-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NDqWeDgkIxZq0r3nioYZhoOGZOtdHFI4cR7UWUBtxACWeDstAVtDA7gTo0KaG3Go m48HHf0GgGoml2fGZnmuFw== 0000950123-10-018034.txt : 20100226 0000950123-10-018034.hdr.sgml : 20100226 20100226151626 ACCESSION NUMBER: 0000950123-10-018034 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100226 DATE AS OF CHANGE: 20100226 EFFECTIVENESS DATE: 20100226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPDR INDEX SHARES FUNDS (Formerly streetTRACKS Index Shares Funds) CENTRAL INDEX KEY: 0001168164 IRS NUMBER: 421537593 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21145 FILM NUMBER: 10638664 BUSINESS ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: CPH0326 CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 866-787-2257 MAIL ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: CPH0326 CITY: BOSTON STATE: MA ZIP: 02111 FORMER COMPANY: FORMER CONFORMED NAME: STREETTRACKS INDEX SHARES FUNDS (Formerly Fresco Index Shares Funds) DATE OF NAME CHANGE: 20041202 FORMER COMPANY: FORMER CONFORMED NAME: FRESCO INDEX SHARES FUNDS DATE OF NAME CHANGE: 20020225 0001168164 S000006391 SPDR(R) DJ STOXX 50(R) ETF C000017549 SPDR(R) DJ STOXX 50(R) ETF FEU 0001168164 S000006392 SPDR(R) DJ EURO STOXX 50(R) ETF C000017550 SPDR(R) DJ EURO STOXX 50(R) ETF FEZ 0001168164 S000014037 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF C000038336 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF GAF 0001168164 S000014038 SPDR(R) S&P(R) World ex-US ETF C000038337 SPDR(R) S&P(R) World ex-US ETF GWL 0001168164 S000014039 SPDR(R) S&P(R) International Small Cap ETF C000038338 SPDR(R) S&P(R) International Small Cap ETF GWX 0001168164 S000014040 SPDR(R) Dow Jones International Real Estate ETF C000038339 SPDR(R) Dow Jones International Real Estate ETF RWX 0001168164 S000014041 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF C000038340 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF GII 0001168164 S000014042 SPDR(R) MSCI ACWI EX-US ETF C000038341 SPDR(R) MSCI ACWI EX-US ETF CWI 0001168164 S000014043 SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF C000038342 SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF JPP 0001168164 S000014044 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF C000038343 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF JSC 0001168164 S000014046 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF C000038345 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF GMF 0001168164 S000014047 SPDR(R) S&P(R) CHINA ETF C000038346 SPDR(R) S&P(R) CHINA ETF GXC 0001168164 S000014048 SPDR(R) S&P(R) EMERGING MARKETS ETF C000038347 SPDR(R) S&P(R) EMERGING MARKETS ETF GMM 0001168164 S000014049 SPDR(R) S&P(R) BRIC 40 ETF C000038348 SPDR(R) S&P(R) BRIC 40 ETF BIK 0001168164 S000014051 SPDR(R) S&P(R) EMERGING EUROPE ETF C000038350 SPDR(R) S&P(R) EMERGING EUROPE ETF GUR 0001168164 S000014052 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF C000038351 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF GML 0001168164 S000020665 SPDR (R) S&P (R) International Dividend ETF C000057694 SPDR (R) S&P (R) International Dividend ETF DWX 0001168164 S000021246 SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF C000060581 SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF MDD 0001168164 S000021247 SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF C000060582 SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF EWX 0001168164 S000021764 SPDR(R) Dow Jones Global Real Estate ETF C000062489 SPDR(R) Dow Jones Global Real Estate ETF RWO 0001168164 S000022741 SPDR(R) S&P(R) International Consumer Discretionary Sector ETF C000065794 SPDR(R) S&P(R) International Consumer Discretionary Sector ETF IPD 0001168164 S000022742 SPDR(R) S&P(R) International Utilities Sector ETF C000065795 SPDR(R) S&P(R) International Utilities Sector ETF IPU 0001168164 S000022743 SPDR(R) S&P(R) International Consumer Staples Sector ETF C000065796 SPDR(R) S&P(R) International Consumer Staples Sector ETF IPS 0001168164 S000022744 SPDR(R) S&P(R) International Energy Sector ETF C000065797 SPDR(R) S&P(R) International Energy Sector ETF IPW 0001168164 S000022745 SPDR(R) S&P(R) International Financial Sector ETF C000065798 SPDR(R) S&P(R) International Financial Sector ETF IPF 0001168164 S000022746 SPDR(R) S&P(R) International Health Care Sector ETF C000065799 SPDR(R) S&P(R) International Health Care Sector ETF IRY 0001168164 S000022747 SPDR(R) S&P(R) International Industrial Sector ETF C000065800 SPDR(R) S&P(R) International Industrial Sector ETF IPN 0001168164 S000022748 SPDR(R) S&P(R) International Materials Sector ETF C000065801 SPDR(R) S&P(R) International Materials Sector ETF IRV 0001168164 S000022749 SPDR(R) S&P(R) International Technology Sector ETF C000065802 SPDR(R) S&P(R) International Technology Sector ETF IPK 0001168164 S000022750 SPDR(R) S&P(R) International Telecommunications Sector ETF C000065803 SPDR(R) S&P(R) International Telecommunications Sector ETF IST N-Q 1 b79222a1nvq.txt SPDR INDEX SHARES FUNDS ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-21145 ------------------------------ SPDR(R) INDEX SHARES FUNDS ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) STATE STREET FINANCIAL CENTER One Lincoln STREET boston, Massachusetts 02110 - ------------------------------------------------------------------------------- (Address of principal executive offices)(Zip code) (Name and Address of Agent for Service) Copy to: James E. Ross Ryan Louvar President Vice President and Senior Counsel SSgA Funds Management Inc. State Street Bank and Trust Company State Street Financial Center One Lincoln Street/CPH0326 One Lincoln Street Boston, MA 02111 Boston, MA 02111 Registrant's telephone number, including area code: (866) 787-2257 Date of fiscal year end: September 30 Date of reporting period: December 31, 2009 ================================================================================ SPDR DJ STOXX 50 ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- COMMON STOCKS -- 99.6% FINLAND -- 1.3% Nokia Oyj..................... 58,568 $ 749,551 ----------- FRANCE -- 13.7% AXA........................... 28,294 671,438 BNP Paribas................... 15,426 1,237,203 France Telecom SA............. 30,358 759,183 GDF Suez (a).................. 20,849 905,918 Sanofi-Aventis................ 16,657 1,315,858 Societe Generale.............. 11,574 812,853 Total SA...................... 34,206 2,208,711 ----------- TOTAL FRANCE.................. 7,911,164 ----------- GERMANY -- 15.1% Allianz SE.................... 7,070 884,022 BASF SE....................... 14,374 896,279 Bayer AG...................... 12,930 1,038,131 Daimler AG.................... 13,936 744,401 Deutsche Bank AG.............. 9,713 688,703 Deutsche Telekom AG........... 46,608 688,101 E.ON AG....................... 31,297 1,312,525 RWE AG........................ 6,460 629,886 SAP AG........................ 13,920 659,066 Siemens AG.................... 12,778 1,177,176 ----------- TOTAL GERMANY................. 8,718,290 ----------- ITALY -- 5.3% Assicurazioni Generali SpA.... 20,896 564,233 Eni SpA....................... 38,116 973,427 Intesa Sanpaolo SpA (b)....... 149,096 673,833 UniCredit SpA (b)............. 248,919 836,592 ----------- TOTAL ITALY................... 3,048,085 ----------- LUXEMBOURG -- 1.1% ArcelorMittal (a)............. 14,452 667,252 ----------- NETHERLANDS -- 2.4% Fortis VVPR Strip (b)......... 33,296 95 ING Groep NV (b).............. 60,404 597,986 Unilever NV................... 24,550 801,325 ----------- TOTAL NETHERLANDS............. 1,399,406 ----------- SPAIN -- 9.6% Banco Bilbao Vizcaya Argentaria SA (a)........... 58,621 1,070,675 Banco Santander SA............ 127,564 2,113,908 Iberdrola SA (a).............. 61,186 585,536 Telefonica SA................. 64,173 1,797,248 ----------- TOTAL SPAIN................... 5,567,367 ----------- SWEDEN -- 0.8% Telefonaktiebolaget LM Ericsson (Class B).......... 47,463 438,063 ----------- SWITZERLAND -- 15.8% ABB, Ltd. (b)................. 36,333 700,827 Credit Suisse Group AG........ 16,860 835,049 Nestle SA..................... 57,088 2,772,254 Novartis AG................... 38,272 2,091,771 Roche Holding AG.............. 10,995 1,869,815 UBS AG (b).................... 55,645 863,944 ----------- TOTAL SWITZERLAND............. 9,133,660 ----------- UNITED KINGDOM -- 34.5% Anglo American PLC (b)........ 20,990 918,912 AstraZeneca PLC............... 22,726 1,068,126 Barclays PLC.................. 179,078 798,147 BG Group PLC.................. 52,443 950,194 BHP Billiton PLC.............. 34,894 1,124,153 BP PLC........................ 293,579 2,844,514 British American Tobacco PLC.. 31,672 1,031,349 Diageo PLC.................... 39,117 684,742 GlaxoSmithKline PLC........... 81,894 1,744,992 HSBC Holdings PLC............. 272,223 3,115,878 Rio Tinto PLC................. 21,678 1,186,727 Royal Dutch Shell PLC (Class A).......................... 55,477 1,679,467 Tesco PLC..................... 124,201 858,422 Vodafone Group PLC............ 825,929 1,916,599 ----------- TOTAL UNITED KINGDOM.......... 19,922,222 ----------- TOTAL COMMON STOCKS -- (Cost $73,991,187).......... 57,555,060 ----------- SHORT TERM INVESTMENTS -- 2.9% UNITED STATES -- 2.9% MONEY MARKET FUNDS -- 2.9% State Street Institutional Liquid Reserves Fund (c).................... 20,609 20,609 State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 1,662,079 1,662,079 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $1,682,688)........... 1,682,688 ----------- TOTAL INVESTMENTS -- 102.5% (Cost $75,673,875).......... 59,237,748 OTHER ASSETS AND LIABILITIES -- (2.5)%....... (1,464,595) ----------- NET ASSETS -- 100.0%.......... $57,773,153 ===========
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (d) Investments of cash collateral for securities loaned. 1 SPDR DJ STOXX 50 ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 18.4% Pharmaceuticals....................... 15.8 Oil, Gas & Consumable Fuels........... 15.0 Metals & Mining....................... 6.7 Food Products......................... 6.2 Diversified Telecommunication Services............................ 5.6 Capital Markets....................... 4.1 Insurance............................. 3.7 Wireless Telecommunication Services... 3.3 Electric Utilities.................... 3.3 Multi-Utilities....................... 2.7 Communications Equipment.............. 2.1 Industrial Conglomerates.............. 2.0 Tobacco............................... 1.8 Chemicals............................. 1.6 Food & Staples Retailing.............. 1.5 Automobiles........................... 1.3 Electrical Equipment.................. 1.2 Beverages............................. 1.2 Software.............................. 1.1 Diversified Financial Services........ 1.0 Short Term Investments................ 2.9 Other Assets & Liabilities............ (2.5) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 2 SPDR DJ EURO STOXX 50 ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ COMMON STOCKS -- 99.8% BELGIUM -- 1.6% Anheuser-Busch InBev NV...... 53,167 $ 2,776,258 ------------ FINLAND -- 2.1% Nokia Oyj.................... 286,629 3,668,267 ------------ FRANCE -- 34.9% Air Liquide SA............... 20,208 2,407,323 Alstom SA.................... 15,451 1,087,577 AXA.......................... 138,486 3,286,377 BNP Paribas.................. 75,467 6,052,640 Carrefour SA................. 46,612 2,244,376 Cie de Saint-Gobain.......... 32,043 1,750,217 Credit Agricole SA........... 80,765 1,432,246 Danone SA.................... 46,954 2,885,337 France Telecom SA............ 148,561 3,715,165 GDF Suez..................... 102,026 4,433,170 L'Oreal SA................... 18,236 2,040,799 LVMH Moet Hennessy Louis Vuitton SA (a)............. 19,709 2,216,388 Sanofi-Aventis............... 81,514 6,439,385 Schneider Electric SA........ 20,053 2,352,894 Societe Generale............. 56,635 3,977,531 Total SA..................... 167,390 10,808,520 Vinci SA (a)................. 39,534 2,238,792 Vivendi...................... 93,781 2,798,013 ------------ TOTAL FRANCE................. 62,166,750 ------------ GERMANY -- 26.2% Allianz SE................... 34,595 4,325,703 BASF SE...................... 70,339 4,385,932 Bayer AG..................... 63,282 5,080,820 Daimler AG................... 68,196 3,642,738 Deutsche Bank AG............. 47,537 3,370,625 Deutsche Boerse AG........... 14,895 1,239,494 Deutsche Telekom AG.......... 228,015 3,366,315 E.ON AG...................... 153,154 6,422,929 Muenchener Rueckversicherungs- Gesellschaft AG............ 15,078 2,350,874 RWE AG....................... 31,610 3,082,150 SAP AG....................... 68,119 3,225,211 Siemens AG................... 62,532 5,760,775 Volkswagen AG (a)............ 3,291 363,575 ------------ TOTAL GERMANY................ 46,617,141 ------------ IRELAND -- 0.8% CRH PLC...................... 53,863 1,469,091 ------------ ITALY -- 10.7% Assicurazioni Generali SpA... 102,256 2,761,114 Enel SpA..................... 487,780 2,832,610 Eni SpA...................... 186,524 4,763,549 Intesa Sanpaolo SpA (b)...... 736,990 3,330,797 Telecom Italia SpA........... 780,951 1,219,070 UniCredit SpA (b)............ 1,218,111 4,093,949 ------------ TOTAL ITALY.................. 19,001,089 ------------ LUXEMBOURG -- 1.8% ArcelorMittal................ 70,787 3,268,252 ------------ NETHERLANDS -- 5.5% Aegon NV (b)................. 117,967 768,409 Fortis VVPR Strip (b)........ 129,370 371 ING Groep NV (b)............. 295,587 2,926,243 Koninklijke (Royal) Philips Electronics NV............. 74,476 2,209,748 Unilever NV (a).............. 120,130 3,921,108 ------------ TOTAL NETHERLANDS............ 9,825,879 ------------ SPAIN -- 16.2% Banco Bilbao Vizcaya Argentaria SA.............. 286,867 5,239,441 Banco Santander SA........... 624,249 10,344,649 Iberdrola SA (a)............. 299,419 2,865,373 Repsol YPF SA................ 60,490 1,625,105 Telefonica SA................ 314,038 8,795,043 ------------ TOTAL SPAIN.................. 28,869,611 ------------ TOTAL COMMON STOCKS -- (Cost $233,703,510)........ 177,662,338 ------------ SHORT TERM INVESTMENTS -- 1.6% UNITED STATES -- 1.6% MONEY MARKET FUNDS -- 1.6% State Street Institutional Liquid Reserves Fund (c)... 11,038 11,038 State Street Navigator Securities Lending Prime Portfolio (c)(d)........... 2,814,976 2,814,976 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $2,826,014).......... 2,826,014 ------------ TOTAL INVESTMENTS -- 101.4% (Cost $236,529,524)........ 180,488,352 OTHER ASSETS AND LIABILITIES -- (1.4)%...... (2,569,234) ------------ NET ASSETS -- 100.0%......... $177,919,118 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (d) Investments of cash collateral for securities loaned. 3 SPDR DJ EURO STOXX 50 ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 19.3% Oil, Gas & Consumable Fuels........... 9.7 Diversified Telecommunication Services............................ 9.6 Insurance............................. 7.6 Electric Utilities.................... 6.8 Pharmaceuticals....................... 6.5 Industrial Conglomerates.............. 4.5 Multi-Utilities....................... 4.2 Food Products......................... 3.8 Chemicals............................. 3.8 Diversified Financial Services........ 2.3 Automobiles........................... 2.3 Communications Equipment.............. 2.1 Electrical Equipment.................. 1.9 Capital Markets....................... 1.9 Metals & Mining....................... 1.8 Software.............................. 1.8 Media................................. 1.6 Beverages............................. 1.6 Food & Staples Retailing.............. 1.3 Construction & Engineering............ 1.3 Textiles, Apparel & Luxury Goods...... 1.2 Personal Products..................... 1.1 Building Products..................... 1.0 Construction Materials................ 0.8 Short Term Investments................ 1.6 Other Assets & Liabilities............ (1.4) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 4 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 98.2% CHINA -- 28.3% Air China, Ltd. (a)......... 1,885,414 $ 1,475,934 Aluminum Corp. of China, Ltd. (a).................. 1,900,304 2,095,369 Angang Steel Co., Ltd. ..... 747,244 1,649,824 Anhui Conch Cement Co., Ltd. ..................... 433,750 2,791,332 Baidu, Inc. ADR (a)......... 15,746 6,475,228 Bank of China, Ltd. ........ 8,182,382 4,432,007 Bank of Communications Co., Ltd. ..................... 2,584,723 3,003,379 China CITIC Bank............ 2,307,285 1,972,814 China Communications Construction Co., Ltd. ... 1,174,000 1,124,937 China Construction Bank Corp. .................... 10,976,768 9,442,168 China COSCO Holdings Co., Ltd. ..................... 1,758,532 2,165,833 China Life Insurance Co., Ltd. ..................... 2,834,708 14,019,906 China Mengniu Dairy Co., Ltd. (a).................. 579,390 2,073,506 China Merchants Bank Co., Ltd. ..................... 1,458,567 3,827,914 China Merchants Property Development Co., Ltd...... 594,500 1,397,687 China Oilfield Services, Ltd. ..................... 2,726,557 3,270,160 China Petroleum & Chemical Corp. .................... 6,999,462 6,237,551 China Railway Construction Corp. .................... 404,000 518,413 China Shenhua Energy Co., Ltd. ..................... 1,437,556 7,044,980 China Shipping Container Lines Co., Ltd. (a)....... 7,619,339 2,751,356 China Shipping Development Co., Ltd. ................ 1,159,215 1,743,147 China Telecom Corp., Ltd. .. 6,853,930 2,863,888 Ctrip.com International, Ltd. ADR (a).............. 46,254 3,323,812 Dongfeng Motor Group Co., Ltd. ..................... 2,536,763 3,657,574 Focus Media Holding, Ltd. ADR (a)(b)................ 42,282 670,170 Guangzhou R&F Properties Co., Ltd. ................ 1,068,976 1,888,687 Huaneng Power International, Inc. ..................... 2,434,472 1,378,290 Industrial & Commercial Bank of China.................. 13,272,180 11,022,993 Inner Mongolia Yitai Coal Co., Ltd. ................ 187,352 1,618,909 Jiangsu Expressway Co. ..... 2,254,060 2,011,606 Jiangxi Copper Co., Ltd. ... 1,023,578 2,423,623 Lenovo Group, Ltd. ......... 3,569,703 2,237,380 Maanshan Iron & Steel (Class H) (a).................... 1,750,971 1,282,622 Mindray Medical International, Ltd. ADR (b)....................... 19,567 663,713 NetEase.com ADR (a)(b)...... 64,990 2,444,274 PetroChina Co., Ltd. ....... 8,353,379 10,040,365 Ping An Insurance Group Co. of China, Ltd. ........... 535,364 4,694,934 Samling Global, Ltd. ....... 3,744,707 328,396 Semiconductor Manufacturing International Corp. (a)... 13,118,837 845,935 Shanghai Electric Group Co., Ltd. ..................... 3,159,179 1,462,649 SINA Corp. (a)(b)........... 26,148 1,181,367 Sinopec Shanghai Petrochemical Co., Ltd. (a)....................... 2,293,252 907,949 Sohu.com, Inc. (a)(b)....... 6,744 386,296 Suntech Power Holdings Co., Ltd. ADR (a)(b)........... 49,857 829,122 Tencent Holdings, Ltd. ..... 373,794 8,122,760 Tingyi Cayman Islands Holding Corp. ............ 1,156,383 2,863,349 Yanzhou Coal Mining Co., Ltd. ..................... 1,304,882 2,887,752 Zijin Mining Group Co., Ltd. ..................... 1,901,790 1,819,860 ------------ TOTAL CHINA................. 153,371,720 ------------ HONG KONG -- 8.2% Agile Property Holdings, Ltd. ..................... 2,168,088 3,187,522 China Merchants Holdings International Co., Ltd. .. 598,960 1,950,431 China Mobile, Ltd. (c)...... 1,811,136 17,015,786 China Overseas Land & Investment, Ltd. ......... 1,751,084 3,703,584 China Resources Enterprise.. 724,746 2,649,783 China Unicom, Ltd. ......... 1,612,172 2,137,351 CNOOC, Ltd. ................ 6,822,470 10,734,279 COSCO Pacific, Ltd. ........ 882,143 1,129,691 Denway Motors, Ltd. ........ 3,430,205 2,185,337 ------------ TOTAL HONG KONG............. 44,693,764 ------------ INDIA -- 19.1% Anant Raj Industries, Ltd. ..................... 111,283 319,250 Apollo Hospitals Enterprise, Ltd. ..................... 124,280 1,738,611 Axis Bank, Ltd. ............ 45,187 959,574 Bharat Heavy Electricals, Ltd. ..................... 80,879 4,171,260 Bharti Airtel, Ltd. ........ 746,062 5,305,080 Cipla, Ltd. ................ 328,402 2,371,185 Godrej Industries, Ltd. .... 35,470 140,668 Gujarat Mineral Development Corp., Ltd. .............. 83,575 267,329 HDFC Bank, Ltd. ............ 106,130 3,888,963 Hero Honda Motors, Ltd. .... 119,167 4,414,057 Hindustan Construction Co. ...................... 35,010 110,217 Hindustan Unilever, Ltd. ... 596,825 3,396,779 Hindustan Zinc, Ltd. ....... 69,626 1,816,395 Housing Development & Infrastructure Ltd. (a)... 19,475 151,582 Housing Development Finance Corp., Ltd. .............. 101,067 5,837,931 ICICI Bank, Ltd. ........... 229 4,331 ICICI Bank, Ltd. ADR (b).... 101,644 3,832,995 Idea Cellular, Ltd. (a)..... 915,195 1,140,675 IFCI, Ltd. ................. 16,692 19,549 India Infoline, Ltd. ....... 208,888 580,182 Indiabulls Financial Services, Ltd. ........... 167,791 453,596 Indiabulls Real Estate, Ltd. (a)....................... 32,110 157,117 Indiabulls Securities, Ltd. ..................... 188,746 139,526 Indian Hotels Co., Ltd. .... 1,073,029 2,375,029 Infosys Technologies, Ltd. ADR (b)................... 161,640 8,933,843 ITC, Ltd. GDR............... 225,345 1,214,610 IVRCL Infrastructures & Projects, Ltd. ........... 39,530 298,758 JAI Corp., Ltd. ............ 35,357 158,797 Jaiprakash Associates, Ltd. ..................... 39,817 126,035 Jindal Steel & Power, Ltd. ..................... 45,323 687,418 KEC International, Ltd. .... 6,142 76,836 Lanco Infratech, Ltd. (a)... 37,093 461,520 Larsen & Toubro, Ltd. GDR... 123,032 4,509,123 Mahindra & Mahindra, Ltd. .. 100,868 2,351,816 Mercator Lines, Ltd. ....... 427,496 529,145 Oil & Natural Gas Corp., Ltd. ..................... 153,557 3,900,384 Patel Engineering, Ltd. .... 10,202 98,655 Reliance Capital, Ltd. ..... 63,066 1,163,743
5 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Reliance Communications, Ltd. ..................... 372,516 $ 1,380,475 Reliance Industries, Ltd. GDR (d)................... 278,467 12,948,716 Reliance Infrastructure, Ltd. ..................... 134,120 3,314,451 Satyam Computer Services, Ltd. ADR (a).............. 109,713 505,777 Siemens India, Ltd. ........ 138,363 1,727,493 State Bank of India......... 22,811 1,112,756 Steel Authority of India, Ltd. ..................... 422,681 2,179,939 Sterlite Industries India, Ltd. ..................... 81,568 1,512,869 Suzlon Energy, Ltd. (a)..... 252,290 490,376 Tata Consultancy Services, Ltd. ..................... 167,912 2,701,891 Tata Motors, Ltd. .......... 157,697 2,650,028 Unitech, Ltd. .............. 247,313 438,451 United Spirits, Ltd. ....... 20,350 551,092 Wipro, Ltd. ADR (b)......... 128,862 2,869,757 Zee Entertainment Enterprises, Ltd. ........ 230,861 1,268,036 ------------ TOTAL INDIA................. 103,754,671 ------------ INDONESIA -- 3.7% Astra International Tbk PT.. 1,299,720 4,800,456 Bakrieland Development Tbk PT (a).................... 6,150,000 126,338 Bank Central Asia Tbk PT.... 8,037,796 4,149,368 Bank Rakyat Indonesia Tbk PT........................ 3,831,648 3,119,969 Bumi Resources Tbk PT....... 6,654,964 1,717,753 Indosat Tbk PT.............. 1,190,748 598,859 Perusahaan Gas Negara Tbk PT........................ 5,672,140 2,354,587 Telekomunikasi Indonesia Tbk PT........................ 2,968,094 2,985,470 ------------ TOTAL INDONESIA............. 19,852,800 ------------ MALAYSIA -- 5.1% Alliance Financial Group Bhd....................... 2,581,600 2,043,264 Bintulu Port Holdings Bhd... 897,306 1,703,414 Bursa Malaysia Bhd.......... 702,207 1,638,620 Carlsberg Brewery Bhd....... 1,510,503 2,002,828 Ecm Libra Financial Group Bhd....................... 5,505,800 1,037,161 Genting Bhd................. 1,449,100 3,106,423 IJM Corp. Bhd............... 1,585,240 2,074,146 IOI Corp. Bhd............... 1,971,496 3,149,557 Landmarks Bhd (a)........... 1,805,600 653,897 Lingkaran Trans Kota Holdings Bhd.............. 3,249,700 2,647,974 Malaysian Airline System Bhd (a)....................... 1,453,933 1,154,993 Naim Cendera Holding Bhd.... 1,956,713 1,680,122 OSK Holdings Bhd............ 2,040,500 1,019,058 OSK Ventures International Bhd (a)................... 328,864 63,871 Star Publications Malaysia Bhd....................... 100,200 93,060 Tan Chong Motor Holdings Bhd....................... 778,300 709,199 Uchi Technologies Bhd....... 2,483,100 971,774 Wah Seong Corp Bhd.......... 1,896,800 1,301,834 Zelan Bhd (a)............... 1,962,500 389,749 ------------ TOTAL MALAYSIA.............. 27,440,944 ------------ PHILIPPINES -- 1.2% Ayala Land, Inc. ........... 8,179,158 1,990,386 First Gen Corp. (a)......... 3,174,850 666,149 First Philippine Holdings Corp. .................... 1,480,363 1,537,041 Philippine Long Distance Telephone Co. ............ 42,004 2,380,499 ------------ TOTAL PHILIPPINES........... 6,574,075 ------------ TAIWAN -- 29.5% Acer, Inc. ................. 1,181,071 3,552,260 Advanced Semiconductor Engineering, Inc. ........ 2,479,758 2,236,705 Asia Cement Corp. .......... 1,624,260 1,757,055 Asustek Computer, Inc. ..... 1,375,404 2,657,495 AU Optronics Corp. ADR (b).. 321,310 3,852,507 Catcher Technology Co., Ltd. ..................... 445,539 1,243,915 Cathay Financial Holding Co., Ltd. (a)............. 1,925,900 3,594,692 Chang Hwa Commercial Bank... 3,804,000 1,813,694 Chi Mei Optoelectronics Corp. GDR (a)............. 70,037 492,679 China Development Financial Holding Corp. (a)......... 5,612,553 1,719,650 China Steel Chemical Corp. .................... 1,517,877 4,128,663 China Steel Corp. .......... 3,330,119 3,435,796 Chinatrust Financial Holding Co., Ltd. ................ 3,795,614 2,367,438 Chunghwa Picture Tubes, Ltd. (a)....................... 5,587,000 717,917 Chunghwa Telecom Co., Ltd. ..................... 1,438,195 2,675,398 Compal Electronics, Inc. ... 2,447,461 3,393,619 Delta Electronics, Inc. .... 771,893 2,413,297 Epistar Corp. .............. 346,170 1,298,746 Everlight Electronics Co., Ltd. ..................... 281,996 1,057,981 Far Eastern Textile Co., Ltd. ..................... 2,320,099 2,901,484 First Financial Holding Co., Ltd....................... 2,756,796 1,710,877 Formosa Chemicals & Fibre Corp. .................... 1,284,390 2,786,827 Formosa Plastics Corp. ..... 1,892,940 3,982,956 Foxconn Technology Co., Ltd. ..................... 471,853 1,829,288 Fubon Financial Holding Co., Ltd. (a).................. 2,504,000 3,076,667 High Tech Computer Corp. ... 298,949 3,425,506 Hon Hai Precision Industry Co., Ltd. ................ 2,200,440 10,422,594 Hua Nan Financial Holdings Co., Ltd. ................ 2,472,044 1,557,345 King Yuan Electronics Co., Ltd. ..................... 3,464,898 1,646,598 Largan Precision Co., Ltd. ..................... 71,710 943,877 Lite-On Technology Corp. ... 1,059,175 1,591,163 Macronix International Co., Ltd. ..................... 2,461,411 1,408,280 MediaTek, Inc. ............. 398,279 6,948,247 Mega Financial Holding Co., Ltd. ..................... 3,175,000 1,836,408 Motech Industries, Inc. .... 160,510 762,780 Nan Ya Plastics Corp. ...... 1,933,960 3,525,086 Novatek Microelectronics Corp., Ltd. .............. 273,062 913,479 Polaris Securities Co., Ltd. (a)....................... 7,807,150 4,649,874 Powerchip Semiconductor Corp. (a)................. 3,916,638 489,809 Powertech Technology, Inc. ..................... 588,744 1,997,146 ProMOS Technologies, Inc. (a)....................... 2,749,000 185,645 Quanta Computer, Inc. ...... 1,676,194 3,647,432 Realtek Semiconductor Corp. .................... 542,463 1,602,712 Shin Kong Financial Holding Co., Ltd. (a)............. 3,635,926 1,511,890 Siliconware Precision Industries Co. ........... 1,306,745 1,771,061 SinoPac Financial Holdings Co., Ltd. (a)............. 4,062,000 1,638,262 Tainan Enterprises.......... 3,282,567 3,828,037 Taishin Financial Holdings Co., Ltd. (a)............. 3,987,000 1,570,617 Taiwan Cement Corp. ........ 1,925,322 2,046,614 Taiwan Fu Hsing Industrial Co., Ltd. ................ 2,605,000 1,645,177 Taiwan Semiconductor Manufacturing Co., Ltd. ADR....................... 1,554,037 17,778,183 Tatung Co., Ltd. (a)........ 2,930,000 718,187 Tripod Technology Corp. .... 628,839 2,123,327
6 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Uni-President Enterprises Corp. .................... 2,041,403 $ 2,517,847 United Integrated Services Co., Ltd. ................ 1,932,000 1,670,152 United Microelectronics Corp. ADR (a)(b).......... 1,094,445 4,246,447 Via Technologies, Inc. (a).. 583,981 334,121 Walsin Lihwa Corp. (a)...... 6,841,000 2,555,884 Wistron Corp. .............. 1,054,955 2,048,232 Yageo Corp. ................ 5,532,000 2,023,586 Yuanta Financial Holding Co., Ltd. ................ 2,206,000 1,620,791 ------------ TOTAL TAIWAN................ 159,900,002 ------------ THAILAND -- 3.1% Advanced Info Service PCL... 824,023 2,137,912 Bangkok Expressway PCL...... 3,129,665 1,952,521 Electricity Generating PCL (Foreign ownership limit).................... 794,496 1,882,579 IRPC PCL.................... 5,322,239 699,202 Kasikornbank PCL............ 1,159,098 2,955,109 PTT Exploration & Production PCL....................... 693,605 3,058,186 PTT PCL..................... 442,036 3,261,573 Thai Oil PCL................ 831,791 1,066,559 ------------ TOTAL THAILAND.............. 17,013,641 ------------ TOTAL COMMON STOCKS -- (Cost $458,658,260)....... 532,601,617 ------------ PREFERRED STOCK -- 0.0% (e) MALAYSIA -- 0.0% (e) Malaysian Airline System Bhd (Cost $922)............... 4,392 885 ------------ RIGHTS -- 0.1% PHILIPPINES -- 0.1% First Gen Corp. (expiring 01/14/10) (a) (Cost $0)................. 5,269,492 307,757 ------------ WARRANTS -- 0.0% (e) MALAYSIA -- 0.0% (e) IJM Land Berhad (expiring 09/11/13) (a) (Cost $0)................. 27,580 11,116 ------------ SHORT TERM INVESTMENTS -- 2.1% UNITED STATES -- 2.1% MONEY MARKET FUNDS -- 2.1% State Street Institutional Liquid Reserves Fund (c)(f).................... 100 100 State Street Navigator Securities Lending Prime Portfolio (f)(g).......... 11,595,534 11,595,534 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $11,595,634)........ 11,595,634 ------------ TOTAL INVESTMENTS -- 100.4% (Cost $470,254,816)....... 544,517,009 OTHER ASSETS AND LIABILITIES -- (0.4)%..... (2,215,853) ------------ NET ASSETS -- 100.0%........ $542,301,156 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2009. (c) Security, or a portion thereof, is designated on the Fund's books or pledged as collateral for futures contracts. (d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 2.4% of net assets as of December 31, 2009, is 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. (See accompanying Notes to Schedules of Investments) (g) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt At December 31, 2009, open futures contracts purchased were as follows:
EXPIRATION AGGREGATE UNREALIZED FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION - ------- ---------- --------- ---------- ---------- ------------ MSCI Taiwan Index Futures.... 1/10/10 262 $7,654,330 $7,744,720 $90,390
7 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 12.9% Oil, Gas & Consumable Fuels........... 12.0 Semiconductors & Semiconductor Equipment........................... 8.2 Wireless Telecommunication Services... 5.5 Computers & Peripherals............... 4.7 Electronic Equipment, Instruments & Components.......................... 4.6 Insurance............................. 4.4 Metals & Mining....................... 3.6 Internet Software & Services.......... 3.4 Automobiles........................... 3.3 Chemicals............................. 2.9 IT Services........................... 2.8 Real Estate Management & Development.. 2.7 Transportation Infrastructure......... 2.1 Construction & Engineering............ 2.1 Diversified Telecommunication Services............................ 2.0 Food Products......................... 2.0 Electrical Equipment.................. 1.9 Hotels, Restaurants & Leisure......... 1.7 Capital Markets....................... 1.7 Marine................................ 1.3 Construction Materials................ 1.3 Diversified Financial Services........ 1.2 Thrifts & Mortgage Finance............ 1.1 Electric Utilities.................... 0.9 Industrial Conglomerates.............. 0.9 Energy Equipment & Services........... 0.8 Independent Power Producers & Energy Traders............................. 0.7 Textiles, Apparel & Luxury Goods...... 0.7 Household Products.................... 0.6 Machinery............................. 0.5 Distributors.......................... 0.5 Airlines.............................. 0.5 Beverages............................. 0.5 Pharmaceuticals....................... 0.4 Gas Utilities......................... 0.4 Media................................. 0.4 Health Care Providers & Services...... 0.3 Building Products..................... 0.3 Tobacco............................... 0.2 Household Durables.................... 0.1 Health Care Equipment & Supplies...... 0.1 Paper & Forest Products............... 0.1 Short Term Investments................ 2.1 Other Assets & Liabilities............ (0.4) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 8 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.6% CHINA -- 99.6% AIR FREIGHT & LOGISTICS -- 0.1% Sinotrans, Ltd. ............ 3,170,000 $ 833,990 ------------ AIRLINES -- 0.4% Air China, Ltd. (a)......... 3,038,000 2,378,197 ------------ AUTOMOBILES -- 2.0% Brilliance China Automotive Holdings, Ltd. (a)........ 3,714,000 1,048,957 Denway Motors, Ltd. ........ 6,900,000 4,395,896 Dongfeng Motor Group Co., Ltd. ..................... 4,172,000 6,015,303 ------------ 11,460,156 ------------ BEVERAGES -- 0.5% Tsingtao Brewery Co., Ltd. ..................... 490,000 2,717,290 ------------ BIOTECHNOLOGY -- 0.1% American Oriental Bioengineering, Inc. (a)(b).................... 66,893 311,052 ------------ CHEMICALS -- 0.6% China Bluechemical, Ltd. ... 2,584,000 1,582,915 Sinofert Holdings, Ltd. .... 1,286,000 719,784 Sinopec Shanghai Petrochemical Co., Ltd. (a)....................... 3,360,000 1,330,298 ------------ 3,632,997 ------------ COMMERCIAL BANKS -- 17.6% Bank of China, Ltd. ........ 28,010,000 15,171,684 Bank of Communications Co., Ltd. ..................... 6,628,000 7,701,560 China CITIC Bank............ 1,927,393 1,647,992 China Construction Bank Corp. .................... 40,639,000 34,957,491 China Merchants Bank Co., Ltd. ..................... 4,000,450 10,498,921 Industrial & Commercial Bank of China.................. 40,682,000 33,787,773 ------------ 103,765,421 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.0% (c) Bio-Treat Technology, Ltd. (a)....................... 1,525,015 70,605 ------------ COMMUNICATIONS EQUIPMENT -- 0.7% AAC Acoustic Technology Holdings, Inc. ........... 976,000 1,613,649 ZTE Corp. .................. 432,044 2,674,488 ------------ 4,288,137 ------------ COMPUTERS & PERIPHERALS -- 0.7% Lenovo Group, Ltd. ......... 4,658,000 2,919,491 TPV Technology, Ltd. ....... 1,976,000 1,218,109 ------------ 4,137,600 ------------ CONSTRUCTION & ENGINEERING -- 0.9% China Communications Construction Co., Ltd. ... 4,474,394 4,287,404 China Railway Construction Corp. .................... 923,000 1,184,394 ------------ 5,471,798 ------------ CONSTRUCTION MATERIALS -- 0.9% Anhui Conch Cement Co., Ltd. ..................... 490,000 3,153,320 China National Building Material Co., Ltd. ....... 1,138,000 2,356,998 ------------ 5,510,318 ------------ DISTRIBUTORS -- 0.9% China Resources Enterprise.. 1,508,000 5,513,480 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.4% China Communications Services Corp., Ltd. ..... 1,629,369 802,702 China Telecom Corp., Ltd. .. 17,532,000 7,325,679 ------------ 8,128,381 ------------ ELECTRICAL EQUIPMENT -- 2.5% Byd Co., Ltd. (a)........... 924,400 8,160,275 Dongfang Electrical Machinery Co., Ltd. ...... 175,000 938,864 Harbin Power Equipment Co., Ltd. ..................... 812,000 726,753 Shanghai Electric Group Co., Ltd. ..................... 4,540,000 2,101,947 Suntech Power Holdings Co., Ltd. ADR (a)(b)........... 153,231 2,548,232 ------------ 14,476,071 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.0% (c) China BAK Battery, Inc. (a)....................... 12,810 35,612 ------------ ENERGY EQUIPMENT & SERVICES -- 0.6% China Oilfield Services, Ltd. ..................... 2,712,000 3,252,700 ------------ FOOD PRODUCTS -- 2.9% Chaoda Modern Agriculture Holdings, Ltd. ........... 2,276,254 2,436,521 China Foods, Ltd. .......... 1,339 1,202 China Huiyuan Juice Group, Ltd. ..................... 888,948 632,830 China Mengniu Dairy Co., Ltd. (a).................. 1,209,000 4,326,739 China Milk Products Group, Ltd. (a)(b)............... 1,648,000 399,102 China Yurun Food Group, Ltd. ..................... 962,000 2,853,477 People's Food Holdings, Ltd. ..................... 1,317,000 586,292 Pine Agritech, Ltd. (a)..... 203,000 23,858 Tingyi Cayman Islands Holding Corp. ............ 2,388,000 5,912,987 ------------ 17,173,008 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.1% China Medical Technologies, Inc. ADR (b).............. 30,030 421,922 Mindray Medical International, Ltd. ADR (b)....................... 9,444 320,340 ------------ 742,262 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.3% China Travel International Investment Hong Kong, Ltd. ..................... 3,362,000 1,005,905 Ctrip.com International, Ltd. ADR (a).............. 73,269 5,265,110 Home Inns & Hotels Management, Inc. ADR (a)(b).................... 3,376 119,342 Shanghai Jin Jiang International Hotels Group Co., Ltd. ................ 4,498,000 1,299,388 ------------ 7,689,745 ------------ HOUSEHOLD DURABLES -- 0.0% (c) China Digital TV Holding Co., Ltd. ADR (b)......... 24,889 151,574 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 1.5% China Power International Development, Ltd. (a)..... 2,958,000 743,882
9 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ China Resources Power Holdings Co. ............. 1,418,000 $ 2,823,546 Datang International Power Generation Co., Ltd. ..... 4,496,000 1,942,417 Huadian Power International Co. (a)................... 2,714,000 721,022 Huaneng Power International, Inc. ..................... 4,498,000 2,546,569 ------------ 8,777,436 ------------ INDUSTRIAL CONGLOMERATES -- 0.6% Shanghai Industrial Holdings, Ltd. ........... 726,000 3,712,370 ------------ INSURANCE -- 10.8% China Insurance International Holdings Co., Ltd. (a)............. 863,400 2,794,841 China Life Insurance Co., Ltd. ..................... 8,729,000 43,171,910 PICC Property & Casualty Co., Ltd. (a)............. 3,190,000 2,879,785 Ping An Insurance Group Co. of China, Ltd. ........... 1,681,500 14,746,101 ------------ 63,592,637 ------------ INTERNET SOFTWARE & SERVICES -- 6.3% Baidu, Inc. ADR (a)......... 23,577 9,695,570 Giant Interactive Group, Inc. ADR (b).............. 31,182 218,898 NetEase.com ADR (a)(b)...... 166,173 6,249,766 SINA Corp. (a)(b)........... 53,567 2,420,157 Sohu.com, Inc. (a)(b)....... 36,030 2,063,798 Tencent Holdings, Ltd. ..... 765,500 16,634,759 The9, Ltd. ADR (b).......... 2,383 17,205 ------------ 37,300,153 ------------ IT SERVICES -- 0.2% Travelsky Technology, Ltd. ..................... 1,195,000 1,206,705 ------------ MACHINERY -- 0.6% China Infrastructure Machinery Holdings, Ltd. ..................... 1,148 798 Guangzhou Shipyard International Co., Ltd. .. 164,000 279,606 Weichai Power Co., Ltd. .... 395,800 3,200,477 ------------ 3,480,881 ------------ MARINE -- 1.8% China COSCO Holdings Co., Ltd. ..................... 3,247,875 4,000,130 China Shipping Container Lines Co., Ltd. (a)....... 5,648,500 2,039,683 China Shipping Development Co., Ltd. ................ 1,902,000 2,860,095 Yangzijiang Shipbuilding Holdings, Ltd. ........... 1,656,000 1,427,230 ------------ 10,327,138 ------------ MEDIA -- 0.3% Focus Media Holding, Ltd. ADR (a)(b)................ 109,199 1,730,804 ------------ METALS & MINING -- 3.4% Aluminum Corp. of China, Ltd. (a).................. 4,340,000 4,785,499 Angang Steel Co., Ltd. ..... 1,601,720 3,536,403 Hunan Non-Ferrous Metal Corp., Ltd. (a)........... 2,066,000 804,653 Jiangxi Copper Co., Ltd. ... 1,912,000 4,527,224 Maanshan Iron & Steel (Class H) (a).................... 2,548,000 1,866,462 Zijin Mining Group Co., Ltd. ..................... 4,622,500 4,423,360 ------------ 19,943,601 ------------ MULTILINE RETAIL -- 0.7% Golden Eagle Retail Group, Ltd. ..................... 871,000 1,779,282 Parkson Retail Group, Ltd. ..................... 1,268,000 2,237,055 ------------ 4,016,337 ------------ OIL, GAS & CONSUMABLE FUELS -- 19.0% China Coal Energy Co. ...... 4,235,413 7,778,165 China Petroleum & Chemical Corp. .................... 20,762,000 18,501,998 China Shenhua Energy Co., Ltd. ..................... 3,883,500 19,031,732 CNOOC, Ltd. ................ 17,031,000 26,796,087 CNPC Hong Kong, Ltd. ....... 3,260,000 4,338,791 PetroChina Co., Ltd. ....... 24,046,000 28,902,150 Yanzhou Coal Mining Co., Ltd. ..................... 2,876,000 6,364,695 ------------ 111,713,618 ------------ PAPER & FOREST PRODUCTS -- 0.8% Citic Resources Holdings, Ltd. (a).................. 2,143,200 627,422 Lee & Man Paper Manufacturing Ltd. (a).... 2,038,400 1,406,419 Nine Dragons Paper Holdings, Ltd. ..................... 1,519,000 2,448,720 ------------ 4,482,561 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 4.5% Agile Property Holdings, Ltd. ..................... 2,064,000 3,034,492 China Overseas Land & Investment, Ltd. ......... 4,077,680 8,624,390 China Resources Land, Ltd. ..................... 1,322,000 3,007,471 E-House China Holdings Ltd. (a)(b).................... 41,190 746,363 Greentown China Holdings, Ltd. ..................... 679,000 1,064,816 Guangzhou Investment Co., Ltd. ..................... 5,178,000 1,469,116 Guangzhou R&F Properties Co., Ltd. ................ 1,376,400 2,431,849 Shanghai Forte Land Co. .... 1,738,000 569,318 Shenzhen Investment, Ltd. .. 2,231,254 949,586 Shimao Property Holdings, Ltd. ..................... 1,513,000 2,872,223 Yanlord Land Group, Ltd. (b)....................... 1,270,000 1,962,962 ------------ 26,732,586 ------------ ROAD & RAIL -- 0.2% Guangshen Railway Co., Ltd. ..................... 2,390,000 977,077 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.3% Actions Semiconductor Co., Ltd. ADR (a).............. 133,071 320,701 Semiconductor Manufacturing International Corp. (a)... 18,748,000 1,208,917 ------------ 1,529,618 ------------ SOFTWARE -- 0.3% Shanda Interactive Entertainment, Ltd. ADR (a)(b).................... 33,386 1,756,437 ------------ SPECIALTY RETAIL -- 0.2% Xinyu Hengdeli Holdings, Ltd. ..................... 3,799,360 1,440,553 ------------
10 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ TEXTILES, APPAREL & LUXURY GOODS -- 1.0% Li Ning Co., Ltd. .......... 959,500 $ 3,650,383 Ports Design, Ltd. ......... 446,500 1,387,746 Weiqiao Textile Co. ........ 1,005,500 689,866 ------------ 5,727,995 ------------ TRANSPORTATION INFRASTRUCTURE -- 2.6% Anhui Expressway Co., Ltd. ..................... 1,602,000 1,115,649 Beijing Capital International Airport Co., Ltd. (a).................. 2,388,000 1,582,956 China Merchants Holdings International Co., Ltd. .. 1,394,406 4,540,692 COSCO Pacific, Ltd. ........ 1,520,083 1,946,650 Dalian Port PDA Co., Ltd. .. 1,502,000 581,116 GZI Transportation Ltd. .... 420,217 167,457 Jiangsu Expressway Co. ..... 2,226,000 1,986,565 Shenzhen Expressway Co., Ltd. ..................... 2,066,000 1,017,806 Zhejiang Expressway Co., Ltd. ..................... 2,548,000 2,362,652 ------------ 15,301,543 ------------ WATER UTILITIES -- 0.3% Guangdong Investment, Ltd. ..................... 3,290,000 1,922,054 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 10.0% China Mobile, Ltd. ......... 5,668,000 53,251,372 China Unicom, Ltd. ......... 4,096,492 5,430,960 ------------ 58,682,332 ------------ TOTAL COMMON STOCKS -- (Cost $513,760,734)....... 586,094,830 ------------ SHORT TERM INVESTMENTS -- 1.3% UNITED STATES -- 1.3% MONEY MARKET FUNDS -- 1.3% State Street Institutional Liquid Reserves Fund (d).. 1,141,005 1,141,005 State Street Navigator Securities Lending Prime Portfolio (d)(e).......... 6,721,812 6,721,812 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $7,862,817)......... 7,862,817 ------------ TOTAL INVESTMENTS -- 100.9% (f) (Cost $521,623,551)....................... 593,957,647 OTHER ASSETS AND LIABILITIES -- (0.9)%..... (5,356,626) ------------ NET ASSETS -- 100.0%........ $588,601,021 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2009. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (e) Investments of cash collateral for securities loaned. (f) Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) ADR = American Depositary Receipt 11 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 93.4% BRAZIL -- 17.3% Banco Bradesco SA ADR (a)... 71,724 $ 1,568,604 Banco do Brasil SA.......... 16,453 280,320 Bradespar SA Preference Shares.................... 14,549 321,577 Brasil Telecom SA Preference Shares ADR (a)(b)......... 6,239 181,742 Brasil Telecom SA ADR (a)(b).................... 3,537 56,557 Braskem SA Preference Shares ADR (b)................... 6,009 98,608 BRF -- Brasil Foods SA ADR (a)....................... 4,106 215,031 Centrais Eletricas Brasileiras SA ADR........ 19,245 401,195 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR (a)............ 3,803 285,681 Companhia de Bebidas das Americas Preference Shares ADR (a)................... 9,952 1,006,048 Companhia de Saneamento Basico do Estado de Sao Paulo..................... 7,636 150,600 Companhia Energetica de Minas Gerais ADR.......... 21,165 382,240 Companhia Siderurgica Nacional SA ADR (a)....... 24,611 785,829 Cosan SA Industria e Comercio (b).............. 5,755 84,516 Cyrela Brazil Realty SA..... 16,217 227,924 Cyrela Commercial Properties SA Empreendimentos e Participacoes............. 1,519 10,674 Duratex SA.................. 12,115 112,588 Empresa Brasileira de Aeronautica SA............ 24,762 135,089 Fibria Celulose SA ADR (a)(b).................... 10,763 245,827 Gerdau SA ADR (a)........... 36,655 624,235 Investimentos Itau SA....... 26,558 209,941 Investimentos Itau SA Preference Shares......... 141,791 963,873 Itau Unibanco Banco Multiplo SA ADR.................... 115,488 2,637,746 Lojas Americanas SA Preference Shares......... 14,254 126,987 Lojas Renner SA............. 10,489 236,472 Metalurgica Gerdau SA Preference Shares......... 18,070 361,980 MMX Mineracao e Metalicos SA (b)....................... 4,894 34,672 Natura Cosmeticos SA........ 8,859 184,529 Petroleo Brasileiro SA ADR (c)....................... 71,707 3,039,660 Petroleo Brasileiro SA ADR (a)(c).................... 53,508 2,551,261 Souza Cruz SA............... 5,850 193,837 Tam SA ADR (a)(b)........... 4,577 101,701 Tim Participacoes SA ADR.... 4,534 134,705 Tractebel Energia SA ADR (a)....................... 7,723 95,386 Usinas Siderurgicas de Minas Gerais SA ADR (a)......... 14,401 408,023 Vale SA Preference Shares ADR (a)................... 92,743 2,301,881 Vale SA ADR (a)............. 72,000 2,090,160 Vivo Participacoes SA Preference Shares......... 9,463 295,746 Vivo Participacoes SA, ADR (a)....................... 4,004 124,124 Weg SA...................... 14,380 151,785 ------------ TOTAL BRAZIL................ 23,419,354 ------------ CHILE -- 1.9% Administradora de Fondos de Pensiones Caprum SA....... 3,414 129,897 Antarchile SA............... 10,306 188,952 Cementos Bio-Bio SA......... 48,382 109,211 Companhia General de Electricidad.............. 23,200 156,877 Empresa Nacional de Electricidad SA ADR....... 5,668 284,930 Empresas COPEC SA........... 23,726 355,013 Enersis SA ADR.............. 13,847 316,542 Farmacias Ahumada SA........ 32,799 72,678 Lan Airlines SA ADR (a)..... 9,124 152,097 Parque Arauco SA............ 132,691 151,722 SACI Falabella.............. 71,919 424,638 Vina Concha y Toro SA ADR... 3,714 154,540 Vina San Pedro SA........... 16,602,846 121,105 ------------ TOTAL CHILE................. 2,618,202 ------------ CHINA -- 13.4% AAC Acoustic Technology Holdings, Inc. ........... 84,000 138,880 Air China, Ltd. (b)......... 122,000 95,504 Aluminum Corp. of China, Ltd. (b).................. 208,000 229,351 Angang Steel Co., Ltd. ..... 44,640 98,560 Anhui Conch Cement Co., Ltd. ..................... 42,000 270,285 Baidu, Inc. ADR (b)......... 1,393 572,843 Bank of China, Ltd. ........ 1,042,000 564,402 Bank of Communications Co., Ltd. ..................... 275,000 319,543 Beijing Capital International Airport Co., Ltd. (b).................. 126,000 83,523 China CITIC Bank............ 237,000 202,644 China Coal Energy Co. ...... 209,000 383,820 China Communications Construction Co., Ltd. ... 194,000 185,892 China Construction Bank Corp. .................... 1,161,000 998,687 China COSCO Holdings Co., Ltd. ..................... 149,925 184,650 China Life Insurance Co., Ltd. ..................... 361,000 1,785,435 China Mengniu Dairy Co., Ltd. (b).................. 60,000 214,726 China Merchants Bank Co., Ltd. ..................... 166,500 436,968 China Oilfield Services, Ltd. ..................... 164,000 196,697 China Petroleum & Chemical Corp. .................... 820,000 730,741 China Railway Construction Corp. .................... 105,000 134,736 China Railway Group, Ltd. (b)....................... 188,000 146,442 China Shenhua Energy Co., Ltd. ..................... 167,000 818,411 China Shipping Container Lines Co., Ltd. (b)....... 340,350 122,901 China Shipping Development Co., Ltd. ................ 84,000 126,313 China Telecom Corp., Ltd. .. 758,000 316,727 CNPC Hong Kong, Ltd. ....... 210,000 279,493 Ctrip.com International, Ltd. ADR (b).............. 4,277 307,345 Datang International Power Generation Co., Ltd. ..... 252,000 108,872 Dongfang Electrical Machinery Co., Ltd. ...... 3,800 20,387 Dongfeng Motor Group Co., Ltd. ..................... 210,000 302,784 Focus Media Holding, Ltd. ADR (a)(b)................ 4,768 75,573 Guangshen Railway Co., Ltd. ..................... 168,000 68,681 Guangzhou R&F Properties Co., Ltd. ................ 75,600 133,571 Harbin Power Equipment Co., Ltd. ..................... 42,000 37,591
12 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Huadian Power International Co. (b)................... 252,000 $ 66,948 Huaneng Power International, Inc. ..................... 210,000 118,893 Industrial & Commercial Bank of China.................. 1,903,000 1,580,506 Jiangsu Expressway Co. ..... 128,000 114,232 Jiangxi Copper Co., Ltd. ... 44,000 104,183 Lenovo Group, Ltd. ......... 288,000 180,510 Li Ning Co., Ltd. .......... 42,000 159,787 Maanshan Iron & Steel (b)... 126,000 92,298 NetEase.com ADR (a)(b)...... 5,045 189,742 Nine Dragons Paper Holdings, Ltd. ..................... 63,000 101,560 Parkson Retail Group, Ltd. ..................... 51,134 90,213 PetroChina Co., Ltd. ....... 924,000 1,110,604 PICC Property & Casualty Co., Ltd. (b)............. 168,000 151,663 Pine Agritech, Ltd. (b)..... 171,000 20,097 Ping An Insurance Group Co. of China, Ltd. ........... 63,000 552,485 Semiconductor Manufacturing International Corp. (b)... 714,000 46,040 Shanghai Electric Group Co., Ltd. ..................... 210,000 97,227 Shenzhen Expressway Co., Ltd. ..................... 168,000 82,764 SINA Corp. (a)(b)........... 2,424 109,516 Sinopec Shanghai Petrochemical Co., Ltd. (b)....................... 168,000 66,515 Sinotrans, Ltd. ............ 210,000 55,249 Suntech Power Holdings Co., Ltd. ADR (b).............. 4,106 68,283 Tencent Holdings, Ltd. ..... 42,000 912,684 Tingyi Cayman Islands Holding Corp. ............ 126,000 311,992 TPV Technology, Ltd. ....... 168,000 103,564 Travelsky Technology, Ltd. ..................... 102,000 102,999 Weiqiao Textile Co. ........ 53,000 36,363 Yanzhou Coal Mining Co., Ltd. ..................... 126,000 278,843 Zhejiang Expressway Co., Ltd. ..................... 162,000 150,216 Zijin Mining Group Co., Ltd. ..................... 170,000 162,676 ZTE Corp. .................. 30,752 190,364 ------------ TOTAL CHINA................. 18,101,994 ------------ CZECH REPUBLIC -- 0.6% CEZ AS...................... 8,820 414,067 Komercni Banka AS........... 961 205,161 Telefonica O2 Czech Republic AS........................ 6,198 140,772 Unipetrol (b)............... 6,282 47,617 ------------ TOTAL CZECH REPUBLIC........ 807,617 ------------ EGYPT -- 0.7% Commercial International Bank...................... 24,325 241,930 Egyptian Co. for Mobile Services.................. 3,877 170,348 Egyptian Financial Group- Hermes Holding............ 15,184 69,570 Egyptian Kuwait Holding Co. ...................... 19,502 39,004 Orascom Construction Industries................ 6,116 274,324 Orascom Telecom Holding SAE....................... 6,480 29,548 Orascom Telecom Holding SAE GDR (c)................... 3,441 79,109 Orascom Telecom Holding SAE GDR (c)................... 200 4,598 ------------ TOTAL EGYPT................. 908,431 ------------ HONG KONG -- 4.6% Agile Property Holdings, Ltd. ..................... 126,000 185,245 Chaoda Modern Agriculture Holdings, Ltd. ........... 122,550 131,179 China Merchants Holdings International Co., Ltd. .. 43,380 141,261 China Mobile, Ltd. ......... 235,500 2,212,544 China Overseas Land & Investment, Ltd. ......... 171,200 362,092 China Power International Development, Ltd. (b)..... 210,000 52,811 China Resources Enterprise.. 42,000 153,558 China Resources Land, Ltd. ..................... 84,000 191,095 China Resources Power Holdings Co. ............. 89,600 178,413 China Travel International Investment Hong Kong, Ltd. ..................... 204,000 61,036 China Unicom, Ltd. ......... 173,668 230,242 Citic Pacific, Ltd. ........ 37,000 99,729 CNOOC, Ltd. ................ 804,000 1,264,991 COSCO Pacific, Ltd. ........ 84,691 108,457 Denway Motors, Ltd. ........ 290,000 184,755 Guangdong Investment, Ltd. ..................... 170,000 99,316 Guangzhou Investment Co., Ltd. ..................... 292,000 82,847 GZI Transportation, Ltd. ... 25,258 10,065 Kingboard Chemical Holdings, Ltd. ..................... 30,500 121,150 Shimao Property Holdings, Ltd. ..................... 63,000 119,597 Xinyu Hengdeli Holdings, Ltd. ..................... 492,000 186,545 ------------ TOTAL HONG KONG............. 6,176,928 ------------ HUNGARY -- 0.8% FHB Mortgage Bank NyRt (b).. 14,359 99,185 MOL Hungarian Oil and Gas NyRt (b).................. 3,521 317,803 OTP Bank NyRt (a)(b)........ 12,754 369,456 Richter Gedeon NyRt......... 1,049 238,932 Tiszai Vegyi Kominat NyRt... 1,482 26,753 ------------ TOTAL HUNGARY............... 1,052,129 ------------ INDIA -- 8.6% Ambuja Cements, Ltd. GDR.... 17,217 38,570 Ambuja Cements, Ltd. ....... 6,752 15,126 Anant Raj Industries, Ltd. ..................... 31,949 91,656 Bajaj Holdings & Investment, Ltd. ..................... 1,786 22,861 BF Utilities, Ltd. (b)...... 7,339 200,922 Bharat Heavy Electricals, Ltd. ..................... 7,418 382,577 Bharti Airtel, Ltd. ........ 96,779 688,174 Cipla, Ltd. ................ 25,315 182,784 Dr. Reddy's Laboratories, Ltd. ADR (a).............. 7,848 190,000 Gail India, Ltd. ........... 27,854 247,983 Godrej Industries, Ltd. .... 13,605 53,955 Grasim Industries, Ltd. GDR (d)....................... 731 38,962 Grasim Industries, Ltd. (d)....................... 288 15,318 HCL Technologies, Ltd. ..... 7,121 56,780 HDFC Bank, Ltd. ............ 10,255 375,778 Hero Honda Motors, Ltd. .... 8,101 300,069 Hindustan Unilever, Ltd. ... 64,318 366,060 Housing Development Finance Corp., Ltd. .............. 11,009 635,913 ICICI Bank, Ltd. ADR........ 12,183 459,421 India Infoline, Ltd. ....... 99,677 276,851 Indian Hotels Co., Ltd. .... 34,818 77,066
13 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Infosys Technologies, Ltd. ADR (a)................... 21,211 $ 1,172,332 ITC, Ltd. .................. 1,982 10,705 ITC, Ltd. GDR (c)........... 200 1,078 ITC, Ltd. GDR (c)........... 2,611 14,073 ITC, Ltd. GDR (c)(d)........ 22,171 119,490 JAI Corp., Ltd. ............ 31,802 142,830 Larsen & Toubro, Ltd. GDR... 8,684 318,269 Mahindra & Mahindra, Ltd. GDR....................... 7,441 171,143 Maruti Udyog, Ltd. ......... 6,112 205,839 Mercator Lines, Ltd. ....... 84,391 104,457 Monnet Ispat, Ltd. ......... 3,208 25,941 Oil & Natural Gas Corp., Ltd. ..................... 18,124 460,354 Reliance Capital, Ltd. ..... 3,206 59,160 Reliance Communications, Ltd. ..................... 39,438 146,150 Reliance Industries, Ltd. GDR (d)................... 33,628 1,563,702 Reliance Infrastructure, Ltd. ..................... 9,424 232,891 Reliance Mediaworks, Ltd. (b)....................... 29,202 161,275 Siemens India, Ltd. ........ 8,588 107,223 State Bank of India GDR..... 1,973 195,327 Suzlon Energy, Ltd. (b)..... 175,409 340,942 Tata Consultancy Services, Ltd. ..................... 17,472 281,144 Tata Motors, Ltd. ADR (a)... 10,169 171,449 Tata Power Co., Ltd. ....... 7,783 230,990 Tata Steel, Ltd. ........... 13,658 181,089 Unitech, Ltd. .............. 59,775 105,973 United Breweries Holdings, Ltd. (b).................. 8,560 58,863 Wipro, Ltd. ADR (a)......... 12,775 284,499 ------------ TOTAL INDIA................. 11,584,014 ------------ INDONESIA -- 2.0% Astra International Tbk PT.. 127,000 469,069 Bank Central Asia Tbk PT.... 749,500 386,916 Bank Danamon Indonesia Tbk PT........................ 157,710 76,379 Bank Mandiri Persero Tbk PT........................ 397,000 198,606 Bank Rakyat Indonesia Tbk PT........................ 341,500 278,071 Barito Pacific Tbk PT (b)... 358,000 50,680 Bumi Resources Tbk PT....... 645,000 166,485 Indofood Sukses Makmur Tbk PT........................ 473,500 178,917 Indosat Tbk PT.............. 93,000 46,772 Kalbe Farma Tbk PT.......... 520,000 71,953 Medco Energi Internasional Tbk PT.................... 246,000 64,151 Perusahaan Gas Negara Tbk PT........................ 541,000 224,577 Telekomunikasi Indonesia Tbk PT........................ 273,000 274,598 United Tractors Tbk PT...... 138,000 227,674 ------------ TOTAL INDONESIA............. 2,714,848 ------------ ISRAEL -- 3.6% Avner Oil & Gas, Ltd. LP.... 1,248,246 461,667 Bank Hapoalim BM (b)........ 57,114 250,288 Bank Leumi Le-Israel BM (b)....................... 58,204 268,126 Check Point Software Technologies (a)(b)....... 9,615 325,756 Formula Systems (1985), Ltd. ..................... 7,567 82,003 Israel Chemicals, Ltd. ..... 26,275 346,819 Israel Discount Bank, Ltd. (b)....................... 50,197 119,264 Koor Industries, Ltd. ...... 1,304 38,211 Makhteshim-Agan Industries, Ltd. ..................... 22,673 108,337 Mizrahi Tefahot Bank, Ltd. (b)....................... 19,398 178,208 NICE Systems, Ltd. (b)...... 4,023 124,896 Ormat Industries, Ltd. ..... 11,409 103,940 Partner Communications Company, Ltd. ............ 7,677 155,445 Retalix, Ltd. (b)........... 5,211 67,008 Teva Pharmaceutical Industries, Ltd. ......... 37,917 2,136,084 The Israel Corp., Ltd. (b).. 189 137,459 ------------ TOTAL ISRAEL................ 4,903,511 ------------ JORDAN -- 0.2% Arab Bank PLC............... 12,120 208,065 ------------ MALAYSIA -- 2.2% Aeon Co. Bhd................ 151,100 218,883 Alliance Financial Group Bhd....................... 163,000 129,010 Berjaya Sports Toto Bhd..... 79,400 100,873 Bintulu Port Holdings Bhd... 69,294 131,545 Bursa Malaysia Bhd.......... 33,293 77,690 Carlsberg Brewery Bhd....... 242,597 321,668 Dialog Group Bhd............ 250,792 96,684 Digi.Com Bhd................ 21,000 134,685 Genting Bhd................. 127,400 273,106 IGB Corp. Bhd (b)........... 171,500 100,175 IOI Corp. Bhd............... 205,360 328,072 KFC Holdings Bhd............ 82,900 179,165 KNM Group Bhd............... 408,650 91,898 Malaysian Airline System Bhd (b)....................... 112,200 89,131 Malaysian Resources Corp. Bhd (b)................... 171,400 68,580 Multi Purpose Holdings Bhd.. 121,760 66,499 Naim Cendera Holding Bhd.... 103,187 88,601 OSK Holdings Bhd............ 156,600 78,209 OSK Property Holdings Bhd... 14,164 2,151 OSK Ventures International Bhd (b)................... 23,500 4,564 Resorts World Bhd........... 16,600 13,623 SP Setia Bhd................ 103,200 118,150 Sunrise Bhd................. 171,076 102,925 Ta Enterprise Bhd........... 207,100 42,642 TA Global Bhd (b)........... 123,540 16,056 Tebrau Teguh Bhd (b)........ 14,500 2,880 UEM Land Holdings Bhd (b)... 42,525 18,505 WCT Engineering Bhd......... 190,900 144,959 ------------ TOTAL MALAYSIA.............. 3,040,929 ------------ MEXICO -- 5.7% Alfa SAB de CV.............. 22,481 141,649 America Movil SAB de CV (a)....................... 990,822 2,335,248 Axtel SAB de CV (a)(b)...... 68,858 62,184 Cemex SAB de CV (a)(b)...... 384,837 456,897 Coca-Cola Femsa SAB de CV... 34,689 228,959 Consorcio ARA SAB de CV (a)(b).................... 68,417 47,689 Corporacion GEO SAB de CV (b)....................... 29,050 77,301 Desarrolladora Homex SAB de CV (b).................... 12,774 71,818 Empresas ICA SAB de CV (a)(b).................... 28,051 65,533 Fomento Economico Mexicano SAB de CV................. 104,057 500,223 Grupo Aeroportuario del Sureste SAB de CV......... 27,105 140,742 Grupo Bimbo SAB de CV (a)... 33,597 219,255 Grupo Elektra SA de CV...... 4,960 239,729 Grupo Financiero Banorte SAB de CV..................... 70,509 254,808 Grupo Iusacell SA de CV (b)....................... 817 3,242 Grupo Mexico SAB de CV...... 233,299 533,596 Grupo Modelo SAB de CV (b).. 39,393 219,061 Grupo Televisa SA de CV (a)....................... 79,927 333,228
14 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)(b).... 71,225 $ 72,287 Industrias CH SAB, Series B (b)....................... 18,302 64,416 Industrias Penoles SA de CV (a)....................... 6,346 136,589 Kimberly-Clark de Mexico SAB de CV..................... 36,888 165,489 Sare Holding SAB de CV (Class B) (b)............. 81,353 29,911 Telefonos de Mexico SA de CV........................ 285,476 238,345 Telmex Internacional SAB de CV........................ 384,129 341,307 TV Azteca SAB de CV......... 157,393 85,355 Urbi Desarrollos Urbanos SA de CV (b)................. 30,654 69,266 Wal-Mart de Mexico SAB de CV........................ 129,669 579,048 ------------ TOTAL MEXICO................ 7,713,175 ------------ MOROCCO -- 0.7% Banque Marocaine du Commerce Exterieur................. 11,139 374,012 Banque Marocaine pour le Commerce et l'Industrie SA (c)....................... 957 112,162 Banque Marocaine pour le Commerce et l'Industrie SA (b)(c)(e)................. 31 3,633 Douja Promotion Groupe Addoha SA................. 6,253 82,002 Holcim Maroc SA............. 592 141,018 ONA SA...................... 1,073 174,701 ------------ TOTAL MOROCCO............... 887,528 ------------ PERU -- 0.9% Compania de Minas Buenaventura SA........... 11,345 378,167 Credicorp, Ltd. ............ 4,101 315,859 Southern Copper Corp. (a)... 10,659 350,788 Volcan Compania Minera SAA (Class B)................. 98,382 121,913 ------------ TOTAL PERU.................. 1,166,727 ------------ PHILIPPINES -- 0.5% Ayala Land, Inc. ........... 547,980 133,350 Banco de Oro Universal Bank...................... 94,700 79,890 Bank of the Philippine Islands................... 163,080 169,324 Filinvest Land, Inc. ....... 2,487,000 48,417 Philippine Long Distance Telephone Co. ............ 4,230 239,727 ------------ TOTAL PHILIPPINES........... 670,708 ------------ POLAND -- 1.3% Asseco Poland SA............ 2,970 65,332 Bank BPH SA (b)............. 701 20,577 Bank Pekao SA (b)........... 6,046 341,628 Bioton SA (b)............... 139,012 11,173 BRE Bank SA (b)............. 745 67,687 Cersanit Krasnystaw SA (b).. 6,924 39,801 Getin Holding SA (b)........ 11,834 36,639 Globe Trade Centre SA (b)... 7,421 66,516 Grupa Lotos SA (b).......... 4,519 50,216 KGHM Polska Miedz SA........ 6,482 240,099 Orbis SA (b)................ 3,097 48,007 PBG SA (b).................. 830 58,936 Polimex Mostostal SA........ 28,994 40,223 Polski Koncern Naftowy Orlen GDR (b)................... 9,057 221,172 Powszechna Kasa Oszczednosci Bank Polski SA............ 19,337 256,773 Telekomunikacja Polska SA... 39,668 219,985 ------------ TOTAL POLAND................ 1,784,764 ------------ RUSSIA -- 7.2% Comstar United Telesystems GDR....................... 18,733 103,032 Gazprom OAO ADR (f)......... 149,615 3,815,182 JSC MMC Norilsk Nickel ADR (b)....................... 39,597 568,217 LUKOIL ADR.................. 24,069 1,379,154 Mechel OAO ADR.............. 7,078 133,208 Mobile TeleSystems ADR...... 9,468 462,891 NovaTek OAO GDR............. 4,875 321,750 OAO Rosneft Oil Co. GDR..... 61,829 531,729 Polyus Gold Co. ADR......... 8,054 223,498 Rostelecom ADR.............. 4,185 114,460 Severstal GDR (b)........... 13,957 132,592 Surgutneftegaz ADR.......... 105,187 936,164 Tatneft GDR................. 12,253 357,052 Vimpel-Communications ADR... 21,251 395,056 VTB Bank OJSC GDR (d)....... 32,037 151,215 Wimm-Bill-Dann Foods OJSC ADR (b)................... 4,868 116,004 ------------ TOTAL RUSSIA................ 9,741,204 ------------ SOUTH AFRICA -- 9.0% ABSA Group, Ltd. ........... 14,530 253,554 Adcock Ingram Holdings, Ltd. ..................... 4,469 32,894 Adcorp Holdings, Ltd. ...... 19,290 65,490 Afgri, Ltd. ................ 106,320 87,352 African Bank Investments, Ltd. ..................... 60,981 246,781 African Rainbow Minerals, Ltd. ..................... 7,037 166,059 Allied Electronics Corp., Ltd. ..................... 24,628 89,632 Anglo Platinum, Ltd. (b).... 2,740 294,884 AngloGold Ashanti, Ltd. .... 10,634 442,314 Aquarius Platinum, Ltd. (b)....................... 17,664 116,095 ArcelorMittal South Africa, Ltd. ..................... 9,001 125,901 Aspen Pharmacare Holdings, Ltd. (b).................. 27,106 270,922 Aveng, Ltd. ................ 23,830 129,121 Avusa, Ltd. ................ 4,129 9,644 Barloworld, Ltd. ........... 10,198 62,459 Bidvest Group, Ltd. ........ 14,950 261,898 Business Connexion Group, Ltd. (b).................. 87,746 65,538 Cadiz Holdings.............. 57,419 24,484 Coronation Fund Managers, Ltd. ..................... 82,018 97,458 Discovery Holdings, Ltd. ... 13,434 58,288 ElementOne, Ltd. (b)(e)..... 6,197 10,519 Eqstra Holdings, Ltd. (b)... 9,255 8,295 FirstRand, Ltd. ............ 226,978 565,307 Foschini, Ltd. ............. 13,439 110,396 Freeworld Coatings, Ltd. ... 11,964 13,631 Gold Fields, Ltd. .......... 32,057 426,541 Grindrod, Ltd. ............. 40,115 96,859 Group Five, Ltd. ........... 11,387 59,535 Harmony Gold Mining Co., Ltd. ..................... 9,594 98,744 Impala Platinum Holdings, Ltd. ..................... 27,834 767,275 Imperial Holdings, Ltd. .... 7,869 94,412 Investec, Ltd. ............. 8,693 62,862 Invicta Holdings, Ltd. ..... 24,332 82,607 JD Group, Ltd. ............. 8,562 57,671 Kagiso Media, Ltd. ......... 44,641 90,752 Kumba Iron Ore, Ltd. ....... 2,489 103,092
15 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Lewis Group, Ltd. .......... 10,303 $ 74,155 Massmart Holdings, Ltd. .... 13,693 166,241 Metorex, Ltd. (b)........... 29,712 19,408 MTN Group, Ltd. ............ 78,425 1,255,652 Murray & Roberts Holdings, Ltd. ..................... 21,087 133,101 Mvelaphanda Resources, Ltd. (b)....................... 11,007 73,243 Naspers, Ltd. .............. 18,921 770,844 Nedbank Group, Ltd. ........ 22,066 371,725 Netcare, Ltd. (b)........... 89,709 168,119 Pretoria Portland Cement Co., Ltd. ................ 8,734 41,193 PSG Group, Ltd. ............ 17,775 53,105 Reinet Investments SCA ADR (b)....................... 7,173 11,689 Remgro, Ltd. ............... 18,407 222,971 RMB Holdings, Ltd. ......... 40,818 164,076 Sanlam, Ltd. ............... 88,912 274,690 Sappi, Ltd. (a)(b).......... 12,115 58,405 Sasol, Ltd. ................ 21,679 877,317 Shoprite Holdings, Ltd. .... 33,982 300,975 Standard Bank Group, Ltd. .. 44,183 612,007 Steinhoff International Holdings, Ltd. (b)........ 69,433 195,841 Sun International, Ltd. (b)....................... 7,091 91,404 Super Group, Ltd. (b)....... 56,001 5,019 Telkom SA, Ltd. ............ 11,472 58,343 Tiger Brands, Ltd. ......... 8,374 194,585 Truworths International, Ltd. ..................... 30,990 183,489 Wilson Bayly Holmes-Ovcon, Ltd. ..................... 9,870 144,074 Woolworths Holdings, Ltd. .. 54,702 132,600 ------------ TOTAL SOUTH AFRICA.......... 12,203,537 ------------ TAIWAN -- 8.8% Acer, Inc. ................. 88,640 266,599 Advanced Semiconductor Engineering, Inc. ........ 174,365 157,275 Asustek Computer, Inc. ..... 100,932 195,016 AU Optronics Corp. ADR (a).. 47,214 566,096 Cathay Financial Holding Co., Ltd. (b)............. 133,550 249,271 Chang Hwa Commercial Bank... 190,000 90,589 Chi Mei Optoelectronics Corp. GDR (c)(b).......... 7,625 53,638 Chi Mei Optoelectronics Corp. GDR (c)(b).......... 1,936 13,619 China Development Financial Holding Corp. (b)......... 409,758 125,547 China Steel Chemical Corp. .................... 131,345 357,262 China Steel Corp. .......... 236,719 244,231 Chinatrust Financial Holding Co., Ltd. ................ 259,290 161,727 Chunghwa Telecom Co., Ltd. ..................... 116,655 217,007 CMC Magnetics Corp. (b)..... 105,000 27,149 Compal Electronics, Inc. ... 175,342 243,127 Delta Electronics, Inc. .... 67,340 210,536 Elite Semiconductor Memory Technology, Inc. ......... 56,750 100,424 Epistar Corp. .............. 20,850 78,224 Far Eastern Textile Co., Ltd. ..................... 167,063 208,927 Formosa Chemicals & Fibre Corp. .................... 89,460 194,107 Formosa Plastics Corp. ..... 139,610 293,755 Foxconn Technology Co., Ltd. ..................... 32,318 125,291 Fubon Financial Holding Co., Ltd. (b).................. 190,000 233,453 Giant Manufacturing Co., Ltd. ..................... 96,960 271,615 Grape King, Inc. ........... 90,000 140,128 High Tech Computer Corp. ... 31,578 361,836 Hon Hai Precision Industry Co., Ltd. ................ 133,564 632,639 Hotai Motor Co., Ltd. ...... 44,000 105,787 Hua Nan Financial Holdings Co., Ltd. ................ 175,376 110,484 Innolux Display Corp. ...... 63,431 94,100 Lite-On Technology Corp. ... 89,313 134,172 MediaTek, Inc. ............. 17,283 301,514 Mosel Vitelic, Inc. (b)..... 5,995 3,524 Nan Ya Plastics Corp. ...... 134,690 245,503 National Petroleum Co., Ltd. ..................... 191,000 232,293 Novatek Microelectronics Corp., Ltd. .............. 17,225 57,623 POU Chen Corp. ............. 124,207 98,636 Powerchip Semiconductor Corp. (b)................. 205,660 25,720 Powertech Technology, Inc. ..................... 29,714 100,796 Precision Silicon Corp. (b)....................... 14,098 16,749 ProMOS Technologies, Inc. (b)....................... 194,000 13,101 Quanta Computer, Inc. ...... 114,664 249,511 Shin Kong Financial Holding Co., Ltd. (b)............. 126,368 52,546 Siliconware Precision Industries Co. ........... 87,578 118,697 SinoPac Financial Holdings Co., Ltd. (b)............. 275,000 110,911 Solar Applied Materials Technology Corp. ......... 57,611 148,238 Taishin Financial Holdings Co., Ltd. (b)............. 235,000 92,575 Taiwan Cement Corp. ........ 130,681 138,914 Taiwan Semiconductor Manufacturing Co., Ltd. ADR....................... 220,209 2,519,191 Taiwan Tea Corp. (b)........ 48,885 31,102 Tatung Co., Ltd. (b)........ 210,000 51,474 Tripod Technology Corp. .... 28,244 95,368 United Microelectronics Corp. ADR (a)(b).......... 160,010 620,839 Visual Photonics Epitaxy Co., Ltd. (b)............. 48,490 133,107 Wistron Corp. .............. 67,635 131,316 ------------ TOTAL TAIWAN................ 11,852,879 ------------ THAILAND -- 1.5% Advanced Info Service PCL... 76,615 198,776 Bangkok Expressway PCL...... 220,759 137,726 Banpu PCL................... 8,808 152,700 Electricity Generating PCL (Foreign ownership limit).................... 49,873 118,175 IRPC PCL.................... 563,058 73,971 Kasikornbank PCL............ 36,100 92,037 PTT Exploration & Production PCL....................... 68,298 301,134 PTT PCL..................... 46,224 341,065 Siam Cement PCL............. 24,900 175,510 Siam Commercial Bank PCL.... 72,502 188,649 Thai Oil PCL................ 69,495 89,109 Tisco Financial Group PCL... 107,947 78,354 TMB Bank PCL (b)............ 2,818,817 104,839 ------------ TOTAL THAILAND.............. 2,052,045 ------------
16 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ TURKEY -- 1.8% Akbank TAS.................. 47,861 $ 301,736 Anadolu Efes Biracilik Ve Malt Sanayii AS........... 13,717 153,738 Dogan Sirketler Grubu Holdings AS............... 92,340 63,451 Dogan Yayin Holding AS (b).. 30,552 28,331 Eregli Demir ve Celik Fabrikalari TAS (b)....... 43,140 129,511 Haci Omer Sabanci Holding AS........................ 34,044 130,593 KOC Holding AS (b).......... 48,651 143,459 Migros Ticaret AS (b)....... 536 7,044 Tupras-Turkiye Petrol Rafinerileri AS........... 7,734 153,499 Turkcell Iletisim Hizmet AS........................ 29,332 207,425 Turkiye Garanti Bankasi AS.. 149,087 631,577 Turkiye Is Bankasi.......... 54,552 229,279 Ulker Biskuvi Sanayi AS..... 32,404 76,527 Yapi ve Kredi Bankasi AS (b)....................... 51,277 112,204 ------------ TOTAL TURKEY................ 2,368,374 ------------ UNITED KINGDOM -- 0.1% British American Tobacco PLC....................... 4,574 150,312 ------------ TOTAL COMMON STOCKS -- (Cost $115,341,216)....... 126,127,275 ------------ PREFERRED STOCK -- 0.0% (g) MALAYSIA -- 0.0% (g) TA Global Bhd (b) (Cost $0)................. 123,540 12,628 ------------ SHORT TERM INVESTMENTS -- 6.0% UNITED STATES -- 6.0% MONEY MARKET FUNDS -- 6.0% State Street Institutional Liquid Reserves Fund (f)(h).................... 100 100 State Street Navigator Securities Lending Prime Portfolio (h)(i).......... 8,146,445 8,146,445 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $8,146,545)......... 8,146,545 ------------ TOTAL INVESTMENTS -- 99.4% (Cost $123,487,761)....... 134,286,448 OTHER ASSETS AND LIABILITIES -- 0.6%....... 785,634 ------------ NET ASSETS -- 100.0%........ $135,072,082 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.4% of net assets as of December 31, 2009, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (e) Securities are valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities' values are determined based on Level 2 inputs. (See accompanying Notes to Schedules of Investments) (f) Security, or a portion thereof, is designated on the Fund's books or pledged as collateral for futures contracts. (g) Amount shown represents less than 0.05% of net assets. (h) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (i) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt At December 31, 2009, open futures contracts purchased were as follows:
EXPIRATION AGGREGATE UNREALIZED FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION - ------- ---------- --------- ---------- ---------- ------------ MSCI Taiwan Index Futures.... 1/28/10 273 $7,906,604 $8,069,880 $163,276
17 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Oil, Gas & Consumable Fuels........... 17.2% Commercial Banks...................... 14.3 Metals & Mining....................... 10.2 Wireless Telecommunication Services... 6.6 Semiconductors & Semiconductor Equipment........................... 3.2 Insurance............................. 2.3 Pharmaceuticals....................... 2.3 Diversified Telecommunication Services............................ 2.2 Beverages............................. 2.0 Food Products......................... 1.6 Electric Utilities.................... 1.6 Chemicals............................. 1.6 Real Estate Management & Development.. 1.6 Computers & Peripherals............... 1.6 Construction & Engineering............ 1.5 Industrial Conglomerates.............. 1.5 IT Services........................... 1.5 Diversified Financial Services........ 1.4 Internet Software & Services.......... 1.3 Electronic Equipment, Instruments & Components.......................... 1.3 Automobiles........................... 1.2 Media................................. 1.1 Construction Materials................ 1.1 Food & Staples Retailing.............. 1.1 Multiline Retail...................... 0.9 Specialty Retail...................... 0.9 Hotels, Restaurants & Leisure......... 0.9 Independent Power Producers & Energy Traders............................. 0.8 Transportation Infrastructure......... 0.8 Electrical Equipment.................. 0.8 Capital Markets....................... 0.6 Household Durables.................... 0.6 Thrifts & Mortgage Finance............ 0.5 Software.............................. 0.5 Marine................................ 0.5 Paper & Forest Products............... 0.4 Machinery............................. 0.4 Gas Utilities......................... 0.4 Household Products.................... 0.4 Tobacco............................... 0.4 Airlines.............................. 0.3 Communications Equipment.............. 0.2 Personal Products..................... 0.2 Textiles, Apparel & Luxury Goods...... 0.2 Energy Equipment & Services........... 0.2 Leisure Equipment & Products.......... 0.2 Water Utilities....................... 0.2 Distributors.......................... 0.2 Health Care Providers & Services...... 0.1 Aerospace & Defense................... 0.1 Professional Services................. 0.1 Trading Companies & Distributors...... 0.1 Consumer Finance...................... 0.1 Road & Rail........................... 0.1 Air Freight & Logistics............... 0.0*** Building Products..................... 0.0*** Biotechnology......................... 0.0*** Short Term Investments................ 6.0 Other Asset & Liabilities............. 0.6 ----- TOTAL................................. 100.0% -----
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for Banque Marocaine pour le Commerce et l'Industrie SA, which was Level 2 and part of the Commercial Banks Industry and ElementOne, Ltd., which was Level 2 and part of the Media Industry, both representing less than 0.05% of net assets. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 18 SPDR S&P BRIC 40 ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.8% BRAZIL -- 27.5% Banco Bradesco SA ADR................... 710,590 $ 15,540,603 Banco Santander Brasil SA ADS........... 279,261 3,892,898 Companhia de Bebidas das Americas ADR (a)............................... 75,112 7,593,072 Companhia Energetica de Minas Gerais ADR (a)............................... 151,294 2,732,370 Companhia Siderurgica Nacional SA ADR (a)............................... 207,135 6,613,820 Gerdau SA ADR (a)....................... 316,261 5,385,925 Itau Unibanco Holding SA ADR (a)........ 923,565 21,094,225 Petroleo Brasileiro SA ADR (a).......... 597,544 28,490,898 Tele Norte Leste Participacoes SA ADR... 129,216 2,767,807 Vale SA Preference Shares ADR (a)....... 765,106 22,211,027 ------------ TOTAL BRAZIL............................ 116,322,645 ------------ CHINA -- 31.0% Baidu, Inc. ADR (b)..................... 17,865 7,346,624 Bank of China, Ltd. .................... 31,863,000 17,258,671 Bank of Communications Co., Ltd. ....... 2,867,000 3,331,378 China Construction Bank Corp. .......... 17,523,000 15,073,208 China Life Insurance Co., Ltd. ......... 3,650,000 18,052,179 China Merchants Bank Co., Ltd. ......... 1,821,050 4,779,227 China Petroleum & Chemical Corp. ....... 8,782,000 7,826,055 China Shenhua Energy Co., Ltd. ......... 1,454,000 7,125,567 China Telecom Corp., Ltd. .............. 7,390,000 3,087,883 Industrial & Commercial Bank of China... 24,337,000 20,212,699 PetroChina Co., Ltd. ................... 11,030,000 13,257,537 Ping An Insurance Group Co. of China, Ltd. .......................... 673,500 5,906,333 Tencent Holdings, Ltd. ................. 361,100 7,846,912 ------------ TOTAL CHINA............................. 131,104,273 ------------ HONG KONG -- 11.2% China Mobile, Ltd. ..................... 2,844,000 26,719,637 China Overseas Land & Investment, Ltd. ..................... 1,788,560 3,782,847 China Unicom, Ltd. ..................... 2,904,000 3,850,004 CNOOC, Ltd. ............................ 8,347,000 13,132,930 ------------ TOTAL HONG KONG......................... 47,485,418 ------------ INDIA -- 7.3% HDFC Bank, Ltd. ADR (a)................. 30,358 3,948,969 ICICI Bank, Ltd. ADR (a)................ 145,188 5,475,039 Infosys Technologies, Ltd. ADR.......... 239,737 13,250,264 Reliance Industries, Ltd. GDR (b)(c).... 180,365 8,386,973 ------------ TOTAL INDIA............................. 31,061,245 ------------ RUSSIA -- 22.8% Gazprom OAO ADR......................... 1,702,054 43,402,377 JSC MMC Norilsk Nickel ADR (b).......... 424,859 6,096,727 LUKOIL ADR.............................. 245,849 14,087,148 Mobile TeleSystems ADR.................. 215,964 10,558,480 NovaTek OAO GDR......................... 63,390 4,183,740 Rosneft OJSC GDR (d).................... 868,844 7,472,058 Rosneft OJSC GDR (d).................... 5,891 50,663 Surgutneftegaz ADR...................... 511,590 4,553,151 Tatneft GDR (d)......................... 113,397 3,304,388 Tatneft GDR (d)......................... 3,019 87,974 Vimpel-Communications ADR............... 155,189 2,884,963 ------------ TOTAL RUSSIA............................ 96,681,669 ------------ TOTAL COMMON STOCKS -- (Cost $397,664,169)................... 422,655,250 ------------ SHORT TERM INVESTMENTS -- 6.8% UNITED STATES -- 6.8% MONEY MARKET FUNDS -- 6.8% State Street Institutional Liquid Reserves Fund (e)..................... 564,276 564,276 State Street Navigator Securities Lending Prime Portfolio (e)(f)........ 27,970,545 27,970,545 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $28,534,821).................... 28,534,821 ------------ TOTAL INVESTMENTS -- 106.6% (Cost $426,198,990)................... 451,190,071 OTHER ASSETS AND LIABILITIES -- (6.6)%................. (27,834,678) ------------ NET ASSETS -- 100.0%.................... $423,355,393 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 2.0% of net assets as of December 31, 2009, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (f) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt ADS = American Depositary Shares GDR = Global Depositary Receipt
19 SPDR S&P BRIC 40 ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Oil, Gas & Consumable Fuels........... 36.7% Commercial Banks...................... 26.1 Metals & Mining....................... 9.5 Wireless Telecommunication Services... 8.8 Insurance............................. 5.7 Internet Software & Services.......... 3.6 IT Services........................... 3.1 Diversified Telecommunication Services............................ 3.0 Beverages............................. 1.8 Real Estate Management & Development.. 0.9 Electric Utilities.................... 0.6 Short Term Investments................ 6.8 Other Assets & Liabilities............ (6.6) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 20 SPDR S&P EMERGING EUROPE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ COMMON STOCKS -- 99.4% CZECH REPUBLIC -- 3.8% CEZ AS.................................. 101,172 $ 4,749,665 Komercni Banka AS....................... 7,818 1,669,040 Telefonica O2 Czech Republic AS......... 30,512 693,004 Unipetrol (a)........................... 77,481 587,298 ------------ TOTAL CZECH REPUBLIC.................... 7,699,007 ------------ HUNGARY -- 5.0% Magyar Telekom NyRt..................... 458,481 1,781,866 MOL Hungarian Oil and Gas NyRt (a)...... 23,725 2,141,400 OTP Bank NyRt (a)(b).................... 132,629 3,841,983 Richter Gedeon NyRt..................... 10,149 2,311,655 ------------ TOTAL HUNGARY........................... 10,076,904 ------------ POLAND -- 10.8% Agora SA (a)............................ 71,721 562,400 Apator SA............................... 66,096 367,469 Asseco Poland SA........................ 31,383 690,345 Bank Pekao SA (a)....................... 51,791 2,926,444 Bank Zachodni WBK SA (a)................ 15,022 997,372 Bioton SA (a)........................... 1,294,384 104,032 BRE Bank SA (a)......................... 5,944 540,043 Cersanit Krasnystaw SA (a).............. 68,305 392,640 Debica SA............................... 18,510 429,487 Echo Investment SA (a).................. 212,496 309,644 Getin Holding SA (a).................... 128,153 396,770 Globe Trade Centre SA (a)............... 85,569 766,972 ING Bank Slaski SA (a).................. 4,068 1,108,795 KGHM Polska Miedz SA.................... 56,538 2,094,220 Netia SA (a)............................ 355,948 609,479 Orbis SA (a)............................ 31,452 487,546 PBG SA (a).............................. 6,978 495,485 Polimex Mostostal SA.................... 283,686 393,554 Polski Koncern Naftowy Orlen SA (a)..... 95,458 1,132,473 Powszechna Kasa Oszczednosci Bank Polski SA............................. 221,783 2,945,017 Telekomunikacja Polska SA............... 504,851 2,799,729 TVN SA.................................. 131,677 657,534 Zaklad Przetworstwa Hutniczego Stalprodukt SA........................ 2,282 473,672 ------------ TOTAL POLAND............................ 21,681,122 ------------ RUSSIA -- 65.1% Comstar United Telesystems GDR (c)...... 197,052 1,083,786 Comstar United Telesystems GDR (c)...... 31,727 174,499 CTC Media, Inc. (a)(b).................. 53,023 790,043 Evraz Group SA GDR (a)(c)............... 61,249 1,730,284 Evraz Group SA GDR (a)(c)............... 36,284 1,025,023 Gazprom Neft ADR (c).................... 84,216 2,307,518 Gazprom Neft ADR (c).................... 563 15,398 Gazprom OAO ADR......................... 1,422,012 36,261,306 Integra Group Holdings GDR (a)(c)....... 210,214 630,642 Integra Group Holdings GDR (a)(c)....... 139,403 418,209 JSC MMC Norilsk Nickel ADR (a).......... 532,625 7,643,169 LUKOIL ADR.............................. 307,752 17,634,190 Mechel OAO ADR.......................... 57,210 1,076,692 Mobile TeleSystems ADR (b).............. 144,726 7,075,654 NovaTek OAO GDR......................... 52,502 3,465,132 OAO Rosneft Oil Co. GDR................. 1,213,317 10,434,526 PIK Group GDR (a)....................... 201,964 838,151 Polymetal GDR (a)(c).................... 93,925 861,292 Polymetal GDR (a)(c).................... 362 3,320 Polyus Gold Co. ADR (c)................. 94,611 2,625,455 Polyus Gold Co. ADR (c)................. 353 9,725 Rosneft OJSC GDR........................ 103,373 889,008 Rostelecom ADR (b)...................... 66,435 1,816,997 Sberbank................................ 3,945,791 11,083,727 Severstal GDR (a)(c).................... 3,047 28,947 Severstal GDR (a)(c).................... 382,597 3,634,671 Surgutneftegaz ADR...................... 669,899 5,962,101 Tatneft OAO GDR (b)..................... 78,510 2,287,781 Uralkali GDR (a)........................ 93,013 1,953,273 Vimpel-Communications ADR............... 69,789 1,297,378 VTB Bank OJSC GDR....................... 1,154,002 5,446,889 ------------ TOTAL RUSSIA............................ 130,504,786 ------------ TURKEY -- 14.7% Akbank TAS.............................. 494,272 3,116,095 Anadolu Anonim Turk Sigorta............. 606,493 546,226 Anadolu Efes Biracilik Ve Malt Sanayii AS............................ 152,344 1,707,448 Arcelik (a)............................. 393,259 1,534,785 Dogan Sirketler Grubu Holdings AS....... 738,382 507,378 Dogan Yayin Holding AS (a).............. 613,736 569,127 Dogus Otomotiv Servis ve Ticaret AS (a)................................ 209,008 674,872 Enka Insaat ve Sanayi AS................ 205,951 948,038 Eregli Demir ve Celik Fabrikalari TAS (a)............................... 436,842 1,311,444 Haci Omer Sabanci Holding AS............ 348,769 1,337,884 Hurriyet Gazetecilik ve Gazetecilik AS (a)................................ 542,842 677,217 KOC Holding AS (a)...................... 448,470 1,322,417 Tupras-Turkiye Petrol Rafinerileri AS... 64,882 1,287,728 Turk Hava Yollari Anonim Ortakligi...... 586,824 2,231,493 Turkcell Iletisim Hizmet AS............. 356,844 2,523,464 Turkiye Garanti Bankasi AS.............. 1,325,700 5,616,061 Turkiye Is Bankasi...................... 383,422 1,611,503 Vestel Elektronik Sanayi (a)............ 371,874 645,034 Yapi ve Kredi Bankasi AS (a)............ 620,926 1,358,709 ------------ TOTAL TURKEY............................ 29,526,923 ------------ TOTAL COMMON STOCKS -- (Cost $200,179,011)................... 199,488,742 ------------ SHORT TERM INVESTMENTS -- 1.9% UNITED STATES -- 1.9% MONEY MARKET FUNDS -- 1.9% State Street Institutional Liquid Reserves Fund (d)..................... 965,621 965,621 State Street Navigator Securities Lending Prime Portfolio (d)(e)........ 2,890,260 2,890,260 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $3,855,881)..................... 3,855,881 ------------ TOTAL INVESTMENTS -- 101.3% (Cost $204,034,892)................... 203,344,623 OTHER ASSETS AND LIABILITIES -- (1.3)%................. (2,742,529) ------------ NET ASSETS -- 100.0%.................... $200,602,094 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2009. (c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (e) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt
21 SPDR S&P EMERGING EUROPE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Oil, Gas & Consumable Fuels........... 41.8% Commercial Banks...................... 21.3 Metals & Mining....................... 11.2 Diversified Telecommunication Services............................ 5.1 Wireless Telecommunication Services... 4.8 Electric Utilities.................... 2.4 Media................................. 1.6 Household Durables.................... 1.4 Industrial Conglomerates.............. 1.4 Chemicals............................. 1.3 Pharmaceuticals....................... 1.2 Airlines.............................. 1.1 Beverages............................. 0.9 Diversified Financial Services........ 0.7 Energy Equipment & Services........... 0.5 Real Estate Management & Development.. 0.5 Construction & Engineering............ 0.4 Distributors.......................... 0.3 Insurance............................. 0.3 Software.............................. 0.3 Auto Components....................... 0.2 Building Products..................... 0.2 Electronic Equipment, Instruments & Components.......................... 0.2 Hotels, Restaurants & Leisure......... 0.2 Biotechnology......................... 0.1 Short Term Investments................ 1.9 Other Assets & Liabilities............ (1.3) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 22 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.8% BRAZIL -- 67.9% AES Tiete SA Preference Shares.......... 45,247 $ 519,126 B2W Companhia Global Do Varejo.......... 27,997 767,701 Banco Bradesco SA ADR (a)............... 302,399 6,613,466 Banco do Brasil SA...................... 95,862 1,633,262 BM&FBOVESPA SA.......................... 274,883 1,931,687 Bradespar SA Preference Shares.......... 97,370 2,152,172 Brasil Telecom SA ADR (b)(c)............ 14,789 236,476 Brasil Telecom SA Preference Shares ADR (b)(c)............................ 26,068 759,361 Braskem SA Preference Shares ADR (a)(b)............................ 28,652 470,179 BRF -- Brasil Foods SA.................. 18,875 491,257 BRF -- Brasil Foods SA ADR (a).......... 17,732 928,625 Centrais Eletricas Brasileiras SA....... 8,514 177,489 Centrais Eletricas Brasileiras SA ADR... 62,830 1,309,798 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR (a)........... 18,505 1,390,096 Companhia de Bebidas das Americas Preference Shares ADR (a)............. 41,476 4,192,809 Companhia de Concessoes Rodoviarias..... 39,304 899,401 Companhia de Saneamento Basico do Estado de Sao Paulo.......................... 36,878 727,321 Companhia Energetica de Minas Gerais ADR (a)............................... 84,998 1,535,064 Companhia Energetica de Sao Paulo Preference Shares..................... 55,633 766,901 Companhia Paranaense de Energia Preference Shares..................... 30,441 646,819 Companhia Siderurgica Nacional SA ADR (a)............................... 107,445 3,430,719 Cosan SA Industria e Comercio (b)....... 36,060 529,564 Cyrela Brazil Realty SA................. 75,338 1,058,846 Cyrela Commercial Properties SA Empreendimentos e Participacoes....... 58,886 413,810 Duratex SA.............................. 102,101 948,851 Empresa Brasileira de Aeronautica SA.... 107,715 587,638 Fertilizantes Heringer SA (b)........... 4,320 26,517 Fibria Celulose SA ADR (a)(b)........... 61,680 1,408,771 Gafisa SA............................... 26,589 430,744 Gerdau SA ADR (a)....................... 146,925 2,502,133 Gerdau SA Preference Shares............. 20,222 338,039 Gol Linhas Aereas Inteligentes SA Preference Shares (b)................. 34,555 516,977 Investimentos Itau SA................... 93,589 739,821 Investimentos Itau SA Preference Shares................................ 637,266 4,332,034 Itau Unibanco Banco Multiplo SA ADR (a)............................... 423,875 9,681,305 JBS SA (b).............................. 167,582 895,975 LLX Logistica SA (b).................... 98,440 570,920 Lojas Americanas SA Preference Shares... 148,446 1,322,491 Lojas Renner SA......................... 52,335 1,179,879 Metalurgica Gerdau SA Preference Shares................................ 90,451 1,811,926 MMX Mineracao e Metalicos SA (b)........ 13,079 92,660 MRV Engenharia e Participacoes SA....... 3,153 25,503 Natura Cosmeticos SA.................... 43,092 897,585 NET Servicos de Comunicacao SA Preference Shares (b)................. 56,739 781,170 OGX Petroleo e Gas Participacoes SA..... 136,514 1,339,140 Petroleo Brasileiro SA ADR.............. 310,791 13,174,431 Petroleo Brasileiro SA Preference Shares ADR (a)............................... 215,500 10,275,040 Souza Cruz SA........................... 28,185 933,895 Tam SA ADR (a)(b)....................... 18,404 408,937 Tele Norte Leste Participacoes SA ADR... 47,136 1,009,653 Tele Norte Leste Participacoes SA Preference Shares..................... 3,191 67,913 Tim Participacoes SA.................... 37,078 108,903 Tim Participacoes SA ADR................ 21,878 649,995 Tractebel Energia SA ADR (a)............ 5,600 69,165 Usinas Siderurgicas de Minas Gerais SA.. 15,613 442,362 Usinas Siderurgicas de Minas Gerais SA ADR (a)............................... 54,682 1,549,305 Vale SA ADR (a)......................... 397,625 9,869,053 Vale SA Preference Shares ADR (a)....... 324,615 9,423,573 Vivo Participacoes SA Preference Shares................................ 39,175 1,224,331 ------------ TOTAL BRAZIL............................ 113,218,584 ------------ CHILE -- 8.8% Almendral SA............................ 3,595,656 372,148 Antarchile SA........................... 55,618 1,019,709 Banco de Credito e Inversiones.......... 39,528 1,320,769 Banco Santander Chile ADR............... 4,296 278,295 CAP SA.................................. 27,890 821,992 Cencosud SA ADR (d)..................... 21,228 1,077,826 Companhia General de Electricidad....... 149,606 1,011,628 Empresa Nacional de Electricidad SA ADR................................ 27,128 1,363,725 Empresas CMPC SA........................ 39,068 1,555,788 Empresas COPEC SA....................... 105,270 1,575,159 Enersis SA ADR.......................... 56,272 1,286,378 Lan Airlines SA ADR (a)................. 38,055 634,377 SACI Falabella.......................... 319,314 1,885,353 Sociedad Quimica y Minera de Chile SA ADR................................ 10,467 393,245 ------------ TOTAL CHILE............................. 14,596,392 ------------ MEXICO -- 19.5% Alfa SAB de CV.......................... 105,858 666,994 America Movil SAB de CV (a)............. 4,045,916 9,535,735 Cemex SAB de CV (a)(b).................. 1,662,697 1,974,034 Corporacion GEO SAB de CV (b)........... 140,777 374,603 Desarrolladora Homex SAB de CV (b)...... 69,351 389,905 Empresas ICA SAB de CV (a)(b)........... 126,223 294,882 Fomento Economico Mexicano SAB de CV.... 508,115 2,442,614 Grupo Aeroportuario del Sureste SAB de CV................................. 148,514 771,157 Grupo Bimbo SAB de CV (a)............... 165,471 1,079,870 Grupo Carso SA de CV (a)................ 163,567 501,147 Grupo Financiero Banorte SAB de CV...... 360,253 1,301,893 Grupo Iusacell SA de CV (b)............. 15,548 61,702 Grupo Mexico SAB de CV.................. 974,445 2,228,727 Grupo Modelo SAB de CV (b).............. 298,530 1,660,101 Grupo Televisa SA ADR................... 2,552 52,979
23 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Grupo Televisa SA de CV (a)............. 323,566 $ 1,348,997 Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)(b)........ 409,639 415,745 Kimberly-Clark de Mexico SAB de CV...... 225,596 1,012,084 Telefonos de Mexico SA de CV (a)........ 1,554,631 1,297,967 Telmex Internacional SAB de CV (a)...... 1,554,631 1,381,323 TV Azteca SAB de CV..................... 735,445 398,835 Urbi Desarrollos Urbanos SA de CV (b)... 170,290 384,787 Wal-Mart de Mexico SAB de CV............ 639,979 2,857,881 ------------ TOTAL MEXICO............................ 32,433,962 ------------ PERU -- 3.6% Companhia Minera Milpo SA............... 161,040 434,791 Compania de Minas Buenaventura SA....... 49,280 1,642,667 Credicorp, Ltd. ........................ 21,698 1,671,180 Minsur SA............................... 195,082 449,046 Southern Copper Corp. (a)............... 41,578 1,368,332 Volcan Compania Minera SAA (Class B).... 340,407 421,827 ------------ TOTAL PERU.............................. 5,987,843 ------------ TOTAL COMMON STOCKS -- (Cost $151,099,511)................... 166,236,781 ------------ SHORT TERM INVESTMENTS -- 19.7% UNITED STATES -- 19.7% MONEY MARKET FUNDS -- 19.7% State Street Institutional Liquid Reserves Fund (e)..................... 95,629 95,629 State Street Navigator Securities Lending Prime Portfolio (e)(f)........ 32,804,705 32,804,705 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $32,900,334).................... 32,900,334 ------------ TOTAL INVESTMENTS -- 119.5% (Cost $183,999,845)................... 199,137,115 OTHER ASSETS AND LIABILITIES -- (19.5)%................ (32,465,256) ------------ NET ASSETS -- 100.0%.................... $166,671,859 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.6% of net assets as of December 31, 2009, 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. (See accompanying Notes to Schedules of Investments) (f) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt
24 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Metals & Mining....................... 23.3% Commercial Banks...................... 16.5 Oil, Gas & Consumable Fuels........... 14.9 Wireless Telecommunication Services... 6.9 Beverages............................. 5.0 Electric Utilities.................... 3.6 Food & Staples Retailing.............. 3.2 Diversified Telecommunication Services............................ 3.1 Multiline Retail...................... 2.6 Food Products......................... 2.5 Paper & Forest Products............... 2.3 Industrial Conglomerates.............. 2.3 Independent Power Producers & Energy Traders............................. 1.6 Household Durables.................... 1.6 Media................................. 1.5 Transportation Infrastructure......... 1.3 Diversified Financial Services........ 1.3 Construction Materials................ 1.2 Airlines.............................. 0.9 Tobacco............................... 0.6 Personal Products..................... 0.6 Household Products.................... 0.6 Internet & Catalog Retail............. 0.5 Chemicals............................. 0.5 Water Utilities....................... 0.4 Construction & Engineering............ 0.4 Aerospace & Defense................... 0.4 Real Estate Management & Development.. 0.2 Short Term Investments................ 19.7 Other Assets & Liabilities............ (19.5) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 25 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ COMMON STOCKS -- 100.0% EGYPT -- 5.1% Commercial International Bank........... 157,708 $ 1,568,526 Eastern Tobacco......................... 34,560 718,452 Egyptian Financial Group-Hermes Holding............................... 94,778 434,253 Egyptian Kuwait Holding Co. ............ 199,191 398,382 ElSwedy Cables Holding Co. ............. 19,997 247,923 Orascom Construction Industries......... 28,590 1,282,360 Orascom Telecom Holding SAE GDR (a)(b).. 33,244 764,279 Sidi Kerir Petrochemicals Co. .......... 98,770 188,185 Six of October Development & Investment Co. (a)............................... 11,850 172,843 Suez Cement Co. ........................ 51,807 434,500 Telecom Egypt........................... 161,448 538,381 ------------ TOTAL EGYPT............................. 6,748,084 ------------ ISRAEL -- 25.0% Africa-Israel Investments, Ltd. (a)..... 11,930 149,597 Alvarion, Ltd. (a)(b)................... 790 2,955 Bank Hapoalim BM (a).................... 395,541 1,733,363 Bank Leumi Le-Israel BM (a)............. 387,359 1,784,428 Bezeq Israeli Telecommunication Corp., Ltd. .......................... 424,603 1,073,613 Cellcom Israel, Ltd. ................... 13,218 423,769 Check Point Software Technologies (a)(b)................... 58,180 1,971,138 Delek Automotive Systems, Ltd. ......... 76,064 849,395 Delek Group, Ltd. ...................... 3,128 638,565 Elbit Imaging, Ltd. (a)................. 5,929 129,912 Elbit Systems, Ltd. .................... 24,846 1,613,547 Gazit Globe, Ltd. ...................... 44,269 438,249 Harel Insurance Investments & Finances, Ltd. (a).............................. 867 43,259 Israel Chemicals, Ltd. ................. 192,502 2,540,945 Israel Discount Bank, Ltd. (a).......... 279,528 664,137 Makhteshim-Agan Industries, Ltd. ....... 59,723 285,371 Mellanox Technologies, Ltd. (a)(b)...... 29,085 548,543 Mizrahi Tefahot Bank, Ltd. (a).......... 104,510 960,124 NICE Systems, Ltd. (a).................. 23,272 722,489 Oil Refineries, Ltd. (a)................ 495,113 252,262 Ormat Industries, Ltd. ................. 4,245 38,674 Partner Communications Company, Ltd. ... 24,505 496,181 RADVision, Ltd. (a)..................... 14,373 86,813 Syneron Medical, Ltd. (a)(b)............ 10,622 111,000 Teva Pharmaceutical Industries, Ltd. ... 262,663 14,797,330 The Israel Corp., Ltd. (a).............. 992 721,478 ------------ TOTAL ISRAEL............................ 33,077,137 ------------ MOROCCO -- 6.3% Attijariwafa Bank....................... 60,360 2,064,936 Banque Centrale Populaire............... 19,047 586,444 Banque Marocaine du Commerce Exterieur.. 79,267 2,661,534 Banque Marocaine pour le Commerce et l'Industrie SA........................ 4,934 578,275 Banque Marocaine pour le Commerce et l'Industrie SA (a)(c)................. 234 27,425 Ciments du Maroc........................ 3,033 720,171 Douja Promotion Groupe Addoha SA........ 29,579 387,898 ONA SA.................................. 8,300 1,351,372 ------------ TOTAL MOROCCO........................... 8,378,055 ------------ SOUTH AFRICA -- 63.6% ABSA Group, Ltd. ....................... 103,722 1,809,985 Adcock Ingram Holdings, Ltd. ........... 74,499 548,341 African Bank Investments, Ltd. ......... 207,743 840,705 African Rainbow Minerals, Ltd. ......... 32,222 760,376 Anglo Platinum, Ltd. (a)................ 18,391 1,979,273 AngloGold Ashanti, Ltd. ................ 99,312 4,130,813 Aquarius Platinum, Ltd. (a)............. 97,208 638,893 ArcelorMittal South Africa, Ltd. ....... 58,337 815,985 Aspen Pharmacare Holdings, Ltd. (a)..... 181,736 1,816,435 Assore, Ltd. ........................... 4,526 432,087 Aveng, Ltd. ............................ 170,775 925,333 Avusa, Ltd. ............................ 80,526 188,090 Barloworld, Ltd. ....................... 58,780 360,004 Bidvest Group, Ltd. .................... 96,140 1,684,204 DataTec, Ltd. .......................... 125,926 459,156 Discovery Holdings, Ltd. ............... 139,882 606,923 ElementOne, Ltd. (a)(c)................. 97,384 165,310 Eqstra Holdings, Ltd. (a)............... 108,551 97,292 Exxaro Resources, Ltd. ................. 55,251 784,075 FirstRand, Ltd. ........................ 1,620,441 4,035,836 Foschini, Ltd. ......................... 82,927 681,209 Fountainhead Property Trust............. 759,169 649,501 Freeworld Coatings, Ltd. ............... 151,950 173,127 Gold Fields, Ltd. ...................... 223,345 2,971,766 Grindrod, Ltd. ......................... 215,040 519,221 Growthpoint Properties, Ltd. ........... 495,928 942,187 Harmony Gold Mining Co., Ltd. .......... 104,245 1,072,922 Hyprop Investments, Ltd. ............... 102,803 640,097 Impala Platinum Holdings, Ltd. ......... 177,910 4,904,288 Imperial Holdings, Ltd. ................ 62,489 749,741 Investec, Ltd. ......................... 68,832 497,750 JD Group, Ltd. ......................... 50,168 337,917 Kumba Iron Ore, Ltd. ................... 28,496 1,180,279 Massmart Holdings, Ltd. ................ 80,285 974,704 Metorex, Ltd. (a)....................... 153,206 100,074 MTN Group, Ltd. ........................ 496,349 7,946,976 Murray & Roberts Holdings, Ltd. ........ 109,696 692,401 Mvelaphanda Resources, Ltd. (a)......... 77,632 516,580 Naspers, Ltd. .......................... 119,096 4,851,984 Nedbank Group, Ltd. .................... 149,933 2,525,777 Netcare, Ltd. (a)....................... 555,303 1,040,663 Pick'n Pay Stores, Ltd. (b)............. 143,642 811,476 Pretoria Portland Cement Co., Ltd. ..... 127,547 601,556 Remgro, Ltd. ........................... 147,046 1,781,226 Reunert, Ltd. .......................... 75,852 598,987 RMB Holdings, Ltd. ..................... 280,015 1,125,574 Sanlam, Ltd. ........................... 636,906 1,967,695 Sappi, Ltd. (a)(b)...................... 79,311 382,351 Sasol, Ltd. ............................ 186,035 7,528,560 Shoprite Holdings, Ltd. ................ 197,772 1,751,647 Standard Bank Group, Ltd. .............. 339,823 4,707,105 Steinhoff International Holdings, Ltd. (a).............................. 443,808 1,251,793 Sun International, Ltd. (a)............. 35,455 457,021 Telkom SA, Ltd. ........................ 73,170 372,122 Tiger Brands, Ltd. ..................... 63,905 1,484,948
26 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ Truworths International, Ltd. .......... 186,123 $ 1,102,015 Wilson Bayly Holmes-Ovcon, Ltd. ........ 34,844 508,625 Woolworths Holdings, Ltd. .............. 331,529 803,639 ------------ TOTAL SOUTH AFRICA...................... 84,284,620 ------------ TOTAL COMMON STOCKS -- (Cost $137,774,139)................... 132,487,896 ------------ RIGHTS -- 0.0% (d) EGYPT -- 0.0% (d) Six of October Development & Investment Co. (expiring 1/20/10) (a) (Cost $0)............................. 3,302 6,020 ------------ SHORT TERM INVESTMENTS -- 1.5% UNITED STATES -- 1.5% MONEY MARKET FUNDS -- 1.5% State Street Institutional Liquid Reserves Fund (e)..................... 100 100 State Street Navigator Securities Lending Prime Portfolio (e)(f)........ 1,969,211 1,969,211 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $1,969,311)..................... 1,969,311 ------------ TOTAL INVESTMENTS -- 101.5% (Cost $139,743,450)................... 134,463,227 OTHER ASSETS AND LIABILITIES -- (1.5)%................. (2,027,964) ------------ NET ASSETS -- 100.0%.................... $132,435,263 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2009. (c) Securities are valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities' values are determined based on Level 2 inputs. (See accompanying Notes to Schedules of Investments) (d) Amount shown represents less than 0.05% of net assets. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (f) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt
27 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 16.3% Metals & Mining....................... 15.3 Pharmaceuticals....................... 13.0 Wireless Telecommunication Services... 7.3 Diversified Financial Services........ 5.9 Oil, Gas & Consumable Fuels........... 5.9 Media................................. 3.9 Industrial Conglomerates.............. 3.5 Chemicals............................. 3.0 Food & Staples Retailing.............. 2.7 Real Estate Management & Development.. 2.7 Construction & Engineering............ 2.6 Specialty Retail...................... 2.2 Insurance............................. 2.0 Software.............................. 2.0 Diversified Telecommunication Services............................ 1.5 Construction Materials................ 1.3 Aerospace & Defense................... 1.2 Food Products......................... 1.1 Capital Markets....................... 1.0 Household Durables.................... 0.9 Health Care Providers & Services...... 0.8 Distributors.......................... 0.6 Multiline Retail...................... 0.6 Tobacco............................... 0.5 Marine................................ 0.4 Semiconductors & Semiconductor Equipment........................... 0.4 Electronic Equipment, Instruments & Components.......................... 0.3 Hotels, Restaurants & Leisure......... 0.3 Paper & Forest Products............... 0.3 Electrical Equipment.................. 0.2 Health Care Equipment & Supplies...... 0.1 Internet Software & Services.......... 0.1 Trading Companies & Distributors...... 0.1 Communications Equipment.............. 0.0*** Short Term Investments................ 1.5 Other Assets & Liabilities............ (1.5) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for Banque Marocaine pour le Commerce et l'Industrie SA, which was Level 2 and part of the Commercial Banks Industry and ElementOne, Ltd., which was Level 2 and part of the Media Industry, both representing less than 0.05% of net assets. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 28 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ COMMON STOCKS -- 99.6% AUSTRALIA -- 7.6% Abacus Property Group................... 257,348 $ 102,993 Alumina, Ltd. (a)(b).................... 48,018 79,460 Amcor, Ltd. ............................ 10,300 57,710 AMP, Ltd. (a)........................... 18,319 111,537 Ansell, Ltd. ........................... 12,136 119,296 APA Group (a)........................... 47,898 150,770 Aristocrat Leisure, Ltd. (a)............ 17,518 63,334 Australia & New Zealand Banking Group, Ltd. .......................... 15,162 311,990 BHP Billiton, Ltd. ..................... 24,639 955,500 Billabong International, Ltd. (a)....... 9,799 96,499 BlueScope Steel, Ltd. .................. 23,049 64,468 Brambles, Ltd. ......................... 16,181 98,665 Bunnings Warehouse Property Trust....... 122,747 205,330 Commonwealth Bank of Australia.......... 9,403 463,844 Computershare, Ltd. .................... 9,884 101,781 ConnectEast Group....................... 184,023 71,993 CSL, Ltd. .............................. 5,760 168,307 CSR, Ltd. .............................. 49,774 80,800 DUET Group.............................. 64,990 105,208 Envestra, Ltd. ......................... 207,891 95,353 Foster's Group, Ltd. ................... 21,200 104,864 GWA International, Ltd. (a)............. 39,943 114,594 Harvey Norman Holdings, Ltd. ........... 29,802 113,106 Hills Industries, Ltd. (a).............. 34,267 62,869 Insurance Australia Group, Ltd. ........ 22,501 81,552 Lend Lease Corp., Ltd. ................. 10,335 95,457 Macquarie Airports...................... 30,698 83,653 Macquarie Group, Ltd. (a)............... 3,082 134,155 National Australia Bank, Ltd. .......... 11,892 293,045 Newcrest Mining, Ltd. .................. 4,719 149,942 Origin Energy, Ltd. .................... 8,907 134,737 OZ Minerals, Ltd. (b)................... 60,472 64,175 Perpetual, Ltd. (a)..................... 2,425 80,912 QBE Insurance Group, Ltd. .............. 7,793 179,421 Rio Tinto, Ltd. ........................ 3,552 239,236 Santos, Ltd. ........................... 9,018 114,275 Sonic Healthcare, Ltd. ................. 9,117 126,024 Suncorp-Metway, Ltd. ................... 13,281 103,796 Tatts Group, Ltd. ...................... 38,607 84,720 Toll Holdings, Ltd. .................... 9,719 76,394 Wesfarmers, Ltd. ....................... 8,795 247,339 Westfield Group......................... 12,024 135,605 Westpac Banking Corp. .................. 14,807 336,912 Woodside Petroleum, Ltd. ............... 5,407 229,524 Woolworths, Ltd. ....................... 10,535 265,290 WorleyParsons, Ltd. (a)................. 2,948 77,099 ------------ TOTAL AUSTRALIA......................... 7,233,534 ------------ AUSTRIA -- 0.2% Erste Group Bank AG..................... 1,957 73,171 OMV AG.................................. 2,083 91,750 Voestalpine AG.......................... 2,211 81,526 ------------ TOTAL AUSTRIA........................... 246,447 ------------ BELGIUM -- 1.1% Anheuser-Busch InBev NV................. 5,269 275,135 Bekaert NV.............................. 849 132,164 Delhaize Group.......................... 1,496 115,089 Dexia SA (b)............................ 9,720 62,198 Fortis (b).............................. 27,547 103,669 Fortis VVPR Strip (b)................... 592 2 Gimv NV................................. 1,650 86,479 KBC Groep NV (b)........................ 1,598 69,642 UCB SA (a).............................. 2,011 84,308 Umicore................................. 2,932 98,436 ------------ TOTAL BELGIUM........................... 1,027,122 ------------ CANADA -- 8.1% AGF Management, Ltd. ................... 3,951 64,069 Agnico-Eagle Mines, Ltd. (a)............ 1,670 90,672 Agrium, Inc. ........................... 2,235 139,470 Bank of Montreal........................ 3,577 190,562 Bank of Nova Scotia..................... 5,330 250,243 Barrick Gold Corp. ..................... 7,118 281,502 Bombardier, Inc. (a).................... 17,577 80,479 Brookfield Asset Management, Inc. (Class A)............................. 4,307 96,095 Cameco Corp. ........................... 4,706 152,310 Canadian Imperial Bank of Commerce (a).. 2,636 171,358 Canadian National Railway Co. (a)....... 4,108 224,689 Canadian Natural Resources, Ltd. ....... 4,497 326,010 Canadian Oil Sands Trust................ 4,109 117,232 Canadian Pacific Railway, Ltd. (a)...... 2,109 114,246 Canadian Western Bank................... 4,996 104,557 Cenovus Energy, Inc. ................... 5,023 126,971 CGI Group, Inc. (Class A) (b)........... 8,767 119,084 Crescent Point Energy Corp. (a)......... 4,218 158,887 EnCana Corp. ........................... 5,592 181,946 Fairfax Financial Holdings, Ltd. (a).... 255 99,728 First Quantum Minerals, Ltd. (a)........ 1,037 79,391 Gildan Activewear, Inc. (a)(b).......... 2,972 72,858 Goldcorp, Inc. ......................... 5,952 234,764 Husky Energy, Inc. (a).................. 4,099 117,612 Iamgold Corp. .......................... 5,010 78,900 Imperial Oil, Ltd. ..................... 3,569 138,423 Kinross Gold Corp. ..................... 6,504 120,172 Magna International, Inc. (Class A)..... 1,677 85,198 Manulife Financial Corp. ............... 12,292 226,646 MDS, Inc. (b)........................... 6,540 51,092 Nexen, Inc. ............................ 5,859 140,949 Potash Corp. of Saskatchewan, Inc. ..... 2,488 271,477 Research In Motion, Ltd. (b)............ 3,833 259,702 Richelieu Hardware, Ltd. ............... 6,200 133,066 Rogers Communications, Inc. (Class B) (a)................................ 4,464 139,198 Royal Bank of Canada (c)................ 7,258 388,666 Royal Bank of Canada (a)(c)............. 1,107 59,555 Russel Metals, Inc. .................... 5,526 93,457 Shaw Communications, Inc. (a)........... 4,832 99,880 Sherritt International Corp. ........... 9,652 60,489 Sino-Forest Corp. (a)(b)................ 3,340 61,744 Sun Life Financial, Inc. ............... 4,582 132,213 Suncor Energy, Inc. .................... 12,874 456,948 Talisman Energy, Inc. .................. 10,177 191,143 Teck Resources, Ltd. (Class B) (b)...... 4,758 167,110 TELUS Corp. (Non-Voting)................ 2,206 68,915 TMX Group, Inc. ........................ 2,439 77,077 Toronto-Dominion Bank................... 5,286 332,584
29 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ TransCanada Corp. (a)................... 5,254 $ 181,373 Yamana Gold, Inc. ...................... 7,939 90,874 ------------ TOTAL CANADA............................ 7,701,586 ------------ CHINA -- 0.7% Chong Hing Bank, Ltd. .................. 44,000 85,798 Dah Sing Banking Group, Ltd. (b)........ 69,270 103,627 Dah Sing Financial Holdings, Ltd. (b)... 10,817 59,986 Giordano International, Ltd. ........... 276,000 81,867 Hong Kong Land Holdings, Ltd. (a)....... 23,000 113,850 Sino Land Co., Ltd. .................... 50,190 97,738 Transport International Holdings, Ltd. ....................... 36,800 104,410 ------------ TOTAL CHINA............................. 647,276 ------------ DENMARK -- 0.9% A P Moller -- Maersk A/S................ 20 141,142 Danske Bank A/S (b)..................... 4,453 101,317 DSV A/S (a)(b).......................... 5,417 98,182 FLSmidth & Co. A/S (a).................. 1,393 98,574 GN Store Nord A/S (b)................... 12,762 68,408 Novo-Nordisk A/S (Class B).............. 3,285 210,291 SimCorp A/S............................. 398 74,823 Vestas Wind Systems A/S (b)............. 1,897 115,951 ------------ TOTAL DENMARK........................... 908,688 ------------ FINLAND -- 1.4% Amer Sports Oyj (Class A) (a)........... 8,875 89,134 Elisa Oyj............................... 3,287 75,268 Fortum Oyj.............................. 2,667 72,588 Kemira Oyj (a).......................... 4,356 64,935 Kesko Oyj (Class B) (a)................. 2,097 69,440 Kone Oyj (Class B)...................... 2,873 123,496 Konecranes Oyj.......................... 2,544 69,642 Lassila & Tikanoja Oyj.................. 4,385 100,599 Metso Oyj............................... 2,177 76,931 Neste Oil Oyj (a)....................... 3,454 61,549 Pohjola Bank PLC........................ 5,403 58,527 Sampo Oyj (Class A)..................... 3,608 88,105 SanomaWSOY Oyj (a)...................... 3,634 82,171 Stockmann Oyj (Class B)................. 2,331 63,544 Stora Enso Oyj (b)...................... 7,085 49,606 UPM-Kymmene Oyj......................... 5,161 61,607 Wartsila Oyj (a)........................ 1,558 62,746 YIT Oyj................................. 3,203 66,405 ------------ TOTAL FINLAND........................... 1,336,293 ------------ FRANCE -- 8.3% Accor SA................................ 2,013 110,472 Air Liquide SA.......................... 1,505 179,286 Alcatel-Lucent (a)(b)................... 23,542 80,456 Alstom SA............................... 1,821 128,178 AXA..................................... 13,182 312,819 BNP Paribas............................. 5,625 451,139 Bourbon SA (a).......................... 1,610 60,867 Bouygues SA............................. 2,232 116,646 Cap Gemini SA........................... 1,687 77,381 Carrefour SA............................ 4,570 220,046 Casino Guichard-Perrachon SA (a)........ 940 84,332 Cie de Saint-Gobain (a)................. 3,509 191,665 Cie Generale de Geophysique- Veritas (b)........................... 2,612 55,951 Cie Generale des Etablissements Michelin.............................. 1,326 101,935 Credit Agricole SA...................... 6,821 120,960 Danone SA............................... 4,745 291,582 Electricite de France................... 1,806 107,688 Essilor International SA (a)............ 2,489 149,093 France Telecom SA....................... 12,304 307,694 GDF Suez (a)............................ 8,893 386,413 Guyenne et Gascogne SA.................. 962 87,921 Hermes International.................... 881 117,945 L'Oreal SA.............................. 1,728 193,381 Lafarge SA.............................. 1,381 114,544 Lagardere SCA........................... 1,834 74,756 LVMH Moet Hennessy Louis Vuitton SA (a)................................ 1,473 165,647 Nexans SA............................... 1,003 80,328 Pernod -- Ricard SA (a)................. 1,861 159,964 Peugeot SA (b).......................... 1,780 60,437 PPR..................................... 803 97,053 Publicis Groupe (a)..................... 2,363 96,624 Renault SA (b).......................... 1,616 83,932 Sanofi-Aventis.......................... 6,908 545,713 Schneider Electric SA................... 1,940 227,628 Societe Generale........................ 4,425 310,772 Sodexo.................................. 1,368 78,245 Technip SA.............................. 1,441 102,133 Total SA................................ 15,338 990,388 Unibail-Rodamco SE...................... 574 126,579 Valeo SA (b)............................ 1,721 60,570 Vallourec SA (a)........................ 583 106,272 Veolia Environnement.................... 3,749 124,386 Vinci SA (a)............................ 3,733 211,398 Vivendi................................. 7,208 215,055 ------------ TOTAL FRANCE............................ 7,966,274 ------------ GERMANY -- 6.8% Adidas AG............................... 2,286 123,879 Allianz SE.............................. 3,086 385,869 BASF SE................................. 5,994 373,751 Bayer AG................................ 5,508 442,229 Bayerische Motoren Werke AG............. 2,594 118,351 Bilfinger Berger AG..................... 1,237 95,696 Commerzbank AG (a)(b)................... 8,254 69,693 Daimler AG.............................. 7,075 377,916 Deutsche Bank AG........................ 4,311 305,673 Deutsche Boerse AG...................... 1,728 143,796 Deutsche Post AG........................ 7,029 135,994 Deutsche Telekom AG..................... 19,897 293,751 E.ON AG................................. 11,975 502,204 Fresenius Medical Care AG & Co. KGaA.... 2,056 108,967 Fresenius SE Preferenece Shares......... 1,389 99,663 GEA Group AG............................ 3,987 89,009 Henkel AG & Co. KGaA Preference Shares.. 2,644 138,196 Hochtief AG............................. 1,024 78,675 Infineon Technologies AG (b)............ 15,359 85,501 K+S AG.................................. 1,592 91,342 Lanxess AG.............................. 2,132 80,571 Linde AG................................ 1,072 129,442 MAN AG.................................. 1,207 94,276 Merck KGaA.............................. 952 89,001
30 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ Muenchener Rueckversicherungs- Gesellschaft AG....................... 1,536 $ 239,484 Porsche Automobil Holding SE Preference Shares................................ 883 55,414 Puma AG Rudolf Dassler Sport............ 236 78,501 Rheinmetall AG.......................... 1,432 91,921 RWE AG.................................. 3,107 302,950 Salzgitter AG........................... 612 60,095 SAP AG.................................. 6,518 308,606 Siemens AG.............................. 6,058 558,095 ThyssenKrupp AG (a)..................... 3,071 116,321 Volkswagen AG (a)....................... 669 73,908 Volkswagen AG Preference Shares......... 835 78,758 Wincor Nixdorf AG....................... 1,323 90,448 ------------ TOTAL GERMANY........................... 6,507,946 ------------ GREECE -- 0.3% Hellenic Telecommunications Organization SA ADR (a)............................ 13,644 102,603 National Bank of Greece SA ADR (a)...... 37,902 197,469 ------------ TOTAL GREECE............................ 300,072 ------------ HONG KONG -- 1.9% Bank of East Asia, Ltd. ................ 29,054 115,593 CLP Holdings, Ltd. ..................... 16,500 111,609 Esprit Holdings, Ltd. .................. 17,682 118,008 Hang Lung Group, Ltd. .................. 24,000 119,628 Hang Lung Properties, Ltd. ............. 34,000 134,175 Hong Kong Exchanges and Clearing, Ltd. ....................... 11,000 197,755 Hopewell Holdings....................... 24,500 79,307 Hysan Development Co., Ltd. ............ 39,988 113,713 Li & Fung, Ltd. ........................ 40,000 166,365 New World Development Co., Ltd. ........ 57,175 117,682 Pacific Basin Shipping, Ltd. ........... 102,000 74,059 Swire Pacific, Ltd. .................... 14,000 169,718 The Link REIT........................... 44,659 114,152 Wheelock & Co., Ltd. ................... 39,000 119,705 Wing Hang Bank, Ltd. ................... 8,000 74,800 ------------ TOTAL HONG KONG......................... 1,826,269 ------------ IRELAND -- 0.8% Anglo Irish Bank Corp. PLC (b)(d)....... 5,635 -- C&C Group PLC........................... 65 281 Covidien PLC............................ 3,563 170,632 CRH PLC................................. 5,697 155,383 DCC PLC................................. 4,262 119,241 Grafton Group PLC (b)................... 14,305 60,341 Ingersoll-Rand PLC (a).................. 3,006 107,434 Kingspan Group PLC (b).................. 8,820 75,927 United Drug PLC......................... 24,527 74,955 ------------ TOTAL IRELAND........................... 764,194 ------------ ITALY -- 3.0% Assicurazioni Generali SpA.............. 8,447 228,086 Atlantia SpA............................ 4,111 107,643 Banca Piccolo Credito Valtellinese Scarl.................... 8,937 71,805 Banca Popolare dell'Etruria e del Lazio Scrl............................ 13,973 79,138 Banca Popolare di Milano Scarl.......... 9,458 67,578 Banco Popolare Societa Cooperativa Scarl (b)............................. 9,214 69,668 Davide Campari-Milano SpA............... 11,098 116,157 Enel SpA................................ 26,075 151,421 Eni SpA................................. 16,754 427,873 Fiat SpA (b)............................ 7,865 115,664 Finmeccanica SpA........................ 4,580 73,531 Intesa Sanpaolo SpA (b)................. 71,627 323,715 Parmalat SpA............................ 35,367 99,101 Pirelli & C. SpA (b).................... 125,630 75,704 Saipem SpA.............................. 3,615 124,998 Societa Cattolica di Assicurazioni Scrl (b).............................. 2,569 87,466 Telecom Italia SpA...................... 105,387 164,510 UBI Banca ScpA.......................... 6,809 98,083 UniCredit SpA (b)....................... 107,429 361,058 ------------ TOTAL ITALY............................. 2,843,199 ------------ JAPAN -- 17.8% Advantest Corp. (a)..................... 3,500 90,418 Aeon Co., Ltd. (a)...................... 7,820 63,168 Aoyama Trading Co., Ltd. ............... 6,200 78,853 Asahi Breweries, Ltd. (a)............... 7,136 131,230 Asahi Kasei Corp. ...................... 19,550 97,440 Astellas Pharma, Inc. .................. 3,910 145,320 Bridgestone Corp. (a)................... 5,865 102,438 Canon, Inc. ............................ 7,616 319,873 Casio Computer Co., Ltd. (a)............ 10,000 79,167 Central Japan Railway Co. (a)........... 20 133,627 Chubu Electric Power Co., Inc. (a)...... 5,865 139,860 Chugai Pharmaceutical Co., Ltd. (a)..... 4,180 78,127 Chuo Mitsui Trust Holdings, Inc. (a).... 19,550 65,310 Credit Saison Co., Ltd. (a)............. 6,200 69,529 Daiichi Sankyo Co., Ltd. ............... 5,865 122,787 Daikin Industries, Ltd. (a)............. 3,910 153,720 Daito Trust Construction Co., Ltd. ..... 1,955 92,400 Daiwa Securities Group, Inc. ........... 19,550 97,650 Denso Corp. ............................ 3,910 116,760 East Japan Railway Co. ................. 2,100 132,413 Eisai Co., Ltd. (a)..................... 2,051 75,347 Fanuc, Ltd. (a)......................... 1,955 181,231 Fast Retailing Co., Ltd. ............... 1,000 187,658 FUJIFILM Holdings Corp. ................ 3,910 117,180 Fujitsu, Ltd. (a)....................... 23,513 150,532 Fukuoka Financial Group, Inc. (a)....... 19,550 67,620 Hankyu Hanshin Holdings, Inc. (a)....... 20,513 91,223 Hitachi, Ltd. (b)....................... 34,475 105,171 Honda Motor Co., Ltd. (a)............... 9,375 313,188 Hoya Corp. (a).......................... 5,206 137,567 Ibiden Co., Ltd. ....................... 2,400 85,074 Isuzu Motors, Ltd. (a)(b)............... 26,000 48,316 Itochu Corp. ........................... 19,550 143,220 Japan Digital Laboratory Co., Ltd. ..... 11,920 133,035 Japan Tobacco, Inc. (a)................. 36 121,038 JFE Holdings, Inc. (a).................. 3,910 153,300 JSR Corp. (a)........................... 4,000 80,778 Kajima Corp. ........................... 32,475 65,233 KDDI Corp. ............................. 20 105,913 Kintetsu Corp. (a)...................... 33,101 109,513 Kirin Holdings Co., Ltd. (a)............ 7,000 112,036 Kiyo Holdings, Inc. .................... 58,651 70,561 Komatsu, Ltd. (a)....................... 7,520 156,224 Konica Minolta Holdings, Inc. .......... 9,775 99,960 Kubota Corp. (a)........................ 15,550 141,979
31 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ Kurita Water Industries, Ltd. (a)....... 2,710 $ 84,419 Kyocera Corp. .......................... 1,955 171,571 Marubeni Corp. (a)...................... 21,550 118,288 Mediceo Paltac Holdings Co., Ltd. ...... 6,399 79,115 Mitsubishi Corp. ....................... 11,138 275,773 Mitsubishi Electric Corp. (b)........... 19,550 143,850 Mitsubishi Estate Co., Ltd. ............ 7,925 125,819 Mitsubishi Heavy Industries, Ltd. (a)... 39,101 136,924 Mitsubishi Motors Corp. (a)(b).......... 57,613 79,214 Mitsubishi UFJ Financial Group, Inc. ... 75,224 365,232 Mitsui & Co., Ltd. ..................... 16,826 236,950 Mitsui Chemicals, Inc. (a).............. 19,550 50,400 Mitsui OSK Lines, Ltd. (a).............. 16,550 86,932 Mitsui Sumitomo Insurance Group Holdings, Inc. ....................... 4,199 106,672 Mizuho Financial Group, Inc. (a)........ 95,800 170,823 Murata Manufacturing Co., Ltd. (a)...... 2,000 98,824 NGK Insulators, Ltd. (a)................ 3,000 65,095 Nidec Corp. ............................ 2,000 183,469 Nikon Corp. ............................ 4,000 78,544 Nintendo Co., Ltd. ..................... 300 71,024 Nippon Mining Holdings, Inc. ........... 18,738 79,908 Nippon Oil Corp. ....................... 19,550 90,300 Nippon Steel Corp. (a).................. 39,101 157,505 Nippon Telegraph & Telephone Corp. ..... 2,300 90,177 Nippon Yusen KK (a)..................... 19,550 59,850 Nissan Motor Co., Ltd. (a)(b)........... 15,541 135,219 Nitto Denko Corp. ...................... 3,200 114,120 Nomura Holdings, Inc. .................. 24,785 181,305 NTT Data Corp. ......................... 21 65,214 NTT DoCoMo, Inc. (a).................... 131 182,369 Obayashi Corp. (a)...................... 19,550 66,360 Olympus Corp. (a)....................... 3,000 96,031 ORIX Corp. (a).......................... 771 51,927 Panasonic Corp. ........................ 15,850 225,590 Resona Holdings, Inc. .................. 5,900 59,447 Rohm Co., Ltd. ......................... 2,000 130,190 Rohto Pharmaceutical Co., Ltd. (a)...... 7,701 88,595 Sanyo Electric Co., Ltd. (a)(b)......... 33,000 60,616 Secom Co., Ltd. ........................ 2,148 101,984 Seven & I Holdings Co., Ltd. (a)........ 7,328 149,323 Sharp Corp. (a)......................... 8,000 100,285 Shimizu Corp. (a)....................... 20,513 73,375 Shin-Etsu Chemical Co., Ltd. ........... 3,717 208,818 Softbank Corp. (a)...................... 7,136 166,337 Sompo Japan Insurance, Inc. ............ 17,626 112,275 Sony Corp. ............................. 7,520 215,677 Stanley Electric Co., Ltd. ............. 3,473 69,613 Sumitomo Chemical Co., Ltd. ............ 19,550 85,050 Sumitomo Corp. ......................... 11,575 117,248 Sumitomo Electric Industries, Ltd. ..... 7,520 92,894 Sumitomo Metal Industries, Ltd. ........ 38,101 101,908 Sumitomo Metal Mining Co., Ltd. ........ 5,000 74,064 Sumitomo Mitsui Financial Group, Inc. (a).............................. 5,900 167,630 Sumitomo Realty & Development Co., Ltd. ............................ 4,000 74,719 T&D Holdings, Inc. ..................... 3,055 62,318 Taisei Corp. (a)........................ 40,438 69,065 Taiyo Yuden Co., Ltd. (a)............... 6,000 76,954 Takeda Pharmaceutical Co., Ltd. ........ 5,865 241,291 Takeuchi Manufacturing Co., Ltd. ....... 7,500 68,398 TDK Corp. (a)........................... 1,955 118,650 Teijin, Ltd. (a)........................ 23,550 75,890 Terumo Corp. (a)........................ 2,148 129,210 The Akita Bank, Ltd. (a)................ 19,550 76,440 The Aomori Bank, Ltd. .................. 39,101 90,303 The Awa Bank, Ltd. (a).................. 19,550 103,950 The Bank of Iwate, Ltd. (a)............. 1,955 107,730 The Bank of Okinawa, Ltd. (a)........... 1,955 71,610 The Bank of Yokohama, Ltd. ............. 19,550 88,620 The Chiba Bank, Ltd. (a)................ 15,550 92,537 The Daisan Bank, Ltd. (b)............... 58,651 148,053 The Daishi Bank, Ltd. .................. 34,176 113,804 The Eighteenth Bank, Ltd. .............. 35,251 104,131 The Furukawa Electric Co., Ltd. (a)..... 18,550 76,914 The Higo Bank, Ltd. .................... 19,550 108,570 The Hokkoku Bank, Ltd. ................. 19,550 69,720 The Hyakugo Bank, Ltd. ................. 19,550 86,100 The MISUMI Group, Inc. (a).............. 6,057 102,929 The Musashino Bank, Ltd. ............... 1,955 46,200 The Nanto Bank, Ltd. (a)................ 17,550 94,636 The Ogaki Kyoritsu Bank, Ltd. .......... 19,550 61,530 The San-In Godo Bank, Ltd. ............. 14,550 113,155 The Shiga Bank, Ltd. (a)................ 19,550 110,460 The Shikoku Bank, Ltd. (a).............. 34,101 108,060 The Sumitomo Trust & Banking Co., Ltd. (a).............................. 19,550 95,130 The Toho Bank, Ltd. .................... 39,101 118,023 The Tokyo Electric Power Co., Inc. ..... 8,175 205,045 The Yamagata Bank, Ltd. ................ 27,176 127,568 The Yamanashi Chuo Bank, Ltd. .......... 19,550 77,490 Tokio Marine Holdings, Inc. ............ 5,865 159,390 Tokyo Electron, Ltd. ................... 1,955 124,320 Tokyo Gas Co., Ltd. .................... 21,475 85,582 Tokyu Corp. ............................ 19,550 77,700 Toray Industries, Inc. (a).............. 19,550 105,630 Toshiba Corp. (a)(b).................... 32,513 178,464 Toyota Motor Corp. ..................... 16,188 674,681 USS Co., Ltd. .......................... 1,711 104,026 Yamada Denki Co., Ltd. (a).............. 1,358 91,316 ------------ TOTAL JAPAN............................. 16,979,441 ------------ LUXEMBOURG -- 0.5% ArcelorMittal........................... 5,972 275,729 Millicom International Cellular SA...... 1,113 82,106 Tenaris SA.............................. 4,564 98,354 Ternium SA ADR (a)(b)................... 1,781 63,083 ------------ TOTAL LUXEMBOURG........................ 519,272 ------------ NETHERLANDS -- 2.4% Aegon NV (b)............................ 14,493 94,404 Akzo Nobel NV........................... 2,489 165,699 ASML Holding NV......................... 4,733 162,976 European Aeronautic Defence and Space Co. NV (a)............................ 4,033 81,501 Fugro NV................................ 1,491 86,125 Heineken NV............................. 2,489 118,792 ING Groep NV (b)........................ 27,890 276,104 Koninklijke (Royal) Philips Electronics NV........................ 8,015 237,810 Koninklijke Ahold NV.................... 11,223 149,106 Koninklijke DSM NV...................... 2,585 127,806
32 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ Koninklijke Royal KPN NV................ 10,670 $ 181,256 SBM Offshore NV......................... 3,270 64,627 TNT NV.................................. 3,810 117,527 Unilever NV............................. 11,286 368,381 Wolters Kluwer NV....................... 3,524 77,358 ------------ TOTAL NETHERLANDS....................... 2,309,472 ------------ NEW ZEALAND -- 0.3% Fisher & Paykel Healthcare Corp., Ltd. .......................... 69,414 170,216 Port of Tauranga, Ltd. ................. 30,170 154,770 ------------ TOTAL NEW ZEALAND....................... 324,986 ------------ NORWAY -- 0.8% DnB NOR ASA (b)......................... 10,005 108,678 Norsk Hydro ASA (b)..................... 9,153 77,178 Orkla ASA............................... 11,441 112,592 StatoilHydro ASA........................ 8,041 201,554 Storebrand ASA (b)...................... 8,359 57,243 Telenor ASA (b)......................... 6,643 93,203 Yara International ASA.................. 2,953 134,799 ------------ TOTAL NORWAY............................ 785,247 ------------ PAPUA NEW GUINEA -- 0.1% Lihir Gold, Ltd. ....................... 28,501 84,074 ------------ PORTUGAL -- 0.4% Banco Comercial Portugues SA............ 43,094 52,246 Mota -- Engil, SGPS SA.................. 18,700 105,656 Portugal Telecom, SGPS SA............... 10,004 122,289 Teixeira Duarte -- Engenharia Construcoes SA (b).................... 51,546 77,357 ------------ TOTAL PORTUGAL.......................... 357,548 ------------ SINGAPORE -- 1.3% Ascendas REIT........................... 72,000 113,850 CapitaLand, Ltd. ....................... 36,000 107,696 City Developments, Ltd. (a)............. 20,000 164,678 Cosco Corp. Singapore, Ltd. (a)......... 83,000 70,352 Flextronics International, Ltd. (a)(b).. 14,118 103,203 Genting International PLC (a)(b)........ 80,400 74,447 Keppel Corp., Ltd. ..................... 22,978 134,698 SembCorp Industries, Ltd. .............. 46,000 121,229 Singapore Exchange, Ltd. ............... 18,000 106,799 UOL Group, Ltd. ........................ 49,000 142,049 Wilmar International, Ltd. ............. 17,000 77,859 ------------ TOTAL SINGAPORE......................... 1,216,860 ------------ SOUTH KOREA -- 3.4% Hyundai Securities Co., Ltd. ........... 5,720 72,699 KIWOOM Securities Co., Ltd. ............ 2,056 74,155 Korea Electric Power Corp. ADR (b)...... 14,103 205,058 KT Corp. ADR (a)........................ 14,805 249,020 LG Display Co., Ltd. ADR (a)(b)......... 12,690 214,842 LG Electronics, Inc. ................... 695 72,516 POSCO ADR............................... 4,705 616,825 Samsung Electronics Co., Ltd. GDR (e)... 3,962 1,386,700 SK Energy Co., Ltd. (b)................. 906 91,419 SK Telecom Co., Ltd. ADR (a)............ 17,563 285,574 ------------ TOTAL SOUTH KOREA....................... 3,268,808 ------------ SPAIN -- 4.5% Abertis Infraestructuras SA (a)......... 6,702 151,159 Acciona SA.............................. 624 81,560 Acerinox SA............................. 3,783 78,864 ACS, Actividades de Construccion y Servicios SA.......................... 2,517 125,708 Banco Bilbao Vizcaya Argentaria SA...... 19,928 363,972 Banco de Sabadell SA (a)................ 14,109 78,441 Banco de Valencia SA (a)................ 9,622 73,305 Banco Popular Espanol SA (a)............ 12,051 88,699 Banco Santander SA...................... 45,343 751,395 Ebro Puleva SA.......................... 6,465 134,775 Enagas (a).............................. 5,722 126,634 Faes Farma SA........................... 13,288 67,967 Ferrovial SA (a)........................ 6,576 77,602 Gamesa Corp. Tecnologica SA............. 4,321 73,062 Gestevision Telecinco SA (a)............ 8,191 119,518 Iberdrola SA (a)........................ 28,984 277,370 Iberia Lineas Aereas de Espana (a)(b)... 23,638 64,404 Indra Sistemas SA....................... 5,389 127,266 Industria de Diseno Textil SA........... 2,636 164,101 NH Hoteles SA (a)(b).................... 12,738 67,986 Red Electrica Corporacion SA............ 2,493 138,852 Repsol YPF SA........................... 8,176 219,654 Sacyr Vallehermoso SA (a)(b)............ 4,345 49,872 Telefonica SA........................... 27,408 767,597 ------------ TOTAL SPAIN............................. 4,269,763 ------------ SWEDEN -- 2.1% Alfa Laval AB (a)....................... 6,628 91,900 Assa Abloy AB (Class B) (a)............. 5,719 110,374 Atlas Copco AB (Class B)................ 12,583 164,687 Boliden AB (a).......................... 4,483 57,826 Electrolux AB (b)....................... 4,306 101,015 Hennes & Mauritz AB (Class B) (a)....... 3,036 168,976 Investor AB............................. 2,214 41,210 Kinnevik Investment AB (Class B) (a).... 5,088 76,248 Nordea Bank AB (a)...................... 14,941 152,547 Sandvik AB (a).......................... 9,164 110,890 Scania AB (Class B)..................... 5,545 71,680 Securitas AB (Class B).................. 8,169 80,144 Skandinaviska Enskilda Banken AB (Class C) (b)................................ 13,249 85,356 Skanska AB (Class B).................... 6,928 117,988 Tele2 AB (Class B)...................... 5,521 85,211 Telefonaktiebolaget LM Ericsson (Class B) (a)................................ 24,657 227,573 TeliaSonera AB.......................... 15,092 109,595 Volvo AB ADR (Class A).................. 13,398 114,463 ------------ TOTAL SWEDEN............................ 1,967,683 ------------ SWITZERLAND -- 7.4% ABB, Ltd. (b)........................... 16,177 312,038 ACE, Ltd. (b)........................... 1,893 95,407 Adecco SA............................... 1,787 98,620 Alcon, Inc. ............................ 699 114,881 Bachem Holding AG (Class B)............. 1,675 107,508 Cie Financiere Richemont SA (Class A)... 2,302 77,338 Clariant AG (b)......................... 6,150 72,699 Credit Suisse Group AG.................. 7,128 353,038 Foster Wheeler AG (a)(b)................ 2,004 58,998 Geberit AG (a).......................... 591 104,908 Holcim, Ltd. (a)(b)..................... 2,109 164,232 Julius Baer Group, Ltd. ................ 1,783 62,748 Kuehne & Nagel International AG......... 1,096 106,552 Lonza Group AG.......................... 994 70,193
33 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ Nestle SA............................... 20,446 $ 992,879 Nobel Biocare Holding AG................ 2,512 84,515 Noble Corp. ............................ 2,115 86,080 Novartis AG............................. 16,449 899,026 PSP Swiss Property AG (a)(b)............ 1,905 107,804 Roche Holding AG........................ 5,104 867,989 SGS SA.................................. 74 96,710 STMicroelectronics NV (b)............... 12,879 116,782 Sulzer AG............................... 731 57,349 Swatch Group AG......................... 457 115,781 Swiss Life Holding (b).................. 505 64,484 Swiss Reinsurance Co., Ltd. ............ 3,229 155,898 Syngenta AG............................. 828 232,841 Transocean, Ltd. (a)(b)................. 2,227 184,396 Tyco Electronics, Ltd. ................. 4,564 112,046 Tyco International, Ltd. (a)(b)......... 3,897 139,045 UBS AG (b).............................. 24,436 379,393 Weatherford International, Ltd. (a)(b).. 5,456 97,717 Xstrata PLC (b)......................... 14,173 256,566 Zurich Financial Services AG............ 1,004 219,982 ------------ TOTAL SWITZERLAND....................... 7,066,443 ------------ UNITED KINGDOM -- 17.5% 3i Group PLC............................ 12,327 56,335 AMEC PLC................................ 6,481 82,889 Anglo American PLC (b).................. 9,397 411,387 AstraZeneca PLC......................... 10,966 515,404 Aviva PLC............................... 20,133 129,364 BAE Systems PLC......................... 25,986 150,859 Balfour Beatty PLC...................... 18,021 75,227 Barclays PLC............................ 77,898 347,190 Barratt Developments PLC (b)............ 12,174 24,377 BG Group PLC............................ 26,176 474,273 BHP Billiton PLC........................ 16,123 519,422 BP PLC.................................. 131,450 1,273,631 British American Tobacco PLC............ 11,560 376,433 British Land Co. PLC.................... 9,277 71,909 British Sky Broadcasting Group PLC...... 11,961 108,551 BT Group PLC............................ 56,044 122,178 Burberry Group PLC...................... 7,804 75,488 Cable & Wireless PLC.................... 26,849 61,307 Cadbury PLC............................. 11,039 142,165 Cairn Energy PLC (b).................... 17,000 91,307 Capita Group PLC........................ 11,573 140,352 Carnival PLC (b)........................ 2,620 90,330 Centrica PLC............................ 35,935 163,121 Compass Group PLC....................... 20,365 146,410 Diageo PLC.............................. 16,024 280,499 Experian PLC............................ 12,650 125,631 FirstGroup PLC.......................... 9,093 62,553 G4S PLC................................. 21,286 89,578 GlaxoSmithKline PLC..................... 37,141 791,398 Hays PLC................................ 40,233 67,634 HSBC Holdings PLC....................... 111,369 1,274,735 ICAP PLC................................ 9,480 65,828 Imperial Tobacco Group PLC.............. 7,700 243,713 Informa PLC............................. 13,116 67,777 Intercontinental Hotels Group PLC....... 7,116 102,617 International Power PLC................. 16,666 83,188 Invensys PLC............................ 13,078 63,209 J Sainsbury PLC......................... 13,295 69,454 Kingfisher PLC.......................... 26,223 96,973 Land Securities Group PLC............... 7,028 77,742 Legal & General Group PLC............... 57,181 74,425 Lloyds Banking Group PLC (b)............ 249,235 204,015 Lonmin PLC (b).......................... 1,995 63,112 Man Group PLC........................... 16,235 80,880 Marks & Spencer Group PLC............... 17,072 110,826 Mondi PLC............................... 8,758 47,379 National Grid PLC....................... 18,876 206,972 Next PLC................................ 2,742 92,233 Old Mutual PLC (b)...................... 49,089 86,564 Pearson PLC............................. 8,482 122,042 Persimmon PLC (b)....................... 7,487 56,764 Prudential PLC.......................... 18,984 196,200 Randgold Resources, Ltd. ............... 1,225 98,909 Reckitt Benckiser PLC................... 4,904 265,769 Rentokil Initial PLC (b)................ 40,920 76,388 Resolution, Ltd. (b).................... 21,308 30,762 Rio Tinto PLC........................... 9,744 533,419 Rolls-Royce Group PLC (b)............... 16,713 130,492 Royal Bank of Scotland Group PLC (b).... 139,191 65,634 Royal Dutch Shell PLC (Class A)......... 24,319 739,090 Royal Dutch Shell PLC (Class B)......... 18,733 547,996 RSA Insurance Group PLC................. 32,800 63,878 SABMiller PLC........................... 7,038 207,530 Scottish & Southern Energy PLC.......... 6,741 126,383 Serco Group PLC......................... 12,185 104,288 Shire, Ltd. ............................ 6,326 123,608 Smith & Nephew PLC...................... 12,336 127,393 Smiths Group PLC........................ 5,798 94,940 Standard Chartered PLC.................. 10,650 270,871 Standard Life PLC....................... 23,225 81,198 Tate & Lyle PLC......................... 9,938 69,441 Tesco PLC............................... 55,921 386,501 The Sage Group PLC...................... 21,230 75,423 Tomkins PLC............................. 25,645 80,010 Tullow Oil PLC.......................... 8,861 186,735 Unilever PLC............................ 9,872 317,879 Virgin Media, Inc. (a).................. 4,362 73,412 Vodafone Group PLC...................... 352,797 818,679 William Hill PLC........................ 30,892 92,638 William Morrison Supermarkets PLC....... 24,228 108,532 Willis Group Holdings, Ltd. (a)......... 2,822 74,444 Wolseley PLC (b)........................ 3,628 73,058 WPP Group PLC........................... 11,384 112,047 ------------ TOTAL UNITED KINGDOM.................... 16,711,197 ------------ TOTAL COMMON STOCKS -- (Cost $86,211,566).................... 95,169,694 ------------ RIGHTS -- 0.0% (f) SOUTH KOREA -- 0.0% (f) KIWOOM Securities Co., Ltd. (expiring 1/6/10) (b) (Cost $0)............................. 263 2,869 SHORT TERM INVESTMENTS -- 8.0% UNITED STATES -- 8.0% MONEY MARKET FUNDS -- 8.0% State Street Institutional Liquid Reserves Fund (g)..................... 121,710 121,710
34 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ State Street Navigator Securities Lending Prime Portfolio (g)(h)........ 7,526,436 $ 7,526,436 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $7,648,146)..................... 7,648,146 ------------ TOTAL INVESTMENTS -- 107.6% (Cost $93,859,712).................... 102,820,709 OTHER ASSETS AND LIABILITIES -- (7.6)%................. (7,282,698) ------------ NET ASSETS -- 100.0%.................... $ 95,538,011 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (d) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (See accompanying Notes to Schedules of Investments) (e) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.5% of net assets as of December 31, 2009, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (f) Amount shown represents less than 0.05% of net assets. (g) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (h) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt GDR = Global Depositary Receipt REIT = Real Estate Investment Trust 35 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 13.6% Oil, Gas & Consumable Fuels........... 8.7 Metals & Mining....................... 6.9 Pharmaceuticals....................... 5.6 Insurance............................. 4.4 Chemicals............................. 3.2 Diversified Telecommunication Services............................ 3.0 Food Products......................... 2.6 Machinery............................. 2.4 Automobiles........................... 2.3 Electric Utilities.................... 2.2 Real Estate Management & Development.. 2.2 Semiconductors & Semiconductor Equipment........................... 2.2 Capital Markets....................... 2.1 Food & Staples Retailing.............. 2.1 Industrial Conglomerates.............. 1.9 Wireless Telecommunication Services... 1.9 Construction & Engineering............ 1.7 Beverages............................. 1.6 Electronic Equipment, Instruments & Components.......................... 1.6 Electrical Equipment.................. 1.4 Health Care Equipment & Supplies...... 1.4 Trading Companies & Distributors...... 1.4 Media................................. 1.3 Multi-Utilities....................... 1.3 Energy Equipment & Services........... 1.2 Diversified Financial Services........ 1.1 Road & Rail........................... 1.1 Specialty Retail...................... 1.1 Hotels, Restaurants & Leisure......... 1.0 Household Durables.................... 1.0 Real Estate Investment Trusts......... 1.0 Textiles, Apparel & Luxury Goods...... 1.0 Building Products..................... 0.9 Tobacco............................... 0.8 Commercial Services & Supplies........ 0.7 Auto Components....................... 0.6 Communications Equipment.............. 0.6 Computers & Peripherals............... 0.6 Professional Services................. 0.6 Software.............................. 0.6 Transportation Infrastructure......... 0.6 Aerospace & Defense................... 0.5 Construction Materials................ 0.5 Gas Utilities......................... 0.5 IT Services........................... 0.5 Marine................................ 0.5 Multiline Retail...................... 0.5 Health Care Providers & Services...... 0.4 Household Products.................... 0.4 Office Electronics.................... 0.4 Air Freight & Logistics............... 0.3 Biotechnology......................... 0.2 Distributors.......................... 0.2 Leisure Equipment & Products.......... 0.2 Life Sciences Tools & Services........ 0.2 Paper & Forest Products............... 0.2 Personal Products..................... 0.2 Airlines.............................. 0.1 Consumer Finance...................... 0.1 Containers & Packaging................ 0.1 Independent Power Producers & Energy Traders............................. 0.1 Short Term Investments................ 8.0 Other Assets & Liabilities............ (7.6) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for Anglo Irish Bank Corp. PLC, which was Level 3 and part of the Commercial Banks Industry, representing less than 0.05% of net assets. (See accompanying Notes to Schedules of Investments) 36 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.8% AUSTRALIA -- 8.2% Adelaide Brighton, Ltd. (a)............. 538,747 $ 1,332,436 Andean Resources, Ltd. (b).............. 86,198 201,558 Aquila Resources, Ltd. (a)(b)........... 36,057 360,274 Ausenco, Ltd. (a)....................... 112,558 461,604 Austar United Communications, Ltd. (b).. 811,593 1,036,467 Austereo Group, Ltd. ................... 1,087,804 1,677,813 Australian Worldwide Exploration, Ltd. (b).............................. 897,144 2,259,170 Beach Petroleum, Ltd. .................. 1,355,721 1,121,726 Boart Longyear Group (b)................ 961,389 306,942 Campbell Brothers, Ltd. ................ 80,422 2,174,166 Centennial Coal Co., Ltd. .............. 449,628 1,617,492 Consolidated Media Holdings, Ltd. ...... 51,789 142,524 Cudeco, Ltd. (a)(b)..................... 30,825 139,721 Eastern Star Gas, Ltd. (a)(b)........... 173,401 128,657 Elders Ltd. (b)......................... 107,113 150,278 Emeco Holdings, Ltd. ................... 184,490 131,078 Extract Resources, Ltd. (a)(b).......... 27,573 206,318 FKP Property Group...................... 246,484 175,124 Fleetwood Corp., Ltd. (a)............... 234,421 1,684,504 Goodman Fielder, Ltd. .................. 862,556 1,264,456 Healthscope, Ltd. (a)................... 301,531 1,374,892 Iluka Resources, Ltd. (b)............... 245,618 790,810 ING Office Fund......................... 825,292 475,025 International Ferro Metals, Ltd. (b).... 232,031 114,282 Invocare, Ltd. ......................... 475,419 2,633,820 IOOF Holdings, Ltd. .................... 334,129 1,824,029 JB Hi-Fi, Ltd. ......................... 149,857 3,045,890 Kagara Zinc, Ltd. (b)................... 169,319 159,891 Karoon Gas Australia, Ltd. (a)(b)....... 42,841 408,793 Linc Energy, Ltd (a)(b)................. 120,883 173,946 MacArthur Coal, Ltd. (a)................ 33,227 336,180 Mirabela Nickel, Ltd. (a)(b)............ 81,569 183,398 Monadelphous Group, Ltd. ............... 116,833 1,504,656 Mount Gibson Iron, Ltd. (b)............. 408,604 606,339 Oakton, Ltd. ........................... 190,902 542,533 Pacific Brands, Ltd. (b)................ 1,188,835 1,208,172 PanAust, Ltd. (b)....................... 1,727,389 877,743 PaperlinX, Ltd. (b)..................... 523,343 301,228 Programmed Maintenance Services, Ltd. .. 247,035 850,915 Record Realty (c)....................... 213,188 -- Riversdale Mining, Ltd. (b)............. 109,748 710,654 Roc Oil Co., Ltd. (b)................... 776,443 467,857 SAI Global, Ltd. ....................... 684,092 2,473,258 Sigma Pharmaceuticals, Ltd. ............ 1,740,400 1,549,577 Silex Systems, Ltd. (b)................. 21,974 120,945 Spark Infrastructure Group (d).......... 1,127,964 1,404,992 Spotless Group, Ltd. ................... 330,557 876,995 STW Communications Group, Ltd. ......... 651,560 439,485 Transfield Services, Ltd. .............. 166,286 635,585 Transpacific Industries Group, Ltd. (a)(b)........................... 108,395 132,092 Whitehaven Coal Ltd. ................... 58,883 276,962 WHK Group, Ltd. ........................ 715,177 688,218 ------------ TOTAL AUSTRALIA......................... 43,761,470 ------------ AUSTRIA -- 0.7% Atrium European Real Estate, Ltd. ...... 66,782 450,332 BWIN Interactive Entertainment AG (b)... 17,915 1,072,865 BWT AG.................................. 28,796 801,099 Immofinanz AG (a)(b).................... 143,223 513,723 Schoeller-Bleckmann Oilfield Equipment AG.......................... 21,362 1,029,504 ------------ TOTAL AUSTRIA........................... 3,867,523 ------------ BELGIUM -- 1.1% AGFA-Gevaert NV (b)..................... 103,047 669,745 Barco. NV (a)(b)........................ 33,401 1,365,299 EVS Broadcast Equipment SA.............. 16,480 1,059,281 KBC Ancora (b).......................... 7,826 183,471 Nyrstar (a)(b).......................... 14,604 174,749 RHJ International (b)................... 152,205 1,166,128 Tessenderlo Chemie NV................... 31,259 1,033,765 ------------ TOTAL BELGIUM........................... 5,652,438 ------------ BERMUDA -- 0.4% Catlin Group, Ltd. ..................... 146,147 802,418 Frontline, Ltd. (a)..................... 30,808 863,955 Golden Ocean Group, Ltd. (b)............ 166,600 304,833 Ship Finance International, Ltd. (a).... 23,628 322,050 ------------ TOTAL BERMUDA........................... 2,293,256 ------------ CANADA -- 11.4% Alamos Gold, Inc. (b)................... 35,411 424,250 AltaGas Income Trust.................... 86,494 1,551,092 Anvil Mining, Ltd. (a)(b)............... 130,005 396,829 Aurizon Mines, Ltd. (b)................. 55,763 251,594 Bankers Petroleum, Ltd. (b)............. 77,323 458,768 Birchcliff Energy, Ltd. (b)............. 29,254 263,700 Canadian Western Bank (a)............... 89,714 1,877,546 Centerra Gold, Inc. (b)................. 29,678 305,740 Compton Petroleum Corp. (b)............. 173,812 155,848 Corus Entertainment, Inc. (Class B)..... 127,210 2,408,660 Cott Corp. (b).......................... 24,968 206,251 Daylight Resources Trust................ 104,494 1,015,685 Denison Mines Corp. (b)................. 130,547 164,375 Detour Gold Corp. (b)................... 18,589 317,042 Dundee Corp. (Class A) (b).............. 78,209 904,922 Dundee Real Estate Investment Trust..... 105,532 2,088,796 DundeeWealth, Inc. (a).................. 78,814 1,037,471 Eldorado Gold Corp. (b)................. 201,094 2,815,895 Equinox Minerals, Ltd. (a)(b)........... 196,532 766,744 European Goldfields, Ltd. (a)(b)........ 39,753 230,551 First Uranium Corp. (b)................. 31,386 68,858 FirstService Corp. (b).................. 56,650 1,096,957 FNX Mining Co., Inc. (b)................ 97,509 1,075,217 Freehold Royalty Trust.................. 72,838 1,048,434 Fronteer Development Group, Inc. (a)(b)........................... 33,396 131,564 Gammon Gold, Inc. (a)(b)................ 93,728 1,037,995 GMP Capital, Inc. ...................... 85,129 1,024,780 Golden Star Resources, Ltd. (b)......... 422,809 1,314,787 Great Canadian Gaming Corp. (a)(b)...... 104,043 788,994 Groupe Aeroplan, Inc. .................. 49,750 516,791 Guardian Capital Group, Ltd. ........... 228,324 1,735,816 Home Capital Group, Inc. ............... 47,207 1,884,497 HudBay Minerals, Inc. (b)............... 93,557 1,211,016
37 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Ivanhoe Energy, Inc. (b)................ 74,647 $ 210,765 Jaguar Mining, Inc. (a)(b).............. 26,541 298,993 Linamar Corp. .......................... 102,769 1,365,548 MacDonald, Dettwiler & Associates, Ltd. (b).............................. 48,858 1,985,359 Major Drilling Group International, Inc. .................. 27,935 766,624 Martinrea International, Inc. (b)....... 85,483 689,017 Methanex Corp. ......................... 32,723 640,820 New Gold, Inc. (b)...................... 247,203 896,047 Northgate Minerals Corp. (b)............ 61,129 188,924 Novagold Resources, Inc. (a)(b)......... 147,086 893,726 NuVista Energy, Ltd. (b)................ 121,543 1,446,899 Osisko Mining Corp. (b)................. 72,161 582,327 Pan American Silver Corp. (b)........... 26,214 626,625 Peyto Energy Trust...................... 94,045 1,261,289 Precision Drilling Trust................ 58,039 423,521 Progress Energy Resources Corp. ........ 224,075 3,024,430 Quadra Mining, Ltd. (b)................. 28,778 398,310 Quebecor, Inc. (Class B)................ 56,410 1,464,664 Red Back Mining, Inc. (a)(b)............ 4,215 60,309 Rubicon Minerals Corp. (b).............. 46,360 221,109 Russel Metals, Inc. (a)................. 72,320 1,223,097 Savanna Energy Services Corp. (a)....... 92,241 609,749 Seabridge Gold, Inc. (b)................ 12,773 309,959 ShawCor, Ltd. (Class A) (a)............. 18,592 520,509 Sherritt International Corp. ........... 70,483 441,716 Silver Standard Resources, Inc. (a)(b).. 21,841 479,175 Silvercorp Metals, Inc. ................ 51,060 339,475 Stantec, Inc. (b)....................... 61,969 1,796,974 The Forzani Group, Ltd. ................ 69,470 940,978 Thompson Creek Metals Co., Inc. (a)(b).. 45,701 537,505 Trican Well Service, Ltd. (a)........... 37,418 501,833 Uni-Select, Inc. ....................... 106,845 3,148,225 Uranium One, Inc. (a)(b)................ 247,455 712,848 UTS Energy Corp. (a)(b)................. 186,334 405,248 Western Coal Corp. (b).................. 50,553 157,202 WestJet Airlines, Ltd. (b).............. 74,949 900,804 ------------ TOTAL CANADA............................ 61,048,068 ------------ CHINA -- 4.0% Allied Properties HK, Ltd. (b).......... 3,426,791 636,387 Cafe de Coral Holdings, Ltd. ........... 1,375,867 3,147,759 China Gas Holdings, Ltd. ............... 834,000 456,040 Chow Sang Sang Holding International, Ltd. .................. 856,939 1,027,790 Daphne International Holdings, Ltd. .... 342,000 275,662 Far East Consortium International, Ltd. .................. 2,955,548 1,067,253 G-Resources Group, Ltd. (b)............. 3,780,000 238,869 Galaxy Entertainment Group, Ltd. (b).... 311,000 128,747 Geely Automobile Holdings, Ltd. ........ 25,000 13,767 Giordano International, Ltd. ........... 4,552,000 1,350,211 Hi Sun Technology China, Ltd. (b)....... 636,000 359,255 HKR International, Ltd. ................ 2,303,979 980,537 Integrated Distribution Services Group, Ltd. .......................... 510,953 743,295 Jinhui Shipping & Transportation, Ltd. (b).............................. 56,402 249,947 K Wah International Holdings, Ltd. ..... 2,128,565 793,334 Kai Yuan Holdings, Ltd. (b)............. 3,820,000 187,205 Melco International Development, Ltd. (b).............................. 213,000 98,341 Midland Holdings, Ltd. ................. 353,790 307,523 PCCW, Ltd. ............................. 2,414,000 582,171 Peace Mark Holdings, Ltd. (b)........... 504,228 97,542 REXLot Holdings, Ltd. .................. 1,475,000 165,494 Road King Infrastructure, Ltd. ......... 1,008,544 784,302 Shun Tak Holdings, Ltd. ................ 576,000 362,505 Techtronic Industries Co., Ltd. ........ 1,291,500 1,080,962 Texwinca Holdings, Ltd. ................ 1,804,050 1,686,778 VTech Holdings, Ltd. ................... 133,000 1,274,418 Xinao Gas Holdings, Ltd. ............... 832,000 2,145,975 Xinyi Glass Holdings Co., Ltd. ......... 1,399,809 1,269,099 ------------ TOTAL CHINA............................. 21,511,168 ------------ DENMARK -- 1.0% Bang & Olufsen A/S (Class B) (b)........ 21,965 319,761 D/S Norden A/S.......................... 12,024 485,713 East Asiatic Co., Ltd. (a).............. 30,770 1,079,805 Genmab A/S (a)(b)....................... 9,302 147,074 GN Store Nord A/S (b)................... 173,079 927,760 IC Companys A/S (b)..................... 22,746 787,256 NeuroSearch A/S (b)..................... 29,343 435,654 SimCorp A/S............................. 7,358 1,383,283 ------------ TOTAL DENMARK........................... 5,566,306 ------------ FINLAND -- 2.6% Amer Sports Oyj (Class A) (a)........... 145,502 1,461,312 Atria Group PLC......................... 52,114 826,962 Citycon Oyj............................. 223,487 942,705 Cramo Oyj (Class B)..................... 49,710 855,143 HKScan Oyj (a).......................... 109,860 1,237,329 Kemira Oyj (a).......................... 20,942 312,183 Lassila & Tikanoja Oyj.................. 70,312 1,613,072 Outotec Oyj............................. 9,889 351,017 Poyry Oyj............................... 74,217 1,189,413 Talvivaara Mining Co. PLC (b)........... 66,350 413,902 TietoEnator Oyj......................... 61,051 1,270,097 Vacon Oyj (a)........................... 36,193 1,386,474 Vaisala Oyj (Class A)................... 36,819 1,325,933 YIT Oyj................................. 23,338 483,846 ------------ TOTAL FINLAND........................... 13,669,388 ------------ FRANCE -- 3.0% Canal Plus.............................. 34,044 277,437 Carbone Lorraine SA (a)................. 29,486 1,074,547 Club Mediterranee SA (b)................ 29,720 547,934 GL Events SA............................ 27,802 683,696 Groupe Steria SCA....................... 28,872 891,032 IMS International Metal Service (b)..... 35,477 489,664 Ingenico SA............................. 41,635 1,013,119 IPSOS................................... 50,018 1,518,511 Rhodia SA (b)........................... 57,793 1,045,602 Rubis................................... 30,822 2,728,487 Saft Groupe SA (a)...................... 39,114 1,894,570 Sequana Capital SA (a)(b)............... 70,697 809,431 Societe de la Tour Eiffel............... 10,776 814,632 SOITEC (a)(b)........................... 84,810 1,215,837 Sperian Protection...................... 9,631 696,292 UbiSoft Entertainment SA (a)(b)......... 21,311 303,313 ------------ TOTAL FRANCE............................ 16,004,104 ------------
38 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ GERMANY -- 2.9% Aixtron AG.............................. 23,720 $ 799,758 Aurubis AG.............................. 11,978 519,344 Demag Cranes AG......................... 26,334 881,092 Deutsche Wohnen AG (b).................. 132,992 1,278,428 DIC Asset AG............................ 32,757 383,034 Draegerwerk AG & Co. KGaA Preference Shares................................ 13,294 570,108 Gerresheimer AG......................... 20,904 704,812 Gildemeister AG......................... 54,873 891,999 Indus Holding AG........................ 59,343 1,021,708 Jenoptik AG (b)......................... 131,912 717,298 Kloeckner & Co. AG (b).................. 24,060 616,183 Kontron AG.............................. 74,596 853,001 KUKA AG (a)(b).......................... 44,726 766,838 Leoni AG................................ 37,835 887,539 MLP AG.................................. 54,897 634,833 Nordex AG (b)........................... 14,643 220,175 Patrizia Immobilien AG (a)(b)........... 108,859 477,927 Pfleiderer AG (a)(b).................... 47,914 422,092 Q-Cells SE (a)(b)....................... 16,389 268,061 Solar Millennium AG (b)................. 18,942 961,795 Stada Arzneimittel AG................... 18,151 630,220 Symrise AG.............................. 44,177 949,476 Wirecard AG............................. 24,071 333,271 ------------ TOTAL GERMANY........................... 15,788,992 ------------ GREECE -- 0.8% Alapis Holding Industrial and Commercial SA......................... 485,810 355,478 Diana Shipping, Inc. (a)(b)............. 18,920 273,962 DryShips, Inc. (b)...................... 93,781 545,805 Ellaktor SA............................. 100,086 739,531 Fourlis Holdings SA..................... 43,214 569,792 Hellenic Exchanges SA................... 69,193 724,705 Intracom Holdings SA (b)................ 360,788 631,521 Michaniki SA............................ 166,012 276,295 Paragon Shipping, Inc. (a).............. 28,246 128,519 ------------ TOTAL GREECE............................ 4,245,608 ------------ HONG KONG -- 0.3% Champion REIT........................... 711,000 302,590 Pacific Basin Shipping, Ltd. ........... 1,228,000 891,617 Sino Union Petroleum & Chemical International, Ltd. (b)............... 1,700,000 175,392 ------------ TOTAL HONG KONG......................... 1,369,599 ------------ IRELAND -- 1.1% C&C Group PLC........................... 231,061 997,859 Fyffes PLC.............................. 1,367,547 902,560 Irish Life & Permanent PLC (b).......... 67,849 321,243 Kingspan Group PLC (b).................. 105,425 907,550 Paddy Power PLC (e)..................... 63,016 2,237,700 Paddy Power PLC (e)..................... 13,145 459,990 Smurfit Kappa Group PLC (b)............. 26,037 231,611 ------------ TOTAL IRELAND........................... 6,058,513 ------------ ITALY -- 2.4% Amplifon SpA (b)........................ 248,409 1,081,688 Astaldi SpA............................. 191,542 1,644,766 Banca Popolare dell'Etruria e del Lazio Scrl............................ 188,501 1,067,608 Digital Multimedia Technologies SpA (b)............................... 25,535 586,181 Esprinet SpA............................ 83,850 1,092,959 IMMSI SpA (b)........................... 629,825 759,058 Interpump Group SpA (b)................. 245,449 1,306,505 Permasteelisa SpA (b)................... 92,273 1,719,728 Recordati SpA........................... 254,015 1,895,128 Sorin SpA (b)........................... 823,403 1,577,138 Tiscali SpA (b)......................... 44,223 10,514 ------------ TOTAL ITALY............................. 12,741,273 ------------ JAPAN -- 26.7% Alps Electric Co., Ltd. (a)(b).......... 154,136 900,693 Asahi Holdings, Inc. (a)................ 40,389 617,798 Bank of the Ryukyus, Ltd. .............. 119,300 1,358,376 Best Denki Co., Ltd. ................... 200,269 699,151 Central Glass Co., Ltd. ................ 459,145 1,745,930 COMSYS Holdings Corp. (a)............... 178,450 1,867,021 DA Office Investment Corp. ............. 270 573,672 Daifuku Co., Ltd. ...................... 105,500 669,751 Daihen Corp. (a)........................ 211,000 752,479 Daiichi Chuo Kisen Kaisha (a)(b)........ 127,834 271,885 Daimei Telecom Engineering Corp. (a).... 116,000 880,950 Dainippon Screen Manufacturing Co., Ltd. (a)(b)........................... 214,000 930,985 DCM Japan Holdings Co., Ltd. (a)........ 150,533 869,937 Don Quijote Co., Ltd. (a)............... 66,600 1,609,646 DOUTOR NICHIRES Holdings Co., Ltd. (a).. 144,632 1,862,761 DTS Corp. .............................. 76,382 720,376 eAccess, Ltd. (a)....................... 1,747 1,020,858 EDION Corp. (a)......................... 88,800 964,357 FCC Co., Ltd. (a)....................... 88,348 1,556,375 Fukuoka REIT Corp. ..................... 270 1,409,528 Furukawa Co., Ltd. (a).................. 621,387 734,224 Glory, Ltd. (a)......................... 63,600 1,407,337 H2O Retailing Corp. (a)................. 211,000 1,214,845 Hanwa Co., Ltd. ........................ 333,000 1,205,446 Heiwa Real Estate Co., Ltd. ............ 279,000 893,088 Hitachi Kokusai Electric, Inc. (a)...... 134,372 1,161,926 Hitachi Zosen Corp. (b)................. 701,500 949,450 Horiba, Ltd. (a)........................ 44,913 1,085,496 Hosiden Corp. (a)....................... 98,000 1,041,109 Iino Kaiun Kaisha, Ltd. (a)............. 122,000 516,333 IT Holdings Corp. ...................... 81,908 931,743 Izumiya Co., Ltd. ...................... 220,000 945,271 Japan Airport Terminal Co., Ltd. (a).... 83,300 1,125,639 Japan Asia Investment Co., Ltd. (a)(b).. 197,000 107,922 Japan Aviation Electronics Industry, Ltd. (a).............................. 123,000 825,769 Japan Excellent, Inc. .................. 217 962,683 Japan Logistics Fund, Inc. ............. 217 1,589,709 Juki Corp. (a)(b)....................... 116,332 118,713 K's Holdings Corp. (a).................. 43,900 1,315,656 Kanematsu Corp. (b)..................... 670,698 497,107 Katakura Industries Co., Ltd. (a)....... 84,274 725,103 Kayaba Industry Co., Ltd. (a)(b)........ 275,832 868,132 Kenedix, Inc. (a)(b).................... 349 111,529 Kitz Corp. ............................. 128,000 617,348 Kiyo Holdings, Inc. .................... 1,003,000 1,206,681 Komori Corp. (a)........................ 94,236 1,036,550
39 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Kurabo Industries, Ltd. ................ 615,000 $ 938,074 Kyowa Exeo Corp. (a).................... 116,000 979,387 Makino Milling Machine Co., Ltd. (a)(b)........................... 133,000 505,741 Marudai Food Co., Ltd. ................. 477,656 1,421,244 Maruha Nichiro Holdings, Inc. (a)....... 676,485 922,859 Marusan Securities Co., Ltd. (a)........ 143,798 781,586 Miraca Holdings, Inc. .................. 69,400 1,897,234 Mitsui Mining & Smelting Co., Ltd. (b).. 575,000 1,482,357 Mitsui-Soko Co., Ltd. (a)............... 268,000 967,270 Nabtesco Corp. (a)...................... 123,000 1,397,862 Nakanishi, Inc. (a)..................... 8,483 674,303 Net One Systems Co., Ltd. (a)........... 819 911,417 Neturen Co., Ltd. (a)................... 186,603 1,180,613 New City Residence Investment Corp. (c)(f).......................... 4 -- Nihon Dempa Kogyo Co., Ltd. (a)......... 22,400 404,232 Nihon Kohden Corp. (a).................. 59,600 941,743 Nikkiso Co., Ltd. ...................... 209,000 1,169,655 Nippon Accommodations Fund, Inc. ....... 221 1,153,725 Nippon Carbon Co., Ltd. (a)............. 201,712 572,018 Nippon Konpo Unyu Soko Co., Ltd. ....... 195,000 2,084,161 Nippon Light Metal Co., Ltd. (b)........ 1,264,000 1,086,202 Nippon Seiki Co., Ltd. ................. 81,000 923,154 Nippon Shinyaku Co., Ltd. .............. 187,000 2,085,031 Nippon Soda Co., Ltd. .................. 224,000 803,652 Nippon Suisan Kaisha, Ltd. (a).......... 353,899 995,988 Nippon Thompson Co., Ltd. .............. 192,000 950,771 Nishimatsu Construction Co., Ltd. ...... 583,000 632,504 Nishimatsuya Chain Co., Ltd. (a)........ 102,093 895,966 Nitto Boseki Co., Ltd. (a).............. 465,153 794,450 NOF Corp. (a)........................... 382,000 1,596,197 NSD Co., Ltd. (a)....................... 81,408 837,734 Okasan Holdings, Inc. .................. 226,682 1,093,294 Oki Electric Industry Co., Ltd. (b)..... 1,217,000 1,006,595 Orix JREIT, Inc. ....................... 336 1,667,458 Osaka Securities Exchange Co., Ltd. .... 262 1,246,748 OSG Corp. (a)........................... 130,300 1,349,258 Park24 Co., Ltd. ....................... 163,113 1,731,088 Point, Inc. ............................ 21,310 1,190,311 Premier Investment Co. ................. 411 1,342,113 Rengo Co., Ltd. ........................ 171,000 1,013,932 Rohto Pharmaceutical Co., Ltd. (a)...... 148,000 1,702,648 Ryohin Keikaku Co., Ltd. (a)............ 27,803 1,009,443 Sakai Chemical Industry Co., Ltd. ...... 296,565 1,344,330 Sanden Corp. (a)(b)..................... 415,000 1,060,959 Sankyu, Inc. (a)........................ 237,000 1,211,794 Sanyo Shokai, Ltd. (a).................. 167,000 491,519 Sanyo Special Steel Co., Ltd. (a)....... 183,937 800,199 Sato Corp. ............................. 104,200 1,075,635 Seiren Co., Ltd. (a).................... 173,600 1,199,042 Shima Seiki Manufacturing, Ltd. (a)..... 60,425 1,095,627 Shimachu Co., Ltd. ..................... 82,500 1,614,641 Shinko Electric Co., Ltd. (a)........... 391,000 743,402 Shochiku Co., Ltd. (a).................. 400,000 3,561,953 Shoei Co., Ltd. (a)..................... 94,900 719,689 SMK Corp. (a)........................... 209,343 1,200,807 Star Micronics Co., Ltd. (a)............ 55,800 457,932 Sumitomo Osaka Cement Co., Ltd. ........ 812,793 1,239,772 Tadano, Ltd. (a)........................ 127,526 528,761 Takara Holdings, Inc. (a)............... 269,000 1,543,004 Takasago International Corp. (a)........ 292,694 1,402,240 Takefuji Corp. (a)...................... 61,380 256,478 Takuma Co., Ltd. (a)(b)................. 228,000 558,397 The Bank of Nagoya, Ltd. ............... 213,000 766,475 The Bank of Okinawa, Ltd. (a)........... 42,900 1,571,395 The Ehime Bank, Ltd. (a)................ 591,000 1,669,617 The Eighteenth Bank, Ltd. .............. 560,730 1,656,381 The Hokuetsu Bank, Ltd. (a)............. 799,000 1,261,647 The Michinoku Bank, Ltd. ............... 568,000 1,018,916 The Minato Bank, Ltd. (b)............... 666,000 736,860 The Miyazaki Bank, Ltd. ................ 521,000 1,483,055 The Musashino Bank, Ltd. ............... 34,700 820,023 The Oita Bank, Ltd. .................... 345,000 1,234,062 The Tochigi Bank, Ltd. ................. 221,000 940,072 The Tokushima Bank, Ltd. (a)............ 232,000 807,433 The Tokyo Tomin Bank, Ltd. ............. 38,500 523,148 Toagosei Co., Ltd. ..................... 492,818 1,847,505 TOC Co., Ltd. .......................... 173,900 657,531 Toei Co., Ltd. ......................... 273,000 1,448,649 Toho Holdings Co., Ltd. ................ 64,719 772,360 Toho Zinc Co., Ltd. .................... 203,000 996,520 Tokai Tokyo Financial Holdings, Inc. ... 213,000 830,539 Tokyo Dome Corp. ....................... 211,000 625,555 Tokyo Tatemono Co., Ltd. ............... 185,000 703,475 Topy Industries, Ltd. .................. 636,381 1,141,583 Toyo Corp/Chuo-ku....................... 147,348 1,123,767 Toyo Tire & Rubber Co., Ltd. (b)........ 334,000 617,090 Toyobo Co., Ltd. (a).................... 866,788 1,359,375 Ulvac, Inc. (a)......................... 40,400 974,252 Unitika, Ltd. (b)....................... 880,000 661,690 Yodogawa Steel Works, Ltd. (a).......... 350,000 1,417,369 Zenrin Co., Ltd. ....................... 48,577 559,892 ------------ TOTAL JAPAN............................. 143,149,773 ------------ NETHERLANDS -- 2.6% Aalberts Industries NV (a).............. 76,538 1,108,011 ASM International NV (a)(b)............. 60,778 1,548,257 BinckBank NV............................ 19,561 351,937 Chicago Bridge & Iron Co. NV (b)........ 35,411 716,010 Crucell NV (b).......................... 65,588 1,308,022 Draka Holdings (b)...................... 24,038 464,043 Exact Holdings NV....................... 42,099 1,123,468 KAS Bank NV............................. 82,107 1,655,131 Koninklijke BAM Groep NV (a)............ 32,556 338,645 Nutreco Holding NV...................... 11,237 633,364 OPG Groep NV............................ 132,949 2,458,748 Ordina NV (b)........................... 82,582 598,346 Orthofix International N.V. (a)(b)...... 25,404 786,762 ProLogis European Properties (b)........ 33,575 207,620 VistaPrint NV (a)(b).................... 12,780 724,115 ------------ TOTAL NETHERLANDS....................... 14,022,479 ------------ NEW ZEALAND -- 0.5% Auckland International Airport, Ltd. ... 574,814 844,892 Fisher & Paykel Appliances Holdings, Ltd. (b).............................. 867,595 366,157 Fisher & Paykel Healthcare Corp., Ltd. .......................... 609,017 1,493,420 Nuplex Industries, Ltd. ................ 94,014 199,755 ------------ TOTAL NEW ZEALAND....................... 2,904,224 ------------
40 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ NORWAY -- 1.9% Deep Sea Supply PLC (b)................. 152,128 $ 205,144 DET Norske Oljeselskap ASA (a)(b)....... 900,200 790,059 Ekornes ASA............................. 106,847 2,219,506 Ganger Rolf ASA......................... 2,203 58,919 Norske Skogindustrier ASA (a)(b)........ 224,269 370,754 Norwegian Property ASA (b).............. 354,797 829,137 Petroleum Geo-Services ASA (b).......... 76,449 880,047 Prosafe Production Public, Ltd. (b)..... 110,192 237,483 Sevan Marine ASA (b).................... 148,064 260,409 Songa Offshore SE (b)................... 110,238 580,120 Subsea 7, Inc. (a)(b)................... 33,495 557,206 TGS Nopec Geophysical Co. ASA (b)....... 40,000 725,661 Tomra Systems ASA....................... 166,618 798,940 Veidekke ASA............................ 222,446 1,917,638 ------------ TOTAL NORWAY............................ 10,431,023 ------------ PORTUGAL -- 0.4% Altri SGPS SA (a)(b).................... 160,123 917,797 Semapa-Sociedade de Investimento e Gestao, SGPS, SA...................... 123,971 1,380,250 ------------ TOTAL PORTUGAL.......................... 2,298,047 ------------ SINGAPORE -- 3.2% Bukit Sembawang Estates, Ltd. .......... 229,080 828,895 CapitaCommercial Trust.................. 576,000 480,017 Cosco Corp. Singapore, Ltd. (a)......... 388,000 328,872 Ezra Holdings, Ltd. (a)................. 195,000 315,289 Haw Par Corp., Ltd. .................... 700,352 2,898,284 Hong Leong Finance, Ltd. ............... 1,460,656 3,287,633 Indofood Agri Resources, Ltd. (b)....... 189,000 313,665 Mapletree Logistics Trust............... 3,393,965 1,897,691 Parkway Holdings, Ltd. (a)(b)........... 1,019,309 2,120,006 Straits Asia Resources, Ltd. (a)........ 274,000 509,377 Suntec REIT (a)......................... 2,075,000 1,995,263 Verigy, Ltd. (a)(b)..................... 54,151 696,923 Wing Tai Holdings, Ltd. ................ 1,079,000 1,406,439 ------------ TOTAL SINGAPORE......................... 17,078,354 ------------ SOUTH KOREA -- 6.1% Asiana Airlines (b)..................... 172,652 540,429 Celltrion, Inc. (b)..................... 17,141 220,799 Cheil Communications, Inc. ............. 7,764 2,100,225 CJ CheilJedang Corp. (b)................ 2,271 400,773 Daewoo Motor Sales (b).................. 38,581 334,630 Daum Communications Corp. (b)........... 13,371 807,215 Dong-A Pharmaceutical Co., Ltd. (b)..... 10,029 1,106,702 Doosan Corp. ........................... 4,256 348,674 Eugene Investment & Securities Co., Ltd. (b).............................. 451,998 372,630 Hana Tour Service, Inc. ................ 19,285 831,368 Hanjin Heavy Industries & Construction Co., Ltd. (b)......................... 7,900 153,662 Hanjin Shipping Co., Ltd. (b)(e)........ 15,442 274,501 Hanjin Shipping Co., Ltd. (b)(e)........ 2,977 35,024 Hanmi Pharm Co., Ltd. (b)............... 9,055 995,333 Hansol Paper Co. (b).................... 58,656 554,083 Hanwha Chemical Corp. (b)............... 76,165 882,997 Hanwha Securities Co. .................. 71,903 561,282 Hite Brewery Co., Ltd. (b).............. 6,864 1,002,065 Hotel Shilla Co., Ltd. (b).............. 54,462 963,453 Humax Co., Ltd. (b)(e).................. 38,962 618,989 Humax Co., Ltd. (b)(e).................. 9,155 111,639 Hyundai Department Store Co., Ltd. (b).. 15,346 1,482,578 Hyundai Marine & Fire Insurance Co., Ltd. ............................ 64,732 1,039,514 Jeonbuk Bank (b)........................ 183,762 1,155,145 Korean Reinsurance Co. ................. 91,389 773,821 LG International Corp. (b).............. 51,119 1,327,937 LG Life Sciences, Ltd. (b).............. 18,468 983,289 LG Telecom, Ltd. (b).................... 60,244 439,229 LIG Insurance Co., Ltd. ................ 44,072 819,390 LS Industrial Systems Co., Ltd. (b)..... 16,758 1,395,930 MegaStudy Co., Ltd. (b)................. 4,242 870,640 Meritz Fire & Marine Insurance Co., Ltd. (b).............................. 122,657 720,474 Meritz Securities Co., Ltd. ............ 579,200 611,792 Orion Corp. (b)......................... 4,868 1,208,143 Poongsan Corp. (b)...................... 92,255 1,711,250 Samsung Fine Chemicals Co., Ltd. ....... 21,549 870,676 Seoul Semiconductor Co., Ltd. (b)....... 8,955 356,823 SFA Engineering Corp. (b)............... 16,505 473,404 SK Chemicals Co., Ltd. (b).............. 23,187 1,330,120 STX Offshore & Shipbuilding Co., Ltd. (b).............................. 17,420 185,498 STX Pan Ocean Co. Ltd. (b).............. 39,950 387,673 Taekwang Industrial Co. Ltd. (b)........ 333 208,755 Yuhan Corp. (b)......................... 7,773 1,188,170 ------------ TOTAL SOUTH KOREA....................... 32,756,724 ------------ SPAIN -- 1.8% Almirall SA............................. 12,776 167,540 Amper, SA............................... 104,060 927,153 Campofrio Alimentacion SA (b)........... 155,329 1,484,235 Construcciones y Auxiliar de Ferrocarriles SA...................... 4,459 2,406,117 Ercros SA (b)........................... 185,457 369,857 Faes Farma SA........................... 152,988 782,515 General de Alquiler de Maquinaria (b)... 49,314 346,691 Tubacex SA.............................. 206,704 815,563 Tubos Reunidos SA....................... 246,966 758,275 Vidrala SA.............................. 54,903 1,484,853 ------------ TOTAL SPAIN............................. 9,542,799 ------------ SWEDEN -- 2.4% Carnegie Investment Bank AB (a)(c)...... 59,625 -- Castellum AB (a)........................ 166,700 1,692,658 Elekta AB (Class B) (a)................. 91,020 2,179,860 Haldex AB (a)(b)........................ 114,501 713,617 Haldex AB (New) (a)(c).................. 112,995 704,231 Intrum Justitia AB (a).................. 90,682 1,139,859 Kungsleden AB........................... 138,596 955,018 New Wave Group AB (Class B) (a)......... 207,837 800,481 Q-Med AB (b)............................ 124,310 839,168 TradeDoubler AB (a)(b)(e)............... 25,013 154,140 TradeDoubler AB (a)(b)(e)............... 50,512 331,082 Trelleborg AB (Class B) (a)(b).......... 215,762 1,624,236 Wihlborgs Fastigheter AB (a)............ 80,574 1,495,225 ------------ TOTAL SWEDEN............................ 12,629,575 ------------ SWITZERLAND -- 2.3% Basilea Pharmaceutica AG (a)(b)......... 7,792 485,799 Belimo Holding AG....................... 2,068 2,300,556
41 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Daetwyler Holding AG.................... 26,587 $ 1,491,701 Georg Fischer AG (a)(b)................. 2,591 656,052 Kudelski SA............................. 54,661 1,234,136 Kuoni Reisen Holding (Class B).......... 3,909 1,319,701 Meyer Burger Technology AG (b).......... 738 188,471 Mobimo Holding AG (b)................... 2,646 450,748 Petroplus Holdings AG (a)(b)............ 32,655 601,136 Temenos Group AG (a)(b)................. 61,207 1,589,754 Valora Holding AG....................... 7,152 1,764,218 ------------ TOTAL SWITZERLAND....................... 12,082,272 ------------ UNITED KINGDOM -- 12.0% Arriva PLC.............................. 101,408 814,044 Barratt Developments PLC (b)............ 272,458 545,573 Bellway PLC............................. 77,309 1,021,210 Bodycote PLC............................ 176,978 454,696 Bovis Homes Group PLC (b)............... 151,102 1,060,698 Britvic PLC............................. 191,640 1,262,636 BTG PLC (b)............................. 86,346 243,037 Charter International PLC............... 49,916 581,981 Chemring Group PLC...................... 35,564 1,686,733 Chloride Group (a)...................... 417,532 1,213,652 Connaught PLC........................... 279,140 1,604,737 Cookson Group PLC (b)................... 83,640 570,248 Croda International PLC (a)............. 98,783 1,276,157 CSR PLC (b)............................. 58,430 386,009 Dairy Crest Group PLC................... 145,036 849,250 Debenhams PLC (b)....................... 453,402 570,365 Dimension Data Holdings PLC............. 1,207,071 1,458,029 DS Smith PLC............................ 274,232 560,640 DSG International PLC (a)(b)............ 1,750,173 1,031,587 Elementis PLC........................... 747,718 639,949 Enterprise Inns PLC (b)................. 148,849 224,504 Fenner PLC.............................. 295,223 798,540 Galliford Try Plc....................... 107,251 536,902 Game Group PLC.......................... 341,504 584,566 Gem Diamonds, Ltd. (b).................. 53,911 197,622 Hardy Oil & Gas PLC (b)................. 24,998 101,929 Helphire PLC (b)........................ 314,895 246,626 Henderson Group PLC..................... 423,799 850,674 HMV Group PLC (a)....................... 654,637 981,026 Hochschild Mining PLC................... 43,739 241,420 Hunting PLC............................. 49,237 463,148 Intermediate Capital Group PLC.......... 142,999 632,726 International Personal Finance.......... 240,691 808,454 Interserve PLC.......................... 153,147 478,049 ITE Group PLC (a)....................... 425,287 879,071 Jardine Lloyd Thompson Group PLC........ 163,239 1,274,800 JKX Oil & Gas PLC....................... 57,978 264,493 Keller Group PLC........................ 82,325 858,143 Kier Group PLC.......................... 48,506 806,798 Laird Group PLC......................... 169,701 345,292 Lamprell PLC............................ 63,328 188,884 Melrose PLC............................. 472,670 1,373,923 Michael Page International PLC.......... 221,052 1,352,543 Micro Focus International PLC........... 78,580 578,260 Mitchells & Butlers PLC (b)............. 187,599 751,604 Mitie Group............................. 406,924 1,510,064 Mondi PLC............................... 280,330 1,516,513 Morgan Crucible Co. .................... 246,914 628,795 Morgan Sindall PLC...................... 55,085 533,724 N Brown Group PLC....................... 209,349 838,406 National Express Group PLC.............. 175,958 545,275 Northern Foods PLC...................... 783,725 845,419 Northgate PLC (b)....................... 41,619 147,858 Pace PLC................................ 82,958 279,986 PayPoint PLC............................ 87,580 620,871 Premier Farnell PLC..................... 385,053 1,070,744 Premier Foods PLC (b)................... 1,083,706 624,758 Punch Taverns PLC (b)................... 153,673 168,748 PV Crystalox Solar PLC.................. 218,476 216,623 Rank Group PLC (b)...................... 683,946 917,262 Redrow PLC (b).......................... 251,916 541,052 Regus PLC............................... 178,236 263,359 Restaurant Group PLC.................... 278,775 841,836 RPS Group PLC........................... 253,714 889,070 Salamander Energy PLC (b)............... 72,562 347,780 Senior PLC.............................. 552,531 669,191 Shaftesbury PLC......................... 268,385 1,705,867 Shanks Group PLC........................ 346,873 747,797 SIG PLC (b)............................. 245,603 444,602 SOCO International PLC (b).............. 24,388 527,731 Spectris PLC............................ 93,069 1,109,158 Spirent Communications PLC.............. 245,382 404,180 SSL International PLC................... 166,931 2,116,111 St James's Place PLC.................... 154,883 615,277 Stagecoach Group PLC.................... 255,197 698,517 Tullett Prebon PLC...................... 211,492 952,521 UK Coal PLC (b)......................... 138,489 166,611 Ultra Electronics Holdings PLC.......... 42,779 949,872 Unite Group PLC (b)..................... 240,704 1,164,158 Victrex PLC............................. 128,321 1,678,474 Wellstream Holdings PLC................. 39,333 337,274 Wetherspoon (J.D.) PLC (b).............. 131,987 905,841 WH Smith PLC............................ 140,078 1,117,452 Wincanton PLC........................... 195,914 640,652 Yell Group PLC (b)...................... 1,006,731 638,907 ------------ TOTAL UNITED KINGDOM.................... 64,589,564 ------------ TOTAL COMMON STOCKS -- (Cost $602,512,997)................... 535,062,540 ------------ WARRANTS -- 0.0% (g) ITALY -- 0.0% (g) Interpump Group (expiring 10/31/12) (b) (Cost $0)............................. 51,560 17,251 ------------ SHORT TERM INVESTMENTS -- 9.1% UNITED STATES -- 9.1% MONEY MARKET FUNDS -- 9.1% State Street Institutional Liquid Reserves Fund (h)..................... 174,821 174,821 State Street Navigator Securities Lending Prime Portfolio (h)(i)........ 48,558,706 48,558,706 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $48,733,527).................... 48,733,527 ------------ TOTAL INVESTMENTS -- 108.9% (Cost $651,246,524)................... 583,813,318 OTHER ASSETS AND LIABILITIES -- (8.9)%................. (47,667,504) ------------ NET ASSETS -- 100.0%.................... $536,145,814 ============
42 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- (a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Securities are valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities' values are determined based on Level 3 inputs, except for Haldex AB (New), which was based on Level 2 inputs. (See accompanying Notes to Schedules of Investments) (d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.3% of net assets as of December 31, 2009, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (e) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (f) Company has filed for insolvency. (g) Amount shown represents less than 0.05% of net assets. (h) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (i) Investments of cash collateral for securities loaned.
43 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Metals & Mining....................... 6.3% Machinery............................. 5.3 Oil, Gas & Consumable Fuels........... 4.6 Commercial Banks...................... 3.9 Real Estate Management & Development.. 3.8 Specialty Retail...................... 3.8 Chemicals............................. 3.5 Real Estate Investment Trusts......... 3.4 Commercial Services & Supplies........ 3.3 Hotels, Restaurants & Leisure......... 3.3 Electronic Equipment, Instruments & Components.......................... 3.3 Media................................. 3.3 Construction & Engineering............ 3.2 Capital Markets....................... 3.1 Health Care Equipment & Supplies...... 2.7 Food Products......................... 2.4 Pharmaceuticals....................... 2.3 Electrical Equipment.................. 1.9 Professional Services................. 1.8 Health Care Providers & Services...... 1.7 Auto Components....................... 1.7 Software.............................. 1.6 Industrial Conglomerates.............. 1.6 Textiles, Apparel & Luxury Goods...... 1.5 Building Products..................... 1.5 Semiconductors & Semiconductor Equipment........................... 1.5 Household Durables.................... 1.4 Energy Equipment & Services........... 1.4 IT Services........................... 1.4 Trading Companies & Distributors...... 1.3 Communications Equipment.............. 1.3 Insurance............................. 1.2 Multiline Retail...................... 1.1 Paper & Forest Products............... 1.1 Road & Rail........................... 1.1 Gas Utilities......................... 1.0 Distributors.......................... 1.0 Beverages............................. 0.9 Marine................................ 0.9 Consumer Finance...................... 0.8 Transportation Infrastructure......... 0.7 Diversified Consumer Services......... 0.7 Diversified Financial Services........ 0.6 Containers & Packaging................ 0.6 Internet Software & Services.......... 0.6 Biotechnology......................... 0.6 Aerospace & Defense................... 0.5 Construction Materials................ 0.5 Automobiles........................... 0.5 Thrifts & Mortgage Finance............ 0.4 Food & Staples Retailing.............. 0.3 Leisure Equipment & Products.......... 0.3 Airlines.............................. 0.3 Electric Utilities.................... 0.3 Diversified Telecommunication Services............................ 0.2 Internet & Catalog Retail............. 0.2 Life Sciences Tools & Services........ 0.1 Health Care Technology................ 0.1 Air Freight & Logistics............... 0.1 Short Term Investments................ 9.1 Other Assets & Liabilities............ (8.9) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for Record Realty and New City Residence Investment Corp., which were Level 3 and part of the Real Estate Investment Trusts Industry, Carnegie Investment Bank AB, which was Level 3 and part of the Capital Markets Industry, all representing less than 0.05% of net assets, and Haldex AB (New), which was Level 2 and part of the Machinery Industry, representing 0.13% of net assets. (See accompanying Notes to Schedules of Investments) 44 SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- -------------- COMMON STOCKS -- 99.6% AUSTRALIA -- 18.1% Abacus Property Group................... 5,196,333 $ 2,079,629 Babcock & Brown Japan Property Trust.... 1,982,729 704,351 Bunnings Warehouse Property Trust....... 1,167,191 1,952,467 CFS Retail Property Trust (a)........... 6,424,353 10,977,711 Commonwealth Property Office Fund (a)... 6,354,276 5,543,277 Dexus Property Group (a)................ 17,132,180 13,096,654 Goodman Group........................... 21,738,184 12,414,402 GPT Group............................... 36,162,620 19,676,328 ING Industrial Fund (a)(b).............. 9,141,941 3,946,467 ING Office Fund......................... 9,446,667 5,437,351 Macquarie CountryWide Trust (a)......... 5,421,375 2,852,293 Macquarie Office Trust (a).............. 17,586,540 4,903,102 Westfield Group......................... 8,482,606 95,665,563 -------------- TOTAL AUSTRALIA......................... 179,249,595 -------------- AUSTRIA -- 2.3% Atrium European Real Estate, Ltd. ...... 783,745 5,285,044 CA Immobilien Anlagen AG (a)(b)......... 306,109 3,469,598 IMMOEAST AG (a)(b)...................... 1,474,580 8,145,261 Immofinanz AG (a)(b).................... 1,585,158 5,685,760 -------------- TOTAL AUSTRIA........................... 22,585,663 -------------- BELGIUM -- 1.1% Befimmo S.C.A. ......................... 53,141 4,711,879 Cofinimmo............................... 42,748 6,048,013 -------------- TOTAL BELGIUM........................... 10,759,892 -------------- CANADA -- 7.7% Artis REIT.............................. 71,533 776,502 Boardwalk REIT.......................... 92,422 3,266,309 Brookfield Asset Management, Inc. (Class A)............................. 1,996,922 44,553,828 Calloway REIT........................... 158,079 2,941,881 Canadian Apartment Properties REIT...... 129,772 1,740,444 Canadian REIT........................... 126,331 3,268,085 Chartwell Seniors Housing REIT.......... 243,504 1,632,883 Extendicare REIT........................ 132,489 1,203,124 First Capital Realty, Inc. (a).......... 139,413 2,880,418 H&R REIT................................ 281,563 4,149,519 Primaris Retail REIT.................... 119,205 1,835,235 RioCan REIT............................. 448,006 8,482,777 -------------- TOTAL CANADA............................ 76,731,005 -------------- CHINA -- 3.6% Hong Kong Land Holdings, Ltd. (a)....... 4,767,000 23,596,650 Kerry Properties, Ltd. ................. 2,405,670 12,254,753 -------------- TOTAL CHINA............................. 35,851,403 -------------- FRANCE -- 11.6% Fonciere des Regions (a)................ 95,365 9,766,557 Gecina SA............................... 81,538 8,907,357 Klepierre (a)........................... 342,242 13,940,381 SILIC (a)............................... 33,248 4,054,716 Unibail-Rodamco SE...................... 355,617 78,420,991 -------------- TOTAL FRANCE............................ 115,090,002 -------------- GERMANY -- 0.2% IVG Immobilien AG (b)................... 291,049 2,234,065 -------------- HONG KONG -- 8.8% Champion REIT........................... 6,813,319 2,899,640 GZI REIT................................ 2,820,000 1,069,222 Hang Lung Group, Ltd. .................. 3,264,808 16,273,409 Hang Lung Properties, Ltd. ............. 7,133,755 28,152,115 Hysan Development Co., Ltd. ............ 2,378,893 6,764,799 Prosperity REIT......................... 4,384,000 751,958 The Link REIT........................... 8,446,925 21,591,046 Wheelock & Co., Ltd. ................... 3,222,545 9,891,163 -------------- TOTAL HONG KONG......................... 87,393,352 -------------- ITALY -- 0.1% Beni Stabili SpA (a).................... 1,493,447 1,232,065 -------------- JAPAN -- 17.1% Aeon Mall Co., Ltd. (a)................. 310,640 5,986,231 DA Office Investment Corp. (a).......... 1,002 2,128,961 Daibiru Corp. .......................... 223,300 1,597,484 Frontier Real Estate Investment Corp. (a)............................. 567 4,019,765 Fukuoka REIT Corp. ..................... 353 1,842,827 Global One REIT (a)..................... 377 2,547,215 Hankyu REIT, Inc. ...................... 333 1,269,832 Heiwa Real Estate Co., Ltd. ............ 580,500 1,858,198 Japan Excellent, Inc. .................. 547 2,426,672 Japan Hotel and Resort, Inc. ........... 299 415,282 Japan Office Investment Corp. (a)....... 580 566,948 Japan Prime Realty Investment Corp. .... 2,418 5,002,490 Japan Real Estate Investment Corp. ..... 1,907 14,011,365 Japan Retail Fund Investment Corp. (a).. 1,506 6,745,819 Kenedix Realty Investment Corp. ........ 910 2,482,840 Mitsui Fudosan Co., Ltd. ............... 3,430,000 57,403,083 Mori Hills REIT Investment Corp. ....... 388 1,188,236 Mori Trust Sogo REIT, Inc. (a).......... 437 3,515,903 Nippon Building Fund, Inc. ............. 2,103 15,948,418 Nippon Commercial Investment Corp. (a).. 1,004 1,461,324 Nippon Residential Investment Corp. (a)............................. 967 2,355,826 Nomura Real Estate Office Fund, Inc. ... 1,130 6,117,622 NTT Urban Development Corp. (a)......... 4,233 2,800,932 Orix JREIT, Inc. ....................... 975 4,838,606 Premier Investment Co. ................. 513 1,675,192 Shoei Co., Ltd. (a)..................... 142,290 1,079,078 TOC Co., Ltd. .......................... 376,200 1,422,444 Tokyu Land Corp. (a).................... 1,782,000 6,546,474 Tokyu REIT, Inc. (a).................... 660 3,530,587 Top REIT, Inc. ......................... 604 2,679,542 United Urban Investment Corp. .......... 779 4,100,220 -------------- TOTAL JAPAN............................. 169,565,416 -------------- NETHERLANDS -- 3.1% Corio NV................................ 297,652 20,366,297 Eurocommercial Properties NV............ 136,684 5,647,888 VastNed Retail NV....................... 71,195 4,681,906 -------------- TOTAL NETHERLANDS....................... 30,696,091 -------------- NEW ZEALAND -- 0.7% AMP NZ Office Trust (a)................. 3,005,779 1,662,238 Goodman Property Trust (a).............. 2,440,685 1,900,282
45 SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- -------------- ING Property Trust (a).................. 2,119,133 $ 1,249,010 Kiwi Income Property Trust (a).......... 3,224,857 2,440,430 -------------- TOTAL NEW ZEALAND....................... 7,251,960 -------------- SINGAPORE -- 7.1% Ascendas REIT (a)....................... 5,061,773 8,003,943 Cambridge Industrial Trust.............. 2,720,074 871,850 CapitaCommercial Trust.................. 6,270,769 5,225,827 CapitaLand, Ltd. (a).................... 9,747,999 29,161,719 CapitaMall Trust........................ 7,838,717 10,049,995 Frasers Commercial Trust (a)............ 9,908,496 988,062 Guocoland, Ltd. ........................ 951,000 1,537,640 Mapletree Logistics Trust............... 4,233,000 2,366,826 Singapore Land, Ltd. ................... 508,000 2,377,264 Starhill Global REIT (a)................ 3,930,000 1,469,604 Suntec REIT (a)......................... 6,370,388 6,125,591 United Industrial Corp., Ltd. .......... 1,539,000 2,291,043 -------------- TOTAL SINGAPORE......................... 70,469,364 -------------- SOUTH AFRICA -- 0.7% Capital Property Fund................... 1,402,186 1,351,963 Fountainhead Property Trust............. 3,882,426 3,321,580 SA Corporate Real Estate Fund........... 3,107,160 1,101,299 Sycom Property Fund..................... 387,347 1,015,216 -------------- TOTAL SOUTH AFRICA...................... 6,790,058 -------------- SPAIN -- 0.0% (c) Martinsa-Fadesa SA (b)(d)(e)............ 35,998 -- -------------- SWEDEN -- 1.4% Castellum AB (a)........................ 625,534 6,351,622 Fabege AB (a)........................... 571,514 3,617,937 Kungsleden AB........................... 532,063 3,666,265 -------------- TOTAL SWEDEN............................ 13,635,824 -------------- SWITZERLAND -- 2.0% PSP Swiss Property AG (a)(b)............ 164,406 9,303,749 Swiss Prime Site AG (b)................. 194,098 10,890,142 -------------- TOTAL SWITZERLAND....................... 20,193,891 -------------- UNITED KINGDOM -- 14.0% Big Yellow Group PLC (b)................ 367,135 2,098,751 British Land Co. PLC.................... 3,394,235 26,309,647 Derwent London PLC...................... 392,931 8,375,719 Grainger PLC............................ 1,614,631 3,337,453 Great Portland Estates PLC.............. 1,218,763 5,650,467 Hammerson PLC........................... 2,716,479 18,599,621 Land Securities Group PLC............... 2,983,709 33,004,937 Liberty International PLC (a)........... 2,239,726 18,626,618 Segro PLC............................... 2,862,126 15,927,070 Shaftesbury PLC (a)..................... 879,377 5,589,360 Workspace Group PLC..................... 3,079,836 1,156,332 -------------- TOTAL UNITED KINGDOM.................... 138,675,975 -------------- TOTAL COMMON STOCKS -- (Cost $1,204,251,302)................. 988,405,621 -------------- SHORT TERM INVESTMENTS -- 6.9% UNITED STATES -- 6.9% MONEY MARKET FUNDS -- 6.9% State Street Institutional Liquid Reserves Fund (f)..................... 158,507 158,507 State Street Navigator Securities Lending Prime Portfolio (f)(g)........ 67,954,979 67,954,979 -------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $68,113,486).................... 68,113,486 -------------- TOTAL INVESTMENTS -- 106.5% (Cost $1,272,364,788)................. 1,056,519,107 OTHER ASSETS AND LIABILITIES -- (6.5)%................. (64,596,665) -------------- NET ASSETS -- 100.0%.................... $ 991,922,442 ==============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Amount shown represents less than 0.05% of net assets. (d) Company has filed for insolvency. (e) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (See accompanying Notes to Schedules of Investments) (f) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (g) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust 46 SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Retail REIT's......................... 37.6% Real Estate Management & Development.. 32.4 Diversified REIT's.................... 14.1 Office REIT's......................... 11.2 Industrial REIT's..................... 3.1 Residential REIT's.................... 0.7 Specialized REIT's.................... 0.5 Short Term Investments................ 6.9 Other Assets & Liabilities............ (6.5) ----- TOTAL................................. 100.0% -----
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for Martinsa-Fadesa SA, which was Level 3 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets. (See accompanying Notes to Schedules of Investments) 47 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.6% AUSTRALIA -- 1.7% AGL Energy, Ltd. ....................... 25,907 $ 327,590 Asciano Group (b)....................... 169,216 276,976 Macquarie Infrastructure Group.......... 133,896 160,760 Transurban Group (a).................... 75,360 375,474 ------------ TOTAL AUSTRALIA......................... 1,140,800 ------------ BRAZIL -- 1.0% Centrais Eletricas Brasileiras SA ADR... 15,258 318,079 Companhia Energetica de Minas Gerais ADR (a)............................... 20,092 362,861 ------------ TOTAL BRAZIL............................ 680,940 ------------ CANADA -- 4.3% Enbridge, Inc. (a)...................... 21,720 1,007,530 Fortis, Inc. (a)........................ 9,993 273,381 TransAlta Corp. (a)..................... 12,664 283,637 TransCanada Corp. (a)................... 39,295 1,356,499 ------------ TOTAL CANADA............................ 2,921,047 ------------ FINLAND -- 1.0% Fortum Oyj.............................. 25,836 703,183 ------------ FRANCE -- 8.7% Electricite de France................... 15,126 901,936 GDF Suez (a)............................ 95,519 4,150,432 Veolia Environnement.................... 27,134 900,267 ------------ TOTAL FRANCE............................ 5,952,635 ------------ GERMANY -- 10.4% E.ON AG................................. 116,291 4,876,979 RWE AG.................................. 22,806 2,223,711 ------------ TOTAL GERMANY........................... 7,100,690 ------------ HONG KONG -- 2.8% CLP Holdings, Ltd. ..................... 105,500 713,624 Hong Kong & China Gas Co., Ltd. ........ 284,320 715,012 HongKong Electric Holdings, Ltd. ....... 93,000 506,136 ------------ TOTAL HONG KONG......................... 1,934,772 ------------ ITALY -- 5.9% A2A SpA................................. 90,429 190,203 Atlantia SpA............................ 24,374 638,213 Enel SpA................................ 407,267 2,365,059 Snam Rete Gas SpA....................... 97,844 487,124 Terna -- Rete Elettrica Nationale SpA... 86,875 373,932 ------------ TOTAL ITALY............................. 4,054,531 ------------ JAPAN -- 9.0% Chubu Electric Power Co., Inc. (a)...... 34,070 812,454 Electric Power Development Co., Ltd. (a).............................. 9,600 272,238 Hokkaido Electric Power Co., Inc. (a)... 9,300 168,728 Hokuriku Electric Power Co. (a)......... 9,500 206,644 Kyushu Electric Power Co., Inc. ........ 20,609 423,714 Osaka Gas Co., Ltd. .................... 94,000 317,052 Shikoku Electric Power Co., Inc. (a).... 10,326 266,205 The Chugoku Electric Power Co., Inc. (a).............................. 16,100 306,971 The Kansai Electric Power Co., Inc. (a).............................. 41,929 945,818 The Tokyo Electric Power Co., Inc. ..... 58,927 1,478,001 Tohoku Electric Power Co., Inc. ........ 22,200 438,778 Tokyo Gas Co., Ltd. .................... 119,000 474,236 ------------ TOTAL JAPAN............................. 6,110,839 ------------ PORTUGAL -- 1.4% Brisa Auto- Estradas de Portugal SA..... 26,026 268,107 EDP -- Energias de Portugal SA.......... 159,123 709,561 ------------ TOTAL PORTUGAL.......................... 977,668 ------------ SOUTH KOREA -- 0.6% Korea Electric Power Corp. ADR (b)...... 29,654 431,169 ------------ SPAIN -- 6.4% Abertis Infraestructuras SA (a)......... 20,397 460,039 Enagas (a).............................. 10,348 229,012 Gas Natural SDG SA (a).................. 26,728 578,479 Iberdrola Renovables SA (a)............. 48,828 232,586 Iberdrola SA............................ 299,586 2,866,971 ------------ TOTAL SPAIN............................. 4,367,087 ------------ UNITED KINGDOM -- 7.7% Centrica PLC............................ 296,072 1,343,971 Drax Group PLC.......................... 21,783 145,911 International Power PLC................. 88,011 439,307 National Grid PLC....................... 142,162 1,558,781 Pennon Group PLC........................ 20,186 175,211 Scottish & Southern Energy PLC.......... 53,432 1,001,764 Severn Trent PLC........................ 13,944 244,540 United Utilities Group PLC.............. 39,076 312,796 ------------ TOTAL UNITED KINGDOM.................... 5,222,281 ------------ UNITED STATES -- 38.7% Allegheny Energy, Inc. ................. 10,022 235,317 Alliant Energy Corp. (a)................ 6,487 196,297 Ameren Corp. (a)........................ 13,744 384,145 American Electric Power Co., Inc. ...... 27,673 962,744 American Tower Corp. (Class A) (b)...... 23,390 1,010,682 Aqua America, Inc. (a).................. 8,191 143,424 Calpine Corp. (a)(b).................... 19,200 211,200 CenterPoint Energy, Inc. ............... 22,604 327,984 CMS Energy Corp. (a).................... 13,486 211,191 Consolidated Edison, Inc. (a)........... 16,220 736,875 Constellation Energy Group, Inc. ....... 11,554 406,354 Crown Castle International Corp. (a)(b).......................... 16,789 655,442 Dominion Resources, Inc. (a)............ 34,278 1,334,100 DTE Energy Co. (a)...................... 9,498 414,018 Duke Energy Corp. (a)................... 75,255 1,295,138 Edison International.................... 18,905 657,516 El Paso Corp. .......................... 40,427 397,397 Entergy Corp. .......................... 11,005 900,649 EQT Corp. (a)........................... 7,644 335,724 Exelon Corp. ........................... 38,305 1,871,965 FirstEnergy Corp. (a)................... 17,675 821,004 FPL Group, Inc. (a)..................... 23,754 1,254,686 Integrys Energy Group, Inc. (a)......... 4,416 185,428 Kinder Morgan Management, LLC (b)....... 4,904 267,955 Mirant Corp. (a)(b)..................... 8,568 130,833 National Fuel Gas Co. (a)............... 4,753 237,650 NiSource, Inc. (a)...................... 16,074 247,218 Northeast Utilities..................... 10,110 260,737 NRG Energy, Inc. (b).................... 14,875 351,199 NSTAR (a)............................... 6,241 229,669
48 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ ONEOK, Inc. (a)......................... 6,208 $ 276,691 Pepco Holdings, Inc. (a)................ 13,040 219,724 PG&E Corp. (a).......................... 21,539 961,716 Pinnacle West Capital Corp. (a)......... 5,861 214,395 PPL Corp. (a)........................... 21,793 704,132 Progress Energy, Inc. .................. 16,172 663,214 Public Service Enterprise Group, Inc. (a).............................. 29,573 983,302 SBA Communications Corp. (Class A) (a)(b)............................. 6,862 234,406 SCANA Corp. (a)......................... 7,170 270,166 Sempra Energy (a)....................... 14,343 802,921 Spectra Energy Corp. ................... 37,319 765,413 The AES Corp. (b)....................... 38,407 511,197 The Southern Co. (a).................... 46,204 1,539,517 The Williams Cos., Inc. ................ 34,006 716,846 Wisconsin Energy Corp. (a).............. 6,901 343,877 Xcel Energy, Inc. (a)................... 26,467 561,630 ------------ TOTAL UNITED STATES..................... 26,443,688 ------------ TOTAL COMMON STOCKS -- (Cost $86,688,904).................... 68,041,330 ------------ SHORT TERM INVESTMENTS -- 20.2% UNITED STATES -- 20.2% MONEY MARKET FUNDS -- 20.2% State Street Institutional Liquid Reserves Fund (c)..................... 95,693 95,693 State Street Navigator Securities Lending Prime Portfolio (c)(d)........ 13,676,683 13,676,683 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $13,772,376).................... 13,772,376 ------------ TOTAL INVESTMENTS -- 119.8% (Cost $100,461,280)(e)................ 81,813,706 OTHER ASSETS AND LIABILITIES -- (19.8)%................ (13,516,052) ------------ NET ASSETS -- 100.0%.................... $ 68,297,654 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (d) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt 49 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Electric Utilities.................... 48.4% Multi- Utilities...................... 28.1 Oil, Gas & Consumable Fuels........... 6.6 Gas Utilities......................... 5.3 Independent Power Producers & Energy Traders............................. 4.4 Transportation Infrastructure......... 2.8 Wireless Telecommunication Services... 2.8 Water Utilities....................... 0.8 Road & Rail........................... 0.4 Short Term Investments................ 20.2 Other Assets & Liabilities............ (19.8) ----- TOTAL................................. 100.0% -----
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 50 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.8% AUSTRALIA -- 6.1% Alumina, Ltd. (a)(b).................... 208,449 $ 344,942 Amcor, Ltd. ............................ 86,149 482,689 AMP, Ltd. (a)........................... 61,376 373,694 Australia & New Zealand Banking Group, Ltd. .......................... 41,595 855,906 BHP Billiton, Ltd. ..................... 91,280 3,539,836 BlueScope Steel, Ltd. .................. 129,632 362,578 Boral, Ltd. ............................ 107,399 574,706 Brambles, Ltd. ......................... 48,384 295,026 CFS Retail Property Trust (a)........... 148,426 253,625 Coca-Cola Amatil, Ltd. ................. 63,434 657,779 Commonwealth Bank of Australia.......... 32,004 1,578,737 CSL, Ltd. .............................. 19,081 557,545 Fortescue Metals Group, Ltd. (b)........ 57,119 228,083 Foster's Group, Ltd. ................... 76,570 378,748 Insurance Australia Group, Ltd. ........ 71,599 259,502 Lend Lease Corp., Ltd. ................. 57,687 532,816 Macquarie Group, Ltd. .................. 16,833 732,716 Macquarie Infrastructure Group.......... 262,944 315,699 National Australia Bank, Ltd. .......... 41,035 1,011,192 Newcrest Mining, Ltd. .................. 16,227 515,597 Origin Energy, Ltd. .................... 52,293 791,040 OZ Minerals, Ltd. (b)................... 292,241 310,136 Perpetual, Ltd. ........................ 12,719 424,381 Qantas Airways, Ltd. ................... 166,734 448,357 QBE Insurance Group, Ltd. (a)........... 22,630 521,019 Rio Tinto, Ltd. ........................ 8,742 588,794 Santos, Ltd. ........................... 47,586 603,002 Sonic Healthcare, Ltd. ................. 24,487 338,484 Suncorp-Metway, Ltd. ................... 60,564 473,329 Toll Holdings, Ltd. .................... 66,881 525,706 Transurban Group (a).................... 55,892 278,476 Wesfarmers, Ltd. ....................... 237 6,665 Wesfarmers, Ltd. PPS.................... 12,190 342,048 Westfield Group......................... 37,970 428,220 Westpac Banking Corp. .................. 45,489 1,035,037 Woodside Petroleum, Ltd. ............... 18,735 795,288 Woolworths, Ltd. ....................... 32,462 817,452 ------------ TOTAL AUSTRALIA......................... 22,578,850 ------------ AUSTRIA -- 0.4% Erste Group Bank AG..................... 13,244 495,188 OMV AG.................................. 6,710 295,554 Raiffeisen International Bank-Holding AG (a)................................ 8,952 507,333 Telekom Austria AG...................... 13,716 195,806 ------------ TOTAL AUSTRIA........................... 1,493,881 ------------ BELGIUM -- 0.7% Anheuser-Busch InBev NV................. 14,624 763,632 Anheuser-Busch InBev NV -- VVPR Strip (b)............................. 8,694 62 Delhaize Group.......................... 3,024 232,640 Dexia SA (b)............................ 41,790 267,413 Fortis (b).............................. 106,058 399,133 Fortis VVPR Strip (b)................... 5,332 15 KBC Groep NV (b)........................ 8,680 378,279 Solvay SA............................... 2,681 290,608 UCB SA (a).............................. 4,513 189,200 ------------ TOTAL BELGIUM........................... 2,520,982 ------------ BRAZIL -- 3.4% Banco Bradesco SA ADR (a)............... 50,693 1,108,656 Companhia de Bebidas das Americas Preference Shares ADR (a)............. 8,566 865,937 Companhia Energetica de Minas Gerais ADR (a)............................... 43,042 777,339 Companhia Siderurgica Nacional SA ADR (a)............................... 21,206 677,108 Gerdau SA ADR (a)....................... 47,679 811,973 Itau Unibanco Banco Holding SA ADR (a).. 86,561 1,977,053 Petroleo Brasileiro SA Preference Shares ADR............................ 78,626 3,332,956 Tele Norte Leste Participacoes SA ADR (a)............................... 17,053 365,275 Vale SA ADR (a)......................... 99,484 2,469,193 ------------ TOTAL BRAZIL............................ 12,385,490 ------------ CANADA -- 7.2% Agnico-Eagle Mines, Ltd. (a)............ 3,040 165,056 Agrium, Inc. ........................... 4,975 310,454 Bank of Montreal (a).................... 16,578 883,180 Bank of Nova Scotia..................... 24,795 1,164,124 Barrick Gold Corp. ..................... 26,425 1,045,052 Brookfield Asset Management, Inc. (Class A)............................. 16,757 373,870 Brookfield Properties Corp. ............ 28,043 342,396 Cameco Corp. ........................... 11,222 363,202 Canadian Imperial Bank of Commerce (a).. 10,167 660,925 Canadian National Railway Co. .......... 15,131 827,597 Canadian Natural Resources, Ltd. ....... 15,381 1,115,044 Canadian Pacific Railway, Ltd. (a)...... 6,690 362,403 Canadian Tire Corp., Ltd. (Class A)..... 4,989 273,637 Cenovus Energy, Inc. ................... 21,034 531,694 Enbridge, Inc. (a)...................... 13,686 634,855 EnCana Corp. ........................... 22,173 721,439 Enerplus Resources Fund................. 8,809 203,430 Gildan Activewear, Inc. (a)(b).......... 11,733 287,631 Goldcorp, Inc. ......................... 20,736 817,889 Husky Energy, Inc. (a).................. 11,343 325,461 IGM Financial, Inc. (a)................. 9,474 383,262 Imperial Oil, Ltd. ..................... 12,723 493,458 Kinross Gold Corp. ..................... 13,669 252,557 Loblaw Co., Ltd. (a).................... 9,048 292,408 Manulife Financial Corp. (a)............ 39,861 734,977 National Bank of Canada (a)............. 8,630 495,895 Nexen, Inc. ............................ 11,000 264,625 Onex Corp. ............................. 15,257 343,459 Penn West Energy Trust.................. 12,063 213,448 Potash Corp. of Saskatchewan, Inc. ..... 8,704 949,731 Research In Motion, Ltd. (b)............ 14,049 951,877 Rogers Communications, Inc. (Class B) (a)................................ 13,512 421,336 Royal Bank of Canada (a)................ 32,054 1,724,468 Shaw Communications, Inc. (a)........... 14,477 299,248 Shoppers Drug Mart Corp. (a)............ 9,090 393,740 SNC-Lavalin Group, Inc. (a)............. 11,922 613,983
51 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Sun Life Financial, Inc. (a)............ 16,093 $ 464,361 Suncor Energy, Inc. .................... 33,305 1,182,123 Talisman Energy, Inc. .................. 35,442 665,668 Teck Resources, Ltd. (Class B) (b)...... 20,091 705,633 TELUS Corp. (Non-Voting)................ 7,337 229,205 Thomson Reuters Corp. (a)............... 16,000 518,148 TMX Group, Inc. (a)..................... 6,944 219,445 Toronto-Dominion Bank (a)............... 19,950 1,255,212 TransAlta Corp. (a)..................... 17,308 387,649 TransCanada Corp. (a)................... 16,452 567,938 ------------ TOTAL CANADA............................ 26,433,193 ------------ CHILE -- 0.4% Empresa Nacional de Electricidad SA ADR................................ 14,710 739,472 Enersis SA ADR.......................... 28,651 654,962 ------------ TOTAL CHILE............................. 1,394,434 ------------ CHINA -- 2.2% Bank of China, Ltd. .................... 1,612,760 873,555 Bank of Communications Co., Ltd. ....... 289,000 335,810 China Construction Bank Corp. .......... 1,212,000 1,042,557 China COSCO Holdings Co., Ltd. ......... 283,500 349,163 China Huiyuan Juice Group, Ltd. ........ 148,000 105,359 China Life Insurance Co., Ltd. ......... 230,000 1,137,535 China Petroleum & Chemical Corp. ....... 588,000 523,994 China Shenhua Energy Co., Ltd. ......... 56,500 276,888 China Telecom Corp., Ltd. .............. 680,000 284,135 Huaneng Power International, Inc. ...... 472,000 267,225 Industrial & Commercial Bank of China... 1,144,000 950,131 PetroChina Co., Ltd. ................... 572,000 687,517 Ping An Insurance Group Co. of China, Ltd. .......................... 57,000 499,868 Tencent Holdings, Ltd. ................. 22,800 495,457 Zijin Mining Group Co., Ltd. ........... 352,000 336,836 ------------ TOTAL CHINA............................. 8,166,030 ------------ DENMARK -- 0.7% A P Moller -- Maersk A/S................ 57 402,256 Danske Bank A/S (b)..................... 23,467 533,932 DSV A/S (a)(b).......................... 15,083 273,377 Novo-Nordisk A/S (Class B).............. 14,114 903,514 Vestas Wind Systems A/S (b)............. 6,269 383,181 ------------ TOTAL DENMARK........................... 2,496,260 ------------ FINLAND -- 1.1% Elisa Oyj............................... 9,648 220,926 Fortum Oyj.............................. 14,371 391,138 Kesko Oyj (Class B) (a)................. 5,789 191,697 Kone Oyj (Class B)...................... 10,624 456,674 Metso Oyj............................... 13,036 460,664 Neste Oil Oyj (a)....................... 9,216 164,225 Nokia Oyj............................... 33,483 428,514 Outokumpu Oyj........................... 16,765 318,950 Sampo Oyj (Class A)..................... 15,351 374,863 Stora Enso Oyj (b)...................... 39,128 273,958 UPM-Kymmene Oyj......................... 24,688 294,703 Wartsila Oyj (a)........................ 9,230 371,724 YIT Oyj................................. 1 21 ------------ TOTAL FINLAND........................... 3,948,057 ------------ FRANCE -- 7.1% Accor SA................................ 6,925 380,038 Air France-KLM (b)...................... 17,744 280,040 Air Liquide SA.......................... 7,201 857,835 Alcatel-Lucent (a)(b)................... 138,799 474,356 Alstom SA............................... 6,170 434,299 AXA..................................... 38,042 902,765 BNP Paribas............................. 23,231 1,863,184 Bouygues SA............................. 6,585 344,137 Cap Gemini SA........................... 4,542 208,337 Carrefour SA............................ 16,638 801,123 Credit Agricole SA (a).................. 21,024 372,829 Danone SA............................... 15,653 961,882 Essilor International SA (a)............ 9,576 573,610 France Telecom SA....................... 49,942 1,248,933 GDF Suez (a)............................ 28,430 1,235,323 Hermes International (a)................ 2,796 374,318 L'Oreal SA.............................. 7,805 873,461 Lagardere SCA........................... 5,246 213,833 LVMH Moet Hennessy Louis Vuitton SA (a)................................ 6,361 715,330 Neopost SA (a).......................... 2,393 198,001 Pernod -- Ricard SA (a)................. 5,384 462,786 Peugeot SA (b).......................... 12,079 410,122 PPR (a)................................. 3,992 482,486 Publicis Groupe (a)..................... 6,896 281,980 Renault SA (b).......................... 12,285 638,057 Sanofi-Aventis.......................... 26,260 2,074,469 Schneider Electric SA................... 6,397 750,584 Societe Generale........................ 16,271 1,142,728 Sodexo.................................. 4,093 234,104 Technip SA.............................. 4,258 301,793 Total SA (a)............................ 54,762 3,536,031 Unibail-Rodamco SE...................... 1,878 414,138 Vallourec SA (a)........................ 1,229 224,028 Veolia Environnement.................... 9,064 300,731 Vinci SA (a)............................ 13,342 755,551 Vivendi................................. 33,878 1,010,771 ------------ TOTAL FRANCE............................ 26,333,993 ------------ GERMANY -- 5.6% Adidas AG............................... 9,055 490,695 Allianz SE.............................. 11,863 1,483,330 BASF SE................................. 24,252 1,512,214 Bayer AG................................ 19,427 1,559,766 Commerzbank AG (a)(b)................... 49,244 415,792 Daimler AG.............................. 24,463 1,306,708 Deutsche Bank AG........................ 14,704 1,042,591 Deutsche Boerse AG...................... 6,992 581,842 Deutsche Lufthansa AG................... 10,781 181,749 Deutsche Post AG........................ 28,783 556,882 Deutsche Telekom AG..................... 81,082 1,197,060 E.ON AG................................. 47,987 2,012,465 Fresenius Medical Care AG & Co. KGaA.... 8,093 428,926 Linde AG................................ 3,804 459,327 MAN AG.................................. 4,203 328,287 Merck KGaA.............................. 2,974 278,034 Metro AG................................ 5,304 323,954 Muenchener Rueckversicherungs Gesellschaft AG....................... 5,997 935,017
52 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ RWE AG.................................. 13,517 $ 1,317,982 Salzgitter AG........................... 1,761 172,920 SAP AG.................................. 25,305 1,198,109 Siemens AG.............................. 21,732 2,002,066 ThyssenKrupp AG (a)..................... 10,553 399,720 TUI AG (a)(b)........................... 29,215 244,791 Volkswagen AG (a)....................... 2,978 328,997 ------------ TOTAL GERMANY........................... 20,759,224 ------------ GREECE -- 0.3% Hellenic Telecommunications Organization SA ADR (a)............................ 34,834 261,952 National Bank of Greece SA ADR (a)...... 167,868 874,592 ------------ TOTAL GREECE............................ 1,136,544 ------------ HONG KONG -- 3.4% Bank of East Asia, Ltd. ................ 184,611 734,487 Cheung Kong Holdings, Ltd. ............. 58,000 750,240 China Merchants Holdings International Co., Ltd. ............................ 113,471 369,503 China Mobile, Ltd. ..................... 173,500 1,630,048 China Overseas Land & Investment, Ltd. ..................... 118,000 249,573 China Resources Enterprise.............. 118,000 431,426 Citic Pacific, Ltd. .................... 118,000 318,053 CNOOC, Ltd. ............................ 520,217 818,495 COSCO Pacific, Ltd. .................... 228,594 292,742 Esprit Holdings, Ltd. .................. 46,121 307,808 Hang Lung Properties, Ltd. ............. 118,000 465,666 Henderson Land Development Co., Ltd. ... 59,000 444,361 Hong Kong & China Gas Co., Ltd. ........ 286,420 720,293 Hong Kong Exchanges and Clearing, Ltd. ....................... 45,600 819,783 Hutchison Whampoa, Ltd. ................ 57,000 392,543 Li & Fung, Ltd. ........................ 118,000 490,776 Mongolia Energy Co., Ltd. (b)........... 347,000 178,108 New World Development Co., Ltd. ........ 345,649 711,442 Pacific Basin Shipping, Ltd. ........... 104,000 75,512 Shangri-La Asia, Ltd. .................. 118,000 222,181 Sun Hung Kai Properties, Ltd. .......... 58,000 869,920 Swire Pacific, Ltd. .................... 57,000 690,994 The Link REIT........................... 144,309 368,866 ------------ TOTAL HONG KONG......................... 12,352,820 ------------ HUNGARY -- 0.3% MOL Hungarian Oil and Gas NyRt (b)...... 3,622 326,919 Richter Gedeon NyRt..................... 3,385 771,007 ------------ TOTAL HUNGARY........................... 1,097,926 ------------ INDIA -- 1.8% Dr. Reddy's Laboratories, Ltd. ADR (a).. 22,883 553,997 HDFC Bank, Ltd. ADR (a)................. 8,022 1,043,502 ICICI Bank, Ltd. ADR.................... 26,793 1,010,364 Infosys Technologies, Ltd. ADR (a)...... 19,967 1,103,576 Reliance Industries, Ltd. GDR (c)(b).... 34,268 1,593,462 Tata Motors, Ltd. ADR (a)............... 78,630 1,325,702 ------------ TOTAL INDIA............................. 6,630,603 ------------ INDONESIA -- 0.5% Astra International Tbk PT.............. 228,000 842,108 Bank Rakyat Indonesia Tbk PT............ 794,050 646,565 Telekomunikasi Indonesia Tbk PT......... 323,000 324,891 ------------ TOTAL INDONESIA......................... 1,813,564 ------------ IRELAND -- 0.1% CRH PLC................................. 6,122 166,975 Elan Corp. PLC (b)...................... 30,703 185,015 ------------ TOTAL IRELAND........................... 351,990 ------------ ISRAEL -- 0.7% Bank Hapoalim BM (b).................... 114,244 500,647 Bank Leumi Le-Israel BM (b)............. 104,309 480,515 Teva Pharmaceutical Industries, Ltd. ADR (a)............................... 26,494 1,488,433 ------------ TOTAL ISRAEL............................ 2,469,595 ------------ ITALY -- 2.6% Assicurazioni Generali SpA.............. 27,304 737,262 Atlantia SpA............................ 17,046 446,335 Banca Monte dei Paschi di Siena SpA (a)............................... 172,670 304,222 Banca Popolare di Milano Scarl.......... 45,340 323,956 Enel SpA................................ 162,073 941,182 Eni SpA................................. 63,916 1,632,321 Fiat SpA (b)............................ 42,315 622,292 Finmeccanica SpA........................ 12,960 208,071 Intesa Sanpaolo SpA (b)................. 218,861 989,133 Lottomatica SpA (a)..................... 17,275 347,738 Mediaset SpA............................ 33,081 272,200 Mediobanca SpA (b)...................... 18,687 222,935 Pirelli & C. SpA (b).................... 768,797 463,273 Saipem SpA.............................. 11,785 407,495 Telecom Italia SpA...................... 384,893 600,821 UBI Banca ScpA.......................... 27,503 396,177 UniCredit SpA (b)....................... 145,804 490,033 ------------ TOTAL ITALY............................. 9,405,446 ------------ JAPAN -- 14.3% Aeon Co., Ltd. (a)...................... 17,200 138,938 Aisin Seiki Co., Ltd. (a)............... 11,300 321,661 Asahi Breweries, Ltd. (a)............... 17,600 323,661 Asahi Glass Co., Ltd. (a)............... 57,000 537,580 Asahi Kasei Corp. ...................... 59,000 294,065 Astellas Pharma, Inc. .................. 17,200 639,261 Bridgestone Corp. (a)................... 17,600 307,402 Canon, Inc. ............................ 23,000 966,002 Central Japan Railway Co. .............. 57 380,837 Chubu Electric Power Co., Inc. (a)...... 23,400 558,011 Credit Saison Co., Ltd. (a)............. 16,900 189,523 Daiichi Sankyo Co., Ltd. ............... 23,500 491,987 Daikin Industries, Ltd. (a)............. 17,200 676,212 Daiwa Securities Group, Inc. ........... 57,000 284,709 Denso Corp. ............................ 11,800 352,371 East Japan Railway Co. ................. 11,500 725,120 Eisai Co., Ltd. (a)..................... 5,900 216,746 Electric Power Development Co., Ltd. (a).............................. 5,900 167,313 Elpida Memory, Inc. (b)................. 23,200 375,307 Fanuc, Ltd. (a)......................... 5,700 528,396 FUJIFILM Holdings Corp. ................ 17,100 512,477 Fujitsu, Ltd. (a)....................... 59,000 377,722
53 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Hankyu Hanshin Holdings, Inc. (a)....... 59,000 $ 262,377 Haseko Corp. (a)(b)..................... 75,500 53,526 Hitachi, Ltd. (a)(b).................... 117,000 356,926 Hokuhoku Financial Group, Inc. (a)...... 118,000 239,562 Honda Motor Co., Ltd. (a)............... 40,500 1,352,973 Hoya Corp. ............................. 11,800 311,811 Inpex Holdings, Inc. ................... 57 429,207 Itochu Corp. ........................... 57,000 417,573 Japan Real Estate Investment Corp. (a).. 57 418,798 Japan Retail Fund Investment Corp. (a).. 59 264,278 Japan Tobacco, Inc. .................... 114 383,286 JFE Holdings, Inc. (a).................. 17,200 674,365 JS Group Corp. ......................... 11,500 197,524 JSR Corp. (a)........................... 11,800 238,294 Kajima Corp. ........................... 59,000 118,513 Kamigumi Co., Ltd. ..................... 57,000 415,737 KDDI Corp. ............................. 59 312,444 Keihin Electric Express Railway Co., Ltd. (a).............................. 58,423 429,253 Kintetsu Corp. (a)...................... 117,000 387,088 Kobe Steel, Ltd. (a)(b)................. 118,000 212,944 Komatsu, Ltd. .......................... 28,500 592,073 Konica Minolta Holdings, Inc. .......... 29,500 301,670 Kubota Corp. (a)........................ 57,000 520,436 Kyocera Corp. .......................... 5,700 500,231 Makita Corp. ........................... 5,700 194,092 Marubeni Corp. (a)...................... 56,000 307,385 Marui Group Co., Ltd. (a)............... 35,300 216,513 Mitsubishi Chemical Holdings Corp. ..... 59,000 249,702 Mitsubishi Corp. ....................... 40,200 995,338 Mitsubishi Electric Corp. (b)........... 57,000 419,410 Mitsubishi Estate Co., Ltd. ............ 57,618 914,758 Mitsubishi Heavy Industries, Ltd. (a)... 117,000 409,711 Mitsubishi Rayon Co., Ltd. (a).......... 56,000 224,373 Mitsubishi UFJ Financial Group, Inc. ... 225,300 1,093,889 Mitsui & Co., Ltd. ..................... 57,300 806,921 Mitsui Chemicals, Inc. (a).............. 59,000 152,103 Mitsui Mining & Smelting Co., Ltd. (b).. 113,000 291,315 Mitsui Sumitomo Insurance Group Holdings, Inc. ....................... 17,100 434,411 Mizuho Financial Group, Inc. (a)........ 309,000 550,986 Murata Manufacturing Co., Ltd. (a)...... 5,900 291,530 NEC Corp. (b)........................... 59,000 151,469 Nidec Corp. (a)......................... 5,700 522,885 Nippon Mining Holdings, Inc. ........... 59,000 251,603 Nippon Oil Corp. ....................... 59,000 272,517 Nippon Steel Corp. (a).................. 172,000 692,841 Nippon Telegraph & Telephone Corp. ..... 11,700 458,725 Nippon Yusen KK (a)..................... 59,000 180,622 Nissan Motor Co., Ltd. (a)(b)........... 58,800 511,606 Nitto Denko Corp. ...................... 11,700 417,251 Nomura Holdings, Inc. .................. 64,100 468,898 NTT Data Corp. ......................... 59 183,220 NTT DoCoMo, Inc. ....................... 458 637,594 Obayashi Corp. (a)...................... 59,000 200,269 ORIX Corp. (a).......................... 6,260 421,614 Osaka Gas Co., Ltd. .................... 117,000 394,629 Panasonic Corp. ........................ 58,600 834,040 Resona Holdings, Inc. .................. 17,600 177,333 Rohm Co., Ltd. ......................... 5,700 371,040 Secom Co., Ltd. ........................ 5,900 280,122 Seven & I Holdings Co., Ltd. ........... 22,900 466,634 Sharp Corp. (a)......................... 57,000 714,528 Shin-Etsu Chemical Co., Ltd. ........... 11,700 657,296 Softbank Corp. (a)...................... 23,100 538,450 Sompo Japan Insurance, Inc. ............ 57,000 363,081 Sony Corp. ............................. 28,700 823,127 Sumitomo Chemical Co., Ltd. ............ 59,000 256,673 Sumitomo Corp. ......................... 29,400 297,805 Sumitomo Electric Industries, Ltd. ..... 23,500 290,295 Sumitomo Metal Industries, Ltd. ........ 118,000 315,613 Sumitomo Mitsui Financial Group, Inc. (a).............................. 17,600 500,048 T&D Holdings, Inc. ..................... 5,750 117,291 Takeda Pharmaceutical Co., Ltd. ........ 23,000 946,238 TDK Corp. (a)........................... 5,900 358,075 Teijin, Ltd. ........................... 117,000 377,034 Terumo Corp. (a)........................ 11,700 703,797 The 77 Bank, Ltd. (a)................... 114,697 607,397 The Bank of Yokohama, Ltd. ............. 59,000 267,447 The Chiba Bank, Ltd. (a)................ 57,000 339,202 The Furukawa Electric Co., Ltd. (a)..... 59,000 244,632 The Joyo Bank, Ltd. (a)................. 59,000 235,759 The Kansai Electric Power Co., Inc. (a).............................. 28,600 645,147 The Shizuoka Bank, Ltd. ................ 57,000 492,884 The Sumitomo Trust & Banking Co., Ltd. ............................ 59,000 287,094 The Tokyo Electric Power Co., Inc. ..... 41,000 1,028,358 Tokio Marine Holdings, Inc. ............ 17,600 478,307 Tokyo Electron, Ltd. ................... 5,900 375,187 Tokyo Gas Co., Ltd. .................... 117,000 466,266 Tokyu Corp. ............................ 59,000 234,492 Toppan Printing Co., Ltd. (a)........... 57,000 459,821 Toray Industries, Inc. (a).............. 59,000 318,782 Toshiba Corp. (b)....................... 59,000 323,852 Toyota Motor Corp. ..................... 69,700 2,904,947 Toyota Tsusho Corp. .................... 16,900 248,158 West Japan Railway Co. ................. 117 392,116 Yahoo! Japan Corp. (a).................. 764 228,474 Yamada Denki Co., Ltd. (a).............. 3,450 231,989 Yamaha Corp. ........................... 22,600 270,923 Yamaha Motor Co., Ltd. (a)(b)........... 23,500 294,334 ------------ TOTAL JAPAN............................. 52,838,458 ------------ LUXEMBOURG -- 0.2% ArcelorMittal (a)....................... 19,273 889,839 ------------ MEXICO -- 1.0% America Movil SAB de CV (a)............. 525,978 1,239,667 Cemex SAB de CV (a)(b).................. 252,360 299,614 Fomento Economico Mexicano SAB de CV.... 54,937 264,093 Grupo Financiero Banorte SAB de CV...... 122,452 442,521 Grupo Modelo SAB de CV (b).............. 69,851 388,436 Grupo Televisa SA de CV (a)............. 108,277 451,424 Telefonos de Mexico SA de CV (a)........ 410,769 342,952 Telmex Internacional SAB de CV.......... 392,002 348,302 ------------ TOTAL MEXICO............................ 3,777,009 ------------
54 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ NETHERLANDS -- 2.4% Aegon NV (b)............................ 16,415 $ 106,923 Akzo Nobel NV (a)....................... 8,938 595,024 ASML Holding NV......................... 14,099 485,485 European Aeronautic Defence and Space Co. NV (a)............................ 13,819 279,260 Heineken NV............................. 7,463 356,186 ING Groep NV (b)........................ 72,157 714,337 James Hardie Industries NV (b).......... 72,459 553,911 Koninklijke (Royal) Philips Electronics NV........................ 34,310 1,017,999 Koninklijke Ahold NV.................... 38,288 508,686 Koninklijke DSM NV...................... 7,487 370,168 Koninklijke Royal KPN NV................ 56,964 967,672 Reed Elsevier NV........................ 27,697 341,789 SBM Offshore NV......................... 11,366 224,634 TNT NV.................................. 14,601 450,398 Unilever NV (a)......................... 47,416 1,547,684 Wolters Kluwer NV....................... 13,035 286,140 ------------ TOTAL NETHERLANDS....................... 8,806,296 ------------ NORWAY -- 0.7% DnB NOR ASA (b)......................... 76,997 836,374 Norsk Hydro ASA (b)..................... 54,729 461,475 StatoilHydro ASA........................ 27,429 687,529 Telenor ASA (b)......................... 22,772 319,497 Yara International ASA.................. 5,832 266,220 ------------ TOTAL NORWAY............................ 2,571,095 ------------ POLAND -- 0.1% Telekomunikacja Polska SA GDR (a)....... 77,446 448,412 ------------ PORTUGAL -- 0.3% Banco Comercial Portugues SA............ 238,194 288,777 Portugal Telecom, SGPS SA............... 44,046 538,421 Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA (a)................................ 39,991 248,902 ------------ TOTAL PORTUGAL.......................... 1,076,100 ------------ RUSSIA -- 1.4% Gazprom OAO ADR......................... 68,264 1,740,732 LUKOIL ADR.............................. 17,590 1,007,907 Mechel OAO ADR.......................... 28,166 530,084 Mobile TeleSystems ADR.................. 10,990 537,301 Tatneft ADR (d)......................... 21,769 634,349 Tatneft ADR (d)......................... 989 28,820 Vimpel-Communications ADR............... 39,970 743,042 ------------ TOTAL RUSSIA............................ 5,222,235 ------------ SINGAPORE -- 1.2% CapitaLand, Ltd. ....................... 117,000 350,012 DBS Group Holdings, Ltd. ............... 58,500 641,690 Fraser and Neave, Ltd. ................. 115,000 344,029 Parkway Holdings, Ltd. (a)(b)........... 112,000 232,943 Singapore Exchange, Ltd. (a)............ 117,000 694,191 Singapore Press Holdings, Ltd. (a)...... 176,000 460,073 Singapore Telecommunications, Ltd. ..... 469,000 1,038,919 United Overseas Bank, Ltd. ............. 58,000 813,847 ------------ TOTAL SINGAPORE......................... 4,575,704 ------------ SOUTH AFRICA -- 1.4% Anglo Platinum, Ltd. (b)................ 4,642 499,580 AngloGold Ashanti, Ltd. ................ 12,226 508,532 Discovery Holdings, Ltd. ............... 1 4 FirstRand, Ltd. ........................ 114,937 286,260 Gold Fields, Ltd. ...................... 27,830 370,298 Harmony Gold Mining Co., Ltd. .......... 24,289 249,990 Impala Platinum Holdings, Ltd. ......... 17,654 486,652 MTN Group, Ltd. ........................ 41,770 668,774 Naspers, Ltd. .......................... 12,085 492,344 Sanlam, Ltd. ........................... 113,035 349,217 Sasol, Ltd. ............................ 17,970 727,219 Standard Bank Group, Ltd. .............. 36,041 499,227 Telkom SA, Ltd. ........................ 19,196 97,626 ------------ TOTAL SOUTH AFRICA...................... 5,235,723 ------------ SOUTH KOREA -- 2.9% Hana Financial Group, Inc. (b).......... 18,670 527,485 Hyundai Development Co. (b)............. 9,110 295,328 Hyundai Heavy Industries (b)............ 1,741 259,399 Hyundai Mobis (b)....................... 4,637 680,931 Hyundai Motor Co. (b)................... 3,826 397,558 KB Financial Group, Inc. (b)............ 13,092 671,197 Kia Motors Corp. (b).................... 39,470 679,597 Korea Electric Power Corp. ADR (b)...... 16,573 240,971 KT Corp. ADR (a)........................ 11,917 200,444 KT&G Corp. ............................. 4,530 250,527 LG Electronics, Inc. ................... 4,530 472,655 NHN Corp. (b)........................... 1,589 261,996 POSCO ADR (a)........................... 8,727 1,144,110 Samsung Corp. (b)....................... 8,167 393,455 Samsung Electronics Co., Ltd. GDR (c)... 5,732 2,006,200 Samsung Fire & Marine Insurance Co., Ltd. ............................ 1,678 287,478 Samsung Heavy Industries Co., Ltd. (b).. 12,870 267,463 Samsung Securities Co., Ltd. ........... 5,284 286,780 Shinhan Financial Group Co., Ltd. (b)... 10,214 378,922 Shinsegae Co., Ltd. (b)................. 446 205,674 SK Energy Co., Ltd. (b)................. 4,067 410,376 SK Holdings Co., Ltd. (b)............... 3,571 272,929 SK Telecom Co., Ltd. ADR (a)............ 13,716 223,022 ------------ TOTAL SOUTH KOREA....................... 10,814,497 ------------ SPAIN -- 3.7% Abertis Infraestructuras SA (a)......... 19,431 438,252 Acciona SA.............................. 2,279 297,878 Acerinox SA (a)......................... 20,385 424,964 ACS, Actividades de Construccion y Servicios SA.......................... 9,981 498,487 Banco Bilbao Vizcaya Argentaria SA...... 65,350 1,193,576 Banco Popular Espanol SA (a)............ 55,006 404,859 Banco Santander SA...................... 174,419 2,890,358 Ferrovial SA (a)........................ 31,428 370,876 Gamesa Corp. Tecnologica SA............. 11,917 201,499 Gas Natural SDG SA (a).................. 18,384 397,888 Iberdrola SA (a)........................ 106,105 1,015,401 Indra Sistemas SA (a)................... 24,954 589,313 Industria de Diseno Textil SA........... 9,120 567,754 Mapfre SA (b)........................... 1,261 4,831 Mapfre SA............................... 62,051 260,584
55 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Repsol YPF SA (a)....................... 26,025 $ 699,179 Telefonica SA........................... 115,833 3,244,054 ------------ TOTAL SPAIN............................. 13,499,753 ------------ SWEDEN -- 2.0% Assa Abloy AB (Class B) (a)............. 15,374 296,710 Atlas Copco AB (Class B)................ 35,364 462,846 Hennes & Mauritz AB (Class B) (a)....... 12,960 721,321 Husqvarna AB (Class B) (a)(b)........... 71,304 526,784 Nordea Bank AB (a)...................... 91,978 939,090 Sandvik AB (a).......................... 31,671 383,240 Securitas AB (Class B) (a).............. 19,102 187,406 Skandinaviska Enskilda Banken AB (Class A) (a)(b)............................. 91,541 568,469 Skanska AB (Class B) (a)................ 19,041 324,279 SKF AB (Class B) (a).................... 18,511 320,438 Svenska Handelsbanken AB (Class A)...... 16,270 465,306 Tele2 AB (Class B)...................... 23,719 366,078 Telefonaktiebolaget LM Ericsson (Class B) (a)................................ 83,819 773,613 TeliaSonera AB (a)...................... 56,223 408,280 Volvo AB ADR (Class A).................. 51,417 439,271 ------------ TOTAL SWEDEN............................ 7,183,131 ------------ SWITZERLAND -- 5.7% ABB, Ltd. (b)........................... 57,471 1,108,558 Adecco SA............................... 4,743 261,754 Credit Suisse Group AG.................. 24,449 1,210,920 Geberit AG (a).......................... 1,757 311,883 Givaudan SA............................. 463 370,176 Holcim, Ltd. (a)(b)..................... 7,414 577,342 Kuehne & Nagel International AG......... 5,775 561,439 Logitech International SA (a)(b)........ 21,311 369,631 Nestle SA............................... 103,216 5,012,279 Nobel Biocare Holding AG................ 9,560 321,641 Novartis AG............................. 53,922 2,947,127 Roche Holding AG........................ 18,519 3,149,350 SGS SA.................................. 226 295,358 Swatch Group AG......................... 1,819 460,843 Swiss Reinsurance Co., Ltd. ............ 8,007 386,582 Syngenta AG............................. 3,266 918,429 UBS AG (b).............................. 79,950 1,241,303 Xstrata PLC (b)......................... 40,502 733,186 Zurich Financial Services AG............ 3,760 823,836 ------------ TOTAL SWITZERLAND....................... 21,061,637 ------------ TAIWAN -- 2.3% AU Optronics Corp. ADR (a).............. 79,096 948,361 Hon Hai Precision Industry Co., Ltd. GDR (d)............................... 240,550 2,309,280 Hon Hai Precision Industry Co., Ltd. GDR (d)............................... 100,923 968,861 Taiwan Semiconductor Manufacturing Co., Ltd. ADR.............................. 238,954 2,733,633 United Microelectronics Corp. ADR (a)(b)............................ 413,118 1,602,898 ------------ TOTAL TAIWAN............................ 8,563,033 ------------ THAILAND -- 0.4% Bangkok Bank PCL........................ 347,676 1,214,885 PTT PCL................................. 45,277 334,077 ------------ TOTAL THAILAND.......................... 1,548,962 ------------ TURKEY -- 0.2% Akbank TAS.............................. 100,077 630,927 Turkiye Is Bankasi...................... 66,359 278,903 ------------ TOTAL TURKEY............................ 909,830 ------------ UNITED KINGDOM -- 15.0% 3i Group PLC............................ 69,067 315,638 Anglo American PLC (b).................. 36,821 1,611,970 AstraZeneca PLC......................... 37,707 1,772,236 BAE Systems PLC......................... 90,271 524,058 Barclays PLC............................ 266,788 1,189,069 BG Group PLC............................ 90,849 1,646,057 BHP Billiton PLC........................ 44,772 1,442,385 BP PLC.................................. 507,699 4,919,143 British American Tobacco PLC............ 50,192 1,634,423 British Land Co. PLC.................... 59,078 457,930 British Sky Broadcasting Group PLC...... 37,931 344,241 BT Group PLC............................ 91,430 199,322 Burberry Group PLC...................... 47,126 455,847 Cable & Wireless PLC.................... 77,967 178,030 Cadbury PLC............................. 39,065 503,095 Capita Group PLC........................ 24,666 299,137 Centrica PLC............................ 179,432 814,503 Cobham PLC.............................. 81,929 332,742 Compass Group PLC....................... 70,946 510,053 Diageo PLC.............................. 71,028 1,243,342 Experian PLC............................ 41,477 411,921 FirstGroup PLC.......................... 51,247 352,541 G4S PLC................................. 61,499 258,806 GlaxoSmithKline PLC..................... 131,454 2,801,013 Hammerson PLC........................... 51,406 351,975 HSBC Holdings PLC....................... 439,329 5,028,581 ICAP PLC................................ 64,113 445,191 Imperial Tobacco Group PLC.............. 27,499 870,372 Inchcape PLC (b)........................ 436 210 Intercontinental Hotels Group PLC....... 28,666 413,381 International Power PLC................. 48,154 240,361 J Sainsbury PLC......................... 53,291 278,394 Land Securities Group PLC............... 28,122 311,078 Lloyds Banking Group PLC (b)............ 248,215 203,181 Marks & Spencer Group PLC............... 49,306 320,079 National Grid PLC....................... 81,372 892,230 Next PLC................................ 9,869 331,966 Old Mutual PLC (b)...................... 344,854 608,121 Pearson PLC............................. 26,501 381,304 Prudential PLC.......................... 35,007 361,798 Reckitt Benckiser PLC................... 18,693 1,013,055 Reed Elsevier PLC....................... 38,591 318,760 Rio Tinto PLC........................... 34,119 1,867,789 Rolls-Royce Group PLC (b)............... 54,366 424,479 Royal Bank of Scotland Group PLC (b).... 648,379 305,734 Royal Dutch Shell PLC (Class A)......... 96,811 2,942,227 Royal Dutch Shell PLC (Class B)......... 70,482 2,061,809 RSA Insurance Group PLC................. 92,166 179,494 SABMiller PLC........................... 25,027 737,975 Scottish & Southern Energy PLC.......... 28,374 531,967 Severn Trent PLC........................ 17,095 299,799 Smith & Nephew PLC...................... 36,762 379,640 Smiths Group PLC........................ 14,890 243,817 Standard Chartered PLC.................. 29,619 753,326
56 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Standard Life PLC....................... 86,647 $ 302,931 Tesco PLC............................... 207,451 1,433,809 The Sage Group PLC...................... 56,072 199,205 Tomkins PLC............................. 131,683 410,836 Tullow Oil PLC.......................... 5,811 122,460 Unilever PLC............................ 36,566 1,177,428 United Utilities Group PLC.............. 25,834 206,796 Vodafone Group PLC...................... 1,364,040 3,165,306 Whitbread PLC........................... 19,393 441,879 Wolseley PLC (b)........................ 14,681 295,634 WPP Group PLC........................... 36,991 364,084 ------------ TOTAL UNITED KINGDOM.................... 55,435,963 ------------ TOTAL COMMON STOCKS -- (Cost $395,269,762)................... 368,226,559 ------------ WARRANTS -- 0.0% (e) ITALY -- 0.0% (e) Mediobanca Spa (expiring 3/18/11) (b)... 15,365 2,387 UBI Banca ScpA (expiring 6/30/2011) (b)........................ 21,885 1,542 ------------ TOTAL WARRANTS -- (Cost $0)............................. 3,929 ------------ SHORT TERM INVESTMENTS -- 8.0% UNITED STATES -- 8.0% MONEY MARKET FUNDS -- 8.0% State Street Institutional Liquid Reserves Fund (f)..................... 154,148 154,148 State Street Navigator Securities Lending Prime Portfolio (f)(g)........ 29,389,348 29,389,348 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $29,543,496).................... 29,543,496 ------------ TOTAL INVESTMENTS -- 107.8% (Cost $424,813,258)................... 397,773,984 OTHER ASSETS AND LIABILITIES -- (7.8)%................. (28,819,037) ------------ NET ASSETS -- 100.0%.................... $368,954,947 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.0% of net assets as of December 31, 2009, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (e) Amount shown represents less than 0.05% of net assets. (f) Affiliated fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (g) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt GDR = Global Depositary Receipt REIT = Real Estate Investment Trust 57 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 15.4% Oil, Gas & Consumable Fuels........... 11.3 Metals & Mining....................... 7.4 Pharmaceuticals....................... 5.7 Diversified Telecommunication Services............................ 4.0 Insurance............................. 3.8 Automobiles........................... 2.8 Chemicals............................. 2.7 Wireless Telecommunication Services... 2.6 Electric Utilities.................... 2.5 Food Products......................... 2.5 Semiconductors & Semiconductor Equipment........................... 2.2 Machinery............................. 2.0 Capital Markets....................... 1.9 Electronic Equipment, Instruments & Components.......................... 1.9 Real Estate Management & Development.. 1.8 Beverages............................. 1.7 Food & Staples Retailing.............. 1.7 Media................................. 1.7 Industrial Conglomerates.............. 1.4 Multi-Utilities....................... 1.3 Road & Rail........................... 1.2 Construction & Engineering............ 1.0 Diversified Financial Services........ 1.0 Electrical Equipment.................. 1.0 Household Durables.................... 1.0 Trading Companies & Distributors...... 1.0 Tobacco............................... 0.9 Hotels, Restaurants & Leisure......... 0.8 Real Estate Investment Trusts......... 0.8 Textiles, Apparel & Luxury Goods...... 0.8 Communications Equipment.............. 0.7 Transportation Infrastructure......... 0.7 Auto Components....................... 0.6 Construction Materials................ 0.6 IT Services........................... 0.6 Aerospace & Defense................... 0.5 Building Products..................... 0.5 Gas Utilities......................... 0.5 Health Care Equipment & Supplies...... 0.5 Independent Power Producers & Energy Traders............................. 0.5 Specialty Retail...................... 0.5 Air Freight & Logistics............... 0.4 Commercial Services and Supplies...... 0.4 Marine................................ 0.4 Multiline Retail...................... 0.4 Office Electronics.................... 0.4 Software.............................. 0.4 Computers & Peripherals............... 0.3 Distributors.......................... 0.3 Energy Equipment & Services........... 0.3 Health Care Providers & Services...... 0.3 Household Products.................... 0.3 Internet Software & Services.......... 0.3 Professional Services................. 0.3 Airlines.............................. 0.2 Biotechnology......................... 0.2 Consumer Finance...................... 0.2 Paper & Forest Products............... 0.2 Personal Products..................... 0.2 Containers & Packaging................ 0.1 Leisure Equipment & Products.......... 0.1 Water Utilities....................... 0.1 Short Term Investments................ 8.0 Other Assets & Liabilities............ (7.8) ----- TOTAL................................. 100.0% -----
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 58 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- COMMON STOCKS -- 100.0% AIR FREIGHT & LOGISTICS -- 0.3% Yamato Holdings Co., Ltd. (a)........... 3,180 $ 43,996 ----------- AIRLINES -- 0.3% All Nippon Airways Co., Ltd. ........... 11,000 29,776 Japan Airlines Corp. (a)(b)............. 17,000 12,235 ----------- 42,011 ----------- AUTO COMPONENTS -- 2.4% Aisin Seiki Co., Ltd. (a)............... 1,168 33,248 Bridgestone Corp. (a)................... 3,903 68,170 Denso Corp. ............................ 2,747 82,031 FCC Co., Ltd. (a)....................... 884 15,573 Futaba Industrial Co., Ltd. (b)......... 508 4,245 Keihin Corp. ........................... 556 8,248 NGK Spark Plug Co., Ltd. ............... 1,160 13,021 NHK Spring Co., Ltd. ................... 1,340 12,393 Nissin Kogyo Co., Ltd. ................. 616 9,548 NOK Corp. (a)........................... 1,116 15,332 Showa Corp. (a)......................... 2,112 12,682 Stanley Electric Co., Ltd. ............. 744 14,913 Sumitomo Rubber Industries, Inc. (a).... 1,908 16,437 Tokai Rika Co., Ltd. ................... 120 2,688 Toyo Tire & Rubber Co., Ltd. (b)........ 2,851 5,267 Toyoda Gosei Co., Ltd. ................. 68 2,038 Toyota Boshoku Corp. ................... 100 2,213 Toyota Industries Corp. ................ 1,172 34,683 ----------- 352,730 ----------- AUTOMOBILES -- 7.9% Daihatsu Motor Co., Ltd. ............... 2,464 24,482 Fuji Heavy Industries, Ltd. (b)......... 6,347 30,680 Honda Motor Co., Ltd. (a)............... 8,674 289,770 Isuzu Motors, Ltd. (a)(b)............... 9,651 17,935 Mazda Motor Corp. (a)(b)................ 6,123 13,944 Mitsubishi Motors Corp. (a)(b).......... 27,173 37,361 Nissan Motor Co., Ltd. (a)(b)........... 11,862 103,209 Suzuki Motor Corp. (a).................. 2,192 53,684 Toyota Motor Corp. ..................... 13,677 570,028 Yamaha Motor Co., Ltd. (a)(b)........... 1,316 16,483 ----------- 1,157,576 ----------- BEVERAGES -- 1.1% Asahi Breweries, Ltd. (a)............... 2,584 47,519 Ito En, Ltd. (a)........................ 1,556 23,349 Kirin Holdings Co., Ltd. (a)............ 5,207 83,339 Takara Holdings, Inc. (a)............... 2,479 14,220 ----------- 168,427 ----------- BUILDING PRODUCTS -- 1.3% Aica Kogyo Co., Ltd. ................... 2,284 23,160 Asahi Glass Co., Ltd. (a)............... 5,299 49,976 Daikin Industries, Ltd. (a)............. 1,532 60,230 JS Group Corp. ......................... 1,872 32,154 TOTO, Ltd. (a).......................... 4,444 28,021 ----------- 193,541 ----------- CAPITAL MARKETS -- 1.7% Daiwa Securities Group, Inc. ........... 8,482 42,367 JAFCO Co., Ltd. (a)..................... 312 7,474 Mizuko Securities Co., Ltd. ............ 5,587 16,864 Nomura Holdings, Inc. .................. 16,476 120,524 Okasan Holdings, Inc. .................. 3,107 14,985 SBI Holdings, Inc. (a).................. 160 28,461 Tokai Tokyo Financial Holdings, Inc. ... 3,967 15,468 ----------- 246,143 ----------- CHEMICALS -- 4.8% Asahi Kasei Corp. ...................... 6,859 34,186 Daicel Chemical Industries, Ltd. ....... 2,055 12,008 DIC Corp. .............................. 6,391 10,847 Hitachi Chemical Co., Ltd. ............. 976 19,720 JSR Corp. (a)........................... 1,360 27,465 Kaneka Corp. ........................... 3,224 20,467 Kansai Paint Co., Ltd. ................. 3,092 25,807 Kuraray Co., Ltd. ...................... 3,471 40,528 Mitsubishi Chemical Holdings Corp. ..... 6,623 28,030 Mitsubishi Gas Chemical Co., Inc. (a)... 3,268 16,359 Mitsubishi Rayon Co., Ltd. ............. 5,291 21,199 Mitsui Chemicals, Inc. ................. 4,843 12,485 Nifco, Inc. ............................ 1,028 20,373 Nissan Chemical Industries, Ltd. ....... 1,416 20,093 Nitto Denko Corp. ...................... 784 27,959 Shin-Etsu Chemical Co., Ltd. ........... 2,420 135,954 Showa Denko K.K. (a).................... 6,723 13,360 Sumitomo Chemical Co., Ltd. ............ 8,674 37,735 Taiyo Nippon Sanso Corp. (a)............ 3,180 33,612 Teijin, Ltd. (a)........................ 7,367 23,740 Tokai Carbon Co., Ltd. (a).............. 2,828 13,974 Toray Industries, Inc. (a).............. 8,758 47,320 Tosoh Corp. (a)......................... 5,599 15,517 Ube Industries, Ltd. ................... 8,543 23,309 Zeon Corp. (a).......................... 3,132 14,063 ----------- 696,110 ----------- COMMERCIAL BANKS -- 8.0% Chuo Mitsui Trust Holdings, Inc. (a).... 5,981 19,981 Fukuoka Financial Group, Inc. (a)....... 7,000 24,212 Hokuhoku Financial Group, Inc. (a)...... 9,658 19,608 Mitsubishi UFJ Financial Group, Inc. ... 60,500 293,743 Mizuho Financial Group, Inc. (a)........ 75,000 133,734 Mizuho Trust & Banking Co., Ltd. (a)(b)........................... 10,370 9,580 Resona Holdings, Inc. .................. 3,200 32,242 Shinsei Bank, Ltd. (a)(b)............... 9,726 10,552 Sumitomo Mitsui Financial Group, Inc. (a).............................. 5,600 159,106 Suruga Bank, Ltd. (a)................... 2,496 21,610 The 77 Bank, Ltd. (a)................... 4,803 25,435 The Awa Bank, Ltd. (a).................. 4,731 25,155 The Bank of Kyoto, Ltd. ................ 2,916 23,492 The Bank of Yokohama, Ltd. ............. 7,947 36,024 The Chiba Bank, Ltd. (a)................ 6,063 36,080 The Chugoku Bank, Ltd. ................. 1,504 18,563 The Hachijuni Bank, Ltd. (a)............ 4,719 27,373 The Hiroshima Bank, Ltd. (a)............ 5,811 22,284 The Hyakugo Bank, Ltd. ................. 5,147 22,668 The Iyo Bank, Ltd. ..................... 3,180 25,756 The Joyo Bank, Ltd. (a)................. 5,155 20,599 The Juroku Bank, Ltd. .................. 4,883 17,781 The Musashino Bank, Ltd. ............... 520 12,289 The Nanto Bank, Ltd. (a)................ 3,391 18,285 The Nishi-Nippon City Bank, Ltd. ....... 7,799 19,017
59 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- The Shizuoka Bank, Ltd. ................ 3,363 $ 29,080 The Sumitomo Trust & Banking Co., Ltd. (a).............................. 9,634 46,879 Yamaguchi Financial Group, Inc. ........ 2,076 19,222 ----------- 1,170,350 ----------- COMMERCIAL SERVICES & SUPPLIES -- 1.2% Aeon Delight Co., Ltd. ................. 200 2,834 Dai Nippon Printing Co., Ltd. (a)....... 3,739 47,433 Daiseki Co., Ltd. (a)................... 400 8,069 Nissha Printing Co., Ltd. (a)........... 236 11,560 Park24 Co., Ltd. ....................... 1,100 11,674 Secom Co., Ltd. ........................ 1,368 64,950 Toppan Printing Co., Ltd. (a)........... 4,299 34,680 ----------- 181,200 ----------- COMMUNICATIONS EQUIPMENT -- 0.0% (c) Aiphone Co., Ltd. (a)................... 200 3,384 ----------- COMPUTERS & PERIPHERALS -- 1.8% Fujitsu, Ltd. (a)....................... 11,498 73,611 NEC Corp. (b)........................... 12,918 33,164 Seiko Epson Corp. (a)................... 1,276 20,505 Toshiba Corp. (a)(b).................... 23,633 129,722 ----------- 257,002 ----------- CONSTRUCTION & ENGINEERING -- 1.0% Chiyoda Corp. .......................... 1,688 12,964 COMSYS Holdings Corp. (a)............... 2,000 20,925 JGS Corp. .............................. 1,460 26,755 Kajima Corp. ........................... 7,595 15,256 Kyowa Exeo Corp. (a).................... 548 4,627 Maeda Corp. ............................ 4,855 13,194 Obayashi Corp. (a)...................... 5,679 19,277 Shimizu Corp. (a)....................... 4,559 16,307 Taisei Corp. ........................... 9,995 17,071 ----------- 146,376 ----------- CONSTRUCTION MATERIALS -- 0.1% Taiheiyo Cement Corp. (a)(b)............ 9,607 10,939 ----------- CONSUMER FINANCE -- 0.6% Acom Co., Ltd. ......................... 12 182 Aeon Credit Service Co., Ltd. (a)....... 1,040 9,999 Aiful Corp. (a)......................... 1,331 1,873 Credit Saison Co., Ltd. (a)............. 1,264 14,175 Orient Corp. (a)(b)..................... 4,501 3,916 ORIX Corp. (a).......................... 626 42,162 Promise Co., Ltd. (a)(b)................ 764 5,810 Takefuji Corp. (a)...................... 1,054 4,404 ----------- 82,521 ----------- CONTAINERS & PACKAGING -- 0.1% Toyo Seikan Kaisha, Ltd. ............... 1,048 15,940 ----------- DISTRIBUTORS -- 0.1% Canon Marketing Japan, Inc. (a)......... 992 14,598 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.2% Benesse Corp. .......................... 628 26,241 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.7% Nippon Telegraph & Telephone Corp. ..... 6,400 250,926 ----------- ELECTRIC UTILITIES -- 4.2% Chubu Electric Power Co., Inc. (a)...... 3,963 94,504 Hokkaido Electric Power Co., Inc. (a)... 1,328 24,094 Hokuriku Electric Power Co. (a)......... 1,412 30,714 Kyushu Electric Power Co., Inc. ........ 2,376 48,850 Shikoku Electric Power Co., Inc. (a).... 1,572 40,526 The Chugoku Electric Power Co., Inc. (a).............................. 1,748 33,328 The Kansai Electric Power Co., Inc. .... 4,811 108,525 The Okinawa Electric Power Co., Inc. ... 136 7,231 The Tokyo Electric Power Co., Inc. ..... 6,767 169,729 Tohoku Electric Power Co., Inc. ........ 2,843 56,191 ----------- 613,692 ----------- ELECTRICAL EQUIPMENT -- 1.6% Fuji Electric Holdings Co., Ltd. (a)(b)........................... 6,099 10,482 Fujikura, Ltd. ......................... 4,107 21,308 Mitsubishi Electric Corp. (b)........... 10,974 80,748 Panasonic Electric Works, Co. Ltd. (a).. 3,151 37,976 Sumitomo Electric Industries, Ltd. ..... 3,887 48,016 The Furukawa Electric Co., Ltd. (a)..... 4,899 20,313 Ushio, Inc. ............................ 1,136 18,865 ----------- 237,708 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 5.8% Alps Electric Co., Ltd. (a)(b).......... 1,868 10,916 Canon Electronics, Inc. ................ 100 2,140 Citizen Holdings Co., Ltd. ............. 3,103 17,832 FUJIFILM Holdings Corp. ................ 2,927 87,720 Hamamatsu Photonics K.K. (a)............ 668 16,145 Hirose Electric Co., Ltd. (a)........... 408 42,555 Hitachi, Ltd. (b)....................... 16,933 51,657 Horiba, Ltd. (a)........................ 504 12,181 Hoya Corp. (a).......................... 2,732 72,192 Ibiden Co., Ltd. ....................... 996 35,306 Keyence Corp. .......................... 340 70,122 Kyocera Corp. .......................... 992 87,058 Murata Manufacturing Co., Ltd. ......... 1,328 65,619 Nidec Corp. ............................ 964 88,432 Nippon Electric Glass Co., Ltd. ........ 2,548 34,787 Oki Electric Industry Co., Ltd. (b)..... 12,166 10,063 OMRON Corp. ............................ 1,480 26,422 Shimadzu Corp. (a)...................... 3,312 21,915 Taiyo Yuden Co., Ltd. .................. 776 9,953 TDK Corp. (a)........................... 996 60,448 Yaskawa Electric Corp. ................. 1,604 13,301 Yokogawa Electric Corp. (a)............. 1,864 16,258 ----------- 853,022 ----------- FOOD & STAPLES RETAILING -- 1.4% Aeon Co., Ltd. (a)...................... 4,503 36,374 Cawachi, Ltd. .......................... 548 9,777 FamilyMart Co., Ltd. (a)................ 952 28,071 Izumiya Co., Ltd. ...................... 2,740 11,773 Lawson, Inc. (a)........................ 400 17,616 Seven & I Holdings Co., Ltd. ........... 4,639 94,529 UNY Co., Ltd. .......................... 2,000 13,986 ----------- 212,126 ----------- FOOD PRODUCTS -- 1.0% Ajinomoto Co., Inc. .................... 4,003 37,624 Hokuto Corp. ........................... 500 10,393 Kikkoman Corp. ......................... 2,256 27,481 MEIJI Holdings Co. Ltd. (a)(b).......... 400 15,081 Nissin Food Products Co., Ltd. (a)...... 640 20,830
60 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- Sakata Seed Corp. ...................... 1,584 $ 22,885 Yakult Honsha Co., Ltd. (a)............. 464 14,006 ----------- 148,300 ----------- GAS UTILITIES -- 0.9% Osaka Gas Co., Ltd. .................... 13,150 44,354 Saibu Gas Co., Ltd. (a)................. 10,273 28,029 Tokyo Gas Co., Ltd. .................... 13,873 55,286 ----------- 127,669 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 0.7% Miraca Holdings, Inc. .................. 636 17,387 Nakanishi, Inc. ........................ 100 7,949 Olympus Corp. (a)....................... 492 15,749 Sysmex Corp. (a)........................ 200 10,419 Terumo Corp. (a)........................ 956 57,507 ----------- 109,011 ----------- HEALTH CARE PROVIDERS & SERVICES -- 0.3% Alfresa Holdings Corp. ................. 84 3,329 Mediceo Paltac Holdings Co., Ltd. ...... 1,192 14,738 Suzuken Co., Ltd. (a)................... 632 20,706 ----------- 38,773 ----------- HOTELS, RESTAURANTS & LEISURE -- 0.2% Oriental Land Co., Ltd. (a)............. 404 26,558 Round One Corp. ........................ 800 4,718 ----------- 31,276 ----------- HOUSEHOLD DURABLES -- 4.1% Casio Computer Co., Ltd. (a)............ 2,248 17,797 Funai Electric Co., Ltd. (a)............ 495 24,778 Haseko Corp. (a)(b)..................... 9,139 6,479 Makita Corp. ........................... 976 33,234 Panasonic Corp. ........................ 11,981 170,523 Pioneer Corp. (a)(b).................... 2,260 6,943 Sangetsu Co., Ltd. ..................... 176 3,694 Sanyo Electric Co., Ltd. (a)(b)......... 11,422 20,980 Sekisui Chemical Co., Ltd. (a).......... 3,079 19,051 Sekisui House, Ltd. (a)................. 3,679 33,156 Sharp Corp. (a)......................... 5,519 69,184 Sony Corp. ............................. 6,411 183,870 Sumitomo Forestry Co., Ltd. (a)......... 1,268 9,534 ----------- 599,223 ----------- HOUSEHOLD PRODUCTS -- 0.8% Kao Corp. .............................. 3,339 78,010 Uni-Charm Corp. (a)..................... 444 41,541 ----------- 119,551 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2% Electric Power Development Co., Ltd. ... 840 23,821 ----------- INDUSTRIAL CONGLOMERATES -- 0.4% Hankyu Hanshin Holdings, Inc. (a)....... 8,486 37,738 Keihan Electric Railway Co., Ltd. (a)... 5,747 22,409 ----------- 60,147 ----------- INSURANCE -- 2.0% Aioi Insurance Co., Ltd. ............... 3,579 17,069 Mitsui Sumitomo Insurance Group Holdings, Inc. ....................... 3,136 79,668 Nipponkoa Insurance Co., Ltd. .......... 4,479 25,355 Sompo Japan Insurance, Inc. ............ 5,111 32,556 T&D Holdings, Inc. ..................... 1,310 26,722 Tokio Marine Holdings, Inc. ............ 3,947 107,266 ----------- 288,636 ----------- INTERNET & CATALOG RETAIL -- 0.3% DeNA Co., Ltd. ......................... 1 5,908 Rakuten, Inc. (a)(b).................... 51 38,731 ----------- 44,639 ----------- INTERNET SOFTWARE & SERVICES -- 0.2% Yahoo! Japan Corp. (a).................. 106 31,699 ----------- IT SERVICES -- 0.6% CSK Holdings Corp. (a)(b)............... 756 3,541 IT Holdings Corp. ...................... 832 9,464 Itochu Techno-Solutions Corp. (a)....... 608 16,295 Net One Systems Co., Ltd. .............. 15 16,693 Nomura Research Institute, Ltd. (a)..... 300 5,900 NTT Data Corp. ......................... 8 24,843 Otsuka Corp. ........................... 112 5,570 TKC Corp. .............................. 400 7,571 ----------- 89,877 ----------- LEISURE EQUIPMENT & PRODUCTS -- 1.2% Namco Bandai Holdings, Inc. (a)......... 2,332 22,244 Nikon Corp. ............................ 2,440 47,912 Roland Corp. ........................... 300 2,655 Sankyo Co., Ltd. ....................... 640 31,899 Sega Sammy Holdings, Inc. (a)........... 2,131 25,500 Shimano, Inc. .......................... 592 23,656 Yamaha Corp. ........................... 1,292 15,488 ----------- 169,354 ----------- MACHINERY -- 4.9% Amada Co., Ltd. (a)..................... 2,527 15,771 Amano Corp. (a)......................... 1,336 11,438 Fanuc, Ltd. (a)......................... 1,180 109,387 Fuji Machine Manufacturing Co., Ltd. ... 100 1,235 Glory, Ltd. (a)......................... 1,044 23,102 Hitachi Construction Machinery Co., Ltd. ............................ 100 2,594 IHI Corp. (a)(b)........................ 10,311 16,281 JTEKT Corp. ............................ 1,508 19,195 Kawasaki Heavy Industries, Ltd. (a)..... 8,978 22,567 Komatsu, Ltd. (a)....................... 5,539 115,070 Komori Corp. ........................... 788 8,668 Kubota Corp. (a)........................ 4,663 42,575 Kurita Water Industries, Ltd. (a)....... 976 30,403 Minebea Co., Ltd. ...................... 3,255 17,552 Mitsubishi Heavy Industries, Ltd. (a)... 18,676 65,400 Mitsui Engineering & Shipbuilding Co., Ltd. (a).............................. 6,567 15,660 Mori Seiki Co., Ltd. (a)................ 868 7,785 NGK Insulators, Ltd. ................... 1,320 28,642 NSK, Ltd. (a)........................... 2,463 17,991 NTN Corp. .............................. 2,495 11,176 OKUMA Corp. ............................ 1,648 8,586 OSG Corp. (a)........................... 1,112 11,515 SMC Corp. .............................. 320 36,195 Sumitomo Heavy Industries, Ltd. (b)..... 3,795 19,078 Tadano, Ltd. ........................... 780 3,234 The Japan Steel Works, Ltd. (a)......... 2,708 34,295
61 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- THK Co., Ltd. .......................... 1,100 $ 19,354 Toshiba Machine Co., Ltd. .............. 1,944 7,413 ----------- 722,162 ----------- MARINE -- 0.5% Kawasaki Kisen Kaisha, Ltd. (a)(b)...... 4,759 13,496 Mitsui OSK Lines, Ltd. (a).............. 5,491 28,842 Nippon Yusen KK (a)..................... 7,995 24,476 ----------- 66,814 ----------- MEDIA -- 0.6% Dentsu, Inc. (a)........................ 1,600 36,694 Jupiter Telecommunications Co. (a)...... 24 23,769 Toho Co, Ltd. (a)....................... 1,352 21,973 Tokyo Broadcasting System, Inc. ........ 100 1,396 ----------- 83,832 ----------- METALS & MINING -- 3.4% Daido Steel Co., Ltd. (a)............... 3,199 11,821 Dowa Holdings Co., Ltd. ................ 1,767 9,756 JFE Holdings, Inc. (a).................. 3,447 135,147 Kobe Steel, Ltd. (a)(b)................. 17,645 31,842 Mitsubishi Materials Corp. (a)(b)....... 8,027 19,573 Mitsui Mining & Smelting Co., Ltd. (b).. 4,839 12,475 Nippon Steel Corp. ..................... 27,755 111,801 Nisshin Steel Co., Ltd. (a)............. 6,951 12,245 OSAKA Titanium Technologies Co. ........ 36 984 Pacific Metals Co., Ltd. ............... 988 7,440 Sumitomo Metal Industries, Ltd. ........ 24,340 65,102 Sumitomo Metal Mining Co., Ltd. ........ 3,575 52,956 Toho Titanium Co., Ltd. ................ 56 842 Tokyo Steel Manufacturing Co., Ltd. .... 1,144 12,841 Yodogawa Steel Works, Ltd. (a).......... 3,963 16,049 ----------- 500,874 ----------- MULTILINE RETAIL -- 0.6% Isetan Mitsukoshi Holdings, Ltd. (a).... 2,441 21,947 J Front Retailing Co., Ltd. (a)......... 3,778 16,598 Marui Group Co., Ltd. .................. 2,616 16,045 Ryohin Keikaku Co., Ltd. (a)............ 236 8,568 Takashimaya Co., Ltd. (a)............... 3,332 21,189 The Daiei, Inc. (a)(b).................. 1,402 4,834 ----------- 89,181 ----------- OFFICE ELECTRONICS -- 3.1% Brother Industries, Ltd. (a)............ 1,932 22,019 Canon, Inc. ............................ 7,658 321,637 Konica Minolta Holdings, Inc. .......... 4,075 41,671 Ricoh Co., Ltd. (a)..................... 4,555 64,292 ----------- 449,619 ----------- OIL, GAS & CONSUMABLE FUELS -- 1.1% Cosmo Oil Co., Ltd. (a)................. 5,927 12,415 Inpex Holdings, Inc. (a)................ 6 45,180 Nippon Mining Holdings, Inc. ........... 7,751 33,054 Nippon Oil Corp. ....................... 10,430 48,175 TonenGeneral Sekiyu K.K. (a)............ 2,547 21,203 ----------- 160,027 ----------- PAPER & FOREST PRODUCTS -- 0.3% Nippon Paper Group, Inc. ............... 800 20,452 OJI Paper Co., Ltd. (a)................. 5,839 24,399 ----------- 44,851 ----------- PERSONAL PRODUCTS -- 0.5% Mandom Corp. (a)........................ 1,116 31,588 Shiseido Co., Ltd. (a).................. 2,232 42,700 ----------- 74,288 ----------- PHARMACEUTICALS -- 4.8% Astellas Pharma, Inc. .................. 2,871 106,705 Chugai Pharmaceutical Co., Ltd. (a)..... 1,716 32,073 Daiichi Sankyo Co., Ltd. ............... 4,251 88,997 Dainippon Sumitomo Pharma Co., Ltd. (a).............................. 960 10,065 Eisai Co., Ltd. (a)..................... 1,140 41,880 Hisamitsu Pharmaceutical Co., Inc. ..... 504 16,241 Kissei Pharmaceutical Co., Ltd. ........ 1,000 19,754 Kyowa Hakko Kogyo Co., Ltd. ............ 1,833 19,394 Mitsubishi Tanabe Pharma Corp. ......... 1,000 12,471 Mochida Pharmaceutical Co., Ltd. ....... 1,000 8,937 Nichi-iko Pharmaceutical Co., Ltd. ..... 200 5,403 Ono Pharmaceutical Co., Ltd. ........... 432 18,469 Santen Pharmaceutical Co., Ltd. (a)..... 956 30,602 Seikagaku Corp. ........................ 800 8,344 Shionogi & Co., Ltd. (a)................ 2,496 53,891 Taisho Pharmaceutical Co., Ltd. ........ 592 10,162 Takeda Pharmaceutical Co., Ltd. ........ 5,055 207,967 Torii Pharmaceutical Co., Ltd. ......... 200 3,783 Tsumura & Co. .......................... 100 3,222 ----------- 698,360 ----------- PROFESSIONAL SERVICES -- 0.1% MEITEC Corp. (a)........................ 912 12,295 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.6% Daikyo, Inc. (a)(b)..................... 4,256 9,052 Daito Trust Construction Co., Ltd. ..... 764 36,109 Daiwa House Industry Co., Ltd. ......... 3,363 35,908 Heiwa Real Estate Co., Ltd. ............ 4,356 13,944 Leopalace21 Corp. (b)................... 1,044 4,284 Mitsubishi Estate Co., Ltd. ............ 7,111 112,896 Mitsui Fudosan Co., Ltd. ............... 4,923 82,389 Sumitomo Realty & Development Co., Ltd. ............................ 2,843 53,107 Tokyo Tatemono Co., Ltd. (a)............ 2,540 9,658 Tokyu Land Corp. (a).................... 4,664 17,134 ----------- 374,481 ----------- ROAD & RAIL -- 3.8% Central Japan Railway Co. .............. 9 60,132 East Japan Railway Co. ................. 2,400 151,329 Keihin Electric Express Railway Co., Ltd. ............................ 4,355 31,998 Keisei Electric Railway Co., Ltd. (a)... 3,147 17,172 Kintetsu Corp. (a)...................... 12,038 39,827 Nagoya Railroad Co., Ltd. .............. 9,362 27,152 Nankai Electric Railway Co., Ltd. ...... 6,111 24,156 Nippon Express Co., Ltd. ............... 6,555 26,827 Odakyu Electric Railway Co., Ltd. (a)... 4,483 34,335 Sotetsu Holdings, Inc. (a).............. 8,254 34,135 Tobu Railway Co., Ltd. (a).............. 7,007 36,505 Tokyu Corp. ............................ 6,391 25,401 West Japan Railway Co. ................. 15 50,271 ----------- 559,240 -----------
62 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.8% Advantest Corp. (a)..................... 1,316 $ 33,997 Dainippon Screen Manufacturing Co., Ltd. (a)(b)........................... 4,364 18,985 Disco Corp. (a)......................... 484 29,998 Elpida Memory, Inc. (b)................. 2,176 35,201 Rohm Co., Ltd. ......................... 676 44,004 Sanken Electric Co., Ltd. (a)........... 3,404 9,544 Shinko Electric Industries Co., Ltd. ... 592 8,470 SUMCO Corp. (a)......................... 1,046 18,315 Tokyo Electron, Ltd. ................... 1,140 72,494 ----------- 271,008 ----------- SOFTWARE -- 1.6% Konami Corp. (a)........................ 792 14,088 Nintendo Co., Ltd. ..................... 748 177,087 NSD Co., Ltd. .......................... 932 9,591 Square Enix Co., Ltd. (a)............... 896 18,807 Trend Micro, Inc. (a)(b)................ 368 13,954 ----------- 233,527 ----------- SPECIALTY RETAIL -- 1.9% Aoyama Trading Co., Ltd. ............... 984 12,515 Autobacs Seven Co., Ltd. ............... 180 5,346 Culture Convenience Club Co., Ltd. (a).. 1,532 7,340 Fast Retailing Co., Ltd. ............... 476 89,325 Hikari Tsushin, Inc. ................... 184 3,321 Nitori Co., Ltd. (a).................... 510 37,964 Sanrio Co., Ltd. (a).................... 548 4,162 Shimachu Co., Ltd. ..................... 884 17,301 Shimamura Co., Ltd. (a)................. 332 31,597 USS Co., Ltd. .......................... 410 24,927 Yamada Denki Co., Ltd. (a).............. 610 41,018 ----------- 274,816 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.5% Asics Corp. ............................ 1,064 9,498 Gunze, Ltd. ............................ 4,223 15,469 Nisshinbo Industries, Inc. ............. 1,584 14,599 Onward Kashiyama Co., Ltd. ............. 1,580 9,759 The Japan Wool Textile Co., Ltd. (a).... 2,031 12,304 Toyobo Co., Ltd. (a).................... 9,302 14,588 ----------- 76,217 ----------- TOBACCO -- 0.7% Japan Tobacco, Inc. (a)................. 31 104,227 ----------- TRADING COMPANIES & DISTRIBUTORS -- 4.1% Hanwa Co., Ltd. ........................ 3,207 11,609 Inaba Denki Sangyo Co., Ltd. ........... 956 21,822 Itochu Corp. ........................... 8,266 60,555 Iwatani Corp. .......................... 7,451 21,210 Marubeni Corp. (a)...................... 10,402 57,097 Mitsubishi Corp. ....................... 7,807 193,299 Mitsui & Co., Ltd. ..................... 10,202 143,668 Sojitz Corp. ........................... 8,528 16,031 Sumitomo Corp. ......................... 6,475 65,588 Toyota Tsusho Corp. .................... 1,039 15,257 ----------- 606,136 ----------- TRANSPORTATION INFRASTRUCTURE -- 0.2% Kamigumi Co., Ltd. ..................... 2,395 17,468 Mitsubishi Logistics Corp. ............. 1,216 14,329 ----------- 31,797 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 2.4% KDDI Corp. ............................. 23 121,800 NTT DoCoMo, Inc. ....................... 100 139,213 Softbank Corp. (a)...................... 3,915 91,257 ----------- 352,270 ----------- TOTAL COMMON STOCKS -- (Cost $19,825,968).................... 14,644,557 ----------- SHORT TERM INVESTMENTS -- 17.1% UNITED STATES -- 17.1% MONEY MARKET FUNDS -- 17.1% State Street Institutional Liquid Reserves Fund (d)..................... 5,057 5,057 State Street Navigator Securities Lending Prime Portfolio (d)(e)........ 2,510,540 2,510,540 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $2,515,597)..................... 2,515,597 ----------- TOTAL INVESTMENTS -- 117.1% (f) (Cost $22,341,565).................... 17,160,154 OTHER ASSETS AND LIABILITIES -- (17.1)%................ (2,511,668) ----------- NET ASSETS -- 100.0%.................... $14,648,486 ===========
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (e) Investments of cash collateral for securities loaned. (f) Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (See accompanying Notes to Schedules of Investments)
63 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.9% JAPAN -- 99.9% AIR FREIGHT & LOGISTICS -- 0.3% Kintetsu World Express, Inc. (a)........ 8,300 $ 214,867 ------------ AUTO COMPONENTS -- 4.7% Ahresty Corp. (b)....................... 9,700 56,995 FCC Co., Ltd. (a)....................... 14,113 248,621 Futaba Industrial Co., Ltd. (b)......... 16,394 137,006 Kayaba Industry Co., Ltd. (a)(b)........ 59,902 188,531 Keihin Corp. ........................... 12,041 178,620 Musashi Seimitsu Industry Co., Ltd. .... 10,552 243,695 Nippon Seiki Co., Ltd. ................. 11,939 136,068 Nissan Shatai Co., Ltd. (a)............. 22,000 195,671 Nissin Kogyo Co., Ltd. (a).............. 14,134 219,081 Press Kogyo Co., Ltd. .................. 45,569 85,171 Showa Corp. (a)......................... 19,139 114,922 Takata Corp. (a)........................ 8,500 196,761 The Yokohama Rubber Co., Ltd. .......... 40,986 179,186 Tokai Rika Co., Ltd. ................... 12,200 273,237 Topre Corp. ............................ 21,634 191,951 Toyo Tire & Rubber Co., Ltd. (b)........ 58,372 107,847 Toyota Boshoku Corp. (a)................ 11,500 254,471 TS Tech Co., Ltd. ...................... 10,500 212,605 Unipres Corp. (a)....................... 10,600 166,922 ------------ 3,387,361 ------------ BEVERAGES -- 0.7% Ito En, Ltd. (a)........................ 15,300 229,594 Mikuni Coca-Cola Bottling Co., Ltd. (a).............................. 33,945 264,355 ------------ 493,949 ------------ BIOTECHNOLOGY -- 0.1% AnGes MG, Inc. (b)...................... 33 49,981 ------------ BUILDING PRODUCTS -- 2.9% Aica Kogyo Co., Ltd. ................... 34,319 348,001 Bunka Shutter Co., Ltd. (a)............. 65,577 220,480 Central Glass Co., Ltd. ................ 65,309 248,342 Nichias Corp. (b)....................... 44,000 173,930 Nitto Boseki Co., Ltd. (a).............. 99,020 169,120 Noritz Corp. ........................... 21,465 279,221 Sankyo-Tateyama Holdings, Inc. (b)...... 150,467 202,034 Sanwa Shutter Corp. (a)................. 76,910 195,797 Sekisui Jushi Corp. .................... 28,938 222,253 ------------ 2,059,178 ------------ CAPITAL MARKETS -- 1.6% JAFCO Co., Ltd. (a)..................... 6,900 165,283 Japan Asia Investment Co., Ltd. (b)..... 7,000 3,835 kabu.com Securities Co., Ltd............ 7 6,752 Matsui Securities Co., Ltd (a).......... 20,800 144,111 Mito Securities Co., Ltd. (b)........... 57,129 126,415 Monex Beans Holdings, Inc. ............. 344 117,506 Okasan Holdings, Inc. .................. 41,447 199,900 Sparx Group Co., Ltd. (b)............... 25 2,927 Tokai Tokyo Financial Holdings, Inc. (a).............................. 73,721 287,456 Toyo Securities Co., Ltd. (b)........... 63,457 115,196 ------------ 1,169,381 ------------ CHEMICALS -- 8.0% ADEKA Corp. (a)......................... 30,213 264,824 Asahi Organic Chemicals Industry Co., Ltd. (a).............................. 110,540 245,790 C. Uyemura & Co., Ltd. (a).............. 3,776 145,613 Chugoku Marine Paints, Ltd. ............ 20,000 139,642 DIC Corp. (a)........................... 126,000 213,846 Fujikura Kasei Co., Ltd. ............... 26,338 129,858 Fujimi, Inc. (a)........................ 8,273 136,498 Ishihara Sangyo Kaisha, Ltd. (b)........ 143,811 115,858 Kureha Corp. ........................... 38,000 186,949 Lintec Corp. ........................... 15,308 307,492 Nifco, Inc. ............................ 15,079 298,843 Nihon Parkerizing Co., Ltd. ............ 14,401 170,934 Nippon Paint Co., Ltd. ................. 44,000 265,148 Nippon Shokubai Co., Ltd. .............. 27,000 231,731 Nippon Soda Co., Ltd. .................. 40,065 143,743 Nippon Valqua Industries, Ltd. ......... 78,025 147,510 NOF Corp. (a)........................... 59,731 249,588 Okamoto Industries, Inc. (a)............ 90,841 344,453 SK Kaken Co., Ltd. ..................... 780 22,538 Stella Chemifa Corp. ................... 3,500 183,093 Sumitomo Bakelite Co., Ltd. (a)......... 47,000 230,721 Taiyo Ink Manufacturing Co., Ltd. ...... 9,400 247,382 The Nippon Synthetic Chemical Industry Co., Ltd. ............................ 20,000 151,888 Toagosei Co., Ltd. ..................... 68,000 254,922 Toda Kogyo Corp. (a).................... 9,000 72,507 Tokai Carbon Co., Ltd. (a).............. 47,542 234,914 Tokyo Ohka Kogyo Co., Ltd. (a).......... 9,500 176,030 Toyo Ink Manufacturing Co., Ltd. ....... 58,000 222,418 Zeon Corp. ............................. 41,000 184,091 ------------ 5,718,824 ------------ COMMERCIAL BANKS -- 9.3% Aozora Bank, Ltd. (b)................... 172,290 181,368 Bank of the Ryukyus, Ltd. .............. 15,281 173,993 Kansai Urban Banking Corp. ............. 74,000 103,335 Kiyo Holdings, Inc. .................... 229,754 276,411 Sapporo Hokuyo Holdings, Inc. (a)....... 72,900 263,895 The Aichi Bank, Ltd. ................... 3,749 270,216 The Awa Bank, Ltd. ..................... 69,000 366,883 The Bank of Iwate, Ltd. (a)............. 4,156 229,016 The Bank of Nagoya, Ltd. ............... 44,000 158,333 The Bank of Okinawa, Ltd. (a)........... 6,300 230,764 The Biwako Bank, Ltd. .................. 168,049 175,098 The Daishi Bank, Ltd. .................. 75,000 249,745 The Fukushima Bank, Ltd. (b)............ 318,478 177,892 The Higo Bank, Ltd. .................... 47,000 261,013 The Hokkoku Bank, Ltd. ................. 66,000 235,372 The Hyakugo Bank, Ltd. ................. 73,000 321,500 The Hyakujushi Bank, Ltd. .............. 64,000 222,740 The Juroku Bank, Ltd. .................. 77,000 280,391 The Kagoshima Bank, Ltd. ............... 40,000 279,285 The Keiyo Bank, Ltd. ................... 54,000 238,982 The Musashino Bank, Ltd. ............... 9,700 229,228 The Nagano Bank, Ltd. .................. 112,534 228,465 The Nanto Bank, Ltd. (a)................ 59,000 318,148 The Shikoku Bank, Ltd. (a).............. 80,000 253,505 The Taiko Bank, Ltd. ................... 78,000 173,436 The Tochigi Bank, Ltd. ................. 40,846 173,747
64 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ The Tokushima Bank, Ltd. (a)............ 44,305 $ 154,195 The Tokyo Tomin Bank, Ltd. ............. 11,305 153,615 Tomato Bank, Ltd. ...................... 125,872 265,008 ------------ 6,645,579 ------------ COMMERCIAL SERVICES & SUPPLIES -- 2.4% Aeon Delight Co., Ltd. ................. 7,800 110,513 Asahi Holdings, Inc. ................... 9,400 143,784 Daiseki Co., Ltd. (a)................... 9,393 189,484 Duskin Co., Ltd. ....................... 18,100 321,385 Moshi Moshi Hotline, Inc. (a)........... 10,472 187,629 Nippon Kanzai Co., Ltd. ................ 10,152 162,375 Okamura Corp. .......................... 32,884 150,476 Oyo Corp. (a)........................... 20,360 181,741 Park24 Co., Ltd. ....................... 25,885 274,713 ------------ 1,722,100 ------------ COMMUNICATIONS EQUIPMENT -- 0.9% Aiphone Co., Ltd. (a)................... 14,006 236,956 Denki Kogyo Co., Ltd. .................. 39,303 170,984 Hitachi Kokusai Electric, Inc. (a)...... 30,634 264,895 ------------ 672,835 ------------ COMPUTERS & PERIPHERALS -- 0.8% Eizo Nanao Corp. ....................... 9,400 223,653 Melco Holdings, Inc. ................... 7,100 127,365 Wacom Co., Ltd. (a)..................... 113 243,855 ------------ 594,873 ------------ CONSTRUCTION & ENGINEERING -- 3.8% Chugai Ro Co., Ltd. .................... 63,522 165,807 Daimei Telecom Engineering Corp. (a).... 24,029 182,486 Kandenko Co., Ltd. (a).................. 35,000 219,937 Kinden Corp. ........................... 37,924 318,970 Kyowa Exeo Corp. (a).................... 32,676 275,883 Kyudenko Corp. ......................... 44,657 266,229 Maeda Corp. (a)......................... 60,158 163,489 Maeda Road Construction Co., Ltd. ...... 29,000 213,073 Penta-Ocean Construction Co., Ltd. (b).. 128,500 125,608 Sanki Engineering Co., Ltd. (a)......... 27,196 190,470 Toda Corp. (a).......................... 62,000 197,132 Tokyu Construction Co., Ltd. (b)........ 62,292 151,222 Toshiba Plant Systems & Services Corp. (a)............................. 15,000 188,839 Toyo Engineering Corp. ................. 36,000 105,183 ------------ 2,764,328 ------------ CONSTRUCTION MATERIALS -- 0.5% Sumitomo Osaka Cement Co., Ltd. (a)..... 109,000 166,260 Taiheiyo Cement Corp. (a)(b)............ 197,000 224,309 ------------ 390,569 ------------ CONSUMER FINANCE -- 1.1% Acom Co., Ltd. (a)...................... 8,230 124,915 Aeon Credit Service Co., Ltd. (a)....... 20,500 197,084 Aiful Corp. (a)......................... 24,900 35,038 OMC Card, Inc. (a)(b)................... 52,962 96,144 Orient Corp. (a)(b)..................... 75,000 65,256 Promise Co., Ltd. (a)(b)................ 20,000 152,103 Takefuji Corp. (a)...................... 23,720 99,115 ------------ 769,655 ------------ CONTAINERS & PACKAGING -- 0.6% FP Corp. (a)............................ 4,200 189,484 Fuji Seal International, Inc. (a)....... 10,170 208,217 ------------ 397,701 ------------ DISTRIBUTORS -- 0.7% Canon Marketing Japan, Inc. ............ 13,000 191,310 Yokohama Reito Co., Ltd. ............... 49,580 320,610 ------------ 511,920 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.0% Century Tokyo Leasing Corp. ............ 17,600 186,596 Fuyo General Lease Co., Ltd. ........... 7,100 148,948 Japan Securities Finance Co., Ltd. (a).. 25,719 197,254 Ricoh Leasing Co., Ltd. ................ 8,367 165,372 ------------ 698,170 ------------ ELECTRIC UTILITIES -- 0.5% Japan Wind Dev Co. (a).................. 27 73,551 The Okinawa Electric Power Co., Inc. ... 5,000 265,857 ------------ 339,408 ------------ ELECTRICAL EQUIPMENT -- 1.9% Daihen Corp. (a)........................ 40,971 146,113 Fuji Electric Holdings Co., Ltd. (a)(b)........................... 126,000 216,553 Hitachi Cable, Ltd. .................... 61,000 183,469 Nippon Carbon Co., Ltd. (a)............. 43,000 121,940 Nippon Signal Co., Ltd. ................ 21,200 204,496 Shinko Electric Co., Ltd. (a)........... 73,826 140,364 SWCC Showa Holdings Co., Ltd. (b)....... 137,075 117,794 Toyo Electric Manufacturing. Co., Ltd. (a).............................. 15,000 119,555 Toyo Tanso Co., Ltd. (a)................ 2,500 120,039 ------------ 1,370,323 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 5.3% Alps Electric Co., Ltd. (a)(b).......... 35,200 205,691 Anritsu Corp. (b)....................... 42,000 134,443 Arisawa Manufacturing Co., Ltd. ........ 15,172 77,575 Dai-ichi Seiko Co. Ltd. ................ 2,000 83,785 Enplas Corp. (a)........................ 16,789 318,846 ESPEC Corp. ............................ 22,431 109,149 Hakuto Co., Ltd. (a).................... 22,611 196,734 Horiba, Ltd. (a)........................ 9,865 238,426 Hosiden Corp. (a)....................... 15,495 164,612 Japan Aviation Electronics Industry, Ltd. (a).............................. 15,971 107,222 Japan Cash Machine Co., Ltd. ........... 23,024 204,037 Koa Corp. (a)........................... 18,091 143,609 Meiko Electronics Co., Ltd. ............ 3,500 88,539 Nichicon Corp. (a)...................... 14,700 154,429 Nidec Sankyo Corp. (a).................. 24,917 209,571 Nihon Dempa Kogyo Co., Ltd. (a)......... 6,595 119,014 Nippon Ceramic Co., Ltd. (a)............ 14,423 178,012 Nippon Chemi-Con Corp. (a)(b)........... 38,432 139,535 Oki Electric Industry Co., Ltd. (b)..... 180,000 148,880 Ryosan Co., Ltd. (a).................... 11,096 261,026 Ryoyo Electro Corp. .................... 23,404 185,532 Star Micronics Co., Ltd. ............... 13,969 114,639
65 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Toko, Inc. (a)(b)....................... 91,739 $ 110,369 Topcon Corp. (a)........................ 17,319 86,321 ------------ 3,779,996 ------------ ENERGY EQUIPMENT & SERVICES -- 0.2% Shinko Plantech Co., Ltd. .............. 13,086 131,992 ------------ FOOD & STAPLES RETAILING -- 2.4% Cawachi, Ltd. .......................... 8,735 155,850 Circle K Sunkus Co., Ltd. .............. 20,798 256,247 Izumiya Co., Ltd. ...................... 39,933 171,579 Matsumotokiyoshi Holdings Co., Ltd. (a).............................. 11,800 259,842 Ministop Co., Ltd. ..................... 17,894 217,200 Sugi Pharmacy Co., Ltd. (a)............. 10,600 232,279 Sundrug Co., Ltd. (a)................... 9,700 215,162 Tsuruha Holdings, Inc. ................. 5,800 206,842 ------------ 1,715,001 ------------ FOOD PRODUCTS -- 4.6% Ariake Japan Co., Ltd. (a).............. 11,664 173,654 Ezaki Glico Co., Ltd. .................. 25,000 278,747 Fuji Oil Co., Ltd. (a).................. 17,600 257,114 Fujicco Co., Ltd. ...................... 29,657 342,778 Hokuto Corp. ........................... 12,621 262,330 Marudai Food Co., Ltd. ................. 94,417 280,934 Maruha Nichiro Holdings, Inc. (a)....... 118,000 160,975 Megmilk Snow Brand Co., Ltd. (a)(b)..... 18,000 264,891 Mitsui Sugar Co., Ltd. ................. 44,497 143,392 Morinaga Milk Industry Co., Ltd. ....... 58,000 228,648 Nakamuraya Co., Ltd. (a)................ 61,952 318,095 Nichirei Corp. ......................... 62,000 214,448 Nippon Suisan Kaisha, Ltd. (a).......... 66,075 185,957 Riken Vitamin Co., Ltd. ................ 9,380 223,681 ------------ 3,335,644 ------------ GAS UTILITIES -- 0.4% Shizuoka Gas Co., Ltd. ................. 45,319 291,595 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.6% Asahi Intecc Co., Ltd. ................. 4,700 78,253 Fukuda Denshi Co., Ltd. (a)............. 8,086 197,167 Nakanishi, Inc. ........................ 1,847 146,816 Nihon Kohden Corp. (a).................. 9,600 151,690 Nipro Corp. ............................ 10,500 216,440 Paramount Bed Co., Ltd. (a)............. 16,510 347,952 ------------ 1,138,318 ------------ HOTELS, RESTAURANTS & LEISURE -- 2.6% DOUTOR NICHIRES Holdings Co., Ltd. (a).. 14,775 190,292 Joban Kosan Co., Ltd. .................. 225,000 352,865 Kabuki-Za Co., Ltd (b)(c)............... 5,000 193,888 MOS Food Services, Inc. ................ 22,914 362,558 Nissin Healthcare Food Service Co., Ltd. ............................ 16,708 206,393 Ohsho Food Service Corp. ............... 4,700 124,953 Round One Corp. ........................ 12,600 74,305 Tokyo Dome Corp. ....................... 63,085 187,029 Zensho Co., Ltd. (a).................... 26,846 185,423 ------------ 1,877,706 ------------ HOUSEHOLD DURABLES -- 2.1% Arnest One Corp. (a).................... 12,900 130,254 Clarion Co., Ltd. (a)(b)................ 57,000 58,167 Foster Electric Co. Ltd. ............... 4,700 138,584 France Bed Holdings Co., Ltd. (a)....... 150,734 215,346 Funai Electric Co., Ltd. (a)............ 5,300 265,299 Haseko Corp. (a)(b)..................... 276,000 195,671 JVC KENWOOD Holdings, Inc. (b).......... 167,015 77,143 Misawa Homes Holdings, Inc. (a)(b)...... 8,266 25,039 Pioneer Corp. (a)(b).................... 36,600 112,440 Sumitomo Forestry Co., Ltd. (a)......... 41,500 312,047 ------------ 1,529,990 ------------ HOUSEHOLD PRODUCTS -- 0.7% Lion Corp. ............................. 56,000 272,496 Pigeon Corp. ........................... 5,200 203,319 ------------ 475,815 ------------ INDUSTRIAL CONGLOMERATES -- 0.2% Katakura Industries Co., Ltd. (a)....... 15,780 135,773 ------------ INSURANCE -- 0.3% Nissay Dowa General Insurance Co., Ltd. ............................ 39,000 186,004 ------------ INTERNET & CATALOG RETAIL -- 0.7% DeNA Co., Ltd. (a)...................... 53 313,121 Senshukai Co., Ltd. (a)................. 31,024 157,294 ------------ 470,415 ------------ INTERNET SOFTWARE & SERVICES -- 1.3% Access Co., Ltd. (a)(b)................. 63 92,238 eAccess, Ltd. (a)....................... 428 250,102 GMO Internet, Inc. (a).................. 28,900 116,413 Gree, Inc. (a).......................... 2,000 122,885 Index Holdings (b)...................... 35 1,936 Kakaku.com, Inc. (a).................... 73 283,077 mixi, Inc. (a)(b)....................... 12 94,355 ------------ 961,006 ------------ IT SERVICES -- 2.0% CSK Holdings Corp. (a)(b)............... 16,000 74,934 INES Corp. ............................. 35,260 271,187 IT Holdings Corp. ...................... 18,637 212,005 Itochu Techno-Solutions Corp. (a)....... 8,600 230,485 Net One Systems Co., Ltd. .............. 89 99,043 OBIC Co., Ltd. (a)...................... 1,901 310,588 Otsuka Corp. (a)........................ 3,500 174,070 Trans Cosmos, Inc. (b).................. 11,167 89,245 ------------ 1,461,557 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.9% Aruze Corp. (b)......................... 7,800 96,521 Heiwa Corp. (a)......................... 17,800 181,642 Mars Engineering Corp. ................. 4,258 102,682 Roland Corp. ........................... 14,676 129,900 Tomy Co., Ltd. ......................... 20,000 163,274 ------------ 674,019 ------------ MACHINERY -- 7.0% Amano Corp. (a)......................... 22,332 191,188 Asahi Diamond Industrial Co., Ltd. ..... 36,942 263,489 CKD Corp. .............................. 23,105 174,228 Daifuku Co., Ltd. (a)................... 28,181 178,903 Fuji Machine Manufacturing Co., Ltd. ... 11,471 141,701
66 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Furukawa Co., Ltd. (a).................. 115,280 $ 136,214 Hino Motors, Ltd. (a)(b)................ 52,998 182,742 Hitachi Zosen Corp. (b)................. 230,226 311,601 Iseki & Co., Ltd. (a)(b)................ 37,000 116,848 Juki Corp. (a)(b)....................... 54,450 55,564 Kitz Corp. ............................. 38,502 185,696 Komori Corp. (a)........................ 15,440 169,833 Kyokuto Kaihatsu Kogyo Co., Ltd. ....... 37,640 137,872 Makino Milling Machine Co., Ltd. (a)(b)........................... 37,739 143,505 Meidensha Corp. (a)..................... 40,000 178,742 Miura Co., Ltd. ........................ 8,300 209,071 Mori Seiki Co., Ltd. (a)................ 19,600 175,799 Nachi-Fujikoshi Corp. (a)(b)............ 71,418 154,198 Namura Shipbuilding Co., Ltd. .......... 16,700 85,388 Nippon Sharyo, Ltd. (a)................. 31,970 202,613 Nippon Thompson Co., Ltd. .............. 31,511 156,040 OKUMA Corp. (a)......................... 28,192 146,873 OSG Corp. (a)........................... 20,100 208,136 Ryobi, Ltd. (b)......................... 39,723 103,686 Shima Seiki Manufacturing, Ltd. (a)..... 7,500 135,990 Sintokogio, Ltd. ....................... 19,019 134,427 Tadano, Ltd. (a)........................ 35,913 148,906 Tocalo Co., Ltd. (a).................... 8,336 138,344 Toshiba Machine Co., Ltd. .............. 39,009 148,753 Tsubakimoto Chain Co. (a)............... 40,124 156,884 Union Tool Co. (a)...................... 5,232 137,411 ------------ 5,010,645 ------------ MARINE -- 0.2% Iino Kaiun Kaisha, Ltd. (a)............. 33,906 143,498 ------------ MEDIA -- 2.0% Avex Group Holdings, Inc. (a)........... 17,392 138,060 CyberAgent, Inc. (a).................... 66 116,268 Daiichikosho Co., Ltd. ................. 16,581 187,192 Kadokawa Group Holdings, Inc. (a)....... 7,787 181,511 Shochiku Co., Ltd. (a).................. 37,243 331,645 Sky Perfect JSAT Corp. ................. 873 346,968 Usen Corp. (a)(b)....................... 3,280 1,832 Zenrin Co., Ltd. ....................... 12,424 143,197 ------------ 1,446,673 ------------ METALS & MINING -- 3.0% Aichi Steel Corp. ...................... 35,000 153,392 Daido Steel Co., Ltd. (a)............... 58,000 214,319 Godo Steel, Ltd. ....................... 35,440 76,137 Maruichi Steel Tube, Ltd. (a)........... 12,500 249,342 Nakayama Steel Works, Ltd. ............. 67,212 91,690 Nippon Denko Co., Ltd. (a).............. 23,000 136,377 Nippon Yakin Kogyo Co., Ltd. ........... 32,000 122,370 Nisshin Steel Co., Ltd. (a)............. 137,000 241,345 OSAKA Titanium Technologies Co. (a)..... 5,200 142,156 Sanyo Special Steel Co., Ltd. (a)....... 38,750 168,578 Sumitomo Light Metal Industries, Ltd. (b).............................. 153,135 121,725 Toho Titanium Co., Ltd. (a)............. 10,800 162,415 Toho Zinc Co., Ltd. .................... 33,796 165,903 Tokyo Rope Manufacturing Co., Ltd. (a).. 50,654 140,380 ------------ 2,186,129 ------------ MULTILINE RETAIL -- 0.7% H2O Retailing Corp. (a)................. 40,107 230,919 Matsuya Co., Ltd. (a)(b)................ 12,608 112,679 Parco Co., Ltd. (a)..................... 22,925 197,249 ------------ 540,847 ------------ OFFICE ELECTRONICS -- 0.1% Riso Kagaku Corp. ...................... 12,547 100,408 ------------ OIL, GAS & CONSUMABLE FUELS -- 0.2% Itochu Enex Co., Ltd. .................. 38,104 155,944 ------------ PAPER & FOREST PRODUCTS -- 0.4% Daio Paper Corp. ....................... 31,940 258,690 ------------ PERSONAL PRODUCTS -- 1.3% Aderans Holdings Co., Ltd. (a).......... 15,004 176,480 Fancl Corp. (a)......................... 12,900 232,933 Mandom Corp. (a)........................ 11,545 326,774 Milbon Co., Ltd. (a).................... 7,808 166,065 ------------ 902,252 ------------ PHARMACEUTICALS -- 2.7% Kaken Pharmaceutical Co., Ltd. ......... 39,428 334,584 Kyorin Co., Ltd. ....................... 15,000 219,776 Mochida Pharmaceutical Co., Ltd. ....... 32,483 290,304 Nichi-iko Pharmaceutical Co., Ltd. (a).. 6,865 185,461 Rohto Pharmaceutical Co., Ltd. (a)...... 28,493 327,794 Sawai Pharmaceutical Co., Ltd. (a)...... 4,300 245,266 Torii Pharmaceutical Co., Ltd. ......... 17,400 329,141 ------------ 1,932,326 ------------ PROFESSIONAL SERVICES -- 0.3% en-japan, Inc. (a)(b)................... 39 45,579 MEITEC Corp. (a)........................ 11,444 154,275 ------------ 199,854 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.5% Daibiru Corp. .......................... 22,026 157,574 Daikyo, Inc. (a)(b)..................... 61,352 130,487 Goldcrest Co., Ltd. .................... 5,759 159,603 Heiwa Real Estate Co., Ltd. ............ 55,255 176,873 K.K. DaVinci Holdings (a)(b)............ 255 17,640 Kenedix, Inc. (a)(b).................... 131 41,863 Leopalace21 Corp. (b)................... 33,800 138,693 Shoei Co., Ltd. (a)..................... 12,598 95,539 Suruga Corp. (c)(d)..................... 10,689 -- TOC Co., Ltd. .......................... 40,900 154,646 ------------ 1,072,918 ------------ ROAD & RAIL -- 1.6% Hitachi Transport System, Ltd. (a)...... 16,400 209,283 Kobe Electric Railway Co., Ltd. (b)..... 84,000 350,996 Sankyu, Inc. (a)........................ 72,830 372,384 Seino Holdings Co., Ltd. ............... 34,000 215,479 ------------ 1,148,142 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.0% Dainippon Screen Manufacturing Co., Ltd. (a)(b)........................... 49,000 213,169 Micronics Japan Co., Ltd. (a)........... 5,800 97,690 NEC Electronics Corp. (a)(b)............ 7,200 59,243
67 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Tokyo Seimitsu Co., Ltd. (a)(b)......... 13,400 $ 160,492 Ulvac, Inc. (a)......................... 7,402 178,500 ------------ 709,094 ------------ SOFTWARE -- 1.1% Capcom Co., Ltd. (a).................... 15,300 251,617 DTS Corp. .............................. 15,332 144,600 Fuji Soft, Inc. ........................ 12,074 193,506 NSD Co., Ltd. (a)....................... 17,578 180,887 ------------ 770,610 ------------ SPECIALTY RETAIL -- 3.9% ABC-Mart, Inc. (a)...................... 6,700 186,761 Aoyama Trading Co., Ltd. ............... 18,700 237,830 Autobacs Seven Co., Ltd. ............... 8,588 255,071 Chiyoda Co., Ltd. (a)................... 15,113 194,645 Culture Convenience Club Co., Ltd. (a).. 29,828 142,900 DCM Japan Holdings Co., Ltd. ........... 25,900 149,677 EDION Corp. (a)......................... 18,850 204,709 Gulliver International Co., Ltd. (a).... 3,083 214,596 Honeys Co., Ltd. (a).................... 13,642 78,984 Joshin Denki Co., Ltd. (a).............. 20,000 156,400 Komeri Co., Ltd. ....................... 8,430 225,023 Megane Top Co., Ltd. (a)................ 10,600 115,001 Nishimatsuya Chain Co., Ltd. (a)........ 15,266 133,974 Right On Co., Ltd. ..................... 12,500 96,541 Sanrio Co., Ltd. (a).................... 20,005 151,926 United Arrows, Ltd. .................... 15,329 127,282 Xebio Co., Ltd. (a)..................... 8,961 156,802 ------------ 2,828,122 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 2.5% Atsugi Co., Ltd. ....................... 214,470 258,023 Daidoh, Ltd. (a)........................ 24,311 165,303 Daiwabo Co., Ltd. (a)................... 38,635 80,926 Gunze, Ltd. ............................ 65,348 239,365 Onward Kashiyama Co., Ltd. (a).......... 34,000 210,000 Sanyo Shokai, Ltd. (a).................. 62,516 183,999 Seiko Corp. (a)......................... 38,649 71,407 The Japan Wool Textile Co., Ltd. (a).... 36,170 219,130 Toyobo Co., Ltd. (a).................... 164,000 257,200 Unitika, Ltd. (b)....................... 172,084 129,393 ------------ 1,814,746 ------------ TRADING COMPANIES & DISTRIBUTORS -- 2.3% Hanwa Co., Ltd. ........................ 75,032 271,613 Inaba Denki Sangyo Co., Ltd. ........... 11,463 261,656 Inabata & Co., Ltd. .................... 49,475 175,377 Iwatani Corp. .......................... 120,422 342,788 Kuroda Electric Co., Ltd. (a)........... 8,300 120,361 Nagase & Co., Ltd. ..................... 25,000 285,998 Okaya & Co., Ltd. ...................... 19,605 197,956 ------------ 1,655,749 ------------ TRANSPORTATION INFRASTRUCTURE -- 1.0% Japan Airport Terminal Co., Ltd. (a).... 16,948 229,020 Mitsui-Soko Co., Ltd. .................. 49,686 179,327 The Sumitomo Warehouse Co., Ltd. (a).... 61,563 277,743 ------------ 686,090 ------------ TOTAL COMMON STOCKS -- (Cost $93,899,002).................... 71,698,570 ------------ SHORT TERM INVESTMENTS -- 20.1% UNITED STATES -- 20.1% MONEY MARKET FUNDS -- 20.1% State Street Institutional Liquid Reserves Fund (e)..................... 60,321 60,321 State Street Navigator Securities Lending Prime Portfolio (e)(f)........ 14,385,577 14,385,577 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $14,445,898).................... 14,445,898 ------------ TOTAL INVESTMENTS -- 120.0% (g) (Cost $108,344,900)................... 86,144,468 OTHER ASSETS AND LIABILITIES -- (20.0)%................ (14,346,823) ------------ NET ASSETS -- 100.0%.................... $ 71,797,645 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Kabuki-za Co., Ltd.'s value is determined based on Level 2 inputs and Suruga Corp.'s value is determined based on Level 3 inputs. (See accompanying Notes to Schedules of Investments) (d) Company has filed for insolvency. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (f) Investments of cash collateral from securities loaned. (g) Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (See accompanying Notes to Schedules of Investments)
68 SPDR S&P INTERNATIONAL DIVIDEND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 99.8% AUSTRALIA -- 21.8% ASX, Ltd. .............................. 26,652 $ 837,493 Australia & New Zealand Banking Group, Ltd. .......................... 201,015 4,136,312 Bank of Queensland, Ltd. (a)............ 654,392 6,773,952 Bendigo and Adelaide Bank, Ltd. ........ 854,427 7,561,341 Billabong International, Ltd. (a)....... 113,111 1,113,904 Commonwealth Bank of Australia.......... 86,848 4,284,156 Leighton Holdings, Ltd. (a)............. 117,975 4,043,503 National Australia Bank, Ltd. .......... 238,561 5,878,666 Sims Metal Management, Ltd. ............ 38,142 761,527 United Group, Ltd. ..................... 94,690 1,216,929 Wesfarmers, Ltd. ....................... 261,772 7,361,730 ------------ TOTAL AUSTRALIA......................... 43,969,513 ------------ AUSTRIA -- 0.7% Oesterreichische Post AG (a)............ 53,389 1,456,929 ------------ BELGIUM -- 2.5% Belgacom SA............................. 109,441 3,975,756 Mobistar SA............................. 16,351 1,123,596 ------------ TOTAL BELGIUM........................... 5,099,352 ------------ BERMUDA -- 2.2% Nordic American Tanker Shipping, Ltd. .. 148,945 4,468,350 ------------ CANADA -- 9.4% ARC Energy Trust........................ 237,350 4,514,484 Bank of Montreal (a).................... 19,761 1,052,751 Baytex Energy Trust..................... 47,000 1,331,521 Brookfield Properties Corp. ............ 105,488 1,287,973 Inter Pipeline Fund (Class A)........... 567,916 5,856,033 Manitoba Telecom Services, Inc. ........ 50,766 1,622,226 Pembina Pipeline Income Fund............ 62,246 1,040,254 Telus Corp. ............................ 40,457 1,316,343 Vermilion Energy Trust.................. 31,345 969,337 ------------ TOTAL CANADA............................ 18,990,922 ------------ CZECH REPUBLIC -- 1.0% CEZ AS.................................. 17,713 831,563 Komercni Banka AS....................... 5,763 1,230,324 ------------ TOTAL CZECH REPUBLIC.................... 2,061,887 ------------ FINLAND -- 7.2% Fortum Oyj.............................. 34,872 949,118 Kesko Oyj (Class B)..................... 32,439 1,074,185 Konecranes Oyj.......................... 39,677 1,086,158 Nokia Oyj ADR........................... 67,350 865,448 Orion Oyj (Class B)..................... 302,434 6,530,449 Rautaruukki Oyj......................... 39,822 922,152 Sampo Oyj (Class A)..................... 47,882 1,169,251 YIT Oyj................................. 96,197 1,994,368 ------------ TOTAL FINLAND........................... 14,591,129 ------------ FRANCE -- 6.9% Bouygues SA............................. 24,555 1,283,262 Ciments Francais SA..................... 24,673 2,619,568 ICADE................................... 9,663 925,421 Lagardere SCA........................... 26,425 1,077,115 M6-Metropole Television................. 53,003 1,366,547 Neopost SA (a).......................... 9,765 807,975 Nexity.................................. 34,430 1,257,684 Schneider Electric SA................... 13,765 1,615,099 Total SA................................ 20,543 1,326,480 Vallourec SA (a)........................ 9,292 1,693,791 ------------ TOTAL FRANCE............................ 13,972,942 ------------ GERMANY -- 7.4% BASF SE................................. 19,841 1,237,170 Bilfinger Berger AG..................... 26,636 2,060,605 K+S AG.................................. 14,305 820,758 RWE AG.................................. 60,223 5,872,077 ThyssenKrupp AG......................... 130,354 4,937,467 ------------ TOTAL GERMANY........................... 14,928,077 ------------ HONG KONG -- 0.4% Hang Seng Bank Ltd. .................... 56,400 834,284 ------------ ISRAEL -- 5.1% Cellcom Israel, Ltd. ................... 176,974 5,673,786 Israel Chemicals, Ltd. ................. 80,041 1,056,507 Koor Industries, Ltd. .................. 44,509 1,304,250 Mizrahi Tefahot Bank, Ltd. (b).......... 132,862 1,220,591 Partner Communications Company, Ltd. ... 47,074 953,162 ------------ TOTAL ISRAEL............................ 10,208,296 ------------ ITALY -- 7.9% Eni SpA................................. 109,756 2,803,007 Mediaset SpA............................ 841,924 6,927,591 Mediobanca SpA (b)...................... 421,598 5,029,638 Recordati SpA........................... 168,345 1,255,971 ------------ TOTAL ITALY............................. 16,016,207 ------------ JAPAN -- 0.4% Nintendo Co., Ltd. ..................... 3,200 757,592 ------------ NETHERLANDS -- 4.4% Koninklijke BAM Groep NV (a)............ 584,068 6,075,435 Koninklijke Boskalis Westminster NV..... 35,075 1,361,259 Koninklijke DSM NV...................... 27,456 1,357,465 ------------ TOTAL NETHERLANDS....................... 8,794,159 ------------ PORTUGAL -- 3.6% Brisa Auto- Estradas de Portugal SA..... 129,443 1,333,457 Portugal Telecom, SGPS SA............... 484,637 5,924,233 ------------ TOTAL PORTUGAL.......................... 7,257,690 ------------ RUSSIA -- 0.5% Mobile TeleSystems ADR.................. 21,540 1,053,091 ------------ SINGAPORE -- 0.6% DBS Group Holdings, Ltd. ............... 104,000 1,140,781 ------------ SOUTH AFRICA -- 0.8% Kumba Iron Ore, Ltd. ................... 39,871 1,651,421 ------------ SPAIN -- 7.2% ACS, Actividades de Construccion y Servicios SA.......................... 17,034 850,739 Banco Bilbao Vizcaya Argentaria SA (a).. 88,266 1,612,122 Banco de Sabadell SA (a)................ 148,478 825,486 Banco Espanol de Credito SA............. 76,967 945,266 Banco Popular Espanol SA (a)............ 122,811 903,921 Banco Santander SA...................... 74,548 1,235,361 Enagas (a).............................. 106,554 2,358,147
69 SPDR S&P INTERNATIONAL DIVIDEND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Fomento de Construcciones y Contratas SA.......................... 24,575 $ 1,038,376 Gas Natural SDG SA (a).................. 43,612 943,903 Iberdrola SA (a)........................ 122,249 1,169,896 Repsol YPF SA (a)....................... 35,488 953,409 Telefonica SA........................... 58,019 1,624,898 ------------ TOTAL SPAIN............................. 14,461,524 ------------ SWEDEN -- 1.3% Ratos AB (Class B) (a).................. 43,578 1,129,106 Sandvik AB (a).......................... 118,820 1,437,802 ------------ TOTAL SWEDEN............................ 2,566,908 ------------ SWITZERLAND -- 2.2% Adecco SA............................... 19,117 1,055,018 Swatch Group AG......................... 24,331 1,162,710 Swisscom AG............................. 3,276 1,253,674 Zurich Financial Services AG............ 4,660 1,021,030 ------------ TOTAL SWITZERLAND....................... 4,492,432 ------------ TAIWAN -- 0.5% Chunghwa Telecom Co., Ltd. ADR.......... 43,768 812,772 Taiwan Semiconductor Manufacturing Co., Ltd. ADR.............................. 17,820 203,861 ------------ TOTAL TAIWAN............................ 1,016,633 ------------ TURKEY -- 0.8% Tupras-Turkiye Petrol Rafinerileri AS... 78,986 1,567,653 ------------ UNITED KINGDOM -- 5.0% Admiral Group PLC....................... 72,383 1,389,794 AstraZeneca PLC......................... 25,997 1,221,864 BP PLC.................................. 134,220 1,300,470 GlaxoSmithKline PLC..................... 31,681 675,056 IMI PLC................................. 226,075 1,892,924 Pearson PLC............................. 77,707 1,118,072 Royal Dutch Shell PLC (Class A)......... 41,581 1,263,707 Smiths Group PLC........................ 79,285 1,298,257 ------------ TOTAL UNITED KINGDOM.................... 10,160,144 ------------ TOTAL COMMON STOCKS -- (Cost $181,079,593)................... 201,517,916 ------------ WARRANTS -- 0.0% (c) ITALY -- 0.0% (c) Mediobanca SpA (expiring 3/18/11) (b) (Cost $0)............................. 247,316 38,429 ------------ SHORT TERM INVESTMENTS -- 6.8% UNITED STATES -- 6.8% MONEY MARKET FUNDS -- 6.8% State Street Institutional Liquid Reserves Fund (d)..................... 88,730 88,730 State Street Navigator Securities Lending Prime Portfolio (d)(e)........ 13,649,070 13,649,070 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $13,737,800).................... 13,737,800 ------------ TOTAL INVESTMENTS -- 106.6% (Cost $194,817,393)................... 215,294,145 OTHER ASSETS AND LIABILITIES -- (6.6)%................. (13,449,111) ------------ NET ASSETS -- 100.0%.................... $201,845,034 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (e) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt 70 SPDR S&P INTERNATIONAL DIVIDEND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 19.7% Oil, Gas & Consumable Fuels........... 13.6 Construction & Engineering............ 9.9 Diversified Telecommunication Services............................ 8.2 Media................................. 5.1 Pharmaceuticals....................... 4.8 Wireless Telecommunication Services... 4.4 Food & Staples Retailing.............. 4.2 Metals & Mining....................... 4.1 Capital Markets....................... 3.1 Machinery............................. 3.0 Multi-Utilities....................... 2.8 Chemicals............................. 2.2 Insurance............................. 1.8 Gas Utilities......................... 1.6 Electric Utilities.................... 1.5 Construction Materials................ 1.3 Industrial Conglomerates.............. 1.3 Textiles, Apparel & Luxury Goods...... 1.1 Electrical Equipment.................. 0.8 Air Freight & Logistics............... 0.7 Transportation Infrastructure......... 0.7 Household Durables.................... 0.6 Real Estate Management & Development.. 0.6 Professional Services................. 0.5 Real Estate Investment Trusts......... 0.5 Communications Equipment.............. 0.4 Diversified Financial Services........ 0.4 Office Electronics.................... 0.4 Software.............................. 0.4 Semiconductors & Semiconductor Equipment........................... 0.1 Short Term Investments................ 6.8 Other Assets & Liabilities............ (6.6) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 71 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- COMMON STOCKS -- 99.4% AUSTRALIA -- 10.3% Alumina, Ltd. (a)(b).................... 19,402 $ 32,107 Aristocrat Leisure, Ltd. (a)............ 6,523 23,583 Arrow Energy, Ltd. (b).................. 8,438 31,569 Asciano Group (b)....................... 38,264 62,631 ASX, Ltd. .............................. 988 31,046 Bendigo and Adelaide Bank, Ltd. ........ 3,743 33,124 BlueScope Steel, Ltd. .................. 20,928 58,535 Boral, Ltd. ............................ 19,317 103,368 Caltex Australia, Ltd. (b).............. 2,538 21,228 CFS Retail Property Trust (a)........... 87,057 148,760 Cochlear, Ltd. ......................... 1,614 100,259 Computershare, Ltd. .................... 4,743 48,841 CSR, Ltd. (a)........................... 41,160 66,816 David Jones, Ltd. ...................... 2,092 10,160 Dexus Property Group.................... 114,721 87,698 Downer EDI, Ltd. ....................... 1,348 11,335 Energy Resources of Australia Ltd. ..... 450 9,669 Fairfax Media, Ltd. (a)................. 14,100 22,065 Goodman Group........................... 65,118 37,188 GPT Group............................... 90,376 49,174 Harvey Norman Holdings, Ltd. ........... 20,560 78,031 Incitec Pivot, Ltd. .................... 17,994 57,449 Lend Lease Corp., Ltd. ................. 1,078 9,957 Macquarie Airports...................... 14,805 40,344 Macquarie Infrastructure Group.......... 11,226 13,478 Metcash, Ltd. .......................... 31,810 127,879 Mirvac Group............................ 46,544 65,719 OneSteel, Ltd. ......................... 13,024 39,239 OZ Minerals, Ltd. (b)................... 39,698 42,129 Paladin Energy, Ltd. (a)(b)............. 11,898 44,728 Qantas Airways, Ltd. ................... 6,734 18,108 Sims Metal Management, Ltd. ............ 1,353 27,013 Sonic Healthcare, Ltd. ................. 10,694 147,823 TABCORP Holdings, Ltd. ................. 6,427 40,172 Tatts Group, Ltd. ...................... 17,355 38,084 Toll Holdings, Ltd. .................... 9,695 76,206 Transurban Group........................ 6,734 33,552 ----------- TOTAL AUSTRALIA......................... 1,889,067 ----------- AUSTRIA -- 0.8% Andritz AG.............................. 1,643 95,517 IMMOEAST AG (a)(b)...................... 3,232 17,853 Wienerberger AG (b)..................... 1,422 26,074 ----------- TOTAL AUSTRIA........................... 139,444 ----------- BELGIUM -- 0.4% Ackermans & Van Haaren NV............... 1,112 82,947 ----------- CANADA -- 8.6% Alimentation Couche-Tard, Inc. (Class B)............................. 4,062 80,670 Biovail Corp. (a)....................... 716 10,026 Canadian Tire Corp., Ltd. (Class A)..... 812 44,537 Celestica, Inc. (b)..................... 1,704 16,189 Eldorado Gold Corp. (a)(b).............. 4,569 65,026 Ensign Energy Services, Inc. (a)........ 628 8,986 Finning International, Inc. ............ 4,332 68,925 First Quantum Minerals, Ltd. (a)........ 991 75,869 Fortis, Inc. (a)........................ 5,485 150,055 Franco-Nevada Corp. .................... 1,356 36,346 Gerdau Ameristeel Corp. (a)............. 1,438 11,947 Gildan Activewear, Inc. (a)(b).......... 2,223 54,496 Iamgold Corp. .......................... 4,042 63,656 Inmet Mining Corp. ..................... 1,098 66,801 Ivanhoe Mines, Ltd. (b)................. 3,549 52,506 Lundin Mining Corp. (b)................. 7,634 31,312 Metro, Inc. (a)......................... 2,899 108,455 Niko Resources, Ltd. (a)................ 1,098 103,060 Onex Corp. ............................. 4,019 90,474 Open Text Corp. (a)(b).................. 272 11,081 Pacific Rubiales Energy Corp. (a)(b).... 2,576 37,964 Petrobank Energy & Resources, Ltd. (b).. 1,462 71,416 Red Back Mining, Inc. (a)(b)............ 2,576 36,858 Silver Wheaton Corp. (b)................ 4,479 67,846 Sino-Forest Corp. (a)(b)................ 3,291 60,838 TMX Group, Inc. ........................ 2,194 69,335 TransAlta Corp. (a)..................... 1,348 30,191 Viterra, Inc. (b)....................... 4,389 41,322 ----------- TOTAL CANADA............................ 1,566,187 ----------- CHINA -- 0.1% Shui On Land, Ltd. ..................... 22,000 13,051 ----------- DENMARK -- 1.2% DSV A/S (a)(b).......................... 6,213 112,609 FLSmidth & Co. A/S...................... 272 19,248 Jyske Bank A/S (b)...................... 2,085 81,410 ----------- TOTAL DENMARK........................... 213,267 ----------- FINLAND -- 2.6% Elisa Oyj............................... 4,019 92,029 Metso Oyj............................... 1,798 63,538 Neste Oil Oyj........................... 450 8,019 Nokian Renkaat Oyj (a).................. 1,348 32,879 Orion Oyj (Class B)..................... 4,454 96,175 Outokumpu Oyj........................... 1,889 35,938 Pohjola Bank PLC........................ 2,470 26,756 Rautaruukki Oyj......................... 900 20,841 Stora Enso Oyj (b)...................... 9,654 67,593 Wartsila Oyj (a)........................ 900 36,246 ----------- TOTAL FINLAND........................... 480,014 ----------- FRANCE -- 4.3% Air France-KLM (b)...................... 1,932 30,491 Atos Origin SA (b)...................... 1,645 75,726 Bourbon SA (a).......................... 1,923 72,700 Compagnie Generale de Geophysique- Veritas (b)........................... 1,660 35,559 EDF Energies Nouvelles SA............... 178 9,196 Euler Hermes SA......................... 134 10,053 Eurazeo................................. 178 12,472 Fonciere des Regions (a)................ 88 9,012 Groupe Eurotunnel SA.................... 3,919 36,773 Neopost SA (a).......................... 1,230 101,773 Nexans SA............................... 823 65,912 Nexity.................................. 200 7,306 SCOR SE................................. 5,344 134,178 Valeo SA (b)............................ 2,588 91,083 Wendel (a).............................. 494 30,335 Zodiac SA (a)........................... 1,691 70,674 ----------- TOTAL FRANCE............................ 793,243 -----------
72 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- GERMANY -- 2.6% Bilfinger Berger AG..................... 1,362 $ 105,366 GEA Group AG............................ 766 17,101 Lanxess AG.............................. 2,387 90,208 MTU Aero Engines Holding AG............. 222 12,164 ProSiebenSat.1 Media AG Preference Shares................................ 2,066 23,891 Rhoen-Klinikum AG....................... 3,295 80,935 SGL Carbon AG (a)(b).................... 1,001 29,801 Sky Deutschland AG (b).................. 3,926 12,730 Solarworld AG (a)....................... 988 21,731 Tognum AG............................... 944 15,711 TUI AG (b).............................. 1,348 11,295 United Internet AG (a)(b)............... 4,097 54,197 ----------- TOTAL GERMANY........................... 475,130 ----------- GREECE -- 0.4% Marfin Investment Group SA (b).......... 8,532 24,360 Titan Cement Co. SA..................... 1,630 47,521 ----------- TOTAL GREECE............................ 71,881 ----------- HONG KONG -- 3.1% ASM Pacific Technology, Ltd. ........... 1,800 17,143 Chinese Estates Holdings, Ltd. ......... 27,623 47,166 Fosun International..................... 16,000 11,184 Fushan International Energy Group, Ltd. .......................... 30,000 29,172 GCL Poly Energy Holdings, Ltd. ......... 99,000 29,621 GOME Electrical Appliances Holdings, Ltd. (b).............................. 112,000 40,732 Hopewell Holdings....................... 30,000 97,111 Hopson Development Holdings, Ltd. ...... 6,000 8,666 Melco Crown Entertainment Ltd, ADR (b).. 2,066 6,962 Mongolia Energy Co., Ltd. (b)........... 63,000 32,337 NWS Holdings, Ltd. ..................... 23,405 43,164 Orient Overseas International, Ltd. .... 2,000 9,363 Shangri-La Asia, Ltd. .................. 16,000 30,126 The Link REIT........................... 54,422 139,107 Wing Hang Bank, Ltd. ................... 2,000 18,700 ----------- TOTAL HONG KONG......................... 560,554 ----------- IRELAND -- 1.2% Allied Irish Banks PLC (b).............. 10,780 18,560 Dragon Oil PLC (b)...................... 4,709 29,457 Elan Corp. PLC (b)...................... 6,290 37,903 Governor & Co. of the Bank of Ireland (b)........................... 12,574 23,904 Kerry Group PLC (Class A)............... 4,042 119,325 ----------- TOTAL IRELAND........................... 229,149 ----------- ITALY -- 2.5% Banca Popolare dell'Emilia Romagna Scrl.......................... 900 13,507 Banca Popolare di Milano Scarl.......... 7,972 56,960 Davide Campari-Milano SpA............... 14,884 155,783 EXOR SpA................................ 2,964 31,235 Fondiaria-Sai SpA....................... 628 10,010 Geox SpA (a)............................ 1,078 7,459 Mediolanum SpA (a)...................... 1,526 9,551 Parmalat SpA............................ 25,682 71,963 Pirelli & C. SpA (b).................... 37,544 22,624 Prysmian SpA............................ 1,798 31,446 Saras SpA (a)........................... 8,545 26,819 Unipol Gruppo Finanziario SpA (a)(b).... 6,828 9,400 Unipol Gruppo Finanziario SpA Preference Shares (b)............................ 16,348 14,472 ----------- TOTAL ITALY............................. 461,229 ----------- JAPAN -- 23.7% Advantest Corp. (a)..................... 2,300 59,418 Alfresa Holdings Corp. ................. 1,000 39,637 Amada Co., Ltd. (a)..................... 14,000 87,373 Aozora Bank, Ltd. (b)................... 14,000 14,738 Brother Industries, Ltd. (a)............ 1,800 20,515 Casio Computer Co., Ltd. (a)............ 7,000 55,417 Cosmo Oil Co., Ltd. (a)................. 28,000 58,650 Credit Saison Co., Ltd. (a)............. 4,500 50,465 Electric Power Development Co., Ltd. ... 800 22,686 Elpida Memory, Inc. (b)................. 2,400 38,825 Fuji Heavy Industries, Ltd. (b)......... 20,000 96,675 Fukuoka Financial Group, Inc. (a)....... 23,000 79,553 Hirose Electric Co., Ltd. (a)........... 1,000 104,302 Hitachi Metals, Ltd. ................... 1,000 9,560 Hokkaido Electric Power Co., Inc. (a)... 2,700 48,985 Hokuhoku Financial Group, Inc. (a)...... 37,000 75,117 Idemitsu Kosan Co., Ltd. (a)............ 1,000 58,005 IHI Corp. (a)(b)........................ 5,000 7,895 Isetan Mitsukoshi Holdings, Ltd. (a).... 8,500 76,422 Isuzu Motors, Ltd. (a)(b)............... 10,000 18,583 J Front Retailing Co., Ltd. (a)......... 18,000 79,081 Japan Real Estate Investment Corp. (a).. 14 102,863 JSR Corp. (a)........................... 800 16,156 Kajima Corp. (a)........................ 31,000 62,270 Kawasaki Heavy Industries, Ltd. (a)..... 4,000 10,054 Kawasaki Kisen Kaisha, Ltd. (a)(b)...... 3,000 8,507 Keihin Electric Express Railway Co., Ltd. (a).............................. 23,000 168,989 Konami Corp. (a)........................ 3,100 55,144 Konica Minolta Holdings, Inc. .......... 5,000 51,131 Kuraray Co., Ltd. ...................... 13,500 157,629 Kurita Water Industries, Ltd. (a)....... 2,300 71,647 Makita Corp. ........................... 800 27,241 Marui Group Co., Ltd. (a)............... 12,900 79,122 Mazda Motor Corp. (a)(b)................ 5,000 11,386 Mediceo Paltac Holdings Co., Ltd. ...... 5,500 68,000 Mitsubishi Gas Chemical Co., Inc. ...... 14,000 70,079 Mitsubishi Materials Corp. (a)(b)....... 3,000 7,315 Mitsubishi Rayon Co., Ltd. (b).......... 2,000 8,013 Mitsui Chemicals, Inc. (a).............. 10,000 25,780 Mitsui Engineering & Shipbuilding Co., Ltd. (a).............................. 27,000 64,386 Mitsumi Electric Co., Ltd. ............. 800 14,033 Namco Bandai Holdings, Inc. (a)......... 7,000 66,770 NGK Spark Plug Co., Ltd. (a)............ 7,000 78,576 Nippon Mining Holdings, Inc. ........... 6,000 25,587 Nippon Paper Group, Inc. (a)............ 800 20,452 Nippon Sheet Glass Co., Ltd. ........... 23,000 65,471 Nipponkoa Insurance Co., Ltd. (a)....... 8,000 45,287 Nisshin Steel Co., Ltd. (a)............. 27,000 47,564 NTN Corp. .............................. 18,000 80,627 Obayashi Corp. (a)...................... 22,000 74,676 OJI Paper Co., Ltd. (a)................. 9,000 37,607 OMRON Corp. ............................ 800 14,282 SBI Holdings, Inc. (a).................. 257 45,716
73 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- Sega Sammy Holdings, Inc. .............. 800 $ 9,573 Seiko Epson Corp. (a)................... 800 12,856 Shimano, Inc. (a)....................... 2,700 107,890 Shimizu Corp. (a)....................... 18,000 64,386 Shinko Electric Industries Co., Ltd. ... 800 11,446 Shinsei Bank, Ltd. (a)(b)............... 14,000 15,189 Showa Denko K.K. (a).................... 37,000 73,527 Showa Shell Sekiyu K.K. (a)............. 13,800 112,066 Sojitz Corp. ........................... 16,600 31,205 Stanley Electric Co., Ltd. (a).......... 4,300 86,189 Sumitomo Heavy Industries, Ltd. (b)..... 2,000 10,054 Suzuken Co., Ltd. (a)................... 1,300 42,591 Taisei Corp. ........................... 37,000 63,194 Taiyo Nippon Sanso Corp. ............... 1,000 10,570 Takashimaya Co., Ltd. (a)............... 10,000 63,591 Teijin, Ltd. (a)........................ 3,000 9,668 The Bank of Kyoto, Ltd. (a)............. 10,000 80,563 The Furukawa Electric Co., Ltd. (a)..... 18,000 74,633 The Gunma Bank, Ltd. ................... 18,000 91,455 The Hachijuni Bank, Ltd. (a)............ 23,000 133,412 The Joyo Bank, Ltd. (a)................. 23,000 91,906 THK Co., Ltd. .......................... 5,100 89,734 Tokuyama Corp. ......................... 2,000 11,107 Ube Industries, Ltd. ................... 31,000 84,580 Yakult Honsha Co., Ltd. (a)............. 800 24,147 Yamaguchi Financial Group, Inc. ........ 1,000 9,259 Yamaha Corp. ........................... 5,500 65,933 Yokogawa Electric Corp. (a)............. 9,100 79,373 ----------- TOTAL JAPAN............................. 4,344,359 ----------- LUXEMBOURG -- 0.7% Acergy SA (a)........................... 2,535 40,218 GAGFAH SA............................... 900 8,225 Oriflame Cosmetics SA SDR............... 1,278 76,697 ----------- TOTAL LUXEMBOURG........................ 125,140 ----------- NETHERLANDS -- 3.1% Core Laboratories NV.................... 632 74,652 Fugro NV................................ 628 36,275 Gemalto NV (a)(b)....................... 2,314 101,260 James Hardie Industries NV (b).......... 3,088 23,606 Koninklijke Boskalis Westminster NV..... 1,706 66,210 Qiagen NV (a)(b)........................ 2,980 66,784 SBM Offshore NV......................... 2,617 51,721 SNS REAAL NV (b)........................ 1,616 9,831 TomTom NV (a)(b)........................ 1,622 14,545 Wereldhave NV........................... 1,328 127,087 ----------- TOTAL NETHERLANDS....................... 571,971 ----------- NEW ZEALAND -- 0.2% Contact Energy, Ltd. (a)(b)............. 5,118 22,903 Fletcher Building, Ltd. ................ 2,474 14,384 ----------- TOTAL NEW ZEALAND....................... 37,287 ----------- NORWAY -- 0.7% Aker Solutions ASA...................... 900 11,755 Marine Harvest (a)(b)................... 33,988 24,893 Renewable Energy Corp. AS (a)(b)........ 3,592 27,826 Storebrand ASA (b)...................... 9,009 61,694 ----------- TOTAL NORWAY............................ 126,168 ----------- PORTUGAL -- 0.2% Banco BPI SA (a)........................ 7,456 22,679 Sonae (a)............................... 7,722 9,639 ----------- TOTAL PORTUGAL.......................... 32,318 ----------- SINGAPORE -- 2.4% CapitaMall Trust........................ 55,000 70,515 Fraser and Neave, Ltd. ................. 43,000 128,637 Golden Agri-Resources, Ltd. (b)......... 84,000 30,514 Neptune Orient Lines, Ltd. (a).......... 11,000 12,928 Olam International, Ltd. (a)............ 9,096 17,234 Singapore Press Holdings, Ltd. (a)...... 69,000 180,370 ----------- TOTAL SINGAPORE......................... 440,198 ----------- SOUTH KOREA -- 4.6% Amorepacific Corp. Preference Shares (b)............................ 88 22,596 Cheil Industries, Inc. (b).............. 932 45,220 Daelim Industrial Co. Ltd. (b).......... 450 32,152 Daewoo Engineering & Construction Co., Ltd. (b).............................. 1,962 21,566 Daewoo International Corp. (b).......... 659 18,732 Daewoo Securities Co., Ltd. ............ 1,460 24,762 Daewoo Securities Co., Ltd. Preference Shares................................ 1,418 9,583 Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b)......................... 1,260 18,936 Dongbu Insurance Co., Ltd. ............. 700 19,477 Doosan Infracore Co., Ltd. (b).......... 1,000 14,041 Glovis Co., Ltd. (b).................... 178 17,349 GS Engineering & Construction Corp. (b)............................. 360 33,543 GS Holdings Corp. (b)................... 412 11,959 Hanwha Corp. (b)........................ 1,520 62,394 Hyosung Corp. (b)....................... 272 19,901 Hyundai Development Co. (b)............. 486 15,755 Hyundai Merchant Marine Co., Ltd. (b)... 880 20,177 Hyundai Mipo Dockyard Co., Ltd. (b)..... 82 7,253 Hyundai Securities Co., Ltd. ........... 2,892 36,756 KCC Corp. .............................. 77 24,565 Kia Motors Corp. (b).................... 2,178 37,501 Korea Zinc Co., Ltd. (b)................ 99 17,343 Korean Air Lines Co., Ltd. (b).......... 380 17,915 LG Household & Health Care, Ltd. (b).... 88 21,991 LS Corp. (b)............................ 178 17,732 Mirae Asset Securities Co., Ltd. ....... 454 25,342 NCSoft Corp. (b)........................ 178 22,852 OCI Co., Ltd. (b)....................... 178 33,400 Samsung Engineering Co., Ltd. (b)....... 361 33,481 Samsung Securities Co., Ltd. ........... 640 34,735 Samsung Techwin Co., Ltd. (b)........... 530 41,327 SK Holdings Co., Ltd. (b)............... 360 27,515 SK Networks Co., Ltd. (b)............... 880 7,935 Woori Investment & Securities Co., Ltd. ............................ 1,626 23,249 ----------- TOTAL SOUTH KOREA....................... 839,035 ----------- SPAIN -- 2.5% Bolsas y Mercados Espanoles (a)......... 1,973 63,692 Ebro Puleva SA.......................... 8,337 173,801 Enagas (a).............................. 900 19,918 Grifols SA (a).......................... 810 14,184 Grupo Catalana Occidente SA............. 450 10,143
74 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- Indra Sistemas SA....................... 6,812 $ 160,872 Tecnicas Reunidas SA.................... 178 10,248 ----------- TOTAL SPAIN............................. 452,858 ----------- SWEDEN -- 2.6% Alfa Laval AB (a)....................... 2,244 31,114 Boliden AB.............................. 3,142 40,529 Getinge AB (Class B) (a)................ 5,558 106,099 Hexagon AB (Class B).................... 2,154 31,902 Husqvarna AB (Class B) (a)(b)........... 4,310 31,842 Industrivarden AB....................... 1,166 14,411 Kinnevik Investment AB (Class B) (a).... 2,877 43,114 Lundin Petroleum AB (a)(b).............. 5,202 41,237 Meda AB (Class A) (a)................... 2,578 23,288 Modern Times Group AB (Class B) (a)..... 1,456 72,575 SSAB AB (Series A) (a).................. 2,876 49,181 ----------- TOTAL SWEDEN............................ 485,292 ----------- SWITZERLAND -- 5.1% Aryzta AG............................... 1,259 46,950 Baloise Holding AG...................... 895 74,500 Banque Cantonale Vaudoise............... 55 21,867 Basellandschaftliche Kantonalbank....... 188 188,409 Clariant AG (b)......................... 4,037 47,722 EFG International AG.................... 1,059 14,649 Foster Wheeler AG (b)................... 1,526 44,926 Logitech International SA (a)(b)........ 1,210 20,987 Nobel Biocare Holding AG................ 1,983 66,717 Panalpina Welttransport Holding AG...... 255 16,231 PSP Swiss Property AG (a)(b)............ 2,549 144,248 Sika AG................................. 80 124,982 Straumann Holding AG (a)................ 114 32,256 Sulzer AG............................... 669 52,485 Swiss Life Holding (b).................. 272 34,732 ----------- TOTAL SWITZERLAND....................... 931,661 ----------- UNITED KINGDOM -- 15.5% 3i Group PLC............................ 12,124 55,407 Aberdeen Asset Management PLC........... 5,480 11,858 Admiral Group PLC....................... 5,101 97,942 Aggreko PLC (a)......................... 7,310 109,782 AMEC PLC................................ 1,616 20,668 ARM Holdings PLC........................ 3,200 9,172 Ashmore Group PLC....................... 2,692 11,824 Balfour Beatty PLC...................... 17,875 74,617 British Airways PLC (a)(b).............. 6,646 20,059 Bunzl PLC............................... 5,366 58,491 Burberry Group PLC...................... 1,260 12,188 Cobham PLC.............................. 35,053 142,362 Dana Petroleum PLC (b).................. 1,221 23,188 Drax Group PLC.......................... 8,850 59,281 easyJet PLC (b)......................... 2,691 15,340 FirstGroup PLC.......................... 8,595 59,127 GKN PLC (b)............................. 13,676 25,839 Hammerson PLC........................... 6,018 41,205 Hays PLC................................ 43,675 73,420 Home Retail Group PLC................... 11,480 52,371 ICAP PLC................................ 3,414 23,706 IG Group Holdings PLC................... 2,336 14,327 Inchcape PLC (b)........................ 94,641 45,620 Informa PLC............................. 18,140 93,739 Inmarsat PLC............................ 13,046 145,786 Intercontinental Hotels Group PLC....... 2,875 41,459 Intertek Group PLC...................... 5,426 109,965 Invensys PLC............................ 11,112 53,707 Investec PLC............................ 12,257 84,141 ITV PLC (a)(b).......................... 42,376 35,824 Johnson Matthey PLC..................... 900 22,251 Liberty International PLC............... 2,604 21,656 Logica PLC.............................. 41,936 76,998 London Stock Exchange Group PLC (a)..... 2,884 33,439 Lonmin PLC (b).......................... 1,798 56,880 Pennon Group PLC........................ 11,205 97,257 Persimmon PLC (b)....................... 2,426 18,393 Petrofac, Ltd. ......................... 2,816 47,430 Petropavlovsk PLC (b)................... 1,704 28,232 Premier Oil PLC (b)..................... 450 8,030 Randgold Resources, Ltd. ............... 1,155 93,258 Rentokil Initial PLC (b)................ 20,229 37,763 Resolution, Ltd. (b).................... 18,631 26,897 Rexam PLC............................... 13,121 61,574 Segro PLC............................... 8,172 45,475 Serco Group PLC......................... 14,626 125,180 Tate & Lyle PLC......................... 6,064 42,372 Taylor Wimpey PLC (b)................... 12,752 8,010 Thomas Cook Group PLC................... 5,194 19,300 Tomkins PLC............................. 26,424 82,440 Travis Perkins PLC (b).................. 1,616 22,234 Tui Travel PLC (a)...................... 17,490 72,021 Virgin Media, Inc. ..................... 3,346 56,313 William Hill PLC........................ 13,379 40,121 Willis Group Holdings, Ltd. ............ 2,538 66,952 ----------- TOTAL UNITED KINGDOM.................... 2,832,891 ----------- TOTAL COMMON STOCKS -- (Cost $17,145,206).................... 18,194,341 ----------- WARRANTS -- 0.0% (c) FRANCE -- 0.0% (c) Fonciere Des Regions (expiring 12/31/10) (a)(b) (Cost $0)............................. 88 74 ----------- SHORT TERM INVESTMENTS -- 15.4% UNITED STATES -- 15.4% MONEY MARKET FUNDS -- 15.4% State Street Institutional Liquid Reserves Fund (d)..................... 12,879 12,879 State Street Navigator Securities Lending Prime Portfolio (d)(e)........ 2,800,719 2,800,719 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $2,813,598)..................... 2,813,598 -----------
75 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- TOTAL INVESTMENTS -- 114.8% (Cost $19,958,804).................... $21,008,013 OTHER ASSETS AND LIABILITIES -- (14.8)%................ (2,701,713) ----------- NET ASSETS -- 100.0%.................... $18,306,300 ===========
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (e) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust SDR = Swedish Depositary Receipt ADR = American Depositary Receipt 76 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Metals & Mining....................... 6.4% Commercial Banks...................... 5.9 Chemicals............................. 5.3 Real Estate Investment Trusts......... 5.2 Machinery............................. 4.6 Oil, Gas & Consumable Fuels........... 4.1 Construction & Engineering............ 3.9 Insurance............................. 3.4 Food Products......................... 3.1 Diversified Financial Services........ 2.9 Media................................. 2.7 Multiline Retail...................... 2.4 Capital Markets....................... 2.3 Industrial Conglomerates.............. 2.3 Energy Equipment & Services........... 2.2 Road & Rail........................... 2.2 Health Care Providers & Services...... 2.1 IT Services........................... 2.0 Real Estate Management & Development.. 1.9 Auto Components....................... 1.8 Food & Staples Retailing.............. 1.8 Hotels, Restaurants & Leisure......... 1.8 Health Care Equipment & Supplies...... 1.7 Commercial Services & Supplies........ 1.6 Electrical Equipment.................. 1.6 Leisure Equipment & Products.......... 1.4 Diversified Telecommunication Services............................ 1.3 Aerospace & Defense................... 1.2 Electric Utilities.................... 1.2 Electronic Equipment, Instruments & Components.......................... 1.2 Trading Companies & Distributors...... 1.1 Beverages............................. 1.0 Construction Materials................ 1.0 Office Electronics.................... 1.0 Paper & Forest Products............... 1.0 Professional Services................. 1.0 Automobiles........................... 0.9 Household Durables.................... 0.9 Pharmaceuticals....................... 0.9 Independent Power Producers & Energy Traders............................. 0.8 Computers & Peripherals............... 0.7 Semiconductors & Semiconductor Equipment........................... 0.7 Transportation Infrastructure......... 0.7 Air Freight & Logistics............... 0.6 Airlines.............................. 0.6 Building Products..................... 0.6 Personal Products..................... 0.5 Water Utilities....................... 0.5 Biotechnology......................... 0.4 Internet Software & Services.......... 0.4 Software.............................. 0.4 Textiles, Apparel & Luxury Goods...... 0.4 Consumer Finance...................... 0.3 Containers & Packaging................ 0.3 Internet & Catalog Retail............. 0.3 Marine................................ 0.3 Distributors.......................... 0.2 Specialty Retail...................... 0.2 Gas Utilities......................... 0.1 Household Products.................... 0.1 Short Term Investments................ 15.4 Other Assets & Liabilities............ (14.8) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedule of Investments) 77 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ COMMON STOCKS -- 97.6% BRAZIL -- 8.2% Anhanguera Educacional Participacoes SA (a)................................ 29,254 $ 417,363 Centrais Eletricas de Santa Catarina SA Preference Shares..................... 24,915 501,673 Companiha de Tecidos Norte de Minas Preference Shares..................... 118,130 362,549 Confab Industrial SA Preference Shares.. 215,752 634,929 Diagnosticos da America SA.............. 31,774 1,038,780 Eternit SA (b).......................... 131,285 650,701 Eternit SA (a)(b)....................... 25,400 126,767 LLX Logistica SA (a).................... 193,240 1,120,730 Localiza Rent a Car SA.................. 32,050 355,212 Lojas Renner SA......................... 38,583 869,844 Lupatech SA (a)......................... 21,909 341,228 Magnesita Refratarios SA (a)............ 55,238 457,887 Marcopolo SA Preference Shares.......... 181,301 702,032 Randon SA Implementos e Participacoes Preference Shares..................... 81,283 726,474 Rossi Residencial SA.................... 17,420 152,895 Sao Martinho SA......................... 37,740 368,047 Terna Participacoes SA.................. 34,473 738,820 Totvs SA................................ 20,269 1,372,041 ------------ TOTAL BRAZIL............................ 10,937,972 ------------ CHILE -- 2.5% Almendral SA............................ 4,617,689 477,927 Companiha SudAmericana de Vapores SA (a)................................ 503,007 367,401 La Polar SA............................. 177,689 1,013,379 Masisa SA............................... 4,576,084 676,602 Vina Concha Y Toro SA................... 337,199 747,854 ------------ TOTAL CHILE............................. 3,283,163 ------------ CHINA -- 10.9% AAC Acoustic Technology Holdings, Inc. ....................... 396,000 654,719 Anhui Expressway Co., Ltd. ............. 948,000 660,197 BBMG Corp. (a).......................... 361,500 395,811 Brilliance China Automotive Holdings, Ltd. (a).............................. 2,676,000 755,791 China Green Holdings, Ltd. ............. 420,000 399,198 China Hongxing Sports, Ltd. ............ 1,063,000 143,858 China Huiyuan Juice Group, Ltd. ........ 531,400 378,296 China Medical Technologies, Inc. ADR.... 10,066 141,427 China Shanshui Cement Group, Ltd. ...... 899,000 656,217 E-House China Holdings, Ltd. (a)........ 10,516 190,550 Focus Media Holding, Ltd. ADR (a)....... 18,636 295,381 Giant Interactive Group, Inc. ADR....... 48,949 343,622 Great Wall Motor Co., Ltd. ............. 377,500 471,263 Harbin Power Equipment Co., Ltd. ....... 446,000 399,177 Home Inns & Hotels Management, Inc. ADR (a)............................... 26,589 939,921 Huangshan Tourism Development Co., Ltd. ............................ 285,151 388,091 Inner Mongolia Eerduosi Cashmere Products Co., Ltd. ................... 571,168 460,933 Metallurgical Corp. of China, Ltd. (a).. 657,000 388,910 Ports Design, Ltd. ..................... 265,500 825,188 Semiconductor Manufacturing International Corp. (a)............... 8,061,000 519,793 Shanghai Electric Group Co., Ltd. ...... 1,160,000 537,061 Shenzhen International Holdings, Ltd. .. 6,615,000 503,331 SINA Corp. (a).......................... 17,351 783,918 TPV Technology, Ltd. ................... 1,118,000 689,193 Wumart Stores, Inc. .................... 276,000 437,098 WuXi PharmaTech Cayman, Inc. ADR (a).... 13,676 218,269 Xinjiang Xinxin Mining Industry Co., Ltd. ............................ 947,000 519,051 Zhejiang Southeast Electric Power Co. (a)............................... 654,800 461,634 Zhuzhou CSR Times Electric Co., Ltd. ... 531,000 1,088,838 ------------ TOTAL CHINA............................. 14,646,736 ------------ CZECH REPUBLIC -- 0.5% Philip Morris CR AS..................... 1,307 624,669 ------------ EGYPT -- 1.9% Eastern Tobacco......................... 18,092 376,106 Egyptian Financial Group-Hermes Holding............................... 78,441 359,401 Egyptian for Tourism Resorts (a)........ 414,810 124,789 Egyptian Kuwait Holding Co. ............ 224,720 449,440 Misr Beni Suef Cement Co. .............. 24,302 562,715 Olympic Group Financial Investments..... 31,514 156,572 Six of October Development & Investment Co. (a)............................... 12,996 189,558 Suez Cement Co. ........................ 39,972 335,241 ------------ TOTAL EGYPT............................. 2,553,822 ------------ HONG KONG -- 3.2% Chaoda Modern Agriculture Holdings, Ltd. ....................... 781,120 836,117 China Everbright International, Ltd. ... 1,139,000 587,564 China Power International Development, Ltd. (a).............................. 2,359,000 593,245 China Travel International Investment Hong Kong, Ltd. ...................... 1,908,000 570,871 Guangzhou Investment Co., Ltd. ......... 2,398,000 680,367 GZI Transportation, Ltd. ............... 208,549 83,107 Lee & Man Paper Manufacturing, Ltd. (a).............................. 369,600 255,010 Shougang Concord International Enterprises Co., Ltd. ................ 2,464,000 616,473 ------------ TOTAL HONG KONG......................... 4,222,754 ------------ INDIA -- 8.5% Amtek Auto, Ltd. ....................... 67,794 253,126 Anant Raj Industries, Ltd. ............. 140,819 403,983 Ashok Leyland, Ltd. .................... 590,093 627,057 Bharat Forge, Ltd. ..................... 104,008 610,168 CESC, Ltd. ............................. 53,962 448,765 Divi's Laboratories, Ltd. .............. 35,504 514,306 Educomp Solutions, Ltd. ................ 20,714 318,222 Glenmark Pharmaceuticals, Ltd. ......... 83,989 497,057 GTL, Ltd. .............................. 70,308 588,406 India Cements, Ltd. .................... 91,294 242,875 IRB Infrastructure Developers, Ltd. .... 104,706 553,512 IVRCL Infrastructures & Projects, Ltd. ....................... 115,229 870,872 MAX India, Ltd. (a)..................... 91,403 437,128 Moser Baer India, Ltd. ................. 173,076 317,253 Nagarjuna Construction Co., Ltd. ....... 132,901 474,085
78 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ Patni Computer Systems, Ltd. ........... 79,202 $ 827,166 Punj Lloyd, Ltd. ....................... 99,033 435,737 Sintex Industries, Ltd. ................ 60,646 350,244 United Phosphorus, Ltd. ................ 137,518 516,561 Welspun-Gujarat Stahl, Ltd. ............ 63,262 368,955 Yes Bank, Ltd. (a)...................... 196,706 1,129,892 Zee Entertainment Enterprises, Ltd. .... 108,197 594,287 ------------ TOTAL INDIA............................. 11,379,657 ------------ INDONESIA -- 1.5% Bakrie and Brothers Tbk PT (a).......... 25,315,000 229,034 Bank Panin Indonesia Tbk PT (a)......... 7,985,000 645,939 Darma Henwa PT Tbk (a).................. 18,850,926 272,882 Energi Mega Persada Tbk PT (a).......... 6,367,500 130,807 Kalbe Farma Tbk PT...................... 3,020,000 417,882 Lippo Karawaci Tbk PT (a)............... 5,744,500 311,835 ------------ TOTAL INDONESIA......................... 2,008,379 ------------ ISRAEL -- 4.0% Clal Industries, Ltd. .................. 175,806 998,771 Elbit Imaging, Ltd. (a)................. 11,247 246,437 First International Bank of Israel, Ltd. (a).............................. 54,173 908,127 Isramco Negev 2 -- LP (a)............... 4,754,791 677,821 Koor Industries, Ltd. .................. 15,206 445,582 NICE Systems, Ltd. (a).................. 31,041 963,681 Orbotech, Ltd. (a)...................... 52,946 496,104 Osem Investments, Ltd. ................. 47,086 658,806 ------------ TOTAL ISRAEL............................ 5,395,329 ------------ MALAYSIA -- 4.1% Alliance Financial Group Bhd............ 963,600 762,662 Bursa Malaysia Bhd...................... 225,500 526,211 Gamuda Bhd.............................. 969,300 736,034 IGB Corp. Bhd (a)....................... 1,276,500 745,619 KNM Group Bhd........................... 1,829,050 411,323 Kulim Malaysia Bhd...................... 211,600 466,583 Malaysian Bulk Carriers Bhd............. 322,500 303,286 Media Prima Bhd......................... 1,102,400 537,677 Parkson Holdings Bhd.................... 251,041 389,319 SP Setia Bhd............................ 541,600 620,056 ------------ TOTAL MALAYSIA.......................... 5,498,770 ------------ MEXICO -- 3.0% Axtel, SAB de CV (a)(c)................. 465,448 420,334 Consorcio ARA SAB de CV (a)(c).......... 592,523 413,006 Corporacion GEO SAB de CV (a)........... 185,400 493,344 Empresas ICA SAB de CV (a)(c)........... 199,046 465,011 Grupo Aeroportuario del Sureste SAB de CV (c)................................ 152,482 791,761 Industrias CH SAB, Series B (a)......... 129,796 456,832 Promotora y Operadora de Infraestructura, SAB de CV (a)........ 157,164 352,720 TV Azteca SAB de CV..................... 1,196,420 648,824 ------------ TOTAL MEXICO............................ 4,041,832 ------------ MOROCCO -- 0.3% Societe Anonyme Marocaine de 1'Industrie du Raffinage (a)...................... 5,707 394,815 ------------ PERU -- 0.2% Sociedad Minera El Brocal SA............ 17,925 273,001 ------------ PHILIPPINES -- 0.4% Megaworld Corp. ........................ 14,822,000 474,509 ------------ POLAND -- 2.3% Agora SA (a)............................ 33,180 260,181 Asseco Poland SA........................ 20,731 456,028 Ciech SA (a)............................ 17,246 224,185 Echo Investment SA (a).................. 196,650 286,554 Emperia Holding SA...................... 6,805 193,804 Grupa Lotos SA (a)...................... 40,036 444,891 LPP SA (a).............................. 476 264,472 Orbis SA (a)............................ 25,663 397,809 PBG SA (a).............................. 4,715 334,797 Polimex Mostostal SA.................... 196,622 272,771 ------------ TOTAL POLAND............................ 3,135,492 ------------ RUSSIA -- 1.4% AK Transneft OAO Preference Shares...... 728 611,520 Integra Group Holdings GDR (a)(c)....... 124,495 373,485 LSR Group GDR (a)....................... 15,162 137,974 OGK-2 OAO (a)(d)........................ 3,232,191 100,521 PIK Group GDR (a)....................... 68,557 284,512 Vsmpo-Avisma Corp. (d).................. 5,454 343,602 ------------ TOTAL RUSSIA............................ 1,851,614 ------------ SOUTH AFRICA -- 10.4% Afgri, Ltd. ............................ 800,209 657,446 Aquarius Platinum, Ltd. (a)............. 91,032 598,302 Aveng, Ltd. ............................ 112,207 607,986 Coronation Fund Managers, Ltd. ......... 693,616 824,192 DataTec, Ltd. .......................... 146,720 534,976 Foschini, Ltd. ......................... 141,975 1,166,263 Gold Reef Resorts, Ltd. ................ 208,370 551,503 Grindrod, Ltd. ......................... 225,286 543,960 Hosken Consolidated Investments, Ltd. (a).............................. 57,229 553,657 Investec, Ltd. ......................... 62,292 450,457 JD Group, Ltd. ......................... 119,008 801,602 JSE, Ltd. .............................. 66,349 543,136 Lewis Group, Ltd. ...................... 123,955 892,156 Merafe Resources, Ltd. (a).............. 1,045,710 198,811 Metorex, Ltd. (a)....................... 235,604 153,896 Mvelaphanda Resources, Ltd. (a)......... 76,496 509,021 Netcare, Ltd. (a)....................... 428,328 802,706 Northam Platinum, Ltd. ................. 72,739 474,538 Reunert, Ltd. .......................... 106,650 842,193 SA Corporate Real Estate Fund........... 2,041,014 723,415 The Spar Group, Ltd. ................... 37,459 361,631 Tongaat Hulett, Ltd. ................... 18,622 250,080 Wilson Bayly Holmes-Ovcon, Ltd. ........ 23,306 340,202 Woolworths Holdings, Ltd. .............. 194,997 472,680 ------------ TOTAL SOUTH AFRICA...................... 13,854,809 ------------ TAIWAN -- 28.5% A-DATA Technology Co., Ltd. (a)......... 50,000 163,358 Asia Optical Co., Inc. ................. 154,540 344,013 BES Engineering Corp. .................. 1,069,000 290,436 Capital Securities Corp. (a)............ 899,100 556,579 Catcher Technology Co., Ltd. ........... 152,000 424,374 Cathay Real Estate Development Co., Ltd. (a).............................. 672,000 277,330 Chicony Electronics Co., Ltd. .......... 203,372 493,408 China Bills Finance Corp. .............. 3,350,000 959,387
79 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ China Life Insurance Co., Ltd. (a)...... 672,655 $ 522,604 China Petrochemical Development Corp. (a)............................. 992,780 384,883 Chinese Gamer International Corp. ...... 7,000 92,793 Clevo Co. (a)........................... 262,053 426,036 CMC Magnetics Corp. (a)................. 1,369,000 353,967 Coretronic Corp. ....................... 546,420 792,681 D-Link Corp. ........................... 422,904 445,580 E.Sun Financial Holding Co., Ltd. (a)... 2,585,562 1,079,170 Epistar Corp. .......................... 178,000 667,813 Everlight Electronics Co., Ltd. ........ 161,503 605,920 Far Eastern Department Stores, Ltd. .... 341,629 391,989 Far Eastern International Bank (a)...... 1,237,669 464,344 Faraday Technology Corp. ............... 127,323 275,465 Feng Hsin Iron & Steel Co., Ltd. ....... 227,270 384,409 Formosa Taffeta Co., Ltd. .............. 613,000 496,380 Giant Manufacturing Co., Ltd. .......... 239,660 671,363 Gintech Energy Corp. (a)................ 244,294 713,367 Global Unichip Corp. ................... 50,669 268,513 Goldsun Development & Construction Co., Ltd. ............................ 843,516 388,990 Greatek Electronics, Inc. .............. 492,900 504,689 HannStar Display Corp. (a).............. 2,069,474 537,669 Himax Technologies, Inc. ADR............ 135,753 376,036 Hotai Motor Co., Ltd. .................. 162,000 389,489 Inventec Co., Ltd. ..................... 1,532,405 919,874 KGI Securities Co., Ltd. ............... 1,008,000 598,781 King Yuan Electronics Co., Ltd. ........ 640,994 304,615 Kinsus Interconnect Technology Corp. ... 153,030 409,547 Largan Precision Co., Ltd. ............. 27,220 358,281 Macronix International Co., Ltd. ....... 908,656 519,881 Makalot Industrial Co., Ltd. ........... 377,000 714,279 Mitac International Corp. .............. 669,999 346,678 Nan Kang Rubber Tire Co., Ltd. (a)...... 326,000 422,979 Nanya Technology Corp. (a).............. 739,948 756,489 Novatek Microelectronics Corp., Ltd. ... 165,000 551,977 Phison Electronics Corp. ............... 27,000 230,030 PixArt Imaging, Inc. ................... 20,000 168,829 Polaris Securities Co., Ltd. (a)........ 1,310,920 780,773 Powertech Technology, Inc. ............. 173,000 586,853 President Securities Corp. (a).......... 741,924 510,312 Prime View International Co., Ltd. (a).. 106,000 279,043 Qisda Corp. (a)......................... 735,080 460,790 Realtek Semiconductor Corp. ............ 159,000 469,767 RichTek Technology Corp. ............... 47,455 485,158 Ritek Corp. (a)......................... 1,956,596 538,316 Ruentex Development Co., Ltd. .......... 278,000 370,261 Silicon Motion Technology Corp. ADR (a)............................... 31,368 106,965 Simplo Technology Co., Ltd. ............ 78,530 466,490 Solar Applied Materials Technology Corp. ..................... 104,423 268,689 Taichung Commercial Bank................ 987,848 258,196 Taishin Financial Holdings Co., Ltd. (a).............................. 920,000 362,420 Taiwan Business Bank (a)................ 1,369,000 355,679 Taiwan Glass Industrial Corp. .......... 813,787 666,601 Tatung Co., Ltd. (a).................... 1,460,000 357,868 Teco Electric & Machinery Co., Ltd. .... 1,966,000 860,528 Tripod Technology Corp. ................ 253,255 855,136 TSRC Corp. ............................. 304,000 375,901 Tung Ho Steel Enterprise Corp. ......... 344,258 372,942 Unimicron Technology Corp. ............. 329,130 477,462 Universal Cement Corp. (a).............. 397,800 217,649 Via Technologies, Inc. (a).............. 318,062 181,977 Wafer Works Corp. ...................... 129,821 236,629 Walsin Lihwa Corp. (a).................. 1,711,000 639,251 Wan Hai Lines, Ltd. (a)................. 770,400 413,080 Winbond Electronics Corp. (a)........... 3,062,000 935,305 Wintek Corp. (a)........................ 544,000 484,727 WPG Holdings Co., Ltd. ................. 277,304 482,909 Yageo Corp. ............................ 1,661,000 607,588 Yang Ming Marine Transport.............. 840,899 319,429 Yosun Industrial Corp. ................. 538,801 559,268 Young Fast Optoelectronics Co., Ltd. ... 29,000 318,696 Yuen Foong Yu Paper Manufacturing Co., Ltd. (a).............................. 1,429,080 625,516 Yulon Motor Co., Ltd. .................. 717,462 845,656 ------------ TOTAL TAIWAN............................ 38,179,105 ------------ THAILAND -- 4.0% BEC World PCL........................... 888,071 655,265 Cal-Comp Electronics Thailand PCL....... 4,941,886 459,504 Central Pattana PCL..................... 734,378 447,147 Charoen Pokphand Foods PCL.............. 3,365,568 1,150,794 Glow Energy PCL......................... 264,821 262,120 Hana Microelectronics PCL............... 1,252,950 781,684 Minor International PCL................. 764,327 259,055 Thanachart Capital PCL.................. 1,565,578 1,037,771 Thoresen Thai Agencies PCL.............. 413,038 337,591 ------------ TOTAL THAILAND.......................... 5,390,931 ------------ TURKEY -- 1.8% Albaraka Turk Katilim Bankasi........... 290,088 427,696 Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (a)........................ 488,266 208,473 Petkim Petrokimya Holding AS (a)........ 98,612 480,248 Sekerbank TAS (a)....................... 144,502 248,717 Turk Hava Yollari Anonim Ortakligi...... 278,395 1,058,642 ------------ TOTAL TURKEY............................ 2,423,776 ------------ TOTAL COMMON STOCKS -- (Cost $114,241,488)................... 130,571,135 ------------ RIGHTS -- 0.0% (e) EGYPT -- 0.0% (e) Six of October Development & Investment Co. (expiring 1/20/10) (a) (Cost $0)............................. 3,338 6,086 ------------
80 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ------------ SHORT TERM INVESTMENTS -- 2.1% UNITED STATES -- 2.1% MONEY MARKET FUNDS -- 2.1% State Street Institutional Liquid Reserves Fund (f)(g).................. 2,493,176 $ 2,493,176 State Street Navigator Securities Lending Prime Portfolio (g)(h)........ 277,703 277,703 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $2,770,879)..................... 2,770,879 ------------ TOTAL INVESTMENTS -- 99.7% (Cost $117,012,367)................... 133,348,100 OTHER ASSETS AND LIABILITIES -- 0.3%................... 463,174 ------------ NET ASSETS -- 100.0%.................... $133,811,274 ============
(a) Non-income producing security. (b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (c) Security, or portion thereof, was on loan at December 31, 2009. (d) Securities are valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Securities' values are determined based on Level 2 inputs. (See accompanying Notes to Schedules of Investments) (e) Amount shown represents less than 0.05% of net assets. (f) Security, or a portion thereof, is designated on the Fund's books or pledged as collateral for futures contracts. (g) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (h) Investments of cash collateral for securities loaned.
ADR = American Depositary Receipt GDR = Global Depositary Receipt At December 31, 2009, open futures contracts purchased were as follows:
EXPIRATION AGGREGATE UNREALIZED FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION - ------- ---------- --------- ---------- ---------- ------------ MSCI Taiwan Index Futures.... 1/28/10 95 $2,735,898 $2,808,200 $72,302
81 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Semiconductors & Semiconductor Equipment........................... 6.3% Electronic Equipment, Instruments & Components.......................... 6.0 Commercial Banks...................... 5.0 Metals & Mining....................... 4.7 Construction & Engineering............ 4.5 Computers & Peripherals............... 4.4 Capital Markets....................... 4.1 Food Products......................... 3.9 Real Estate Management & Development.. 3.6 Construction Materials................ 3.4 Electrical Equipment.................. 3.2 Industrial Conglomerates.............. 2.6 Hotels, Restaurants & Leisure......... 2.4 Software.............................. 2.4 Specialty Retail...................... 2.4 Textiles, Apparel & Luxury Goods...... 2.4 Multiline Retail...................... 2.3 Media................................. 2.2 Transportation Infrastructure......... 2.0 Machinery............................. 1.8 Chemicals............................. 1.7 Marine................................ 1.7 Automobiles........................... 1.6 Health Care Providers & Services...... 1.4 Household Durables.................... 1.4 Electric Utilities.................... 1.3 Oil, Gas & Consumable Fuels........... 1.2 Paper & Forest Products............... 1.2 Independent Power Producers & Energ Traders............................. 1.1 IT Services........................... 1.1 Auto Components....................... 1.0 Pharmaceuticals....................... 0.9 Airlines.............................. 0.8 Building Products..................... 0.8 Communications Equipment.............. 0.8 Consumer Finance...................... 0.8 Diversified Financial Services........ 0.8 Leisure Equipment & Products.......... 0.8 Tobacco............................... 0.8 Diversified Telecommunication Services............................ 0.7 Food & Staples Retailing.............. 0.7 Beverages............................. 0.6 Energy Equipment & Services........... 0.6 Internet Software & Services.......... 0.6 Diversified Consumer Services......... 0.5 Gas Utilities......................... 0.5 Life Sciences Tools & Services........ 0.5 Real Estate Investment Trusts......... 0.5 Air Freight & Logistics............... 0.4 Commercial Services & Supplies........ 0.4 Insurance............................. 0.4 Road & Rail........................... 0.3 Health Care Equipment & Supplies...... 0.1 Short Term Investments................ 2.1 Other Assets & Liabilities............ 0.3 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for OGK-2 OAO, which was Level 2 and part of the Independent Power Producers & Energy Traders Industry, representing 0.08% of net assets and Vsmpo-Avisma Corp., which was Level 2 and part of the Metals & Mining Industry, representing 0.26% of net assets. (See accompanying Notes to Schedules of Investments) 82 SPDR DOW JONES GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ COMMON STOCKS -- 99.6% AUSTRALIA -- 9.7% Abacus Property Group................... 277,879 $ 111,210 Babcock & Brown Japan Property Trust (a)............................. 108,781 38,644 Bunnings Warehouse Property Trust....... 62,484 104,523 CFS Retail Property Trust (a)........... 343,918 587,675 Commonwealth Property Office Fund (a)... 340,166 296,750 Dexus Property Group.................... 917,144 701,109 Goodman Group........................... 1,163,720 664,586 GPT Group............................... 1,935,909 1,053,341 ING Industrial Fund (a)(b).............. 489,400 211,268 ING Office Fund......................... 505,712 291,080 Macquarie CountryWide Trust (a)......... 290,225 152,693 Macquarie Office Trust.................. 941,468 262,480 Westfield Group......................... 454,103 5,121,306 ------------ TOTAL AUSTRALIA......................... 9,596,665 ------------ AUSTRIA -- 1.2% Atrium European Real Estate, Ltd. ...... 41,957 282,930 CA Immobilien Anlagen AG (b)............ 16,387 185,739 IMMOEAST AG (a)(b)...................... 78,939 436,042 Immofinanz AG (a)(b).................... 84,859 304,378 ------------ TOTAL AUSTRIA........................... 1,209,089 ------------ BELGIUM -- 0.6% Befimmo S.C.A. ......................... 2,845 252,259 Cofinimmo............................... 2,288 323,708 ------------ TOTAL BELGIUM........................... 575,967 ------------ CANADA -- 4.8% Artis REIT.............................. 3,778 41,011 Boardwalk REIT.......................... 4,948 174,869 Brookfield Asset Management, Inc. (Class A)............................. 106,931 2,385,764 Brookfield Properties Corp. ............ 54,071 655,341 Calloway REIT........................... 8,348 155,358 Canadian Apartment Properties REIT...... 7,118 95,463 Canadian REIT........................... 6,763 174,954 Chartwell Seniors Housing REIT.......... 13,033 87,396 Extendicare REIT........................ 7,296 66,255 First Capital Realty, Inc. (a).......... 7,282 150,454 H&R REIT................................ 15,073 222,137 Primaris Retail REIT.................... 6,564 101,057 RioCan REIT............................. 23,983 454,106 ------------ TOTAL CANADA............................ 4,764,165 ------------ CHINA -- 1.9% Hong Kong Land Holdings, Ltd. (a)....... 255,000 1,262,250 Kerry Properties, Ltd. ................. 128,635 655,281 ------------ TOTAL CHINA............................. 1,917,531 ------------ FRANCE -- 6.2% Fonciere des Regions (a)................ 5,083 520,562 Gecina SA............................... 4,365 476,840 Klepierre (a)........................... 18,321 746,261 SILIC (a)............................... 1,780 217,078 Unibail-Rodamco SE...................... 19,037 4,198,057 ------------ TOTAL FRANCE............................ 6,158,798 ------------ GERMANY -- 0.1% IVG Immobilien AG (b)................... 15,581 119,598 ------------ HONG KONG -- 4.7% Champion REIT........................... 365,110 155,385 GZI REIT................................ 155,000 58,770 Hang Lung Group, Ltd. .................. 174,996 872,266 Hang Lung Properties, Ltd. ............. 382,018 1,507,567 Hysan Development Co., Ltd. ............ 127,371 362,202 Prosperity REIT......................... 241,000 41,337 The Link REIT........................... 451,954 1,155,232 Wheelock & Co., Ltd. ................... 173,016 531,049 ------------ TOTAL HONG KONG......................... 4,683,808 ------------ ITALY -- 0.1% Beni Stabili SpA........................ 82,343 67,931 ------------ JAPAN -- 9.2% Aeon Mall Co., Ltd. (a)................. 16,600 319,893 DA Office Investment Corp. (a).......... 52 110,485 Daibiru Corp. (a)....................... 12,300 87,994 Frontier Real Estate Investment Corp. (a)............................. 30 212,686 Fukuoka REIT Corp. ..................... 19 99,189 Global One REIT (a)..................... 20 135,131 Hankyu REIT, Inc. (a)................... 18 68,640 Heiwa Real Estate Co., Ltd. ............ 32,000 102,433 Japan Excellent, Inc. .................. 29 128,654 Japan Hotel and Resort, Inc. ........... 18 25,000 Japan Office Investment Corp. .......... 29 28,347 Japan Prime Realty Investment Corp. .... 129 266,882 Japan Real Estate Investment Corp. (a).. 102 749,428 Japan Retail Fund Investment Corp. (a).. 81 362,823 Kenedix Realty Investment Corp. ........ 49 133,691 Mitsui Fudosan Co., Ltd. ............... 184,000 3,079,349 Mori Hills REIT Investment Corp. ....... 21 64,312 Mori Trust Sogo REIT, Inc. (a).......... 23 185,048 Nippon Building Fund, Inc. ............. 113 856,953 Nippon Commercial Investment Corp. (a).. 56 81,508 Nippon Residential Investment Corp. .... 52 126,684 Nomura Real Estate Office Fund, Inc. ... 60 324,829 NTT Urban Development Corp. ............ 227 150,204 Orix JREIT, Inc. (a).................... 52 258,059 Premier Investment Co. ................. 28 91,433 Shoei Co., Ltd. (a)..................... 7,900 59,911 TOC Co., Ltd. .......................... 20,700 78,268 Tokyu Land Corp. ....................... 95,000 348,998 Tokyu REIT, Inc. (a).................... 36 192,577 Top REIT, Inc. ......................... 33 146,399 United Urban Investment Corp. .......... 42 221,064 ------------ TOTAL JAPAN............................. 9,096,872 ------------ NETHERLANDS -- 1.6% Corio NV................................ 15,934 1,090,255 Eurocommercial Properties NV............ 7,317 302,344 VastNed Retail NV....................... 3,811 250,618 ------------ TOTAL NETHERLANDS....................... 1,643,217 ------------ NEW ZEALAND -- 0.4% AMP NZ Office Trust (a)................. 165,727 91,649 Goodman Property Trust (a).............. 131,789 102,609 ING Property Trust (a).................. 116,416 68,615 Kiwi Income Property Trust.............. 172,926 130,863 ------------ TOTAL NEW ZEALAND....................... 393,736 ------------
83 SPDR DOW JONES GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ SINGAPORE -- 3.8% Ascendas REIT........................... 271,000 $ 428,519 Cambridge Industrial Trust.............. 150,000 48,079 CapitaCommercial Trust.................. 336,000 280,010 CapitaLand, Ltd. ....................... 521,500 1,560,098 CapitaMall Trust........................ 420,086 538,591 Frasers Commercial Trust (a)............ 550,352 54,880 Guocoland, Ltd. ........................ 51,000 82,460 Mapletree Logistics Trust............... 226,000 126,365 Singapore Land, Ltd. (a)................ 27,000 126,351 Starhill Global REIT.................... 215,000 80,398 Suntec REIT (a)......................... 339,000 325,973 United Industrial Corp., Ltd. .......... 83,000 123,559 ------------ TOTAL SINGAPORE......................... 3,775,283 ------------ SOUTH AFRICA -- 0.4% Capital Property Fund................... 76,836 74,084 Fountainhead Property Trust............. 207,840 177,816 SA Corporate Real Estate Fund........... 171,394 60,749 Sycom Property Fund..................... 21,252 55,700 ------------ TOTAL SOUTH AFRICA...................... 368,349 ------------ SPAIN -- 0.0% (c) Martinsa-Fadesa SA (b)(d)(e)............ 178 -- ------------ SWEDEN -- 0.7% Castellum AB (a)........................ 33,513 340,288 Fabege AB............................... 30,620 193,838 Kungsleden AB........................... 28,483 196,267 ------------ TOTAL SWEDEN............................ 730,393 ------------ SWITZERLAND -- 1.1% PSP Swiss Property AG (a)(b)............ 8,801 498,049 Swiss Prime Site AG (b)................. 10,391 583,002 ------------ TOTAL SWITZERLAND....................... 1,081,051 ------------ UNITED KINGDOM -- 7.5% Big Yellow Group PLC (b)................ 19,654 112,353 British Land Co. PLC.................... 181,705 1,408,445 Derwent London PLC...................... 21,035 448,382 Grainger PLC............................ 86,437 178,666 Great Portland Estates PLC.............. 65,245 302,491 Hammerson PLC........................... 145,422 995,699 Land Securities Group PLC............... 159,728 1,766,866 Liberty International PLC............... 119,900 997,145 Segro PLC............................... 153,219 852,628 Shaftesbury PLC (a)..................... 47,076 299,217 Workspace Group PLC..................... 169,809 63,755 ------------ TOTAL UNITED KINGDOM.................... 7,425,647 ------------ UNITED STATES -- 45.6% Acadia Realty Trust..................... 8,276 139,616 Alexander's, Inc. (b)................... 549 167,127 Alexandria Real Estate Equities, Inc. .. 9,050 581,824 AMB Property Corp. ..................... 30,510 779,530 American Campus Communities, Inc. ...... 10,998 309,044 Apartment Investment & Management Co. (Class A)............................. 24,388 388,257 Ashford Hospitality Trust (b)........... 12,889 59,805 Avalonbay Communities, Inc. ............ 17,004 1,396,198 BioMed Realty Trust, Inc. .............. 20,104 317,241 Boston Properties, Inc. ................ 28,930 1,940,335 Brandywine Realty Trust................. 26,831 305,873 BRE Properties, Inc. ................... 11,296 373,672 Camden Property Trust................... 13,380 566,911 CBL & Associates Properties, Inc. ...... 28,767 278,177 Cedar Shopping Centers, Inc. ........... 10,830 73,644 Colonial Properties Trust............... 13,837 162,308 Corporate Office Properties Trust....... 12,106 443,443 Cousins Properties, Inc. ............... 17,312 132,091 DCT Industrial Trust, Inc. ............. 43,678 219,264 Developers Diversified Realty Corp. .... 26,564 245,983 DiamondRock Hospitality Co. ............ 24,678 209,023 Digital Realty Trust, Inc. ............. 14,618 734,993 Douglas Emmett, Inc. ................... 25,344 361,152 Duke Realty Corp. ...................... 46,705 568,400 DuPont Fabros Technology, Inc. ......... 8,707 156,639 EastGroup Properties, Inc. ............. 5,417 207,363 Education Realty Trust, Inc. ........... 11,393 55,142 Equity Lifestyle Properties, Inc. ...... 6,337 319,828 Equity One, Inc. ....................... 8,162 131,980 Equity Residential...................... 57,148 1,930,459 Essex Property Trust, Inc. ............. 6,076 508,257 Extra Space Storage, Inc. .............. 18,037 208,327 Federal Realty Investment Trust......... 12,711 860,789 FelCor Lodging Trust, Inc. (b).......... 13,967 50,281 First Industrial Realty Trust, Inc. (b).............................. 11,224 58,701 First Potomac Realty Trust.............. 6,132 77,079 Forest City Enterprises, Inc. (Class A) (b)................................ 25,227 297,174 Franklin Street Properties Corp. ....... 14,855 217,032 HCP, Inc. .............................. 60,680 1,853,167 Health Care REIT, Inc. ................. 25,641 1,136,409 Healthcare Realty Trust, Inc. .......... 12,274 263,400 Hersha Hospitality Trust................ 11,784 37,002 Highwoods Properties, Inc. ............. 14,786 493,113 Home Properties, Inc. .................. 7,025 335,163 Hospitality Properties Trust............ 25,484 604,226 Host Hotels & Resorts, Inc. (b)......... 131,821 1,538,351 HRPT Properties Trust................... 47,040 304,349 Inland Real Estate Corp. ............... 15,289 124,605 Kilroy Realty Corp. .................... 9,004 276,153 Kimco Realty Corp. ..................... 83,831 1,134,233 Kite Realty Group Trust................. 13,500 54,945 LaSalle Hotel Properties................ 13,228 280,830 Liberty Property Trust.................. 23,298 745,769 Mack-Cali Realty Corp. ................. 16,346 565,081 Mid-America Apartment Communities, Inc. .................... 6,025 290,887 Nationwide Health Properties, Inc. ..... 23,418 823,845 Parkway Properties, Inc. ............... 4,603 95,834 Pennsylvania Real Estate Investment Trust...................... 9,307 78,737 Post Properties, Inc. .................. 10,111 198,176 ProLogis................................ 98,741 1,351,764 PS Business Parks, Inc. ................ 3,921 196,246 Public Storage.......................... 26,824 2,184,815 Ramco-Gershenson Properties Trust....... 6,218 59,320 Regency Centers Corp. .................. 18,429 646,121 Saul Centers, Inc. ..................... 1,587 51,990 Senior Housing Properties Trust......... 26,493 579,402 Simon Property Group, Inc. ............. 59,564 4,753,207 SL Green Realty Corp. .................. 16,032 805,448 Sovran Self Storage, Inc. .............. 5,615 200,624 Sun Communities, Inc. .................. 3,684 72,759
84 SPDR DOW JONES GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ Sunstone Hotel Investors, Inc. (b)...... 19,859 $ 176,348 Tanger Factory Outlet Centers, Inc. .... 8,308 323,929 Taubman Centers, Inc. .................. 10,978 394,220 The Macerich Co. ....................... 19,763 710,480 U-Store-It Trust........................ 16,307 119,367 UDR, Inc. .............................. 31,889 524,255 Universal Health Realty Income Trust.... 2,354 75,399 Ventas, Inc. ........................... 32,658 1,428,461 Vornado Realty Trust.................... 37,591 2,629,115 Washington Real Estate Investment Trust...................... 12,458 343,218 Weingarten Realty Investors............. 24,957 493,898 ------------ TOTAL UNITED STATES..................... 45,187,623 ------------ TOTAL COMMON STOCKS -- (Cost $81,458,541).................... 98,795,723 ------------ SHORT TERM INVESTMENTS -- 3.7% UNITED STATES -- 3.7% MONEY MARKET FUNDS -- 3.7% State Street Institutional Liquid Reserves Fund (f)..................... 99,805 99,805 State Street Navigator Securities Lending Prime Portfolio (f)(g)........ 3,581,301 3,581,301 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $3,681,106)..................... 3,681,106 ------------ TOTAL INVESTMENTS -- 103.3% (Cost $85,139,647).................... 102,476,829 OTHER ASSETS AND LIABILITIES -- (3.3)%................. (3,315,713) ------------ NET ASSETS -- 100.0%.................... $ 99,161,116 ============
(a) Security, or portion thereof, was on loan at December 31, 2009. (b) Non-income producing security. (c) Amount shown represents less than 0.05% of net assets. (d) Company has filed for insolvency. (e) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (See accompanying Notes to Schedules of Investments) (f) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) (g) Investments of cash collateral for securities loaned.
REIT = Real Estate Investment Trust 85 SPDR DOW JONES GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Retail REITs.......................... 30.9% Real Estate Management & Development.. 18.4 Office REITs.......................... 14.2 Specialized REITs..................... 12.2 Diversified REITs..................... 11.7 Residential REITs..................... 7.7 Industrial REITs...................... 4.5 Short Term Investments................ 3.7 Other Assets & Liabilities............ (3.3) ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs except for Martinsa-Fadesa SA, which was Level 3 and part of the Real Estate Management & Development Industry, representing less than 0.05% of net assets. (See accompanying Notes to Schedules of Investments) 86 SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- COMMON STOCKS -- 99.4% AUSTRALIA -- 2.3% Aristocrat Leisure, Ltd. ............... 4,818 $ 17,419 Crown, Ltd. ............................ 4,663 33,717 Fairfax Media, Ltd. .................... 21,960 34,365 Tatts Group, Ltd. ...................... 12,319 27,033 ---------- TOTAL AUSTRALIA......................... 112,534 ---------- AUSTRIA -- 0.4% BWIN Interactive Entertainment AG (a)... 300 17,966 ---------- BELGIUM -- 1.0% S.A. D'Ieteren NV....................... 118 47,252 ---------- CANADA -- 4.4% Canadian Tire Corp., Ltd. (Class A)..... 627 34,390 Gildan Activewear, Inc. (a)............. 738 18,092 Magna International, Inc. (Class A)..... 592 30,076 Shaw Communications, Inc. .............. 2,087 43,139 Thomson Reuters Corp. .................. 2,086 67,553 Tim Hortons, Inc. ...................... 700 21,454 ---------- TOTAL CANADA............................ 214,704 ---------- CHINA -- 0.3% Giordano International, Ltd. ........... 50,000 14,831 ---------- FINLAND -- 0.9% Nokian Renkaat Oyj...................... 561 13,683 SanomaWSOY Oyj.......................... 1,422 32,154 ---------- TOTAL FINLAND........................... 45,837 ---------- FRANCE -- 11.6% Accor SA................................ 822 45,111 Cie Generale des Etablissements Michelin.............................. 725 55,734 Havas SA................................ 5,272 21,111 Hermes International.................... 267 35,745 Lagardere SCA........................... 650 26,495 LVMH Moet Hennessy Louis Vuitton SA..... 932 104,809 Peugeot SA (a).......................... 829 28,147 PPR..................................... 370 44,719 Renault SA (a).......................... 787 40,875 Sodexo.................................. 588 33,631 Vivendi................................. 4,579 136,617 ---------- TOTAL FRANCE............................ 572,994 ---------- GERMANY -- 8.0% Adidas AG............................... 925 50,126 Bayerische Motoren Werke AG............. 1,319 60,179 Daimler AG.............................. 3,388 180,973 Porsche Automobil Holding SE............ 379 23,785 TUI AG (a).............................. 1,366 11,446 Volkswagen AG........................... 314 34,689 Volkswagen AG Preference Share.......... 350 33,012 ---------- TOTAL GERMANY........................... 394,210 ---------- GREECE -- 0.8% Jumbo SA................................ 1,482 18,860 OPAP SA................................. 874 19,236 ---------- TOTAL GREECE............................ 38,096 ---------- HONG KONG -- 3.0% Belle International Holdings Ltd. ...... 18,000 21,031 Esprit Holdings, Ltd. .................. 5,840 38,976 GOME Electrical Appliances Holdings, Ltd. (a).............................. 37,000 13,504 Li & Fung, Ltd. ........................ 12,000 49,909 Shangri-La Asia, Ltd. .................. 8,000 15,063 Skyworth Digital Holdings Ltd. ......... 10,000 10,266 ---------- TOTAL HONG KONG......................... 148,749 ---------- ITALY -- 2.7% Fiat SpA (a)............................ 3,783 55,634 Lottomatica SpA......................... 1,177 23,692 Mediaset SpA............................ 4,100 33,736 Pirelli & C. SpA (a).................... 35,652 21,484 ---------- TOTAL ITALY............................. 134,546 ---------- JAPAN -- 35.9% Aisin Seiki Co., Ltd. .................. 1,100 31,312 Aoyama Trading Co., Ltd. ............... 2,000 25,436 Benesse Corp. .......................... 600 25,071 Bridgestone Corp. ...................... 3,100 54,145 Casio Computer Co., Ltd. ............... 1,900 15,042 Denso Corp. ............................ 1,700 50,765 Dentsu, Inc. ........................... 1,500 34,400 Fast Retailing Co., Ltd. ............... 300 56,297 Fuji Heavy Industries, Ltd. (a)......... 6,000 29,003 Gunze, Ltd. ............................ 7,000 25,641 Honda Motor Co., Ltd. .................. 5,600 187,078 Isetan Mitsukoshi Holdings, Ltd. ....... 2,600 23,376 Isuzu Motors, Ltd. (a).................. 6,000 11,150 Makita Corp. ........................... 900 30,646 Mazda Motor Corp. (a)................... 7,000 15,941 Mitsubishi Motors Corp. (a)............. 17,000 23,374 Namco Bandai Holdings, Inc. ............ 2,000 19,077 Nikon Corp. ............................ 2,000 39,272 Nissan Motor Co., Ltd. (a).............. 8,000 69,606 Panasonic Corp. ........................ 7,000 99,629 PARIS MIKI HOLDINGS, Inc. .............. 2,000 16,757 Rakuten, Inc. (a)....................... 31 23,543 Resorttrust, Inc. ...................... 2,200 25,900 Sanyo Electric Co., Ltd. (a)............ 10,000 18,368 Sekisui Chemical Co., Ltd. ............. 4,000 24,749 Sekisui House, Ltd. .................... 3,000 27,037 Sharp Corp. ............................ 4,000 50,142 Shimano, Inc. .......................... 600 23,976 Sony Corp. ............................. 3,700 106,117 Stanley Electric Co., Ltd. ............. 1,200 24,053 Sumitomo Forestry Co., Ltd. ............ 3,400 25,565 Suzuki Motor Corp. ..................... 1,800 44,084 Toyobo Co., Ltd. ....................... 17,000 26,661 Toyota Industries Corp. ................ 1,000 29,594 Toyota Motor Corp. ..................... 9,700 404,275 Yamada Denki Co., Ltd. ................. 500 33,622 ---------- TOTAL JAPAN............................. 1,770,704 ---------- LUXEMBOURG -- 0.7% SES..................................... 1,421 32,121 ---------- NETHERLANDS -- 1.8% Reed Elsevier NV........................ 3,632 44,820 Wolters Kluwer NV....................... 1,986 43,596 ---------- TOTAL NETHERLANDS....................... 88,416 ---------- NORWAY -- 0.4% Schibsted ASA (a)....................... 956 21,530 ----------
87 SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- SINGAPORE -- 1.4% Genting International PLC (a)........... 24,000 $ 22,223 Jardine Cycle & Carriage Ltd. .......... 1,000 19,231 Singapore Press Holdings, Ltd. ......... 10,000 26,141 ---------- TOTAL SINGAPORE......................... 67,595 ---------- SOUTH KOREA -- 4.6% Hyundai Mobis (a)....................... 300 44,054 Hyundai Motor Co. (a)................... 837 86,973 Kia Motors Corp. (a).................... 1,100 18,940 LG Electronics, Inc. ................... 464 48,413 Lotte Shopping Co. Ltd. (a)............. 100 29,713 ---------- TOTAL SOUTH KOREA....................... 228,093 ---------- SPAIN -- 1.3% Industria de Diseno Textil SA........... 882 54,908 La Seda de Barcelona SA (Class B) (a)(b)............................. 23,359 -- NH Hoteles SA (a)....................... 2,076 11,080 ---------- TOTAL SPAIN............................. 65,988 ---------- SWEDEN -- 2.9% Electrolux AB (a)....................... 2,140 50,202 Hennes & Mauritz AB (Class B)........... 1,676 93,282 ---------- TOTAL SWEDEN............................ 143,484 ---------- SWITZERLAND -- 2.0% Cie Financiere Richemont SA (Class A)... 974 32,723 Swatch Group AG......................... 259 65,617 ---------- TOTAL SWITZERLAND....................... 98,340 ---------- UNITED KINGDOM -- 13.0% British Sky Broadcasting Group PLC...... 5,280 47,918 Burberry Group PLC...................... 2,100 20,313 Carnival PLC (a)........................ 1,058 36,477 Compass Group PLC....................... 8,251 59,319 GKN PLC (a)............................. 7,300 13,792 Home Retail Group PLC................... 5,828 26,587 Informa PLC............................. 3,700 19,120 ITV PLC (a)............................. 17,000 14,371 Kingfisher PLC.......................... 14,174 52,416 Marks & Spencer Group PLC............... 7,561 49,084 Next PLC................................ 1,276 42,921 Pearson PLC............................. 4,836 69,582 Reed Elsevier PLC....................... 5,517 45,570 Tui Travel PLC.......................... 5,923 24,390 Virgin Media, Inc. ..................... 1,697 28,561 Whitbread PLC........................... 1,486 33,859 WPP Group PLC........................... 5,619 55,305 ---------- TOTAL UNITED KINGDOM.................... 639,585 ---------- TOTAL COMMON STOCKS -- (Cost $5,004,146)..................... 4,897,575 ---------- SHORT TERM INVESTMENTS -- 0.0% (c) UNITED STATES -- 0.0% (c) MONEY MARKET FUND -- 0.0% (c) State Street Institutional Liquid Reserves Fund (d) (Cost $1,385)......................... 1,385 1,385 ---------- TOTAL INVESTMENTS -- 99.4% (Cost $5,005,531)..................... 4,898,960 OTHER ASSETS AND LIABILITIES -- 0.6%................... 27,835 ---------- NET ASSETS -- 100.0%.................... $4,926,795 ==========
(a) Non-income producing security. (b) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. (See accompanying Notes to Schedules of Investments) (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments)
88 SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Automobiles........................... 27.3% Media................................. 17.8 Household Durables.................... 10.3 Hotels, Restaurants & Leisure......... 9.7 Specialty Retail...................... 8.9 Textiles, Apparel & Luxury Goods...... 7.7 Auto Components....................... 7.5 Multiline Retail...................... 4.6 Distributors.......................... 2.4 Leisure Equipment & Products.......... 1.7 Internet & Catalog Retail............. 1.0 Diversified Consumer Services......... 0.5 Containers & Packaging................ 0.0*** Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.6 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs expect for La Seda de Barcelona SA, which was Level 3 and part of the Containers & Packaging Industry, representing less than 0.05% of net assets. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 89 SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- COMMON STOCKS -- 99.5% AUSTRALIA -- 8.9% Coca-Cola Amatil, Ltd. ......... 7,862 $ 81,525 Foster's Group, Ltd. ........... 20,564 101,718 Wesfarmers, Ltd. ............... 7,806 219,526 Woolworths, Ltd. ............... 8,860 223,111 ---------- TOTAL AUSTRALIA................. 625,880 ---------- BELGIUM -- 4.1% Anheuser-Busch InBev NV......... 4,035 210,698 Anheuser-Busch InBev NV -- VVPR Strip (a)..................... 2,040 15 Delhaize Group.................. 1,032 79,393 ---------- TOTAL BELGIUM................... 290,106 ---------- CANADA -- 2.5% Loblaw Co., Ltd. ............... 1,987 64,215 Shoppers Drug Mart Corp. ....... 2,090 90,530 Viterra, Inc. (a)............... 1,971 18,556 ---------- TOTAL CANADA.................... 173,301 ---------- DENMARK -- 0.9% Carlsberg A/S (Class B)......... 897 66,416 ---------- FINLAND -- 0.5% Kesko Oyj (Class B)............. 1,153 38,180 ---------- FRANCE -- 10.6% Carrefour SA.................... 3,398 163,614 Casino Guichard-Perrachon SA.... 589 52,842 Danone SA....................... 4,043 248,444 L'Oreal SA...................... 1,489 166,635 Pernod - Ricard SA.............. 1,377 118,361 ---------- TOTAL FRANCE.................... 749,896 ---------- GERMANY -- 2.7% Beiersdorf AG................... 941 62,010 Henkel AG & Co. KGaA Preference Shares........................ 2,399 125,391 ---------- TOTAL GERMANY................... 187,401 ---------- IRELAND -- 0.4% Kerry Group PLC (Class A)....... 881 26,008 ---------- ITALY -- 0.8% Parmalat SpA.................... 20,117 56,369 ---------- JAPAN -- 11.7% Aeon Co., Ltd. ................. 5,600 45,236 Ajinomoto Co., Inc. ............ 6,000 56,394 Asahi Breweries, Ltd. .......... 4,600 84,593 Japan Tobacco, Inc. ............ 34 114,313 Kao Corp. ...................... 5,000 116,816 Kirin Holdings Co., Ltd. ....... 7,000 112,036 Lawson, Inc. ................... 1,400 61,657 Nichirei Corp. ................. 10,000 34,588 Seven & I Holdings Co., Ltd. ... 4,900 99,848 Shiseido Co., Ltd. ............. 3,800 72,698 UNY Co., Ltd. .................. 3,800 26,573 ---------- TOTAL JAPAN..................... 824,752 ---------- LUXEMBOURG -- 0.3% Oriflame Cosmetics SA SDR....... 291 17,464 ---------- NETHERLANDS -- 7.6% Heineken NV..................... 1,927 91,970 Koninklijke Ahold NV............ 8,055 107,017 Unilever NV..................... 10,310 336,524 ---------- TOTAL NETHERLANDS............... 535,511 ---------- NORWAY -- 0.2% Marine Harvest (a).............. 19,345 14,169 ---------- SINGAPORE -- 1.4% Golden Agri-Resources, Ltd. (a)........................... 62,105 22,560 Wilmar International, Ltd. ..... 17,000 77,859 ---------- TOTAL SINGAPORE................. 100,419 ---------- SPAIN -- 1.1% Ebro Puleva SA.................. 3,432 71,546 SOS Cuetara SA (a).............. 2,800 8,798 ---------- TOTAL SPAIN..................... 80,344 ---------- SWEDEN -- 0.7% Swedish Match AB................ 2,244 49,311 ---------- SWITZERLAND -- 16.2% Lindt & Spruengli AG............ 30 64,426 Nestle SA....................... 22,279 1,081,892 ---------- TOTAL SWITZERLAND............... 1,146,318 ---------- UNITED KINGDOM -- 28.9% British American Tobacco PLC.... 10,609 345,465 Cadbury PLC..................... 9,829 126,582 Diageo PLC...................... 15,563 272,430 Imperial Tobacco Group PLC...... 6,483 205,194 J Sainsbury PLC................. 9,908 51,760 Reckitt Benckiser PLC........... 3,886 210,599 SABMiller PLC................... 4,479 132,073 Tate & Lyle PLC................. 4,503 31,464 Tesco PLC....................... 46,835 323,702 Unilever PLC.................... 8,327 268,130 William Morrison Supermarkets PLC........................... 15,479 69,340 ---------- TOTAL UNITED KINGDOM............ 2,036,739 ---------- TOTAL COMMON STOCKS -- (Cost $6,746,415)............. 7,018,584 ---------- WARRANTS -- 0.0% (b) SINGAPORE -- 0.0% (b) Golden Agri-Resources, Ltd. (expiring 7/23/12) (a) (Cost $0)..................... 2,970 296 ---------- SHORT TERM INVESTMENTS -- 0.0% (b) UNITED STATES -- 0.0% (b) MONEY MARKET FUNDS -- 0.0% (b) State Street Institutional Liquid Reserves Fund (c) (Cost $426)......................... 426 426 ---------- TOTAL INVESTMENTS -- 99.5% (Cost $6,746,841)............. 7,019,306 OTHER ASSETS AND LIABILITIES -- 0.5%........... 38,631 ---------- NET ASSETS -- 100.0%............ $7,057,937 ==========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) SDR = Swedish Depositary Receipt 90 SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Food Products......................... 36.2% Food & Staples Retailing.............. 24.3 Beverages............................. 18.0 Tobacco............................... 10.1 Household Products.................... 6.4 Personal Products..................... 4.5 Short Term Invetments................. 0.0*** Other Assets & Liabilities............ 0.5 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 91 SPDR S&P INTERNATIONAL ENERGY SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------- ---------- COMMON STOCKS -- 99.9% AUSTRALIA -- 5.6% Origin Energy, Ltd. ........... 8,333 $ 126,054 Santos, Ltd. .................. 8,780 111,259 Woodside Petroleum, Ltd. ...... 5,222 221,670 WorleyParsons, Ltd. ........... 2,505 65,513 ---------- TOTAL AUSTRALIA................ 524,496 ---------- AUSTRIA -- 0.8% OMV AG......................... 1,630 71,796 ---------- CANADA -- 25.1% Bonavista Energy Trust......... 2,452 52,158 Cameco Corp. .................. 3,676 118,974 Canadian Natural Resources, Ltd. ........................ 3,738 270,986 Canadian Oil Sands Trust....... 2,395 68,331 Cenovus Energy, Inc. .......... 6,421 162,309 Enbridge, Inc. ................ 3,211 148,949 EnCana Corp. .................. 6,421 208,919 Enerplus Resources Fund........ 2,044 47,203 Husky Energy, Inc. ............ 2,859 82,032 Imperial Oil, Ltd. ............ 2,859 110,886 Nexen, Inc. ................... 4,902 117,927 Niko Resources, Ltd. .......... 817 76,685 OPTI Canada, Inc. (a).......... 3,676 7,118 Penn West Energy Trust......... 2,452 43,155 Provident Energy Trust......... 8,173 55,196 Suncor Energy, Inc. ........... 10,822 384,115 Talisman Energy, Inc. ......... 7,007 131,605 TransCanada Corp. ............. 5,840 201,602 Vermilion Energy Trust......... 2,044 63,210 ---------- TOTAL CANADA................... 2,351,360 ---------- FRANCE -- 12.9% Bourbon SA..................... 967 36,558 Cie Generale de Geophysique- Veritas (a).................. 1,724 36,930 Technip SA..................... 1,226 86,895 Total SA....................... 16,230 1,047,985 ---------- TOTAL FRANCE................... 1,208,368 ---------- HONG KONG -- 0.2% Mongolia Energy Co., Ltd. (a).. 42,000 21,558 ---------- ITALY -- 6.7% Eni SpA........................ 19,222 490,902 Saipem SpA..................... 2,546 88,034 Saras SpA...................... 15,498 48,641 ---------- TOTAL ITALY.................... 627,577 ---------- JAPAN -- 2.0% Inpex Holdings, Inc. .......... 8 60,240 Nippon Mining Holdings, Inc. .. 13,000 55,438 Nippon Oil Corp. .............. 15,000 69,284 ---------- TOTAL JAPAN.................... 184,962 ---------- LUXEMBOURG -- 0.4% Acergy SA...................... 2,018 32,016 ---------- NETHERLANDS -- 0.5% SBM Offshore NV................ 2,449 48,401 ---------- NORWAY -- 3.8% Aker Solutions ASA............. 5,848 76,380 StatoilHydro ASA............... 11,152 279,533 ---------- TOTAL NORWAY................... 355,913 ---------- PAPUA NEW GUINEA -- 0.8% Oil Search, Ltd. .............. 13,573 74,828 ---------- PORTUGAL -- 0.8% Galp Energia SGPS SA (Class B)........................... 4,488 77,785 ---------- SPAIN -- 2.7% Compania Espanola de Petroleos SA........................... 1,275 39,824 Repsol YPF SA.................. 7,735 207,806 ---------- TOTAL SPAIN.................... 247,630 ---------- SWITZERLAND -- 4.1% Noble Corp. ................... 1,872 76,190 Transocean, Ltd. (a)........... 2,658 220,083 Weatherford International, Ltd. (a).......................... 4,830 86,505 ---------- TOTAL SWITZERLAND.............. 382,778 ---------- UNITED KINGDOM -- 33.5% AMEC PLC....................... 5,041 64,472 BG Group PLC................... 21,794 394,877 BP PLC......................... 129,760 1,257,257 Cairn Energy PLC (a)........... 13,290 71,381 Royal Dutch Shell PLC (Class A)........................... 22,090 671,347 Royal Dutch Shell PLC (Class B)........................... 17,029 498,149 Tullow Oil PLC................. 8,269 174,259 ---------- TOTAL UNITED KINGDOM........... 3,131,742 ---------- TOTAL COMMON STOCKS -- (Cost $10,064,115)........... 9,341,210 ---------- SHORT TERM INVESTMENTS -- 0.0% (b) UNITED STATES -- 0.0% (b) MONEY MARKET FUNDS -- 0.0% (b) State Street Institutional Liquid Reserves Fund (c) (Cost $100).................. 100 100 ---------- TOTAL INVESTMENTS -- 99.9% (Cost $10,064,215)........... 9,341,310 OTHER ASSETS AND LIABILITIES -- 0.1%.......... 11,867 ---------- NET ASSETS -- 100.0%........... $9,353,177 ==========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) 92 SPDR S&P INTERNATIONAL ENERGY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Oil, Gas & Consumable Fuels........... 90.1% Energy Equipment & Services........... 9.8 Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.1 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 93 SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------- ---------- COMMON STOCKS -- 99.7% AUSTRALIA -- 12.3% ASX, Ltd. .............................. 1,403 $ 44,087 Australia & New Zealand Banking Group, Ltd. .......................... 6,791 139,739 Commonwealth Bank of Australia.......... 4,187 206,542 Commonwealth Property Office Fund....... 71 62 Macquarie Group, Ltd. .................. 1,164 50,667 National Australia Bank, Ltd. .......... 5,826 143,565 QBE Insurance Group, Ltd. .............. 3,343 76,967 Stockland............................... 15,795 56,111 Westfield Group......................... 8,281 93,392 Westpac Banking Corp. .................. 8,416 191,494 ---------- TOTAL AUSTRALIA......................... 1,002,626 ---------- AUSTRIA -- 0.8% Erste Group Bank AG..................... 903 33,763 Sparkassen Immobilien AG (a)............ 4,457 31,973 ---------- TOTAL AUSTRIA........................... 65,736 ---------- BELGIUM -- 0.6% Dexia SA (a)............................ 3,961 25,347 Fortis (a).............................. 7,212 27,141 ---------- TOTAL BELGIUM........................... 52,488 ---------- BERMUDA -- 0.4% Lancashire Holdings, Ltd. .............. 4,554 32,726 ---------- CANADA -- 11.5% Bank of Montreal........................ 1,698 90,460 Bank of Nova Scotia..................... 2,848 133,713 Brookfield Asset Management, Inc. (Class A)............................. 2,641 58,924 Canadian Imperial Bank of Commerce...... 1,108 72,028 IGM Financial, Inc. .................... 1,207 48,828 Manulife Financial Corp. ............... 4,779 88,118 National Bank of Canada................. 806 46,314 Royal Bank of Canada.................... 3,615 194,483 Sun Life Financial, Inc. ............... 2,107 60,797 Toronto-Dominion Bank................... 2,384 149,996 ---------- TOTAL CANADA............................ 943,661 ---------- DENMARK -- 1.0% Danske Bank A/S (a)..................... 2,212 50,328 Sydbank A/S (a)......................... 1,197 30,870 ---------- TOTAL DENMARK........................... 81,198 ---------- FINLAND -- 0.9% Pohjola Bank PLC........................ 4,428 47,965 Technopolis Oyj......................... 5,802 25,806 ---------- TOTAL FINLAND........................... 73,771 ---------- FRANCE -- 6.7% AXA..................................... 5,015 119,010 BNP Paribas............................. 2,620 210,130 Credit Agricole SA...................... 2,651 47,012 Societe Generale........................ 1,651 115,951 Unibail-Rodamco SE...................... 242 53,366 ---------- TOTAL FRANCE............................ 545,469 ---------- GERMANY -- 5.6% Allianz SE.............................. 1,249 156,173 Commerzbank AG (a)...................... 2,080 17,563 Deutsche Bank AG........................ 1,476 104,656 Deutsche Beteiligungs AG................ 1,678 41,144 Deutsche Boerse AG...................... 614 51,094 Muenchener Rueckversicherungs- Gesellschaft AG....................... 585 91,210 ---------- TOTAL GERMANY........................... 461,840 ---------- HONG KONG -- 5.2% Bank of East Asia, Ltd. ................ 13,946 55,485 Cheung Kong Holdings, Ltd. ............. 7,000 90,546 Hang Lung Properties, Ltd. ............. 9,000 35,517 Hong Kong Exchanges and Clearing, Ltd. ....................... 2,500 44,944 New World Development Co., Ltd. ........ 22,477 46,264 Sun Hung Kai Properties, Ltd. .......... 7,000 104,990 Wharf Holdings, Ltd. ................... 8,000 46,170 ---------- TOTAL HONG KONG......................... 423,916 ---------- ITALY -- 5.9% Assicurazioni Generali SpA.............. 3,359 90,700 Banca Monte dei Paschi di Siena SpA..... 21,607 38,069 Banca Popolare dell'Etruria e del Lazio Scrl............................ 6,363 36,038 Banco Popolare Societa Cooperativa Scarl (a)............................. 3,602 27,235 Intesa Sanpaolo SpA (a)................. 25,826 116,720 UBI Banca ScpA.......................... 3,315 47,752 UniCredit SpA (a)....................... 37,130 124,790 ---------- TOTAL ITALY............................. 481,304 ---------- JAPAN -- 10.8% Chuo Mitsui Trust Holdings, Inc. ....... 8,000 26,726 Daiwa House Industry Co., Ltd. ......... 5,000 53,386 Daiwa Securities Group, Inc. ........... 7,000 34,964 Mitsubishi Estate Co., Ltd. ............ 5,990 95,099 Mitsubishi UFJ Financial Group, Inc. ... 26,600 129,150 Mitsui Fudosan Co., Ltd. ............... 1,928 32,266 Mitsui Sumitomo Insurance Group Holdings, Inc. ....................... 1,700 43,187 Mizuho Financial Group, Inc. ........... 33,600 59,913 Nomura Holdings, Inc. .................. 9,300 68,031 ORIX Corp. ............................. 400 26,940 Resona Holdings, Inc. .................. 3,000 30,227 Sompo Japan Insurance, Inc. ............ 6,000 38,219 Sumitomo Mitsui Financial Group, Inc. .. 2,400 68,189 Sumitomo Realty & Development Co., Ltd. ............................ 574 10,722 T&D Holdings, Inc. ..................... 1,100 22,438 The Sumitomo Trust & Banking Co., Ltd. ............................ 8,000 38,928 Tokai Tokyo Financial Holdings, Inc. ... 9,000 35,093 Tokio Marine Holdings, Inc. ............ 2,500 67,941 ---------- TOTAL JAPAN............................. 881,419 ---------- NETHERLANDS -- 1.3% Aegon NV (a)............................ 4,236 27,592 ING Groep NV (a)........................ 7,987 79,070 ---------- TOTAL NETHERLANDS....................... 106,662 ---------- NEW ZEALAND -- 0.6% AMP NZ Office Trust..................... 86,510 47,841 ---------- NORWAY -- 0.7% Sparebanken Rogaland.................... 6,855 59,332 ---------- PORTUGAL -- 0.3% Banif SGPS SA........................... 13,462 24,143 ---------- SINGAPORE -- 3.2% CapitaLand, Ltd. ....................... 9,000 26,924 Hong Leong Finance, Ltd. ............... 27,000 60,772
94 SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------- ---------- Oversea-Chinese Banking Corp., Ltd. .... 14,434 $ 93,557 United Overseas Bank, Ltd. ............. 6,000 84,191 ---------- TOTAL SINGAPORE......................... 265,444 ---------- SPAIN -- 8.9% Banco Bilbao Vizcaya Argentaria SA...... 11,259 205,638 Banco de Sabadell SA.................... 6,872 38,206 Banco Guipuzcoano SA.................... 4,343 37,075 Banco Popular Espanol SA................ 5,139 37,824 Banco Santander SA...................... 20,874 345,910 Bolsas y Mercados Espanoles............. 793 25,600 Realia Business SA (a).................. 7,662 18,249 Reyal Urbis SA (a)...................... 6,215 19,038 ---------- TOTAL SPAIN............................. 727,540 ---------- SWEDEN -- 2.1% Nordea Bank AB.......................... 8,196 83,681 Skandinaviska Enskilda Banken AB (Class A) (a)................................ 6,438 39,980 Svenska Handelsbanken AB (Class A)...... 1,812 51,821 ---------- TOTAL SWEDEN............................ 175,482 ---------- SWITZERLAND -- 6.3% ACE, Ltd. (a)........................... 1,207 60,833 Credit Suisse Group AG.................. 2,760 136,698 Julius Baer Group Ltd. ................. 825 29,034 Julius Baer Holding AG.................. 993 12,094 Swiss Life Holding (a).................. 6 766 Swiss Reinsurance Co., Ltd. ............ 1,160 56,005 UBS AG (a).............................. 8,166 126,785 Zurich Financial Services AG............ 408 89,395 ---------- TOTAL SWITZERLAND....................... 511,610 ---------- UNITED KINGDOM -- 14.6% Aviva PLC............................... 8,528 54,797 Barclays PLC............................ 21,696 96,699 British Land Co. PLC.................... 4,267 33,075 HSBC Holdings PLC....................... 43,374 496,461 Land Securities Group PLC............... 3,565 39,435 Lloyds Banking Group PLC (a)............ 106,533 87,204 Man Group PLC........................... 6,800 33,876 Provident Financial PLC................. 2,378 35,636 Prudential PLC.......................... 7,713 79,714 Royal Bank of Scotland Group PLC (a).... 48,183 22,720 RSA Insurance Group PLC................. 18,204 35,452 Standard Chartered PLC.................. 4,127 104,966 Standard Life PLC....................... 9,281 32,448 Willis Group Holdings, Ltd. ............ 1,610 42,472 ---------- TOTAL UNITED KINGDOM.................... 1,194,955 ---------- TOTAL COMMON STOCKS -- (Cost $8,403,471)..................... 8,159,163 ---------- WARRANTS -- 0.0% (b) ITALY -- 0.0% (b) UBI Banca ScpA (expiring 6/30/11) (a) (Cost $0)............................. 1,679 118 ---------- SHORT TERM INVESTMENTS -- 0.0% (b) UNITED STATES -- 0.0% (b) MONEY MARKET FUND -- 0.0% (b) State Street Institutional Liquid Reserves Fund (c) (Cost $2,149)....... 2,149 2,149 ---------- TOTAL INVESTMENTS -- 99.7% (Cost $8,405,620)..................... 8,161,430 OTHER ASSETS AND LIABILITIES -- 0.3%................... 21,557 ---------- NET ASSETS -- 100.0%.................... $8,182,987 ==========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) 95 SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Commercial Banks...................... 56.2% Insurance............................. 17.1 Capital Markets....................... 8.8 Real Estate Management & Development.. 8.5 Real Estate Investment Trusts......... 4.0 Diversified Financial Services........ 3.6 Consumer Finance...................... 1.5 Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.3 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 96 SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- COMMON STOCKS -- 97.6% AUSTRALIA -- 4.3% Cochlear, Ltd. ......................... 328 $ 20,375 CSL, Ltd. .............................. 3,554 103,847 Primary Health Care, Ltd. .............. 2,811 15,118 Sonic Healthcare, Ltd. ................. 3,600 49,763 ---------- TOTAL AUSTRALIA......................... 189,103 ---------- BELGIUM -- 1.0% UCB SA.................................. 1,091 45,738 ---------- CANADA -- 0.2% MDS, Inc. (a)........................... 1,247 9,742 ---------- DENMARK -- 6.1% Coloplast A/S (Class B)................. 398 36,299 Genmab A/S (a).......................... 208 3,289 H. Lundbeck A/S......................... 762 13,921 Novo-Nordisk A/S (Class B).............. 3,114 199,344 William Demant A/S (a).................. 232 17,558 ---------- TOTAL DENMARK........................... 270,411 ---------- FINLAND -- 0.7% Orion Oyj (Class A)..................... 686 14,823 Orion Oyj (Class B)..................... 671 14,489 ---------- TOTAL FINLAND........................... 29,312 ---------- FRANCE -- 10.1% bioMerieux.............................. 208 24,376 Essilor International SA................ 1,655 99,136 Ipsen SA................................ 391 21,744 Orpea................................... 633 28,726 Sanofi-Aventis.......................... 3,487 275,463 ---------- TOTAL FRANCE............................ 449,445 ---------- GERMANY -- 10.9% Bayer AG................................ 2,888 231,873 Celesio AG.............................. 922 23,414 Fresenius Medical Care AG & Co. KGaA.... 1,600 84,800 Fresenius SE............................ 243 15,149 Fresenius SE Preference Shares.......... 726 52,092 Merck KGaA.............................. 439 41,041 Rhoen-Klinikum AG....................... 681 16,727 Stada Arzneimittel AG................... 516 17,916 ---------- TOTAL GERMANY........................... 483,012 ---------- IRELAND -- 0.3% Elan Corp. PLC (a)...................... 2,498 15,053 ---------- ITALY -- 0.3% Recordati SpA........................... 1,950 14,548 ---------- JAPAN -- 16.5% Alfresa Holdings Corp. ................. 100 3,964 Astellas Pharma, Inc. .................. 2,500 92,916 Chugai Pharmaceutical Co., Ltd. ........ 1,625 30,372 Daiichi Sankyo Co., Ltd. ............... 3,800 79,555 Dainippon Sumitomo Pharma Co., Ltd. .... 500 5,242 Eisai Co., Ltd. ........................ 1,800 66,126 Hisamitsu Pharmaceutical Co., Inc. ..... 400 12,890 Kyowa Hakko Kogyo Co., Ltd. ............ 1,422 15,046 Mediceo Paltac Holdings Co., Ltd. ...... 1,200 14,836 Mitsubishi Tanabe Pharma Corp. ......... 1,000 12,471 Olympus Corp. .......................... 1,500 48,016 Ono Pharmaceutical Co., Ltd. ........... 900 38,477 Shionogi & Co., Ltd. ................... 2,200 47,500 Suzuken Co., Ltd. ...................... 500 16,381 Taisho Pharmaceutical Co., Ltd. ........ 1,000 17,165 Takeda Pharmaceutical Co., Ltd. ........ 4,200 172,791 Terumo Corp. ........................... 1,000 60,154 ---------- TOTAL JAPAN............................. 733,902 ---------- NETHERLANDS -- 1.2% OPG Groep NV............................ 840 15,535 Qiagen NV (a)........................... 1,607 36,014 ---------- TOTAL NETHERLANDS....................... 51,549 ---------- NEW ZEALAND -- 0.5% Fisher & Paykel Healthcare Corp., Ltd. .......................... 8,261 20,257 ---------- SINGAPORE -- 0.6% Parkway Holdings, Ltd. (a).............. 12,000 24,958 ---------- SPAIN -- 0.6% Faes Farma SA........................... 1,432 7,324 Grifols SA.............................. 1,181 20,681 ---------- TOTAL SPAIN............................. 28,005 ---------- SWEDEN -- 1.5% Elekta AB (Class B)..................... 550 13,172 Getinge AB (Class B).................... 2,265 43,237 Meda AB (Class A)....................... 1,220 11,021 ---------- TOTAL SWEDEN............................ 67,430 ---------- SWITZERLAND -- 25.0% Acino Holding AG........................ 50 7,787 Actelion, Ltd. (a)...................... 800 42,718 Bachem Holding AG (Class B)............. 371 23,812 Basilea Pharmaceutica AG (a)............ 90 5,611 Galenica AG............................. 58 21,040 Lonza Group AG.......................... 370 26,128 Nobel Biocare Holding AG................ 1,296 43,603 Novartis AG............................. 6,497 355,096 Roche Holding AG (b).................... 170 29,766 Roche Holding AG (b).................... 2,150 365,630 Sonova Holding AG....................... 542 65,800 Straumann Holding AG.................... 87 24,617 Synthes, Inc. .......................... 600 78,530 Tecan Group AG.......................... 234 17,656 ---------- TOTAL SWITZERLAND....................... 1,107,794 ---------- UNITED KINGDOM -- 17.8% AstraZeneca PLC......................... 5,233 245,952 Consort Medical PLC..................... 1,041 6,640 GlaxoSmithKline PLC..................... 16,203 345,253 Hikma Pharmaceuticals PLC............... 1,607 13,235 Shire, Ltd. ............................ 4,240 82,848 Smith & Nephew PLC...................... 5,966 61,611 SSL International PLC................... 2,797 35,456 ---------- TOTAL UNITED KINGDOM.................... 790,995 ---------- TOTAL COMMON STOCKS -- (Cost $4,531,956)..................... 4,331,254 ----------
97 SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- SHORT TERM INVESTMENTS -- 0.2% UNITED STATES -- 0.2% MONEY MARKET FUND -- 0.2% State Street Institutional Liquid Reserves Fund (c) (Cost $7,098)....... 7,098 $ 7,098 ---------- TOTAL INVESTMENTS -- 97.8% (Cost $4,539,054)..................... 4,338,352 OTHER ASSETS AND LIABILITIES -- 2.2%................... 97,738 ---------- NET ASSETS -- 100.0%.................... $4,436,090 ==========
(a) Non-income producing security. (b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) 98 SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Pharmaceuticals....................... 66.7% Health Care Equipment & Supplies...... 17.6 Health Care Providers & Services...... 7.1 Biotechnology......................... 4.8 Life Sciences Tools & Services........ 0.8 Chemicals............................. 0.6 Short Term Investments................ 0.2 Other Assets & Liabilities............ 2.2 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 99 SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- COMMON STOCKS -- 97.7% AUSTRALIA -- 4.8% Boom Logistics, Ltd. ................... 48,137 $ 17,966 Bradken, Ltd. .......................... 4,775 29,288 Brambles, Ltd. ......................... 7,509 45,787 GWA International, Ltd. ................ 19,601 56,234 Leighton Holdings, Ltd. ................ 514 17,617 Macquarie Infrastructure Group.......... 19,809 23,783 Toll Holdings, Ltd. .................... 5,676 44,615 Transurban Group........................ 9,940 49,525 ---------- TOTAL AUSTRALIA......................... 284,815 ---------- AUSTRIA -- 1.1% Andritz AG.............................. 571 33,196 Zumtobel AG (a)......................... 1,701 33,435 ---------- TOTAL AUSTRIA........................... 66,631 ---------- BELGIUM -- 0.8% Bekaert NV.............................. 293 45,611 ---------- CANADA -- 4.9% Bombardier, Inc. ....................... 6,258 28,653 CAE, Inc. .............................. 2,880 24,093 Canadian National Railway Co. .......... 1,934 105,781 Canadian Pacific Railway, Ltd. ......... 815 44,149 SNC-Lavalin Group, Inc. ................ 907 46,711 Toromont Industries, Ltd. .............. 1,639 43,447 ---------- TOTAL CANADA............................ 292,834 ---------- DENMARK -- 2.3% A P Moller -- Maersk A/S................ 6 42,343 FLSmidth & Co. A/S...................... 346 24,484 NKT Holding A/S (a)..................... 448 25,137 Vestas Wind Systems A/S (a)............. 707 43,214 ---------- TOTAL DENMARK........................... 135,178 ---------- FINLAND -- 2.2% Kone Oyj (Class B)...................... 1,272 54,677 Metso Oyj............................... 815 28,800 Wartsila Oyj............................ 573 23,077 YIT Oyj................................. 1,185 24,568 ---------- TOTAL FINLAND........................... 131,122 ---------- FRANCE -- 8.4% Air France-KLM (a)...................... 1,720 27,145 Alstom SA............................... 789 55,537 Bouygues SA............................. 1,210 63,236 Cie de Saint-Gobain..................... 1,477 80,675 Eiffage SA.............................. 342 19,357 Schneider Electric SA................... 884 103,723 Vallourec SA............................ 207 37,733 Vinci SA................................ 1,938 109,748 ---------- TOTAL FRANCE............................ 497,154 ---------- GERMANY -- 9.2% Deutsche Lufthansa AG................... 2,027 34,172 Deutsche Post AG........................ 3,149 60,926 GEA Group AG............................ 1,102 24,602 Hochtief AG............................. 351 26,968 Kloeckner & Co. AG (a).................. 749 19,182 MAN AG.................................. 449 35,070 Pfeiffer Vacuum Technology AG........... 387 32,482 Q-Cells SE (a).......................... 208 3,402 SGL Carbon AG (a)....................... 417 12,415 Siemens AG.............................. 3,142 289,457 Solarworld AG........................... 319 7,016 ---------- TOTAL GERMANY........................... 545,692 ---------- HONG KONG -- 1.4% Hopewell Highway Infrastructure, Ltd. .. 60,500 36,905 Hutchison Whampoa, Ltd. ................ 7,000 48,207 ---------- TOTAL HONG KONG......................... 85,112 ---------- IRELAND -- 0.8% DCC PLC................................. 1,646 46,051 ---------- ITALY -- 2.2% Ansaldo STS SpA......................... 3,447 65,826 Autostrada Torino-Milano SpA............ 2,516 37,253 Finmeccanica SpA........................ 1,881 30,199 ---------- TOTAL ITALY............................. 133,278 ---------- JAPAN -- 26.2% Asahi Glass Co., Ltd. .................. 5,000 47,156 Central Japan Railway Co. .............. 7 46,769 Daikin Industries, Ltd. ................ 1,100 43,246 East Japan Railway Co. ................. 1,200 75,665 Fanuc, Ltd. ............................ 800 74,161 Futaba Corp. ........................... 2,900 51,056 Hankyu Hanshin Holdings, Inc. .......... 9,000 40,024 IHI Corp. (a)........................... 15,000 23,685 Itochu Corp. ........................... 6,000 43,955 Iwatani Corp. .......................... 18,000 51,238 Kajima Corp. ........................... 9,000 18,078 Kamigumi Co., Ltd. ..................... 8,000 58,349 Kawasaki Heavy Industries, Ltd. ........ 14,000 35,190 Kawasaki Kisen Kaisha, Ltd. (a)......... 4,000 11,343 Kokuyo Co., Ltd. ....................... 4,800 38,258 Komatsu, Ltd. .......................... 3,400 70,633 Kubota Corp. ........................... 6,000 54,783 Marubeni Corp. ......................... 5,000 27,445 MEITEC Corp. ........................... 2,000 26,962 MISUMI Group, Inc. ..................... 2,500 42,483 Mitsubishi Corp. ....................... 5,000 123,798 Mitsubishi Electric Corp. (a)........... 7,000 51,507 Mitsubishi Heavy Industries, Ltd. ...... 15,000 52,527 Mitsui & Co., Ltd. ..................... 6,200 87,311 Mitsui OSK Lines, Ltd. ................. 5,000 26,264 Nippon Sheet Glass Co., Ltd. ........... 6,000 17,079 Nippon Yusen KK......................... 5,000 15,307 Secom Co., Ltd. ........................ 1,100 52,226 Sojitz Corp. ........................... 7,500 14,099 Sumitomo Corp. ......................... 4,900 49,634 Sumitomo Electric Industries, Ltd. ..... 3,600 44,471 Sumitomo Heavy Industries, Ltd. (a)..... 5,000 25,136 THK Co., Ltd. .......................... 1,800 31,671 Tokyu Corp. ............................ 8,000 31,795 Yamato Holdings Co., Ltd. .............. 3,700 51,191 ---------- TOTAL JAPAN............................. 1,554,495 ---------- NETHERLANDS -- 4.9% Aalberts Industries NV.................. 1,892 27,390 European Aeronautic Defence and Space Co. NV................................ 2,340 47,288 Koninklijke (Royal) Philips Electronics NV........................ 3,368 99,930 Koninklijke BAM Groep NV................ 1,540 16,019
100 SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- Randstad Holding NV (a)................. 852 $ 42,662 TNT NV.................................. 1,875 57,838 ---------- TOTAL NETHERLANDS....................... 291,127 ---------- NORWAY -- 0.9% Orkla ASA............................... 4,468 43,970 Renewable Energy Corp. AS (a)........... 1,023 7,925 ---------- TOTAL NORWAY............................ 51,895 ---------- SINGAPORE -- 3.2% Fraser and Neave, Ltd. ................. 14,000 41,882 Haw Par Corp., Ltd. .................... 15,000 62,075 Jardine Matheson Holdings, Ltd. ........ 1,224 36,940 Keppel Corp., Ltd. ..................... 6,000 35,172 Neptune Orient Lines, Ltd. ............. 13,750 16,160 ---------- TOTAL SINGAPORE......................... 192,229 ---------- SPAIN -- 3.0% Abertis Infraestructuras SA............. 2,540 57,288 ACS, Actividades de Construccion y Servicios SA.......................... 1,290 64,427 Ferrovial SA............................ 2,540 29,974 Gamesa Corp. Tecnologica SA............. 827 13,984 Sacyr Vallehermoso SA (a)............... 1,034 11,868 ---------- TOTAL SPAIN............................. 177,541 ---------- SWEDEN -- 4.9% Alfa Laval AB........................... 2,280 31,613 Atlas Copco AB (Class B)................ 4,352 56,959 B&B Tools AB............................ 1,463 19,670 Sandvik AB.............................. 3,741 45,269 Securitas AB (Class B).................. 3,099 30,404 Trelleborg AB (Class B) (a)............. 7,297 54,931 Volvo AB ADR (Class A).................. 5,863 50,089 ---------- TOTAL SWEDEN............................ 288,935 ---------- SWITZERLAND -- 6.2% ABB, Ltd. (a)........................... 7,960 153,540 Adecco SA............................... 788 43,488 Geberit AG.............................. 277 49,170 Kaba Holding AG......................... 137 33,013 Kuehne & Nagel International AG......... 445 43,262 SGS SA.................................. 34 44,434 ---------- TOTAL SWITZERLAND....................... 366,907 ---------- UNITED KINGDOM -- 10.3% Aggreko PLC............................. 2,348 35,263 Babcock International Group PLC......... 2,670 25,697 BAE Systems PLC......................... 13,571 78,785 British Airways PLC (a)................. 6,170 18,622 Capita Group PLC........................ 4,785 58,030 Charter International PLC............... 711 8,290 De La Rue PLC........................... 1,631 26,022 Experian PLC............................ 5,892 58,515 FirstGroup PLC.......................... 4,216 29,003 Intertek Group PLC...................... 1,963 39,783 Invensys PLC............................ 3,028 14,635 Rentokil Initial PLC (a)................ 17,241 32,185 Rolls-Royce Group PLC (a)............... 8,802 68,724 Serco Group PLC......................... 5,198 44,488 Smiths Group PLC........................ 2,738 44,834 Wolseley PLC (a)........................ 1,340 26,984 ---------- TOTAL UNITED KINGDOM.................... 609,860 ---------- TOTAL COMMON STOCKS -- (Cost $6,563,595)..................... 5,796,467 ---------- SHORT TERM INVESTMENTS -- 0.5% UNITED STATES -- 0.5% MONEY MARKET FUND -- 0.5% State Street Institutional Liquid Reserves Fund (b) (Cost $28,168)...... 28,168 28,168 ---------- TOTAL INVESTMENTS -- 98.2% (Cost $6,591,763)..................... 5,824,635 OTHER ASSETS AND LIABILITIES -- 1.8%................... 104,649 ---------- NET ASSETS -- 100.0%.................... $5,929,284 ==========
(a) Non-income producing security. (b) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) ADR = American Depositary Receipt 101 SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Machinery............................. 17.3% Industrial Conglomerates.............. 13.3 Electrical Equipment.................. 10.6 Trading Companies & Distributors...... 8.8 Construction & Engineering............ 8.0 Commercial Services & Supplies........ 5.6 Road & Rail........................... 5.6 Building Products..................... 5.5 Transportation Infrastructure......... 5.5 Professional Services................. 5.3 Aerospace & Defense................... 4.7 Air Freight & Logistics............... 3.6 Marine................................ 2.6 Airlines.............................. 1.3 Short Term Investments................ 0.5 Other Assets & Liabilities............ 1.8 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) 102 SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------- ----------- COMMON STOCKS -- 99.9% AUSTRALIA -- 16.8% Alumina, Ltd. (a)....................... 21,245 $ 35,156 Amcor, Ltd. ............................ 1,552 8,696 BHP Billiton, Ltd. ..................... 32,725 1,269,075 BlueScope Steel, Ltd. .................. 14,420 40,332 Boral, Ltd. ............................ 17,643 94,410 Fortescue Metals Group, Ltd. (a)........ 17,082 68,210 Iluka Resources, Ltd. (a)............... 14,687 47,287 Incitec Pivot, Ltd. .................... 15,302 48,855 Mineral Deposits, Ltd. (a).............. 9,342 8,276 Newcrest Mining, Ltd. .................. 5,264 167,259 OneSteel, Ltd. ......................... 18,667 56,240 Orica, Ltd. ............................ 4,893 114,634 OZ Minerals, Ltd. (a)................... 45,035 47,793 Rio Tinto, Ltd. ........................ 4,449 299,650 Sims Metal Management, Ltd. ............ 3,609 72,056 ----------- TOTAL AUSTRALIA......................... 2,377,929 ----------- AUSTRIA -- 0.8% RHI AG (a).............................. 2,192 51,074 Voestalpine AG.......................... 1,758 64,823 ----------- TOTAL AUSTRIA........................... 115,897 ----------- BELGIUM -- 1.0% Tessenderlo Chemie NV................... 2,102 69,515 Umicore................................. 2,239 75,170 ----------- TOTAL BELGIUM........................... 144,685 ----------- CANADA -- 15.9% Agnico-Eagle Mines, Ltd. ............... 1,831 99,414 Agrium, Inc. ........................... 1,838 114,696 Barrick Gold Corp. ..................... 9,107 360,162 ECU Silver Mining, Inc. (a)............. 4,730 3,339 Eldorado Gold Corp. (a)................. 7,958 113,257 Equinox Minerals, Ltd. (a).............. 9,436 36,813 First Quantum Minerals, Ltd. ........... 1,090 83,449 FNX Mining Co., Inc. (a)................ 2,397 26,431 Forsys Metals Corp. (a)................. 1,668 6,523 Gammon Gold, Inc. (a)................... 835 9,247 Gerdau Ameristeel Corp. ................ 3,972 33,001 Goldcorp, Inc. ......................... 7,494 295,585 HudBay Minerals, Inc. (a)............... 1,947 25,202 Inmet Mining Corp. ..................... 951 57,857 Ivanhoe Mines, Ltd. (a)................. 4,714 69,742 Kinross Gold Corp. ..................... 6,498 120,061 Lundin Mining Corp. (a)................. 5,089 20,874 Pan American Silver Corp. (a)........... 1,895 45,299 Potash Corp. of Saskatchewan, Inc. ..... 3,127 341,201 Sherritt International Corp. ........... 6,437 40,341 Silver Wheaton Corp. (a)................ 2,199 33,310 Sino-Forest Corp. (a)................... 1,797 33,220 Teck Resources, Ltd. (Class B) (a)...... 5,245 184,214 Thompson Creek Metals Co., Inc. (a)..... 1,230 14,467 Yamana Gold, Inc. ...................... 6,776 77,562 ----------- TOTAL CANADA............................ 2,245,267 ----------- DENMARK -- 0.9% Novozymes A/S........................... 1,158 120,573 ----------- FINLAND -- 1.7% Rautaruukki Oyj......................... 2,500 57,892 Stora Enso Oyj (a)...................... 11,685 81,813 UPM-Kymmene Oyj......................... 8,273 98,756 ----------- TOTAL FINLAND........................... 238,461 ----------- FRANCE -- 3.4% Air Liquide SA.......................... 2,729 325,098 Eramet.................................. 40 12,669 Lafarge SA.............................. 1,784 147,970 ----------- TOTAL FRANCE............................ 485,737 ----------- GERMANY -- 7.7% BASF SE................................. 7,625 475,451 K+S AG.................................. 1,852 106,260 Lanxess AG.............................. 2,039 77,056 Linde AG................................ 1,512 182,572 Salzgitter AG........................... 701 68,834 ThyssenKrupp AG......................... 4,751 179,955 ----------- TOTAL GERMANY........................... 1,090,128 ----------- HONG KONG -- 0.8% AMVIG Holdings, Ltd. ................... 18,000 7,405 China Grand Forestry Green Resources Group, Ltd. (a)....................... 154,000 5,760 China Mining Resources Group, Ltd. (a).. 110,000 3,617 China Rare Earth Holdings, Ltd. (a)..... 102,000 20,784 Fushan International Energy Group, Ltd. .......................... 74,000 71,957 Sino Union Petroleum & Chemical International, Ltd. (a)............... 90,000 9,286 ----------- TOTAL HONG KONG......................... 118,809 ----------- IRELAND -- 1.2% CRH PLC................................. 6,047 164,929 ----------- ITALY -- 0.4% Buzzi Unicem SpA........................ 3,674 59,460 ----------- JAPAN -- 15.9% Asahi Kasei Corp. ...................... 21,967 109,487 Denki Kagaku Kogyo Kabushiki Kaisha..... 29,949 133,507 JFE Holdings, Inc. ..................... 6,190 242,693 JSR Corp. .............................. 4,300 86,836 Kobe Steel, Ltd. (a).................... 51,916 93,688 Mitsubishi Chemical Holdings Corp. ..... 15,500 65,600 Mitsubishi Materials Corp. (a).......... 22,000 53,644 Mitsubishi Rayon Co., Ltd. ............. 23,000 92,153 Mitsui Chemicals, Inc. ................. 18,000 46,404 Mitsui Mining & Smelting Co., Ltd. (a).. 37,933 97,792 Nippon Steel Corp. ..................... 62,900 253,370 Nitto Denko Corp. ...................... 2,895 103,243 Shin-Etsu Chemical Co., Ltd. ........... 4,093 229,941 Sumitomo Chemical Co., Ltd. ............ 19,967 86,864 Sumitomo Metal Industries, Ltd. ........ 44,933 120,182 Sumitomo Metal Mining Co., Ltd. ........ 8,984 133,079 Taiheiyo Cement Corp. (a)............... 39,000 44,406 Teijin, Ltd. ........................... 27,949 90,066 Toray Industries, Inc. ................. 19,967 107,883 Ube Industries, Ltd. ................... 22,000 60,025 ----------- TOTAL JAPAN............................. 2,250,863 ----------- LUXEMBOURG -- 2.6% ArcelorMittal........................... 7,863 363,037 -----------
103 SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------- ----------- NETHERLANDS -- 2.3% Akzo Nobel NV........................... 2,935 $ 195,390 Koninklijke DSM NV...................... 2,559 126,521 ----------- TOTAL NETHERLANDS....................... 321,911 ----------- NORWAY -- 1.1% Norsk Hydro ASA (a)..................... 6,891 58,105 Yara International ASA.................. 2,047 93,442 ----------- TOTAL NORWAY............................ 151,547 ----------- PAPUA NEW GUINEA -- 0.6% Lihir Gold, Ltd. ....................... 30,589 90,234 ----------- PORTUGAL -- 0.6% Semapa-Sociedade de Investimento e Gestao, SGPS, SA...................... 7,306 81,342 ----------- SINGAPORE -- 0.2% Delong Holdings, Ltd. (a)............... 9,000 4,648 Jiutian Chemical Group, Ltd. (a)........ 175,000 21,813 ----------- TOTAL SINGAPORE......................... 26,461 ----------- SOUTH KOREA -- 1.8% POSCO ADR............................... 1,953 256,038 ----------- SPAIN -- 0.4% Cementos Portland Valderrivas SA........ 1,975 63,332 ----------- SWEDEN -- 1.4% Boliden AB.............................. 7,973 102,843 SSAB AB (Series A)...................... 5,466 93,472 ----------- TOTAL SWEDEN............................ 196,315 ----------- SWITZERLAND -- 5.6% Givaudan SA............................. 251 200,678 Holcim, Ltd. (a)........................ 2,270 176,769 Syngenta AG............................. 1,074 302,019 Xstrata PLC (a)......................... 6,148 111,294 ----------- TOTAL SWITZERLAND....................... 790,760 ----------- UNITED KINGDOM -- 16.8% Anglo American PLC (a).................. 12,917 565,488 Antofagasta PLC......................... 6,125 98,118 BHP Billiton PLC........................ 21,120 680,407 Kazakhmys PLC (a)....................... 1,967 42,183 Lonmin PLC (a).......................... 2,435 77,031 Randgold Resources, Ltd. ............... 1,327 107,145 Rio Tinto PLC........................... 13,649 747,192 Vedanta Resources PLC................... 1,314 55,403 ----------- TOTAL UNITED KINGDOM.................... 2,372,967 ----------- TOTAL COMMON STOCKS -- (Cost $13,610,233).................... 14,126,682 ----------- SHORT TERM INVESTMENTS -- 0.0% (b) UNITED STATES -- 0.0% (b) MONEY MARKET FUND -- 0.0% (b) State Street Institutional Liquid Reserves Fund (c) (Cost $268)........................... 268 268 ----------- TOTAL INVESTMENTS -- 99.9% (Cost $13,610,501).................... 14,126,950 OTHER ASSETS AND LIABILITIES -- 0.1%................... 7,721 ----------- NET ASSETS -- 100.0%.................... $14,134,671 ===========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments)
104 SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Metals & Mining....................... 62.2% Chemicals............................. 29.8 Construction Materials................ 5.7 Paper & Forest Products............... 2.1 Containers & Packaging................ 0.1 Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.1 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 105 SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ----------- COMMON STOCKS -- 99.5% AUSTRALIA -- 1.1% Computershare, Ltd. .................... 13,374 $ 137,719 Iress Market Technology, Ltd. .......... 6,658 51,436 ----------- TOTAL AUSTRALIA......................... 189,155 ----------- BELGIUM -- 0.4% Barco. NV (a)........................... 1,489 60,864 ----------- CANADA -- 5.1% CGI Group, Inc. (Class A) (a)........... 7,868 106,873 MacDonald, Dettwiler & Associates, Ltd. (a).............................. 1,869 75,947 Research In Motion, Ltd. (a)............ 10,197 690,889 ----------- TOTAL CANADA............................ 873,709 ----------- DENMARK -- 0.4% SimCorp A/S............................. 406 76,327 ----------- FINLAND -- 6.5% F-Secure Oyj............................ 17,349 68,203 Nokia Oyj............................... 71,652 916,999 TietoEnator Oyj......................... 3,831 79,699 Vaisala Oyj (Class A)................... 1,201 43,251 ----------- TOTAL FINLAND........................... 1,108,152 ----------- FRANCE -- 3.1% Alcatel-Lucent (a)...................... 52,202 178,404 Atos Origin SA (a)...................... 1,398 64,355 Cap Gemini SA........................... 3,443 157,927 Groupe Steria SCA....................... 1,019 31,448 Neopost SA.............................. 838 69,338 UbiSoft Entertainment SA (a)............ 1,873 26,658 ----------- TOTAL FRANCE............................ 528,130 ----------- GERMANY -- 6.6% Infineon Technologies AG (a)............ 23,081 128,488 SAP AG.................................. 17,048 807,167 Software AG............................. 407 44,613 United Internet AG (a).................. 4,833 63,933 Wincor Nixdorf AG....................... 1,273 87,029 ----------- TOTAL GERMANY........................... 1,131,230 ----------- HONG KONG -- 0.5% ASM Pacific Technology, Ltd. ........... 9,600 91,431 ----------- IRELAND -- 2.4% Accenture PLC (Class A)................. 9,761 405,081 ----------- JAPAN -- 39.9% Advantest Corp. ........................ 4,800 124,002 Alps Electric Co., Ltd. (a)............. 7,000 40,904 Brother Industries, Ltd. ............... 6,800 77,499 Canon, Inc. ............................ 22,200 932,402 Citizen Holdings Co., Ltd. ............. 8,400 48,273 CSK Holdings Corp. (a).................. 4,400 20,607 Dainippon Screen Manufacturing Co., Ltd. (a).............................. 11,000 47,854 Elpida Memory, Inc. (a)................. 3,000 48,531 FUJIFILM Holdings Corp. ................ 9,700 290,703 Fujitsu, Ltd. .......................... 42,000 268,887 Hirose Electric Co., Ltd. .............. 1,000 104,302 Hitachi High-Technologies Corp. ........ 3,000 59,262 Hitachi, Ltd. (a)....................... 58,000 176,938 Horiba, Ltd. ........................... 2,600 62,839 Hoya Corp. ............................. 8,400 221,967 Ibiden Co., Ltd. ....................... 3,800 134,701 IT Holdings Corp. ...................... 3,800 43,227 Japan Digital Laboratory Co., Ltd. ..... 5,800 64,732 Keyence Corp. .......................... 1,000 206,241 Konami Corp. ........................... 2,800 49,807 Konica Minolta Holdings, Inc. .......... 12,000 122,713 Kyocera Corp. .......................... 3,000 263,280 Mitsumi Electric Co., Ltd. ............. 3,800 66,657 Murata Manufacturing Co., Ltd. ......... 3,900 192,706 NEC Corp. (a)........................... 44,000 112,960 Nidec Corp. ............................ 2,400 220,162 Nintendo Co., Ltd. ..................... 2,400 568,194 Nippon Electric Glass Co., Ltd. ........ 12,000 163,833 Nomura Research Institute, Ltd. ........ 3,800 74,739 NTT Data Corp. ......................... 38 118,006 OBIC Co., Ltd. ......................... 440 71,888 Oki Electric Industry Co., Ltd. (a)..... 42,000 34,739 OMRON Corp. ............................ 5,200 92,834 Ricoh Co., Ltd. ........................ 12,000 169,375 Rohm Co., Ltd. ......................... 2,600 169,247 Seiko Epson Corp. ...................... 3,800 61,065 SUMCO Corp. ............................ 4,000 70,036 TDK Corp. .............................. 2,800 169,934 Tokyo Electron, Ltd. ................... 3,800 241,646 Toshiba Corp. (a)....................... 73,000 400,698 Trend Micro, Inc. (a)................... 1,500 56,877 Yahoo! Japan Corp. ..................... 364 108,854 Yamatake Corp. ......................... 2,600 57,533 Yaskawa Electric Corp. ................. 12,000 99,511 Yokogawa Electric Corp. ................ 9,400 81,989 ----------- TOTAL JAPAN............................. 6,813,154 ----------- NETHERLANDS -- 3.2% ASM International NV (a)................ 2,211 56,323 ASML Holding NV......................... 9,200 316,793 Gemalto NV (a).......................... 2,657 116,270 Oce NV (a).............................. 5,105 62,931 ----------- TOTAL NETHERLANDS....................... 552,317 ----------- SINGAPORE -- 1.4% Flextronics International, Ltd. (a)..... 19,732 144,241 Venture Corp., Ltd. .................... 14,000 88,251 ----------- TOTAL SINGAPORE......................... 232,492 ----------- SOUTH KOREA -- 16.8% LG Display Co., Ltd. ADR (a)............ 16,636 281,647 Samsung Electronics Co., Ltd. GDR (b)... 7,379 2,582,650 ----------- TOTAL SOUTH KOREA....................... 2,864,297 ----------- SPAIN -- 0.7% Amper, SA............................... 5,629 50,153 Indra Sistemas SA....................... 3,263 77,059 ----------- TOTAL SPAIN............................. 127,212 ----------- SWEDEN -- 3.5% Telefonaktiebolaget LM Ericsson (Class B)............................. 65,235 602,091 ----------- SWITZERLAND -- 3.1% Logitech International SA (a)........... 4,281 74,252 STMicroelectronics NV (a)............... 19,354 175,495
106 SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ---------- ----------- Temenos Group AG (a).................... 2,165 $ 56,233 Tyco Electronics, Ltd. ................. 8,764 215,156 ----------- TOTAL SWITZERLAND....................... 521,136 ----------- UNITED KINGDOM -- 4.8% ARM Holdings PLC........................ 46,518 133,337 Autonomy Corp. PLC (a).................. 5,407 131,933 Aveva Group PLC......................... 2,641 42,947 Dimension Data Holdings PLC............. 78,303 94,583 Diploma PLC............................. 22,151 63,224 Logica PLC.............................. 46,868 86,053 Misys PLC (a)........................... 25,946 90,502 Spectris PLC............................ 5,004 59,636 The Sage Group PLC...................... 33,058 117,444 ----------- TOTAL UNITED KINGDOM.................... 819,659 ----------- TOTAL COMMON STOCKS -- (Cost $16,909,668).................... 16,996,437 ----------- SHORT TERM INVESTMENTS -- 0.0% (c) UNITED STATES -- 0.0% (c) MONEY MARKET FUND -- 0.0% (c) State Street Institutional Liquid Reserves Fund (d) (Cost $6,512)....... 6,512 6,512 ----------- TOTAL INVESTMENTS -- 99.5% (Cost $16,916,180).................... 17,002,949 OTHER ASSETS AND LIABILITIES -- 0.5%................... 81,854 ----------- NET ASSETS -- 100.0%.................... $17,084,803 ===========
(a) Non-income producing security. (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 15.1% of net assets as of December 31, 2009, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) ADR = American Depositary Receipt GDR = Global Depositary Receipt 107 SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Semiconductors & Semiconductor Equipment........................... 24.5% Electronic Equipment & Instruments.... 21.9 Communications Equipment.............. 14.3 Software.............................. 13.0 IT Services........................... 9.5 Office Electronics.................... 8.4 Computers & Peripherals............... 6.9 Internet Software & Services.......... 1.0 Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.5 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 108 SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- COMMON STOCKS -- 99.6% AUSTRALIA -- 1.4% Telstra Corp., Ltd. .................... 69,513 $ 214,432 ----------- AUSTRIA -- 1.0% Telekom Austria AG...................... 10,659 152,165 ----------- BELGIUM -- 2.2% Belgacom SA............................. 5,116 185,853 Mobistar SA............................. 967 66,450 Telenet Group Holding NV (a)............ 2,807 80,265 ----------- TOTAL BELGIUM........................... 332,568 ----------- CANADA -- 5.2% BCE, Inc. .............................. 7,147 197,329 Bell Aliant Regional Communications Income Fund........................... 1,789 47,833 Rogers Communications, Inc. ............ 12,045 373,395 Telus Corp. ............................ 4,170 129,895 Telus Corp. (non-voting)................ 1,789 58,208 ----------- TOTAL CANADA............................ 806,660 ----------- FINLAND -- 0.7% Elisa Oyj............................... 4,766 109,135 ----------- FRANCE -- 7.4% France Telecom SA....................... 43,135 1,078,706 Iliad SA................................ 581 69,621 ----------- TOTAL FRANCE............................ 1,148,327 ----------- GERMANY -- 5.9% Deutsche Telekom AG..................... 61,869 913,407 ----------- HONG KONG -- 0.1% Hutchison Telecommunications International, Ltd. (a)............... 65,000 13,496 ----------- ITALY -- 3.7% Telecom Italia SpA (b).................. 230,401 359,658 Telecom Italia SpA (b).................. 192,416 213,401 ----------- TOTAL ITALY............................. 573,059 ----------- JAPAN -- 12.0% KDDI Corp. ............................. 72 381,288 Nippon Telegraph & Telephone Corp. ..... 13,300 521,456 NTT DoCoMo, Inc. ....................... 339 471,931 Softbank Corp. ......................... 20,700 482,507 ----------- TOTAL JAPAN............................. 1,857,182 ----------- LUXEMBOURG -- 1.3% COLT Telecom Group SA (a)............... 19,616 41,972 Millicom International Cellular SA...... 2,074 152,999 ----------- TOTAL LUXEMBOURG........................ 194,971 ----------- NETHERLANDS -- 4.4% Koninklijke Royal KPN NV................ 40,044 680,245 ----------- NEW ZEALAND -- 0.3% Telecom Corporation of New Zealand, Ltd. ........................ 28,922 52,613 ----------- NORWAY -- 1.7% Telenor ASA (a)......................... 18,555 260,331 ----------- PORTUGAL -- 1.7% Portugal Telecom, SGPS SA............... 21,721 265,519 ----------- SINGAPORE -- 2.8% Singapore Telecommunications, Ltd. ..... 177,000 392,087 SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ----------- StarHub, Ltd. .......................... 24,000 36,753 ----------- TOTAL SINGAPORE......................... 428,840 ----------- SOUTH KOREA -- 2.1% KT Corp. ADR............................ 8,468 142,432 SK Telecom Co., Ltd. ADR................ 11,625 189,022 ----------- TOTAL SOUTH KOREA....................... 331,454 ----------- SPAIN -- 17.1% Telefonica SA........................... 94,494 2,646,427 ----------- SWEDEN -- 3.7% Tele2 AB (Class B)...................... 8,570 132,269 TeliaSonera AB.......................... 60,185 437,052 ----------- TOTAL SWEDEN............................ 569,321 ----------- SWITZERLAND -- 1.7% Swisscom AG............................. 673 257,547 ----------- UNITED KINGDOM -- 23.2% BT Group PLC............................ 201,986 440,339 Cable & Wireless PLC.................... 69,694 159,139 Inmarsat PLC............................ 13,327 148,926 Vodafone Group PLC...................... 1,218,645 2,827,912 ----------- TOTAL UNITED KINGDOM.................... 3,576,316 ----------- TOTAL COMMON STOCKS -- (Cost $15,428,602).................... 15,384,015 ----------- SHORT TERM INVESTMENTS -- 0.0% (c) UNITED STATES -- 0.0% (c) MONEY MARKET FUND -- 0.0% (c) State Street Institutional Liquid Reserves Fund (d) (Cost $372)........................... 372 372 ----------- TOTAL INVESTMENTS -- 99.6% (Cost $15,428,974).................... 15,384,387 OTHER ASSETS AND LIABILITIES -- 0.4%................... 57,087 ----------- NET ASSETS -- 100.0%.................... $15,441,474 ===========
(a) Non-income producing security. (b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) ADR = American Depositary Receipt 109 SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Diversified Telecommunication Services............................ 67.2% Wireless Telecommunication Services... 32.4 Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.4 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 110 SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- COMMON STOCKS -- 99.5% AUSTRALIA -- 2.2% AGL Energy, Ltd. ....................... 8,176 $ 103,384 APA Group............................... 21,539 67,799 Envestra, Ltd. ......................... 72,959 33,464 ---------- TOTAL AUSTRALIA......................... 204,647 ---------- AUSTRIA -- 0.6% Oesterreichische Elektrizitaetswirtschafts AG.......... 1,255 53,496 ---------- CANADA -- 2.6% ATCO, Ltd. ............................. 1,473 64,872 Fortis, Inc. ........................... 3,229 88,337 TransAlta Corp. ........................ 3,647 81,682 ---------- TOTAL CANADA............................ 234,891 ---------- FINLAND -- 1.8% Fortum Oyj.............................. 5,935 161,534 ---------- FRANCE -- 14.5% Electricite de France................... 3,585 213,767 GDF Suez................................ 19,209 834,658 Sechilienne SA.......................... 621 25,259 Suez Environnement SA................... 2,880 66,630 Veolia Environnement.................... 5,361 177,870 ---------- TOTAL FRANCE............................ 1,318,184 ---------- GERMANY -- 18.4% E.ON AG................................. 25,316 1,061,695 RWE AG.................................. 6,268 611,165 ---------- TOTAL GERMANY........................... 1,672,860 ---------- HONG KONG -- 5.3% CLP Holdings, Ltd. ..................... 24,500 165,723 Hong Kong & China Gas Co., Ltd. ........ 71,000 178,552 HongKong Electric Holdings, Ltd. ....... 25,000 136,058 ---------- TOTAL HONG KONG......................... 480,333 ---------- ITALY -- 8.5% A2A SpA................................. 27,096 56,992 Enel SpA................................ 87,335 507,167 Hera SpA................................ 14,737 34,232 Snam Rete Gas SpA....................... 14,566 72,518 Terna -- Rete Elettrica Nationale SpA... 22,762 97,973 ---------- TOTAL ITALY............................. 768,882 ---------- JAPAN -- 17.0% Chubu Electric Power Co., Inc. ......... 8,888 211,949 Electric Power Development Co., Ltd. ... 2,500 70,895 Hokuriku Electric Power Co. ............ 2,994 65,125 Kyushu Electric Power Co., Inc. ........ 6,592 135,529 Osaka Gas Co., Ltd. .................... 31,958 107,791 The Chugoku Electric Power Co., Inc. ... 3,987 76,018 The Kansai Electric Power Co., Inc. .... 10,198 230,043 The Tokyo Electric Power Co., Inc. ..... 15,199 381,220 Tohoku Electric Power Co., Inc. ........ 6,972 137,800 Tokyo Gas Co., Ltd. .................... 32,958 131,344 ---------- TOTAL JAPAN............................. 1,547,714 ---------- NEW ZEALAND -- 0.4% Vector, Ltd. ........................... 23,858 35,068 ---------- PORTUGAL -- 1.4% EDP -- Energias de Portugal SA.......... 27,916 124,483 ---------- SPAIN -- 12.7% Acciona SA.............................. 412 53,851 EDP Renovaveis SA (a)................... 4,594 43,700 Enagas.................................. 4,059 89,830 Gas Natural SDG SA...................... 7,797 168,752 Iberdrola Renovables SA................. 12,117 57,718 Iberdrola SA............................ 66,611 637,452 Red Electrica Corporacion SA............ 1,820 101,368 ---------- TOTAL SPAIN............................. 1,152,671 ---------- SWITZERLAND -- 0.2% BKW FMB Energie AG...................... 309 24,062 ---------- UNITED KINGDOM -- 13.9% Centrica PLC............................ 71,503 324,577 Drax Group PLC.......................... 5,331 35,709 International Power PLC................. 21,499 107,312 National Grid PLC....................... 33,625 368,692 Pennon Group PLC........................ 6,142 53,311 Scottish & Southern Energy PLC.......... 12,023 225,412 Severn Trent PLC........................ 3,859 67,676 United Utilities Group PLC.............. 9,724 77,839 ---------- TOTAL UNITED KINGDOM.................... 1,260,528 ---------- TOTAL COMMON STOCKS -- (Cost $10,192,314).................... 9,039,353 ---------- SHORT TERM INVESTMENTS -- 0.0% (b) UNITED STATES -- 0.0% (b) MONEY MARKET FUND -- 0.0% (b) State Street Institutional Liquid Reserves Fund (c) (Cost $100)......... 100 100 ---------- TOTAL INVESTMENTS -- 99.5% (Cost $10,192,414).................... 9,039,453 OTHER ASSETS AND LIABILITIES -- 0.5%................... 40,967 ---------- NET ASSETS -- 100.0%.................... $9,080,420 ==========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (See accompanying Notes to Schedules of Investments) 111 SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2009*
PERCENT OF INDUSTRY** NET ASSETS - ---------- ---------- Electric Utilities.................... 53.9% Multi-Utilities....................... 30.4 Gas Utilities......................... 9.3 Independent Power Producers & Energy Traders............................. 4.6 Water Utilities....................... 1.3 Short Term Investments................ 0.0*** Other Assets & Liabilities............ 0.5 ----- TOTAL................................. 100.0% =====
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Each security is valued based on Level 1 inputs. (See accompanying Notes to Schedules of Investments) *** Amount shown represents less than 0.05% of net assets. 112 SPDR INDEX SHARES FUNDS NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- SECURITY VALUATION The value of each Fund's portfolio securities, including exchange-traded futures contracts, is generally based on the securities' last sale price on local markets when available. Investments in open-end investment companies are valued at their net asset value each business day. If a security's market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the "Board") believes will better reflect fair value in accordance with the Trust's valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the "Committee"). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, a Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security. Effective October 1, 2008, the Funds adopted the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance for the fair value option for financial assets and financial liabilities provides funds the irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three levels of inputs that may be used to measure fair value: - - Level 1-- quoted prices in active markets for identical investments. - - Level 2-- other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - - Level 3-- significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments) Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been delisted from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds' net assets are computed and that may materially affect the value of the Funds' investments). Examples of events that may be "significant events" are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations. Fair value pricing could result in a difference between the prices used to calculate a Fund's net asset value and the prices used by the Fund's benchmark index, which, in turn, could result in a difference between the Fund's performance and the performance of the respective benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments. The type of inputs used to value each security is identified in the Schedule of Investments, which also includes a breakdown of the Funds' investments by industry. The following table summarizes the inputs used in valuing the Funds' investments as of December 31, 2009:
LEVEL 2 -- LEVEL 3 -- LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE SPDR INDEX SHARES FUNDS PRICES INPUTS INPUTS TOTAL - ----------------------- -------------- ----------------- ------------ -------------- SPDR DJ STOXX 50 ETF...................... $ 59,237,748 $ -- $ -- $ 59,237,748 SPDR DJ EURO STOXX 50 ETF................. 180,488,352 -- -- 180,488,352 SPDR S&P Emerging Asia Pacific ETF........ 544,517,009 -- -- 544,517,009 SPDR S&P China ETF........................ 593,957,647 -- -- 593,957,647
113 SPDR INDEX SHARES FUNDS NOTES TO SCHEDULES OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
LEVEL 2 -- LEVEL 3 -- LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE SPDR INDEX SHARES FUNDS PRICES INPUTS INPUTS TOTAL - ----------------------- -------------- ----------------- ------------ -------------- SPDR S&P Emerging Markets ETF............. $ 134,272,296 $ 14,152 $-- $ 134,286,448 SPDR S&P BRIC 40 ETF...................... 451,190,071 -- -- 451,190,071 SPDR S&P Emerging Europe ETF.............. 203,344,623 -- -- 203,344,623 SPDR S&P Emerging Latin America ETF....... 199,137,115 -- -- 199,137,115 SPDR S&P Emerging Middle East & Africa ETF..................................... 134,270,492 192,735 -- 134,463,227 SPDR S&P World ex-US ETF.................. 102,820,709 -- --* 102,820,709 SPDR S&P International Small Cap ETF...... 583,813,318 -- --* 583,813,318 SPDR Dow Jones International Real Estate ETF..................................... 1,056,519,107 -- --* 1,056,519,107 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................................. 81,813,706 -- -- 81,813,706 SPDR MSCI ACWI ex-US ETF.................. 397,773,984 -- -- 397,773,984 SPDR Russell/Nomura PRIME Japan ETF....... 17,160,154 -- -- 17,160,154 SPDR Russell/Nomura Small Cap Japan ETF... 85,950,580 193,888 --* 86,144,468 SPDR S&P International Dividend ETF....... 215,294,145 -- -- 215,294,145 SPDR S&P International Mid Cap ETF........ 21,008,013 -- -- 21,008,013 SPDR S&P Emerging Markets Small Cap ETF... 132,903,977 444,123 -- 133,348,100 SPDR Dow Jones Global Real Estate ETF..... 102,476,829 -- --* 102,476,829 SPDR S&P International Consumer Discretionary Sector ETF................ 4,898,960 -- --* 4,898,960 SPDR S&P International Consumer Staples Sector ETF.............................. 7,019,306 -- -- 7,019,306 SPDR S&P International Energy Sector ETF.. 9,341,310 -- -- 9,341,310 SPDR S&P International Financial Sector ETF..................................... 8,161,430 -- -- 8,161,430 SPDR S&P International Health Care Sector ETF..................................... 4,338,352 -- -- 4,338,352 SPDR S&P International Industrial Sector ETF..................................... 5,824,635 -- -- 5,824,635 SPDR S&P International Materials Sector ETF..................................... 14,126,950 -- -- 14,126,950 SPDR S&P International Technology Sector ETF..................................... 17,002,949 -- -- 17,002,949 SPDR S&P International Telecommunications Sector ETF.............................. 15,384,387 -- -- 15,384,387 SPDR S&P International Utilities Sector ETF..................................... 9,039,453 -- -- 9,039,453 * Fund held Level 3 securities that were valued at $0 at December 31, 2009. LEVEL 2 -- LEVEL 3 -- LEVEL 1 -- OTHER SIGNIFICANT SIGNIFICANT SPDR INDEX SHARES FUNDS -- OTHER FINANCIAL QUOTED OBSERVABLE UNOBSERVABLE INSTRUMENTS * PRICES INPUTS INPUTS TOTAL - ------------------------------------------ -------------- ----------------- ------------ -------------- SPDR S&P Emerging Asia Pacific ETF........ $ -- $ 90,390 $-- $ 90,390 SPDR S&P Emerging Markets ETF............. -- 163,276 -- 163,276 SPDR S&P Emerging Markets Small Cap ETF... -- 72,302 -- 72,302
* Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency contracts and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. 114 SPDR INDEX SHARES FUNDS NOTES TO SCHEDULES OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at December 31, 2009:
REALIZED GAIN (LOSS) ACCRUED AND CHANGE BALANCES DISCOUNTS IN UNREALIZED NET NET BALANCE SPDR INDEX SHARES FUNDS -- LEVEL 3 AT (AMORTIZED APPRECIATION/ PURCHASES/ TRANSFERS AS OF SECURITIES 9/30/09 PREMIUMS) (DEPRECIATION) (SALES) IN OR OUT 12/31/09 - ---------------------------------- -------- ---------- -------------- ---------- --------- -------- SPDR S&P World ex-US ETF*.............. $-- $-- $-- $-- $-- $-- Commercial Bank...................... -- -- -- -- -- -- SPDR S&P International Small Cap ETF*.. -- -- -- -- -- -- Real Estate Investment Trusts........ -- -- -- -- -- -- Capital Markets...................... -- -- -- -- -- -- SPDR Dow Jones International Real Estate ETF*.......................... -- -- -- -- -- -- Real Estate Management & Development....................... -- -- -- -- -- -- SPDR Russell/Nomura Small Cap Japan ETF*................................. -- -- -- -- -- -- Real Estate Management & Development....................... -- -- -- -- -- -- SPDR Dow Jones Global Real Estate ETF*................................. -- -- -- -- -- -- Real Estate Management & Development....................... -- -- -- -- -- -- SPDR S&P International Consumer Discretionary Sector ETF*............ -- -- -- -- -- -- Textiles, Apparel & Luxury Goods..... -- -- -- -- -- -- NET CHANGE IN UNREALIZED APPRECIATION/ (DEPRECIATION) FROM INVESTMENTS SPDR INDEX SHARES FUNDS -- LEVEL 3 STILL HELD SECURITIES AT 12/31/09 - ---------------------------------- ---------------- SPDR S&P World ex-US ETF*.............. $-- Commercial Bank...................... -- SPDR S&P International Small Cap ETF*.. -- Real Estate Investment Trusts........ -- Capital Markets...................... -- SPDR Dow Jones International Real Estate ETF*.......................... -- Real Estate Management & Development....................... -- SPDR Russell/Nomura Small Cap Japan ETF*................................. -- Real Estate Management & Development....................... -- SPDR Dow Jones Global Real Estate ETF*................................. -- Real Estate Management & Development....................... -- SPDR S&P International Consumer Discretionary Sector ETF*............ -- Textiles, Apparel & Luxury Goods..... --
* Funds held Level 3 securities that were valued at $0 at December 31, 2009. The following is a summary of the fair valuations of the Fund's derivative instruments categorized by risk exposure at December 31, 2009:
INTEREST FOREIGN RATE EXCHANGE CREDIT EQUITY COMMODITY OTHER CONTRACTS CONTRACTS CONTRACTS CONTRACTS CONTRACTS CONTRACTS RISK RISK RISK RISK RISK RISK --------- --------- --------- --------- --------- --------- SPDR S&P Emerging Asia Pacific ETF............................ Futures Contract $-- $-- $-- $ 90,390 $-- $-- SPDR S&P Emerging Markets ETF.... Futures Contract -- -- -- 163,276 -- -- SPDR S&P Emerging Markets Small Cap ETF........................ Futures Contract -- -- -- 72,302 -- -- TOTAL -------- SPDR S&P Emerging Asia Pacific ETF............................ $ 90,390 SPDR S&P Emerging Markets ETF.... 163,276 SPDR S&P Emerging Markets Small Cap ETF........................ 72,302
TRANSACTIONS WITH AFFILIATES Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund ("Liquid Reserves Fund"), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests subtantially all of its assets in the State Street Master Funds ("Master Portfolio"). The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the respective master portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. Amounts relating to these investments at December 31, 2009 and the period then ended are:
VALUE AT PURCHASED SOLD VALUE AT FUND 9/30/09 COST SHARES PROCEEDS SHARES 12/31/09 INCOME - ---- -------- ----------- ---------- ----------- ---------- ---------- ------ SPDR DJ STOXX 50 ETF.................... $-- $ 932,365 932,365 $ 911,756 911,756 $ 20,609 $ 16 SPDR DJ EURO STOXX 50 ETF............... -- 1,349,774 1,349,774 1,338,736 1,338,736 11,038 58 SPDR S&P Emerging Asia Pacific ETF...... -- 10,253,832 10,253,832 10,253,732 10,253,732 100 189 SPDR S&P China ETF...................... -- 3,116,420 3,116,420 1,975,415 1,975,415 1,141,005 393 SPDR S&P Emerging Markets ETF........... -- 13,385,302 13,385,302 13,385,202 13,385,202 100 1,480 SPDR S&P BRIC 40 ETF.................... -- 3,360,753 3,360,753 2,796,477 2,796,477 564,276 269 SPDR S&P Emerging Europe ETF............ -- 4,481,891 4,481,891 3,516,270 3,516,270 965,621 369 SPDR S&P Emerging Latin America ETF..... -- 3,489,126 3,489,126 3,393,497 3,393,497 95,629 147 SPDR S&P Emerging Middle East & Africa ETF................................... -- 1,692,070 1,692,070 1,691,970 1,691,970 100 111 SPDR S&P World ex-US ETF................ -- 931,046 931,046 809,336 809,336 121,710 38 SPDR S&P International Small Cap ETF.... -- 5,671,521 5,671,521 5,496,700 5,496,700 174,821 173 SPDR Dow Jones International Real Estate ETF................................... -- 16,245,591 16,245,591 16,087,084 16,087,084 158,507 603 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................ -- 1,403,701 1,403,701 1,308,008 1,308,008 95,693 57
115 SPDR INDEX SHARES FUNDS NOTES TO SCHEDULES OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - --------------------------------------------------------------------------------
VALUE AT PURCHASED SOLD VALUE AT FUND 9/30/09 COST SHARES PROCEEDS SHARES 12/31/09 INCOME - ---- -------- ----------- ---------- ----------- ---------- ---------- ------ SPDR MSCI ACWI ex-US ETF................ $-- $ 3,918,133 3,918,133 $ 3,763,985 3,763,985 $ 154,148 $ 196 SPDR Russell/Nomura PRIME Japan ETF..... -- 152,220 152,220 147,163 147,163 5,057 7 SPDR Russell/Nomura Small Cap Japan ETF................................... -- 669,054 669,054 608,733 608,733 60,321 107 SPDR S&P International Dividend ETF..... -- 1,474,512 1,474,512 1,385,782 1,385,782 88,730 123 SPDR S&P International Mid Cap ETF...... -- 583,571 583,571 570,692 570,692 12,879 46 SPDR S&P Emerging Markets Small Cap ETF................................... -- 23,836,585 23,836,585 21,343,409 21,343,409 2,493,176 396 SPDR Dow Jones Global Real Estate ETF... -- 1,653,097 1,653,097 1,553,292 1,553,292 99,805 75 SPDR S&P International Consumer Discretionary Sector ETF.............. -- 22,921 22,921 21,536 21,536 1,385 1 SPDR S&P International Consumer Staples Sector ETF............................ -- 22,144 22,144 21,718 21,718 426 1 SPDR S&P International Energy Sector ETF................................... -- 85,872 85,872 85,772 85,772 100 3 SPDR S&P International Financial Sector ETF................................... -- 59,620 59,620 57,471 57,471 2,149 2 SPDR S&P International Health Care Sector ETF............................ -- 23,392 23,392 16,294 16,294 7,098 4 SPDR S&P International Industrial Sector ETF................................... -- 55,929 55,929 27,761 27,761 28,168 18 SPDR S&P International Materials Sector ETF................................... -- 7,073 7,073 6,805 6,805 268 1 SPDR S&P International Technology Sector ETF................................... -- 64,377 64,377 57,865 57,865 6,512 1 SPDR S&P International Telecommunications Sector ETF......... -- 144,994 144,994 144,622 144,622 372 3 SPDR S&P International Utilities Sector ETF................................... -- 21,609 21,609 21,509 21,509 100 3
Each Fund participating in securities lending 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 December 31, 2009 and for the period then ended are:
VALUE AT PURCHASED SOLD VALUE AT FUND 9/30/09 COST SHARES PROCEEDS SHARES 12/31/09 INCOME - ---- ------------ ----------- ---------- ------------ ----------- ----------- -------- SPDR DJ STOXX 50 ETF................. $ 1,175,729 $ 7,146,481 7,146,481 $ 6,660,131 6,660,131 $ 1,662,079 $ 6,317 SPDR DJ EURO STOXX 50 ETF............ 6,566,037 33,141,973 33,141,973 36,893,034 36,893,034 2,814,976 37,250 SPDR S&P Emerging Asia Pacific ETF... 13,610,080 24,123,095 24,123,095 26,137,641 26,137,641 11,595,534 14,936 SPDR S&P China ETF................... 14,881,217 35,470,844 35,470,844 43,630,249 43,630,249 6,721,812 34,576 SPDR S&P Emerging Markets ETF........ 8,846,869 13,857,757 13,857,757 14,558,181 14,558,181 8,146,445 9,364 SPDR S&P BRIC 40 ETF................. 27,324,270 89,043,727 89,043,727 88,397,452 88,397,452 27,970,545 26,331 SPDR S&P Emerging Europe ETF......... 4,106,680 17,436,939 17,436,939 18,653,359 18,653,359 2,890,260 6,910 SPDR S&P Emerging Latin America ETF.. 29,060,715 28,187,286 28,187,286 24,443,296 24,443,296 32,804,705 26,768 SPDR S&P Emerging Middle East & Africa ETF......................... 1,222,307 8,059,002 8,059,002 7,312,098 7,312,098 1,969,211 1,717 SPDR S&P World ex-US ETF............. 10,410,707 6,481,607 6,481,607 9,365,878 9,365,878 7,526,436 11,929 SPDR S&P International Small Cap ETF................................ 48,381,934 25,509,750 25,509,750 25,332,978 25,332,978 48,558,706 132,515 SPDR Dow Jones International Real Estate ETF......................... 139,519,285 99,833,802 99,833,802 171,398,108 171,398,108 67,954,979 266,875 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............. 11,290,328 23,222,592 23,222,592 20,836,237 20,836,237 13,676,683 17,557 SPDR MSCI ACWI ex-US ETF............. 40,247,976 28,633,076 28,633,076 39,491,704 39,491,704 29,389,348 44,600 SPDR Russell/Nomura PRIME Japan ETF.. 4,252,555 3,113,637 3,113,637 4,855,652 4,855,652 2,510,540 2,548 SPDR Russell/Nomura Small Cap Japan ETF................................ 23,849,980 8,836,628 8,836,628 18,301,031 18,301,031 14,385,577 35,489 SPDR S&P International Dividend ETF.. 8,350,180 25,951,006 25,951,006 20,652,116 20,652,116 13,649,070 29,937 SPDR S&P International Mid Cap ETF... 3,818,689 2,318,182 2,318,182 3,336,152 3,336,152 2,800,719 2,970 SPDR S&P Emerging Markets Small Cap ETF................................ 139,177 1,808,076 1,808,076 1,669,550 1,669,550 277,703 3,141 SPDR Dow Jones Global Real Estate ETF................................ 3,991,795 5,297,566 5,297,566 5,708,060 5,708,060 3,581,301 13,084 REALIZED FUND GAIN/(LOSS) - ---- ----------- SPDR DJ STOXX 50 ETF................. $-- SPDR DJ EURO STOXX 50 ETF............ -- SPDR S&P Emerging Asia Pacific ETF... -- SPDR S&P China ETF................... -- SPDR S&P Emerging Markets ETF........ -- SPDR S&P BRIC 40 ETF................. -- SPDR S&P Emerging Europe ETF......... -- SPDR S&P Emerging Latin America ETF.. -- SPDR S&P Emerging Middle East & Africa ETF......................... -- SPDR S&P World ex-US ETF............. -- SPDR S&P International Small Cap ETF................................ -- SPDR Dow Jones International Real Estate ETF......................... -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF............. -- SPDR MSCI ACWI ex-US ETF............. -- SPDR Russell/Nomura PRIME Japan ETF.. -- SPDR Russell/Nomura Small Cap Japan ETF................................ -- SPDR S&P International Dividend ETF.. -- SPDR S&P International Mid Cap ETF... -- SPDR S&P Emerging Markets Small Cap ETF................................ -- SPDR Dow Jones Global Real Estate ETF................................ --
116 SPDR INDEX SHARES FUNDS NOTES TO SCHEDULES OF INVESTMENTS (CONTINUED) DECEMBER 31, 2009 (UNAUDITED) - -------------------------------------------------------------------------------- AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at December 31, 2009 were as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) -------------- ------------ ------------ -------------- SPDR DJ STOXX 50 ETF......................... $ 75,673,875 $ 1,584,278 $ 18,020,405 $ (16,436,127) SPDR DJ EURO STOXX 50 ETF.................... 236,529,524 724,764 56,765,936 (56,041,172) SPDR S&P Emerging Asia Pacific ETF........... 470,254,816 90,390,482 16,128,289 74,262,193 SPDR S&P China ETF........................... 521,623,551 94,961,246 22,627,150 72,334,096 SPDR S&P Emerging Markets ETF................ 123,487,761 15,343,898 4,545,211 10,798,687 SPDR S&P BRIC 40 ETF......................... 426,198,990 47,661,090 22,670,009 24,991,081 SPDR S&P Emerging Europe ETF................. 204,034,892 15,739,123 16,429,392 (690,269) SPDR S&P Emerging Latin America ETF.......... 183,999,845 20,393,854 5,256,584 15,137,270 SPDR S&P Emerging Middle East & Africa ETF... 139,743,450 11,419,253 16,699,476 (5,280,223) SPDR S&P World ex-US ETF..................... 93,859,712 12,681,229 3,720,232 8,960,997 SPDR S&P International Small Cap ETF......... 651,246,524 33,426,656 100,859,862 (67,433,206) SPDR Dow Jones International Real Estate ETF........................................ 1,272,364,788 32,692,415 248,538,096 (215,845,681) SPDR FTSE/Macquarie Global Infrastructure 100 ETF........................................ 100,461,281 902,670 19,550,245 (18,647,575) SPDR MSCI ACWI ex-US ETF..................... 424,813,258 21,953,199 48,992,473 (27,039,274) SPDR Russell/Nomura PRIME Japan ETF.......... 22,341,565 473,559 5,654,970 (5,181,411) SPDR Russell/Nomura Small Cap Japan ETF...... 108,344,900 1,369,915 23,570,347 (22,200,432) SPDR S&P International Dividend ETF.......... 194,817,393 21,891,141 1,414,389 20,476,752 SPDR S&P International Mid Cap ETF........... 19,958,804 1,998,763 949,554 1,049,209 SPDR S&P Emerging Markets Small Cap ETF...... 117,012,367 18,166,521 1,830,788 16,335,733 SPDR Dow Jones Global Real Estate ETF........ 85,139,647 17,810,052 472,870 17,337,182 SPDR S&P International Consumer Discretionary Sector ETF................................. 5,005,531 456,842 563,413 (106,571) SPDR S&P International Consumer Staples Sector ETF................................. 6,746,841 513,193 240,728 272,465 SPDR S&P International Energy Sector ETF..... 10,064,215 219,502 942,407 (722,905) SPDR S&P International Financial Sector ETF.. 8,405,620 534,562 778,752 (244,190) SPDR S&P International Health Care Sector ETF........................................ 4,539,054 212,622 413,324 (200,702) SPDR S&P International Industrial Sector ETF........................................ 6,591,763 186,786 953,914 (767,128) SPDR S&P International Materials Sector ETF.. 13,610,501 1,198,546 682,097 516,449 SPDR S&P International Technology Sector ETF........................................ 16,916,180 1,109,784 1,023,015 86,769 SPDR S&P International Telecommunications Sector ETF................................. 15,428,974 442,358 486,945 (44,587) SPDR S&P International Utilities Sector ETF.. 10,192,414 62,665 1,215,626 (1,152,961)
Other information regarding the Funds is available in the Funds' most recent Report to Shareholders. This information is available on the Fund's website at www.spdrs.com as well as on the website of the Securities and Exchange Commission at www.sec.gov. 117 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended ("Investment Company Act") are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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 /s/ James E. Ross - --------------------------------- James E. Ross President /s/ Gary L. French - --------------------------------- Gary L. French Treasurer Date: February 26, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. /s/ James E. Ross - --------------------------------- James E. Ross President /s/ Gary L. French - --------------------------------- Gary L. French Treasurer Date: February 26, 2010 EX-99.CERT 2 b79222a1exv99wcert.txt EX-99.CERT SECTION 302 CERTIFICATION CERTIFICATIONS I, James E. Ross, certify that: 1. I have reviewed this report on Form N-Q of the SPDR(R) Index Shares Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ James E. Ross - --------------------------------- James E. Ross President Date: February 22, 2010 I, Gary L. French, certify that: 1. I have reviewed this report on Form N-Q of the SPDR(R) Index Shares Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ Gary L. French - --------------------------------- Gary L. French Treasurer Date: February 22, 2010 -----END PRIVACY-ENHANCED MESSAGE-----