------------------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF...................... -- 32,475,210 31,049,153 1,426,057 $ 79,828
SPDR DJ EURO STOXX 50 ETF................. -- 194,947,392 189,595,457 5,351,935 666,525
SPDR S&P Emerging Asia Pacific ETF........ -- 42,893,136 36,071,560 6,821,576 18,875
SPDR S&P China ETF........................ -- 32,412,943 28,512,336 3,900,607 21,652
SPDR S&P Emerging Markets ETF............. -- 20,188,959 17,328,989 2,859,970 14,852
SPDR S&P BRIC 40 ETF...................... -- 167,499,968 152,598,693 14,901,275 70,690
SPDR S&P Emerging Europe ETF.............. -- 32,848,323 29,074,232 3,774,091 28,584
SPDR S&P Emerging Latin America ETF....... -- 121,516,784 112,688,535 8,828,249 72,680
SPDR S&P Emerging Middle East & Africa
ETF..................................... -- 14,062,539 12,860,439 1,202,100 9,868
SPDR S&P World ex-US ETF.................. -- 9,805,972 7,655,343 2,150,629 17,372
SPDR S&P International Small Cap ETF...... -- 81,213,219 32,903,613 48,309,606 383,478
SPDR S&P International Dividend ETF....... -- 13,092,988 8,563,217 4,529,771 26,845
SPDR S&P International Mid Cap ETF........ -- 607,370 127,884 479,486 442
SPDR S&P Emerging Markets Small Cap ETF... -- 51,191 31,177 20,014 39
SPDR DJ Wilshire Global Real Estate ETF... -- 638,229 138,602 499,627 241
SPDR DJ Wilshire International Real Estate
ETF..................................... -- 402,686,412 280,139,111 122,547,301 710,437
SPDR FTSE/Macquarie Global Infrastructure
100 ETF................................. -- 125,902,275 110,609,967 15,292,308 80,548
SPDR MSCI ACWI ex-US ETF.................. -- 85,026,468 56,955,146 28,071,322 212,877
SPDR Russell/Nomura PRIME Japan ETF....... -- 12,087,829 6,549,721 5,538,108 13,126
SPDR Russell/Nomura Small Cap Japan ETF... -- 39,927,842 19,048,862 20,878,980 153,848
SPDR S&P International Consumer
Discretionary Sector ETF................ -- -- -- -- --
SPDR S&P International Consumer Staples
Sector ETF.............................. -- -- -- -- --
SPDR S&P International Energy Sector ETF.. -- -- -- -- --
SPDR S&P International Financial Sector
ETF..................................... -- -- -- -- --
SPDR S&P International Health Care Sector
ETF..................................... -- -- -- -- --
SPDR S&P International Industrial Sector
ETF..................................... -- -- -- -- --
SPDR S&P International Materials Sector
ETF..................................... -- -- -- -- --
SPDR S&P International Technology Sector
ETF..................................... -- -- -- -- --
SPDR S&P International Telecommunications
Sector ETF.............................. -- -- -- -- --
SPDR S&P International Utilities Sector
ETF..................................... -- -- -- -- --
</Table>
4. SHAREHOLDER TRANSACTIONS
With the exception of the Trust's dividend reinvestment plan, Shares are issued
and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares
for SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR Russell/Nomura Small
Cap Japan ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR
S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P
Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging
Middle East & Africa ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging
Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate 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 S&P International Mid Cap ETF, SPDR MSCI ACWI ex-US ETF, SPDR
Russell/Nomura PRIME Japan ETF, SPDR S&P International Consumer Discretionary
Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P
International Energy Sector ETF, SPDR S&P International Financial Sector ETF,
SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial
Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International
Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, and
SPDR S&P International Utilities Sector ETF. Such transactions are generally
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 institutions creating or
redeeming Creation Units. An additional charge of up to three times the
transaction fee may be charged to the extent that cash is used in lieu of
securities to purchase Creation Units and to
226
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
the extent redemptions are used for cash. Transaction fees are received by the
Trust and/or Custodian and used to defray related expenses. The Custodian also
receives amounts earned on cash collateral provided by Authorized Participants
pending delivery of missing deposit securities.
5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
On September 30, 2008, the identified cost of investments in securities owned by
each Fund for federal income tax purposes and the gross unrealized appreciation
and depreciation were as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
- --------------------------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.......................... $ 104,849,839 $ 292,083 $ 27,459,572 $ (27,167,489)
SPDR DJ EURO STOXX 50 ETF..................... 331,207,999 1,446,205 102,948,344 (101,502,139)
SPDR S&P Emerging Asia Pacific ETF............ 220,585,056 324,414 51,920,691 (51,596,277)
SPDR S&P China ETF............................ 190,740,631 607,061 65,513,552 (64,906,491)
SPDR S&P Emerging Markets ETF................. 50,693,918 316,663 13,049,709 (12,733,046)
SPDR S&P BRIC 40 ETF.......................... 305,759,779 -- 102,844,630 (102,844,630)
SPDR S&P Emerging Europe ETF.................. 126,962,495 201,154 42,676,287 (42,475,133)
SPDR S&P Emerging Latin America ETF........... 109,720,036 154,410 26,961,475 (26,807,065)
SPDR S&P Emerging Middle East & Africa ETF.... 192,192,610 887,315 41,558,830 (40,671,515)
SPDR S&P World ex-US ETF...................... 37,368,306 101,728 7,522,266 (7,420,538)
SPDR S&P International Small Cap ETF.......... 500,442,813 1,744,892 127,391,895 (125,647,003)
SPDR S&P International Dividend ETF........... 58,671,386 122,468 10,299,804 (10,177,336)
SPDR S&P International Mid Cap ETF............ 6,906,825 32,968 1,574,416 (1,541,448)
SPDR S&P Emerging Markets Small Cap ETF....... 10,822,691 26,327 2,203,817 (2,177,490)
SPDR DJ Wilshire Global Real Estate ETF....... 18,124,034 242,317 2,017,120 (1,774,803)
SPDR DJ Wilshire International Real Estate
ETF......................................... 1,428,772,333 7,799 487,474,946 (487,467,147)
SPDR FTSE/Macquarie Global Infrastructure 100
ETF......................................... 113,549,844 518,632 19,104,694 (18,586,062)
SPDR MSCI ACWI ex-US ETF...................... 387,300,266 1,267,136 104,293,029 (103,025,893)
SPDR Russell/Nomura PRIME Japan ETF........... 36,495,840 592,009 7,971,067 (7,379,058)
SPDR Russell/Nomura Small Cap Japan ETF....... 128,921,126 2,342,927 33,939,785 (31,596,858)
SPDR S&P International Consumer Discretionary
Sector ETF.................................. 5,113,182 94,787 745,855 (651,068)
SPDR S&P International Consumer Staples Sector
ETF......................................... 5,488,582 35,567 374,204 (338,637)
SPDR S&P International Energy Sector ETF...... 6,278,581 -- 1,312,211 (1,312,211)
SPDR S&P International Financial Sector ETF... 4,904,239 73,003 682,369 (609,366)
SPDR S&P International Health Care Sector
ETF......................................... 6,122,353 42,062 556,015 (513,953)
SPDR S&P International Industrial Sector ETF.. 5,454,603 18,257 1,101,797 (1,083,540)
SPDR S&P International Materials Sector ETF... 6,279,229 8,595 1,991,325 (1,982,730)
SPDR S&P International Technology Sector ETF.. 5,558,639 14,292 1,126,005 (1,111,713)
SPDR S&P International Telecommunications
Sector ETF.................................. 5,430,202 4,329 870,955 (866,626)
SPDR S&P International Utilities Sector ETF... 5,950,151 36,375 923,042 (886,667)
</Table>
227
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
6. INVESTMENT TRANSACTIONS
For the year ended September 30, 2008, the Trust had in-kind contributions and
in-kind redemptions as follows:
<Table>
<Caption>
CONTRIBUTIONS REDEMPTIONS
- -------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF............................................ $ 27,076,469 $ 90,592,464
SPDR DJ EURO STOXX 50 ETF....................................... 279,807,392 395,157,829
SPDR S&P Emerging Asia Pacific ETF.............................. 101,792,536 12,473,310
SPDR S&P China ETF.............................................. 156,913,397 52,703,206
SPDR S&P Emerging Markets ETF................................... 21,432,152 14,881,441
SPDR S&P BRIC 40 ETF............................................ 12,780,012 95,782,607
SPDR S&P Emerging Europe ETF.................................... 78,998,930 --
SPDR S&P Emerging Latin America ETF............................. 76,362,592 22,340,403
SPDR S&P Emerging Middle East & Africa ETF...................... 137,114,285 --
SPDR S&P World ex-US ETF........................................ 21,101,052 --
SPDR S&P International Small Cap ETF............................ 342,128,781 21,515,049
SPDR S&P International Dividend ETF............................. 59,675,852 --
SPDR S&P International Mid Cap ETF.............................. 6,698,991 --
SPDR S&P Emerging Markets Small Cap ETF......................... 4,276,108 --
SPDR DJ Wilshire Global Real Estate ETF......................... 17,625,263 --
SPDR DJ Wilshire International Real Estate ETF.................. 356,276,857 148,974,468
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 53,555,304 --
SPDR MSCI ACWI ex-US ETF........................................ 257,075,517 22,047,351
SPDR Russell/Nomura PRIME Japan ETF............................. -- 228,162,915
SPDR Russell/Nomura Small Cap Japan ETF......................... 16,920,219 49,318,361
SPDR S&P International Consumer Discretionary Sector ETF........ 4,974,942 --
SPDR S&P International Consumer Staples Sector ETF.............. 5,477,457 --
SPDR S&P International Energy Sector ETF........................ 6,048,281 --
SPDR S&P International Financial Sector ETF..................... 4,885,850 --
SPDR S&P International Health Care Sector ETF................... 6,219,232 --
SPDR S&P International Industrial Sector ETF.................... 5,492,574 --
SPDR S&P International Materials Sector ETF..................... 6,285,037 --
SPDR S&P International Technology Sector ETF.................... 5,558,639 --
SPDR S&P International Telecommunications Sector ETF............ 5,401,722 --
SPDR S&P International Utilities Sector ETF..................... 5,880,920 --
</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.
228
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
For the year ended September 30, 2008, the Trust had purchases and sales of
investment securities as follows:
<Table>
<Caption>
PURCHASES SALES
- ------------------------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF............................................ $ 18,616,227 $ 18,553,748
SPDR DJ EURO STOXX 50 ETF....................................... 59,433,914 62,757,484
SPDR S&P Emerging Asia Pacific ETF.............................. 81,232,893 7,839,912
SPDR S&P China ETF.............................................. 6,292,279 6,090,017
SPDR S&P Emerging Markets ETF................................... 6,955,752 4,948,914
SPDR S&P BRIC 40 ETF............................................ 47,492,248 43,483,330
SPDR S&P Emerging Europe ETF.................................... 26,729,444 15,595,491
SPDR S&P Emerging Latin America ETF............................. 19,524,214 5,969,218
SPDR S&P Emerging Middle East & Africa ETF...................... 37,184,403 7,821,003
SPDR S&P World ex-US ETF........................................ 1,400,791 776,066
SPDR S&P International Small Cap ETF............................ 162,515,166 129,473,936
SPDR S&P International Dividend ETF............................. 18,582,434 19,751,618
SPDR S&P International Mid Cap ETF.............................. 1,311,184 1,191,460
SPDR S&P Emerging Markets Small Cap ETF......................... 6,681,962 129,071
SPDR DJ Wilshire Global Real Estate ETF......................... 360,200 380,308
SPDR DJ Wilshire International Real Estate ETF.................. 84,897,172 90,038,691
SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 9,208,878 5,091,934
SPDR MSCI ACWI ex-US ETF........................................ 17,397,942 11,779,298
SPDR Russell/Nomura PRIME Japan ETF............................. 2,605,895 7,397,801
SPDR Russell/Nomura Small Cap Japan ETF......................... 21,266,178 21,626,980
SPDR S&P International Consumer Discretionary Sector ETF........ 161,245 44,920
SPDR S&P International Consumer Staples Sector ETF.............. 475,341 490,423
SPDR S&P International Energy Sector ETF........................ 261,886 61,079
SPDR S&P International Financial Sector ETF..................... -- --
SPDR S&P International Health Care Sector ETF................... 1,108,306 1,155,485
SPDR S&P International Industrial Sector ETF.................... -- 43,489
SPDR S&P International Materials Sector ETF..................... 227,378 213,906
SPDR S&P International Technology Sector ETF.................... -- --
SPDR S&P International Telecommunications Sector ETF............ -- --
SPDR S&P International Utilities Sector ETF..................... 144,192 77,811
</Table>
For the year ended September 30, 2008, the Trust did not pay any commissions to
an affiliate of the Adviser for investment transactions.
7. CONCENTRATION OF RISK
The Funds' assets may be concentrated in one or more foreign countries. By
concentrating their assets in a single country or group of countries, the Funds
are subject to the risk that economic, political or other conditions that have a
negative effect on that country or group of countries will negatively impact the
Funds to a greater extent than if the Funds' assets were invested in a wider
variety of countries. In addition, the Funds' assets may be concentrated in
certain industries, subjecting them to greater risk than funds that invest in a
wider range of industries.
8. SECURITIES LENDING
Each Fund may lend securities up to 33 1/3% of its total assets to qualified
broker-dealers or institutional investors. The loans are secured at all times by
cash, cash equivalents or U.S. government securities in an amount at least equal
to the market value of the securities loaned, plus accrued interest and
dividends, determined on a daily basis and adjusted accordingly. The Funds will
regain record ownership of loaned securities to exercise certain beneficial
rights; however, the Funds may bear the risk of delay in recovery of, or even
loss of rights in the securities loaned, should the borrower fail financially.
In addition, a Fund will bear the risk of loss of any cash collateral that it
may invest. Each Fund receives compensation for lending its securities from
interest or dividends earned on the cash, cash equivalents or U.S. government
securities held as collateral, net of fee rebates paid to the borrower and net
of fees paid to State Street as lending agent. Proceeds collected by State
Street on investment of cash collateral or any fee income is partially allocated
to State Street as compensation for its lending services.
229
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2008
- --------------------------------------------------------------------------------
The market value of securities on loan as of September 30, 2008 and the value of
the related collateral are disclosed in the Statements of Assets and
Liabilities. Securities lending income, as disclosed in the Funds' Statements of
Operations, represents the income earned from the investment of cash collateral,
net of fee rebates paid to the borrower and net of fees paid to State Street as
lending agent. For the period October 1, 2007 through December 31, 2007, none of
the series of the Trust engaged in securities lending except that SPDR DJ STOXX
50 ETF and SPDR DJ EURO STOXX 50 ETF had securities on loan through an
unaffiliated lending agent. The income earned by the Funds during this period is
presented on the Funds' Statements of Operations.
230
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of
The SPDR Index Shares Funds
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of each of the thirty funds (each a
"Fund") comprising The SPDR Index Shares Funds (the "Trust") at September 30,
2008, 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 audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 2008 by
correspondence with the custodian and brokers, and the application of
alternative auditing procedures where securities purchased had not been
received, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 24, 2008
231
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
SEPTEMBER 30, 2008 (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 each Fund's primary listing 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.
SPDR DJ STOXX 50 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
5 Years Ended: 9/30/2008................ 230 72 10 92 43 14
</Table>
SPDR DJ EURO STOXX 50 ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
5 Years Ended: 9/30/2008................ 168 53 7 126 71 20
</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 9/30/2008..................... 50 69 32 35 59 26
</Table>
SPDR S&P CHINA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2008..................... 53 49 56 41 39 55
</Table>
232
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P EMERGING MARKETS ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2008..................... 68 60 14 51 39 5
</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 9/30/2008..................... 60 63 22 33 37 14
</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 9/30/2008..................... 83 44 11 35 37 8
</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 9/30/2008..................... 37 13 2 30 13 0
</Table>
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (3/23/2007)
through 9/30/2008..................... 79 66 26 31 45 14
</Table>
233
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P WORLD EX-US ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (4/26/2007)
through 9/30/2008..................... 67 63 25 23 10 2
</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 9/30/2008..................... 101 70 22 26 10 1
</Table>
SPDR S&P INTERNATIONAL DIVIDEND ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (2/19/2008)
through 9/30/2008..................... 52 22 3 9 3 1
</Table>
SPDR S&P INTERNATIONAL MID CAP ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (5/13/2008)
through 9/30/2008..................... 23 15 3 8 4 1
</Table>
SPDR EMERGING MARKETS SMALL CAP ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (5/16/2008)
through 9/30/2008..................... 10 23 6 8 8 2
</Table>
234
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (5/13/2008)
through 9/30/2008..................... 29 29 0 2 0 1
</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 9/30/2008..................... 144 69 12 38 23 3
</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 9/30/2008..................... 123 18 2 10 0 2
</Table>
SPDR MSCI ACWI EX-US ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (1/17/2007)
through 9/30/2008..................... 100 39 9 41 16 4
</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 9/30/2008..................... 56 29 11 69 80 34
</Table>
235
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (11/14/2006)
through 9/30/2008..................... 86 82 14 55 49 25
</Table>
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 11 4 3 5 4 1
</Table>
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 10 9 3 4 3 1
</Table>
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 10 5 1 7 1 1
</Table>
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 11 5 3 5 4 1
</Table>
236
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 16 20 3 0 0 1
</Table>
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 16 27 3 0 0 0
</Table>
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 13 25 5 1 0 1
</Table>
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 17 23 3 0 1 0
</Table>
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 10 6 2 5 2 1
</Table>
237
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF
FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS
BID/OFFER MIDPOINT* VS. NAV
<Table>
<Caption>
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW
NAV NAV
--------------------------- ---------------------------
50-99 100-199 200 50-99 100-199 200
BASIS BASIS BASIS BASIS BASIS BASIS
POINTS POINTS POINTS POINTS POINTS POINTS
------ ------- ------ ------ ------- ------
Commencement of Trading (7/22/2008)
through 9/30/2008..................... 10 5 3 8 4 1
</Table>
238
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs
which may include creation and redemption fees on brokerage charges and (2)
ongoing costs, including management fees, administration, custodian and transfer
agent fees and other Fund expenses. This Example is intended to help you
understand your ongoing costs (in dollars) of investing in a Fund and to compare
these costs with the ongoing costs of investing in other mutual funds. It is
based on an investment of $1,000 invested at April 1, 2008 and held for the six
months ended September 30, 2008.
ACTUAL EXPENSES
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you incurred over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
table under the heading entitled "Expenses Paid During Period" to estimate the
expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second table provides information about hypothetical account values and
hypothetical expenses based on a Fund's actual expense ratio and an assumed rate
of return of 5% per year before expenses, which is not a Fund's actual return.
Thus, you should not use the hypothetical account values and expenses to
estimate the actual ending account balance or your expenses for the period.
Rather, these figures are provided to enable you to compare the ongoing costs of
investing in a Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds. The Funds charge transaction fees ranging from $500 to
$12,000 per transaction to those persons creating or redeeming Creation Units.
If you buy or sell Shares of the Funds in the secondary market, you will incur
customary brokerage commissions and charges.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as creation
and redemption fees on brokerage charges. Therefore, the second table is useful
in comparing ongoing costs only, and will not help you determine the relative
total costs of owning different funds. In addition, if these transaction costs
were included, your costs would have been higher.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD**
ACTUAL 4/1/08 9/30/08 4/1/08 TO 9/30/08
- ------ ------------- ------------- -----------------
SPDR DJ STOXX 50 ETF.............................. $1,000 $794.10 $1.30
SPDR DJ EURO STOXX 50 ETF......................... 1,000 766.80 1.28
SPDR S&P Emerging Asia Pacific ETF................ 1,000 718.00 2.53
SPDR S&P China ETF................................ 1,000 743.50 2.57
SPDR S&P Emerging Markets ETF..................... 1,000 747.30 2.58
SPDR S&P BRIC 40 ETF.............................. 1,000 734.10 1.73
SPDR S&P Emerging Europe ETF...................... 1,000 696.20 2.54
SPDR S&P Emerging Latin America ETF............... 1,000 760.40 2.64
SPDR S&P Emerging Middle East & Africa ETF........ 1,000 863.40 2.75
SPDR S&P World ex-US ETF.......................... 1,000 779.60 1.56
SPDR S&P International Small Cap ETF.............. 1,000 745.60 2.57
SPDR S&P International Dividend ETF............... 1,000 700.50 2.04
SPDR DJ Wilshire International Real Estate ETF.... 1,000 737.40 2.56
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................. 1,000 845.40 2.72
SPDR MSCI ACWI ex-US ETF.......................... 1,000 781.20 1.51
SPDR Russell/Nomura PRIME Japan ETF............... 1,000 840.90 2.30
SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 837.00 2.53
</Table>
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD**
ACTUAL 5/7/08* 9/30/08 5/7/08* TO 9/30/08
- ------ ------------- ------------- ------------------
SPDR S&P International Mid Cap ETF............... $1,000 $734.60 $1.57
SPDR DJ Wilshire Global Real Estate ETF.......... 1,000 801.10 1.81
</Table>
239
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD**
ACTUAL 5/12/08* 9/30/08 5/12/08* TO 9/30/08
- ------ ------------- ------------- -------------------
SPDR S&P Emerging Markets Small Cap ETF.......... $1,000 $625.20 $2.40
</Table>
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD**
ACTUAL 7/16/08* 9/30/08 7/16/08* TO 9/30/08
- ------ ------------- ------------- -------------------
SPDR S&P International Consumer Discretionary
Sector ETF..................................... $1,000 $877.10 $1.03
SPDR S&P International Consumer Staples Sector
ETF............................................ 1,000 943.00 1.02
SPDR S&P International Energy Sector ETF......... 1,000 797.20 0.95
SPDR S&P International Financial Sector ETF...... 1,000 879.70 0.99
SPDR S&P International Health Care Sector ETF.... 1,000 910.30 1.00
SPDR S&P International Industrial Sector ETF..... 1,000 805.10 0.95
SPDR S&P International Materials Sector ETF...... 1,000 685.60 0.89
SPDR S&P International Technology Sector ETF..... 1,000 801.90 0.95
SPDR S&P International Telecommunications Sector
ETF............................................ 1,000 845.50 0.97
SPDR S&P International Utilities Sector ETF...... 1,000 861.30 0.98
</Table>
* Commencement of operations.
** Expenses are equal to the Fund's annualized net expense ratios of 0.29%,
0.29%, 0.59%, 0.59%, 0.59%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.48%,
0.59%, 0.59%, 0.34%, 0.50%, 0.55%, 0.45%, 0.50%, 0.76%, 0.52%, 0.50%, 0.50%,
0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, and 0.50%, respectively. Expenses are
equal to the Funds' annualized expense ratio, multiplied by the average account
value of the period, multiplied by the number of days in the most recent six
month period (or since commencement of operations), then divided by 366.
240
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD***
HYPOTHETICAL 4/1/08 9/30/08 4/1/08 TO 9/30/08
- ------------ ------------- ------------- -----------------
SPDR DJ STOXX 50 ETF.............................. $1,000 $1,023.55 $1.47
SPDR DJ EURO STOXX 50 ETF......................... 1,000 1,023.55 1.47
SPDR S&P Emerging Asia Pacific ETF................ 1,000 1,022.05 2.98
SPDR S&P China ETF................................ 1,000 1,022.05 2.98
SPDR S&P Emerging Markets ETF..................... 1,000 1,022.05 2.98
SPDR S&P BRIC 40 ETF.............................. 1,000 1,023.00 2.02
SPDR S&P Emerging Europe ETF...................... 1,000 1,022.00 3.03
SPDR S&P Emerging Latin America ETF............... 1,000 1,022.00 3.03
SPDR S&P Emerging Middle East & Africa ETF........ 1,000 1,022.05 2.98
SPDR S&P World ex-US ETF.......................... 1,000 1,023.25 1.77
SPDR S&P International Small Cap ETF.............. 1,000 1,022.05 2.98
SPDR S&P International Dividend ETF............... 1,000 1,022.60 2.43
SPDR S&P International Mid Cap ETF................ 1,000 1,022.75 2.28
SPDR S&P Emerging Markets Small Cap ETF........... 1,000 1,021.20 3.84
SPDR DJ Wilshire Global Real Estate ETF........... 1,000 1,022.50 2.53
SPDR DJ Wilshire International Real Estate ETF.... 1,000 1,022.05 2.98
SPDR FTSE/Macquarie Global Infrastructure 100
ETF............................................. 1,000 1,022.05 2.98
SPDR MSCI ACWI ex-US ETF.......................... 1,000 1,023.30 1.72
SPDR Russell/Nomura PRIME Japan ETF............... 1,000 1,022.50 2.53
SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 1,022.25 2.78
SPDR S&P International Consumer Discretionary
Sector ETF...................................... 1,000 1,022.40 2.63
SPDR S&P International Consumer Staples Sector
ETF............................................. 1,000 1,022.50 2.53
SPDR S&P International Energy Sector ETF.......... 1,000 1,022.50 2.53
SPDR S&P International Financial Sector ETF....... 1,000 1,022.50 2.53
SPDR S&P International Health Care Sector ETF..... 1,000 1,022.50 2.53
SPDR S&P International Industrial Sector ETF...... 1,000 1,022.50 2.53
SPDR S&P International Materials Sector ETF....... 1,000 1,022.50 2.53
SPDR S&P International Technology Sector ETF...... 1,000 1,022.50 2.53
SPDR S&P International Telecommunications Sector
ETF............................................. 1,000 1,022.50 2.53
SPDR S&P International Utilities Sector ETF....... 1,000 1,022.50 2.53
</Table>
*** Expenses (hypothetical expenses if the Fund had been in existence from
4/1/08) are equal to the Fund's annualized net expense ratios of 0.29%, 0.29%,
0.59%, 0.59%, 0.59%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.48%, 0.45%,
0.76%, 0.50%, 0.59%, 0.59%, 0.34%, 0.50%, 0.55%, 0.52%, 0.50%, 0.50%, 0.50%,
0.50%, 0.50%, 0.50%, 0.50%, 0.50%, and 0.50%, respectively. Expenses are equal
to the Funds' annualized expense ratio, multiplied by the average account value
of the period, multiplied by the number of days in the most recent six month
period, then divided by 366.
241
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
TAX INFORMATION
For federal income tax purposes, the following information is furnished with
respect to the distributions of the Trust for fiscal year ended September 30,
2008:
Percentage of distributions which qualify for the corporate dividends received
deduction:
<Table>
<Caption>
PERCENTAGE
- -------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.............................................. --%
SPDR DJ EURO STOXX 50 ETF......................................... --
SPDR S&P Emerging Asia Pacific ETF................................ --
SPDR S&P China ETF................................................ --
SPDR S&P Emerging Markets ETF..................................... --
SPDR S&P BRIC 40 ETF.............................................. --
SPDR S&P Emerging Europe ETF...................................... --
SPDR S&P Emerging Latin America ETF............................... --
SPDR S&P Emerging Middle East & Africa ETF........................ --
SPDR S&P World ex-US ETF.......................................... --
SPDR S&P International Small Cap ETF.............................. --
SPDR S&P International Dividend ETF............................... --
SPDR S&P International Mid Cap ETF................................ --
SPDR S&P Emerging Markets Small Cap ETF........................... --
SPDR DJ Wilshire Global Real Estate ETF........................... --
SPDR DJ Wilshire International Real Estate ETF.................... --
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 28.34
SPDR MSCI ACWI ex-US ETF.......................................... --
SPDR Russell/Nomura PRIME Japan ETF............................... --
SPDR Russell/Nomura Small Cap Japan ETF........................... --
SPDR S&P International Consumer Discretionary Sector ETF.......... --
SPDR S&P International Consumer Staples Sector ETF................ --
SPDR S&P International Energy Sector ETF.......................... --
SPDR S&P International Financial Sector ETF....................... --
SPDR S&P International Health Care Sector ETF..................... --
SPDR S&P International industrial Sector ETF...................... --
SPDR S&P International Materials Sector ETF....................... --
SPDR S&P International Technology Sector ETF...................... --
SPDR S&P International Telecommunications Sector ETF.............. --
SPDR S&P International Utilities Sector ETF....................... --
</Table>
242
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
QUALIFIED DIVIDEND INCOME
For the fiscal year ended September 30, 2008, 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>
AMOUNT
- --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.............................................. $ 4,542,598
SPDR DJ EURO STOXX 50 ETF......................................... 12,705,992
SPDR S&P Emerging Asia Pacific ETF................................ 1,030,852
SPDR S&P China ETF................................................ 2,360,156
SPDR S&P Emerging Markets ETF..................................... 915,093
SPDR S&P BRIC 40 ETF.............................................. 4,587,098
SPDR S&P Emerging Europe ETF...................................... 1,455,619
SPDR S&P Emerging Latin America ETF............................... 1,447,351
SPDR S&P Emerging Middle East & Africa ETF........................ 6,094,856
SPDR S&P World ex-US ETF.......................................... 589,401
SPDR S&P International Small Cap ETF.............................. 7,586,416
SPDR S&P International Dividend ETF............................... 1,686,925
SPDR S&P International Mid Cap ETF................................ 69,174
SPDR S&P Emerging Markets Small Cap ETF........................... 27,625
SPDR DJ Wilshire Global Real Estate ETF........................... 67,711
SPDR DJ Wilshire International Real Estate ETF.................... 36,334,725
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 2,835,645
SPDR MSCI ACWI ex-US ETF.......................................... 7,602,007
SPDR Russell/Nomura PRIME Japan ETF............................... 701,322
SPDR Russell/Nomura Small Cap Japan ETF........................... 1,649,192
SPDR S&P International Consumer Discretionary Sector ETF.......... 25,940
SPDR S&P International Consumer Staples Sector ETF................ 31,143
SPDR S&P International Energy Sector ETF.......................... 46,144
SPDR S&P International Financial Sector ETF....................... 28,003
SPDR S&P International Health Care Sector ETF..................... 28,351
SPDR S&P International industrial Sector ETF...................... 25,327
SPDR S&P International Materials Sector ETF....................... 29,989
SPDR S&P International Technology Sector ETF...................... 18,044
SPDR S&P International Telecommunications Sector ETF.............. 38,390
SPDR S&P International Utilities Sector ETF....................... 82,770
</Table>
For the fiscal year ended September 30, 2008, certain dividends paid by SPDR DJ
STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia pacific ETF,
SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR
S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging
Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small
Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap
ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real
Estate 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 SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF
may be subject to a minimum tax rate of 15% as provided for by the Internal
Revenue Code. The Funds noted above hereby designate the maximum amount of such
dividends allowable up to the amount of dividends that were paid during the
year. Complete information will be reported in conjunction with the 2008 form
1099-DIV.
243
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
LONG TERM CAPITAL GAIN
Long term capital gains dividends were paid from the following Funds during the
year ended September 30, 2008.
<Table>
<Caption>
AMOUNT
- -------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.............................................. $ 169,023
SPDR DJ EURO STOXX 50 ETF......................................... 5,130,462
SPDR S&P Emerging Asia Pacific ETF................................ --
SPDR S&P China ETF................................................ --
SPDR S&P Emerging Markets ETF..................................... --
SPDR S&P BRIC 40 ETF.............................................. --
SPDR S&P Emerging Europe ETF...................................... --
SPDR S&P Emerging Latin America ETF............................... --
SPDR S&P Emerging Middle East & Africa ETF........................ --
SPDR S&P World ex-US ETF.......................................... --
SPDR S&P International Small Cap ETF.............................. --
SPDR S&P International Dividend ETF............................... --
SPDR S&P International Mid Cap ETF................................ --
SPDR S&P Emerging Markets Small Cap ETF........................... --
SPDR DJ Wilshire Global Real Estate 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........................... --
SPDR S&P International Consumer Discretionary Sector ETF.......... --
SPDR S&P International Consumer Staples Sector ETF................ --
SPDR S&P International Energy Sector ETF.......................... --
SPDR S&P International Financial Sector ETF....................... --
SPDR S&P International Health Care Sector ETF..................... --
SPDR S&P International industrial Sector ETF...................... --
SPDR S&P International Materials Sector ETF....................... --
SPDR S&P International Technology Sector ETF...................... --
SPDR S&P International Telecommunications Sector ETF.............. --
SPDR S&P International Utilities Sector ETF....................... --
</Table>
For the fiscal year ended September 30, 2008, certain dividends paid by SPDR DJ
STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia pacific ETF,
SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR
S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging
Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small
Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap
ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real
Estate 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 SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF
may be subject to a maximum 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 2008 form
1099-DIV.
244
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (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, 2008, the total amount of foreign taxes that will be passed
through are:
<Table>
<Caption>
AMOUNT
- -------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.............................................. $ 381,597
SPDR DJ EURO STOXX 50 ETF......................................... 1,858,410
SPDR S&P Emerging Asia Pacific ETF................................ 99,928
SPDR S&P China ETF................................................ 20,725
SPDR S&P Emerging Markets ETF..................................... 62,272
SPDR S&P BRIC 40 ETF.............................................. 305,597
SPDR S&P Emerging Europe ETF...................................... 196,934
SPDR S&P Emerging Latin America ETF............................... 110,887
SPDR S&P Emerging Middle East & Africa ETF........................ 203,969
SPDR S&P World ex-US ETF.......................................... 49,606
SPDR S&P International Small Cap ETF.............................. 563,401
SPDR S&P International Dividend ETF............................... 178,438
SPDR S&P International Mid Cap ETF................................ 5,921
SPDR S&P Emerging Markets Small Cap ETF........................... 1,442
SPDR DJ Wilshire Global Real Estate ETF........................... --
SPDR DJ Wilshire International Real Estate ETF.................... 3,862,062
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 145,798
SPDR MSCI ACWI ex-US ETF.......................................... 566,348
SPDR Russell/Nomura PRIME Japan ETF............................... 46,094
SPDR Russell/Nomura Small Cap Japan ETF........................... 115,058
SPDR S&P International Consumer Discretionary Sector ETF.......... 1,582
SPDR S&P International Consumer Staples Sector ETF................ 916
SPDR S&P International Energy Sector ETF.......................... 4,033
SPDR S&P International Financial Sector ETF....................... 2,166
SPDR S&P International Health Care Sector ETF..................... 1,073
SPDR S&P International industrial Sector ETF...................... 1,471
SPDR S&P International Materials Sector ETF....................... 1,016
SPDR S&P International Technology Sector ETF...................... 1,140
SPDR S&P International Telecommunications Sector ETF.............. 2,394
SPDR S&P International Utilities Sector ETF....................... 795
</Table>
245
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
Amount of foreign source income earned on the following Funds during the year
ended September 30, 2008 were as follows:
<Table>
<Caption>
AMOUNT
- --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF.............................................. $ 5,211,456
SPDR DJ EURO STOXX 50 ETF......................................... 18,393,851
SPDR S&P Emerging Asia Pacific ETF................................ 3,832,094
SPDR S&P China ETF................................................ 3,153,413
SPDR S&P Emerging Markets ETF..................................... 1,352,801
SPDR S&P BRIC 40 ETF.............................................. 5,262,295
SPDR S&P Emerging Europe ETF...................................... 1,526,171
SPDR S&P Emerging Latin America ETF............................... 2,369,198
SPDR S&P Emerging Middle East & Africa ETF........................ 6,363,749
SPDR S&P World ex-US ETF.......................................... 712,722
SPDR S&P International Small Cap ETF.............................. 8,619,396
SPDR S&P International Dividend ETF............................... 1,927,288
SPDR S&P International Mid Cap ETF................................ 74,255
SPDR S&P Emerging Markets Small Cap ETF........................... 90,768
SPDR DJ Wilshire Global Real Estate ETF........................... --
SPDR DJ Wilshire International Real Estate ETF.................... 45,138,252
SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 2,579,362
SPDR MSCI ACWI ex-US ETF.......................................... 9,330,953
SPDR Russell/Nomura PRIME Japan ETF............................... 705,164
SPDR Russell/Nomura Small Cap Japan ETF........................... 1,666,048
SPDR S&P International Consumer Discretionary Sector ETF.......... 27,076
SPDR S&P International Consumer Staples Sector ETF................ 32,024
SPDR S&P International Energy Sector ETF.......................... 47,432
SPDR S&P International Financial Sector ETF....................... 29,657
SPDR S&P International Health Care Sector ETF..................... 29,062
SPDR S&P International Industrial Sector ETF...................... 27,068
SPDR S&P International Materials Sector ETF....................... 29,989
SPDR S&P International Technology Sector ETF...................... 18,528
SPDR S&P International Telecommunications Sector ETF.............. 41,059
SPDR S&P International Utilities Sector ETF....................... 103,582
</Table>
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 website of the Securities and
Exchange Commission ("SEC") 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.spdrs.com.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file a complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q
are available on the SEC's website at www.sec.gov and may be reviewed and copied
at the SEC Public Reference Room in Washington, DC. Information on Form N-Q is
available upon request, without charge, by calling 1-866-787-2257 (toll-free),
and on the Funds' website www.spdrs.com.
246
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT ADVISORY CONTRACT RENEWAL
During the most recent fiscal six-month period covered by this report, the Board
of Trustees of the Trust (the "Board") held in-person meetings to evaluate
proposals to continue the Investment Advisory Agreement with respect to the
operational series of the Trust (the "Current ETFs"), to continue the Investment
Advisory Agreement with respect to the previously approved non-operational
series of the Trust and to approve the Investment Advisory Agreement with
respect to new 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
independent legal counsel to consider the Investment Advisory Agreement.
In evaluating the Investment Advisory Agreement, the Board drew on materials
provided to them by the Adviser and on other materials provided by State Street
Bank and Trust Company, the Trust's Administrator, Transfer Agent, Custodian and
Securities Lending Agent ("State Street"). In deciding whether to approve the
Investment Advisory Agreement, the Board considered various factors, including
(i) the nature, extent and quality of services provided by the Adviser with
respect to the 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 the fee levels in the Investment Advisory Agreement reflect these
economies of scale.
The Board considered the nature, extent and quality of services provided by, or
to be provided by, the Adviser. In doing so, they relied on their prior
experience with the Trust and materials provided prior to and at the meeting.
The Board reviewed the Investment Advisory Agreement and the Adviser's
responsibilities for managing investment operations of the Current ETFs and
anticipated responsibilities for managing the investment operations of the New
ETFs, in accordance with each ETF's investment objective, investment policies,
and applicable legal and regulatory requirements. The Board 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. The Board also considered the portfolio management resources,
structures and practices, 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 exchange-traded funds in particular. The Board considered the Adviser's
experience in managing equity exchange-traded funds. The Board then determined
that the nature, extent and quality of the services provided by, or expected to
be provided by, the Adviser to the ETFs were necessary and appropriate.
The Board reviewed the Current ETFs' performance, noting 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 the performance of actively-managed funds. The Board was
more concerned with the extent to which each Current ETF achieved its objective
of replicating the total return of the applicable index. The Board reviewed
information regarding each Current ETF's index tracking and tracking error,
noting that each Current ETF satisfactorily tracked its benchmark index. 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 ETFs had been profitable, profitability was not
excessive.
247
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
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 and its affiliates derive
other benefits from their 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 ETFs grow in size and assess whether fee
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 exchange-traded funds.
The Board also reviewed the historical expense ratios of the Current ETFs, the
estimated expense ratios of the New ETFs, and the unitary fee structure. The
Board used a fund-by-fund analysis of the data. The Board concluded, based on
the information presented, that each ETF's fees were fair and reasonable in
light of those of their direct competitors.
The Board, including the Independent Trustees voting separately, approved the
Investment Advisory Agreement after weighing the foregoing factors, none of
which was dispositive in itself. The Board's conclusions regarding the
Investment Advisory Agreement were as follows: (a) the nature and extent of the
services provided by 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 relatively low fee structure of
the Trust.
The Board also considered the renewal of the Sub-Advisory Agreement (the "Sub-
Advisory Agreement") between the Trust and The Tuckerman Group LLC, an affiliate
of the Adviser (the "Sub-Adviser") with respect to the real estate series of the
Trust (the "Real Estate ETFs"), after review of materials provided to them at
their request by the Adviser, Sub-Adviser and State Street. In deciding whether
to renew the Agreement, the Board considered various factors, including (i) the
nature, extent and quality of services provided by the Sub-Adviser with respect
to the Real Estate ETFs under the Sub-Advisory Agreement, (ii) investment
performance of the Real Estate ETFs, (iii) 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
would be realized if and as the Real Estate ETFs grow and whether fee levels in
the Sub-Advisory Agreement reflect these economies of scale.
The Board considered the background and experience of the Sub-Adviser's senior
management and in particular the Sub-Adviser's experience in investing in real
estate investment trusts and international real estate securities. The Board
considered that the Real Estate ETF with performance history satisfactorily
tracked its benchmark index. In light of the Board's determination that the
unitary fee paid to the Adviser by the Real Estate ETFs 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, including the Independent Trustees voting separately, approved the
Sub-Advisory Agreement after weighing the foregoing factors, none of which was
dispositive in itself. The Board's conclusions with respect to the Sub-Advisory
Agreement were as follows: (a) the nature and extent of the services provided by
the Sub-Adviser to the Real Estate ETFs were appropriate; (b) the performance
and, more importantly, the index tracking, of the Real Estate ETFs had been
satisfactory; (c) the Sub-Adviser's fees for the Real Estate ETFs 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 Real Estate
ETFs.
248
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
TRUSTEES
<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. 81 Chicago Stock
c/o SPDR Index Shares Funds dent ited Exchange
State Street Financial Center Trustee Elected: (Public
One Lincoln Street Septem- Governor/
Boston, MA 02111-2900 ber 2000 Director);
1938 Penson
Worldwide
Inc.
(Director);
Custodial
Trust Co.
(Director);
SPDR Series
Trust
(Trustee).
FRANK NESVET Indepen- Unlim- Chief 81 SPDR Series
c/o SPDR Index Shares Funds dent ited Executive Trust
State Street Financial Center Trustee, Elected: Officer, (Trustee).
One Lincoln Street Chairman Septem- Libra Group,
Boston, MA 02111-2900 ber 2000 Inc. (1998-
1943 present) (a
financial
services
consulting
company).
HELEN F. PETERS Indepen- Unlim- Professor of 81 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 Septem- School of (Director);
Boston, MA 02111-2900 Audit ber 2000 Management, BJ's
1948 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, 104 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
1965 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).
249
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
OFFICERS
<Table>
<Caption>
TERM OF PRINCIPAL
OFFICE AND OCCUPATION(S)
NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST
AND DATE OF BIRTH WITH FUNDS TIME SERVED 5 YEARS
- ----------------- ----------- --------------- -------------
ELLEN M. NEEDHAM Vice Unlimited Principal,
SSgA Funds Management, Inc. President Elected: SSgA Funds
State Street Financial Center March 2008 Management,
One Lincoln Street Inc. (1992-
Boston, MA 02111 Present)*;
1967 Managing
Director,
State Street
Global
Advisors
(1992 to
Present)*
MICHAEL P. RILEY Vice Unlimited Principal,
SSgA Funds Management, Inc. President Elected: State Street
State Street Financial Center February 2005 Global
One Lincoln Street Advisors
Boston, MA 02111 (2005-
1969 present);
Assistant
Vice
President,
State Street
Bank and
Trust Company
(2000-2004).
GARY L. FRENCH Treasurer Unlimited Senior Vice
State Street Bank and Trust Elected: President,
Company May 2005 State Street
Two Avenue de Lafayette Bank and
Boston, MA 02111 Trust Company
1951 (2002-
present).
RYAN M. LOUVAR Secretary Unlimited Vice
State Street Bank and Trust Elected: President and
Company August 2008 Senior
Four Copley Place Counsel,
Boston, MA 02116 State Street
1972 Bank and
Trust Company
(2005-
present)*;
Counsel,
BISYS Group,
Inc. (2000-
2005) (a
financial
services
company).
MARK E. TUTTLE Assistant Unlimited Vice
State Street Bank and Trust Secretary Elected: President and
Company August 2007 Counsel,
Four Copley Place State Street
Boston, MA 02116 Bank and
1970 Trust Company
(2007-
Present)*;
Assistant
Counsel,
BISYS Group,
Inc. (2005-
2007)* (a
financial
services
company);
Sole
Practitioner,
Mark E.
Tuttle
Attorney at
Law (2004-
2005);
Paralegal,
John Hancock
Financial
Services,
Inc. (2000-
2004).
</Table>
* Served in various capacities during noted time period.
250
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TERM OF PRINCIPAL
OFFICE AND OCCUPATION(S)
NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST
AND DATE OF BIRTH WITH FUNDS TIME SERVED 5 YEARS
- ----------------- ----------- ------------- ---------------------------
MATTHEW FLAHERTY Assistant Unlimited Assistant Vice President,
State Street Bank and Trust Treasurer Elected: State Street Bank and Trust
Company May 2005 (1994-present).*
Two Avenue de Lafayette
Boston, MA 02111
1971
CHAD C. HALLETT Assistant Unlimited Vice President, State
State Street Bank and Trust Treasurer Elected: Street Bank and Trust
Company May 2006 Company (2001-Present).*
Two Avenue de Lafayette
Boston, MA 02111
1969
LAURA F. HEALY Assistant Unlimited Vice President, State
State Street Bank and Trust Treasurer Elected: Street Bank and Trust
Company November 2007 Company (2002-present).*
Two Avenue de Lafayette
Boston, MA 02111
1964
JULIE B. PIATELLI Chief Unlimited Principal and Senior
SSgA Funds Management, Inc. Compliance Elected: Compliance Officer, SSgA
State Street Financial Center Officer August 2007 Funds Management, Inc.
One Lincoln Street (2004-present); Vice
Boston, MA 02111 President, State Street
1967 Global Advisors (2004-
present); Senior Manager,
PricewaterhouseCoopers, LLP
(1999-2004).
</Table>
* Served in various capacities during noted time period.
251
THE SPDR(R) FAMILY OF EXCHANGE TRADED FUNDS
The following is a list of SPDR ETFs being offered, along with their respective
exchange trading symbols. PLEASE CALL 1-866-787-2257 TO OBTAIN A PROSPECTUS FOR
ANY SPDR ETF. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING
CHARGES, EXPENSES, INVESTMENT OBJECTIVES AND RISK FACTORS THAT SHOULD BE
CAREFULLY CONSIDERED TO DETERMINE IF THE FUND(S) ARE AN APPROPRIATE INVESTMENT
FOR YOU. READ THE PROSPECTUS(ES) CAREFULLY BEFORE INVESTING. INVESTING INVOLVES
RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.
SPDR INDEX SHARES FUNDS
SPDR DJ STOXX 50 ETF (FEU)
SPDR DJ EURO STOXX 50 ETF (FEZ)
SPDR S&P Emerging Asia Pacific ETF (GMF)
SPDR S&P China ETF (GXC)
SPDR S&P Emerging Markets ETF (GMM)
SPDR S&P BRIC 40 ETF (BIK)
SPDR S&P Emerging Europe ETF (GUR)
SPDR S&P Emerging Latin America ETF (GML)
SPDR S&P Emerging Middle East & Africa ETF (GAF)
SPDR S&P World ex-US ETF (GWL)
SPDR S&P International Small Cap ETF (GWX)
SPDR S&P International Dividend ETF (DWX)
SPDR S&P International Mid Cap ETF (MDD)
SPDR S&P Emerging Markets Small Cap ETF (EWX)
SPDR DJ Wilshire Global Real Estate ETF (RWO)
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 S&P International Consumer Discretionary Sector ETF (IPD)
SPDR S&P International Consumer Staples Sector ETF (IPS)
SPDR S&P International Energy Sector ETF (IPW)
SPDR S&P International Financial Sector ETF (IPF)
SPDR S&P International Health Care Sector ETF (IRY)
SPDR S&P International Industrial Sector ETF (IPN)
SPDR S&P International Materials Sector ETF (IRV)
SPDR S&P International Technology Sector ETF (IPK)
SPDR S&P International Telecommunications Sector ETF (IST)
SPDR S&P International Utilities Sector ETF (IPU)
SPDR SERIES TRUST
SPDR 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)
SPDR DJ Wilshire REIT ETF (RWR)
SPDR KBW Bank ETF (KBE)
SPDR KBW Capital Markets ETF (KCE)
SPDR KBW Insurance ETF (KIE)
SPDR Morgan Stanley Technology ETF (MTK)
SPDR S&P Dividend ETF (SDY)
SPDR S&P Biotech ETF (XBI)
SPDR S&P Homebuilders ETF (XHB)
SPDR S&P Metals & Mining ETF (XME)
SPDR S&P Oil & Gas Equipment & Services ETF (XES)
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)
SPDR S&P Pharmaceuticals ETF (XPH)
SPDR S&P Retail ETF (XRT)
SPDR S&P Semiconductor ETF (XSD)
SPDR KBW Regional Banking ETF (KRE)
SPDR 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)
SPDR Lehman High Yield Bond ETF (JNK)
SPDR DB International Government Inflation-Protected Bond ETF (WIP)
THE SELECT SECTOR SPDR TRUST
The Consumer Discretionary Select Sector SPDR Fund (XLY)
The Consumer Staples Select Sector SPDR Fund (XLP)
The Energy Select Sector SPDR Fund (XLE)
The Financial Select Sector SPDR Fund (XLF)
The Health Care Select Sector SPDR Fund (XLV)
The Industrial Select Sector SPDR Fund (XLI)
The Materials Select Sector SPDR Fund (XLB)
The Technology Select Sector SPDR Fund (XLK)
The Utilities Select Sector SPDR Fund (XLU)
DIAMONDS TRUST, SERIES 1 (DIA)
SPDR TRUST, SERIES 1 (SPY)
State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all
investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS
Distributors, Inc., a registered broker-dealer, is distributor for SPDR Trust
and DIAMONDS Trust, both unit investment trusts, and all investment portfolios
of The Select Sector SPDR Trust.
SPDR INDEX SHARES FUNDS
TRUSTEES
David M. Kelly
Frank Nesvet
Helen F. Peters
James E. Ross
OFFICERS
James E. Ross, President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Gary L. French, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Chad C. Hallett, Assistant Treasurer
Laura F. Healy, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Julie B. Piatelli, Chief Compliance Officer
INVESTMENT MANAGER
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111
DISTRIBUTOR
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111
CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
LEGAL COUNSEL
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned
subsidiary of State Street Corporation. State Street Global Markets, LLC; member
FINRA, SIPC.
The information contained in this report is intended for the general information
of shareholders of the Trust. This report is not authorized for distribution to
prospective investors unless preceded or accompanied by a current Trust
prospectus which contains important information concerning the Trust. You may
obtain a current prospectus and SAI from the Distributor by calling
1-866-787-2257 or visiting WWW.SPDRS.COM Please read the prospectus carefully
before you invest.
State Street Global Advisors
State Street Financial Center
One Lincoln Street
Boston, MA 02111
The investment return and principal value of an investment in the Funds will fl
uctuate 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 fl uctuate in
market value.
SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacifi c
ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF,
SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P
Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, S&P International
Small Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid
Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real
Estate 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, SPDR S&P International
Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples
Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International
Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P
International Industrial Sector ETF, SPDR S&P International Materials Sector
ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International
Telecommunications Sector ETF, SPDR S&P International Utilities Sector ETF: In
addition to the normal risks associated with equity investing, narrowly focused
investments and investments in smaller companies typically exhibit higher
volatility and price fl uctuation.
For all SPDR Index Shares Funds: International investments may involve risk of
capital loss from unfavorable fl uctuations in currency values, from differences
in generally accepted accounting principles or from economic or political
instability in other nations.
In general, Fund shares can be expected to move up or down in value with the
value of the applicable index. Although Fund shares may be bought and sold on
the exchange through any brokerage account, Fund shares are not individually
redeemable from the Fund. Investors may acquire Fund Shares and tender them for
redemption through the Fund in Creation Unit Aggregations only. Please see the
prospectus for more details.
The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company,
Time Inc., FTSE International Limited, Macquarie Bank Limited, The London Stock
Exchange Place, The Financial Times Limited, Morgan Stanley Capital
International Inc., Russell Investment Group, Standard & Poor's and Wilshire
Associates. Neither do these companies make any representation regarding the
advisability of investing in the Funds. The Funds are distributed by State
Street Global Markets, LLC, a wholly-owned subsidiary of State Street
Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC.
References to State Street may include State Street Corporation and its affi
liates. Shares of the Funds are not insured by the FDIC or by another
governmental agency; they are not obligations of the FDIC nor are they deposits
or obligations of or guaranteed by State Street Bank and Trust Company. Fund
shares are subject to investment risks, including possible loss of the principal
invested. The Funds pay State Street for its services as investment advisor,
custodian, administrator, securities lending agent, transfer agent and
shareholder servicing agent.
Please read the prospectus carefully before you invest or send money.
(C) 2008 State Street Corporation STISFAR
For more complete information, please call 866.787.2257 or visit spdrs.com today
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party (the "Code of Ethics"). During
the period covered by this report, no substantive amendments were made to the
Code of Ethics. During the period covered by this report, the registrant did not
grant any waivers, including any implicit waivers, from any provision of the
Code of Ethics.
The Code of Ethics is attached hereto as Exhibit 12(a)(1).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) The Board of Trustees of the registrant has determined that the
registrant has one Board member serving on the Audit Committee that possess the
attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as
an "audit committee financial expert."
(2) Frank Nesvet is the registrant's audit committee financial expert. The
Board also determined that Mr. Nesvet is not an "interested person(s)" of the
registrant as that term is defined in Section 2(a)(19) of the Investment Company
Act of 1940, as amended.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees.
For the fiscal years ending September 30, 2008 and September 30, 2007, the
aggregate audit fees billed for professional services rendered by the principal
accountant were $459,900 and $265,538, 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, 2008 and September 30, 2007, 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, 2008 and September 30, 2007, the
aggregate tax fees billed for professional services rendered by the principal
accountant were $240,000 and $123,200, 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, 2008 and September 30, 2007.
(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, 2008 and September 30, 2007, the
aggregate non-audit fees for services rendered by PwC to the registrant and SSgA
Funds Management, Inc. (the "Adviser") and any entity controlling, controlled
by, or under common control with the Adviser that provided ongoing services to
the registrant were $7,631,000 and $7,265,000, respectively.
(h) Not applicable.
ITEM 5. DISCLOSURE OF AUDIT COMMITTEES FOR LISTED COMPANIES.
The registrant has an audit committee which was established by the Board of
Trustees of the registrant in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended. The members of the registrant's
audit committee are Frank Nesvet, David Kelly and Helen Peters.
ITEM 6. SCHEDULE OF INVESTMENTS.
The schedule of investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Registrant has not adopted any material changes to the procedures by which
shareholders may recommend nominees to the registrant's Board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Within 90 days of the filing date of this Form N-CSR, James Ross, the
registrant's President and Principal Executive Officer, and Gary L. French, the
registrant's Treasurer and Principal Financial Officer, reviewed the
registrant's disclosure controls and procedures and evaluated their
effectiveness. Based on their review, Messrs. Ross and French determined that
the disclosure controls and procedures adequately ensure that information
required to be disclosed by the registrant in its periodic reports is recorded,
processed, summarized and reported within the time periods required by the
Securities and Exchange Commission.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
ITEM 12. EXHIBITS.
(a)(1) Code of Ethics referred to in Item 2.
(a)(2) Separate certifications required by Rule 30a-2 under the Investment
Company Act of 1940 for each principal executive officer and principal financial
officer of the registrant are attached.
(a)(3) Not applicable
(b) A single certification required by Rule 30a-2(b) under the Investment
Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities
Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United
States Code for the principal executive officer and principal financial officer
of the registrant is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
SPDR(R) Index Shares Funds
By: /s/ James Ross
---------------------------------
James Ross
President and Principal Executive
Officer
Date: November 24, 2008
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 24, 2008
By: /s/ Gary L. French
---------------------------------
Gary L. French
Treasurer and Principal Financial
Officer
Date: November 24, 2008