-----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, WHqgUrO7Erubm40zqUbg3ljevI1yfVlxEtMvH4h5Ijm4jiA9/QzKNF5SRhr0PNAs SNmxpIReBwiL5/hiD27zyQ== 0000950135-08-001616.txt : 20080306 0000950135-08-001616.hdr.sgml : 20080306 20080306163250 ACCESSION NUMBER: 0000950135-08-001616 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080306 DATE AS OF CHANGE: 20080306 EFFECTIVENESS DATE: 20080306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPDR SERIES TRUST CENTRAL INDEX KEY: 0001064642 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08839 FILM NUMBER: 08671364 BUSINESS ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: LCC6 CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 617-662-3909 MAIL ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: LCC6 CITY: BOSTON STATE: MA ZIP: 02111 FORMER COMPANY: FORMER CONFORMED NAME: STREETTRACKS SERIES TRUST DATE OF NAME CHANGE: 20000925 FORMER COMPANY: FORMER CONFORMED NAME: INDEX EXCHANGE LISTED SECURITIES TRUST DATE OF NAME CHANGE: 19980622 0001064642 S000006973 SPDR(R) DJ Wilshire Total Market ETF C000019026 SPDR(R) DJ Wilshire Total Market ETF TMW 0001064642 S000006974 SPDR(R) DJ Wilshire Small Cap Value ETF C000019027 SPDR(R) DJ Wilshire Small Cap Value ETF DSV 0001064642 S000006975 SPDR(R) DJ Global Titans ETF C000019028 SPDR(R) DJ Global Titans ETF DGT 0001064642 S000006976 DJ Wilshire REIT ETF C000019029 DJ Wilshire REIT ETF RWR 0001064642 S000006977 KBW Bank ETF C000019030 KBW Bank ETF KBE 0001064642 S000006978 KBW Capital Markets ETF C000019031 KBW Capital Markets ETF KCE 0001064642 S000006979 KBW Insurance ETF C000019032 KBW Insurance ETF KIE 0001064642 S000006980 Morgan Stanley Technology ETF C000019033 Morgan Stanley Technology ETF MTK 0001064642 S000006981 SPDR(R) S&P(R) Dividend ETF C000019034 SPDR(R) S&P(R) Dividend ETF SDY 0001064642 S000006983 SPDR(R) DJ Wilshire Large Cap ETF C000019036 SPDR(R) DJ Wilshire Large Cap ETF ELR 0001064642 S000006984 SPDR(R) DJ Wilshire Large Cap Growth ETF C000019037 SPDR(R) DJ Wilshire Large Cap Growth ETF ELG 0001064642 S000006985 SPDR(R) DJ Wilshire Large Cap Value ETF C000019038 SPDR(R) DJ Wilshire Large Cap Value ETF ELV 0001064642 S000006986 SPDR(R) DJ Wilshire Mid Cap ETF C000019039 SPDR(R) DJ Wilshire Mid Cap ETF EMM 0001064642 S000006987 SPDR(R) DJ Wilshire Mid Cap Growth ETF C000019040 SPDR(R) DJ Wilshire Mid Cap Growth ETF EMG 0001064642 S000006988 SPDR(R) DJ Wilshire Mid Cap Value ETF C000019041 SPDR(R) DJ Wilshire Mid Cap Value ETF EMV 0001064642 S000006989 SPDR(R) DJ Wilshire Small Cap ETF C000019042 SPDR(R) DJ Wilshire Small Cap ETF DSC 0001064642 S000006990 SPDR(R) DJ Wilshire Small Cap Growth ETF C000019043 SPDR(R) DJ Wilshire Small Cap Growth ETF DSG 0001064642 S000010018 SPDR(R) S&P(R) Biotech ETF C000027706 SPDR(R) S&P(R) Biotech ETF XBI 0001064642 S000010019 SPDR(R) S&P(R) Homebuilders ETF C000027707 SPDR(R) S&P(R) Homebuilders ETF XHB 0001064642 S000010020 SPDR(R) S&P(R) Semiconductor ETF C000027708 SPDR(R) S&P(R) Semiconductor ETF XSD 0001064642 S000012319 SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF C000033535 SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF XOP 0001064642 S000012321 SPDR(R) S&P(R) Pharmaceuticals ETF C000033537 SPDR(R) S&P(R) Pharmaceuticals ETF XPH 0001064642 S000012322 SPDR(R) S&P(R) Retail ETF C000033538 SPDR(R) S&P(R) Retail ETF XRT 0001064642 S000012325 KBW Regional Banking(SM) ETF C000033541 KBW Regional Banking(SM) ETF KRE 0001064642 S000012333 SPDR(R) S&P(R) Metals & Mining ETF C000033549 SPDR(R) S&P(R) Metals & Mining ETF XME 0001064642 S000012334 SPDR(R) S&P(R) Oil & Gas Equipment & Services ETF C000033550 SPDR(R) S&P(R) Oil & Gas Equipment & Services ETF XES 0001064642 S000017326 SPDR(R) Lehman 1-3 Month T-Bill ETF C000047963 SPDR(R) Lehman 1-3 Month T-Bill ETF BIL 0001064642 S000017327 SPDR(R) Lehman Short Term Municipal Bond ETF C000047964 SPDR(R) Lehman Short Term Municipal Bond ETF 0001064642 S000017328 SPDR(R) Lehman Intermediate Term Treasury ETF C000047965 SPDR(R) Lehman Intermediate Term Treasury ETF ITE 0001064642 S000017329 SPDR(R) Lehman Long Term Treasury ETF C000047966 SPDR(R) Lehman Long Term Treasury ETF TLO 0001064642 S000017330 SPDR(R) Barclays Capital TIPS ETF C000047967 SPDR(R) Barclays Capital TIPS ETF IPE 0001064642 S000017331 SPDR(R) Lehman California Municipal Bond ETF C000047968 SPDR(R) Lehman California Municipal Bond ETF 0001064642 S000017332 SPDR(R) Lehman New York Municipal Bond ETF C000047969 SPDR(R) Lehman New York Municipal Bond ETF 0001064642 S000017333 SPDR(R) Lehman Municipal Bond ETF C000047970 SPDR(R) Lehman Municipal Bond ETF TFI 0001064642 S000017334 SPDR(R) Lehman Aggregate Bond ETF C000047971 SPDR(R) Lehman Aggregate Bond ETF LAG 0001064642 S000018782 SPDR(R) Lehman International Treasury Bond ETF C000051964 SPDR(R) Lehman International Treasury Bond ETF 0001064642 S000019669 SPDR(R) Lehman High Yield Bond ETF C000055013 SPDR(R) Lehman High Yield Bond ETF N-CSRS 1 b68975a1nvcsrs.txt SPDR SERIES TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-08839 SPDR(R) SERIES TRUST (Exact name of registrant as specified in charter) One Lincoln Street, Boston, MA 02111 (Address of principal executive offices) (zip code) Ryan M. Louvar, Esq. State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 (Name and address of agent for service) Copy to: W. John McGuire, Esq. Morgan, Lewis and Bockius LLP 1111 Pennsylvania Ave., NW Washington, DC 20004 Registrant's telephone number, including area code: (866) 787-2257 Date of fiscal year end: June 30 Date of reporting period: December 31, 2007 ITEM 1: REPORTS TO SHAREHOLDERS SEMI-ANNUAL December 31, 2007 (SPDRs(SM) LOGO) Precise in a world that isn't.(SM) State Street Global Advisors TABLE OF CONTENTS PERFORMANCE & PORTFOLIO SUMMARY SPDR(R) DJ WILSHIRE TOTAL MARKET ETF (TMW).............................. 1 SPDR(R) DJ WILSHIRE LARGE CAP ETF (ELR)................................. 4 SPDR(R) DJ WILSHIRE LARGE CAP GROWTH ETF (ELG).......................... 7 SPDR(R) DJ WILSHIRE LARGE CAP VALUE ETF (ELV)........................... 10 SPDR(R) DJ WILSHIRE MID CAP ETF (EMM)................................... 13 SPDR(R) DJ WILSHIRE MID CAP GROWTH ETF (EMG)............................ 16 SPDR(R) DJ WILSHIRE MID CAP VALUE ETF (EMV)............................. 19 SPDR(R) DJ WILSHIRE SMALL CAP ETF (DSC)................................. 22 SPDR(R) DJ WILSHIRE SMALL CAP GROWTH ETF (DSG).......................... 25 SPDR(R) DJ WILSHIRE SMALL CAP VALUE ETF (DSV)........................... 28 SPDR(R) DJ GLOBAL TITANS ETF (DGT)...................................... 31 DJ WILSHIRE REIT ETF (RWR).............................................. 34 KBW BANK ETF (KBE)...................................................... 37 KBW CAPITAL MARKETS ETF (KCE)........................................... 40 KBW INSURANCE ETF (KBI)................................................. 43 MORGAN STANLEY TECHNOLOGY ETF (MTK)..................................... 46 SPDR(R) S&P(R) DIVIDEND ETF (SDY)....................................... 49 SPDR(R) S&P(R) BIOTECH ETF (XBI)........................................ 52 SPDR(R) S&P(R) HOMEBUILDERS ETF (XHB)................................... 55 SPDR(R) S&P(R) METALS & MINING ETF (XME)................................ 58 SPDR(R) S&P(R) OIL & GAS EQUIPMENT & SERVICES ETF (XES)................. 61 SPDR(R) S&P(R) OIL & GAS EXPLORATION & PRODUCTION ETF (XOP)............. 64 SPDR(R) S&P(R) PHARMACEUTICALS ETF (XPH)................................ 67 SPDR(R) S&P(R) RETAIL ETF (XRT)......................................... 70 SPDR(R) S&P(R) SEMICONDUCTOR ETF (XSD).................................. 73 KBW REGIONAL BANKING(SM) ETF (KRE)...................................... 76 SUMMARY SCHEDULES OF INVESTMENTS SPDR(R) DJ WILSHIRE TOTAL MARKET ETF (TMW).............................. 79 SPDR(R) DJ WILSHIRE LARGE CAP ETF (ELR)................................. 82 SPDR(R) DJ WILSHIRE LARGE CAP GROWTH ETF (ELG).......................... 85 SPDR(R) DJ WILSHIRE LARGE CAP VALUE ETF (ELV)........................... 88 SPDR(R) DJ WILSHIRE MID CAP ETF (EMM)................................... 90 SPDR(R) DJ WILSHIRE MID CAP GROWTH ETF (EMG)............................ 93 SPDR(R) DJ WILSHIRE MID CAP VALUE ETF (EMV)............................. 95 SPDR(R) DJ WILSHIRE SMALL CAP ETF (DSC)................................. 97 SPDR(R) DJ WILSHIRE SMALL CAP GROWTH ETF (DSG).......................... 100 SPDR(R) DJ WILSHIRE SMALL CAP VALUE ETF (DSV)........................... 103
SCHEDULES OF INVESTMENTS SPDR(R) DJ GLOBAL TITANS ETF (DGT)...................................... 106 DJ WILSHIRE REIT ETF (RWR).............................................. 107 KBW BANK ETF (KBE)...................................................... 108 KBW CAPITAL MARKETS ETF (KCE)........................................... 109 KBW INSURANCE ETF (KBI)................................................. 110 MORGAN STANLEY TECHNOLOGY ETF (MTK)..................................... 111 SPDR(R) S&P(R) DIVIDEND ETF (SDY)....................................... 112 SPDR(R) S&P(R) BIOTECH ETF (XBI)........................................ 113 SPDR(R) S&P(R) HOMEBUILDERS ETF (XHB)................................... 114 SPDR(R) S&P(R) METALS & MINING ETF (XME)................................ 115 SPDR(R) S&P(R) OIL & GAS EQUIPMENT & SERVICES ETF (XES)................. 116 SPDR(R) S&P(R) OIL & GAS EXPLORATION & PRODUCTION ETF (XOP)............. 117 SPDR(R) S&P(R) PHARMACEUTICALS ETF (XPH)................................ 118 SPDR(R) S&P(R) RETAIL ETF (XRT)......................................... 119 SPDR(R) S&P(R) SEMICONDUCTOR ETF (XSD).................................. 120 KBW REGIONAL BANKING(SM) ETF (KRE)...................................... 121 FINANCIAL STATEMENTS...................................................... 122 FINANCIAL HIGHLIGHTS...................................................... 144 NOTES TO FINANCIAL STATEMENTS............................................. 158 OTHER INFORMATION......................................................... 169
(streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Total Market ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/4/00, 10/10/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE TOTAL MARKET ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE 5000 VALUE VALUE COMPOSITE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -1.81% -1.44% -1.92% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 5.44% 5.59% 5.48% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 29.54% 29.97% 30.07% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 80.46% 81.15% 92.61% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 20.84% 21.24% 23.17% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE 5000 VALUE VALUE COMPOSITE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 5.44% 5.59% 5.48% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 9.01% 9.13% 9.16% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 12.53% 12.62% 14.01% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 2.65% 2.70% 2.92% ----------------------------------------------------------------------------------------------------
(1) Prior to June 14, 2005, the Fund's investment strategy sought to track the total return performance of an index different from the Dow Jones Wilshire 5000 Composite Index. Performance of the Fund prior to June 14, 2005 is therefore based on the Fund's investment strategy to track the prior index. Future performance may vary from past results. (2) For the period October 4, 2000 to December 31, 2007. 1 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Total Market ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE TOTAL MARKET ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE TOTAL WILSHIRE 5000 MARKET ETF COMPOSITE INDEX (A) (B) -------------- --------------- 10/4/2000 10000.00 10000.00 10061.00 10061.00 9407.04 9406.03 12/31/00 9467.24 9467.17 9761.67 9766.33 9017.83 9022.14 8515.54 8519.60 9116.84 9122.79 9187.95 9194.86 8978.46 8987.06 8929.08 8937.63 8379.05 8387.07 7763.19 7770.62 7857.12 7865.42 8441.69 8453.76 12/31/01 8498.25 8513.78 8412.42 8429.49 8280.35 8297.15 8561.88 8582.57 8077.28 8097.66 8017.50 8038.54 7479.53 7497.55 6940.26 6956.98 6982.59 7002.20 6227.77 6244.56 6747.17 6767.23 7096.67 7120.48 12/31/02 6696.42 6719.59 6507.58 6530.77 6393.05 6417.14 6466.57 6494.14 6992.30 7024.71 7318.14 7354.17 7422.06 7460.81 7555.28 7596.60 7669.97 7713.58 7592.74 7637.99 8009.58 8059.61 8061.64 8113.61 12/31/03 8478.43 8535.51 8602.21 8662.69 8726.94 8790.04 8592.55 8656.43 8473.11 8536.97 8552.76 8619.78 8705.85 8775.79 8448.16 8516.91 8493.78 8563.75 8560.03 8632.26 8670.46 8746.21 9018.14 9097.81 12/31/04 9327.47 9414.41 9147.35 9234.59 9363.14 9454.38 9204.15 9295.54 9043.08 9134.73 9312.56 9409.69 9363.78 9485.90 9754.25 9878.62 9674.27 9789.71 9758.43 9868.03 9582.78 9686.06 9954.59 10072.70 12/31/05 9973.51 10086.50 10307.60 10445.50 10290.10 10442.40 10460.90 10634.50 10563.40 10752.60 10230.70 10407.40 10250.10 10426.20 10240.60 10413.70 10482.20 10657.30 10721.20 10891.80 11099.50 11286.70 11333.20 11542.40 12/31/06 11460.00 11677.10 11673.20 11897.80 11472.60 11709.80 11604.00 11839.80 12069.50 12313.40 12508.10 12765.30 12306.60 12558.50 11889.90 12130.30 12058.30 12298.90 12479.10 12740.40 12712.80 12981.20 12155.00 12398.30 12/31/07 12084.40 12317.80
2 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Total Market ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. GENERAL ELECTRIC CO. MICROSOFT CORP. AT&T, INC. -------------------------------------------------------------------------------------------------------- MARKET VALUE $4,127,794 2,898,689 2,459,390 1,928,717 -------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.3% 2.3 1.9 1.5 -------------------------------------------------------------------------------------------------------- --------------------------------------------------- DESCRIPTION PROCTER & GAMBLE CO. --------------------------------------------------- MARKET VALUE 1,762,667 --------------------------------------------------- % OF NET ASSETS 1.4 ---------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 9.6% Pharmaceuticals 5.1 Insurance 4.6 Computers & Peripherals 4.2 Software 4.0 Diversified Financial Services 3.5 Commercial Banks 3.2 Capital Markets 3.0 Industrial Conglomerates 3.0 Media 3.0 Semiconductors & Semiconductor Equipment 2.8 Energy Equipment & Services 2.7 Diversified Telecommunication Services 2.6 Health Care Providers & Services 2.6 Aerospace & Defense 2.3 Communications Equipment 2.3 Machinery 2.3 Food & Staples Retailing 2.0 Household Products 2.0 Beverages 1.9 Electric Utilities 1.9 Hotels, Restaurants & Leisure 1.8 Real Estate Investment Trusts 1.8 Specialty Retail 1.8 Biotechnology 1.7 Chemicals 1.7 Health Care Equipment & Supplies 1.7 Internet Software & Services 1.7 Food Products 1.5 IT Services 1.2 Metals & Mining 1.2 Tobacco 1.2 Multi-Utilities 1.0 Road & Rail 0.9 Commercial Services & Supplies 0.8 Multiline Retail 0.8% Thrifts & Mortgage Finance 0.8 Household Durables 0.7 Life Sciences Tools & Services 0.7 Air Freight & Logistics 0.6 Consumer Finance 0.6 Electrical Equipment 0.6 Electronic Equipment & Instruments 0.6 Wireless Telecommunication Services 0.6 Construction & Engineering 0.4 Independent Power Producers & Energy Traders 0.4 Internet & Catalog Retail 0.4 Textiles, Apparel & Luxury Goods 0.4 Auto Components 0.3 Automobiles 0.3 Containers & Packaging 0.3 Diversified Consumer Services 0.3 Paper & Forest Products 0.3 Airlines 0.2 Gas Utilities 0.2 Leisure Equipment & Products 0.2 Personal Products 0.2 Trading Companies & Distributors 0.2 Building Products 0.1 Construction Materials 0.1 Health Care Technology 0.1 Office Electronics 0.1 Real Estate Management & Development 0.1 Water Utilities 0.1 Distributors 0.0** Transportation Infrastructure 0.0** Short Term Investments 1.0 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. ** Amount represent less than 0.05% of net assets. 3 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE LARGE CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -0.90% -0.46% -0.84% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 6.21% 6.36% 6.40% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 25.95% 26.40% 26.48% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 6.21% 6.36% 6.40% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 11.34% 11.52% 11.45% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 4 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE LARGE CAP ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE LARGE WILSHIRE LARGE CAP ETF CAP INDEX (A) (B) -------------- -------------- 11/8/2005 10000.00 10000.00 10266.00 10267.00 12/31/05 10277.30 10280.30 10569.20 10574.40 10570.20 10573.30 10717.20 10721.30 10850.00 10855.30 10532.10 10539.50 10547.90 10556.30 10587.00 10598.50 10829.70 10846.50 11095.90 11112.30 11466.70 11486.80 11706.70 11730.30 12/31/06 11859.90 11885.10 12071.60 12100.30 11850.00 11878.80 11979.70 12010.70 12482.00 12518.70 12923.20 12965.70 12710.30 12751.70 12322.70 12364.10 12502.00 12543.30 12971.50 13022.50 13210.20 13263.40 12674.10 12720.90 12/31/07 12595.50 12648.30
5 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. GENERAL ELECTRIC CO. MICROSOFT CORP. AT&T, INC. -------------------------------------------------------------------------------------------------------- MARKET VALUE $368,576 269,684 213,636 182,365 -------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.6% 2.7 2.1 1.8 -------------------------------------------------------------------------------------------------------- --------------------------------------------------- DESCRIPTION PROCTOR & GAMBLE CO. --------------------------------------------------- MARKET VALUE 163,653 --------------------------------------------------- % OF NET ASSETS 1.6 ---------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 10.0% Pharmaceuticals 5.8 Insurance 5.5 Computers & Peripherals 4.3 Diversified Financial Services 4.1 Software 3.8 Industrial Conglomerates 3.4 Capital Markets 3.2 Diversified Telecommunication Services 3.0 Media 3.0 Commercial Banks 2.8 Energy Equipment & Services 2.6 Semiconductors & Semiconductor Equipment 2.6 Aerospace & Defense 2.5 Communications Equipment 2.4 Beverages 2.3 Health Care Providers & Services 2.3 Food & Staples Retailing 2.2 Household Products 2.2 Electric Utilities 2.0 Machinery 2.0 Chemicals 1.8 Health Care Equipment & Supplies 1.8 Internet Software & Services 1.7 Hotels, Restaurants & Leisure 1.6 Specialty Retail 1.6 Food Products 1.5 Biotechnology 1.4 Real Estate Investment Trusts 1.4 Tobacco 1.3 IT Services 1.2 Multi-Utilities 1.2 Metals & Mining 1.0 Air Freight & Logistics 0.7 Multiline Retail 0.7% Road & Rail 0.7 Thrifts & Mortgage Finance 0.7 Commercial Services & Supplies 0.6 Consumer Finance 0.6 Electrical Equipment 0.6 Wireless Telecommunication Services 0.6 Household Durables 0.5 Electronic Equipment & Instruments 0.4 Independent Power Producers & Energy Traders 0.4 Internet & Catalog Retail 0.4 Life Sciences Tools & Services 0.4 Auto Components 0.3 Automobiles 0.3 Construction & Engineering 0.3 Paper & Forest Products 0.3 Textiles, Apparel & Luxury Goods 0.3 Airlines 0.2 Containers & Packaging 0.2 Building Products 0.1 Construction Materials 0.1 Distributors 0.1 Diversified Consumer Services 0.1 Gas Utilities 0.1 Health Care Technology 0.1 Leisure Equipment & Products 0.1 Office Electronics 0.1 Personal Products 0.1 Real Estate Management & Development 0.1 Trading Companies & Distributors 0.1 Short Term Investments 0.7 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. 6 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap Growth ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/25/00, 9/29/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sect or. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE LARGE CAP GROWTH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 2.74% 3.19% 2.83% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 10.77% 11.01% 10.97% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 24.40% 24.72% 29.76% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 68.60% 68.50% 81.15% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -36.65% -36.44% -18.56% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 10.77% 11.01% 10.97% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 7.55% 7.64% 9.07% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 11.01% 11.00% 12.62% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -6.09% -6.05% -2.78% ----------------------------------------------------------------------------------------------------
(1) Prior to November 1, 2005, the Fund's investment strategy sought to track the total return performance of an index different from the Dow Jones Wilshire Large Cap Growth Index. Performance of the Fund prior to November 1, 2005 is therefore based on the Fund's investment strategy to track the prior index. Future performance may vary from past results. (2) For the period September 25, 2000 to December 31, 2007. 7 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap Growth ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE LARGE CAP GROWTH ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE LARGE WILSHIRE LARGE CAP GROWTH CAP GROWTH ETF (A) INDEX (B) -------------- -------------- 9/25/2000 10000 10000 9800 9865.02 9285.5 9343.64 7792.86 7898.9 12/31/00 7394.87 7725.65 8050.8 8265.54 6528.39 6931.8 5703.2 6198.92 6512.27 6923.44 6406.12 6876.71 6251.8 6762.1 5971.1 6488.15 5339.35 5907.17 4696.5 5298.89 4971.71 5566.08 5566.33 6100.88 12/31/01 5497.86 6136.13 5424.74 5982.51 5132.89 5682.8 5244.27 5897.51 4737.67 5430.99 4609.76 5317.33 4232.68 4880.85 3951.63 4592.03 3974.15 4637.35 3505.6 4156.38 3881.75 4578.5 4126.3 4824 12/31/02 3757 4495.88 3652.55 4385.2 3689.08 4347.42 3779.83 4454.11 4063.32 4808.73 4200.66 4980.03 4248.55 5050.21 4364.79 5161.52 4438.16 5262.39 4377.13 5211.34 4651.58 5468.24 4682.75 5515.43 12/31/03 4853.2 5730.38 4932.3 5867.94 4958.45 5936.55 4870.68 5849 4828.79 5787.51 4909.92 5875.42 4957.54 5979.77 4692.31 5714.8 4673.08 5713.09 4695.97 5779.72 4754.67 5824.35 4913.48 6056.52 12/31/04 5091.84 6276.66 4953.09 6100.13 4943.97 6165.61 4839.31 6054.48 4734.3 5885.54 4960.12 6166.27 4896.14 6207.5 5133.6 6515.93 5062.24 6469.54 5066.8 6520.5 5046.02 6459.99 5253.92 6727.31 12/31/05 5250.24 6724.06 5417.73 6938.96 5353.8 6857.65 5433.57 6960.89 5434.65 6963.13 5246.62 6721.99 5228.25 6699.63 5133.93 6579.93 5263.1 6747.15 5391.05 6912.45 5583.08 7160.37 5703.84 7317.14 12/31/06 5720.1 7338.96 5860.7 7520.95 5754.79 7385.81 5789.61 7431.49 6032.2 7744.8 6248.21 8023.62 6167.04 7920.29 6045.06 7764.41 6124.73 7866.61 6377.87 8194.3 6594.46 8474.12 6343.02 8152.54 12/31/07 6335.29 8144.3
8 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap Growth ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION GOOGLE, INC. MICROSOFT CORP. PROCTER & GAMBLE CO. APPLE, INC. CISCO SYSTEMS, INC. (CLASS A) ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $12,977,838 10,017,498 7,587,058 7,204,085 6,867,088 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.0% 3.1 2.4 2.2 2.1 -----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Software 7.2% Computers & Peripherals 5.7 Media 5.3 Energy Equipment & Services 5.0 Oil, Gas & Consumable Fuels 5.0 Semiconductors & Semiconductor Equipment 5.0 Communications Equipment 4.5 Health Care Providers & Services 4.2 Household Products 3.9 Food & Staples Retailing 3.7 Insurance 3.4 Health Care Equipment & Supplies 3.4 Internet Software & Services 3.2 Aerospace & Defense 2.9 Specialty Retail 2.9 Biotechnology 2.7 Beverages 2.4 Machinery 2.4 IT Services 2.0 Capital Markets 1.9 Hotels, Restaurants & Leisure 1.8 Chemicals 1.7 Pharmaceuticals 1.2 Air Freight & Logistics 1.2 Diversified Financial Services 1.2 Wireless Telecommunication Services 1.2 Metals & Mining 1.2 Multiline Retail 1.1 Industrial Conglomerates 0.9 Food Products 0.9 Consumer Finance 0.9 Life Sciences Tools & Services 0.8 Independent Power Producers & Energy Traders 0.8% Commercial Services & Supplies 0.7 Internet & Catalog Retail 0.7 Electronic Equipment & Instruments 0.7 Real Estate Investment Trusts 0.7 Textiles, Apparel & Luxury Goods 0.6 Construction & Engineering 0.6 Household Durables 0.4 Multi-Utilities 0.3 Road & Rail 0.3 Airlines 0.3 Electrical Equipment 0.3 Personal Products 0.3 Diversified Consumer Services 0.3 Gas Utilities 0.3 Containers & Packaging 0.2 Office Electronics 0.2 Thrifts & Mortgage Finance 0.2 Automobiles 0.2 Auto Components 0.2 Diversified Telecommunication Services 0.1 Electric Utilities 0.1 Real Estate Management & Development 0.1 Building Products 0.1 Health Care Technology 0.1 Commercial Banks 0.1 Trading Companies & Distributors 0.1 Construction Materials 0.1 Paper & Forest Products 0.0** Short Term Investments 0.3 Other Assets & Liabilities (0.2) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 9 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap Value ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/25/00, 9/29/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE LARGE CAP VALUE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -4.64% -4.11% -4.60% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 1.70% 1.12% 1.84% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 30.39% 30.90% 31.21% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 85.13% 86.04% 94.50% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 51.37% 51.95% 66.55% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 1.70% 1.12% 1.84% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 9.25% 9.39% 9.48% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 13.11% 13.22% 14.23% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 5.87% 5.93% 7.27% ----------------------------------------------------------------------------------------------------
(1) Prior to November 1, 2005, the Fund's investment strategy sought to track the total return performance of an index different from the Dow Jones Wilshire Large Cap Value Index. Performance of the Fund prior to November 1, 2005 is therefore based on the Fund's investment strategy to track the prior index. Future performance may vary from past results. (2) For the period September 25, 2000 to December 31, 2007. 10 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap Value ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE LARGE CAP VALUE ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE LARGE WILSHIRE LARGE CAP VALUE CAP VALUE ETF (A) INDEX (B) -------------- -------------- 9/25/2000 10000.00 10000.00 10175.00 10180.10 10518.90 10484.90 10244.40 10157.90 12/31/00 10591.70 10613.30 10512.20 10616.20 10166.40 10297.20 9811.56 9937.83 10243.60 10386.50 10444.40 10589.30 10127.90 10304.70 10231.20 10458.90 9802.52 10071.20 9422.18 9439.81 9313.82 9342.50 9791.62 9853.49 12/31/01 9924.79 10041.10 9673.69 10048.30 9660.15 10190.20 10079.40 10602.10 9501.85 10295.50 9569.31 10350.40 8881.28 9704.90 8293.34 8854.51 8333.98 8873.90 7418.07 7939.61 8096.08 8437.61 8538.13 8948.00 12/31/02 8175.26 8563.26 7974.97 8338.13 7710.20 8145.67 7725.62 8119.90 8451.05 8765.13 8948.82 9441.01 9135.85 9550.19 9144.16 9700.87 9185.13 9917.30 9151.70 9793.30 9525.09 10446.90 9569.85 10575.70 12/31/03 10262.70 11179.40 10473.10 11335.70 10637.50 11544.30 10428.00 11399.80 10265.30 11148.70 10316.60 11283.20 10556.00 11519.70 10449.30 11242.20 10610.30 11347.80 10689.80 11485.40 10833.10 11741.30 11239.30 12255.00 12/31/04 11608.00 12693.70 11345.60 12423.80 11707.70 12845.60 11518.10 12654.60 11419.10 12534.20 11576.70 12835.40 11656.50 12858.50 11900.20 13218.50 11852.60 13097.30 12031.50 13207.90 11786.10 12913.60 12210.40 13381.00 12/31/05 12244.60 13419.70 12555.60 13763.40 12686.20 13909.10 12843.50 14086.20 13151.70 14427.10 12834.80 14080.80 12913.00 14168.60 13220.00 14509.10 13501.50 14822.00 13830.10 15187.00 14264.90 15668.50 14554.20 15991.10 12/31/06 14880.90 16353.90 15058.50 16550.40 14778.10 16243.50 15012.00 16505.30 15645.70 17206.60 16196.20 17816.80 15870.00 17457.80 15213.80 16736.10 15451.90 17002.20 15981.80 17589.80 16014.50 17627.40 15309.70 16851.10 12/31/07 15137.30 16655.40
11 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Large Cap Value ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. GENERAL ELECTRIC CO. AT&T, INC. CHEVRON CORP. JOHNSON & JOHNSON -------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $9,785,077 7,160,219 4,845,563 3,804,877 3,651,492 -------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 7.7% 5.6 3.8 3.0 2.9 --------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 15.5% Pharmaceuticals 10.8 Diversified Financial Services 7.2 Insurance 7.0 Industrial Conglomerates 6.2 Diversified Telecommunication Services 6.1 Commercial Banks 5.9 Capital Markets 4.7 Electric Utilities 4.1 Tobacco 2.8 Computers & Peripherals 2.8 Real Estate Investment Trusts 2.2 Beverages 2.2 Food Products 2.2 Multi-Utilities 2.1 Aerospace & Defense 2.0 Chemicals 2.0 Machinery 1.6 Hotels, Restaurants & Leisure 1.4 Thrifts & Mortgage Finance 1.3 Road & Rail 1.1 Electrical Equipment 1.0 Metals & Mining 0.8 Household Durables 0.7 Food & Staples Retailing 0.6 Paper & Forest Products 0.5 Media 0.5% Household Products 0.4 Commercial Services & Supplies 0.4 Consumer Finance 0.4 Automobiles 0.4 Health Care Providers & Services 0.4 Auto Components 0.4 IT Services 0.3 Leisure Equipment & Products 0.2 Containers & Packaging 0.2 Specialty Retail 0.2 Electronic Equipment & Instruments 0.2 Building Products 0.2 Multiline Retail 0.1 Distributors 0.1 Construction Materials 0.1 Textiles, Apparel & Luxury Goods 0.1 Trading Companies & Distributors 0.1 Software 0.1 Real Estate Management & Development 0.1 Health Care Equipment & Supplies 0.1 Communications Equipment 0.0** Short Term Investments 0.9 Other Assets & Liabilities (0.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 12 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE MID CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -5.37% -5.04% -5.51% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 5.59% 5.92% 5.58% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 24.83% 25.13% 25.14% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 5.59% 5.92% 5.58% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 10.88% 11.00% 10.91% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 13 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE MID CAP ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE MID WILSHIRE MID CAP ETF CAP INDEX (A) (B) ------------ ------------ 11/8/2005 10000.00 10000.00 10348.00 10348.00 12/31/05 10438.00 10441.10 10976.60 10975.70 10962.40 10962.50 11340.60 11346.20 11389.30 11397.30 10899.60 10907.20 10893.00 10902.80 10543.40 10555.00 10776.70 10791.50 10901.10 10917.70 11320.10 11341.30 11775.70 11801.80 12/31/06 11823.80 11851.40 12246.60 12279.20 12311.00 12346.80 12422.30 12460.30 12876.20 12920.10 13444.80 13495.10 13192.20 13242.70 12595.10 12646.80 12577.50 12631.60 12964.80 13024.50 13302.80 13368.30 12575.50 12637.00 12/31/07 12483.60 12514.20
14 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION RANGE FMC ACTIVISION, INC. HOLOGIC, INC. RESOURCES CORP. NAVTEQ CORP. TECHNOLOGIES, INC. ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $125,275 124,582 110,424 106,898 106,596 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.6% 0.6 0.5 0.5 0.5 -----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Oil, Gas & Consumable Fuels 5.5% Real Estate Investment Trusts 5.3 Insurance 5.0 Machinery 4.7 Software 4.2 Chemicals 3.7 Health Care Equipment & Supplies 3.5 Multi-Utilities 3.5 Energy Equipment & Services 3.4 Specialty Retail 3.1 Commercial Services & Supplies 3.0 Life Sciences Tools & Services 2.7 Capital Markets 2.5 Containers & Packaging 2.5 Health Care Providers & Services 2.5 IT Services 2.5 Electronic Equipment & Instruments 2.4 Media 2.2 Commercial Banks 2.1 Hotels, Restaurants & Leisure 2.1 Household Durables 1.9 Semiconductors & Semiconductor Equipment 1.9 Metals & Mining 1.8 Electrical Equipment 1.7 Electric Utilities 1.6 Construction & Engineering 1.5 Gas Utilities 1.5 Food Products 1.4 Communications Equipment 1.3 Diversified Consumer Services 1.3 Airlines 1.2 Auto Components 1.2 Biotechnology 1.2% Pharmaceuticals 1.1 Thrifts & Mortgage Finance 1.1 Computers & Peripherals 1.0 Aerospace & Defense 0.8 Diversified Telecommunication Services 0.8 Health Care Technology 0.7 Textiles, Apparel & Luxury Goods 0.7 Beverages 0.6 Household Products 0.6 Internet Software & Services 0.6 Multiline Retail 0.6 Paper & Forest Products 0.6 Road & Rail 0.6 Building Products 0.5 Construction Materials 0.4 Diversified Financial Services 0.4 Wireless Telecommunication Services 0.4 Industrial Conglomerates 0.3 Internet & Catalog Retail 0.3 Leisure Equipment & Products 0.3 Real Estate Management & Development 0.3 Trading Companies & Distributors 0.3 Office Electronics 0.2 Personal Products 0.2 Water Utilities 0.2 Air Freight & Logistics 0.1 Automobiles 0.1 Consumer Finance 0.1 Food & Staples Retailing 0.1 Short Term Investments 5.4 Other Assets & Liabilities (5.3) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 15 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Growth ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE MID CAP GROWTH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -2.35% -2.01% -2.31% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 11.04% 11.41% 11.24% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 29.02% 29.38% 29.61% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 11.04% 11.41% 11.24% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 12.60% 12.74% 12.72% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 16 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Growth ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE MID CAP GROWTH ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE MID WILSHIRE MID CAP GROWTH CAP GROWTH ETF (A) INDEX (B) ------------ ------------ 11/8/2005 10000.00 10000.00 10327.00 10329.00 12/31/05 10438.50 10443.70 11007.40 11002.40 10942.50 10943.00 11426.20 11433.20 11469.30 11481.20 10833.90 10847.50 10810.30 10826.90 10326.10 10342.90 10549.50 10570.50 10705.80 10729.00 11048.50 11075.50 11571.50 11603.80 12/31/06 11619.70 11652.60 12061.60 12098.90 12088.50 12129.10 12202.60 12246.80 12696.70 12746.50 13340.40 13397.80 13211.40 13270.50 12786.30 12847.20 12812.60 12876.70 13336.30 13408.50 13828.80 13911.40 13014.50 13087.80 12/31/07 12902.30 12961.80
17 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Growth ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION RANGE FMC ACTIVISION, INC. HOLOGIC, INC. RESOURCES CORP. NAVTEQ CORP. TECHNOLOGIES, INC. ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $432,402 430,029 384,070 371,801 370,818 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.9% 0.9 0.8 0.8 0.8 -----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Oil, Gas & Consumable Fuels 6.7% Software 6.0 Health Care Equipment & Supplies 5.4 Commercial Services & Supplies 4.8 Energy Equipment & Services 4.7 Health Care Providers & Services 4.3 Life Sciences Tools & Services 4.3 Specialty Retail 4.3 Machinery 4.0 IT Services 3.7 Hotels, Restaurants & Leisure 3.3 Semiconductors & Semiconductor Equipment 3.2 Electronic Equipment & Instruments 2.9 Insurance 2.4 Electrical Equipment 2.3 Media 2.1 Airlines 2.0 Biotechnology 1.9 Communications Equipment 1.9 Containers & Packaging 1.9 Capital Markets 1.8 Diversified Consumer Services 1.7 Computers & Peripherals 1.6 Auto Components 1.5 Chemicals 1.5 Real Estate Investment Trusts 1.5 Construction & Engineering 1.4 Household Durables 1.4 Pharmaceuticals 1.4% Aerospace & Defense 1.3 Health Care Technology 1.2 Household Products 1.1 Internet Software & Services 1.0 Beverages 0.8 Metals & Mining 0.8 Textiles, Apparel & Luxury Goods 0.7 Wireless Telecommunication Services 0.7 Construction Materials 0.6 Diversified Financial Services 0.6 Real Estate Management & Development 0.6 Gas Utilities 0.5 Multiline Retail 0.5 Road & Rail 0.5 Food Products 0.4 Internet & Catalog Retail 0.4 Paper & Forest Products 0.4 Personal Products 0.4 Diversified Telecommunication Services 0.3 Office Electronics 0.3 Air Freight & Logistics 0.2 Automobiles 0.2 Food & Staples Retailing 0.2 Trading Companies & Distributors 0.2 Consumer Finance 0.1 Short Term Investments 1.9 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. 18 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Value ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE MID CAP VALUE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -9.68% -9.45% -9.60% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -1.52% -1.36% -1.29% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 18.65% 18.92% 19.23% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -1.52% -1.36% -1.29% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 8.29% 8.40% 8.46% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 19 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Value ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE MID CAP VALUE ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE MID WILSHIRE MID CAP VALUE CAP VALUE ETF (A) INDEX (B) ------------ ------------ 11/8/2005 10000.00 10000.00 10368.00 10366.00 12/31/05 10438.50 10438.60 10946.90 10951.10 10976.40 10980.70 11241.00 11248.60 11294.90 11303.70 10962.80 10972.50 10976.00 10986.80 10778.60 10791.20 11022.10 11038.30 11113.60 11132.20 11612.80 11636.40 11999.10 12027.40 12/31/06 12047.50 12077.90 12451.50 12540.50 12553.90 12571.90 12659.80 12693.80 13065.30 13115.30 13539.70 13595.30 13136.20 13191.50 12331.50 12384.20 12258.50 12313.60 12473.00 12532.80 12596.50 12659.30 11989.50 12049.20 12/31/07 11865.50 11923.90
20 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Value ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION ANNALY CAPITAL PEPCO STEEL MANAGEMENT, INC. OWENS-ILLINOIS, INC. AGCO CORP. HOLDINGS, INC. DYNAMICS, INC. ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $131,187 129,938 111,759 105,471 103,235 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.2% 1.2 1.0 0.9 0.9 -----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Real Estate Investment Trusts 10.9% Insurance 8.9 Multi-Utilities 8.8 Chemicals 7.1 Machinery 5.7 Commercial Banks 5.2 Electric Utilities 3.9 Oil, Gas & Consumable Fuels 3.7 Capital Markets 3.4 Containers & Packaging 3.3 Metals & Mining 3.3 Gas Utilities 3.0 Food Products 2.8 Thrifts & Mortgage Finance 2.8 Household Durables 2.7 Media 2.3 Electronic Equipment & Instruments 1.8 Construction & Engineering 1.6 Software 1.5 Diversified Telecommunication Services 1.4 Energy Equipment & Services 1.3 Specialty Retail 1.2 Building Products 1.1 Paper & Forest Products 0.9 Electrical Equipment 0.9% Road & Rail 0.9 Pharmaceuticals 0.8 Health Care Equipment & Supplies 0.8 Leisure Equipment & Products 0.8 Industrial Conglomerates 0.8 Textiles, Apparel & Luxury Goods 0.8 Multiline Retail 0.7 Diversified Consumer Services 0.6 Auto Components 0.6 IT Services 0.6 Life Sciences Tools & Services 0.5 Trading Companies & Distributors 0.5 Water Utilities 0.4 Communications Equipment 0.4 Commercial Services & Supplies 0.4 Beverages 0.3 Hotels, Restaurants & Leisure 0.2 Diversified Financial Services 0.1 Consumer Finance 0.1 Short Term Investments 0.7 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. 21 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE SMALL CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -7.20% -6.94% -7.15% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 1.69% 1.84% 1.90% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 22.81% 23.12% 23.57% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 1.69% 1.84% 1.90% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 10.04% 10.17% 10.26% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 22 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE SMALL CAP ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE SMALL WILSHIRE SMALL CAP ETF CAP INDEX (A) (B) -------------- -------------- 11/8/2005 10000.00 10000.00 10353.00 10356.00 12/31/05 10359.20 10366.40 11169.30 11183.20 11144.70 11159.70 11656.30 11676.40 11687.70 11710.30 11113.90 11136.50 11150.50 11176.60 10798.30 10826.80 11052.80 11085.50 11124.00 11158.70 11705.90 11747.90 12079.90 12127.30 12/31/06 12078.60 12127.30 12383.00 12437.80 12383.30 12440.30 12529.60 12589.50 12859.50 12925.70 13433.40 13507.30 13238.30 13310.10 12491.70 12560.80 12655.10 12726.60 12919.70 12996.40 13236.80 13317.40 12362.10 12437.10 12/31/07 12281.30 12357.80
23 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------- DESCRIPTION PLAINS EXPLORATION & STEEL CYPRESS HOLOGIC, INC. AGCO CORP. PRODUCTION CO. DYNAMICS, INC. SEMICONDUCTOR CORP. ------------------------------------------------------------------------------------------------------------- MARKET VALUE $43,174 31,135 30,294 28,772 27,563 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.5% 0.3 0.3 0.3 0.3 -------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------- Oil, Gas & Consumable Fuels 7.2% Real Estate Investment Trusts 5.4 Commercial Banks 4.5 Insurance 3.9 Commercial Services & Supplies 3.7 Health Care Equipment & Supplies 3.5 Machinery 3.4 Semiconductors & Semiconductor Equipment 3.3 Chemicals 3.2 Energy Equipment & Services 3.2 Software 3.1 Health Care Providers & Services 2.7 Biotechnology 2.6 Hotels, Restaurants & Leisure 2.5 Metals & Mining 2.5 Electronic Equipment & Instruments 2.4 Communications Equipment 2.3 Specialty Retail 2.2 IT Services 2.0 Gas Utilities 1.8 Media 1.8 Capital Markets 1.8 Electrical Equipment 1.7 Aerospace & Defense 1.6 Internet Software & Services 1.5 Life Sciences Tools & Services 1.4 Diversified Consumer Services 1.4 Electric Utilities 1.3 Food Products 1.3 Textiles, Apparel & Luxury Goods 1.3 Pharmaceuticals 1.2 Thrifts & Mortgage Finance 1.2 Multi-Utilities 1.1 Construction & Engineering 1.1 Household Durables 1.0 Road & Rail 0.9% Computers & Peripherals 0.9 Trading Companies & Distributors 0.8 Food & Staples Retailing 0.8 Diversified Telecommunication Services 0.7 Containers & Packaging 0.7 Auto Components 0.7 Diversified Financial Services 0.6 Building Products 0.6 Personal Products 0.6 Marine 0.5 Internet & Catalog Retail 0.5 Airlines 0.5 Industrial Conglomerates 0.4 Health Care Technology 0.4 Leisure Equipment & Products 0.4 Wireless Telecommunication Services 0.4 Multiline Retail 0.4 Consumer Finance 0.3 Real Estate Management & Development 0.3 Paper & Forest Products 0.3 Air Freight & Logistics 0.3 Beverages 0.3 Household Products 0.3 Water Utilities 0.2 Construction Materials 0.2 Distributors 0.2 Automobiles 0.1 Tobacco 0.1 Office Electronics 0.1 Transportation Infrastructure 0.1 Independent Power Producers & Energy Traders 0.1 Short Term Investments 0.6 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. 24 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap Growth ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/25/00, 9/29/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE SMALL CAP GROWTH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -3.83% -3.73% -3.82% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 7.89% 7.40% 8.05% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 32.99% 34.48% 34.85% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 126.77% 127.20% 142.45% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 1.17% 1.45% 24.47% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 7.89% 7.40% 8.05% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 9.97% 10.38% 10.48% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 17.79% 17.84% 19.38% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 0.16% 0.20% 3.06% ----------------------------------------------------------------------------------------------------
(1) Prior to November 1, 2005, the Fund's investment strategy sought to track the total return performance of an index different from the Dow Jones Wilshire Small Cap Growth Index. Performance of the Fund prior to November 1, 2005 is therefore based on the Fund's investment strategy to track the prior index. Future performance may vary from past results. (2) For the period September 25, 2000 to December 31, 2007. 25 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap Growth ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE SMALL WILSHIRE SMALL CAP GROWTH CAP GROWTH ETF (A) INDEX (B) -------------- -------------- 9/25/2000 10000.00 10000.00 9988.00 9993.49 9320.80 9132.37 7567.56 7350.12 12/3100 8019.34 7811.60 8628.81 8417.15 7390.58 7156.71 6585.00 6388.19 7498.60 7325.55 7690.56 7564.02 7893.44 7732.82 7235.13 7147.88 6709.13 6666.89 5499.48 5479.56 6113.77 6108.39 6808.90 6723.83 12/31/01 7307.31 7184.67 6996.75 6944.03 6308.27 6480.46 6824.29 7016.24 6427.12 6806.64 5970.79 6437.47 5396.40 5909.77 4598.81 5111.16 4535.81 5157.48 4090.39 4748.96 4368.13 5016.26 4884.01 5530.56 12/31/02 4461.54 5133.93 4396.85 4995.39 4283.85 4851.87 4338.25 4931.97 4744.31 5449.38 5252.90 6087.49 5341.15 6265.80 5665.36 6652.18 5972.71 7034.86 5865.14 6865.51 6392.41 7487.45 6595.05 7703.71 12/31/03 6605.61 7754.04 6845.39 8098.39 6916.58 8166.17 6943.56 8250.39 6702.61 7965.73 6809.86 8115.68 7006.66 8377.04 6582.76 7802.26 6505.74 7673.23 6735.39 8080.81 6883.57 8294.89 7307.60 8910.71 12/31/04 7607.21 9230.49 7401.13 8924.89 7575.58 9122.59 7393.00 8898.92 7086.20 8450.17 7478.06 9027.35 7645.57 9317.72 8105.83 9861.10 8013.43 9755.03 8054.30 9877.99 7802.20 9545.18 8228.98 10069.70 12/31/05 8270.94 10123.70 8952.47 10961.80 8926.51 10930.80 9414.79 11535.10 9430.79 11559.60 8824.39 10818.70 8792.63 10780.00 8389.57 10289.40 8583.62 10531.60 8642.51 10608.50 9139.54 11223.80 9420.85 11573.20 12/31/06 9375.91 11519.30 9650.53 11859.90 9663.66 11877.20 9808.32 12058.30 10105.40 12427.80 10598.30 13037.70 10518.10 12942.00 10036.50 12352.90 10168.90 12518.50 10479.20 12902.70 10860.80 13372.20 10102.00 12440.40 12/31/07 10117.00 12447.10
26 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap Growth ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION PLAINS EXPLORATION & CYPRESS THE NASDAQ AK STEEL HOLOGIC, INC. PRODUCTION CO. SEMICONDUCTOR CORP. STOCK MARKET, INC. HOLDING CORP. -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $788,399 555,876 502,871 482,874 471,741 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.9% 0.6 0.6 0.5 0.5 --------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 8.6% Health Care Equipment & Supplies 5.8 Semiconductors & Semiconductor Equipment 5.7 Software 5.0 Commercial Services & Supplies 4.9 Biotechnology 4.9 Energy Equipment & Services 4.6 Health Care Providers & Services 4.1 Communications Equipment 3.9 Hotels, Restaurants & Leisure 3.5 Electronic Equipment & Instruments 3.2 IT Services 2.9 Internet Software & Services 2.8 Specialty Retail 2.5 Machinery 2.5 Life Sciences Tools & Services 2.1 Diversified Consumer Services 2.0 Aerospace & Defense 1.9 Media 1.8 Electrical Equipment 1.5 Pharmaceuticals 1.5 Textiles, Apparel & Luxury Goods 1.3 Chemicals 1.2 Metals & Mining 1.2 Real Estate Investment Trusts 1.1 Computers & Peripherals 1.1 Diversified Telecommunication Services 1.1 Insurance 1.0 Capital Markets 1.0 Internet & Catalog Retail 1.0 Personal Products 1.0 Commercial Banks 0.9 Airlines 0.8 Health Care Technology 0.8% Construction & Engineering 0.8 Diversified Financial Services 0.7 Wireless Telecommunication Services 0.7 Household Durables 0.6 Road & Rail 0.6 Trading Companies & Distributors 0.6 Real Estate Management & Development 0.6 Food & Staples Retailing 0.5 Food Products 0.5 Consumer Finance 0.4 Air Freight & Logistics 0.4 Auto Components 0.4 Marine 0.4 Household Products 0.4 Containers & Packaging 0.4 Automobiles 0.3 Beverages 0.3 Industrial Conglomerates 0.3 Distributors 0.3 Electric Utilities 0.3 Construction Materials 0.2 Leisure Equipment & Products 0.2 Thrifts & Mortgage Finance 0.2 Building Products 0.2 Office Electronics 0.2 Multiline Retail 0.1 Independent Power Producers & Energy Traders 0.1 Gas Utilities 0.0** Short Term Investments 1.9 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. ** Amount represents less than 0.05% of the net assets. 27 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap Value ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/25/00, 9/29/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE SMALL CAP VALUE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -10.55% -10.30% -10.57% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -4.22% -4.34% -4.13% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 21.35% 21.91% 21.18% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 104.56% 105.16% 112.85% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 158.73% 159.39% 134.69% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -4.22% -4.34% -4.13% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 (1) 6.66% 6.83% 6.61% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 (1) 15.39% 15.46% 16.31% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 13.97% 14.01% 12.45% ----------------------------------------------------------------------------------------------------
(1) Prior to November 1, 2005, the Fund's investment strategy sought to track the total return performance of an index different from the Dow Jones Wilshire Small Cap Value Index. Performance of the Fund prior to November 1, 2005 is therefore based on the Fund's investment strategy to track the prior index. Future performance may vary from past results. (2) For the period September 25, 2000 to December 31, 2007. 28 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap Value ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE SMALL CAP VALUE ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
DOW JONES SPDR DJ WILSHIRE SMALL WILSHIRE SMALL CAP CAP VALUE VALUE INDEX ETF (A) (B) -------------- -------------- 9/25/2000 10000.00 10000.00 10194.70 10153.90 10249.10 10065.40 10233.70 9699.17 12/31/00 11575.10 10713.60 11598.90 10990.30 11740.20 10890.20 11449.20 10568.90 11964.50 11122.30 12425.50 11480.20 12668.70 11766.10 12790.30 11637.40 12735.30 11548.10 11503.80 10323.80 11667.20 10664.30 12417.40 11431.00 12/31/01 13002.20 12076.70 13228.50 12127.20 13527.40 12177.70 14477.00 13097.20 14872.30 13373.80 14597.10 12965.30 14131.50 12517.30 12872.40 11090.50 13077.00 11175.10 12165.60 10463.60 12237.30 10575.70 12781.90 11356.40 12/31/02 12649.00 11025.90 12261.90 10733.00 11897.80 10454.90 11929.90 10520.20 13171.80 11569.40 14423.10 12624.20 14636.50 12838.60 15174.30 13455.20 15641.80 13970.90 15393.00 13865.60 16572.10 14943.60 17291.30 15559.90 12/31/03 18076.30 16192.10 18647.50 16727.70 19190.20 17001.30 19359.00 17190.90 18067.80 16233.60 18405.70 16538.40 19158.40 17336.30 18145.00 16521.00 18342.70 16633.60 18982.90 17151.80 19318.90 17447.60 20775.60 18831.20 12/31/04 21319.90 19366.50 20252.60 18576.50 20617.90 18951.20 20255.50 18549.20 19202.20 17689.80 20362.00 18644.10 21074.70 19352.80 22444.50 20565.30 22260.50 20185.10 22302.80 20221.50 21671.60 19575.80 22642.50 20459.00 12/31/05 22572.30 20393.50 24254.00 21921.00 24217.60 21892.30 25125.70 22721.40 25211.20 22803.60 24343.90 22020.50 24587.30 22247.30 24135.70 21845.30 24714.20 22374.50 24859.00 22508.20 26037.80 23584.60 26897.10 24371.00 12/31/06 27010.90 24480.40 27590.30 25015.20 27556.00 24989.10 27798.80 25206.20 28420.70 25778.00 29574.30 26831.90 28934.00 26241.60 26978.90 24468.30 27321.00 24784.10 27625.60 25064.00 27963.50 25376.60 26221.10 23793.30 12/31/07 25873.00 23469.00
29 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Wilshire Small Cap Value ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------ DESCRIPTION STEEL CF INDUSTRIES EXTERRAN THE SHAW AGCO CORP. DYNAMICS, INC. HOLDINGS, INC. HOLDINGS, INC. GROUP, INC. ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $685,918 634,957 601,038 595,668 505,943 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 0.7% 0.7 0.6 0.6 0.5 ------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Real Estate Investment Trusts 10.2% Commercial Banks 8.4 Insurance 7.2 Oil, Gas & Consumable Fuels 5.5 Chemicals 5.3 Machinery 4.5 Gas Utilities 3.8 Metals & Mining 3.8 Electric Utilities 2.6 Capital Markets 2.6 Commercial Services & Supplies 2.4 Multi-Utilities 2.3 Thrifts & Mortgage Finance 2.2 Food Products 2.1 Specialty Retail 2.0 Electrical Equipment 2.0 Media 1.8 Electronic Equipment & Instruments 1.6 Energy Equipment & Services 1.6 Household Durables 1.5 Road & Rail 1.4 Construction & Engineering 1.4 Hotels, Restaurants & Leisure 1.3 Textiles, Apparel & Luxury Goods 1.2 Aerospace & Defense 1.2 Health Care Providers & Services 1.2 Food & Staples Retailing 1.2 Trading Companies & Distributors 1.1 IT Services 1.0 Containers & Packaging 1.0 Health Care Equipment & Supplies 1.0 Auto Components 0.9 Building Products 0.9 Software 0.9 Pharmaceuticals 0.9% Semiconductors & Semiconductor Equipment 0.7 Multiline Retail 0.7 Paper & Forest Products 0.7 Diversified Consumer Services 0.7 Communications Equipment 0.6 Computers & Peripherals 0.6 Industrial Conglomerates 0.6 Leisure Equipment & Products 0.6 Life Sciences Tools & Services 0.6 Marine 0.6 Water Utilities 0.5 Diversified Financial Services 0.5 Diversified Telecommunication Services 0.3 Tobacco 0.3 Consumer Finance 0.3 Air Freight & Logistics 0.2 Construction Materials 0.2 Beverages 0.2 Transportation Infrastructure 0.2 Airlines 0.1 Household Products 0.1 Personal Products 0.1 Biotechnology 0.1 Internet Software & Services 0.1 Real Estate Management & Development 0.1 Wireless Telecommunication Services 0.1 Distributors 0.0** Automobiles 0.0** Short Term Investments 1.2 Other Assets & Liabilities (1.0) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 30 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Global Titans ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/25/00, 9/29/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdretfs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The total expense ratio for SPDR DJ Global Titans ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2007 is 0.50%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES GLOBAL VALUE VALUE TITANS 50 INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 0.67% 1.01% 0.74% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 5.95% 6.23% 6.33% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 30.65% 31.17% 32.58% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 75.17% 76.07% 79.86% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 6.95% 7.34% 11.26% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES GLOBAL VALUE VALUE TITANS 50 INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 5.95% 6.23% 6.33% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 9.32% 9.47% 9.86% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 11.86% 11.98% 12.46% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 0.93% 0.98% 1.47% ----------------------------------------------------------------------------------------------------
(1) For the period September 25, 2000 to December 31, 2007. 31 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Global Titans ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ GLOBAL TITANS ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
DOW JONES SPDR DJ GLOBAL TITANS GLOBAL TITANS 50 INDEX ETF (A) (B) ------------- ------------- 9/25/2000 10000.00 10000.00 9982.00 9998.00 10110.80 10137.00 9346.39 9375.69 12/31/00 9147.32 9179.73 9502.23 9538.66 8601.42 8636.30 8106.84 8142.31 8814.80 8858.02 8701.97 8749.06 8446.14 8453.34 8300.86 8346.83 7798.66 7845.19 7377.53 7422.33 7550.90 7600.47 7939.78 7994.93 12/31/01 7966.77 8026.11 7673.59 7734.76 7514.75 7578.52 7787.54 7856.65 7211.26 7276.05 7201.88 7268.04 6764.73 6833.41 6265.49 6329.79 6263.61 6332.32 5547.06 5611.07 6168.33 6245.12 6510.67 6594.85 12/31/02 6105.70 6185.97 5904.22 5983.69 5765.47 5844.27 5821.97 5905.63 6319.75 6412.34 6588.34 6688.07 6682.55 6789.06 6725.52 6837.26 6725.79 6839.99 6812.48 6932.33 7048.88 7176.35 7153.90 7287.59 12/31/03 7628.92 7776.58 7729.63 7883.12 7803.83 7964.32 7604.05 7762.82 7569.83 7728.66 7624.34 7788.18 7716.59 7888.64 7540.65 7711.94 7590.42 7763.61 7590.42 7767.49 7683.02 7859.92 7928.88 8128.73 12/31/04 8185.78 8392.10 8009.70 8215.03 8288.12 8515.70 8082.57 8302.81 8038.12 8255.48 8136.18 8362.80 8081.67 8315.97 8254.62 8498.09 8285.16 8532.93 8405.30 8657.51 8237.19 8489.56 8388.75 8649.16 12/31/05 8423.15 8690.68 8653.10 8929.67 8613.30 8890.38 8747.66 9037.96 8996.97 9299.16 8758.55 9051.80 8799.72 9096.15 9070.57 9379.95 9351.12 9677.30 9441.27 9774.07 9710.25 10056.50 9886.88 10243.60 12/31/06 10093.50 10463.80 10143.30 10521.40 9834.11 10200.50 9942.48 10321.90 10391.80 10790.50 10648.60 11063.50 10623.30 11043.60 10385.70 10795.10 10529.70 10947.30 10970.50 11415.80 11183.30 11638.50 10799.30 11238.10 12/31/07 10695.00 11126.00
32 (streetTRACKS (R) semi-annual report LOGO) SPDR DJ Global Titans ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON GENERAL MOBIL CORP. ELECTRIC CO. MICROSOFT CORP. AT&T, INC. BP PLC ADR ------------------------------------------------------------------------------------------------------------- MARKET VALUE $12,821,665 9,386,791 7,437,694 6,335,032 5,782,845 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 6.8% 5.0 3.9 3.3 3.1 -------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 19.7% Pharmaceuticals 13.5 Commercial Banks 7.9 Diversified Financial Services 7.6 Diversified Telecommunication Services 6.8 Industrial Conglomerates 6.8 Communications Equipment 4.2 Software 3.9 Computers & Peripherals 3.7 Beverages 3.3 Household Products 3.0 Insurance 3.0 Semiconductors & Semiconductor Equipment 2.9 Wireless Telecommunication Services 2.6 Food Products 2.4 Automobiles 2.1 Tobacco 2.1 Capital Markets 1.9 Food & Staples Retailing 1.6 Media 0.8 Short Term Investments 0.5 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. 33 (streetTRACKS (R) semi-annual report LOGO) DJ Wilshire REIT ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/23/01, 4/27/01, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR DJ WILSHIRE REIT ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES VALUE VALUE WILSHIRE REIT INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -12.39% -12.56% -12.32% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -17.69% -17.92% -17.55% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 26.75% 26.58% 27.60% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 127.83% 126.94% 131.37% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 167.35% 166.74% 173.00% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES VALUE VALUE WILSHIRE REIT INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -17.69% -17.92% -17.55% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 8.22% 8.17% 8.46% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 17.90% 17.81% 18.27% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 15.83% 15.79% 16.04% ----------------------------------------------------------------------------------------------------
(1) For the period April 23, 2001 to December 31, 2007. 34 (streetTRACKS (R) semi-annual report LOGO) DJ Wilshire REIT ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT DJ WILSHIRE REIT ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
DJ WILSHIRE DOW JONES REIT ETF WILSHIRE REIT (A) INDEX (B) ----------- ------------- 4/23/2001 10000.00 10000.00 10259.10 10252.00 10504.60 10502.20 11121.60 11123.90 10898.10 10900.30 11325.30 11334.10 10848.50 10857.00 10461.20 10470.40 11086.80 11102.90 12/31/01 11364.00 11389.30 11316.20 11344.90 11559.50 11593.30 12300.50 12342.30 12360.80 12411.40 12515.30 12577.70 12848.20 12909.80 12155.70 12211.30 12163.00 12222.30 11683.70 11737.10 11057.50 11108.00 11581.60 11639.00 12/31/02 11733.30 11797.30 11391.90 11454.00 11595.80 11662.40 11871.80 11945.80 12324.10 12405.70 13016.70 13107.90 13286.20 13391.00 13985.00 14103.40 14097.20 14220.50 14579.50 14721.00 14787.90 14938.90 15435.70 15597.70 12/31/03 15894.10 16065.60 16525.10 16708.30 16796.10 16985.60 17797.10 18006.50 15202.30 15370.30 16362.30 16543.10 16833.50 17029.40 16912.60 17116.30 18301.10 18528.40 18211.40 18439.40 19213.10 19462.80 20062.30 20334.80 12/31/04 21091.50 21390.10 19241.30 19512.10 19841.30 20124.80 19565.50 19849.10 20712.00 21020.20 21387.30 21711.70 22495.10 22847.20 24200.20 24590.50 23266.10 23646.20 23377.80 23747.90 22889.20 23244.40 23942.10 24323.00 12/31/05 23966.00 24347.30 25830.60 26256.10 26378.20 26818.00 27720.90 28191.10 26670.20 27125.50 25920.80 26374.10 27385.30 27874.80 28357.80 28864.30 29297.00 29834.20 29861.80 30415.90 31733.60 32332.10 33241.60 33874.40 12/31/06 32479.30 33108.80 35348.20 36058.80 34554.30 35251.10 33670.40 34348.70 33648.90 34334.90 33665.40 34359.00 30515.30 31132.70 28111.60 28688.80 29755.80 30384.30 30891.30 31572.30 31249.00 31935.40 28211.60 28831.20 12/31/07 26735.00 27300.00
35 (streetTRACKS (R) semi-annual report LOGO) DJ Wilshire REIT ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------ DESCRIPTION SIMON PROPERTY VORNADO BOSTON EQUITY GROUP, INC. PROLOGIS REALTY TRUST PROPERTIES, INC. RESIDENTIAL ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $95,316,777 79,785,976 61,336,506 53,650,000 48,553,787 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 7.7% 6.5 5.0 4.3 3.9 ------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Retail REIT's 28.0% Specialized REIT's 21.7 Office REIT's 17.3 Residential REIT's 14.9 Industrial REIT's 10.8 Diversified REIT's 7.3 Short Term Investments 0.1 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. 36 (streetTRACKS (R) semi-annual report LOGO) KBW Bank ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR KBW BANK ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE BANK INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -19.82% -19.82% -19.94% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -21.81% -21.83% -21.81% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -5.44% -5.51% -4.96% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE BANK INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -21.81% -21.83% -21.81% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -2.57% -2.60% -2.32% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 37 (streetTRACKS (R) semi-annual report LOGO) KBW Bank ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT KBW BANK ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
KBW BANK KBW BANK ETF (A) INDEX (B) -------- --------- 11/8/2005 10000.00 10000.00 10349.00 10351.00 12/31/05 10379.00 10388.30 10359.30 10371.60 10681.50 10697.30 10696.40 10718.70 11396.00 11425.10 11006.20 11035.50 10889.60 10920.70 11278.80 11316.00 11253.60 11294.50 11567.20 11615.30 11655.60 11707.10 11576.50 11631.00 12/31/06 12091.60 12155.50 12163.50 12232.10 11951.80 12021.70 11795.00 11873.80 12054.60 12133.90 12197.10 12283.10 11791.50 11870.40 11008.20 11084.60 11156.00 11219.80 11183.00 11251.20 10935.40 11001.50 10319.20 10382.10 12/31/07 9456.00 9504.00
38 (streetTRACKS (R) semi-annual report LOGO) KBW Bank ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION BANK OF JPMORGAN WELLS FARGO & CO. AMERICA CORP. CHASE & CO. CITIGROUP, INC. WACHOVIA CORP. ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $31,266,696 30,453,758 27,879,517 27,678,693 25,699,533 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.7% 8.5 7.8 7.7 7.2 -------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Regional Banks 33.0% Other Diversified Financial Services 23.9 Diversified Banks 22.6 Asset Management & Custody Banks 12.4 Thrifts and Mortgage Finance 4.3 Consumer Finance 3.4 Short Term Investments 1.4 Other Assets & Liabilities (1.0) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 39 [streetTRACKS (R) semi-annual report LOGO] KBW Capital Markets ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR KBW CAPITAL MARKETS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW CAPITAL VALUE VALUE MARKETS INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -1.95% -1.50% -1.84% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 0.94% 1.10% 1.26% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 33.47% 33.86% 34.51% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW CAPITAL VALUE VALUE MARKETS INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 0.94% 1.10% 1.26% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 14.39% 14.54% 14.66% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 40 (streetTRACKS (R) semi-annual report LOGO) KBW Capital Markets ETF--PORTFOLIO SUMMARY COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT KBW CAPITAL MARKETS ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
KBW CAPITAL KBW CAPITAL MARKETS ETF MARKETS INDEX (A) (B) ----------- ------------- 11/8/2005 10000.00 10000.00 10275.00 10277.00 12/31/05 10293.50 10297.50 11191.10 11203.70 11492.10 11509.60 11761.00 11783.50 11862.20 11888.40 11148.10 11173.90 11055.60 11082.30 11213.30 11244.10 11342.90 11377.90 12244.30 12285.90 12773.30 12822.70 12982.90 13038.20 12/31/06 13223.80 13283.30 13845.80 13912.90 13117.80 13186.70 13075.60 13145.80 13591.70 13669.00 14170.90 14263.60 13613.60 13703.00 12811.60 12897.30 12397.30 12474.30 13084.60 13174.00 14135.00 14237.20 13210.00 13307.50 12/31/07 13347.00 13451.00
41 (streetTRACKS (R) semi-annual report LOGO) KBW Capital Market ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------------------ DESCRIPTION THE GOLDMAN MERRILL LYNCH & LEHMAN BROTHERS CME GROUP, INC. MORGAN STANLEY SACHS GROUP, INC. CO., INC. HOLDINGS, INC. ------------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $13,536,838 13,154,338 12,579,565 11,758,014 10,197,646 ------------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 8.6% 8.3 8.0 7.5 6.5 ------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Investment Banking & Brokerage 52.9% Specialized Finance 24.7 Asset Management & Custody Banks 22.3 Short Term Investments 0.3 Other Assets & Liabilities (0.2) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 42 (streetTRACKS (R) semi-annual report LOGO) KBW Insurance ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR KBW INSURANCE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE INSURANCE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -9.99% -9.38% -9.84% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -5.81% -5.11% -5.49% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 4.75% 5.36% 5.56% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE INSURANCE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -5.81% -5.11% -5.49% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 2.18% 2.46% 2.53% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 43 (streetTRACKS (R) semi-annual report LOGO) KBW Insurance ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT KBW INSURANCE ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
KBW INSURANCE KBW INSURANCE ETF (A) INDEX (B) ------------- ------------- 11/8/05 10000.00 10000.00 10254.00 10257.00 12/31/05 10093.00 10098.00 9913.36 9920.29 10031.30 10041.30 9847.75 9858.57 10302.70 10320.00 9980.24 9999.00 9906.39 9928.00 9893.41 9918.08 10095.30 10124.40 10429.30 10462.50 10553.50 10589.10 10778.30 10818.90 12/31/06 11120.70 11168.40 11053.90 11104.70 11043.90 11096.90 11057.40 11113.60 11645.90 11710.40 11943.30 12012.50 11636.10 11706.20 10643.50 10708.80 10778.30 10848.00 11291.30 11370.90 10908.10 10987.70 10716.50 10797.60 12/31/07 10475.00 10556.00
44 (streetTRACKS (R) semi-annual report LOGO) KBW Insurance ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION PRUDENTIAL AMERICAN INTERNATIONAL THE TRAVELERS FINANCIAL, INC. METLIFE, INC. GROUP, INC. THE ALLSTATE CORP. COS., INC. -------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $7,410,450 7,155,992 6,615,593 5,766,767 5,747,239 -------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.8% 8.5 7.8 6.8 6.8 --------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Property & Casualty Insurance 38.3% Life & Health Insurance 34.3 Multi-Line Insurance 14.7 Insurance Brokers 8.8 Reinsurance 2.6 Thrifts & Mortgage Finance 1.1 Short Term Investments 0.7 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. 45 (streetTRACKS (R) semi-annual report LOGO) Morgan Stanley Technology ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/25/00, 9/29/00, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR MORGAN STANLEY TECHNOLOGY ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.50%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET MORGAN STANLEY VALUE VALUE TECHNOLOGY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 0.03% 0.41% 0.24% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 9.73% 10.04% 10.24% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 22.82% 23.36% 24.67% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 116.02% 117.26% 121.52% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -36.43% -36.16% -34.49% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET MORGAN STANLEY VALUE VALUE TECHNOLOGY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 9.73% 10.04% 10.24% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/07 7.09% 7.25% 7.63% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/07 16.65% 16.79% 17.24% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -6.04% -5.99% -5.61% ----------------------------------------------------------------------------------------------------
(1) For the period September 25, 2000 to December 31, 2007. 46 (streetTRACKS (R) semi-annual report LOGO) Morgan Stanley Technology ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT MORGAN STANLEY TECHNOLOGY ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
MORGAN STANLEY MORGAN STANLEY TECHNOLOGY ETF TECHNOLOGY INDEX (A) (B) -------------- ---------------- 9/25/00 10000.00 10000.00 9725.00 9725.00 9484.79 9488.68 7242.59 7247.46 12/31/00 6875.75 6834.35 8096.20 8052.23 6106.15 6074.60 5391.12 5365.09 6244.82 6217.60 5851.40 5828.38 5947.95 5933.29 5599.40 5582.04 4921.31 4908.29 3839.11 3829.94 4533.61 4524.69 5271.68 5264.02 12/31/01 5203.15 5198.75 5161.52 5160.28 4339.29 4340.31 4663.00 4665.83 4091.32 4095.67 3956.31 3962.15 3404.40 3410.22 3072.47 3079.09 3002.11 3010.12 2443.72 2451.14 2979.38 2990.14 3499.58 3513.42 12/31/02 2943.50 2957.60 2951.45 2967.06 2947.02 2963.80 2941.13 2959.35 3244.65 3266.24 3753.41 3777.73 3750.03 3777.73 3945.07 3975.68 4303.72 4340.25 4207.27 4243.46 4631.79 4673.75 4739.71 4785.45 12/31/03 4858.20 4907.96 5141.43 5196.55 5055.57 5110.81 4969.63 5026.99 4654.05 4708.78 4837.89 4896.66 5029.47 5092.53 4469.19 4526.75 4302.93 4359.71 4546.05 4608.21 4675.16 4740.93 4965.48 5037.24 12/31/04 5177.01 5254.34 4828.08 4902.30 4822.29 4897.89 4642.42 4717.16 4451.61 4526.11 4883.42 4968.32 4815.05 4900.75 5102.03 5195.77 5060.70 5155.24 5163.94 5262.99 5090.10 5190.36 5392.45 5500.22 12/31/05 5323.97 5432.57 5514.56 5629.23 5404.82 5519.46 5588.59 5710.43 5546.11 5669.32 5119.62 5235.62 5036.68 5152.89 4764.10 4875.67 5188.20 5312.53 5416.42 5548.93 5638.55 5779.22 5866.57 6015.59 12/31/06 5794.00 5943.40 5768.57 5919.62 5755.71 5908.97 5673.23 5826.24 6051.12 6217.77 6287.72 6463.37 6355.63 6535.76 6381.56 6565.82 6495.21 6682.04 6820.43 7019.48 6972.59 7179.53 6295.20 6484.55 12/31/07 6357.78 6551.99
47 (streetTRACKS (R) semi-annual report LOGO) Morgan Stanley Technology ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------------- DESCRIPTION INFOSYS APPLE, INC. AMAZON.COM, INC. ADOBE SYSTEMS, INC. TECHNOLOGIES, LTD. ADR -------------------------------------------------------------------------------------------------------------- MARKET VALUE $7,883,386 7,838,270 7,825,102 7,765,269 -------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.0% 2.9 2.9 2.9 -------------------------------------------------------------------------------------------------------------- ---------------------------------------------- DESCRIPTION TELEFONAKTIEBOLAGET LM ERICSSON (CLASS B) ADR ---------------------------------------------- MARKET VALUE 7,743,117 ---------------------------------------------- % OF NET ASSETS 2.9 ----------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Software 20.2% Communications Equipment 19.8 Semiconductors & Semiconductor Equipment 17.2 Computers & Peripherals 17.1 IT Services 11.4 Internet & Software & Services 8.5 Internet & Catalog Retail 2.9 Electronic Equipment & Instruments 2.9 Short Term Investments 0.0** Other Assets & Liabilities 0.0** ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 48 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Dividend ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P DIVIDEND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HIGH YIELD DIVIDEND VALUE VALUE ARISTOCRATS INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -8.80% -8.56% -8.82% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -6.39% -6.06% -6.29% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 12.09% 12.74% 12.46% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HIGH YIELD DIVIDEND VALUE VALUE ARISTOCRATS INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -6.39% -6.06% -6.29% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 5.46% 5.74% 5.57% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2007. 49 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Dividend ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P DIVIDEND ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
S&P HIGH SPDR S&P YIELD DIVIDEND DIVIDEND ETF ARISTOCRATS INDEX (A) (B) ------------ ----------------- 11/8/05 10000.00 10000.00 10176.00 10178.00 12/31/05 10170.90 10170.90 10404.80 10407.90 10487.00 10492.20 10538.40 10545.70 10761.80 10757.60 10567.00 10565.10 10617.80 10616.80 10899.50 10902.40 11149.40 11156.50 11301.00 11311.50 11669.10 11683.70 11748.10 11766.60 12/31/06 11976.40 12000.80 12078.30 12106.40 12117.20 12147.60 12131.70 12165.80 12490.20 12530.80 12773.90 12816.50 12293.30 12333.30 11667.90 11708.00 11991.30 12035.80 11923.40 11972.00 11863.90 11915.80 11495.40 11548.80 12/31/07 11209.00 11246.20
50 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Dividend ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------- DESCRIPTION FIRSTMERIT CORP. COMERICA, INC. KEYCORP REGIONS FINANCIAL CORP. -------------------------------------------------------------------------------------------------------- MARKET VALUE $7,554,395 7,379,032 7,171,291 7,167,014 -------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.2% 3.1 3.0 3.0 -------------------------------------------------------------------------------------------------------- ---------------------------------------------------------- DESCRIPTION INTEGRYS ENERGY GROUP, INC. ---------------------------------------------------------- MARKET VALUE 7,142,266 ---------------------------------------------------------- % OF NET ASSETS 3.0 ----------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 28.6% Multi-Utilities 10.3 Gas Utilities 7.9 Pharmaceuticals 7.2 Chemicals 6.9 Commercial Services & Supplies 5.2 Household Durables 3.7 Insurance 3.3 Household Products 3.2 Diversified Financial Services 3.0 Industrial Conglomerates 3.0 Media 2.8 Beverages 2.7% Containers & Packaging 2.0 Textiles, Apparel & Luxury Goods 1.7 Hotels, Restaurants & Leisure 1.5 Computers & Peripherals 1.4 IT Services 1.4 Health Care Equipment & Supplies 1.3 Water Utilities 1.3 Electrical Equipment 1.2 Short Term Investments 2.5 Other Assets & Liabilities (2.1) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 51 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Biotech ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/31/06, 2/6/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P BIOTECH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P BIOTECHNOLOGY VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 16.67% 16.69% 16.89% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 29.10% 29.26% 29.63% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 19.95% 20.05% 20.90% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P BIOTECHNOLOGY VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 29.10% 29.26% 29.63% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 9.95% 10.00% 10.41% ----------------------------------------------------------------------------------------------------
(1) For the period January 31, 2006 to December 31, 2007. 52 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Biotech ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P BIOTECH ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR S&P S&P BIOTECHNOLOGY BIOTECH ETF SELECT INDUSTRY (A) INDEX (B) ----------- ----------------- 1/31/06 10000.00 10000.00 10730.00 10733.00 10130.20 10144.80 9646.98 9662.95 9058.52 9076.41 9241.50 9262.48 9039.94 9063.33 9337.45 9364.24 9161.16 9190.06 10189.20 10224.90 10176.80 10214.60 12/31/06 9291.41 9325.96 9630.64 9670.09 9691.89 9734.88 9726.00 9771.87 10604.40 10663.10 10844.30 10907.30 10282.00 10342.30 10187.90 10251.30 11233.00 11306.10 11713.50 11793.40 12227.80 12315.80 12256.40 12347.90 12/31/07 11995.60 12090.60
53 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Biotech ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION REGENERON ALEXION GILEAD PHARMACEUTICALS, INC. PHARMION CORP. PHARMACEUTICALS, INC. SCIENCES, INC. -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $9,784,445 9,755,872 9,650,509 9,625,476 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.6% 3.6 3.5 3.5 -------------------------------------------------------------------------------------------------------------------- ---------------------------------------------- DESCRIPTION GENENTECH, INC. ---------------------------------------------- MARKET VALUE 9,615,222 ---------------------------------------------- % OF NET ASSETS 3.5 ----------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Biotechnology 100.0% Short Term Investments 0.1 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. 54 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Homebuilders ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/31/06, 2/6/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P HOMEBUILDERS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HOMEBUILDERS SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -35.93% -36.03% -36.16% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -47.65% -47.46% -47.74% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -58.09% -57.84% -58.09% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HOMEBUILDERS SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -47.65% -47.46% -47.74% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -36.46% -36.26% -36.47% ----------------------------------------------------------------------------------------------------
(1) For the period January 31, 2006 to December 31, 2007. 55 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Homebuilders ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P HOMEBUILDERS ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR S&P S&P HOMEBUILDERS HOMEBUILDERS ETF SELECT INDUSTRY (A) INDEX (B) ---------------- ---------------- 1/31/06 10000.00 10000.00 9531.00 9533.00 9507.17 9510.12 9052.73 9057.44 7836.95 7841.93 7229.58 7231.83 6633.14 6635.93 6707.44 6712.24 7034.82 7038.45 7342.53 7348.85 7915.69 7926.47 12/31/06 8006.48 8020.79 8227.06 8244.57 7655.11 7672.40 7000.52 7021.78 7351.74 7376.38 7665.14 7693.57 6541.74 6564.92 5722.52 5742.99 5381.40 5401.28 4622.51 4607.29 4811.02 4804.03 4065.31 4060.36 12/31/07 4191.05 4191.11
56 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Homebuilders ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------------ DESCRIPTION CAVCO INDUSTRIES, INC. AVATAR HOLDINGS, INC. LENNAR CORP. (CLASS A) SKYLINE CORP. ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $17,950,597 16,242,428 15,791,074 15,653,822 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 5.7% 5.2 5.0 5.0 ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------ DESCRIPTION PULTE HOMES, INC. ------------------------------------------------ MARKET VALUE 15,604,249 ------------------------------------------------ % OF NET ASSETS 5.0 ------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Homebuilding 80.7% Home Improvement Retail 14.3 Home Furnishings 4.8 Short Term Investments 2.1 Other Assets and Liabilities (1.9) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 57 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Metals & Mining ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P METALS & MINING ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P METALS & MINING SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 11.46% 11.39% 11.53% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 42.58% 42.37% 42.99% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 62.39% 62.45% 63.17% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P METALS & MINING SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 42.58% 42.37% 42.99% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 37.09% 37.12% 36.24% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2007. 58 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Metals & Mining ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P METALS & MINING ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
S&P SPDR S&P METALS & MINING METAL & MINING SELECT INDUSTRY ETF (A) INDEX (B) --------------- -------------- 6/19/06 10000.00 10000.00 11570.00 11571.00 10563.40 10567.80 10227.50 10234.90 9605.66 9614.67 11003.30 11018.40 12058.50 12080.60 12/31/06 11389.30 11411.30 12244.60 12274.00 12538.50 12572.30 13308.30 13353.00 14455.50 14509.40 15374.90 15438.00 14569.20 14630.60 13826.20 13887.30 13454.30 13512.40 14849.50 14915.00 15986.90 16063.40 15569.70 15642.60 12/31/07 16239.20 16317.30
59 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Metals & Mining ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION COEUR 'D UNITED STATES STEEL AK STEEL ALENE MINES CORP. STEEL CORP. DYNAMICS, INC. ARCH COAL, INC. HOLDING CORP. --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $12,750,016 12,271,881 12,197,672 12,044,610 11,992,483 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.5% 4.4 4.3 4.3 4.3 ---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Steel 41.6% Coal & Consumable Fuels 24.9 Precious Metals & Minerals 12.8 Diversified Metals & Mining 12.2 Aluminum 4.2 Gold 4.2 Short Term Investments 0.3 Other Assets and Liabilities (0.2) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 60 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Oil & Gas Equipment & Services ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P OIL & GAS EQUIPMENT & VALUE VALUE SERVICES SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 10.34% 10.71% 10.44% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 38.79% 39.51% 39.27% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 45.83% 46.46% 46.61% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P OIL & GAS EQUIPMENT & VALUE VALUE SERVICES SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 38.79% 39.51% 39.27% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 27.82% 28.18% 27.33% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2007. 61 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Oil & Gas Equipment & Services ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
S&P SPDR OIL & OIL OIL & GAS EQUIPMENT & EQUIPMENT & SERVICES SELECT SERVICES ETF INDUSTRY INDEX (A) (B) --------------- --------------- 6/19/06 10000.00 10000.00 11098.00 11099.00 10866.00 10870.40 10200.00 10207.30 9604.28 9614.23 10049.90 10062.30 11014.70 11032.30 12/31/06 10506.90 10525.90 10415.50 10443.80 10530.10 10560.70 11257.70 11295.80 11968.10 12013.00 12884.80 12938.00 13214.70 13273.20 13292.70 13359.40 13400.30 13458.30 14266.00 14334.40 14110.50 14182.50 13568.70 13635.00 12/31/07 14583.20 14661.40
62 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Oil & Gas Equipment & Services ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------------------ DESCRIPTION PRIDE HELMERICH & INTERNATIONAL, INC. SCHLUMBERGER, LTD. NOBLE CORP. PAYNE, INC. ROWAN COS., INC. ------------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $9,063,267 8,831,757 8,778,659 8,727,166 8,651,526 ------------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 4.6% 4.5 4.5 4.4 4.4 ------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------- Oil & Gas Equipment & Services 56.3% Oil & Gas Drilling 39.3 Oil & Gas Exploration & Production 4.3 Short Term Investments 0.4 Other Assets and Liabilities (0.3) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 63 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Oil & Gas Exploration & Production ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- S&P OIL & GAS NET EXPLORATION & ASSET MARKET PRODUCTION SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 13.56% 14.04% 13.77% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 36.90% 37.49% 37.36% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 54.67% 55.14% 55.39% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- S&P OIL & GAS NET EXPLORATION & ASSET MARKET PRODUCTION SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 36.90% 37.49% 37.36% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 32.81% 33.07% 32.10% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2007. 64 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Oil & Gas Exploration & Production ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR S&P OIL & GAS OIL & GAS EXPLORATION & EXPLORATION & PRODUCTION SELECT PRODUCTION ETF INDUSTRY INDEX (A) (B) ---------------- ------------------ 6/19/06 10000.00 10000.00 11574.00 11575.00 11894.60 11900.30 11430.70 11436.20 10534.50 10538.40 11110.80 11119.10 12183.00 12197.60 12/31/06 11299.70 11313.30 11608.20 11622.20 11468.90 11486.20 12065.30 12089.20 12837.80 12869.00 13801.90 13840.60 13622.50 13659.20 13077.60 13117.00 12796.40 12838.90 13960.90 14012.40 15708.80 15770.90 14397.10 14457.20 12/31/07 15471.20 15540.00
65 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Oil & Gas Exploration & Production ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------ DESCRIPTION ULTRA DENBURY CABOT OIL & GAS NEWFIELD PETROLEUM CORP. RESOURCES, INC. CORP. EXPLORATION CO. CONOCO PHILLIPS ------------------------------------------------------------------------------------------------------------ MARKET VALUE $2,558,913 2,541,305 2,514,486 2,503,197 2,501,892 ------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 3.0% 3.0 2.9 2.9 2.9 ------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------- Oil & Gas Exploration & Production 74.2% Oil & Gas Refining & Marketing 14.2 Integrated Oil & Gas 11.5 Short Term Investments 0.2 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. 66 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Pharmaceuticals ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P PHARMACEUTICALS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P PHARMACEUTICALS VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -4.99% -4.65% -4.84% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -1.38% -1.10% -1.08% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 9.10% 9.36% 9.65% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P PHARMACEUTICALS VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -1.38% -1.10% -1.08% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 5.83% 6.00% 5.99% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2007. 67 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Pharmaceuticals ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P PHARMACEUTICALS ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR S&P S&P PHARMACEUTICALS PHARMACEUTICALS ETF SELECT INDUSTRY (A) INDEX (B) ------------------- ------------------- 6/19/06 10000.00 10000.00 10146.00 10147.00 10340.80 10344.90 10658.30 10666.60 10951.40 10963.10 11057.60 11072.80 10931.50 10949.80 12/31/06 11062.70 11084.50 11521.80 11550.10 11231.50 11261.30 11114.70 11147.60 11788.20 11828.70 11910.80 11951.70 11482.00 11521.50 10690.90 10728.80 10723.00 10764.20 10940.70 10987.00 11124.50 11174.90 11054.40 11109.00 12/31/07 10910.50 10965.50
68 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Pharmaceuticals ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
--------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION VALEANT FOREST MYLAN PHARMACEUTICALS KV PHARMACEUTICALS CO. MGI LABORATORIES, LABORATORIES, INC. INTERNATIONAL (CLASS A) PHARMA, INC. INC. --------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $404,127 400,408 391,597 390,263 387,281 --------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.8% 4.8 4.7 4.6 4.6 ---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Pharmaceuticals 100.0% Short Term Investments 0.2 Other Assets and Liabilities (0.2) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 69 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Retail ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P RETAIL ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P RETAIL VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -21.70% -21.36% -21.61% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -16.13% -15.78% -15.81% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -6.88% -6.55% -6.33% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P RETAIL VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -16.13% -15.78% -15.81% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -4.53% -4.31% -4.05% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2007. 70 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Retail ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P RETAIL ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR S&P S&P RETAIL RETAIL ETF SELECT INDUSTRY (A) INDEX (B) ---------- --------------- 6/19/06 10000.00 10000.00 10242.00 10243.00 9698.15 9702.17 9911.51 9919.50 10699.50 10709.10 11253.70 11267.00 11124.30 11139.70 12/31/06 11103.20 11124.10 11459.60 11485.70 11459.60 11489.10 11752.90 11795.90 11807.00 11853.70 12259.20 12311.20 11891.40 11948.00 10835.50 10885.80 10848.50 10902.20 10691.20 10749.50 10550.00 10609.80 9730.30 9788.61 12/31/07 9312.93 9367.74
71 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Retail ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
----------------------------------------------------------------------------------------------------------------------- DESCRIPTION SPORT SUPPLY OFFICE DEPOT, GENESCO, INC. GROUP, INC. INC. SYSTEMAX, INC. LIMITED BRANDS, INC. ----------------------------------------------------------------------------------------------------------------------- MARKET VALUE $2,228,537 2,228,329 2,084,956 2,029,033 2,022,973 ----------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 2.0% 2.0 1.9 1.8 1.8 -----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Apparel Retail 36.0% Specialty Stores 20.6 Catalog Retail 8.7 Department Stores 8.7 Food Retail 8.5 Computer & Electronics Retail 5.2 Drug Retail 3.5 Hypermarkets & Super Centers 3.5 General Merchandise Stores 3.4 Footwear 1.6 Short Term Investment 1.0 Other Assets & Liabilities (0.7) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 72 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Semiconductor ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/31/06, 2/6/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P SEMICONDUCTOR ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P SEMICONDUCTOR VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -12.38% -12.14% -12.29% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -5.04% -4.83% -4.71% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -12.22% -12.00% -11.66% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P SEMICONDUCTOR VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -5.04% -4.83% -4.71% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -6.57% -6.45% -6.26% ----------------------------------------------------------------------------------------------------
(1) For the period January 31, 2006 to December 31, 2007. 73 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Semiconductor ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P SEMICONDUCTOR ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR S&P S&P SEMICONDUCTOR SEMICONDUCTOR ETF SELECT INDUSTRY (A) INDEX (B) ----------------- ----------------- 1/31/06 10000.00 10000.00 9981.00 9984.00 10135.70 10141.80 10406.30 10414.60 9305.34 9314.78 8874.50 8885.37 8247.96 8260.73 9032.43 9049.63 9080.93 9101.21 9196.17 9219.53 9502.95 9530.23 12/31/06 9243.62 9271.00 9230.58 9260.81 9569.07 9603.46 9155.40 9194.35 9752.97 9799.34 9830.12 9879.69 10018.20 10071.40 9891.94 9946.47 10083.80 10142.40 10400.20 10462.90 9856.97 9918.85 8765.11 8820.83 12/31/07 8778.00 8834.06
74 (streetTRACKS (R) semi-annual report LOGO) SPDR S&P Semiconductor ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
----------------------------------------------------------------------------------------------------------- DESCRIPTION INTERNATIONAL SILICON CREE, INC. RECTIFIER CORP. LABORATORIES, INC. ON SEMICONDUCTOR CORP. ----------------------------------------------------------------------------------------------------------- MARKET VALUE $8,420,104 7,298,386 7,240,085 7,177,935 ----------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.2% 4.5 4.4 4.4 ----------------------------------------------------------------------------------------------------------- -------------------------------------------------- DESCRIPTION CYPRESS SEMICONDUCTOR CORP. -------------------------------------------------- MARKET VALUE 7,167,412 -------------------------------------------------- % OF NET ASSETS 4.4 --------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Semiconductors 99.8% Short Term Investments 0.3 Other Assets and Liabilities (0.1) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 75 (streetTRACKS (R) semi-annual report LOGO) KBW Regional Banking ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/06, 6/22/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR KBW REGIONAL BANKING ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW REGIONAL VALUE VALUE BANKING INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 -16.11% -16.49% -16.30% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -22.01% -21.88% -21.96% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -17.38% -17.20% -16.56% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW REGIONAL VALUE VALUE BANKING INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/07 -22.01% -21.88% -21.96% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -11.68% -11.55% -10.81% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2007. 76 (streetTRACKS (R) semi-annual report LOGO) KBW Regional Banking ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT KBW REGIONAL BANKING ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
KBW REGIONAL KBW REGIONAL BANKING ETF BANK INDEX (A) (B) ------------ ------------ 6/19/06 10000.00 10000.00 10066.00 10066.00 10127.40 10132.40 10189.20 10199.30 10256.40 10268.70 10246.20 10262.50 10440.80 10463.70 12/31/06 10593.30 10691.80 10455.60 10553.80 10316.50 10421.90 10183.40 10291.60 9915.61 10025.10 10110.00 10228.60 9848.10 9967.76 8928.29 9038.77 9600.59 9724.81 9532.43 9657.71 9111.09 9227.94 8677.41 8790.54 12/31/07 8262.00 8344.00
77 (streetTRACKS (R) semi-annual report LOGO) KBW Regional Banking ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION HUDSON CITY COMMERCE SVB FINANCIAL BANK OF BANCORP, INC. BANCSHARES, INC. GROUP HAWAII CORP. BANCORPSOUTH, INC. --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $4,283,013 4,204,564 4,173,019 3,955,116 3,879,241 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 2.8% 2.8 2.7 2.6 2.6 ---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Regional Banks 88.1% Thrifts & Mortgage Finance 11.4 Short Term Investments 2.1 Other Assets and Liabilities (1.6) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 78 SPDR DJ WILSHIRE TOTAL MARKET ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Boeing Co. ................. 5,719 $ 500,184 0.39% United Technologies Corp. .. 7,262 555,833 0.44 Other Securities(1)......... 1,817,008 1.44 ------------ ------ 2,873,025 2.27 ------------ ------ AIR FREIGHT & LOGISTICS Other Securities(1)......... 795,860 0.63 ------------ ------ AIRLINES Other Securities(1)......... 209,477 0.17 ------------ ------ AUTO COMPONENTS Other Securities(1)......... 414,825 0.33 ------------ ------ AUTOMOBILES Other Securities(1)......... 339,594 0.27 ------------ ------ BEVERAGES PepsiCo, Inc. .............. 12,141 921,502 0.73 The Coca-Cola Co. .......... 16,114 988,916 0.78 Other Securities(1)......... 521,520 0.41 ------------ ------ 2,431,938 1.92 ------------ ------ BIOTECHNOLOGY Amgen, Inc. (a)............. 9,688 449,911 0.36 Other Securities(1)......... 1,645,838 1.29 ------------ ------ 2,095,749 1.65 ------------ ------ BUILDING PRODUCTS Other Securities(1)......... 181,358 0.14 ------------ ------ CAPITAL MARKETS State Street Corp. (b)...... 2,945 239,134 0.19 The Bank of New York Mellon Corp. .................... 9,165 446,885 0.35 The Goldman Sachs Group, Inc. ..................... 3,263 701,708 0.55 Other Securities(1)......... 2,415,402 1.91 ------------ ------ 3,803,129 3.00 ------------ ------ CHEMICALS Monsanto Co. ............... 4,542 507,296 0.40 Other Securities(1)......... 1,662,049 1.31 ------------ ------ 2,169,345 1.71 ------------ ------ COMMERCIAL BANKS Wachovia Corp. ............. 14,746 560,790 0.44 Wells Fargo & Co. .......... 23,423 707,140 0.56 Other Securities(1)......... 2,733,081 2.16 ------------ ------ 4,001,011 3.16 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)......... 1,067,615 0.84 ------------ ------ COMMUNICATIONS EQUIPMENT Cisco Systems, Inc. (a)..... 48,111 1,302,365 1.03 QUALCOMM, Inc. ............. 13,071 514,344 0.41 Other Securities(1)......... 1,164,275 0.91 ------------ ------ 2,980,984 2.35 ------------ ------ COMPUTERS & PERIPHERALS Apple, Inc. (a)............. 7,095 1,405,378 1.11 Hewlett-Packard Co. ........ 22,477 1,134,639 0.89 International Business Machines Corp. ........... 12,152 1,313,631 1.04 Other Securities(1)......... 1,509,074 1.19 ------------ ------ 5,362,722 4.23 ------------ ------ CONSTRUCTION & ENGINEERING Other Securities(1)......... 520,765 0.41 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)......... 165,043 0.13 ------------ ------ CONSUMER FINANCE Other Securities(1)......... 738,716 0.58 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)......... 363,465 0.29 ------------ ------ DISTRIBUTORS Other Securities(1)......... 24,169 0.02 ------------ ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)......... 353,699 0.28 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Bank of America Corp. ...... 33,419 1,378,868 1.09 Citigroup, Inc. ............ 38,013 1,119,103 0.88 JPMorgan Chase & Co. ....... 25,892 1,130,186 0.89 Other Securities(1)......... 758,338 0.60 ------------ ------ 4,386,495 3.46 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES AT&T, Inc. ................. 46,408 1,928,717 1.52 Verizon Communications, Inc. ..................... 22,599 987,350 0.78 Other Securities(1)......... 419,779 0.33 ------------ ------ 3,335,846 2.63 ------------ ------ ELECTRIC UTILITIES Exelon Corp. ............... 5,362 437,754 0.35 Other Securities(1)......... 1,994,321 1.57 ------------ ------ 2,432,075 1.92 ------------ ------ ELECTRICAL EQUIPMENT Other Securities(1)......... 792,544 0.63 ------------ ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Other Securities(1)......... 827,112 0.65 ------------ ------ ENERGY EQUIPMENT & SERVICES Schlumberger, Ltd. ......... 9,368 921,530 0.73 Transocean, Inc. ........... 3,038 434,890 0.34 Other Securities(1)......... 2,117,876 1.67 ------------ ------ 3,474,296 2.74 ------------ ------ FOOD & STAPLES RETAILING CVS Caremark Corp. ......... 12,752 506,892 0.40 Wal-Mart Stores, Inc. ...... 18,555 881,919 0.70 Other Securities(1)......... 1,181,556 0.93 ------------ ------ 2,570,367 2.03 ------------ ------ FOOD PRODUCTS Other Securities(1)......... 1,846,707 1.46 ------------ ------ GAS UTILITIES Other Securities(1)......... 261,355 0.21 ------------ ------
See accompanying notes to financial statements 79 SPDR DJ WILSHIRE TOTAL MARKET ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HEALTH CARE EQUIPMENT & SUPPLIES Medtronic, Inc. ............ 8,756 $ 440,164 0.35% Other Securities(1)......... 1,695,610 1.33 ------------ ------ 2,135,774 1.68 ------------ ------ HEALTH CARE PROVIDERS & SERVICES UnitedHealth Group, Inc. ... 10,863 632,227 0.50 Other Securities(1)......... 2,681,973 2.11 ------------ ------ 3,314,200 2.61 ------------ ------ HEALTH CARE TECHNOLOGY Other Securities(1)......... 91,441 0.07 ------------ ------ HOTELS, RESTAURANTS & LEISURE McDonald's Corp. ........... 9,510 560,234 0.44 Other Securities(1)......... 1,757,647 1.39 ------------ ------ 2,317,881 1.83 ------------ ------ HOUSEHOLD DURABLES Other Securities(1)......... 862,995 0.68 ------------ ------ HOUSEHOLD PRODUCTS Procter & Gamble Co. ....... 24,008 1,762,667 1.39 Other Securities(1)......... 803,356 0.63 ------------ ------ 2,566,023 2.02 ------------ ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)......... 499,892 0.39 ------------ ------ INDUSTRIAL CONGLOMERATES General Electric Co. ....... 78,195 2,898,689 2.29 Other Securities(1)......... 885,854 0.69 ------------ ------ 3,784,543 2.98 ------------ ------ INSURANCE American International Group, Inc. .............. 17,592 1,025,614 0.81 Berkshire Hathaway, Inc. (Class A) (a)............. 7 991,200 0.78 Other Securities(1)......... 3,834,892 3.03 ------------ ------ 5,851,706 4.62 ------------ ------ INTERNET & CATALOG RETAIL Other Securities(1)......... 508,945 0.40 ------------ ------ INTERNET SOFTWARE & SERVICES Google, Inc. (Class A) (a).. 1,843 1,274,398 1.00 Other Securities(1)......... 847,744 0.67 ------------ ------ 2,122,142 1.67 ------------ ------ IT SERVICES Other Securities(1)......... 1,464,303 1.15 ------------ ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)......... 268,775 0.21 ------------ ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)......... 878,094 0.69 ------------ ------ MACHINERY Other Securities(1)......... 2,935,303 2.31 ------------ ------ MEDIA Comcast Corp. (Class A) (a)....................... 24,833 453,451 0.36 The Walt Disney Co. ........ 15,216 491,172 0.39 Time Warner, Inc. .......... 33,897 559,639 0.44 Other Securities(1)......... 2,324,325 1.83 ------------ ------ 3,828,587 3.02 ------------ ------ METALS & MINING Other Securities(1)......... 1,511,292 1.19 ------------ ------ MULTI-UTILITIES Other Securities(1)......... 1,322,211 1.04 ------------ ------ MULTILINE RETAIL Other Securities(1)......... 955,342 0.75 ------------ ------ OFFICE ELECTRONICS Other Securities(1)......... 176,441 0.14 ------------ ------ OIL, GAS & CONSUMABLE FUELS Chevron Corp. .............. 16,632 1,552,265 1.22 ConocoPhillips.............. 11,758 1,038,231 0.82 Exxon Mobil Corp. .......... 44,058 4,127,794 3.25 Occidental Petroleum Corp. .................... 6,434 495,354 0.39 Other Securities(1)......... 4,899,498 3.87 ------------ ------ 12,113,142 9.55 ------------ ------ PAPER & FOREST PRODUCTS Other Securities(1)......... 363,800 0.29 ------------ ------ PERSONAL PRODUCTS Other Securities(1)......... 222,231 0.18 ------------ ------ PHARMACEUTICALS Abbott Laboratories......... 11,691 656,450 0.52 Johnson & Johnson........... 21,737 1,449,858 1.14 Merck & Co., Inc. .......... 17,032 989,730 0.78 Pfizer, Inc. ............... 56,571 1,285,859 1.02 Wyeth....................... 10,371 458,294 0.36 Other Securities(1)......... 1,624,327 1.28 ------------ ------ 6,464,518 5.10 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)......... 2,301,286 1.82 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)......... 124,275 0.10 ------------ ------ ROAD & RAIL Other Securities(1)......... 1,092,054 0.86 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Intel Corp. ................ 47,220 1,258,885 0.99 Other Securities(1)......... 2,311,097 1.83 ------------ ------ 3,569,982 2.82 ------------ ------ SOFTWARE Microsoft Corp. ............ 69,084 2,459,390 1.94 Oracle Corp. (a)............ 34,095 769,865 0.61 Other Securities(1)......... 1,905,736 1.50 ------------ ------ 5,134,991 4.05 ------------ ------ SPECIALTY RETAIL The Home Depot, Inc. ....... 16,585 446,800 0.35 Other Securities(1)......... 1,801,093 1.42 ------------ ------ 2,247,893 1.77 ------------ ------
See accompanying notes to financial statements 80 SPDR DJ WILSHIRE TOTAL MARKET ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... $ 520,285 0.41% ------------ ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)......... 1,024,251 0.81 ------------ ------ TOBACCO Altria Group, Inc. ......... 16,416 1,240,721 0.98 Other Securities(1)......... 232,021 0.18 ------------ ------ 1,472,742 1.16 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 197,412 0.16 ------------ ------ TRANSPORTATION INFRASTRUCTURE Other Securities(1)......... 9,443 0.01 ------------ ------ WATER UTILITIES Other Securities(1)......... 81,172 0.06 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)......... 800,376 0.63 ------------ ------ TOTAL COMMON STOCKS -- (Cost $104,381,707)....... 125,955,029 99.34 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $1,215,555)......... 1,215,555 1,215,555 0.96 ------------ ------ TOTAL INVESTMENTS (Cost $105,597,262)....... 127,170,584 100.30 OTHER ASSETS AND LIABILITIES............... (380,881) (0.30) ------------ ------ NET ASSETS.................. $126,789,703 100.00 ============ ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. (b) Affiliated issuer. (Note 3) See accompanying notes to financial statements 81 SPDR DJ WILSHIRE LARGE CAP ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Boeing Co. ................... 496 $ 43,380 0.43% United Technologies Corp. .... 663 50,746 0.50 Other Securities(1)........... 158,699 1.56 ----------- ------ 252,825 2.49 ----------- ------ AIR FREIGHT & LOGISTICS Other Securities(1)........... 66,826 0.66 ----------- ------ AIRLINES Other Securities(1)........... 16,422 0.16 ----------- ------ AUTO COMPONENTS Other Securities(1)........... 25,608 0.25 ----------- ------ AUTOMOBILES Other Securities(1)........... 26,338 0.26 ----------- ------ BEVERAGES PepsiCo, Inc. ................ 1,154 87,589 0.87 The Coca-Cola Co. ............ 1,520 93,282 0.92 Other Securities(1)........... 50,034 0.49 ----------- ------ 230,905 2.28 ----------- ------ BIOTECHNOLOGY Other Securities(1)........... 142,066 1.40 ----------- ------ BUILDING PRODUCTS Other Securities(1)........... 13,520 0.13 ----------- ------ CAPITAL MARKETS State Street Corp. (a)........ 275 22,330 0.22 The Bank of New York Mellon Corp. ...................... 827 40,325 0.40 The Goldman Sachs Group, Inc. ....................... 258 55,483 0.55 Other Securities(1)........... 208,142 2.05 ----------- ------ 326,280 3.22 ----------- ------ CHEMICALS Monsanto Co. ................. 389 43,447 0.43 Other Securities(1)........... 141,987 1.40 ----------- ------ 185,434 1.83 ----------- ------ COMMERCIAL BANKS U.S. Bancorp.................. 1,240 39,358 0.39 Wachovia Corp. ............... 1,418 53,927 0.53 Wells Fargo & Co. ............ 2,280 68,833 0.68 Other Securities(1)........... 126,226 1.24 ----------- ------ 288,344 2.84 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)........... 59,486 0.59 ----------- ------ COMMUNICATIONS EQUIPMENT Cisco Systems, Inc. (b)....... 4,347 117,673 1.16 QUALCOMM, Inc. ............... 1,173 46,158 0.45 Other Securities(1)........... 76,237 0.76 ----------- ------ 240,068 2.37 ----------- ------ COMPUTERS & PERIPHERALS Apple, Inc. (b)............... 630 124,790 1.23 Hewlett-Packard Co. .......... 1,853 93,539 0.92 International Business Machines Corp. ............. 975 105,398 1.04 Other Securities(1)........... 110,423 1.09 ----------- ------ 434,150 4.28 ----------- ------ CONSTRUCTION & ENGINEERING Other Securities(1)........... 29,828 0.29 ----------- ------ CONSTRUCTION MATERIALS Other Securities(1)........... 9,568 0.09 ----------- ------ CONSUMER FINANCE American Express Co. ......... 742 38,599 0.38 Other Securities(1)........... 26,073 0.26 ----------- ------ 64,672 0.64 ----------- ------ CONTAINERS & PACKAGING Other Securities(1)........... 22,464 0.22 ----------- ------ DISTRIBUTORS Other Securities(1)........... 5,417 0.05 ----------- ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)........... 14,262 0.14 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Bank of America Corp. ........ 3,212 132,527 1.31 Citigroup, Inc. .............. 3,550 104,512 1.03 JPMorgan Chase & Co. ......... 2,416 105,458 1.04 Other Securities(1)........... 69,127 0.68 ----------- ------ 411,624 4.06 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES AT&T, Inc. ................... 4,388 182,365 1.80 Verizon Communications, Inc. ....................... 2,070 90,438 0.89 Other Securities(1)........... 27,080 0.27 ----------- ------ 299,883 2.96 ----------- ------ ELECTRIC UTILITIES Exelon Corp. ................. 481 39,269 0.39 Other Securities(1)........... 164,148 1.62 ----------- ------ 203,417 2.01 ----------- ------ ELECTRICAL EQUIPMENT Other Securities(1)........... 66,069 0.65 ----------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Other Securities(1)........... 45,123 0.45 ----------- ------ ENERGY EQUIPMENT & SERVICES Schlumberger, Ltd. ........... 851 83,713 0.83 Other Securities(1)........... 183,157 1.80 ----------- ------ 266,870 2.63 ----------- ------ FOOD & STAPLES RETAILING CVS Caremark Corp. ........... 1,070 42,532 0.42 Wal-Mart Stores, Inc. ........ 1,818 86,410 0.85 Other Securities(1)........... 95,267 0.94 ----------- ------ 224,209 2.21 ----------- ------ FOOD PRODUCTS Other Securities(1)........... 149,194 1.47 ----------- ------ GAS UTILITIES Other Securities(1)........... 14,186 0.14 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Medtronic, Inc. .............. 823 41,372 0.41 Other Securities(1)........... 141,943 1.40 ----------- ------ 183,315 1.81 ----------- ------
See accompanying notes to financial statements. 82 SPDR DJ WILSHIRE LARGE CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HEALTH CARE PROVIDERS & SERVICES UnitedHealth Group, Inc. ..... 927 $ 53,951 0.53% Other Securities(1)........... 183,019 1.81 ----------- ------ 236,970 2.34 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)........... 5,950 0.06 ----------- ------ HOTELS, RESTAURANTS & LEISURE McDonald's Corp. ............. 859 50,604 0.50 Other Securities(1)........... 111,850 1.10 ----------- ------ 162,454 1.60 ----------- ------ HOUSEHOLD DURABLES Other Securities(1)........... 54,567 0.54 ----------- ------ HOUSEHOLD PRODUCTS Procter & Gamble Co. ......... 2,229 163,653 1.61 Other Securities(1)........... 61,488 0.61 ----------- ------ 225,141 2.22 ----------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)........... 39,962 0.39 ----------- ------ INDUSTRIAL CONGLOMERATES 3M Co. ....................... 478 40,305 0.40 General Electric Co. ......... 7,275 269,684 2.66 Other Securities(1)........... 36,751 0.36 ----------- ------ 346,740 3.42 ----------- ------ INSURANCE American International Group, Inc. ....................... 1,609 93,805 0.93 Berkshire Hathaway, Inc. (Class A) (b)............... 1 141,600 1.40 Other Securities(1)........... 321,883 3.17 ----------- ------ 557,288 5.50 ----------- ------ INTERNET & CATALOG RETAIL Other Securities(1)........... 37,668 0.37 ----------- ------ INTERNET SOFTWARE & SERVICES Google, Inc. (Class A) (b).... 162 112,020 1.11 Other Securities(1)........... 59,132 0.58 ----------- ------ 171,152 1.69 ----------- ------ IT SERVICES Other Securities(1)........... 117,579 1.16 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)........... 12,357 0.12 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)........... 44,379 0.44 ----------- ------ MACHINERY Other Securities(1)........... 200,009 1.97 ----------- ------ MEDIA Comcast Corp. (Class A) (b)... 2,088 38,127 0.38 The Walt Disney Co. .......... 1,278 41,254 0.41 Time Warner, Inc. ............ 2,687 44,362 0.44 Other Securities(1)........... 180,164 1.77 ----------- ------ 303,907 3.00 ----------- ------ METALS & MINING Other Securities(1)........... 99,367 0.98 ----------- ------ MULTI-UTILITIES Other Securities(1)........... 119,754 1.18 ----------- ------ MULTILINE RETAIL Other Securities(1)........... 66,547 0.66 ----------- ------ OFFICE ELECTRONICS Other Securities(1)........... 10,896 0.11 ----------- ------ OIL, GAS & CONSUMABLE FUELS Chevron Corp. ................ 1,522 142,048 1.40 ConocoPhillips................ 1,064 93,951 0.93 Exxon Mobil Corp. ............ 3,934 368,576 3.63 Occidental Petroleum Corp. ... 602 46,348 0.46 Other Securities(1)........... 360,010 3.55 ----------- ------ 1,010,933 9.97 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1)........... 28,258 0.28 ----------- ------ PERSONAL PRODUCTS Other Securities(1)........... 15,303 0.15 ----------- ------ PHARMACEUTICALS Abbott Laboratories........... 1,108 62,214 0.61 Johnson & Johnson............. 2,058 137,269 1.35 Merck & Co., Inc. ............ 1,554 90,303 0.89 Pfizer, Inc. ................. 4,911 111,627 1.10 Wyeth......................... 964 42,599 0.42 Other Securities(1)........... 141,432 1.40 ----------- ------ 585,444 5.77 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)........... 141,611 1.40 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)........... 8,256 0.08 ----------- ------ ROAD & RAIL Other Securities(1)........... 72,760 0.72 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Intel Corp. .................. 4,154 110,746 1.09 Other Securities(1)........... 152,839 1.51 ----------- ------ 263,585 2.60 ----------- ------ SOFTWARE Microsoft Corp. .............. 6,001 213,636 2.11 Oracle Corp. (b).............. 2,827 63,834 0.63 Other Securities(1)........... 107,973 1.06 ----------- ------ 385,443 3.80 ----------- ------ SPECIALTY RETAIL Other Securities(1)........... 163,363 1.61 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)........... 34,682 0.34 ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)........... 71,178 0.70 ----------- ------ TOBACCO Altria Group, Inc. ........... 1,499 113,294 1.12 Other Securities(1)........... 20,451 0.20 ----------- ------ 133,745 1.32 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)........... 7,738 0.08 ----------- ------
See accompanying notes to financial statements. 83 SPDR DJ WILSHIRE LARGE CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)........... $ 63,210 0.62% ----------- ------ TOTAL COMMON STOCKS -- (Cost $10,036,027).......... 10,116,569 99.77 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $71,763).............. 71,763 71,763 0.71 ----------- ------ TOTAL INVESTMENTS (Cost $10,107,790).......... 10,188,332 100.48 OTHER ASSETS AND LIABILITIES.. (48,371) (0.48) ----------- ------ NET ASSETS.................... $10,139,961 100.00 =========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Affiliated issuer. (Note 3) (b) Non-income producing security. See accompanying notes to financial statements. 84 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE United Technologies Corp. .. 40,138 $ 3,072,163 0.95% Other Securities(1)......... 6,226,144 1.93 ------------ ------ 9,298,307 2.88 ------------ ------ AIR FREIGHT & LOGISTICS United Parcel Service, Inc. (Class B)................. 29,883 2,113,326 0.65 Other Securities(1)......... 1,930,365 0.60 ------------ ------ 4,043,691 1.25 ------------ ------ AIRLINES Other Securities(1)......... 1,049,321 0.33 ------------ ------ AUTO COMPONENTS Other Securities(1)......... 499,987 0.15 ------------ ------ AUTOMOBILES Other Securities(1)......... 495,453 0.15 ------------ ------ BEVERAGES Anheuser-Busch Cos., Inc. .. 32,165 1,683,516 0.52 PepsiCo, Inc. .............. 70,682 5,364,764 1.66 Other Securities(1)......... 825,261 0.26 ------------ ------ 7,873,541 2.44 ------------ ------ BIOTECHNOLOGY Amgen, Inc. (a)............. 47,463 2,204,182 0.68 Gilead Sciences, Inc. (a)... 40,740 1,874,448 0.58 Other Securities(1)......... 4,509,190 1.40 ------------ ------ 8,587,820 2.66 ------------ ------ BUILDING PRODUCTS Other Securities(1)......... 359,106 0.11 ------------ ------ CAPITAL MARKETS State Street Corp. (b)...... 16,981 1,378,857 0.43 Other Securities(1)......... 4,714,359 1.46 ------------ ------ 6,093,216 1.89 ------------ ------ CHEMICALS Monsanto Co. ............... 23,753 2,652,973 0.82 Other Securities(1)......... 2,869,532 0.89 ------------ ------ 5,522,505 1.71 ------------ ------ COMMERCIAL BANKS Other Securities(1)......... 324,457 0.10 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)......... 2,425,906 0.75 ------------ ------ COMMUNICATIONS EQUIPMENT Cisco Systems, Inc. (a)..... 266,128 7,204,085 2.23 Corning, Inc. .............. 68,619 1,646,170 0.51 Motorola, Inc. ............. 101,519 1,628,365 0.50 QUALCOMM, Inc. ............. 71,688 2,820,923 0.87 Other Securities(1)......... 1,265,130 0.40 ------------ ------ 14,564,673 4.51 ------------ ------ COMPUTERS & PERIPHERALS Apple, Inc. (a)............. 38,303 7,587,058 2.35 Dell, Inc. (a).............. 86,343 2,116,267 0.66 EMC Corp. (a)............... 92,057 1,705,816 0.53 Hewlett-Packard Co. ........ 112,881 5,698,233 1.76 Other Securities(1)......... 1,242,501 0.38 ------------ ------ 18,349,875 5.68 ------------ ------ CONSTRUCTION & ENGINEERING Other Securities(1)......... 1,818,335 0.56 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)......... 241,067 0.07 ------------ ------ CONSUMER FINANCE American Express Co. ....... 45,385 2,360,927 0.73 Other Securities(1)......... 401,402 0.13 ------------ ------ 2,762,329 0.86 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)......... 686,363 0.21 ------------ ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)......... 918,827 0.28 ------------ ------ DIVERSIFIED FINANCIAL SERVICES CME Group, Inc. ............ 2,330 1,598,380 0.49 Other Securities(1)......... 2,334,907 0.73 ------------ ------ 3,933,287 1.22 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)......... 466,079 0.14 ------------ ------ ELECTRIC UTILITIES Other Securities(1)......... 453,603 0.14 ------------ ------ ELECTRICAL EQUIPMENT Other Securities(1)......... 1,058,380 0.33 ------------ ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Other Securities(1)......... 2,267,584 0.70 ------------ ------ ENERGY EQUIPMENT & SERVICES Schlumberger, Ltd. ......... 52,162 5,131,176 1.59 Transocean, Inc. ........... 13,565 1,941,830 0.60 Other Securities(1)......... 9,146,156 2.83 ------------ ------ 16,219,162 5.02 ------------ ------ FOOD & STAPLES RETAILING CVS Caremark Corp. ......... 64,721 2,572,660 0.80 Wal-Mart Stores, Inc. ...... 110,024 5,229,441 1.62 Walgreen Co. ............... 43,480 1,655,718 0.51 Other Securities(1)......... 2,410,569 0.75 ------------ ------ 11,868,388 3.68 ------------ ------ FOOD PRODUCTS Other Securities(1)......... 2,808,738 0.87 ------------ ------ GAS UTILITIES Other Securities(1)......... 865,286 0.27 ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Baxter International, Inc. ..................... 27,837 1,615,938 0.50 Medtronic, Inc. ............ 49,753 2,501,083 0.77 Other Securities(1)......... 6,945,801 2.16 ------------ ------ 11,062,822 3.43 ------------ ------
See accompanying notes to financial statements. 85 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HEALTH CARE PROVIDERS & SERVICES UnitedHealth Group, Inc. ... 56,648 $ 3,296,914 1.02% WellPoint, Inc. (a)......... 25,014 2,194,478 0.68 Other Securities(1)......... 8,013,717 2.48 ------------ ------ 13,505,109 4.18 ------------ ------ HEALTH CARE TECHNOLOGY Other Securities(1)......... 343,664 0.11 ------------ ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)......... 5,764,985 1.79 ------------ ------ HOUSEHOLD DURABLES Other Securities(1)......... 1,213,765 0.38 ------------ ------ HOUSEHOLD PRODUCTS Colgate-Palmolive Co. ...... 22,591 1,761,195 0.55 Procter & Gamble Co. ....... 136,441 10,017,498 3.10 Other Securities(1)......... 668,052 0.21 ------------ ------ 12,446,745 3.86 ------------ ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)......... 2,469,339 0.77 ------------ ------ INDUSTRIAL CONGLOMERATES 3M Co. ..................... 28,813 2,429,512 0.75 Other Securities(1)......... 579,970 0.18 ------------ ------ 3,009,482 0.93 ------------ ------ INSURANCE Berkshire Hathaway, Inc. (Class A) (a)............. 45 6,372,000 1.97 Prudential Financial, Inc. ..................... 19,925 1,853,822 0.57 Other Securities(1)......... 2,889,831 0.90 ------------ ------ 11,115,653 3.44 ------------ ------ INTERNET & CATALOG RETAIL Other Securities(1)......... 2,261,452 0.70 ------------ ------ INTERNET SOFTWARE & SERVICES eBay, Inc. (a).............. 51,370 1,704,970 0.53 Google, Inc. (Class A) (a).. 9,931 6,867,088 2.13 Other Securities(1)......... 1,900,741 0.58 ------------ ------ 10,472,799 3.24 ------------ ------ IT SERVICES Other Securities(1)......... 6,433,929 1.99 ------------ ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)......... 2,640,027 0.82 ------------ ------ MACHINERY Caterpillar, Inc. .......... 28,287 2,052,505 0.64 Other Securities(1)......... 5,593,729 1.73 ------------ ------ 7,646,234 2.37 ------------ ------ MEDIA Comcast Corp. (Class A) (a)....................... 127,843 2,334,413 0.72 News Corp. (Class A)........ 101,389 2,077,461 0.64 The Walt Disney Co. ........ 78,137 2,522,262 0.78 Time Warner, Inc. .......... 163,638 2,701,663 0.84 Other Securities(1)......... 7,425,694 2.31 ------------ ------ 17,061,493 5.29 ------------ ------ METALS & MINING Freeport-McMoRan Copper & Gold, Inc. ............... 16,679 1,708,597 0.53 Other Securities(1)......... 2,068,175 0.64 ------------ ------ 3,776,772 1.17 ------------ ------ MULTI-UTILITIES Other Securities(1)......... 1,078,380 0.33 ------------ ------ MULTILINE RETAIL Target Corp. ............... 32,974 1,648,700 0.51 Other Securities(1)......... 2,001,474 0.62 ------------ ------ 3,650,174 1.13 ------------ ------ OFFICE ELECTRONICS Other Securities(1)......... 656,084 0.20 ------------ ------ OIL, GAS & CONSUMABLE FUELS Apache Corp. ............... 14,322 1,540,188 0.48 Devon Energy Corp. ......... 18,284 1,625,630 0.50 Valero Energy Corp. ........ 23,943 1,676,728 0.52 Other Securities(1)......... 11,226,367 3.48 ------------ ------ 16,068,913 4.98 ------------ ------ PAPER & FOREST PRODUCTS Other Securities(1)......... 152,985 0.05 ------------ ------ PERSONAL PRODUCTS Other Securities(1)......... 936,386 0.29 ------------ ------ PHARMACEUTICALS Schering-Plough Corp. ...... 71,051 1,892,799 0.59 Other Securities(1)......... 2,146,736 0.66 ------------ ------ 4,039,535 1.25 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)......... 2,165,715 0.67 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)......... 358,317 0.11 ------------ ------ ROAD & RAIL Other Securities(1)......... 1,060,470 0.33 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Intel Corp. ................ 254,652 6,789,022 2.10 Texas Instruments, Inc. .... 61,324 2,048,222 0.63 Other Securities(1)......... 7,226,833 2.25 ------------ ------ 16,064,077 4.98 ------------ ------ SOFTWARE Microsoft Corp. ............ 364,546 12,977,838 4.02 Oracle Corp. (a)............ 171,917 3,881,886 1.20 Other Securities(1)......... 6,497,701 2.02 ------------ ------ 23,357,425 7.24 ------------ ------ SPECIALTY RETAIL The Home Depot, Inc. ....... 73,371 1,976,615 0.61 Other Securities(1)......... 7,279,936 2.26 ------------ ------ 9,256,551 2.87 ------------ ------
See accompanying notes to financial statements. 86 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... $ 1,871,413 0.58% ------------ ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)......... 545,528 0.17 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 243,894 0.08 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Sprint Nextel Corp. ........ 124,713 1,637,482 0.51 Other Securities(1)......... 2,258,919 0.70 ------------ ------ 3,896,401 1.21 ------------ ------ TOTAL COMMON STOCKS -- (Cost $294,037,161)....... 322,481,804 99.90 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $823,116)........... 823,116 823,116 0.26 ------------ ------ TOTAL INVESTMENTS (Cost $294,860,277)....... 323,304,920 100.16 OTHER ASSETS AND LIABILITIES............... (510,338) (0.16) ------------ ------ NET ASSETS.................. $322,794,582 100.00 ============ ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. (b) Affiliated issuer. (Note 3) See accompanying notes to financial statements. 87 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Boeing Co. ................. 13,261 $ 1,159,807 0.91% Honeywell International, Inc. ..................... 13,070 804,720 0.63 Other Securities(1)......... 645,811 0.50 ------------ ------ 2,610,338 2.04 ------------ ------ AUTO COMPONENTS Other Securities(1)......... 454,194 0.35 ------------ ------ AUTOMOBILES Other Securities(1)......... 496,826 0.39 ------------ ------ BEVERAGES The Coca-Cola Co. .......... 40,608 2,492,113 1.95 Other Securities(1)......... 283,740 0.22 ------------ ------ 2,775,853 2.17 ------------ ------ BUILDING PRODUCTS Other Securities(1)......... 207,963 0.16 ------------ ------ CAPITAL MARKETS Lehman Brothers Holdings, Inc. ..................... 10,136 663,300 0.52 Merrill Lynch & Co., Inc. .. 15,410 827,209 0.65 Morgan Stanley.............. 18,398 977,118 0.76 The Bank of New York Mellon Corp. .................... 21,725 1,059,311 0.83 The Goldman Sachs Group, Inc. ..................... 6,917 1,487,501 1.16 Other Securities(1)......... 1,004,918 0.78 ------------ ------ 6,019,357 4.70 ------------ ------ CHEMICALS E. I. du Pont de Nemours & Co. ...................... 17,117 754,688 0.59 The Dow Chemical Co. ....... 17,969 708,338 0.55 Other Securities(1)......... 1,050,313 0.82 ------------ ------ 2,513,339 1.96 ------------ ------ COMMERCIAL BANKS U.S. Bancorp................ 32,934 1,045,325 0.82 Wachovia Corp. ............. 37,836 1,438,903 1.12 Wells Fargo & Co. .......... 60,978 1,840,926 1.44 Other Securities(1)......... 3,195,972 2.50 ------------ ------ 7,521,126 5.88 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)......... 517,146 0.40 ------------ ------ COMMUNICATIONS EQUIPMENT Other Securities(1)......... 49,109 0.04 ------------ ------ COMPUTERS & PERIPHERALS International Business Machines Corp. ........... 26,096 2,820,978 2.20 Other Securities(1)......... 725,485 0.57 ------------ ------ 3,546,463 2.77 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)......... 147,107 0.11 ------------ ------ CONSUMER FINANCE Other Securities(1)......... 509,810 0.40 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)......... 291,533 0.23 ------------ ------ DISTRIBUTORS Other Securities(1)......... 147,465 0.12 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Bank of America Corp. ...... 85,824 3,541,098 2.77 Citigroup, Inc. ............ 94,895 2,793,709 2.18 JPMorgan Chase & Co. ....... 64,595 2,819,572 2.20 Other Securities(1)......... 108,543 0.09 ------------ ------ 9,262,922 7.24 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES AT&T, Inc. ................. 116,592 4,845,563 3.79 Verizon Communications, Inc. ..................... 55,445 2,422,392 1.89 Other Securities(1)......... 512,579 0.40 ------------ ------ 7,780,534 6.08 ------------ ------ ELECTRIC UTILITIES Exelon Corp. ............... 12,606 1,029,154 0.80 The Southern Co. ........... 14,444 559,705 0.44 Other Securities(1)......... 3,605,886 2.82 ------------ ------ 5,194,745 4.06 ------------ ------ ELECTRICAL EQUIPMENT Emerson Electric Co. ....... 15,133 857,436 0.67 Other Securities(1)......... 432,884 0.34 ------------ ------ 1,290,320 1.01 ------------ ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Other Securities(1)......... 220,506 0.17 ------------ ------ FOOD & STAPLES RETAILING Other Securities(1)......... 761,769 0.60 ------------ ------ FOOD PRODUCTS Kraft Foods, Inc. .......... 29,497 962,487 0.75 Other Securities(1)......... 1,785,730 1.40 ------------ ------ 2,748,217 2.15 ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)......... 60,913 0.05 ------------ ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)......... 462,509 0.36 ------------ ------ HOTELS, RESTAURANTS & LEISURE McDonald's Corp. ........... 23,005 1,355,225 1.06 Other Securities(1)......... 467,381 0.36 ------------ ------ 1,822,606 1.42 ------------ ------ HOUSEHOLD DURABLES Other Securities(1)......... 942,826 0.74 ------------ ------ HOUSEHOLD PRODUCTS Kimberly-Clark Corp. ....... 8,138 564,289 0.44 ------------ ------ INDUSTRIAL CONGLOMERATES General Electric Co. ....... 193,154 7,160,219 5.59 Other Securities(1)......... 712,643 0.56 ------------ ------ 7,872,862 6.15 ------------ ------
See accompanying notes to financial statements. 88 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ INSURANCE American International Group, Inc. .............. 42,484 $ 2,476,817 1.94% Hartford Financial Services Group, Inc. .............. 6,009 523,925 0.41 MetLife, Inc. .............. 8,585 529,008 0.41 The Allstate Corp. ......... 10,902 569,411 0.45 The Travelers Cos., Inc. ... 12,321 662,870 0.52 Other Securities(1)......... 4,236,503 3.30 ------------ ------ 8,998,534 7.03 ------------ ------ IT SERVICES Other Securities(1)......... 411,927 0.32 ------------ ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)......... 316,987 0.25 ------------ ------ MACHINERY Deere & Co. ................ 8,390 781,277 0.61 Other Securities(1)......... 1,204,382 0.94 ------------ ------ 1,985,659 1.55 ------------ ------ MEDIA Other Securities(1)......... 654,795 0.51 ------------ ------ METALS & MINING Alcoa, Inc. ................ 16,113 588,930 0.46 Other Securities(1)......... 427,562 0.33 ------------ ------ 1,016,492 0.79 ------------ ------ MULTI-UTILITIES Dominion Resources, Inc. ... 10,958 519,957 0.41 Other Securities(1)......... 2,195,656 1.71 ------------ ------ 2,715,613 2.12 ------------ ------ MULTILINE RETAIL Other Securities(1)......... 150,728 0.12 ------------ ------ OIL, GAS & CONSUMABLE FUELS Chevron Corp. .............. 40,768 3,804,877 2.97 ConocoPhillips.............. 28,275 2,496,682 1.95 Exxon Mobil Corp. .......... 104,441 9,785,077 7.65 Hess Corp. ................. 5,499 554,629 0.43 Marathon Oil Corp. ......... 13,531 823,497 0.64 Occidental Petroleum Corp. .................... 15,927 1,226,220 0.96 Other Securities(1)......... 1,152,912 0.91 ------------ ------ 19,843,894 15.51 ------------ ------ PAPER & FOREST PRODUCTS Other Securities(1)......... 679,061 0.53 ------------ ------ PHARMACEUTICALS Abbott Laboratories......... 29,343 1,647,609 1.29 Bristol-Myers Squibb Co. ... 37,547 995,746 0.78 Eli Lilly & Co. ............ 18,399 982,323 0.77 Johnson & Johnson........... 54,745 3,651,492 2.85 Merck & Co., Inc. .......... 41,494 2,411,216 1.88 Pfizer, Inc. ............... 130,639 2,969,425 2.32 Wyeth....................... 25,427 1,123,619 0.88 Other Securities(1)......... 45,169 0.04 ------------ ------ 13,826,599 10.81 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)......... 2,873,384 2.25 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)......... 87,387 0.07 ------------ ------ ROAD & RAIL Union Pacific Corp. ........ 4,988 626,593 0.49 Other Securities(1)......... 840,718 0.66 ------------ ------ 1,467,311 1.15 ------------ ------ SOFTWARE Other Securities(1)......... 88,282 0.07 ------------ ------ SPECIALTY RETAIL Other Securities(1)......... 278,484 0.22 ------------ ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... 112,877 0.09 ------------ ------ THRIFTS & MORTGAGE FINANCE Fannie Mae.................. 18,758 749,945 0.59 Other Securities(1)......... 946,839 0.74 ------------ ------ 1,696,784 1.33 ------------ ------ TOBACCO Altria Group, Inc. ......... 40,043 3,026,450 2.36 Other Securities(1)......... 556,538 0.44 ------------ ------ 3,582,988 2.80 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 107,912 0.08 ------------ ------ TOTAL COMMON STOCKS -- (Cost $122,474,805)....... 127,688,345 99.79 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $1,174,577)......... 1,174,577 1,174,577 0.92 ------------ ------ TOTAL INVESTMENTS (Cost $123,649,382)............. 128,862,922 100.71 OTHER ASSETS AND LIABILITIES............... (912,222) (0.71) ------------ ------ NET ASSETS.................. $127,950,700 100.00 ============ ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. See accompanying notes to financial statements. 89 SPDR DJ WILSHIRE MID CAP ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Other Securities(1)......... $ 175,071 0.78% ----------- ------ AIR FREIGHT & LOGISTICS Other Securities(1)......... 24,539 0.11 ----------- ------ AIRLINES Other Securities(1)......... 262,675 1.17 ----------- ------ AUTO COMPONENTS BorgWarner, Inc. ........... 1,679 81,280 0.36 The Goodyear Tire & Rubber Co. (a)................... 3,047 85,986 0.38 Other Securities(1)......... 94,618 0.43 ----------- ------ 261,884 1.17 ----------- ------ AUTOMOBILES Other Securities(1)......... 21,514 0.10 ----------- ------ BEVERAGES Other Securities(1)......... 143,843 0.64 ----------- ------ BIOTECHNOLOGY Other Securities(1)......... 258,293 1.15 ----------- ------ BUILDING PRODUCTS Other Securities(1)......... 100,454 0.45 ----------- ------ CAPITAL MARKETS Eaton Vance Corp. .......... 1,788 81,193 0.36 Janus Capital Group, Inc. .. 2,466 81,008 0.36 Other Securities(1)......... 392,786 1.75 ----------- ------ 554,987 2.47 ----------- ------ CHEMICALS Celanese Corp. ............. 2,189 92,639 0.41 CF Industries Holdings, Inc. ..................... 718 79,023 0.35 Other Securities(1)......... 666,423 2.97 ----------- ------ 838,085 3.73 ----------- ------ COMMERCIAL BANKS Other Securities(1)......... 482,215 2.15 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)......... 674,633 3.01 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)......... 293,145 1.31 ----------- ------ COMPUTERS & PERIPHERALS Western Digital Corp. (a)... 3,195 96,521 0.43 Other Securities(1)......... 117,533 0.52 ----------- ------ 214,054 0.95 ----------- ------ CONSTRUCTION & ENGINEERING KBR, Inc. (a)............... 2,426 94,129 0.42 Other Securities(1)......... 241,067 1.07 ----------- ------ 335,196 1.49 ----------- ------ CONSTRUCTION MATERIALS Martin Marietta Materials, Inc. ..................... 605 80,223 0.36 Other Securities(1)......... 80 0.00(b) ----------- ------ 80,303 0.36 ----------- ------ CONSUMER FINANCE Other Securities(1)......... 20,594 0.09 ----------- ------ CONTAINERS & PACKAGING Owens-Illinois, Inc. (a).... 2,116 104,742 0.47 Other Securities(1)......... 460,039 2.05 ----------- ------ 564,781 2.52 ----------- ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)......... 284,036 1.27 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)......... 83,851 0.37 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)......... 168,972 0.75 ----------- ------ ELECTRIC UTILITIES Pepco Holdings, Inc. ....... 2,898 84,998 0.38 Other Securities(1)......... 269,272 1.20 ----------- ------ 354,270 1.58 ----------- ------ ELECTRICAL EQUIPMENT Roper Industries, Inc. ..... 1,277 79,864 0.35 Other Securities(1)......... 305,046 1.36 ----------- ------ 384,910 1.71 ----------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Other Securities(1)......... 544,989 2.43 ----------- ------ ENERGY EQUIPMENT & SERVICES Exterran Holdings, Inc. (a)....................... 954 78,037 0.35 FMC Technologies, Inc. (a).. 1,880 106,596 0.48 Pride International, Inc. (a)....................... 2,397 81,258 0.36 Other Securities(1)......... 488,519 2.17 ----------- ------ 754,410 3.36 ----------- ------ FOOD & STAPLES RETAILING Other Securities(1)......... 22,418 0.10 ----------- ------ FOOD PRODUCTS Other Securities(1)......... 315,140 1.40 ----------- ------ GAS UTILITIES Other Securities(1)......... 332,793 1.48 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Dentsply International, Inc. ..................... 2,058 92,651 0.41 Hologic, Inc. (a)........... 1,815 124,582 0.56 Varian Medical Systems, Inc. (a).................. 1,823 95,088 0.42 Other Securities(1)......... 483,754 2.16 ----------- ------ 796,075 3.55 ----------- ------ HEALTH CARE PROVIDERS & SERVICES DaVita, Inc. (a)............ 1,544 87,004 0.39 Henry Schein, Inc. (a)...... 1,277 78,408 0.35 Other Securities(1)......... 406,987 1.81 ----------- ------ 572,399 2.55 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)......... 152,166 0.68 ----------- ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)......... 463,862 2.07 ----------- ------
See accompanying notes to financial statements. 90 SPDR DJ WILSHIRE MID CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HOUSEHOLD DURABLES Other Securities(1)......... $ 432,346 1.93% ----------- ------ HOUSEHOLD PRODUCTS Energizer Holdings, Inc. (a).................. 824 92,395 0.41 Other Securities(1)......... 51,313 0.23 ----------- ------ 143,708 0.64 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)......... 68,702 0.31 ----------- ------ INSURANCE Axis Capital Holdings, Ltd. ..................... 2,025 78,914 0.35 Other Securities(1)......... 1,047,175 4.67 ----------- ------ 1,126,089 5.02 ----------- ------ INTERNET & CATALOG RETAIL Other Securities(1)......... 56,856 0.25 ----------- ------ INTERNET SOFTWARE & SERVICES Akamai Technologies, Inc. (a).................. 2,405 83,213 0.37 Other Securities(1)......... 50,691 0.23 ----------- ------ 133,904 0.60 ----------- ------ IT SERVICES Iron Mountain, Inc. (a)..... 2,636 97,585 0.43 Total System Services, Inc. ..................... 2,848 79,744 0.36 Other Securities(1)......... 376,618 1.68 ----------- ------ 553,947 2.47 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)......... 71,671 0.32 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Applera Corp. -- Applied Biosystems Group.......... 2,433 82,527 0.37 Covance, Inc. (a)........... 922 79,864 0.35 Other Securities(1)......... 448,117 2.00 ----------- ------ 610,508 2.72 ----------- ------ MACHINERY AGCO Corp. (a).............. 1,324 90,006 0.40 Flowserve Corp. ............ 825 79,365 0.35 Joy Global, Inc. ........... 1,564 102,942 0.46 SPX Corp. .................. 758 77,960 0.35 The Manitowoc Co., Inc. .... 1,903 92,924 0.41 Other Securities(1)......... 610,216 2.72 ----------- ------ 1,053,413 4.69 ----------- ------ MEDIA Other Securities(1)......... 488,643 2.18 ----------- ------ METALS & MINING Steel Dynamics, Inc. ....... 1,391 82,862 0.37 Other Securities(1)......... 322,808 1.44 ----------- ------ 405,670 1.81 ----------- ------ MULTI-UTILITIES Wisconsin Energy Corp. ..... 1,693 82,466 0.37 Other Securities(1)......... 714,094 3.18 ----------- ------ 796,560 3.55 ----------- ------ MULTILINE RETAIL Other Securities(1)......... 133,280 0.59 ----------- ------ OFFICE ELECTRONICS Other Securities(1)......... 34,006 0.15 ----------- ------ OIL, GAS & CONSUMABLE FUELS Arch Coal, Inc. ............ 2,072 93,095 0.41 Denbury Resources, Inc. (a).................. 3,497 104,036 0.46 Pioneer Natural Resources Co. ...................... 1,729 84,444 0.38 Plains Exploration & Production Co. (a)........ 1,620 87,480 0.39 Range Resources Corp. ...... 2,150 110,424 0.49 Other Securities(1)......... 751,928 3.36 ----------- ------ 1,231,407 5.49 ----------- ------ PAPER & FOREST PRODUCTS MeadWestvaco Corp. ......... 2,653 83,039 0.37 Other Securities(1)......... 51,538 0.23 ----------- ------ 134,577 0.60 ----------- ------ PERSONAL PRODUCTS Other Securities(1)......... 54,543 0.24 ----------- ------ PHARMACEUTICALS Other Securities(1)......... 257,016 1.15 ----------- ------ REAL ESTATE INVESTMENT TRUSTS AMB Property Corp. ......... 1,431 82,368 0.37 Annaly Capital Management, Inc. ..................... 5,842 106,208 0.47 Ventas, Inc. ............... 1,930 87,333 0.39 Other Securities(1)......... 918,071 4.09 ----------- ------ 1,193,980 5.32 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)......... 76,173 0.34 ----------- ------ ROAD & RAIL Other Securities(1)......... 143,848 0.64 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Cypress Semiconductor Corp. (a)................. 2,209 79,590 0.35 Other Securities(1)......... 344,380 1.54 ----------- ------ 423,970 1.89 ----------- ------ SOFTWARE Activision, Inc. (a)........ 4,218 125,275 0.56 BEA Systems, Inc. (a)....... 5,764 90,956 0.41 McAfee, Inc. (a)............ 2,304 86,400 0.38 NAVTEQ Corp. (a)............ 1,414 106,898 0.48 Salesforce.com, Inc. (a).... 1,429 89,584 0.40 Other Securities(1)......... 443,823 1.97 ----------- ------ 942,936 4.20 ----------- ------ SPECIALTY RETAIL Other Securities(1)......... 684,653 3.05 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... 157,747 0.70 ----------- ------ THRIFTS & MORTGAGE FINANCE New York Community Bancorp, Inc. ............ 4,682 82,310 0.37 Other Securities(1)......... 168,893 0.75 ----------- ------ 251,203 1.12 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 70,686 0.31 ----------- ------
See accompanying notes to financial statements. 91 SPDR DJ WILSHIRE MID CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ WATER UTILITIES Other Securities(1)......... $ 40,344 0.18% ----------- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)......... 98,396 0.44 ----------- ------ TOTAL COMMON STOCKS -- (Cost $21,098,741)........ 22,407,339 99.85 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $1,210,492)......... 1,210,492 1,210,492 5.40 ----------- ------ TOTAL INVESTMENTS (Cost $22,309,233)........ 23,617,831 105.25 OTHER ASSETS AND LIABILITIES............... (1,177,440) (5.25) ----------- ------ NET ASSETS.................. $22,440,391 100.00 =========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. See accompanying notes to financial statements. 92 SPDR DJ WILSHIRE MID CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE BE Aerospace, Inc. (a)....... 4,633 $ 245,086 0.53% Other Securities(1).......... 364,154 0.79 ----------- ------ 609,240 1.32 ----------- ------ AIR FREIGHT & LOGISTICS Other Securities(1).......... 87,534 0.19 ----------- ------ AIRLINES Other Securities(1).......... 910,838 1.97 ----------- ------ AUTO COMPONENTS BorgWarner, Inc. ............ 5,842 282,811 0.61 The Goodyear Tire & Rubber Co. (a).................... 10,601 299,160 0.65 Other Securities(1).......... 127,891 0.28 ----------- ------ 709,862 1.54 ----------- ------ AUTOMOBILES Other Securities(1).......... 74,044 0.16 ----------- ------ BEVERAGES Other Securities(1).......... 391,329 0.85 ----------- ------ BIOTECHNOLOGY Cephalon, Inc. (a)........... 3,365 241,472 0.52 Millennium Pharmaceuticals, Inc. (a)................... 16,110 241,328 0.52 Other Securities(1).......... 412,479 0.90 ----------- ------ 895,279 1.94 ----------- ------ CAPITAL MARKETS Eaton Vance Corp. ........... 6,222 282,541 0.61 Other Securities(1).......... 569,052 1.23 ----------- ------ 851,593 1.84 ----------- ------ CHEMICALS Celanese Corp. .............. 7,614 322,225 0.70 Other Securities(1).......... 349,306 0.75 ----------- ------ 671,531 1.45 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Dun & Bradstreet Corp. ...... 2,918 258,622 0.56 Stericycle, Inc. (a)......... 4,442 263,855 0.57 Other Securities(1).......... 1,698,748 3.67 ----------- ------ 2,221,225 4.80 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1).......... 890,653 1.93 ----------- ------ COMPUTERS & PERIPHERALS Western Digital Corp. (a).... 11,113 335,724 0.73 Other Securities(1).......... 403,727 0.87 ----------- ------ 739,451 1.60 ----------- ------ CONSTRUCTION & ENGINEERING KBR, Inc. (a)................ 8,441 327,511 0.71 Other Securities(1).......... 330,897 0.71 ----------- ------ 658,408 1.42 ----------- ------ CONSTRUCTION MATERIALS Martin Marietta Materials, Inc. ...................... 2,104 278,990 0.60 ----------- ------ CONSUMER FINANCE Other Securities(1).......... 47,246 0.10 ----------- ------ CONTAINERS & PACKAGING Other Securities(1).......... 897,021 1.94 ----------- ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1).......... 782,287 1.69 ----------- ------ DIVERSIFIED FINANCIAL SERVICES The Nasdaq Stock Market, Inc. (a)................... 5,370 265,761 0.57 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1).......... 146,818 0.32 ----------- ------ ELECTRICAL EQUIPMENT AMETEK, Inc. ................ 5,336 249,938 0.54 Roper Industries, Inc. ...... 4,445 277,991 0.60 Other Securities(1).......... 525,649 1.14 ----------- ------ 1,053,578 2.28 ----------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Arrow Electronics, Inc. (a).. 6,233 244,832 0.53 Other Securities(1).......... 1,092,399 2.36 ----------- ------ 1,337,231 2.89 ----------- ------ ENERGY EQUIPMENT & SERVICES FMC Technologies, Inc. (a)... 6,540 370,818 0.80 Pride International, Inc. (a)........................ 8,341 282,760 0.61 Other Securities(1).......... 1,536,295 3.33 ----------- ------ 2,189,873 4.74 ----------- ------ FOOD & STAPLES RETAILING Other Securities(1).......... 77,752 0.17 ----------- ------ FOOD PRODUCTS Other Securities(1).......... 198,761 0.43 ----------- ------ GAS UTILITIES Other Securities(1).......... 218,612 0.47 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Dentsply International, Inc. ...................... 7,161 322,388 0.70 Hologic, Inc. (a)............ 6,265 430,029 0.93 Respironics, Inc. (a)........ 3,672 240,442 0.52 Varian Medical Systems, Inc. (a)........................ 6,343 330,851 0.71 Other Securities(1).......... 1,180,274 2.55 ----------- ------ 2,503,984 5.41 ----------- ------ HEALTH CARE PROVIDERS & SERVICES DaVita, Inc. (a)............. 5,372 302,712 0.65 Henry Schein, Inc. (a)....... 4,443 272,800 0.59 Other Securities(1).......... 1,416,400 3.07 ----------- ------ 1,991,912 4.31 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1).......... 532,275 1.15 ----------- ------ HOTELS, RESTAURANTS & LEISURE Chipotle Mexican Grill, Inc. (a)........................ 1,635 240,459 0.52 Other Securities(1).......... 1,294,829 2.80 ----------- ------ 1,535,288 3.32 ----------- ------ HOUSEHOLD DURABLES Other Securities(1).......... 647,481 1.40 ----------- ------ HOUSEHOLD PRODUCTS Energizer Holdings, Inc. (a)........................ 2,868 321,589 0.69 Other Securities(1).......... 178,755 0.39 ----------- ------ 500,344 1.08 ----------- ------
See accompanying notes to financial statements. 93 SPDR DJ WILSHIRE MID CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ INSURANCE Axis Capital Holdings, Ltd. ...................... 7,047 $ 274,622 0.59% WR Berkley Corp. ............ 8,053 240,060 0.52 Other Securities(1).......... 575,337 1.25 ----------- ------ 1,090,019 2.36 ----------- ------ INTERNET & CATALOG RETAIL Other Securities(1).......... 198,019 0.43 ----------- ------ INTERNET SOFTWARE & SERVICES Akamai Technologies, Inc. (a)........................ 8,366 289,464 0.62 Other Securities(1).......... 173,696 0.38 ----------- ------ 463,160 1.00 ----------- ------ IT SERVICES Iron Mountain, Inc. (a)...... 9,170 339,473 0.73 Total System Services, Inc. ...................... 9,832 275,296 0.59 Other Securities(1).......... 1,113,305 2.42 ----------- ------ 1,728,074 3.74 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Applera Corp. -- Applied Biosystems Group........... 8,467 287,201 0.62 Covance, Inc. (a)............ 3,210 278,050 0.60 Other Securities(1).......... 1,401,086 3.03 ----------- ------ 1,966,337 4.25 ----------- ------ MACHINERY Flowserve Corp. ............. 2,872 276,286 0.60 Harsco Corp. ................ 4,231 271,080 0.59 Joy Global, Inc. ............ 5,441 358,127 0.77 The Manitowoc Co., Inc. ..... 6,537 319,202 0.69 Other Securities(1).......... 636,896 1.38 ----------- ------ 1,861,591 4.03 ----------- ------ MEDIA Other Securities(1).......... 969,539 2.10 ----------- ------ METALS & MINING AK Steel Holding Corp. (a)... 5,612 259,499 0.56 Other Securities(1).......... 116,406 0.25 ----------- ------ 375,905 0.81 ----------- ------ MULTILINE RETAIL Other Securities(1).......... 251,983 0.55 ----------- ------ OFFICE ELECTRONICS Other Securities(1).......... 117,633 0.25 ----------- ------ OIL, GAS & CONSUMABLE FUELS Arch Coal, Inc. ............. 7,208 323,855 0.70 Denbury Resources, Inc. (a).. 12,165 361,909 0.78 Pioneer Natural Resources Co. ....................... 6,015 293,773 0.63 Plains Exploration & Production Co. (a)......... 5,635 304,290 0.66 Range Resources Corp. ....... 7,478 384,070 0.83 Other Securities(1).......... 1,436,679 3.11 ----------- ------ 3,104,576 6.71 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1).......... 178,031 0.39 ----------- ------ PERSONAL PRODUCTS Other Securities(1).......... 188,093 0.41 ----------- ------ PHARMACEUTICALS Other Securities(1).......... 623,748 1.35 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Ventas, Inc. ................ 6,715 303,854 0.66 Other Securities(1).......... 401,014 0.86 ----------- ------ 704,868 1.52 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1).......... 265,449 0.57 ----------- ------ ROAD & RAIL Other Securities(1).......... 231,719 0.50 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Cypress Semiconductor Corp. (a)........................ 7,686 276,927 0.60 Other Securities(1).......... 1,193,524 2.58 ----------- ------ 1,470,451 3.18 ----------- ------ SOFTWARE Activision, Inc. (a)......... 14,559 432,402 0.94 BEA Systems, Inc. (a)........ 19,897 313,975 0.68 McAfee, Inc. (a)............. 8,017 300,637 0.65 NAVTEQ Corp. (a)............. 4,918 371,801 0.80 Salesforce.com, Inc. (a)..... 4,933 309,250 0.67 Other Securities(1).......... 1,062,740 2.29 ----------- ------ 2,790,805 6.03 ----------- ------ SPECIALTY RETAIL Other Securities(1).......... 1,972,346 4.26 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1).......... 310,690 0.67 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1).......... 93,526 0.20 ----------- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1).......... 329,532 0.71 ----------- ------ TOTAL COMMON STOCKS -- (Cost $46,619,280)......... 46,202,295 99.90 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $883,540)............ 883,540 883,540 1.91 ----------- ------ TOTAL INVESTMENTS (Cost $47,502,820)......... 47,085,835 101.81 OTHER ASSETS AND LIABILITIES................ (836,199) (1.81) ----------- ------ NET ASSETS................... $46,249,636 100.00 =========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. See accompanying notes to financial statements. 94 SPDR DJ WILSHIRE MID CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AUTO COMPONENTS Other Securities(1)......... $ 71,047 0.63% ----------- ------ BEVERAGES Other Securities(1)......... 38,851 0.34 ----------- ------ BUILDING PRODUCTS Other Securities(1)......... 123,660 1.10 ----------- ------ CAPITAL MARKETS Federated Investors, Inc. .. 1,721 70,836 0.63 Janus Capital Group, Inc. .. 3,061 100,554 0.89 Other Securities(1)......... 213,313 1.89 ----------- ------ 384,703 3.41 ----------- ------ CHEMICALS CF Industries Holdings, Inc. ..................... 887 97,623 0.87 Eastman Chemical Co. ....... 1,455 88,886 0.79 FMC Corp. .................. 1,303 71,078 0.63 Lubrizol Corp. ............. 1,231 66,671 0.59 Other Securities(1)......... 473,468 4.20 ----------- ------ 797,726 7.08 ----------- ------ COMMERCIAL BANKS Other Securities(1)......... 589,964 5.23 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)......... 44,088 0.39 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)......... 47,252 0.42 ----------- ------ CONSTRUCTION & ENGINEERING The Shaw Group, Inc. (a).... 1,359 82,138 0.73 URS Corp. (a)............... 1,433 77,855 0.69 Other Securities(1)......... 22,576 0.20 ----------- ------ 182,569 1.62 ----------- ------ CONSUMER FINANCE Other Securities(1)......... 7,590 0.07 ----------- ------ CONTAINERS & PACKAGING Owens-Illinois, Inc. (a).... 2,625 129,938 1.15 Other Securities(1)......... 249,281 2.21 ----------- ------ 379,219 3.36 ----------- ------ DIVERSIFIED CONSUMER SERVICES Service Corp. International............. 5,127 72,034 0.64 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)......... 9,523 0.08 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES CenturyTel, Inc. ........... 1,981 82,132 0.73 Citizens Communications Co. ...................... 5,883 74,891 0.66 ----------- ------ 157,023 1.39 ----------- ------ ELECTRIC UTILITIES Northeast Utilities......... 2,761 86,447 0.77 Pepco Holdings, Inc. ....... 3,596 105,471 0.94 Pinnacle West Capital Corp. .................... 1,779 75,447 0.67 Sierra Pacific Resources.... 3,963 67,292 0.60 Other Securities(1)......... 105,546 0.93 ----------- ------ 440,203 3.91 ----------- ------ ELECTRICAL EQUIPMENT Other Securities(1)......... 101,941 0.90 ----------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Molex, Inc. ................ 2,466 67,322 0.60 Other Securities(1)......... 130,955 1.16 ----------- ------ 198,277 1.76 ----------- ------ ENERGY EQUIPMENT & SERVICES Exterran Holdings, Inc. (a)....................... 1,185 96,933 0.86 Other Securities(1)......... 54,860 0.49 ----------- ------ 151,793 1.35 ----------- ------ FOOD PRODUCTS McCormick & Co., Inc. ...... 2,047 77,602 0.69 Other Securities(1)......... 242,159 2.15 ----------- ------ 319,761 2.84 ----------- ------ GAS UTILITIES Energen Corp. .............. 1,164 74,764 0.66 Other Securities(1)......... 260,279 2.31 ----------- ------ 335,043 2.97 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)......... 88,884 0.79 ----------- ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)......... 24,914 0.22 ----------- ------ HOUSEHOLD DURABLES The Stanley Works........... 1,486 72,041 0.64 Other Securities(1)......... 232,449 2.06 ----------- ------ 304,490 2.70 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)......... 84,895 0.75 ----------- ------ INSURANCE Markel Corp. (a)............ 179 87,907 0.78 PartnerRe, Ltd. ............ 998 82,365 0.73 RenaissanceRe Holdings, Ltd. ..................... 1,184 71,324 0.63 White Mountains Insurance Group, Ltd. .............. 140 71,967 0.64 Other Securities(1)......... 685,298 6.08 ----------- ------ 998,861 8.86 ----------- ------ IT SERVICES Other Securities(1)......... 68,117 0.60 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)......... 87,956 0.78 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)......... 55,267 0.49 ----------- ------ MACHINERY AGCO Corp. (a).............. 1,644 111,759 0.99 Pall Corp. ................. 2,197 88,583 0.79 SPX Corp. .................. 941 96,782 0.86 Other Securities(1)......... 342,824 3.04 ----------- ------ 639,948 5.68 ----------- ------
See accompanying notes to financial statements. 95 SPDR DJ WILSHIRE MID CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ MEDIA The Interpublic Group of Cos., Inc. (a)............ 8,441 $ 68,457 0.61% Other Securities(1)......... 188,461 1.67 ----------- ------ 256,918 2.28 ----------- ------ METALS & MINING Cleveland-Cliffs, Inc. ..... 736 74,189 0.66 Steel Dynamics, Inc. ....... 1,733 103,235 0.91 Other Securities(1)......... 193,314 1.72 ----------- ------ 370,738 3.29 ----------- ------ MULTI-UTILITIES Alliant Energy Corp. ....... 1,980 80,566 0.72 CenterPoint Energy, Inc. ... 5,084 87,089 0.77 CMS Energy Corp. ........... 4,038 70,181 0.62 Energy East Corp. .......... 2,823 76,814 0.68 Integrys Energy Group, Inc. ..................... 1,362 70,402 0.62 MDU Resources Group, Inc. .. 3,005 82,968 0.74 NiSource, Inc. ............. 4,924 93,014 0.83 SCANA Corp. ................ 1,889 79,621 0.71 Wisconsin Energy Corp. ..... 2,102 102,389 0.91 Other Securities(1)......... 246,631 2.18 ----------- ------ 989,675 8.78 ----------- ------ MULTILINE RETAIL Other Securities(1)......... 76,134 0.68 ----------- ------ OIL, GAS & CONSUMABLE FUELS Forest Oil Corp. (a)........ 1,398 71,074 0.63 Other Securities(1)......... 345,896 3.07 ----------- ------ 416,970 3.70 ----------- ------ PAPER & FOREST PRODUCTS MeadWestvaco Corp. ......... 3,296 103,165 0.92 ----------- ------ PHARMACEUTICALS Other Securities(1)......... 93,769 0.83 ----------- ------ REAL ESTATE INVESTMENT TRUSTS AMB Property Corp. ......... 1,776 102,227 0.91 Annaly Capital Management, Inc. ..................... 7,216 131,187 1.16 Duke Realty Corp. .......... 2,613 68,147 0.61 Federal Realty Investment Trust..................... 1,013 83,218 0.74 Health Care REIT, Inc. ..... 1,523 68,063 0.60 Regency Centers Corp. ...... 1,245 80,290 0.71 Other Securities(1)......... 698,869 6.20 ----------- ------ 1,232,001 10.93 ----------- ------ ROAD & RAIL Other Securities(1)......... 96,484 0.86 ----------- ------ SOFTWARE Cadence Design Systems, Inc. (a)....................... 4,825 82,073 0.73 Other Securities(1)......... 88,269 0.78 ----------- ------ 170,342 1.51 ----------- ------ SPECIALTY RETAIL Other Securities(1)......... 139,201 1.24 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... 84,089 0.75 ----------- ------ THRIFTS & MORTGAGE FINANCE New York Community Bancorp, Inc. .............. 5,810 102,140 0.91 Other Securities(1)......... 210,044 1.86 ----------- ------ 312,184 2.77 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 53,379 0.47 ----------- ------ WATER UTILITIES Other Securities(1)......... 50,159 0.45 ----------- ------ TOTAL COMMON STOCKS -- (Cost $12,779,523)........ 11,250,807 99.82 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $73,697)............ 73,697 73,697 0.65 ----------- ------ TOTAL INVESTMENTS (Cost $12,853,220)........ 11,324,504 100.47 OTHER ASSETS AND LIABILITIES............... (53,233) (0.47) ----------- ------ NET ASSETS.................. $11,271,271 100.00 =========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. See accompanying notes to financial statements. 96 SPDR DJ WILSHIRE SMALL CAP ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE BE Aerospace, Inc. (a)...... 465 $ 24,598 0.27% Other Securities(1)......... 120,034 1.30 ---------- ------ 144,632 1.57 ---------- ------ AIR FREIGHT & LOGISTICS Other Securities(1)......... 26,235 0.28 ---------- ------ AIRLINES Other Securities(1)......... 44,918 0.49 ---------- ------ AUTO COMPONENTS Other Securities(1)......... 61,209 0.66 ---------- ------ AUTOMOBILES Other Securities(1)......... 13,703 0.15 ---------- ------ BEVERAGES Other Securities(1)......... 23,841 0.26 ---------- ------ BIOTECHNOLOGY BioMarin Pharmaceuticals, Inc. (a).................. 478 16,921 0.18 Other Securities(1)......... 225,541 2.45 ---------- ------ 242,462 2.63 ---------- ------ BUILDING PRODUCTS Other Securities(1)......... 52,486 0.57 ---------- ------ CAPITAL MARKETS Affiliated Managers Group, Inc. (a).................. 151 17,736 0.19 Other Securities(1)......... 145,232 1.58 ---------- ------ 162,968 1.77 ---------- ------ CHEMICALS Airgas, Inc. ............... 357 18,603 0.20 CF Industries Holdings, Inc. ..................... 250 27,515 0.30 FMC Corp. .................. 366 19,965 0.22 Nalco Holding Co. .......... 728 17,603 0.19 Terra Industries, Inc. (a).. 448 21,396 0.23 Other Securities(1)......... 187,405 2.04 ---------- ------ 292,487 3.18 ---------- ------ COMMERCIAL BANKS Other Securities(1)......... 412,767 4.48 ---------- ------ COMMERCIAL SERVICES & SUPPLIES Corrections Corp. of America (a)....................... 617 18,208 0.20 Other Securities(1)......... 321,370 3.49 ---------- ------ 339,578 3.69 ---------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)......... 212,203 2.30 ---------- ------ COMPUTERS & PERIPHERALS Other Securities(1)......... 78,639 0.85 ---------- ------ CONSTRUCTION & ENGINEERING Quanta Services, Inc. (a)... 858 22,514 0.24 The Shaw Group, Inc. (a).... 383 23,149 0.25 URS Corp. (a)............... 400 21,732 0.24 Other Securities(1)......... 31,088 0.34 ---------- ------ 98,483 1.07 ---------- ------ CONSTRUCTION MATERIALS Other Securities(1)......... 19,827 0.22 ---------- ------ CONSUMER FINANCE Other Securities(1)......... 30,598 0.33 ---------- ------ CONTAINERS & PACKAGING Other Securities(1)......... 64,486 0.70 ---------- ------ DISTRIBUTORS Other Securities(1)......... 14,821 0.16 ---------- ------ DIVERSIFIED CONSUMER SERVICES Service Corp. International............. 1,436 20,176 0.22 Other Securities(1)......... 106,616 1.16 ---------- ------ 126,792 1.38 ---------- ------ DIVERSIFIED FINANCIAL SERVICES The Nasdaq Stock Market, Inc. (a).................. 534 26,428 0.29 Other Securities(1)......... 31,376 0.34 ---------- ------ 57,804 0.63 ---------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)......... 66,405 0.72 ---------- ------ ELECTRIC UTILITIES Sierra Pacific Resources.... 1,117 18,967 0.21 Other Securities(1)......... 105,060 1.14 ---------- ------ 124,027 1.35 ---------- ------ ELECTRICAL EQUIPMENT General Cable Corp. (a)..... 264 19,346 0.21 Other Securities(1)......... 139,008 1.51 ---------- ------ 158,354 1.72 ---------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS FLIR Systems, Inc. (a)...... 663 20,752 0.23 Mettler Toledo International, Inc. (a)... 180 20,484 0.22 Other Securities(1)......... 183,920 2.00 ---------- ------ 225,156 2.45 ---------- ------ ENERGY EQUIPMENT & SERVICES Exterran Holdings, Inc. (a)....................... 330 26,994 0.29 Helix Energy Solutions Group, Inc. (a)........... 421 17,471 0.19 Helmerich & Payne, Inc. .... 484 19,394 0.21 Oceaneering International, Inc. (a).................. 275 18,521 0.20 Other Securities(1)......... 208,791 2.27 ---------- ------ 291,171 3.16 ---------- ------ FOOD & STAPLES RETAILING Other Securities(1)......... 74,476 0.81 ---------- ------ FOOD PRODUCTS Other Securities(1)......... 116,774 1.27 ---------- ------ GAS UTILITIES Energen Corp. .............. 329 21,132 0.23 Other Securities(1)......... 146,835 1.59 ---------- ------ 167,967 1.82 ---------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Gen-Probe, Inc. (a)......... 269 16,928 0.18 Hologic, Inc. (a)........... 629 43,174 0.47 IDEXX Laboratories, Inc. (a)....................... 306 17,941 0.20
See accompanying notes to financial statements. 97 SPDR DJ WILSHIRE SMALL CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ Inverness Medical Innovations, Inc. (a)..... 369 $ 20,730 0.23% ResMed, Inc. (a)............ 385 20,224 0.22 Respironics, Inc. (a)....... 369 24,162 0.26 Other Securities(1)......... 178,925 1.94 ---------- ------ 322,084 3.50 ---------- ------ HEALTH CARE PROVIDERS & SERVICES VCA Antech, Inc. (a)........ 421 18,621 0.20 Other Securities(1)......... 234,893 2.55 ---------- ------ 253,514 2.75 ---------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)......... 38,636 0.42 ---------- ------ HOTELS, RESTAURANTS & LEISURE Chipotle Mexican Grill, Inc. (a)....................... 164 24,120 0.26 Other Securities(1)......... 205,109 2.23 ---------- ------ 229,229 2.49 ---------- ------ HOUSEHOLD DURABLES Other Securities(1)......... 94,789 1.03 ---------- ------ HOUSEHOLD PRODUCTS Church & Dwight Co., Inc. .. 332 17,951 0.20 Other Securities(1)......... 5,879 0.06 ---------- ------ 23,830 0.26 ---------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)......... 4,621 0.05 ---------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)......... 40,241 0.44 ---------- ------ INSURANCE Other Securities(1)......... 358,455 3.89 ---------- ------ INTERNET & CATALOG RETAIL Priceline.com, Inc. (a)..... 173 19,871 0.22 Other Securities(1)......... 27,387 0.29 ---------- ------ 47,258 0.51 ---------- ------ INTERNET SOFTWARE & SERVICES Other Securities(1)......... 135,776 1.47 ---------- ------ IT SERVICES Hewitt Associates, Inc. (Class A) (a)............. 492 18,839 0.20 Other Securities(1)......... 164,955 1.80 ---------- ------ 183,794 2.00 ---------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)......... 36,455 0.40 ---------- ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)......... 130,064 1.41 ---------- ------ MACHINERY AGCO Corp. (a).............. 458 31,135 0.34 Bucyrus International, Inc. (Class A)................. 186 18,487 0.20 Other Securities(1)......... 265,806 2.89 ---------- ------ 315,428 3.43 ---------- ------ MARINE Other Securities(1)......... 47,897 0.52 ---------- ------ MEDIA Other Securities(1)......... 167,448 1.82 ---------- ------ METALS & MINING AK Steel Holding Corp. (a).. 560 25,894 0.28 Carpenter Technology Corp. .................... 246 18,492 0.20 Cleveland-Cliffs, Inc. ..... 208 20,966 0.23 Commercial Metals Co. ...... 598 17,611 0.19 Reliance Steel & Aluminum Co. ...................... 330 17,886 0.19 Steel Dynamics, Inc. ....... 483 28,772 0.31 Other Securities(1)......... 97,149 1.06 ---------- ------ 226,770 2.46 ---------- ------ MULTI-UTILITIES CMS Energy Corp. ........... 1,133 19,691 0.21 Other Securities(1)......... 81,743 0.89 ---------- ------ 101,434 1.10 ---------- ------ MULTILINE RETAIL Other Securities(1)......... 33,476 0.36 ---------- ------ OFFICE ELECTRONICS Other Securities(1)......... 11,763 0.13 ---------- ------ OIL, GAS & CONSUMABLE FUELS Cabot Oil & Gas Corp. ...... 491 19,822 0.22 Cimarex Energy Co. ......... 419 17,820 0.19 Forest Oil Corp. (a)........ 393 19,980 0.22 Plains Exploration & Production Co. (a)........ 561 30,294 0.33 Other Securities(1)......... 571,245 6.20 ---------- ------ 659,161 7.16 ---------- ------ PAPER & FOREST PRODUCTS Other Securities(1)......... 28,162 0.31 ---------- ------ PERSONAL PRODUCTS Other Securities(1)......... 52,586 0.57 ---------- ------ PHARMACEUTICALS Other Securities(1)......... 109,126 1.18 ---------- ------ REAL ESTATE INVESTMENT TRUSTS Health Care REIT, Inc. ..... 424 18,949 0.21 Rayonier, Inc. ............. 391 18,471 0.20 Other Securities(1)......... 459,941 4.99 ---------- ------ 497,361 5.40 ---------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)......... 29,894 0.32 ---------- ------ ROAD & RAIL Other Securities(1)......... 86,508 0.94 ---------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Cypress Semiconductor Corp. (a)....................... 765 27,563 0.30 Other Securities(1)......... 277,474 3.01 ---------- ------ 305,037 3.31 ---------- ------ SOFTWARE Other Securities(1)......... 281,766 3.06 ---------- ------ SPECIALTY RETAIL Other Securities(1)......... 206,222 2.24 ---------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... 117,147 1.27 ---------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)......... 108,478 1.18 ---------- ------
See accompanying notes to financial statements. 98 SPDR DJ WILSHIRE SMALL CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ TOBACCO Other Securities(1)......... $ 12,708 0.14% ---------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 78,517 0.85 ---------- ------ TRANSPORTATION INFRASTRUCTURE Other Securities(1)......... 8,957 0.10 ---------- ------ WATER UTILITIES Other Securities(1)......... 23,288 0.25 ---------- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)......... 35,401 0.38 ---------- ------ TOTAL COMMON STOCKS -- (Cost $10,412,240)........ 9,188,550 99.77 ---------- ------ WARRANTS COMMUNICATIONS EQUIPMENT Pegasus Wireless Corp. (a) (Cost $0)................. 97 0 0.00 ---------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $53,866)............ 53,866 53,866 0.59 ---------- ------ TOTAL INVESTMENTS (Cost $10,466,106)........ 9,242,416 100.36 OTHER ASSETS AND LIABILITIES............... (32,991) (0.36) ---------- ------ NET ASSETS.................. $9,209,425 100.00 ========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. See accompanying notes to financial statements. 99 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE BE Aerospace, Inc. (a)...... 8,393 $ 443,990 0.50% Other Securities(1)......... 1,272,773 1.44 ----------- ------ 1,716,763 1.94 ----------- ------ AIR FREIGHT & LOGISTICS Other Securities(1)......... 353,187 0.40 ----------- ------ AIRLINES Other Securities(1)......... 748,237 0.85 ----------- ------ AUTO COMPONENTS Other Securities(1)......... 394,738 0.45 ----------- ------ AUTOMOBILES Other Securities(1)......... 232,416 0.26 ----------- ------ BEVERAGES Other Securities(1)......... 224,776 0.25 ----------- ------ BIOTECHNOLOGY BioMarin Pharmaceuticals, Inc. (a).................. 8,746 309,608 0.35 Onyx Pharmaceuticals, Inc. (a)....................... 5,023 279,379 0.32 Other Securities(1)......... 3,741,156 4.23 ----------- ------ 4,330,143 4.90 ----------- ------ BUILDING PRODUCTS Other Securities(1)......... 218,312 0.25 ----------- ------ CAPITAL MARKETS Affiliated Managers Group, Inc. (a).................. 2,694 316,437 0.36 Other Securities(1)......... 545,482 0.61 ----------- ------ 861,919 0.97 ----------- ------ CHEMICALS Nalco Holding Co. .......... 13,167 318,378 0.36 Terra Industries, Inc. (a).. 8,141 388,814 0.44 Other Securities(1)......... 378,048 0.43 ----------- ------ 1,085,240 1.23 ----------- ------ COMMERCIAL BANKS Other Securities(1)......... 843,362 0.95 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Corrections Corp. of America (a)....................... 11,132 328,505 0.37 Covanta Holding Corp. (a)... 10,050 277,983 0.31 FTI Consulting, Inc. (a).... 4,359 268,689 0.30 Other Securities(1)......... 3,465,836 3.93 ----------- ------ 4,341,013 4.91 ----------- ------ COMMUNICATIONS EQUIPMENT CommScope, Inc. (a)......... 6,076 299,000 0.34 Other Securities(1)......... 3,122,626 3.53 ----------- ------ 3,421,626 3.87 ----------- ------ COMPUTERS & PERIPHERALS Other Securities(1)......... 984,785 1.11 ----------- ------ CONSTRUCTION & ENGINEERING Quanta Services, Inc. (a)... 15,618 409,816 0.46 Other Securities(1)......... 288,274 0.33 ----------- ------ 698,090 0.79 ----------- ------ CONSTRUCTION MATERIALS Other Securities(1)......... 185,945 0.21 ----------- ------ CONSUMER FINANCE Other Securities(1)......... 338,680 0.38 ----------- ------ CONTAINERS & PACKAGING Other Securities(1)......... 366,335 0.41 ----------- ------ DISTRIBUTORS Other Securities(1)......... 232,187 0.26 ----------- ------ DIVERSIFIED CONSUMER SERVICES DeVry, Inc. ................ 5,617 291,859 0.33 Other Securities(1)......... 1,480,644 1.67 ----------- ------ 1,772,503 2.00 ----------- ------ DIVERSIFIED FINANCIAL SERVICES The Nasdaq Stock Market, Inc. (a).................. 9,757 482,874 0.55 Other Securities(1)......... 142,076 0.16 ----------- ------ 624,950 0.71 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Time Warner Telecom, Inc. (Class A) (a)............. 13,263 269,106 0.30 Other Securities(1)......... 674,706 0.77 ----------- ------ 943,812 1.07 ----------- ------ ELECTRIC UTILITIES Other Securities(1)......... 226,075 0.26 ----------- ------ ELECTRICAL EQUIPMENT General Cable Corp. (a)..... 4,806 352,184 0.40 Other Securities(1)......... 980,937 1.11 ----------- ------ 1,333,121 1.51 ----------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS FLIR Systems, Inc. (a)...... 12,148 380,233 0.43 Mettler Toledo International, Inc. (a)... 3,335 379,523 0.43 Other Securities(1)......... 2,067,592 2.34 ----------- ------ 2,827,348 3.20 ----------- ------ ENERGY EQUIPMENT & SERVICES Dresser-Rand Group, Inc. (a)....................... 7,773 303,536 0.34 Helix Energy Solutions Group, Inc. (a)........... 7,597 315,275 0.36 Helmerich & Payne, Inc. .... 8,709 348,970 0.39 Oceaneering International, Inc. (a)... 5,008 337,289 0.38 Other Securities(1)......... 2,747,882 3.11 ----------- ------ 4,052,952 4.58 ----------- ------ FOOD & STAPLES RETAILING Other Securities(1)......... 412,974 0.47 ----------- ------ FOOD PRODUCTS Other Securities(1)......... 460,734 0.52 ----------- ------ GAS UTILITIES Other Securities(1)......... 23,864 0.03 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Gen-Probe, Inc. (a)......... 4,959 312,070 0.35 Hologic, Inc. (a)........... 11,486 788,399 0.89 IDEXX Laboratories, Inc. (a)....................... 5,623 329,677 0.37 Inverness Medical Innovations, Inc. (a)..... 6,741 378,709 0.43 ResMed, Inc. (a)............ 7,163 376,272 0.43
See accompanying notes to financial statements 100 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ Respironics, Inc. (a)....... 6,656 $ 435,835 0.49% Other Securities(1)......... 2,471,103 2.80 ----------- ------ 5,092,065 5.76 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Pediatrix Medical Group, Inc. (a).................. 4,458 303,813 0.34 VCA Antech, Inc. (a)........ 7,579 335,219 0.38 Other Securities(1)......... 3,008,591 3.40 ----------- ------ 3,647,623 4.12 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)......... 720,190 0.81 ----------- ------ HOTELS, RESTAURANTS & LEISURE Chipotle Mexican Grill, Inc. (a)....................... 2,968 436,504 0.49 Other Securities(1)......... 2,701,910 3.06 ----------- ------ 3,138,414 3.55 ----------- ------ HOUSEHOLD DURABLES Other Securities(1)......... 501,369 0.57 ----------- ------ HOUSEHOLD PRODUCTS Church & Dwight Co., Inc. .. 6,019 325,448 0.37 Other Securities(1)......... 18,676 0.02 ----------- ------ 344,124 0.39 ----------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)......... 84,935 0.10 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)......... 235,572 0.27 ----------- ------ INSURANCE HCC Insurance Holdings, Inc. ..................... 10,195 292,392 0.33 Other Securities(1)......... 564,540 0.64 ----------- ------ 856,932 0.97 ----------- ------ INTERNET & CATALOG RETAIL Priceline.com, Inc. (a)..... 3,136 360,201 0.41 Other Securities(1)......... 514,884 0.58 ----------- ------ 875,085 0.99 ----------- ------ INTERNET SOFTWARE & SERVICES Equinix, Inc. (a)........... 2,867 289,768 0.33 Other Securities(1)......... 2,155,442 2.43 ----------- ------ 2,445,210 2.76 ----------- ------ IT SERVICES Broadridge Financial Solutions, Inc. .......... 12,578 282,125 0.32 Hewitt Associates, Inc. (Class A) (a)............. 8,983 343,959 0.39 Other Securities(1)......... 1,927,831 2.18 ----------- ------ 2,553,915 2.89 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)......... 153,602 0.17 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Illumina, Inc. (a).......... 5,115 303,115 0.34 Ventana Medical Systems, Inc. (a).................. 3,384 295,186 0.33 Other Securities(1)......... 1,300,348 1.48 ----------- ------ 1,898,649 2.15 ----------- ------ MACHINERY Bucyrus International, Inc. (Class A)................. 3,405 338,423 0.38 Other Securities(1)......... 1,846,702 2.09 ----------- ------ 2,185,125 2.47 ----------- ------ MARINE Other Securities(1)......... 375,065 0.42 ----------- ------ MEDIA Other Securities(1)......... 1,628,122 1.84 ----------- ------ METALS & MINING AK Steel Holding Corp. (a).. 10,202 471,741 0.53 Other Securities(1)......... 628,110 0.71 ----------- ------ 1,099,851 1.24 ----------- ------ MULTILINE RETAIL Other Securities(1)......... 82,667 0.09 ----------- ------ OFFICE ELECTRONICS Other Securities(1)......... 216,112 0.24 ----------- ------ OIL, GAS & CONSUMABLE FUELS Cabot Oil & Gas Corp. ...... 8,937 360,787 0.41 Cimarex Energy Co. ......... 7,548 321,016 0.36 Kinder Morgan Management LLC (a)....................... 5,637 298,423 0.34 Plains Exploration & Production Co. (a)........ 10,294 555,876 0.63 Quicksilver Resources, Inc. (a)....................... 5,034 299,976 0.34 Other Securities(1)......... 5,788,417 6.54 ----------- ------ 7,624,495 8.62 ----------- ------ PERSONAL PRODUCTS Other Securities(1)......... 867,145 0.98 ----------- ------ PHARMACEUTICALS MGI Pharma, Inc. (a)........ 7,289 295,423 0.33 Other Securities(1)......... 1,012,856 1.15 ----------- ------ 1,308,279 1.48 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)......... 965,139 1.09 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)......... 499,332 0.56 ----------- ------ ROAD & RAIL Other Securities(1)......... 497,895 0.56 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Cypress Semiconductor Corp. (a)....................... 13,957 502,871 0.57 Other Securities(1)......... 4,508,377 5.09 ----------- ------ 5,011,248 5.66 ----------- ------ SOFTWARE Ansys, Inc. (a)............. 7,126 295,444 0.33 MICROS Systems, Inc. (a).... 3,856 270,537 0.31 Other Securities(1)......... 3,878,930 4.38 ----------- ------ 4,444,911 5.02 ----------- ------ SPECIALTY RETAIL Other Securities(1)......... 2,210,844 2.50 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)......... 1,186,014 1.34 ----------- ------
See accompanying notes to financial statements 101 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)......... $ 208,133 0.24% ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)......... 522,881 0.59 ----------- ------ WIRELESS TELECOMMUNICATION SERVICES SBA Communications Corp. (a)....................... 9,043 306,015 0.35 Other Securities(1)......... 291,845 0.33 ----------- ------ 597,860 0.68 ----------- ------ TOTAL COMMON STOCKS -- (Cost $94,914,072)........ 88,334,890 99.86 ----------- ------ WARRANTS COMMUNICATIONS EQUIPMENT Pegasus Wireless Corp. (a) (Cost $0)................. 569 0 0.00 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $1,674,837)......... 1,674,837 1,674,837 1.89 ----------- ------ TOTAL INVESTMENTS (Cost $96,588,909)........ 90,009,727 101.75 OTHER ASSETS AND LIABILITIES............... (1,549,062) (1.75) ----------- ------ NET ASSETS.................. $88,460,665 100.00 =========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represents less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. See accompanying notes to financial statements 102 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Other Securities(1)....... $ 1,120,642 1.17% ----------- ------ AIR FREIGHT & LOGISTICS Other Securities(1)....... 147,654 0.15 ----------- ------ AIRLINES Other Securities(1)....... 111,870 0.12 ----------- ------ AUTO COMPONENTS Other Securities(1)....... 869,690 0.91 ----------- ------ AUTOMOBILES Other Securities(1)....... 26,445 0.03 ----------- ------ BEVERAGES Other Securities(1)....... 236,539 0.25 ----------- ------ BIOTECHNOLOGY Other Securities(1)....... 136,318 0.14 ----------- ------ BUILDING PRODUCTS Other Securities(1)....... 879,694 0.92 ----------- ------ CAPITAL MARKETS MF Global, Ltd. (a)....... 10,743 338,082 0.35 Raymond James Financial, Inc. ................... 10,516 343,453 0.36 Waddell & Reed Financial, Inc. (Class A).......... 9,219 332,714 0.35 Other Securities(1)....... 1,511,413 1.58 ----------- ------ 2,525,662 2.64 ----------- ------ CHEMICALS Airgas, Inc. ............. 7,755 404,113 0.42 Albemarle Corp. .......... 8,461 349,016 0.36 CF Industries Holdings, Inc. ................... 5,461 601,038 0.63 FMC Corp. ................ 8,014 437,164 0.46 Other Securities(1)....... 3,299,557 3.44 ----------- ------ 5,090,888 5.31 ----------- ------ COMMERCIAL BANKS Cullen/Frost Bankers, Inc. ................... 6,420 325,237 0.34 Other Securities(1)....... 7,711,895 8.05 ----------- ------ 8,037,132 8.39 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)....... 2,257,052 2.36 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)....... 551,260 0.58 ----------- ------ COMPUTERS & PERIPHERALS Other Securities(1)....... 542,338 0.57 ----------- ------ CONSTRUCTION & ENGINEERING The Shaw Group, Inc. (a).. 8,371 505,943 0.53 URS Corp. (a)............. 8,796 477,887 0.50 Other Securities(1)....... 346,437 0.36 ----------- ------ 1,330,267 1.39 ----------- ------ CONSTRUCTION MATERIALS Other Securities(1)....... 211,141 0.22 ----------- ------ CONSUMER FINANCE Other Securities(1)....... 262,550 0.27 ----------- ------ CONTAINERS & PACKAGING Smurfit-Stone Container Corp. (a)............... 27,827 293,853 0.31 Other Securities(1)....... 678,834 0.71 ----------- ------ 972,687 1.02 ----------- ------ DISTRIBUTORS Other Securities(1)....... 42,446 0.04 ----------- ------ DIVERSIFIED CONSUMER SERVICES Service Corp. International........... 31,671 444,977 0.46 Other Securities(1)....... 228,421 0.24 ----------- ------ 673,398 0.70 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)....... 525,666 0.55 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)....... 324,495 0.34 ----------- ------ ELECTRIC UTILITIES Sierra Pacific Resources.. 24,371 413,820 0.43 Other Securities(1)....... 2,033,499 2.13 ----------- ------ 2,447,319 2.56 ----------- ------ ELECTRICAL EQUIPMENT Thomas & Betts Corp. (a).. 6,478 317,681 0.33 Other Securities(1)....... 1,570,087 1.64 ----------- ------ 1,887,768 1.97 ----------- ------ ELECTRONIC EQUIPMENT & INSTRUMENTS Other Securities(1)....... 1,560,472 1.63 ----------- ------ ENERGY EQUIPMENT & SERVICES Exterran Holdings, Inc. (a)..................... 7,282 595,668 0.62 Tidewater, Inc. .......... 6,163 338,102 0.35 Other Securities(1)....... 588,777 0.62 ----------- ------ 1,522,547 1.59 ----------- ------ FOOD & STAPLES RETAILING Other Securities(1)....... 1,114,734 1.16 ----------- ------ FOOD PRODUCTS Corn Products International, Inc. .... 8,165 300,064 0.31 The J.M. Smucker Co. ..... 6,316 324,895 0.34 Other Securities(1)....... 1,371,824 1.43 ----------- ------ 1,996,783 2.08 ----------- ------ GAS UTILITIES AGL Resources, Inc. ...... 8,599 323,666 0.34 Energen Corp. ............ 7,206 462,841 0.48 National Fuel Gas Co. .... 7,752 361,863 0.38 Southern Union Co. ....... 11,036 324,017 0.34 UGI Corp. ................ 11,510 313,648 0.33 Other Securities(1)....... 1,855,962 1.93 ----------- ------ 3,641,997 3.80 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)....... 958,867 1.00 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)....... 1,179,313 1.23 ----------- ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)....... 1,256,302 1.31 ----------- ------
See accompanying notes to financial statements 103 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HOUSEHOLD DURABLES Snap-on, Inc. ............ 6,364 $ 306,999 0.32% Other Securities(1)....... 1,152,441 1.20 ----------- ------ 1,459,440 1.52 ----------- ------ HOUSEHOLD PRODUCTS Other Securities(1)....... 103,917 0.11 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)....... 596,764 0.62 ----------- ------ INSURANCE Other Securities(1)....... 6,856,450 7.16 ----------- ------ INTERNET SOFTWARE & SERVICES Other Securities(1)....... 86,097 0.09 ----------- ------ IT SERVICES Other Securities(1)....... 951,838 0.99 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)....... 616,703 0.64 ----------- ------ LIFE SCIENCES TOOLS & SERVICES PerkinElmer, Inc. ........ 12,990 338,000 0.35 Other Securities(1)....... 248,199 0.26 ----------- ------ 586,199 0.61 ----------- ------ MACHINERY AGCO Corp. (a)............ 10,090 685,918 0.72 IDEX Corp. ............... 8,879 320,798 0.33 Kennametal, Inc. ......... 8,530 322,946 0.34 Lincoln Electric Holdings, Inc. ................... 4,456 317,178 0.33 Other Securities(1)....... 2,677,728 2.79 ----------- ------ 4,324,568 4.51 ----------- ------ MARINE Other Securities(1)....... 602,851 0.63 ----------- ------ MEDIA Other Securities(1)....... 1,713,331 1.79 ----------- ------ METALS & MINING Carpenter Technology Corp. .................. 5,424 407,722 0.42 Cleveland-Cliffs, Inc. ... 4,523 455,918 0.48 Commercial Metals Co. .... 13,016 383,321 0.40 Reliance Steel & Aluminum Co. .................... 7,249 392,896 0.41 Steel Dynamics, Inc. ..... 10,659 634,957 0.66 Other Securities(1)....... 1,385,961 1.45 ----------- ------ 3,660,775 3.82 ----------- ------ MULTI-UTILITIES CMS Energy Corp. ......... 24,730 429,807 0.45 OGE Energy Corp. ......... 10,040 364,352 0.38 Puget Energy, Inc. ....... 12,797 351,022 0.37 Other Securities(1)....... 1,064,413 1.11 ----------- ------ 2,209,594 2.31 ----------- ------ MULTILINE RETAIL Other Securities(1)....... 627,175 0.65 ----------- ------ OIL, GAS & CONSUMABLE FUELS Forest Oil Corp. (a)...... 8,597 437,072 0.46 Linn Energy LLC........... 12,544 313,976 0.33 Magellan Midstream Partners LP............. 7,321 317,439 0.33 TEPPCO Partners LP........ 8,065 309,131 0.32 Other Securities(1)....... 3,878,907 4.05 ----------- ------ 5,256,525 5.49 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1)....... 623,325 0.65 ----------- ------ PERSONAL PRODUCTS Other Securities(1)....... 94,062 0.10 ----------- ------ PHARMACEUTICALS Perrigo Co. .............. 8,564 299,826 0.31 Watson Pharmaceuticals, Inc. (a)................ 11,200 303,968 0.32 Other Securities(1)....... 228,108 0.24 ----------- ------ 831,902 0.87 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Alexandria Real Estate Equities, Inc. ......... 3,510 356,862 0.37 Health Care REIT, Inc. ... 9,333 417,092 0.44 Nationwide Health Properties, Inc. ....... 10,221 320,633 0.34 Rayonier, Inc. ........... 8,486 400,879 0.42 Realty Income Corp. ...... 11,143 301,084 0.31 Other Securities(1)....... 7,931,908 8.28 ----------- ------ 9,728,458 10.16 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)....... 55,964 0.06 ----------- ------ ROAD & RAIL Ryder Systems, Inc. ...... 6,425 302,039 0.32 Other Securities(1)....... 1,006,795 1.05 ----------- ------ 1,308,834 1.37 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Other Securities(1)....... 678,395 0.71 ----------- ------ SOFTWARE Other Securities(1)....... 883,914 0.92 ----------- ------ SPECIALTY RETAIL Other Securities(1)....... 1,900,092 1.98 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)....... 1,170,801 1.22 ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)....... 2,135,816 2.23 ----------- ------ TOBACCO Other Securities(1)....... 275,827 0.29 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)....... 1,081,524 1.13 ----------- ------ TRANSPORTATION INFRASTRUCTURE Other Securities(1)....... 201,961 0.21 ----------- ------ WATER UTILITIES Aqua America, Inc. ....... 14,469 306,743 0.32 Other Securities(1)....... 200,740 0.21 ----------- ------ 507,483 0.53 ----------- ------
See accompanying notes to financial statements 104 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)....... $ 58,109 0.06% ----------- ------ TOTAL COMMON STOCKS -- (Cost $100,340,273)..... 95,630,630 99.83 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUND STIC Prime Portfolio (Cost $1,111,334)....... 1,111,334 1,111,334 1.16 ----------- ------ TOTAL INVESTMENTS (Cost $101,451,607)..... 96,741,964 100.99 OTHER ASSETS AND LIABILITIES............. (948,285) (0.99) ----------- ------ NET ASSETS................ $95,793,679 100.00 =========== ======
(1) Other securities are those securities, which individually, are not one of the 50 largest unaffiliated issuers and which represent less than one percent of the net assets of the Fund as of December 31, 2007. (a) Non-income producing security. See accompanying notes to financial statements 105 SPDR DJ GLOBAL TITANS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% FINLAND -- 2.0% Nokia Oyj ADR................. 98,340 $ 3,775,273 ------------ FRANCE -- 3.5% BNP Paribas SA................ 21,400 2,322,186 Total SA ADR.................. 53,104 4,386,391 ------------ 6,708,577 ------------ GERMANY -- 3.1% Allianz SE, ADR............... 112,767 2,396,299 Siemens AG ADR................ 21,659 3,408,260 ------------ 5,804,559 ------------ ITALY -- 1.2% Eni SpA ADR................... 30,676 2,221,863 ------------ JAPAN -- 3.4% Mitsubishi UFJ Financial Group, Inc. ADR............. 262,650 2,450,524 Toyota Motor Corp. ADR........ 37,912 4,025,117 ------------ 6,475,641 ------------ NETHERLANDS -- 1.2% ING Groep N.V. ADR............ 55,757 2,169,505 ------------ SOUTH KOREA -- 0.9% Samsung Electronics Co., Ltd. GDR*........................ 6,083 1,780,798 ------------ SPAIN -- 1.8% Telefonica SA ADR............. 34,939 3,409,697 ------------ SWITZERLAND -- 7.0% Nestle SA..................... 9,895 4,544,804 Novartis AG ADR............... 61,682 3,349,949 Roche Holding AG.............. 17,596 3,040,037 UBS AG........................ 48,512 2,231,552 ------------ 13,166,342 ------------ UNITED KINGDOM -- 15.8% AstraZeneca PLC ADR........... 37,190 1,592,476 Barclays PLC ADR.............. 42,415 1,712,293 BP PLC ADR.................... 79,033 5,782,845 GlaxoSmithKline PLC ADR....... 69,228 3,488,399 HBOS PLC...................... 93,050 1,361,406 HSBC Holdings PLC ADR......... 58,871 4,928,091 Royal Bank of Scotland Group PLC......................... 250,762 2,216,301 Royal Dutch Shell PLC ADR..... 45,544 3,834,805 Vodafone Group PLC ADR........ 132,540 4,946,393 ------------ 29,863,009 ------------ UNITED STATES -- 59.9% Abbott Laboratories........... 38,307 2,150,938 Altria Group, Inc. ........... 52,600 3,975,508 American International Group, Inc. ....................... 55,786 3,252,324 AT&T, Inc. ................... 152,431 6,335,032 Bank of America Corp. ........ 112,469 4,640,471 Chevron Corp. ................ 53,321 4,976,449 Cisco Systems, Inc. (a)....... 152,127 4,118,078 Citigroup, Inc. .............. 124,248 3,657,861 ConocoPhillips................ 37,063 3,272,663 Exxon Mobil Corp. ............ 136,852 12,821,665 General Electric Co. ......... 253,218 9,386,791 Hewlett-Packard Co. .......... 64,614 3,261,715 Intel Corp. .................. 145,434 3,877,270 International Business Machines Corp. ............. 34,243 3,701,668 Johnson & Johnson............. 71,676 4,780,789 JPMorgan Chase & Co. ......... 84,570 3,691,480 Merck & Co., Inc. ............ 54,515 3,167,867 Microsoft Corp. .............. 208,924 7,437,694 Morgan Stanley................ 23,955 1,272,250 PepsiCo, Inc. ................ 40,424 3,068,182 Pfizer, Inc. ................. 171,141 3,890,035 Procter & Gamble Co. ......... 77,980 5,725,292 The Coca-Cola Co. ............ 53,373 3,275,501 Time Warner, Inc. ............ 90,613 1,496,021 Verizon Communications, Inc. ....................... 72,678 3,175,302 Wal-Mart Stores, Inc. ........ 62,940 2,991,538 ------------ 113,400,384 ------------ TOTAL COMMON STOCKS -- (Cost $171,042,485)......... 188,775,648 ------------ SHORT TERM INVESTMENTS -- 0.5% MONEY MARKET FUND -- 0.5% STIC Prime Portfolio (Cost $1,016,551)........... 1,016,551 1,016,551 ------------ TOTAL INVESTMENTS -- 100.3% (Cost $172,059,036)......... 189,792,199 OTHER ASSETS AND LIABILITIES -- (0.3)%....... (547,468) ------------ NET ASSETS -- 100.0%.......... $189,244,731 ============
(a) Non-income producing security. ADR = American Depositary Receipt GDR = Global Depositary Receipt * Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.9% of net assets as of December 31, 2007, is considered liquid and may be resold in transactions exempt from registration, normally to qualifed institutional buyers. See accompanying notes to financial statements. 106 DJ WILSHIRE REIT ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 100.0% DIVERSIFIED REIT'S -- 7.3% Colonial Properties Trust.... 227,155 $ 5,140,518 Liberty Property Trust....... 449,426 12,947,963 PS Business Parks, Inc. ..... 79,792 4,193,070 Vornado Realty Trust......... 697,402 61,336,506 Washington Real Estate Investment Trust........... 228,762 7,185,414 -------------- 90,803,471 -------------- INDUSTRIAL REIT'S -- 10.8% AMB Property Corp. .......... 485,723 27,958,216 DCT Industrial Trust, Inc. .. 825,798 7,688,179 DuPont Fabros Technology, Inc. ...................... 151,390 2,967,244 EastGroup Properties, Inc. .. 117,056 4,898,794 First Industrial Realty Trust, Inc. ............... 219,136 7,582,106 First Potomac Realty Trust... 119,237 2,061,608 ProLogis..................... 1,258,851 79,785,976 -------------- 132,942,123 -------------- OFFICE REIT'S -- 17.3% Alexandria Real Estate Equities, Inc. ............ 156,509 15,912,270 American Financial Realty Trust...................... 634,422 5,088,064 BioMed Realty Trust, Inc. ... 321,222 7,442,714 Boston Properties, Inc. ..... 584,359 53,650,000 Brandywine Realty Trust...... 428,279 7,679,042 Corporate Office Properties Trust...................... 231,199 7,282,769 Cousins Properties, Inc. .... 204,324 4,515,560 Digital Realty Trust, Inc. .. 290,894 11,161,603 Douglas Emmett, Inc. ........ 483,550 10,933,066 Duke Realty Corp. ........... 714,875 18,643,940 Highwoods Properties, Inc. .. 278,297 8,176,366 HRPT Properties Trust........ 1,105,884 8,548,483 Kilroy Realty Corp. ......... 158,901 8,733,199 Mack-Cali Realty Corp. ...... 331,864 11,283,376 Maguire Properties, Inc. .... 179,002 5,275,189 Parkway Properties, Inc. .... 75,588 2,795,244 SL Green Realty Corp. ....... 290,608 27,160,224 -------------- 214,281,109 -------------- RESIDENTIAL REIT'S -- 14.9% American Campus Communities, Inc. ...................... 133,536 3,585,442 Apartment Investment & Management Co. (Class A).. 469,227 16,296,254 Associated Estates Realty Corp. ..................... 79,093 746,638 Avalonbay Communities, Inc. ...................... 389,332 36,651,714 BRE Properties, Inc. (Class A)......................... 250,878 10,168,085 Camden Property Trust........ 272,640 13,127,616 Education Realty Trust, Inc. ...................... 141,088 1,585,829 Equity Lifestyle Properties, Inc. ...................... 110,690 5,055,212 Equity Residential........... 1,331,335 48,553,787 Essex Property Trust, Inc. .. 123,480 12,038,065 GMH Communities Trust........ 193,280 1,066,906 Home Properties, Inc. ....... 163,276 7,322,929 Mid-America Apartment Communities, Inc. ......... 125,356 5,358,969 Post Properties, Inc. ....... 212,034 7,446,634 Sun Communities, Inc. ....... 83,184 1,752,687 UDR, Inc. ................... 658,612 13,073,448 -------------- 183,830,215 -------------- RETAIL REIT'S -- 28.0% Acadia Realty Trust.......... 149,268 3,822,754 Alexander's, Inc. (a)........ 9,880 3,490,110 CBL & Associates Properties, Inc. ...................... 320,630 7,666,263 Cedar Shopping Centers, Inc. ...................... 218,802 2,238,344 Developers Diversified Realty Corp. ..................... 603,313 23,100,855 Equity One, Inc. ............ 185,043 4,261,540 Federal Realty Investment Trust...................... 276,564 22,719,733 General Growth Properties, Inc. ...................... 1,131,607 46,599,576 Glimcher Realty Trust........ 183,329 2,619,771 Inland Real Estate Corp. .... 291,334 4,125,289 Kimco Realty Corp. .......... 1,077,367 39,216,159 Kite Realty Group Trust...... 142,886 2,181,869 Pennsylvania Real Estate Investment Trust........... 191,478 5,683,067 Ramco-Gershenson Properties Trust...................... 91,354 1,952,235 Regency Centers Corp. ....... 339,869 21,918,152 Saul Centers, Inc. .......... 57,224 3,057,478 Simon Property Group, Inc. .. 1,097,361 95,316,777 Tanger Factory Outlet Centers, Inc. ............. 154,572 5,828,910 Taubman Centers, Inc. ....... 258,199 12,700,809 The Macerich Co. ............ 356,142 25,307,451 Weingarten Realty Investors.. 387,551 12,184,603 -------------- 345,991,745 -------------- SPECIALIZED REIT'S -- 21.7% Ashford Hospitality Trust, Inc. ...................... 605,995 4,357,104 DiamondRock Hospitality Co. ....................... 468,957 7,024,976 Extra Space Storage, Inc. ... 317,223 4,533,117 FelCor Lodging Trust, Inc. .. 306,530 4,778,803 HCP, Inc. ................... 1,062,129 36,940,847 Health Care REIT, Inc. ...... 416,734 18,623,842 Healthcare Realty Trust, Inc. ...................... 248,541 6,310,456 Hersha Hospitality Trust..... 201,746 1,916,587 Hospitality Properties Trust...................... 460,599 14,840,500 Host Hotels & Resorts, Inc. ...................... 2,558,308 43,593,568 LaSalle Hotel Properties..... 197,602 6,303,504 Nationwide Health Properties, Inc. ...................... 456,239 14,312,217 Public Storage............... 631,349 46,347,330 Senior Housing Properties Trust...................... 410,206 9,303,472 Sovran Self Storage, Inc. ... 106,709 4,279,031 Strategic Hotels & Resorts, Inc. ...................... 367,674 6,151,186 Sunstone Hotel Investors, Inc. ...................... 295,687 5,408,115 U-Store-It Trust............. 233,847 2,142,039 Universal Health Realty Income Trust............... 54,290 1,924,038 Ventas, Inc. ................ 655,066 29,641,736 -------------- 268,732,468 -------------- TOTAL COMMON STOCKS -- (Cost $1,380,092,241)...... 1,236,581,131 -------------- SHORT TERM INVESTMENTS -- 0.1% MONEY MARKET FUND -- 0.1% STIC Prime Portfolio (Cost $1,434,194).......... 1,434,194 1,434,194 -------------- TOTAL INVESTMENTS -- 100.1% (Cost $1,381,526,435)...... 1,238,015,325 OTHER ASSETS AND LIABILITIES -- (0.1)%...... (1,765,557) -------------- NET ASSETS -- 100.0%......... $1,236,249,768 ==============
(a) Non-income producing security. See accompanying notes to financial statements. 107 KBW BANK ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% ASSET MANAGEMENT & CUSTODY BANKS -- 12.4% Northern Trust Corp........... 191,304 $ 14,650,060 State Street Corp. (a)........ 185,897 15,094,837 The Bank of New York Mellon Corp........................ 300,080 14,631,901 ------------ 44,376,798 ------------ CONSUMER FINANCE -- 3.4% Capital One Financial Corp.... 261,882 12,376,543 ------------ DIVERSIFIED BANKS -- 22.6% Comerica, Inc................. 235,616 10,256,365 U.S. Bancorp.................. 441,593 14,016,162 Wachovia Corp................. 675,770 25,699,533 Wells Fargo & Co.............. 1,035,664 31,266,696 ------------ 81,238,756 ------------ OTHER DIVERSIFIED FINANCIAL SERVICES -- 23.9% Bank of America Corp. ........ 738,094 30,453,758 Citigroup, Inc................ 940,173 27,678,693 JPMorgan Chase & Co. ......... 638,706 27,879,517 ------------ 86,011,968 ------------ REGIONAL BANKS -- 33.0% BB&T Corp. ................... 439,846 13,490,077 Fifth Third Bancorp........... 457,112 11,487,224 Huntington Bancshares, Inc. .. 381,154 5,625,833 Keycorp....................... 449,944 10,551,187 M&T Bank Corp. ............... 136,512 11,135,284 Marshall & Ilsley Corp. ...... 218,247 5,779,181 National City Corp. .......... 591,504 9,736,156 PNC Financial Services Group, Inc. ....................... 222,627 14,615,462 Regions Financial Corp. ...... 563,377 13,323,866 SunTrust Banks, Inc. ......... 228,693 14,291,026 Zions Bancorp................. 183,747 8,579,147 ------------ 118,614,443 ------------ THRIFTS & MORTGAGE FINANCE -- 4.3% People's United Financial, Inc. ....................... 457,465 8,142,877 Washington Mutual, Inc. ...... 527,036 7,172,960 ------------ 15,315,837 ------------ TOTAL COMMON STOCKS -- (Cost $404,620,531)......... 357,934,345 ------------ SHORT TERM INVESTMENTS -- 1.4% MONEY MARKET FUND -- 1.4% STIC Prime Portfolio (Cost $4,878,757)........... 4,878,757 4,878,757 ------------ TOTAL INVESTMENTS -- 101.0% (Cost $409,499,288)......... 362,813,102 OTHER ASSETS AND LIABILITIES -- (1.0)%....... (3,451,961) ------------ NET ASSETS -- 100.0%.......... $359,361,141 ============
(a) Affiliated issuer. (Note 3) See accompanying notes to financial statements. 108 KBW CAPITAL MARKETS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% ASSET MANAGEMENT & CUSTODY BANKS -- 22.3% Franklin Resources, Inc. ...... 43,980 $ 5,032,631 Janus Capital Group, Inc. ..... 182,415 5,992,333 Legg Mason, Inc. .............. 59,282 4,336,478 SEI Investments Co. ........... 198,571 6,388,029 State Street Corp. (a)......... 85,963 6,980,196 T. Rowe Price Group, Inc. ..... 106,296 6,471,301 ------------ 35,200,968 ------------ INVESTMENT BANKING & BROKERAGE -- 52.9% E*TRADE Financial Corp. (b).... 228,930 812,702 Investment Technology Group, Inc. (b)..................... 71,250 3,390,787 Jefferies Group, Inc. ......... 116,408 2,683,204 Knight Capital Group, Inc. (b).......................... 167,669 2,414,434 Lehman Brothers Holdings, Inc. ........................ 155,832 10,197,646 Merrill Lynch & Co., Inc. ..... 219,039 11,758,014 Morgan Stanley................. 247,681 13,154,338 optionsXpress Holdings, Inc. .. 90,244 3,052,052 Raymond James Financial, Inc. ........................ 165,964 5,420,384 TD Ameritrade Holding Corp. (b).......................... 337,606 6,772,376 The Bear Stearns Cos., Inc. ... 45,601 4,024,288 The Charles Schwab Corp. ...... 275,257 7,032,816 The Goldman Sachs Group, Inc. ........................ 58,496 12,579,565 ------------ 83,292,606 ------------ SPECIALIZED FINANCE -- 24.7% CME Group, Inc. ............... 19,733 13,536,838 IntercontinentalExchange, Inc. (b).......................... 32,035 6,166,737 Nymex Holdings, Inc. .......... 52,560 7,022,542 NYSE Euronext.................. 57,855 5,077,933 The Nasdaq Stock Market, Inc. (b).......................... 145,314 7,191,591 ------------ 38,995,641 ------------ TOTAL COMMON STOCKS -- (Cost $167,859,205).......... 157,489,215 ------------ SHORT TERM INVESTMENTS -- 0.3% MONEY MARKET FUND -- 0.3% STIC Prime Portfolio (Cost $400,245).............. 400,245 400,245 ------------ TOTAL INVESTMENTS -- 100.2% (Cost $168,259,450).......... 157,889,460 OTHER ASSETS AND LIABILITIES -- (0.2)%........ (253,971) ------------ NET ASSETS -- 100.0%........... $157,635,489 ============
(a) Affiliated issuer. (Note 3) (b) Non-income producing security. See accompanying notes to financial statements. 109 KBW INSURANCE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% INSURANCE BROKERS -- 8.8% AON Corp. ...................... 80,767 $ 3,851,778 Marsh & McLennan Cos., Inc. .... 133,638 3,537,398 ----------- 7,389,176 ----------- LIFE & HEALTH INSURANCE -- 34.3% AFLAC, Inc. .................... 65,342 4,092,369 Lincoln National Corp. ......... 56,217 3,272,954 MetLife, Inc. .................. 116,131 7,155,992 Principal Financial Group, Inc. ......................... 49,580 3,413,087 Prudential Financial, Inc. ..... 79,648 7,410,450 Unum Group...................... 151,297 3,599,356 ----------- 28,944,208 ----------- MULTI-LINE INSURANCE -- 14.7% American International Group, Inc. ......................... 113,475 6,615,593 Genworth Financial, Inc. (Class A)............................ 89,458 2,276,706 Hartford Financial Services Group, Inc. .................. 40,049 3,491,872 ----------- 12,384,171 ----------- PROPERTY & CASUALTY INSURANCE -- 38.3% ACE, Ltd. ...................... 59,839 3,696,854 Axis Capital Holdings, Ltd. .... 47,021 1,832,408 Chubb Corp. .................... 63,405 3,460,645 Cincinnati Financial Corp. ..... 60,756 2,402,292 Fidelity National Financial, Inc. ......................... 53,495 781,562 MBIA, Inc. ..................... 50,500 940,815 SAFECO Corp. ................... 47,781 2,660,446 The Allstate Corp. ............. 110,411 5,766,767 The Progressive Corp. .......... 153,383 2,938,818 The Travelers Cos., Inc. ....... 106,826 5,747,239 XL Capital, Ltd. (Class A)...... 41,503 2,088,016 ----------- 32,315,862 ----------- REINSURANCE -- 2.6% Everest Re Group, Ltd. ......... 22,081 2,216,932 ----------- THRIFTS & MORTGAGE FINANCE -- 1.1% MGIC Investment Corp. .......... 43,215 969,312 ----------- TOTAL COMMON STOCKS -- (Cost $97,876,481)............ 84,219,661 ----------- SHORT TERM INVESTMENTS-- 0.7% MONEY MARKET FUND-- 0.7% STIC Prime Portfolio (Cost $618,038)............... 618,038 618,038 ----------- TOTAL INVESTMENTS -- 100.5% (Cost $98,494,519)............ 84,837,699 OTHER ASSETS AND LIABILITIES -- (0.5)%......... (395,754) ----------- NET ASSETS -- 100.0%............ $84,441,945 ===========
See accompanying notes to financial statements. 110 MORGAN STANLEY TECHNOLOGY ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 100.0% COMMUNICATIONS EQUIPMENT -- 19.8% Alcatel-Lucent ADR............ 1,046,698 $ 7,661,829 Cisco Systems, Inc. (a)....... 270,098 7,311,553 Juniper Networks, Inc. (a).... 222,625 7,391,150 Motorola, Inc. ............... 474,078 7,604,211 QUALCOMM, Inc. ............... 193,320 7,607,142 Research In Motion, Ltd. (a).. 65,100 7,382,340 Telefonaktiebolaget LM Ericsson (Class B) ADR...... 331,611 7,743,117 ------------ 52,701,342 ------------ COMPUTERS & PERIPHERALS -- 17.1% Apple, Inc. (a)............... 39,799 7,883,386 Dell, Inc. (a)................ 310,485 7,609,987 EMC Corp. (a)................. 406,037 7,523,866 Hewlett-Packard Co. .......... 148,420 7,492,242 International Business Machines Corp. ............. 69,594 7,523,111 Network Appliance, Inc. (a)... 301,277 7,519,874 ------------ 45,552,466 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.9% Flextronics International, Ltd. (a).................... 635,300 7,661,718 ------------ INTERNET & CATALOG RETAIL -- 2.9% Amazon.com, Inc. (a).......... 84,610 7,838,270 ------------ INTERNET SOFTWARE & SERVICES -- 8.5% eBay, Inc. (a)................ 225,198 7,474,322 Google, Inc. (Class A) (a).... 11,109 7,681,651 Yahoo!, Inc. (a).............. 321,708 7,482,928 ------------ 22,638,901 ------------ IT SERVICES -- 11.4% Accenture, Ltd. (Class A)..... 203,309 7,325,224 Automatic Data Processing, Inc. ....................... 171,898 7,654,618 Electronic Data Systems Corp. ...................... 364,933 7,565,061 Infosys Technologies, Ltd. ADR......................... 171,192 7,765,269 ------------ 30,310,172 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 17.2% Analog Devices, Inc. ......... 242,469 7,686,267 Applied Materials, Inc. ...... 430,603 7,647,509 Broadcom Corp. (Class A) (a).. 291,905 7,630,397 Intel Corp. .................. 287,162 7,655,739 NVIDIA Corp. (a).............. 219,663 7,472,935 Texas Instruments, Inc. ...... 228,596 7,635,107 ------------ 45,727,954 ------------ SOFTWARE -- 20.2% Adobe Systems, Inc. (a)....... 183,129 7,825,102 Electronic Arts, Inc. (a)..... 131,118 7,658,602 Intuit, Inc. (a).............. 243,806 7,706,708 Microsoft Corp. .............. 214,269 7,627,977 Oracle Corp. (a).............. 339,873 7,674,332 Salesforce.com, Inc. (a)...... 121,200 7,598,028 SAP AG ADR.................... 150,281 7,671,845 ------------ 53,762,594 ------------ TOTAL COMMON STOCKS -- (Cost $257,625,729)......... 266,193,417 ------------ SHORT TERM INVESTMENTS -- 0.0% (B) MONEY MARKET FUND -- 0.0% (B) STIC Prime Portfolio (Cost $96,048).............. 96,048 96,048 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $257,721,777)......... 266,289,465 OTHER ASSETS AND LIABILITIES -- 0.0% (B)..... (34,187) ------------ NET ASSETS -- 100.0%.......... $266,255,278 ============
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. ADR = American Depositary Receipt See accompanying notes to financial statements. 111 SPDR S&P DIVIDEND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% BEVERAGES -- 2.7% Anheuser-Busch Cos., Inc. .... 66,524 $ 3,481,866 The Coca-Cola Co. ............ 46,794 2,871,748 ------------ 6,353,614 ------------ CHEMICALS -- 6.9% PPG Industries, Inc. ......... 60,053 4,217,522 Rohm & Haas Co. .............. 67,112 3,561,634 RPM International, Inc. ...... 274,931 5,581,099 Valspar Corp. ................ 136,387 3,074,163 ------------ 16,434,418 ------------ COMMERCIAL BANKS -- 28.6% Associated Bancorp............ 226,240 6,128,842 BB&T Corp. ................... 195,202 5,986,845 Comerica, Inc. ............... 169,516 7,379,032 Fifth Third Bancorp........... 264,351 6,643,141 FirstMerit Corp. ............. 377,531 7,554,395 Keycorp....................... 305,812 7,171,291 M&T Bank Corp. ............... 47,483 3,873,188 Regions Financial Corp. ...... 303,045 7,167,014 Synovus Financial Corp. ...... 177,404 4,271,888 U.S. Bancorp.................. 205,386 6,518,952 Wilmington Trust Corp. ....... 144,759 5,095,517 ------------ 67,790,105 ------------ COMMERCIAL SERVICES & SUPPLIES -- 5.3% ABM Industries, Inc. ......... 151,545 3,090,003 Avery Dennison Corp. ......... 82,273 4,371,987 Pitney Bowes, Inc. ........... 131,042 4,984,838 ------------ 12,446,828 ------------ COMPUTERS & PERIPHERALS -- 1.4% Diebold, Inc. ................ 111,847 3,241,326 ------------ CONTAINERS & PACKAGING -- 2.0% Sonoco Products Co. .......... 144,995 4,738,437 ------------ DIVERSIFIED FINANCIAL SERVICES -- 3.0% Bank of America Corp. ........ 170,455 7,032,973 ------------ ELECTRICAL EQUIPMENT -- 1.2% Emerson Electric Co. ......... 50,644 2,869,489 ------------ GAS UTILITIES -- 7.9% National Fuel Gas Co. ........ 74,636 3,484,008 Northwest Natural Gas Co. .... 90,026 4,380,665 Piedmont Natural Gas Co., Inc. ....................... 199,160 5,210,026 WGL Holdings, Inc. ........... 171,887 5,631,018 ------------ 18,705,717 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.3% Hillenbrand Industries, Inc. ....................... 53,841 3,000,559 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.5% McDonald's Corp. ............. 58,440 3,442,700 ------------ HOUSEHOLD DURABLES -- 3.7% Leggett & Platt, Inc. ........ 331,561 5,782,424 The Stanley Works............. 63,222 3,065,003 ------------ 8,847,427 ------------ HOUSEHOLD PRODUCTS -- 3.2% Kimberly-Clark Corp. ......... 60,816 4,216,981 The Clorox Co. ............... 51,687 3,368,442 ------------ 7,585,423 ------------ INDUSTRIAL CONGLOMERATES -- 3.0% 3M Co. ....................... 37,547 3,165,963 General Electric Co. ......... 109,472 4,058,127 ------------ 7,224,090 ------------ INSURANCE -- 3.3% Chubb Corp. .................. 54,272 2,962,166 Cincinnati Financial Corp. ... 122,450 4,841,673 ------------ 7,803,839 ------------ IT SERVICES -- 1.4% Automatic Data Processing, Inc. ....................... 77,183 3,436,959 ------------ MEDIA -- 2.8% Gannett Co., Inc. ............ 168,677 6,578,403 ------------ MULTI-UTILITIES -- 10.3% Black Hills Corp. ............ 107,207 4,727,829 Consolidated Edison, Inc. .... 133,520 6,522,452 Integrys Energy Group, Inc. .. 138,175 7,142,266 Vectren Corp. ................ 205,723 5,968,024 ------------ 24,360,571 ------------ PHARMACEUTICALS -- 7.2% Abbott Laboratories........... 53,157 2,984,766 Eli Lilly & Co. .............. 82,875 4,424,696 Johnson & Johnson............. 49,899 3,328,263 Pfizer, Inc. ................. 276,585 6,286,777 ------------ 17,024,502 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 1.7% V. F. Corp. .................. 60,326 4,141,983 ------------ WATER UTILITIES -- 1.3% American States Water Co. .... 81,248 3,061,425 ------------ TOTAL COMMON STOCKS -- (Cost $250,206,709)......... 236,120,788 ------------ SHORT TERM INVESTMENTS -- 2.4% MONEY MARKET FUND -- 2.5% STIC Prime Portfolio (Cost $5,782,662)........... 5,782,662 5,782,662 ------------ TOTAL INVESTMENTS -- 102.1% (Cost $255,989,371)......... 241,903,450 OTHER ASSETS AND LIABILITIES -- (2.1)%....... (4,868,786) ------------ NET ASSETS -- 100.0%.......... $237,034,664 ============
See accompanying notes to financial statements. 112 SPDR S&P BIOTECH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 100.0% BIOTECHNOLOGY -- 100.0% Alexion Pharmaceuticals, Inc. (a).......................... 128,622 $ 9,650,509 Alkermes, Inc. (a)............. 612,839 9,554,160 Alnylam Pharmaceuticals, Inc. (a).......................... 325,340 9,460,887 Amgen, Inc. (a)................ 202,408 9,399,827 Amylin Pharmaceuticals, Inc. (a).......................... 254,290 9,408,730 Biogen Idec, Inc. (a).......... 168,538 9,593,183 BioMarin Pharmaceuticals, Inc. (a).......................... 267,685 9,476,049 Celgene Corp. (a).............. 202,795 9,371,157 Cephalon, Inc. (a)............. 132,872 9,534,895 Cepheid, Inc. (a).............. 354,613 9,344,052 Cubist Pharmaceuticals, Inc. (a).......................... 443,266 9,091,386 Genentech, Inc. (a)............ 143,361 9,615,222 Genzyme Corp. (a).............. 127,327 9,478,222 Gilead Sciences, Inc. (a)...... 209,204 9,625,476 Human Genome Sciences, Inc. (a).......................... 881,198 9,199,707 ImClone Systems, Inc. (a)...... 218,503 9,395,629 Isis Pharmaceuticals, Inc. (a).......................... 598,653 9,428,785 Life Cell Corp. (a)............ 213,290 9,194,932 Medarex, Inc. (a).............. 881,198 9,182,083 Millennium Pharmaceuticals, Inc. (a)..................... 631,554 9,460,679 Myriad Genetics, Inc. (a)...... 200,735 9,318,119 Onyx Pharmaceuticals, Inc. (a).......................... 169,764 9,442,274 OSI Pharmaceuticals, Inc. (a).. 193,349 9,379,360 PDL BioPharma, Inc. (a)........ 548,715 9,613,487 Pharmion Corp. (a)............. 155,200 9,755,872 Regeneron Pharmaceuticals, Inc. (a).......................... 405,153 9,784,445 Theravance, Inc. (a)........... 454,440 8,861,580 United Therapeutics Corp. (a).. 97,488 9,519,703 Vertex Pharmaceuticals, Inc. (a).......................... 390,618 9,074,056 ------------ TOTAL COMMON STOCKS -- (Cost $277,079,677).......... 273,214,466 ------------ SHORT TERM INVESTMENTS -- 0.1% MONEY MARKET FUND -- 0.1% STIC Prime Portfolio (Cost $187,648).............. 187,648 187,648 ------------ TOTAL INVESTMENTS -- 100.1% (Cost $277,267,325).......... 273,402,114 OTHER ASSETS AND LIABILITIES -- (0.1)%........ (163,403) ------------ NET ASSETS -- 100.0%........... $273,238,711 ============
(a) Non-income producing security. See accompanying notes to financial statements. 113 SPDR S&P HOMEBUILDERS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% HOME FURNISHINGS -- 4.8% Mohawk Industries, Inc. (a)... 201,833 $ 15,016,375 ------------ HOME IMPROVEMENT RETAIL -- 14.3% Lowe's Cos., Inc. ............ 650,517 14,714,695 The Home Depot, Inc. ......... 569,751 15,349,092 The Sherwin-Williams Co. ..... 258,710 15,015,528 ------------ 45,079,315 ------------ HOMEBUILDING -- 80.7% Avatar Holdings, Inc. (a)..... 388,389 16,242,428 Beazer Homes USA, Inc. ....... 1,765,626 13,118,601 Cavco Industries, Inc. (a).... 530,455 17,950,597 Centex Corp. ................. 600,377 15,165,523 Champion Enterprises, Inc. (a)......................... 1,588,030 14,959,242 D.R. Horton, Inc. ............ 1,132,713 14,917,830 Hovnanian Enterprises, Inc. (a)......................... 2,154,570 15,448,267 KB HOME....................... 664,463 14,352,401 Lennar Corp. (Class A)........ 882,676 15,791,074 M.D.C. Holdings, Inc. ........ 398,476 14,795,414 Meritage Homes Corp. (a)...... 858,804 12,512,774 NVR, Inc. (a)................. 29,009 15,200,716 Pulte Homes, Inc. ............ 1,480,479 15,604,249 Ryland Group, Inc. ........... 554,109 15,265,703 Skyline Corp. ................ 533,350 15,653,822 Standard Pacific Corp. ....... 3,819,571 12,795,563 Toll Brothers, Inc. (a)....... 719,878 14,440,753 WCI Communities, Inc. (a)..... 20 76 ------------ 254,215,033 ------------ TOTAL COMMON STOCKS -- (Cost $349,700,496)......... 314,310,723 ------------ SHORT TERM INVESTMENTS -- 2.1% MONEY MARKET FUND -- 2.1% STIC Prime Portfolio (Cost $6,453,909)........... 6,453,909 6,453,909 ------------ TOTAL INVESTMENTS -- 101.9% (Cost $356,154,405)......... 320,764,632 OTHER ASSETS AND LIABILITIES -- (1.9)%....... (5,908,011) ------------ NET ASSETS -- 100.0%.......... $314,856,621 ============
(a) Non-income producing security. See accompanying notes to financial statements. 114 SPDR S&P METALS & MINING ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% ALUMINUM -- 4.2% Alcoa, Inc. .................. 321,714 $ 11,758,647 ------------ COAL & CONSUMABLE FUELS -- 24.9% Alpha Natural Resources, Inc. (a)......................... 345,896 11,234,702 Arch Coal, Inc. .............. 268,075 12,044,610 CONSOL Energy, Inc. .......... 163,712 11,708,682 Foundation Coal Holdings, Inc. ....................... 225,719 11,850,247 Massey Energy Co. ............ 315,120 11,265,540 Peabody Energy Corp. ......... 193,600 11,933,504 ------------ 70,037,285 ------------ DIVERSIFIED METALS & MINING -- 12.2% Freeport-McMoRan Copper & Gold, Inc. ................. 113,612 11,638,413 RTI International Metals, Inc. (a)......................... 162,870 11,226,629 Titanium Metals Corp. ........ 434,489 11,492,234 ------------ 34,357,276 ------------ GOLD -- 4.2% Newmont Mining Corp. ......... 240,230 11,730,431 ------------ PRECIOUS METALS & MINERALS -- 12.8% Coeur d' Alene Mines Corp. (a)......................... 2,580,975 12,750,016 Hecla Mining Co. (a).......... 1,251,816 11,704,480 Stillwater Mining Co. (a)..... 1,206,523 11,655,012 ------------ 36,109,508 ------------ STEEL -- 41.6% AK Steel Holding Corp. (a).... 259,353 11,992,483 Allegheny Technologies, Inc. ....................... 134,206 11,595,399 Carpenter Technology Corp. ... 155,742 11,707,126 Cleveland-Cliffs, Inc. ....... 115,263 11,618,511 Commercial Metals Co. ........ 389,346 11,466,240 Nucor Corp. .................. 193,469 11,457,234 Quanex Corp. ................. 220,628 11,450,593 Reliance Steel & Aluminum Co. ........................ 212,626 11,524,329 Steel Dynamics, Inc. ......... 204,762 12,197,672 United States Steel Corp. .... 101,496 12,271,881 ------------ 117,281,468 ------------ TOTAL COMMON STOCKS -- (Cost $278,215,981)......... 281,274,615 ------------ SHORT TERM INVESTMENTS -- 0.3% MONEY MARKET FUND -- 0.3% STIC Prime Portfolio (Cost $808,938)............. 808,938 808,938 ------------ TOTAL INVESTMENTS -- 100.2% (Cost $279,024,919)......... 282,083,553 OTHER ASSETS AND LIABILITIES -- (0.2)%....... (458,552) ------------ NET ASSETS -- 100.0%.......... $281,625,001 ============
(a) Non-income producing security. See accompanying notes to financial statements. 115 SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% OIL & GAS DRILLING -- 39.3% Diamond Offshore Drilling, Inc. ........................ 60,768 $ 8,629,056 ENSCO International, Inc. ..... 141,971 8,464,311 Helmerich & Payne, Inc. ....... 217,798 8,727,166 Nabors Industries, Ltd. (a).... 301,104 8,247,238 Noble Corp. ................... 155,347 8,778,659 Patterson-UTI Energy, Inc. .... 428,650 8,367,248 Pride International, Inc. (a).. 267,353 9,063,267 Rowan Cos., Inc. .............. 219,248 8,651,526 Transocean, Inc. (a)........... 59,031 8,450,288 ------------ 77,378,759 ------------ OIL & GAS EQUIPMENT & SERVICES -- 56.3% Baker Hughes, Inc. ............ 103,568 8,399,365 BJ Services Co. ............... 352,537 8,552,548 Cameron International Corp. (a).......................... 178,880 8,609,494 Dresser-Rand Group, Inc. (a)... 215,400 8,411,370 Exterran Holdings, Inc. (a).... 104,587 8,555,217 FMC Technologies, Inc. (a)..... 151,328 8,580,298 Grant Prideco, Inc. (a)........ 151,767 8,424,586 Halliburton Co. ............... 227,887 8,639,196 National-Oilwell Varco, Inc. (a).......................... 116,726 8,574,692 Oceaneering International, Inc. (a).......................... 124,093 8,357,663 Schlumberger, Ltd. ............ 89,781 8,831,757 Smith International, Inc. ..... 114,403 8,448,661 Weatherford International, Ltd. (a).......................... 124,155 8,517,033 ------------ 110,901,880 ------------ OIL & GAS EXPLORATION & PRODUCTION -- 4.3% Helix Energy Solutions Group, Inc. (a)..................... 204,800 8,499,200 ------------ TOTAL COMMON STOCKS -- (Cost $179,262,720).......... 196,779,839 ------------ SHORT TERM INVESTMENTS -- 0.4% MONEY MARKET FUND -- 0.4% STIC Prime Portfolio (Cost $730,507).............. 730,507 730,507 ------------ TOTAL INVESTMENTS -- 100.3% (Cost $179,993,227).......... 197,510,346 OTHER ASSETS AND LIABILITIES -- (0.3)%........ (618,871) ------------ NET ASSETS -- 100.0%........... $196,891,475 ============
(a) Non-income producing security. 116 SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% INTEGRATED OIL & GAS -- 11.5% Chevron Corp. .................. 26,127 $ 2,438,433 ConocoPhillips.................. 28,334 2,501,892 Exxon Mobil Corp. .............. 26,296 2,463,672 Occidental Petroleum Corp. ..... 32,394 2,494,014 ----------- 9,898,011 ----------- OIL & GAS EXPLORATION & PRODUCTION -- 74.2% Anadarko Petroleum Corp. ....... 37,116 2,438,150 Apache Corp. ................... 22,723 2,443,631 Berry Petroleum Co. (Class A)... 55,053 2,447,106 Cabot Oil & Gas Corp. .......... 62,286 2,514,486 Chesapeake Energy Corp. ........ 62,854 2,463,877 Cimarex Energy Co. ............. 58,181 2,474,438 Comstock Resources, Inc. (a).... 70,304 2,390,336 Denbury Resources, Inc. (a)..... 85,422 2,541,305 Devon Energy Corp. ............. 26,938 2,395,058 Encore Acquisition Co. (a)...... 73,586 2,455,565 EOG Resources, Inc. ............ 27,170 2,424,923 Forest Oil Corp. (a)............ 48,085 2,444,641 Mariner Energy, Inc. (a)........ 107,541 2,460,538 Newfield Exploration Co. (a).... 47,499 2,503,197 Noble Energy, Inc. ............. 30,095 2,393,154 Penn Virginia Corp. ............ 54,974 2,398,516 Petrohawk Energy Corp. (a)...... 140,066 2,424,542 Pioneer Natural Resources Co. .. 51,070 2,494,259 Plains Exploration & Production Co. (a)....................... 44,591 2,407,914 Quicksilver Resources, Inc. (a)........................... 41,404 2,467,264 Range Resources Corp. .......... 48,682 2,500,308 Southwestern Energy Co. (a)..... 43,462 2,421,703 St. Mary Land & Exploration Co. .......................... 64,405 2,486,677 Ultra Petroleum Corp. (a)....... 35,789 2,558,913 Whiting Petroleum Corp. (a)..... 43,028 2,480,994 XTO Energy, Inc. ............... 46,114 2,368,389 ----------- 63,799,884 ----------- OIL & GAS REFINING & MARKETING -- 14.2% Frontier Oil Corp. ............. 59,928 2,431,878 Holly Corp. .................... 47,077 2,395,749 Sunoco, Inc. ................... 34,384 2,490,777 Tesoro Corp. ................... 51,354 2,449,586 Valero Energy Corp. ............ 34,742 2,432,982 ----------- 12,200,972 ----------- TOTAL COMMON STOCKS -- (Cost $84,223,321)............ 85,898,867 ----------- SHORT TERM INVESTMENTS -- 0.2% MONEY MARKET FUND -- 0.2% STIC Prime Portfolio (Cost $120,604)............... 120,604 120,604 ----------- TOTAL INVESTMENTS -- 100.1% (Cost $84,343,925)............ 86,019,471 OTHER ASSETS AND LIABILITIES -- (0.1)%......... (51,471) ----------- NET ASSETS -- 100.0%............ $85,968,000 ===========
(a) Non-income producing security. See accompanying notes to financial statements 117 SPDR S&P PHARMACEUTICALS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 100.0% PHARMACEUTICALS -- 100.0% Abbott Laboratories............. 6,660 $ 373,959 Adams Respiratory Therapeutics, Inc. (a)...................... 6,476 386,876 Allergan, Inc. ................. 5,974 383,770 Barr Pharmaceuticals, Inc. (a).. 7,143 379,293 Bristol-Myers Squibb Co. ....... 13,868 367,779 Eli Lilly & Co. ................ 7,155 382,005 Endo Pharmaceuticals Holdings, Inc. (a)...................... 14,372 383,301 Forest Laboratories, Inc. (a)... 10,625 387,281 Johnson & Johnson............... 5,704 380,457 King Pharmaceuticals, Inc. (a).. 36,711 375,921 KV Pharmaceutical Co. (Class A) (a)........................... 13,721 391,597 Medicis Pharmaceutical Corp. (Class A)..................... 14,682 381,292 Merck & Co., Inc. .............. 6,560 381,202 MGI Pharma, Inc. (a)............ 9,629 390,263 Mylan Laboratories, Inc. ....... 28,743 404,127 Perrigo Co. .................... 11,061 387,246 Pfizer, Inc. ................... 16,697 379,523 Schering-Plough Corp. .......... 14,209 378,528 Sepracor, Inc. (a).............. 14,319 375,874 Valeant Pharmaceuticals International (a)............. 33,451 400,408 Watson Pharmaceuticals, Inc. (a)........................... 14,054 381,426 Wyeth........................... 8,281 365,936 TOTAL COMMON STOCKS -- (Cost $9,029,361)............. 8,418,064 ---------- SHORT TERM INVESTMENTS -- 0.2% MONEY MARKET FUND -- 0.2% STIC Prime Portfolio (Cost $15,543)................ 15,543 15,543 ---------- TOTAL INVESTMENTS -- 100.2% (Cost $9,044,904)............. 8,433,607 OTHER ASSETS AND LIABILITIES -- (0.2)%......... (15,847) ---------- NET ASSETS -- 100.0%............ $8,417,760 ==========
(a) Non-income producing security. See accompanying notes to financial statements 118 SPDR S&P RETAIL ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% APPAREL RETAIL -- 36.0% Abercrombie & Fitch Co. ...... 23,669 $ 1,892,810 Aeropostale, Inc. (a)......... 71,740 1,901,110 American Eagle Outfitters, Inc. ....................... 92,636 1,924,050 AnnTaylor Stores Corp. (a).... 74,576 1,906,163 Charming Shoppes, Inc. (a).... 370,201 2,002,787 Chico's FAS, Inc. (a)......... 204,381 1,845,560 Collective Brands, Inc. (a)... 108,881 1,893,441 Foot Locker, Inc. ............ 145,984 1,994,141 Genesco, Inc. (a)............. 58,956 2,228,537 Guess ?, Inc. ................ 46,540 1,763,401 Gymboree Corp. (a)............ 60,767 1,850,963 J. Crew Group, Inc. (a)....... 38,900 1,875,369 Limited Brands, Inc. ......... 106,866 2,022,973 Mens Wearhouse, Inc. ......... 67,378 1,817,858 Pacific Sunwear of California, Inc. (a).................... 130,631 1,843,203 Ross Stores, Inc. ............ 75,814 1,938,564 Stage Stores, Inc. ........... 126,175 1,867,390 The Gap, Inc. ................ 90,170 1,918,818 The TJX Cos., Inc. ........... 66,826 1,919,911 Tween Brands, Inc. (a)........ 75,032 1,986,847 Urban Outfitters, Inc. (a).... 72,402 1,973,679 ------------ 40,367,575 ------------ CATALOG RETAIL -- 8.7% Gaiam, Inc. (a)............... 67,195 1,994,348 PC Mall, Inc. (a)............. 184,230 1,715,181 Sport Supply Group, Inc. ..... 280,293 2,228,329 Systemax, Inc. ............... 99,854 2,029,033 ValueVision Media, Inc. (Class A) (a)...................... 285,184 1,793,808 ------------ 9,760,699 ------------ COMPUTER & ELECTRONICS RETAIL -- 5.2% Best Buy Co., Inc. ........... 37,388 1,968,478 GameStop Corp. (Class A) (a).. 31,931 1,983,235 RadioShack Corp. ............. 108,941 1,836,745 ------------ 5,788,458 ------------ DEPARTMENT STORES -- 8.7% J. C. Penney Co., Inc. ....... 44,745 1,968,332 Kohl's Corp. (a).............. 42,505 1,946,729 Macy's, Inc. ................. 73,926 1,912,466 Nordstrom, Inc. .............. 54,080 1,986,358 Sears Holdings Corp. (a)...... 19,238 1,963,238 ------------ 9,777,123 ------------ DRUG RETAIL -- 3.5% CVS Caremark Corp. ........... 49,485 1,967,029 Walgreen Co. ................. 51,003 1,942,194 ------------ 3,909,223 ------------ FOOD RETAIL -- 8.5% Casey's General Stores, Inc. ....................... 63,890 1,891,783 Safeway, Inc. ................ 55,439 1,896,568 SUPERVALU, Inc. .............. 51,646 1,937,758 The Kroger Co. ............... 73,209 1,955,412 Whole Foods Market, Inc. ..... 46,081 1,880,105 ------------ 9,561,626 ------------ FOOTWEAR -- 1.6% Brown Shoe Co., Inc. ......... 115,347 1,749,814 ------------ GENERAL MERCHANDISE STORES -- 3.4% Family Dollar Stores, Inc. ... 100,720 1,936,846 Target Corp. ................. 38,716 1,935,800 ------------ 3,872,646 ------------ HYPERMARKETS & SUPER CENTERS -- 3.5% Costco Wholesale Corp. ....... 28,001 1,953,350 Wal-Mart Stores, Inc. ........ 40,696 1,934,281 ------------ 3,887,631 ------------ SPECIALTY STORES -- 20.6% Barnes & Noble, Inc. ......... 54,531 1,878,593 Blockbuster, Inc. (Class A) (a)......................... 512,290 1,997,931 Borders Group, Inc. .......... 178,368 1,899,619 Dick's Sporting Goods, Inc. (a)......................... 68,845 1,911,137 Office Depot, Inc. (a)........ 149,889 2,084,956 OfficeMax, Inc. .............. 93,388 1,929,396 PetSmart, Inc. ............... 79,595 1,872,871 Sally Beauty Holdings, Inc. (a)......................... 197,987 1,791,782 Staples, Inc. ................ 84,789 1,956,082 Tiffany & Co. ................ 42,367 1,950,153 Tractor Supply Co. (a)........ 52,168 1,874,918 Zale Corp. (a)................ 124,182 1,994,363 ------------ 23,141,801 ------------ TOTAL COMMON STOCKS -- (Cost $116,028,932)......... 111,816,596 ------------ SHORT TERM INVESTMENTS -- 1.0% MONEY MARKET FUND -- 1.0% STIC Prime Portfolio (Cost $1,116,931)........... 1,116,931 1,116,931 ------------ TOTAL INVESTMENTS -- 100.7% (Cost $117,145,863)......... 112,933,527 OTHER ASSETS AND LIABILITIES -- (0.7)%....... (766,585) ------------ NET ASSETS -- 100.0%.......... $112,166,942 ============
(a) Non-income producing security. See accompanying notes to financial statements. 119 SPDR S&P SEMICONDUCTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% SEMICONDUCTORS -- 99.8% Advanced Micro Devices, Inc. (a)......................... 918,364 $ 6,887,730 Altera Corp. ................. 368,976 7,128,616 Analog Devices, Inc. ......... 224,522 7,117,347 Atmel Corp. (a)............... 1,575,693 6,806,994 Broadcom Corp. (Class A) (a).. 270,278 7,065,067 Cree, Inc. (a)................ 306,520 8,420,104 Cypress Semiconductor Corp. (a)......................... 198,929 7,167,412 Fairchild Semiconductor International, Inc. (a)..... 476,937 6,882,201 Integrated Device Technology, Inc. (a).................... 622,103 7,035,985 Intel Corp. .................. 265,354 7,074,338 International Rectifier Corp. (a)......................... 214,848 7,298,386 Intersil Corp. (Class A)...... 285,030 6,977,534 Linear Technology Corp. ...... 223,676 7,119,607 LSI Logic Corp. (a)........... 1,303,051 6,919,201 Microchip Technology, Inc. ... 218,842 6,876,016 Micron Technology, Inc. (a)... 950,032 6,887,732 National Semiconductor Corp. ...................... 305,998 6,927,795 NVIDIA Corp. (a).............. 203,428 6,920,620 ON Semiconductor Corp. (a).... 808,326 7,177,935 Sigma Designs, Inc. (a)....... 118,408 6,536,122 Silicon Laboratories, Inc. (a)......................... 193,430 7,240,085 Texas Instruments, Inc. ...... 211,689 7,070,413 Xilinx, Inc. ................. 320,207 7,002,927 ------------ TOTAL COMMON STOCKS -- (Cost $189,933,644)......... 162,540,167 ------------ SHORT TERM INVESTMENTS -- 0.3% MONEY MARKET FUND -- 0.3% STIC Prime Portfolio (Cost $538,159)............. 538,159 538,159 ------------ TOTAL INVESTMENTS -- 100.1% (Cost $190,471,803)......... 163,078,326 OTHER ASSETS AND LIABILITIES -- (0.1)%....... (212,434) ------------ NET ASSETS -- 100.0%.......... $162,865,892 ============
(a) Non-income producing security. See accompanying notes to financial statements. 120 KBW REGIONAL BANKING ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.5% REGIONAL BANKS -- 88.1% Associated Bancorp............ 118,079 $ 3,198,760 BancorpSouth, Inc. ........... 164,305 3,879,241 Bank of Hawaii Corp. ......... 77,339 3,955,116 Boston Private Financial Holdings, Inc. ............. 130,295 3,528,389 Cathay General Bancorp........ 115,433 3,057,820 Central Pacific Financial Corp. ...................... 110,012 2,030,822 Citizens Republic Bancorp, Inc. ....................... 210,474 3,053,978 City National Corp. .......... 55,645 3,313,660 Commerce Bancshares, Inc. .... 93,726 4,204,564 Cullen/Frost Bankers, Inc. ... 69,194 3,505,368 CVB Financial Corp. .......... 297,291 3,073,989 East West Bancorp, Inc. ...... 111,280 2,696,314 F N B Corp. .................. 204,968 3,013,030 First Commonwealth Financial Corp. ...................... 312,268 3,325,654 First Community Bancorp, Inc. ....................... 74,683 3,079,927 First Horizon National Corp. ...................... 90,967 1,651,051 First Midwest Bancorp, Inc. .. 113,995 3,488,247 FirstMerit Corp. ............. 150,668 3,014,867 Frontier Financial Corp. ..... 152,044 2,823,457 Fulton Financial Corp. ....... 222,513 2,496,596 National Penn Bancshares, Inc. ....................... 225,418 3,412,824 Old National Bancorp.......... 184,627 2,762,020 Pacific Capital Bancorp....... 128,941 2,595,582 Prosperity Bancshares, Inc. .. 108,630 3,192,636 Provident Bankshares Corp. ... 118,079 2,525,710 Signature Bank (a)............ 100,415 3,389,006 South Financial Group, Inc. .. 138,463 2,164,177 Sterling Bancshares, Inc. .... 290,521 3,242,214 Sterling Financial Corp. -- Washington......... 118,079 1,982,546 Susquehanna Bancshares, Inc. ....................... 169,726 3,129,747 SVB Financial Group (a)....... 82,798 4,173,019 Synovus Financial Corp. ...... 139,874 3,368,166 TCF Financial Corp. .......... 150,668 2,701,477 The Colonial BancGroup, Inc. ....................... 173,688 2,351,736 Trustmark Corp. .............. 135,739 3,442,341 UCBH Holdings, Inc. .......... 218,585 3,095,164 Umpqua Holdings Corp. ........ 149,352 2,291,060 UnionBanCal Corp. ............ 59,714 2,920,612 United Bankshares, Inc. ...... 112,673 3,157,097 Valley National Bancorp....... 175,136 3,338,092 Westamerica Bancorp........... 76,002 3,385,889 Whitney Holding Corp. ........ 122,141 3,193,987 Wilmington Trust Corp. ....... 89,641 3,155,363 Wintrust Financial Corp. ..... 76,002 2,517,946 ------------ 133,879,261 ------------ THRIFTS & MORTGAGE FINANCE -- 11.4% Brookline Bancorp, Inc. ...... 252,498 2,565,380 Corus Bankshares, Inc. ....... 256,594 2,737,858 Hudson City Bancorp, Inc. .... 285,154 4,283,013 Provident Financial Services, Inc. ....................... 214,547 3,093,768 Sovereign Bancorp, Inc. ...... 167,026 1,904,096 Webster Financial Corp. ...... 86,924 2,778,960 ------------ 17,363,075 ------------ TOTAL COMMON STOCKS -- (Cost $159,270,493)......... 151,242,336 ------------ SHORT TERM INVESTMENTS -- 2.1% MONEY MARKET FUND -- 2.1% STIC Prime Portfolio.......... 3,211,597 3,211,597 Federated Prime Obligations Fund........................ 104 104 --------- ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $3,211,701)........... 3,211,701 3,211,701 --------- ------------ TOTAL INVESTMENTS -- 101.6% (Cost $162,482,194)......... 154,454,037 OTHER ASSETS AND LIABILITIES -- (1.6)%....... (2,476,910) ------------ NET ASSETS -- 100.0%.......... $151,977,127 ============
(a) Non-income producing security. See accompanying notes to financial statements. 121 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR SPDR DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE TOTAL MARKET LARGE CAP LARGE CAP GROWTH ETF ETF ETF ------------ ----------- ---------------- ASSETS Investments in securities of unaffiliated issuers, at value (Note 2).............................. $126,931,450 $10,166,002 $321,926,063 Investments in securities of affiliated issuers, at value (Note 3).............................. 239,134 22,330 1,378,857 ------------ ----------- ------------ Total Investments.............................. 127,170,584 10,188,332 323,304,920 Cash.............................................. -- 99 -- Foreign currency, at value........................ -- -- -- Receivable for investments sold................... -- -- 186,552 Receivable for Fund Shares sold in-kind........... -- -- 115,224 Dividends receivable (Note 2)..................... 174,447 13,941 246,836 ------------ ----------- ------------ TOTAL ASSETS................................. 127,345,031 10,202,372 323,853,532 ------------ ----------- ------------ LIABILITIES Payable for investments purchased................. -- -- 333,500 Distributions payable............................. 533,234 60,756 669,700 Accrued advisory fee (Note 3)..................... 21,706 1,625 53,740 Accrued trustees fee (Note 3)..................... 388 30 2,010 ------------ ----------- ------------ TOTAL LIABILITIES............................ 555,328 62,411 1,058,950 ------------ ----------- ------------ NET ASSETS................................... $126,789,703 $10,139,961 $322,794,582 ============ =========== ============ NET ASSETS REPRESENTED BY: Paid in capital (Note 4).......................... $114,047,750 $10,009,070 $312,094,733 Undistributed (distribution in excess of) net investment income.............................. 8,573 525 (89,032) Accumulated net realized gain (loss) on investments and foreign currency transactions.. (8,839,942) 49,824 (17,655,762) Net unrealized appreciation (depreciation) on: Investments.................................... 21,573,322 80,542 28,444,643 Foreign currency............................... -- -- -- ------------ ----------- ------------ NET ASSETS................................... $126,789,703 $10,139,961 $322,794,582 ============ =========== ============ NET ASSET VALUE PER SHARE Net asset value per share......................... $ 105.65 $ 67.60 $ 58.69 ============ =========== ============ Shares outstanding (unlimited amount authorized, $0.01 par value)............................... 1,200,117 150,000 5,500,112 ============ =========== ============ Investments in securities, at cost................ $105,597,262 $10,107,790 $294,860,277 ============ =========== ============ Foreign currency, at cost......................... $ -- $ -- $ -- ============ =========== ============
122 - --------------------------------------------------------------------------------
SPDR SPDR SPDR SPDR SPDR SPDR DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE LARGE CAP VALUE MID CAP MID CAP GROWTH MID CAP VALUE SMALL CAP SMALL CAP GROWTH ETF ETF ETF ETF ETF ETF --------------- ----------- -------------- ------------- ----------- ---------------- $128,862,922 $23,617,831 $47,085,835 $11,324,504 $ 9,242,416 $90,009,727 -- -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- 128,862,922 23,617,831 47,085,835 11,324,504 9,242,416 90,009,727 -- 4,758 12,058 311 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 1,155 27,401 147,629 5,025 1,089 27,262 244,467 25,991 22,046 23,030 11,932 42,528 ------------ ----------- ----------- ----------- ----------- ----------- 129,108,544 23,675,981 47,267,568 11,352,870 9,255,437 90,079,517 ------------ ----------- ----------- ----------- ----------- ----------- 241,109 79,438 237,833 13,812 13,550 52,719 895,904 1,151,130 769,866 65,241 30,471 1,544,484 20,454 4,962 9,959 2,423 1,970 20,783 377 60 274 123 21 866 ------------ ----------- ----------- ----------- ----------- ----------- 1,157,844 1,235,590 1,017,932 81,599 46,012 1,618,852 ------------ ----------- ----------- ----------- ----------- ----------- $127,950,700 $22,440,391 $46,249,636 $11,271,271 $ 9,209,425 $88,460,665 ============ =========== =========== =========== =========== =========== $123,827,303 $21,088,942 $46,250,471 $13,269,826 $10,276,118 $94,300,000 54,110 7,404 3,712 31,588 5,361 (6,291) (1,144,253) 35,447 412,438 (501,427) 151,636 746,138 5,213,540 1,308,598 (416,985) (1,528,716) (1,223,690) (6,579,182) -- -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- $127,950,700 $22,440,391 $46,249,636 $11,271,271 $ 9,209,425 $88,460,665 ============ =========== =========== =========== =========== =========== $ 82.53 $ 56.10 $ 66.07 $ 56.36 $ 61.40 $ 98.28 ============ =========== =========== =========== =========== =========== 1,550,421 400,000 700,000 200,000 150,000 900,100 ============ =========== =========== =========== =========== =========== $123,649,382 $22,309,233 $47,502,820 $12,853,220 $10,466,106 $96,588,909 ============ =========== =========== =========== =========== =========== $ -- $ -- $ -- $ -- $ -- $ -- ============ =========== =========== =========== =========== ===========
See accompanying notes to financial statements. 123 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ DJ SMALL CAP VALUE GLOBAL TITANS WILSHIRE REIT ETF ETF ETF --------------- ------------- -------------- ASSETS Investments in securities of unaffiliated issuers, at value (Note 2).................... $ 96,741,964 $189,792,199 $1,238,015,325 Investments in securities of affiliated issuers, at value (Note 3)............................. -- -- -- ------------ ------------ -------------- Total Investments............................. 96,741,964 189,792,199 1,238,015,325 Cash............................................. -- -- -- Foreign currency, at value....................... -- 58,199 -- Receivable for investments sold.................. 258,713 -- -- Receivable for Fund Shares sold in-kind.......... -- -- 1,339,006 Receivable for foreign taxes recoverable......... -- 1,700 -- Dividends receivable (Note 2).................... 213,845 368,756 11,191,785 ------------ ------------ -------------- TOTAL ASSETS................................ 97,214,522 190,220,854 1,250,546,116 ------------ ------------ -------------- LIABILITIES Payable for Fund Shares repurchased in-kind...... -- -- -- Payable for investments purchased................ 385,717 -- 1,213,667 Distributions payable............................ 1,013,952 894,908 12,816,915 Accrued advisory fee (Note 3).................... 20,695 80,561 259,343 Accrued trustees fee (Note 3).................... 479 654 6,423 ------------ ------------ -------------- TOTAL LIABILITIES........................... 1,420,843 976,123 14,296,348 ------------ ------------ -------------- NET ASSETS.................................. $ 95,793,679 $189,244,731 $1,236,249,768 ============ ============ ============== NET ASSETS REPRESENTED BY: Paid in capital (Note 4)......................... $ 98,265,136 $175,927,986 $1,393,468,025 Undistributed (distribution in excess of) net investment income............................. 30,737 (69,495) 2,763,070 Accumulated net realized gain (loss) on investments and foreign currency transactions.................................. 2,207,449 (4,348,576) (16,470,217) Net unrealized appreciation (depreciation) on: Investments................................... (4,709,643) 17,734,863 (143,511,110) Foreign currency.............................. -- (47) -- ------------ ------------ -------------- NET ASSETS.................................. $ 95,793,679 $189,244,731 $1,236,249,768 ============ ============ ============== NET ASSET VALUE PER SHARE Net asset value per share........................ $ 66.01 $ 78.84 $ 69.37 ============ ============ ============== Shares outstanding (unlimited amount authorized, $0.01 par value).............................. 1,451,131 2,400,253 17,820,536 ============ ============ ============== Investments in securities, at cost............... $101,451,607 $172,059,036 $1,381,526,435 ============ ============ ============== Foreign currency, at cost........................ $ -- $ 58,246 $ -- ============ ============ ==============
124 - --------------------------------------------------------------------------------
SPDR KBW KBW KBW MORGAN STANLEY SPDR S&P BANK CAPITAL MARKETS INSURANCE TECHNOLOGY S&P DIVIDEND BIOTECH ETF ETF ETF ETF ETF ETF ------------ --------------- ------------ -------------- ------------ ------------ $347,718,265 $150,909,264 $ 84,837,699 $266,289,465 $241,903,450 $273,402,114 15,094,837 6,980,196 -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ 362,813,102 157,889,460 84,837,699 266,289,465 241,903,450 273,402,114 -- -- -- -- -- -- -- -- -- -- -- -- 2,088,283 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 11 956,036 115,412 190,615 101,590 839,161 895 ------------ ------------ ------------ ------------ ------------ ------------ 365,857,421 158,004,872 85,028,314 266,391,055 242,742,611 273,403,020 ------------ ------------ ------------ ------------ ------------ ------------ 21,571 -- -- -- -- -- 2,128,689 -- -- -- 327 -- 4,224,888 318,710 554,307 20,873 5,637,353 88,751 119,505 49,876 31,386 112,973 68,501 74,154 1,627 797 676 1,931 1,766 1,404 ------------ ------------ ------------ ------------ ------------ ------------ 6,496,280 369,383 586,369 135,777 5,707,947 164,309 ------------ ------------ ------------ ------------ ------------ ------------ $359,361,141 $157,635,489 $ 84,441,945 $266,255,278 $237,034,664 $273,238,711 ============ ============ ============ ============ ============ ============ $412,101,421 $184,248,654 $ 98,895,019 $309,288,664 $257,025,896 $282,706,970 (1,608,725) (376,363) (292,968) (645) (358,295) (299,424) (4,445,369) (15,866,812) (503,286) (51,600,429) (5,547,016) (5,303,624) (46,686,186) (10,369,990) (13,656,820) 8,567,688 (14,085,921) (3,865,211) -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ $359,361,141 $157,635,489 $ 84,441,945 $266,255,278 $237,034,664 $273,238,711 ============ ============ ============ ============ ============ ============ $ 43.56 $ 67.08 $ 52.78 $ 61.92 $ 55.12 $ 59.40 ============ ============ ============ ============ ============ ============ 8,250,003 2,350,000 1,600,000 4,300,104 4,300,054 4,600,000 ============ ============ ============ ============ ============ ============ $409,499,288 $168,259,450 $ 98,494,519 $257,721,777 $255,989,371 $277,267,325 ============ ============ ============ ============ ============ ============ $ -- $ -- $ -- $ -- $ -- $ -- ============ ============ ============ ============ ============ ============
See accompanying notes to financial statements. 125 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR SPDR S&P OIL & GAS S&P S&P METALS & EQUIPMENT & HOMEBUILDERS MINING SERVICES ETF ETF ETF ------------ ------------ ------------- ASSETS Investments in securities of unaffiliated issuers, at value (Note 2).............................. $320,764,632 $282,083,553 $197,510,346 Investments in securities of affiliated issuers, at value (Note 3).............................. -- -- -- ------------ ------------ ------------ Total Investments.............................. 320,764,632 282,083,553 197,510,346 Cash.............................................. -- -- -- Foreign currency, at value........................ -- -- -- Receivable for investments sold................... 1,320,451 894,398 -- Dividends receivable (Note 2)..................... 377,829 164,365 46,474 ------------ ------------ ------------ TOTAL ASSETS................................. 322,462,912 283,142,316 197,556,820 ------------ ------------ ------------ LIABILITIES Payable for Fund Shares repurchased in-kind....... 1,355 -- -- Payable for investments purchased................. 6,327,999 886,825 -- Distributions payable............................. 1,181,227 554,206 605,702 Accrued advisory fee (Note 3)..................... 93,454 74,299 58,636 Accrued trustees fee (Note 3)..................... 2,256 1,985 1,007 ------------ ------------ ------------ TOTAL LIABILITIES............................ 7,606,291 1,517,315 665,345 ------------ ------------ ------------ NET ASSETS................................... $314,856,621 $281,625,001 $196,891,475 ============ ============ ============ NET ASSETS REPRESENTED BY: Paid in capital (Note 4).......................... $376,860,362 $286,071,726 $177,751,647 Undistributed (distribution in excess of) net investment income.............................. 148,012 (39,985) (1,789) Accumulated net realized gain (loss) on investments and foreign currency transactions.. (26,761,980) (7,465,374) 1,624,498 Net unrealized appreciation (depreciation) on: Investments.................................... (35,389,773) 3,058,634 17,517,119 Foreign currency............................... -- -- -- ------------ ------------ ------------ NET ASSETS................................... $314,856,621 $281,625,001 $196,891,475 ============ ============ ============ NET ASSET VALUE PER SHARE Net asset value per share......................... $ 19.32 $ 69.54 $ 40.60 ============ ============ ============ Shares outstanding (unlimited amount authorized, $0.01 par value)............................... 16,300,000 4,050,001 4,850,000 ============ ============ ============ Investments in securities, at cost................ $356,154,405 $279,024,919 $179,993,227 ============ ============ ============ Foreign currency, at cost......................... $ -- $ -- $ -- ============ ============ ============
126 - --------------------------------------------------------------------------------
SPDR S&P OIL & GAS SPDR SPDR EXPLORATION & S&P SPDR S&P KBW REGIONAL PRODUCTION PHARMACEUTICALS S&P RETAIL SEMICONDUCTOR BANKING ETF ETF ETF ETF ETF ------------- --------------- ------------ ------------- ------------ $86,019,471 $8,433,607 $112,933,527 $163,078,326 $154,454,037 -- -- -- -- -- ----------- ---------- ------------ ------------ ------------ 86,019,471 8,433,607 112,933,527 163,078,326 154,454,037 -- 100 -- -- -- -- -- -- -- -- -- -- -- -- 6,403 21,457 3,451 98,201 21,886 805,079 ----------- ---------- ------------ ------------ ------------ 86,040,928 8,437,158 113,031,728 163,100,212 155,265,519 ----------- ---------- ------------ ------------ ------------ 309 -- 3,417 -- 34,089 -- -- 702,800 -- -- 50,522 16,800 116,493 186,160 3,177,030 21,402 2,523 41,115 46,851 75,885 695 75 961 1,309 1,388 ----------- ---------- ------------ ------------ ------------ 72,928 19,398 864,786 234,320 3,288,392 ----------- ---------- ------------ ------------ ------------ $85,968,000 $8,417,760 $112,166,942 $162,865,892 $151,977,127 =========== ========== ============ ============ ============ $84,394,350 $8,874,059 $118,501,420 $194,879,106 $161,650,813 (8,928) (66) 56,423 (21,924) (164,041) (92,968) 155,064 (2,178,565) (4,597,813) (1,481,488) 1,675,546 (611,297) (4,212,336) (27,393,477) (8,028,157) -- -- -- -- -- ----------- ---------- ------------ ------------ ------------ $85,968,000 $8,417,760 $112,166,942 $162,865,892 $151,977,127 =========== ========== ============ ============ ============ $ 52.10 $ 33.65 $ 33.99 $ 46.53 $ 37.07 =========== ========== ============ ============ ============ 1,650,000 250,132 3,300,000 3,500,000 4,100,005 =========== ========== ============ ============ ============ $84,343,925 $9,044,904 $117,145,863 $190,471,803 $162,482,194 =========== ========== ============ ============ ============ -- -- -- -- -- =========== ========== ============ ============ ============
See accompanying notes to financial statements. 127 SPDR SERIES TRUST STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR SPDR DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE TOTAL MARKET LARGE CAP LARGE CAP GROWTH ETF ETF ETF ------------ ----------- ---------------- INVESTMENT INCOME Dividend income on securities of unaffiliated issuers (Note 2)............................... $ 1,199,584 $ 99,448 $1,367,279 Dividend income on securities of affiliated issuers (Note 3)............................... 1,221 112 5,327 Foreign taxes withheld............................ (30) (9) (320) ----------- --------- ---------- TOTAL INVESTMENT INCOME........................... 1,200,775 99,551 1,372,286 ----------- --------- ---------- EXPENSES Advisory fee (Note 3)............................. 129,663 10,245 274,560 Trustees fee (Note 3)............................. 3,203 253 6,783 ----------- --------- ---------- TOTAL EXPENSES.................................... 132,866 10,498 281,343 ----------- --------- ---------- NET INVESTMENT INCOME (LOSS)...................... 1,067,909 89,053 1,090,943 ----------- --------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers...................................... 2,934,297 778,550 3,824,431 Investments in securities of affiliated issuers...................................... 2,802 3,104 16,369 Foreign currency transactions.................. -- -- -- Net change in unrealized appreciation (depreciation) on: Investments.................................... (6,326,052) (969,153) 2,535,665 Foreign currency............................... -- -- -- ----------- --------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY.......... (3,388,953) (187,499) 6,376,465 ----------- --------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........................................ $(2,321,044) $ (98,446) $7,467,408 =========== ========= ==========
See accompanying notes to financial statements. 128 - --------------------------------------------------------------------------------
SPDR SPDR SPDR SPDR SPDR DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE SPDR DJ WILSHIRE LARGE CAP VALUE MID CAP MID CAP GROWTH MID CAP VALUE DJ WILSHIRE SMALL CAP GROWTH ETF ETF ETF ETF SMALL CAP ETF ETF --------------- ----------- -------------- ------------- ------------- ---------------- $ 1,942,335 $ 169,349 $ 114,078 $ 211,362 $ 85,557 $ 293,736 -- -- -- -- -- -- (74) (59) -- (101) (17) (43) ------------ ----------- ----------- ----------- ----------- ------------ 1,942,261 169,290 114,078 211,261 85,540 293,693 ------------ ----------- ----------- ----------- ----------- ------------ 134,037 30,395 50,754 21,028 14,758 131,070 3,311 600 1,003 415 292 2,590 ------------ ----------- ----------- ----------- ----------- ------------ 137,348 30,995 51,757 21,443 15,050 133,660 ------------ ----------- ----------- ----------- ----------- ------------ 1,804,913 138,295 62,321 189,818 70,490 160,033 ------------ ----------- ----------- ----------- ----------- ------------ 7,647,562 673,976 2,142,970 (1,041,389) 650,436 13,216,371 -- -- -- -- -- -- -- -- -- -- -- -- (16,139,634) (2,213,574) (4,467,070) (970,013) (1,576,785) (18,746,105) -- -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- ------------ (8,492,072) (1,539,598) (2,324,100) (2,011,402) (926,349) (5,529,734) ------------ ----------- ----------- ----------- ----------- ------------ $ (6,687,159) $(1,401,303) $(2,261,779) $(1,821,584) $ (855,859) $ (5,369,701) ============ =========== =========== =========== =========== ============
129 SPDR SERIES TRUST STATEMENTS OF OPERATIONS (CONTINUED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ DJ SMALL CAP VALUE GLOBAL TITANS WILSHIRE REIT ETF ETF ETF --------------- ------------- ------------- INVESTMENT INCOME Dividend income on securities of unaffiliated issuers (Note 2).............................. $ 1,288,591 $ 2,264,279 $ 31,341,343 Dividend income on securities of affiliated issuers (Note 3).............................. -- -- -- Foreign taxes withheld........................... (171) (59,016) -- ------------ ----------- ------------- TOTAL INVESTMENT INCOME.......................... 1,288,420 2,205,263 31,341,343 ------------ ----------- ------------- EXPENSES Advisory fee (Note 3)............................ 133,341 458,098 1,536,122 Trustees fee (Note 3)............................ 2,635 4,527 30,359 ------------ ----------- ------------- TOTAL EXPENSES................................... 135,976 462,625 1,566,481 ------------ ----------- ------------- NET INVESTMENT INCOME (LOSS)..................... 1,152,444 1,742,638 29,774,862 ------------ ----------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers..................................... 4,289,752 723,582 25,700,376 Investments in securities of affiliated issuers..................................... -- -- -- Foreign currency transactions................. -- 7,107 -- Net change in unrealized appreciation (depreciation) on: Investments................................... (17,794,582) (1,220,950) (208,384,354) Foreign currency.............................. -- (806) -- ------------ ----------- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY......... (13,504,830) (491,067) (182,683,978) ------------ ----------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................. $(12,352,386) $ 1,251,571 $(152,909,116) ============ =========== =============
See accompanying notes to financial statements. 130 - --------------------------------------------------------------------------------
KBW KBW KBW MORGAN STANLEY SPDR SPDR BANK CAPITAL MARKETS INSURANCE TECHNOLOGY S&P DIVIDEND S&P BIOTECH ETF ETF ETF ETF ETF ETF ------------ --------------- ------------ -------------- ------------ ----------- $ 4,160,528 $ 1,008,560 $ 1,492,401 $ 592,118 $ 4,761,976 $ 3,815 55,899 35,077 -- -- -- -- -- -- -- (4,447) -- -- ------------ ------------ ------------ ----------- ------------ ----------- 4,216,427 1,043,637 1,492,401 587,671 4,761,976 3,815 ------------ ------------ ------------ ----------- ------------ ----------- 356,404 313,784 199,346 562,022 442,816 299,921 3,443 4,430 2,814 5,422 6,251 3,319 ------------ ------------ ------------ ----------- ------------ ----------- 359,847 318,214 202,160 567,444 449,067 303,240 ------------ ------------ ------------ ----------- ------------ ----------- 3,856,580 725,423 1,290,241 20,227 4,312,909 (299,425) ------------ ------------ ------------ ----------- ------------ ----------- (23,592,872) (15,294,707) (1,930,297) (3,704,839) (3,226,787) 17,175,506 34,161 1,041,487 -- -- -- -- -- -- -- -- -- -- (43,956,188) (5,193,335) (12,649,396) 1,337,133 (24,470,130) 2,724,153 -- -- -- -- -- -- ------------ ------------ ------------ ----------- ------------ ----------- (67,514,899) (19,446,555) (14,579,693) (2,367,706) (27,696,917) 19,899,659 ------------ ------------ ------------ ----------- ------------ ----------- $(63,658,319) $(18,721,132) $(13,289,452) $(2,347,479) $(23,384,008) $19,600,234 ============ ============ ============ =========== ============ ===========
131 SPDR SERIES TRUST STATEMENTS OF OPERATIONS (CONTINUED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR SPDR S&P OIL & GAS S&P S&P METALS & EQUIPMENT & HOMEBUILDERS MINING SERVICES ETF ETF ETF ------------- ------------ ------------- INVESTMENT INCOME Dividend income on securities of unaffiliated issuers (Note 2)............................... $ 2,115,796 $ 1,032,912 $ 469,509 Dividend income on securities of affiliated issuers (Note 3)............................... -- -- -- Foreign taxes withheld............................ -- -- -- ------------- ----------- ----------- TOTAL INVESTMENT INCOME........................... 2,115,796 1,032,912 469,509 ------------- ----------- ----------- EXPENSES Advisory fee (Note 3)............................. 462,763 399,604 331,303 Trustees fee (Note 3)............................. 6,494 5,244 3,875 ------------- ----------- ----------- TOTAL EXPENSES.................................... 469,257 404,848 335,178 ------------- ----------- ----------- NET INVESTMENT INCOME (LOSS)...................... 1,646,539 628,064 134,331 ------------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers...................................... (170,740,167) 10,672,988 12,389,134 Investments in securities of affiliated issuers...................................... -- -- -- Foreign currency transactions.................. -- -- -- Net change in unrealized appreciation (depreciation) on: Investments.................................... 9,702,440 11,470,225 4,267,501 Foreign currency............................... -- -- -- ------------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY.......... (161,037,727) 22,143,213 16,656,635 ------------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........................................ $(159,391,188) $22,771,277 $16,790,966 ============= =========== ===========
See accompanying notes to financial statements. 132 - --------------------------------------------------------------------------------
SPDR S&P OIL & GAS SPDR SPDR KBW EXPLORATION & S&P SPDR S&P REGIONAL PRODUCTION PHARMACEUTICALS S&P RETAIL SEMICONDUCTOR BANKING ETF ETF ETF ETF ETF ------------- --------------- ------------ ------------- ------------ $ 223,932 $ 50,099 $ 419,958 $ 566,163 $ 2,921,833 -- -- -- -- -- -- -- -- -- -- ---------- --------- ------------ ------------ ------------ 223,932 50,099 419,958 566,163 2,921,833 ---------- --------- ------------ ------------ ------------ 138,397 14,916 184,719 262,287 285,060 1,507 210 2,568 3,683 2,974 ---------- --------- ------------ ------------ ------------ 139,904 15,126 187,287 265,970 288,034 ---------- --------- ------------ ------------ ------------ 84,028 34,973 232,671 300,193 2,633,799 ---------- --------- ------------ ------------ ------------ 6,785,614 192,381 (17,748,985) 6,523,911 (24,214,251) -- -- -- -- -- -- -- -- -- -- 3,077,952 (670,925) (2,660,246) (26,307,097) (4,975,393) -- -- -- -- -- ---------- --------- ------------ ------------ ------------ 9,863,566 (478,544) (20,409,231) (19,783,186) (29,189,644) ---------- --------- ------------ ------------ ------------ $9,947,594 $(443,571) $(20,176,560) $(19,482,993) $(26,555,845) ========== ========= ============ ============ ============
133 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE TOTAL MARKET LARGE CAP ETF ETF --------------------------- -------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ------------ ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)............... $ 1,067,909 $ 1,842,838 $ 89,053 $ 169,116 Net realized gain (loss) on investments and foreign currency transactions........... 2,937,099 793,275 781,654 708,918 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions........... (6,326,052) 18,004,133 (969,153) 1,023,788 ------------ ------------ ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............... (2,321,044) 20,640,246 (98,446) 1,901,822 ------------ ------------ ----------- ----------- Net equalization credits and charges....... 501 -- 203 -- ------------ ------------ ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income...................... (1,066,712) (1,845,167) (88,607) (168,614) Net realized gains......................... -- -- (15,041) -- ------------ ------------ ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS........ (1,066,712) (1,845,167) (103,648) (168,614) ------------ ------------ ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares....... 5,536,101 15,006,446 6,883,341 9,163,407 Net proceeds from reinvestment of shares issued.................................. -- 307 -- -- Cost of shares redeemed.................... (5,576,845) -- (6,878,146) (6,376,567) Net income equalization.................... (501) -- (203) -- ------------ ------------ ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........... (41,245) 15,006,753 4,992 2,786,840 ------------ ------------ ----------- ----------- Net increase (decrease) in net assets during year............................. (3,428,500) 33,801,832 (196,899) 4,520,048 Net assets at beginning of year............ 130,218,203 96,416,371 10,336,860 5,816,812 ------------ ------------ ----------- ----------- NET ASSETS END OF YEAR(1).................... $126,789,703 $130,218,203 $10,139,961 $10,336,860 ============ ============ =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold................................ 50,000 150,000 100,000 150,000 Shares issued to shareholders from reinvestment of distributions........... -- 3 -- -- Shares redeemed............................ (50,000) -- (100,000) (100,000) ------------ ------------ ----------- ----------- NET INCREASE (DECREASE)...................... -- 150,003 -- 50,000 ============ ============ =========== =========== (1) Including undistributed (distribution in excess of) net investment income......... $ 8,573 $ 7,376 $ 525 $ 79 ============ ============ =========== ===========
See accompanying notes to financial statements. 134 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE SPDR DJ WILSHIRE LARGE CAP GROWTH LARGE CAP VALUE MID CAP ETF ETF ETF ---------------------------- ---------------------------- --------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ------------ ------------ ------------ ------------ ----------- $ 1,090,943 $ 1,821,075 $ 1,804,913 $ 3,334,890 $ 138,295 $ 267,321 3,840,800 10,459,156 7,647,562 7,429,989 673,976 687,830 2,535,665 21,326,489 (16,139,634) 15,568,632 (2,213,574) 2,901,700 ------------ ------------ ------------ ------------ ----------- ----------- 7,467,408 33,606,720 (6,687,159) 26,333,511 (1,401,303) 3,856,851 ------------ ------------ ------------ ------------ ----------- ----------- 80,481 (28,078) (97,411) 41,072 -- -- ------------ ------------ ------------ ------------ ----------- ----------- (1,201,869) (1,814,493) (1,755,555) (3,347,062) (130,891) (275,283) -- -- -- -- (1,081,382) (236,356) ------------ ------------ ------------ ------------ ----------- ----------- (1,201,869) (1,814,493) (1,755,555) (3,347,062) (1,212,273) (511,639) ------------ ------------ ------------ ------------ ----------- ----------- 104,597,578 109,089,093 21,267,951 44,322,926 -- 5,759,274 -- -- 2,309 13,689 -- -- (11,776,123) (54,526,527) (34,124,211) (20,508,195) -- -- (80,481) 28,078 97,411 (41,072) -- -- ------------ ------------ ------------ ------------ ----------- ----------- 92,740,974 54,590,644 (12,756,540) 23,787,348 -- 5,759,274 ------------ ------------ ------------ ------------ ----------- ----------- 99,086,994 86,354,793 (21,296,665) 46,814,869 (2,613,576) 9,104,486 223,707,588 137,352,795 149,247,365 102,432,496 25,053,967 15,949,481 ------------ ------------ ------------ ------------ ----------- ----------- $322,794,582 $223,707,588 $127,950,700 $149,247,365 $22,440,391 $25,053,967 ============ ============ ============ ============ =========== =========== 1,800,000 2,100,000 250,000 550,000 -- 100,000 -- -- 26 159 -- -- (200,000) (1,000,000) (400,000) (250,000) -- -- ------------ ------------ ------------ ------------ ----------- ----------- 1,600,000 1,100,000 (149,974) 300,159 -- 100,000 ============ ============ ============ ============ =========== =========== $ (89,032) $ 21,894 $ 54,110 $ 4,752 $ 7,404 $ -- ============ ============ ============ ============ =========== ===========
135 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE MID CAP GROWTH MID CAP VALUE ETF ETF -------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ----------- ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................. $ 62,321 $ 179,606 $ 189,818 $ 221,134 Net realized gain (loss) on investments and foreign currency transactions............. 2,142,970 985,011 (1,041,389) 1,494,953 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions..................... (4,467,070) 3,275,313 (970,013) (651,846) ----------- ----------- ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................. (2,261,779) 4,439,930 (1,821,584) 1,064,241 ----------- ----------- ----------- ------------ Net equalization credits and charges......... 1,762 -- (25,215) (2,861) ----------- ----------- ----------- ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........................ (58,609) (182,525) (158,230) (221,484) Net realized gains........................... (726,522) (526,548) -- (124,635) ----------- ----------- ----------- ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS.......... (785,131) (709,073) (158,230) (346,119) ----------- ----------- ----------- ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares......... 35,084,459 -- -- 47,988,467 Net proceeds from reinvestment of shares issued.................................... -- -- -- -- Cost of shares redeemed...................... (9,894,254) -- (5,678,054) (37,971,705) Net income equalization...................... (1,762) -- 25,215 2,861 ----------- ----------- ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............. 25,188,443 -- (5,652,839) 10,019,623 ----------- ----------- ----------- ------------ Net increase (decrease) in net assets during year...................................... 22,143,295 3,730,857 (7,657,868) 10,734,884 Net assets at beginning of year.............. 24,106,341 20,375,484 18,929,139 8,194,255 ----------- ----------- ----------- ------------ NET ASSETS END OF YEAR(1)...................... $46,249,636 $24,106,341 $11,271,271 $ 18,929,139 =========== =========== =========== ============ SHARES OF BENEFICIAL INTEREST: Shares sold.................................. 500,000 -- -- 750,000 Shares issued to shareholders from reinvestment of distributions............. -- -- -- -- Shares redeemed.............................. (150,000) -- (100,000) (600,000) ----------- ----------- ----------- ------------ NET INCREASE (DECREASE)........................ 350,000 -- (100,000) 150,000 =========== =========== =========== ============ (1) Including undistributed (distribution in excess of) net investment income........... $ 3,712 $ -- $ 31,588 $ -- =========== =========== =========== ============
See accompanying notes to financial statements. 136 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE SPDR DJ WILSHIRE SMALL CAP SMALL CAP GROWTH SMALL CAP VALUE ETF ETF ETF ---------------------------- ---------------------------- ---------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ------------ ------------ ------------ ------------ ------------ $ 70,490 $ 175,297 $ 160,033 $ 175,060 $ 1,152,444 $ 2,294,976 650,436 2,496,075 13,216,371 6,353,129 4,289,752 9,865,477 (1,576,785) (613,589) (18,746,105) 6,534,574 (17,794,582) 3,341,811 ----------- ------------ ------------ ------------ ------------ ------------ (855,859) 2,057,783 (5,369,701) 13,062,763 (12,352,386) 15,502,264 ----------- ------------ ------------ ------------ ------------ ------------ (3,351) -- (2,988) -- (48,781) 24,919 ----------- ------------ ------------ ------------ ------------ ------------ (65,620) (197,754) (166,324) (166,913) (1,121,707) (2,478,791) -- (285,598) (1,492,119) -- (424,791) (20,105) ----------- ------------ ------------ ------------ ------------ ------------ (65,620) (483,352) (1,658,443) (166,913) (1,546,498) (2,498,896) ----------- ------------ ------------ ------------ ------------ ------------ 6,281,116 6,174,414 52,578,380 19,029,520 -- 39,825,267 -- -- -- -- 2,976 15,128 (6,134,985) (23,876,795) (45,497,502) (21,922,543) (10,400,258) (34,097,726) 3,351 -- 2,988 -- 48,781 (24,919) ----------- ------------ ------------ ------------ ------------ ------------ 149,482 (17,702,381) 7,083,866 (2,893,023) (10,348,501) 5,717,750 ----------- ------------ ------------ ------------ ------------ ------------ (775,348) (16,127,950) 52,734 10,002,827 (24,296,166) 18,746,037 9,984,773 26,112,723 88,407,931 78,405,104 120,089,845 101,343,808 ----------- ------------ ------------ ------------ ------------ ------------ $ 9,209,425 $ 9,984,773 $ 88,460,665 $ 88,407,931 $ 95,793,679 $120,089,845 =========== ============ ============ ============ ============ ============ 100,000 100,000 500,000 200,000 -- 550,000 -- -- -- -- 41 213 (100,000) (400,000) (450,000) (250,000) (150,000) (500,000) ----------- ------------ ------------ ------------ ------------ ------------ -- (300,000) 50,000 (50,000) (149,959) 50,213 =========== ============ ============ ============ ============ ============ $ 5,361 $ 491 $ (6,291) $ -- $ 30,737 $ -- =========== ============ ============ ============ ============ ============
137 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR DJ GLOBAL TITANS DJ WILSHIRE REIT ETF ETF --------------------------- ------------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ------------ -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)............. $ 1,742,638 $ 3,518,711 $ 29,774,862 $ 38,563,171 Net realized gain (loss) on investments and foreign currency transactions..... 730,689 6,772,091 25,700,376 163,455,318 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions......... (1,221,756) 15,508,943 (208,384,354) (85,400,955) ------------ ------------ -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............. 1,251,571 25,799,745 (152,909,116) 116,617,534 ------------ ------------ -------------- -------------- Net equalization credits and charges..... 76,512 -- 1,466,910 (250,807) ------------ ------------ -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................... (1,890,014) (3,479,335) (27,011,792) (49,596,076) Net realized gains....................... -- -- -- (7,909,615) ------------ ------------ -------------- -------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS...... (1,890,014) (3,479,335) (27,011,792) (57,505,691) ------------ ------------ -------------- -------------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares..... 23,623,580 104,749,936 332,230,910 555,039,289 Net proceeds from reinvestment of shares issued................................ 1,304 5,193 123,914 905,073 Cost of shares redeemed.................. (3,849,946) (34,011,281) (164,077,251) (416,374,903) Net income equalization.................. (76,512) -- (1,466,910) 250,807 ------------ ------------ -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......... 19,698,426 70,743,848 166,810,663 139,820,266 ------------ ------------ -------------- -------------- Net increase (decrease) in net assets during year........................... 19,136,495 93,064,258 (11,643,335) 198,681,302 Net assets at beginning of year.......... 170,108,236 77,043,978 1,247,893,103 1,049,211,801 ------------ ------------ -------------- -------------- NET ASSETS END OF YEAR (1)................. $189,244,731 $170,108,236 $1,236,249,768 $1,247,893,103 ============ ============ ============== ============== SHARES OF BENEFICIAL INTEREST: Shares sold.............................. 300,000 1,450,000 4,400,000 6,300,000 Shares issued to shareholders from reinvestment of distributions......... 16 69 1,482 10,657 Shares redeemed.......................... (50,000) (450,000) (2,000,000) (4,700,000) ------------ ------------ -------------- -------------- NET INCREASE (DECREASE).................... 250,016 1,000,069 2,401,482 1,610,657 ============ ============ ============== ============== (1) Including undistributed (distribution in excess of) net investment income... $ (69,495) $ 77,881 $ 2,763,070 $ -- ============ ============ ============== ==============
See accompanying notes to financial statements. 138 - --------------------------------------------------------------------------------
KBW BANK KBW CAPITAL MARKETS KBW INSURANCE ETF ETF ETF -------------------------------- ---------------------------------- ------------------------------ FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 --------------- ------------- --------------- --------------- ------------- ------------- $ 3,856,580 $ 2,487,148 $ 725,423 $ 552,905 $ 1,290,241 $ 831,334 (23,558,711) 785,917 (14,253,220) 17,603,929 (1,930,297) 9,669,310 (43,956,188) (2,767,709) (5,193,335) (1,139,961) (12,649,396) (296,738) --------------- ------------- --------------- --------------- ------------- ------------- (63,658,319) 505,356 (18,721,132) 17,016,873 (13,289,452) 10,203,906 --------------- ------------- --------------- --------------- ------------- ------------- 1,564,820 302,006 371,924 (68,452) 286,068 (24,776) --------------- ------------- --------------- --------------- ------------- ------------- (5,465,305) (2,854,256) (1,178,563) (471,679) (1,649,858) (784,052) -- -- -- -- -- -- --------------- ------------- --------------- --------------- ------------- ------------- (5,465,305) (2,854,256) (1,178,563) (471,679) (1,649,858) (784,052) --------------- ------------- --------------- --------------- ------------- ------------- 1,835,736,315 803,785,739 1,751,685,391 1,537,015,227 288,498,864 254,207,057 -- 174 -- -- -- -- (1,479,319,962) (877,124,620) (1,660,153,339) (1,518,116,253) (248,530,500) (240,069,219) (1,564,820) (302,006) (371,924) 68,452 (286,068) 24,776 --------------- ------------- --------------- --------------- ------------- ------------- 354,851,533 (73,640,713) 91,160,128 18,967,426 39,682,296 14,162,614 --------------- ------------- --------------- --------------- ------------- ------------- 287,292,729 (75,687,607) 71,632,357 35,444,168 25,029,054 23,557,692 72,068,412 147,756,019 86,003,132 50,558,964 59,412,891 35,855,199 --------------- ------------- --------------- --------------- ------------- ------------- $ 359,361,141 $ 72,068,412 $ 157,635,489 $ 86,003,132 $ 84,441,945 $ 59,412,891 =============== ============= =============== =============== ============= ============= 36,450,000 14,000,000 26,500,000 22,550,000 5,150,000 4,600,000 -- 3 -- -- -- -- (29,500,000) (15,450,000) (25,400,000) (22,200,000) (4,550,000) (4,300,000) --------------- ------------- --------------- --------------- ------------- ------------- 6,950,000 (1,449,997) 1,100,000 350,000 600,000 300,000 =============== ============= =============== =============== ============= ============= $ (1,608,725) $ -- $ (376,363) $ 76,777 $ (292,968) $ 66,649 =============== ============= =============== =============== ============= =============
139 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
MORGAN STANLEY SPDR TECHNOLOGY S&P DIVIDEND ETF ETF ---------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ------------- ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)............. $ 20,227 $ 158,374 $ 4,312,909 $ 6,209,467 Net realized gain (loss) on investments and foreign currency transactions..... (3,704,839) 5,471,921 (3,226,787) 8,530,407 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions......... 1,337,133 29,817,119 (24,470,130) 8,802,514 ------------ ------------- ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............. (2,347,479) 35,447,414 (23,384,008) 23,542,388 ------------ ------------- ------------ ------------ Net equalization credits and charges..... (17,267) 4,169 (25,679) 388,687 ------------ ------------- ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................... (20,872) (158,374) (4,671,204) (6,448,421) Net realized gains....................... -- -- (3,272,942) -- Return of capital........................ -- (38,806) -- -- ------------ ------------- ------------ ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS...... (20,872) (197,180) (7,944,146) (6,448,421) ------------ ------------- ------------ ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares..... 79,812,757 117,844,970 20,029,709 207,904,033 Net proceeds from reinvestment of shares issued................................ -- 124 492 2,730 Cost of shares redeemed.................. -- (109,157,488) (26,986,453) (49,944,274) Net income equalization.................. 17,267 (4,169) 25,679 (388,687) ------------ ------------- ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......... 79,830,024 8,683,437 (6,930,573) 157,573,802 ------------ ------------- ------------ ------------ Net increase (decrease) in net assets during year........................... 77,444,406 43,937,840 (38,284,406) 175,056,456 Net assets at beginning of year.......... 188,810,872 144,873,032 275,319,070 100,262,614 ------------ ------------- ------------ ------------ NET ASSETS END OF YEAR (1)................. $266,255,278 $ 188,810,872 $237,034,664 $275,319,070 ============ ============= ============ ============ SHARES OF BENEFICIAL INTEREST: Shares sold.............................. 1,250,000 2,100,000 350,000 3,450,000 Shares issued to shareholders from reinvestment of distributions......... -- 2 8 44 Shares redeemed.......................... -- (2,000,000) (450,000) (850,000) ------------ ------------- ------------ ------------ NET INCREASE (DECREASE).................... 1,250,000 100,002 (99,992) 2,600,044 ============ ============= ============ ============ (1) Including undistributed (distribution in excess of) net investment income... $ (645) $ -- $ (358,295) $ -- ============ ============= ============ ============
See accompanying notes to financial statements. 140 - --------------------------------------------------------------------------------
SPDR SPDR SPDR S&P BIOTECH S&P HOMEBUILDERS S&P METALS & MINING ETF ETF ETF ----------------------------- ---------------------------------- ------------------------------ FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------- ------------ --------------- --------------- ------------- ------------- $ (299,425) $ 327,760 $ 1,646,539 $ 1,558,884 $ 628,064 $ 533,224 17,175,506 9,270,993 (170,740,167) (25,611,868) 10,672,988 27,883,688 2,724,153 (4,805,604) 9,702,440 (29,785,794) 11,470,225 (11,797,707) ------------- ------------ --------------- --------------- ------------- ------------- 19,600,234 4,793,149 (159,391,188) (53,838,778) 22,771,277 16,619,205 ------------- ------------ --------------- --------------- ------------- ------------- (159,772) (105,066) (467,452) 84,633 (62,373) (81,653) ------------- ------------ --------------- --------------- ------------- ------------- (88,751) (239,008) (1,498,527) (1,687,070) (834,585) (378,042) -- -- -- -- -- -- -- -- -- -- -- -- ------------- ------------ --------------- --------------- ------------- ------------- (88,751) (239,008) (1,498,527) (1,687,070) (834,585) (378,042) ------------- ------------ --------------- --------------- ------------- ------------- 312,996,469 154,300,757 2,794,055,529 3,940,261,605 509,858,179 609,603,348 -- -- -- -- 63 -- (166,226,091) (81,732,654) (2,649,376,260) (3,719,576,217) (453,709,849) (452,354,936) 159,772 105,066 467,452 (84,633) 62,373 81,653 ------------- ------------ --------------- --------------- ------------- ------------- 146,930,150 72,673,169 145,146,721 220,600,755 56,210,766 157,330,065 ------------- ------------ --------------- --------------- ------------- ------------- 166,281,861 77,122,244 (16,210,446) 165,159,540 78,085,085 173,489,575 106,956,850 29,834,606 331,067,067 165,907,527 203,539,916 30,050,341 ------------- ------------ --------------- --------------- ------------- ------------- $ 273,238,711 $106,956,850 $ 314,856,621 $ 331,067,067 $ 281,625,001 $ 203,539,916 ============= ============ =============== =============== ============= ============= 5,400,000 3,000,000 124,500,000 114,450,000 8,150,000 10,150,000 -- -- -- -- 1 -- (2,900,000) (1,550,000) (119,100,000) (108,450,000) (7,350,000) (7,500,000) ------------- ------------ --------------- --------------- ------------- ------------- 2,500,000 1,450,000 5,400,000 6,000,000 800,001 2,650,000 ============= ============ =============== =============== ============= ============= $ (299,424) $ 88,752 $ 148,012 $ -- $ (39,985) $ 166,536 ============= ============ =============== =============== ============= =============
141 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR S&P OIL & GAS SPDR S&P OIL & GAS EQUIPMENT & SERVICES EXPLORATION & PRODUCTION ETF ETF -------------------------- ---------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 ------------ ------------ ------------- ------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................ $ 134,331 $ 158,311 $ 84,028 $ 72,231 Net realized gain (loss) on investments and foreign currency transactions............ 12,389,134 2,850,258 6,785,614 12,601,614 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.................... 4,267,501 11,712,793 3,077,952 (4,061,422) ------------ ------------ ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................ 16,790,966 14,721,362 9,947,594 8,612,423 ------------ ------------ ------------- ------------- Net equalization credits and charges........ (18,839) (60) 3,356 (3,351) ------------ ------------ ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................... (136,120) (164,678) (95,649) (70,073) Net realized gains.......................... (476,105) -- -- -- ------------ ------------ ------------- ------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS......... (612,225) (164,678) (95,649) (70,073) ------------ ------------ ------------- ------------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........ 79,496,323 187,135,116 235,232,572 301,564,305 Net proceeds from reinvestment of shares issued................................... -- -- -- -- Cost of shares redeemed..................... (42,711,031) (73,298,949) (198,157,220) (290,625,936) Net income equalization..................... 18,839 60 (3,356) 3,351 ------------ ------------ ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............ 36,804,131 113,836,227 37,071,996 10,941,720 ------------ ------------ ------------- ------------- Net increase (decrease) in net assets during year..................................... 52,964,033 128,392,851 46,927,297 19,480,719 Net assets at beginning of year............. 143,927,442 15,534,591 39,040,703 19,559,984 ------------ ------------ ------------- ------------- NET ASSETS END OF YEAR (1).................... $196,891,475 $143,927,442 $ 85,968,000 $ 39,040,703 ============ ============ ============= ============= SHARES OF BENEFICIAL INTEREST: Shares sold................................. 2,050,000 6,000,000 4,950,000 7,850,000 Shares issued to shareholders from reinvestment of distributions............ -- -- -- -- Shares redeemed............................. (1,100,000) (2,600,000) (4,150,000) (7,500,000) ------------ ------------ ------------- ------------- NET INCREASE (DECREASE)..................... 950,000 3,400,000 800,000 350,000 ============ ============ ============= ============= (1) Including undistributed (distribution in excess of) net investment income......... $ (1,789) $ -- $ (8,928) $ 2,693 ============ ============ ============= =============
See accompanying notes to financial statements. 142 - --------------------------------------------------------------------------------
KBW SPDR SPDR SPDR REGIONAL S&P PHARMACEUTICALS S&P RETAIL S&P SEMICONDUCTOR BANKING ETF ETF ETF ETF ---------------------------- ---------------------------------- ----------------------------- --------------- FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED 12/31/2007 YEAR ENDED 12/31/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) ------------ ------------ --------------- --------------- ------------ ------------- --------------- $ 34,973 $ 175,604 $ 232,671 $ 188,827 $ 300,193 $ 250,039 $ 2,633,799 192,381 1,621,359 (17,748,985) 6,925,991 6,523,911 4,516,130 (24,214,251) (670,925) (168,896) (2,660,246) (2,041,538) (26,307,097) 4,203,587 (4,975,393) ---------- ------------ --------------- --------------- ------------ ------------- --------------- (443,571) 1,628,067 (20,176,560) 5,073,280 (19,482,993) 8,969,756 (26,555,845) ---------- ------------ --------------- --------------- ------------ ------------- --------------- -- -- (148,844) 45,503 24,085 (2,196) (581,686) ---------- ------------ --------------- --------------- ------------ ------------- --------------- (35,738) (176,255) (176,248) (233,921) (322,117) (264,533) (3,971,832) -- (118,361) -- -- -- -- -- ---------- ------------ --------------- --------------- ------------ ------------- --------------- (35,738) (294,616) (176,248) (233,921) (322,117) (264,533) (3,971,832) ---------- ------------ --------------- --------------- ------------ ------------- --------------- -- 28,195,413 2,888,822,228 1,797,262,601 153,045,049 288,207,580 2,669,772,530 -- 4,580 -- -- -- -- 181 -- (36,575,049) (2,891,280,341) (1,687,811,577) (76,812,923) (237,764,151) (2,615,791,082) -- -- 148,844 (45,503) (24,085) 2,196 581,686 ---------- ------------ --------------- --------------- ------------ ------------- --------------- -- (8,375,056) (2,309,269) 109,405,521 76,208,041 50,445,625 54,563,315 ---------- ------------ --------------- --------------- ------------ ------------- --------------- (479,309) (7,041,605) (22,810,921) 114,290,383 56,427,016 59,148,652 23,453,952 8,897,069 15,938,674 134,977,863 20,687,480 106,438,876 47,290,224 128,523,175 ---------- ------------ --------------- --------------- ------------ ------------- --------------- $8,417,760 $ 8,897,069 $ 112,166,942 $ 134,977,863 $162,865,892 $ 106,438,876 $ 151,977,127 ========== ============ =============== =============== ============ ============= =============== -- 800,000 77,450,000 42,450,000 2,900,000 5,750,000 63,400,000 -- 132 -- -- -- -- 4 -- (1,050,000) (77,250,000) (39,900,000) (1,400,000) (4,750,000) (62,100,000) ---------- ------------ --------------- --------------- ------------ ------------- --------------- -- (249,868) 200,000 2,550,000 1,500,000 1,000,000 1,300,004 ========== ============ =============== =============== ============ ============= =============== $ (66) $ 699 $ 56,423 $ -- $ (21,924) $ -- $ (164,041) ========== ============ =============== =============== ============ ============= =============== KBW REGIONAL BANKING ETF --------------- YEAR ENDED 6/30/2007 --------------- $ 1,897,766 (5,145,925) (4,304,341) --------------- (7,552,500) --------------- (1,026,639) --------------- (765,835) -- --------------- (765,835) --------------- 2,459,866,273 43 (2,422,101,042) 1,026,639 --------------- 38,791,913 --------------- 29,446,939 99,076,236 --------------- $ 128,523,175 =============== 50,750,000 1 (50,000,000) --------------- 750,001 =============== $ 1,173,992 ===============
143 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE TOTAL MARKET ETF ------------------------------------------------------------------------ FOR THE SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/2007 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/2007 6/30/2006 6/30/2005 6/30/2004 6/30/2003 ------------ --------- --------- --------- --------- --------- NET ASSET VALUE, BEGINNING OF PERIOD............................ $ 108.50 $ 91.82 $ 85.26 $ 80.87 $ 69.97 $ 71.67 -------- -------- ------- -------- -------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)........ 0.89 1.61 1.50 1.69 1.17 1.05 Net realized and unrealized gain (loss) (5)........................ (2.85) 16.69 6.54 4.38 10.89 (1.68) -------- -------- ------- -------- -------- ------- Total from investment operations.... (1.96) 18.30 8.04 6.07 12.06 (0.63) -------- -------- ------- -------- -------- ------- Net equalization credits and charges (4)............................... 0.00+ -- -- -- -- -- -------- -------- ------- -------- -------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............... (0.89) (1.62) (1.48) (1.68) (1.16) (1.07) Net realized gains.................. -- -- -- -- -- -- -------- -------- ------- -------- -------- ------- Total distributions................. (0.89) (1.62) (1.48) (1.68) (1.16) (1.07) -------- -------- ------- -------- -------- ------- NET ASSET VALUE, END OF PERIOD...... $ 105.65 $ 108.50 $ 91.82 $ 85.26 $ 80.87 $ 69.97 ======== ======== ======= ======== ======== ======= TOTAL RETURN (1).................... (1.81)% 20.06% 9.47% 7.55% 17.31% (0.77)% Net assets, end of period (in 000s)............................. $126,790 $130,218 $96,416 $106,580 $113,229 $80,474 Ratio of expenses to average net assets............................ 0.20%(2) 0.20% 0.21% 0.21% 0.22% 0.24% Ratio of net investment income (loss) to average net assets...... 1.65%(2) 1.62% 1.62% 2.05% 1.59% 1.65% Portfolio turnover rate (3)......... 0% 2% 2% 32% 5% 6%
See accompanying notes to Financial Highlights on page 156 and notes to financial statements. 144 - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ WILSHIRE LARGE CAP ETF LARGE CAP GROWTH ETF ----------------------------------------- --------------------------------------------------------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED YEAR FOR THE PERIOD MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/2007 ENDED 11/8/2005*- 12/31/2007 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 6/30/2005 6/30/2004 6/30/2003 ------------ --------- -------------- ------------ --------- --------- --------- --------- --------- $ 68.91 58.17 $56.03 $ 57.36 49.05 $ 46.27 $ 47.56 $ 40.98 41.07 ------- ------- ------ -------- -------- -------- ------- ------- ------- 0.59 1.11 0.94 0.22 0.47 0.34 0.71 0.23 0.24(4) (1.21) 10.74 2.11 1.33 8.32 2.78 (1.29) 6.60 (0.10) ------- ------- ------ -------- -------- -------- ------- ------- ------- (0.62) 11.85 3.05 1.55 8.79 3.12 (0.58) 6.83 0.14 ------- ------- ------ -------- -------- -------- ------- ------- ------- 0.00+ -- -- 0.02 (0.01) -- -- -- -- ------- ------- ------ -------- -------- -------- ------- ------- ------- (0.59) (1.11) (0.91) (0.24) (0.47) (0.34) (0.71) (0.25) (0.23) (0.10) -- -- -- -- -- -- -- -- ------- ------- ------ -------- -------- -------- ------- ------- ------- (0.69) (1.11) (0.91) (0.24) (0.47) (0.34) (0.71) (0.25) (0.23) ------- ------- ------ -------- -------- -------- ------- ------- ------- $ 67.60 $ 68.91 $58.17 $ 58.69 $ 57.36 $ 49.05 $ 46.27 $ 47.56 $ 40.98 ======= ======= ====== ======== ======== ======== ======= ======= ======= (0.90)% 20.50% 5.47% 2.74% 17.96% 6.75% (1.25)% 16.70% 0.38% $10,140 $10,337 $5,817 $322,795 $223,708 $137,353 $80,981 $68,973 $22,542 0.20%(2) 0.20% 0.21%(2) 0.20%(2) 0.20% 0.21% 0.21% 0.21% 0.23% 1.74%(2) 1.69% 1.68%(2) 0.79%(2) 0.92% 0.74% 1.57% 0.59% 0.64% 4% 4% 4% 8% 15% 43% 21% 20% 37%
145 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE LARGE CAP VALUE ETF -------------------------------------------------------------------------------- FOR THE SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/2007 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/2007 6/30/2006(6) 6/30/2005(6) 6/30/2004(6) 6/30/2003(6) ------------ --------- ------------ ------------ ------------ ------------ NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 87.77 $ 73.15 $ 67.72 $ 62.91 $ 55.76 $ 55.69 -------- -------- -------- -------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).... 1.22 1.99 1.80 1.70 1.51 1.34 Net realized and unrealized gain (loss) (5).................... (5.21) 14.61 5.44 4.81 7.10 0.09 -------- -------- -------- -------- ------- ------- Total from investment operations.................... (3.99) 16.60 7.24 6.51 8.61 1.43 -------- -------- -------- -------- ------- ------- Net equalization credits and charges (4)................... (0.06) 0.02 -- -- -- -- -------- -------- -------- -------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........... (1.19) (2.00) (1.81) (1.70) (1.46) (1.36) Net realized gains.............. -- -- -- -- -- -- -------- -------- -------- -------- ------- ------- Total distributions............. (1.19) (2.00) (1.81) (1.70) (1.46) (1.36) -------- -------- -------- -------- ------- ------- NET ASSET VALUE, END OF PERIOD.. $ 82.53 $ 87.77 $ 73.15 $ 67.72 $ 62.91 $ 55.76 ======== ======== ======== ======== ======= ======= TOTAL RETURN (1)................ (4.64)% 22.90% 10.80% 10.43% 15.54% 2.87% Net assets, end of period (in 000s)......................... $127,950 $149,247 $102,432 $135,456 $94,370 $44,616 Ratio of expenses to average net assets........................ 0.20%(2) 0.20% 0.21% 0.21% 0.21% 0.23% Ratio of net investment income (loss) to average net assets.. 2.69%(2) 2.44% 2.52% 2.51% 2.72% 2.54% Portfolio turnover rate (3)..... 8% 13% 42% 19% 28% 33%
See accompanying notes to Financial Highlights on page 156 and notes to financial statements. 146 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE SPDR DJ WILSHIRE MID CAP ETF MID CAP GROWTH ETF MID CAP VALUE ETF -------------------------------------------- -------------------------------------------- -------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD MONTHS ENDED 12/31/2007 YEAR ENDED 11/8/2005*- 12/31/2007 YEAR ENDED 11/8/2005*- 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 ------------ ---------- -------------- ------------ ---------- -------------- ------------ ---------- $ 62.63 $ 53.16 $ 49.18 $ 68.88 $ 58.22 $ 53.95 $ 63.10 $ 54.63 ------- ------- ------- ------- ------- ------- ------- ------- 0.35 0.78 0.41 0.10 0.51 0.11 0.79 1.28 (3.85) 10.28 3.96 (1.78) 12.17 4.26 (6.80) 9.32 ------- ------- ------- ------- ------- ------- ------- ------- (3.50) 11.06 4.37 (1.68) 12.68 4.37 (6.01) 10.60 ------- ------- ------- ------- ------- ------- ------- ------- -- -- -- 0.00+ -- -- (0.09) (0.01) ------- ------- ------- ------- ------- ------- ------- ------- (0.33) (0.80) (0.39) (0.09) (0.52) (0.10) (0.64) (1.29) (2.70) (0.79) -- (1.04) (1.50) -- -- (0.83) ------- ------- ------- ------- ------- ------- ------- ------- (3.03) (1.59) (0.39) (1.13) (2.02) (0.10) (0.64) (2.12) ------- ------- ------- ------- ------- ------- ------- ------- $ 56.10 $ 62.63 $ 53.16 $ 66.07 $ 68.88 $ 58.22 $ 56.36 $ 63.10 ======= ======= ======= ======= ======= ======= ======= ======= (5.37)% 21.11% 8.92% (2.35)% 22.22% 8.10% (9.68)% 19.68% $22,440 $25,054 $15,949 $46,250 $24,106 $20,375 $11,271 $18,929 0.25%(2) 0.25% 0.26%(2) 0.25%(2) 0.25% 0.26%(2) 0.25%(2) 0.25% 1.14%(2) 1.41% 1.24%(2) 0.31%(2) 0.83% 0.30%(2) 2.26%(2) 2.10% 22% 40% 25% 27% 55% 34% 25% 45% SPDR DJ WILSHIRE MID CAP VALUE ETF -------------- FOR THE PERIOD 11/8/2005*- 6/30/2006 -------------- $50.42 ------ 0.73 4.18 ------ 4.91 ------ -- ------ (0.70) -- ------ (0.70) ------ $54.63 ====== 9.76% $8,194 0.26%(2) 2.20%(2) 29%
147 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE SMALL CAP ETF SMALL CAP GROWTH ETF ------------------------------------------ ------------------------------------ FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED YEAR YEAR 12/31/2007 YEAR ENDED 11/8/2005*- 12/31/2007 ENDED ENDED (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 ------------ ---------- -------------- ------------ --------- --------- NET ASSET VALUE, BEGINNING OF PERIOD....................... $66.57 $58.03 $ 52.42 $104.00 $ 87.11 $ 75.96 ------ ------ ------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)... 0.41 0.89 0.46 0.16 0.20 0.23 Net realized and unrealized gain (loss) (5).............. (5.18) 9.78 5.56 (4.22) 16.88 11.17 ------ ------ ------- ------- ------- ------- Total from investment operations................... (4.77) 10.67 6.02 (4.06) 17.08 11.40 ------ ------ ------- ------- ------- ------- Net equalization credits and charges (4).................. (0.02) -- -- (0.00)+ -- -- ------ ------ ------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......... (0.38) (0.99) (0.41) (0.17) (0.19) (0.25) Net realized gains............. -- (1.14) -- (1.49) -- -- ------ ------ ------- ------- ------- ------- Total distributions............ (0.38) (2.13) (0.41) (1.66) (0.19) (0.25) ------ ------ ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD....................... $61.40 $66.57 $ 58.03 $ 98.28 $104.00 $ 87.11 ====== ====== ======= ======= ======= ======= TOTAL RETURN (1)............... (7.20)% 18.70% 11.49% (3.83)% 19.63% 15.02% Net assets, end of period (in 000s)........................ $9,209 $9,985 $26,113 $88,461 $88,408 $78,405 Ratio of expenses to average net assets................... 0.25%(2) 0.25% 0.26%(2) 0.25%(2) 0.25% 0.26% Ratio of net investment income (loss) to average net assets....................... 1.19%(2) 1.18% 1.35%(2) 0.31%(2) 0.22% 0.26% Portfolio turnover rate (3).... 9% 16% 10% 19% 25% 84%
See accompanying notes to Financial Highlights on page 156 and notes to financial statements. 148 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE SMALL CAP GROWTH ETF (CONTINUED) SMALL CAP VALUE ETF ----------------------------------- ------------------------------------------------------------------------- FOR THE SIX YEAR YEAR YEAR MONTHS ENDED YEAR YEAR YEAR YEAR ENDED ENDED ENDED 12/31/2007 ENDED ENDED ENDED ENDED 6/30/2005 6/30/2004 6/30/2003 (UNAUDITED) 6/30/2007 6/30/2006(6) 6/30/2005(6) 6/30/2004(6) --------- --------- --------- ------------ --------- ------------ ------------ ------------ $ 69.92 $ 53.55 $ 54.10 $ 75.01 $ 65.35 $ 59.03 $ 56.97 $ 45.07 ------- ------- ------- ------- -------- -------- ------- ------- 0.33 0.39(4) (0.02) 0.79 1.62 1.40(4) 1.14(4) 0.91 6.03 16.30 (0.53) (8.70) 9.76 8.21 4.55 12.92 ------- ------- ------- ------- -------- -------- ------- ------- 6.36 16.69 (0.55) (7.91) 11.38 9.61 5.69 13.83 ------- ------- ------- ------- -------- -------- ------- ------- -- -- -- (0.03) 0.02 -- -- -- ------- ------- ------- ------- -------- -------- ------- ------- (0.32) (0.32) -- (0.77) (1.73) (1.30) (1.14) (0.75) -- -- -- (0.29) (0.01) (1.99) (2.49) (1.18) ------- ------- ------- ------- -------- -------- ------- ------- (0.32) (0.32) -- (1.06) (1.74) (3.29) (3.63) (1.93) ------- ------- ------- ------- -------- -------- ------- ------- $ 75.96 $ 69.92 $ 53.55 $ 66.01 $ 75.01 $ 65.35 $ 59.03 $ 56.97 ======= ======= ======= ======= ======== ======== ======= ======= 9.13% 31.19% (1.02)% (10.55)% 17.64% 16.66% 10.07% 30.92% $53,183 $55,944 $18,747 $95,794 $120,090 $101,344 $88,583 $76,928 0.26% 0.27% 0.29% 0.25%(2) 0.25% 0.26% 0.26% 0.27% 0.46% 0.59% (0.04)% 2.16%(2) 2.27% 2.21% 2.00% 1.88% 36% 63% 60% 14% 23% 97% 33% 54% SPDR DJ WILSHIRE SMALL CAP VALUE ETF ------------ YEAR ENDED 6/30/2003(6) ------------ $ 45.17 ------- 1.26 0.14 ------- 1.40 ------- -- ------- (1.20) (0.30) ------- (1.50) ------- $ 45.07 ======= 3.57% $33,813 0.29% 2.76% 43%
149 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ GLOBAL TITANS ETF ---------------------------------------------------------------------------- FOR THE SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/2007 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/2007 6/30/2006 6/30/2005 6/30/2004 6/30/2003 ----------- --------- --------- --------- --------- --------- NET ASSET VALUE, BEGINNING OF PERIOD.......................... $ 79.11 $ 66.98 $ 62.88 $ 61.43 $ 54.04 $ 56.00 -------- -------- ------- -------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)...... 0.73 1.67 1.46 1.47 0.72 0.90(4) Net realized and unrealized gain (loss)(5)....................... (0.23) 12.11 4.08 1.44 7.60 (1.67) -------- -------- ------- -------- ------- ------- Total from investment operations.. 0.50 13.78 5.54 2.91 8.32 (0.77) -------- -------- ------- -------- ------- ------- Net equalization credits and charges(4)...................... 0.03 -- -- -- -- -- -------- -------- ------- -------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............. (0.80) (1.65) (1.44) (1.46) (0.93) (1.19) Net realized gains................ -- -- -- -- -- -- -------- -------- ------- -------- ------- ------- Total distributions............... (0.80) (1.65) (1.44) (1.46) (0.93) (1.19) -------- -------- ------- -------- ------- ------- NET ASSET VALUE, END OF PERIOD.... $ 78.84 $ 79.11 $ 66.98 $ 62.88 $ 61.43 $ 54.04 ======== ======== ======= ======== ======= ======= TOTAL RETURN(1)................... 0.67% 20.72% 8.88% 4.75% 15.47% (1.21)% Net assets, end of period (in 000s)........................... $189,245 $170,108 $77,044 $106,904 $67,581 $10,814 Ratio of expenses to average net assets.......................... 0.50%(2) 0.51% 0.51% 0.51% 0.51% 0.54% Ratio of net investment income (loss) to average net assets.... 1.90%(2) 2.33% 2.11% 2.47% 1.84% 1.77% Portfolio turnover rate (3)....... 2% 9% 9% 36% 15% 13%
See accompanying notes to Financial Highlights on page 156 and notes to financial statements. 150 - --------------------------------------------------------------------------------
DJ WILSHIRE REIT ETF KBW BANK ETF ----------------------------------------------------------------------------------------- ------------------------ FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED YEAR YEAR YEAR YEAR YEAR ENDED YEAR 12/31/2007 ENDED ENDED ENDED ENDED ENDED 12/31/2007 ENDED (UNAUDITED) 6/30/2007 6/30/2006(6) 6/30/2005(6) 6/30/2004(6) 6/30/2003(6) (UNAUDITED) 6/30/2007 ----------- ---------- ------------ ------------ ------------ ------------ ----------- --------- $ 80.93 $ 75.98 $ 65.56 $ 51.38 $ 42.59 $ 43.48 $ 55.44 $ 53.73 ---------- ---------- ---------- -------- -------- -------- -------- ------- 1.77 2.57 2.99 2.98(4) 2.59(4) 2.09 0.74 2.54 (11.81) 6.27 10.88 14.00 8.69 (0.79) (12.06) 1.64 ---------- ---------- ---------- -------- -------- -------- -------- ------- (10.04) 8.84 13.87 16.98 11.28 1.30 (11.32) 4.18 ---------- ---------- ---------- -------- -------- -------- -------- ------- 0.09 (0.02) -- -- -- -- 0.38 0.30 ---------- ---------- ---------- -------- -------- -------- -------- ------- (1.61) (3.33) (3.00) (2.80) (2.33) (2.05) (0.94) (2.77) -- (0.54) (0.45) -- (0.16) (0.14) -- -- ---------- ---------- ---------- -------- -------- -------- -------- ------- (1.61) (3.87) (3.45) (2.80) (2.49) (2.19) (0.94) (2.77) ---------- ---------- ---------- -------- -------- -------- -------- ------- $ 69.37 $ 80.93 $ 75.98 $ 65.56 $ 51.38 $ 42.59 $ 43.56 $ 55.44 ========== ========== ========== ======== ======== ======== ======== ======= (12.39)% 11.43% 21.73% 33.64% 26.70% 3.41% (19.82)% 8.28% $1,236,250 $1,247,893 $1,049,212 $659,223 $447,114 $121,398 $359,361 $72,068 0.25%(2) 0.25% 0.26% 0.26% 0.26% 0.28% 0.35%(2) 0.35% 4.85%(2) 2.95% 3.57% 5.06% 5.23% 6.95% 3.79%(2) 2.93% 9% 16% 11% 12% 15% 10% 25% 8% KBW BANK ETF -------------- FOR THE PERIOD 11/8/2005*- 6/30/2006 -------------- $ 50.17 -------- 0.93 3.52 -------- 4.45 -------- -- -------- (0.89) -- -------- (0.89) -------- $ 53.73 ======== 8.90% $147,756 0.36%(2) 3.06%(2) 22%
151 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
KBW CAPITAL MARKETS KBW INSURANCE ETF ETF ------------------------------------------ ------------------------------------------ FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD 12/31/2007 YEAR ENDED 11/8/2005*- 12/31/2007 YEAR ENDED 11/8/2005*- (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 ------------ ---------- -------------- ------------ ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD................. $ 68.80 $ 56.18 $ 53.07 $ 59.41 $ 51.22 $ 52.12 -------- ------- ------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).................... 0.15 0.41 2.63 0.58(4) 0.76 0.44 Net realized and unrealized gain (loss)(5)............ (1.63) 12.60 3.09 (6.63) 8.17 (0.93) -------- ------- ------- ------- ------- ------- Total from investment operations................ (1.48) 13.01 5.72 (6.05) 8.93 (0.49) -------- ------- ------- ------- ------- ------- Net equalization credits and charges(4)................ 0.14 (0.04) -- 0.14 (0.02) -- -------- ------- ------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....... (0.38) (0.35) (2.61) (0.72) (0.72) (0.41) Net realized gains.......... -- -- -- -- -- -- Return of capital........... -- -- -- -- -- -- -------- ------- ------- ------- ------- ------- Total distributions......... (0.38) (0.35) (2.61) (0.72) (0.72) (0.41) -------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD.................... $ 67.08 $ 68.80 $ 56.18 $ 52.78 $ 59.41 $ 51.22 ======== ======= ======= ======= ======= ======= TOTAL RETURN(1)............. (1.95)% 23.14% 10.55% (9.99)% 17.46% (0.93)% Net assets, end of period (in 000s)................. $157,635 $86,003 $50,559 $84,442 $59,413 $35,855 Ratio of expenses to average net assets................ 0.35%(2) 0.35% 0.36%(2) 0.35%(2) 0.35% 0.36%(2) Ratio of expense to average net assets before waivers................... -- -- -- -- -- -- Ratio of net investment income (loss) to average net assets................ 0.81%(2) 0.52% 2.42%(2) 2.27%(2) 1.32% 1.27%(2) Portfolio turnover rate(3).. 43% 96% 11% 11% 6% 16%
See accompanying notes to Financial Highlights on page 156 and notes to financial statements. 152 - --------------------------------------------------------------------------------
MORGAN STANLEY TECHNOLOGY SPDR S&P DIVIDEND ETF ETF ---------------------------------------------------------------------------------- -------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED MONTHS ENDED 12/31/2007 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 6/30/2006 6/30/2005 6/30/2004 6/30/2003 (UNAUDITED) 6/30/2007 ------------ ---------- ---------- ---------- ---------- ---------- ------------ ---------- $ 61.90 $ 49.11 $ 46.99 $ 49.18 $ 36.67 $ 33.30 $ 62.57 $ 55.70 -------- -------- -------- ------- ------- ------- -------- -------- 0.00+ 0.05 0.03 0.11 (0.09)(4) (0.08) 1.04 1.75 0.02 12.80 2.13 (2.19) 12.60 3.45 (6.56) 6.87 -------- -------- -------- ------- ------- ------- -------- -------- 0.02 12.85 2.16 (2.08) 12.51 3.37 (5.52) 8.62 -------- -------- -------- ------- ------- ------- -------- -------- (0.00)+ 0.00+ -- -- -- -- (0.01) 0.12 -------- -------- -------- ------- ------- ------- -------- -------- 0.00+ (0.05) (0.03) (0.11) -- -- (1.12) (1.87) -- -- -- -- -- -- (0.80) -- -- (0.01) (0.01) -- -- -- -- -- -------- -------- -------- ------- ------- ------- -------- -------- 0.00+ (0.06) (0.04) (0.11) -- -- (1.92) (1.87) -------- -------- -------- ------- ------- ------- -------- -------- $ 61.92 $ 61.90 $ 49.11 $ 46.99 $ 49.18 $ 36.67 $ 55.12 $ 62.57 ======== ======== ======== ======= ======= ======= ======== ======== 0.03% 26.19% 4.60% (4.25)% 34.11% 10.14% (8.80)% 15.78% $266,255 $188,811 $144,873 $30,546 $24,595 $34,842 $237,035 $275,319 0.50%(2) 0.50% 0.51% 0.51% 0.52% 0.53% 0.35%(2) 0.34% -- -- -- -- -- -- -- 0.35% 0.02%(2) 0.09% 0.07% 0.24% (0.20)% (0.21)% 3.41%(2) 3.11% 24% 22% 23% 46% 17% 23% 29% 41% SPDR S&P DIVIDEND ETF -------------- FOR THE PERIOD 11/8/2005*- 6/30/2006 -------------- $ 53.49 -------- 1.12 2.15 -------- 3.27 -------- 0.00+ -------- (1.06) -- -- -------- (1.06) -------- $ 55.70 ======== 6.16% $100,263 0.30%(2) 0.36%(2) 3.45%(2) 25%
153 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P BIOTECH SPDR S&P HOMEBUILDERS ETF ETF ------------------------------------------ ----------------------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED YEAR FOR THE PERIOD 12/31/2007 YEAR ENDED 1/31/2006*- 12/31/2007 ENDED 1/31/2006*- (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 ------------ ---------- -------------- ------------ --------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 50.93 $ 45.90 $ 49.67 $ 30.37 $ 33.86 $ 46.92 -------- -------- ------- -------- -------- -------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)..................... (0.09) 0.18 (0.07) 0.15 0.28 0.07 Net realized and unrealized gain (loss) (5)............ 8.63 5.04 (3.70) (11.02) (3.49) (13.06) -------- -------- ------- -------- -------- -------- Total from investment operations................. 8.54 5.22 (3.77) (10.87) (3.21) (12.99) -------- -------- ------- -------- -------- -------- Net equalization credits and charges (4)................ (0.05) (0.05) -- (0.04) 0.01 -- -------- -------- ------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........ (0.02) (0.14) -- (0.14) (0.29) (0.07) Net realized gains........... -- -- -- -- -- -- -------- -------- ------- -------- -------- -------- Total distributions.......... (0.02) (0.14) -- (0.14) (0.29) (0.07) -------- -------- ------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD..................... $ 59.40 $ 50.93 $ 45.90 $ 19.32 $ 30.37 $ 33.86 ======== ======== ======= ======== ======== ======== TOTAL RETURN (1)............. 16.67% 11.26% (7.59)% (35.93)% (9.51)% (27.70)% Net assets, end of period (in 000s).................. $273,239 $106,957 $29,835 $314,857 $331,067 $165,908 Ratio of expenses to average net assets................. 0.35%(2) 0.35% 0.36%(2) 0.35(2) 0.35% 0.36%(2) Ratio of net investment income (loss) to average net assets................. (0.35)%(2) 0.51% (0.33)%(2) 1.25%(2) 0.64% 0.34%(2) Portfolio turnover rate (3).. 40% 74% 38% 34% 16% 19%
See accompanying notes to Financial Highlights on page 156 and notes to financial statements. 154 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P OIL & GAS OIL & GAS METALS & MINING EQUIPMENT & SERVICES EXPLORATION & PRODUCTION ETF ETF ETF -------------------------------------------- -------------------------------------------- -------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD MONTHS ENDED 12/31/2007 YEAR ENDED 6/19/2006*- 12/31/2007 YEAR ENDED 6/19/2006*- 12/31/2007 YEAR ENDED (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 ------------ ---------- -------------- ------------ ---------- -------------- ------------ ---------- $ 62.63 $ 50.08 $ 43.29 $ 36.90 $ 31.07 $ 27.99 $ 45.93 $ 39.12 -------- -------- ------- -------- -------- ------- ------- ------- 0.19 0.39 0.02 0.03 0.08 0.00+ 0.05 0.10 6.99 12.55 6.77 3.80 5.83 3.08 6.17 6.81 -------- -------- ------- -------- -------- ------- ------- ------- 7.18 12.94 6.79 3.83 5.91 3.08 6.22 6.91 -------- -------- ------- -------- -------- ------- ------- ------- (0.02) (0.03) -- (0.00)+ (0.00)+ -- 0.00+ (0.00)+ -------- -------- ------- -------- -------- ------- ------- ------- (0.25) (0.36) -- (0.03) (0.08) -- (0.05) (0.10) -- -- -- (0.10) -- -- -- -- -------- -------- ------- -------- -------- ------- ------- ------- (0.25) (0.36) -- (0.13) (0.08) -- (0.05) (0.10) -------- -------- ------- -------- -------- ------- ------- ------- $ 69.54 $ 62.63 $ 50.08 $ 40.60 $ 36.90 $ 31.07 $ 52.10 $ 45.93 ======== ======== ======= ======== ======== ======= ======= ======= 11.46% 25.93% 15.70% 10.34% 19.08% 10.98% 13.56% 17.68% $281,625 $203,540 $30,050 $196,891 $143,927 $15,535 $85,968 $39,041 0.35%(2) 0.35% 0.36%(2) 0.35(2) 0.35% 0.36%(2) 0.35%(2) 0.35% 0.55%(2) 0.70% 1.65%(2) 0.14(2) 0.36% 0.17%(2) 0.21%(2) 0.23% 23% 31% 0% 35% 43% 0% 21% 48% SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF -------------- FOR THE PERIOD 6/19/2006*- 6/30/2006 -------------- $ 33.80 ------- 0.00+ 5.32 ------- 5.32 ------- -- ------- -- -- ------- -- ------- $ 39.12 ======= 15.74% $19,560 0.36%(2) 0.10%(2) 0%
155 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P PHARMACEUTICALS ETF RETAIL ETF ---------------------------------------- ---------------------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD 12/31/2007 YEAR ENDED 6/19/2006*- 12/31/2007 YEAR ENDED 6/19/2006*- (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 ------------ ---------- -------------- ------------ ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD........................... $35.57 $31.88 $ 31.42 $ 43.54 $ 37.61 $ 36.72 ------ ------ ------- -------- -------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)....... 0.14 0.38 0.00+ 0.12 0.11 0.01 Net realized and unrealized gain (loss)(5)........................ (1.92) 3.80 0.46 (9.52) 5.93 0.88 ------ ------ ------- -------- -------- ------- Total from investment operations... (1.78) 4.18 0.46 (9.40) 6.04 0.89 ------ ------ ------- -------- -------- ------- Net equalization credits and charges(4)....................... -- -- -- (0.05) 0.02 -- ------ ------ ------- -------- -------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.............. (0.14) (0.38) -- (0.10) (0.13) -- Net realized gains................. -- (0.11) -- -- -- -- ------ ------ ------- -------- -------- ------- Total distributions................ (0.14) (0.49) -- (0.10) (0.13) -- ------ ------ ------- -------- -------- ------- NET ASSET VALUE, END OF PERIOD..... $33.65 $35.57 $ 31.88 $ 33.99 $ 43.54 $ 37.61 ====== ====== ======= ======== ======== ======= TOTAL RETURN (1)................... (4.99)% 13.17% 1.46% (21.70)% 16.12% 2.42% Net assets, end of period (in 000s)............................ $8,418 $8,897 $15,939 $112,167 $134,978 $20,687 Ratio of expenses to average net assets........................... 0.35%(2) 0.35% 0.36%(2) 0.35%(2) 0.35% 0.36%(2) Ratio of net investment income (loss) to average net assets..... 0.82%(2) 0.95% 0.29%(2) 0.44%(2) 0.35% 0.82%(2) Portfolio turnover rate (3)........ 20% 23% 0% 16% 71% 0%
* Commencement of operations + Amount is less than $0.005 per share. (1) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. (2) Annualized. (3) Portfolio turnover rate excludes securities received or delivered from processing of creations or redemptions on shares. (4) Per share numbers have been calculated using the average shares method. (5) The amounts shown at this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. (6) All per share amounts representing data prior to September 21, 2005 have been adjusted for the affect of stock splits which occurred on September 21, 2005, as follows: SPDR DJ Wilshire Large Cap Value ETF: 2 for 1; SPDR DJ Wilshire Small Cap Value ETF and DJ Wilshire REIT ETF: 3 for 1.
See accompanying notes to financial statements. 156 - --------------------------------------------------------------------------------
SPDR S&P KBW REGIONAL SEMICONDUCTOR ETF BANKING ETF -------------------------------------------- -------------------------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD 12/31/2007 YEAR ENDED 1/31/2006*- 12/31/2007 YEAR ENDED 6/19/2006*- (UNAUDITED) 6/30/2007 6/30/2006 (UNAUDITED) 6/30/2007 6/30/2006 ------------ ---------- -------------- ------------ ---------- -------------- $ 53.22 $ 47.29 $ 53.32 $ 45.90 $ 48.33 $ 48.02 -------- -------- ------- -------- -------- ------- 0.09 0.16 0.02 0.97 1.84 0.02 (6.69) 5.93 (6.03) (8.22) (2.40) 0.29 -------- -------- ------- -------- -------- ------- (6.60) 6.09 (6.01) (7.25) (0.56) 0.31 -------- -------- ------- -------- -------- ------- 0.01 (0.00)+ -- (0.15) (0.43) -- -------- -------- ------- -------- -------- ------- (0.10) (0.16) (0.02) (1.43) (1.44) -- -- -- -- -- -- -- -------- -------- ------- -------- -------- ------- (0.10) (0.16) (0.02) (1.43) (1.44) -- -------- -------- ------- -------- -------- ------- $ 46.53 $ 53.22 $ 47.29 $ 37.07 $ 45.90 $ 48.33 ======== ======== ======= ======== ======== ======= (12.38)% 12.89% (11.26)% (16.11)% (2.16)% 0.66% $162,866 $106,439 $47,290 $151,977 $128,523 $99,076 0.35%(2) 0.35% 0.36%(2) 0.35%(2) 0.36% 0.36%(2) 0.40%(2) 0.35% 0.10%(2) 3.23%(2) 2.16% 4.01%(2) 35% 52% 40% 9% 39% 0%
157 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION The SPDR Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, is an open-end investment management company that was organized as a Massachusetts business trust on June 12, 1998. As of December 31, 2007, the Trust offered thirty-seven (37) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a "Fund", collectively as the "Funds"). The financial statements herein relate to the following twenty-six (26) Funds: SPDR DJ Wilshire Total Market ETF, SPDR DJ Wilshire Large Cap ETF, SPDR DJ Wilshire Large Cap Growth ETF, SPDR DJ Wilshire Large Cap Value ETF, SPDR DJ Wilshire Mid Cap ETF, SPDR DJ Wilshire Mid Cap Growth ETF, SPDR DJ Wilshire Mid Cap Value ETF, SPDR DJ Wilshire Small Cap ETF, SPDR DJ Wilshire Small Cap Growth ETF, SPDR DJ Wilshire Small Cap Value ETF, SPDR DJ Global Titans ETF, DJ Wilshire REIT ETF, KBW Bank ETF, KBW Capital Markets ETF, KBW Insurance ETF, Morgan Stanley Technology ETF, SPDR S&P Dividend ETF, SPDR S&P Biotech ETF, SPDR S&P Homebuilders ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Pharmaceuticals ETF, SPDR S&P Retail ETF, SPDR S&P Semiconductor ETF and KBW Regional Banking ETF. Each Fund operates as a non-diversified investment company. The investment objective of each Fund is to replicate as closely as possible, before expenses and fees, the price and yield performance or total return of a specified market index. The other eleven (11) Funds are included in a separate semi-annual report. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience the Trust expects the risk of loss to be remote. The Trust invests in various investments which are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements: The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION Portfolio securities are valued based on the last sale price on the exchange which is deemed to be the principal market for the security. Investments in open-end investment companies are valued at their net asset value each business day. Securities traded on the NASDAQ are valued at the NASDAQ official close price. Securities regularly traded in an over-the-counter market are valued at the latest quoted sale price in such market. Other portfolio securities and assets for which market quotations are not readily available are valued based on 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. INVESTMENT INCOME Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities. 158 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- EXPENSES Advisory fees, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds. EQUALIZATION The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. INVESTMENT TRANSACTIONS Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of misappropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government. FEDERAL INCOME TAX The Funds have qualified and intend to continue to qualify for and elect treatment as "regulated investment companies" under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, Real Estate Investment Trusts (REITs) and losses deferred due to wash sales. Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the Funds invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes. 159 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- For the six months ended December 31, 2007, the Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:
NET GAIN (LOSS) RECLASSIFIED TO PAID IN CAPITAL - ----------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 1,971,254 SPDR DJ Wilshire Large Cap ETF 716,093 SPDR DJ Wilshire Large Cap Growth ETF 3,078,946 SPDR DJ Wilshire Large Cap Value ETF 7,390,126 SPDR DJ Wilshire Mid Cap ETF -- SPDR DJ Wilshire Mid Cap Growth ETF 1,711,688 SPDR DJ Wilshire Mid Cap Value ETF (531,403) SPDR DJ Wilshire Small Cap ETF 502,643 SPDR DJ Wilshire Small Cap Growth ETF 10,791,570 SPDR DJ Wilshire Small Cap Value ETF 1,809,402 SPDR DJ Global Titans ETF 748,858 DJ Wilshire REIT ETF 36,645,241 KBW Bank ETF (19,134,878) KBW Capital Markets ETF (2,965,318) KBW Insurance ETF (1,433,928) Morgan Stanley Technology ETF -- SPDR S&P Dividend ETF 1,907,509 SPDR S&P Biotech ETF 19,439,991 SPDR S&P Homebuilders ETF (152,695,085) SPDR S&P Metals & Mining ETF 17,888,370 SPDR S&P Oil & Gas Equipment & Services ETF 10,286,030 SPDR S&P Oil & Gas Exploration & Production ETF 6,878,558 SPDR S&P Pharmaceuticals ETF -- SPDR S&P Retail ETF (16,320,213) SPDR S&P Semiconductor ETF 7,461,246 KBW Regional Banking ETF (22,733,509)
160 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- At December 31, 2007, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring June 30:
2009 2010 2011 2012 2013 2014 2015 - ------------------------------------------------------------------------------------------------------------------------------ SPDR DJ Wilshire Total Market ETF $ -- $ -- $ (3,219,488) $ (1,348,494) $ (153,659) $ (4,842,998) $ -- SPDR DJ Wilshire Large Cap ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Large Cap Growth ETF -- (5,842,342) (4,738,409) (2,821,107) (309,686) (3,652,975) -- SPDR DJ Wilshire Large Cap Value ETF -- -- -- -- (1,350,511) -- -- SPDR DJ Wilshire Mid Cap ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Mid Cap Growth ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Mid Cap Value ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Small Cap ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Small Cap Growth ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Small Cap Value ETF -- -- -- -- -- -- -- SPDR DJ Global Titans ETF -- (476,156) (1,493,437) (984,760) -- -- (282,717) DJ Wilshire REIT ETF -- -- -- -- -- -- -- KBW Bank ETF -- -- -- -- -- -- -- KBW Capital Markets ETF -- -- -- -- -- -- -- KBW Insurance ETF -- -- -- -- -- -- -- Morgan Stanley Technology ETF (1,836) (2,341,875) (10,238,030) (19,143,628) (8,746,932) (3,784,746) (2,360,832) SPDR S&P Dividend ETF -- -- -- -- -- -- -- SPDR S&P Biotech ETF -- -- -- -- -- -- (2,145,212) SPDR S&P Homebuilders ETF -- -- -- -- -- -- (4,745,039) SPDR S&P Metals & Mining ETF -- -- -- -- -- -- (176,518) SPDR S&P Oil & Gas Equipment & Services ETF -- -- -- -- -- -- -- SPDR S&P Oil & Gas Exploration & Production ETF -- -- -- -- -- -- -- SPDR S&P Pharmaceuticals ETF -- -- -- -- -- -- -- SPDR S&P Retail ETF -- -- -- -- -- -- -- SPDR S&P Semiconductor ETF -- -- -- -- -- -- (2,798,526) KBW Regional Banking ETF -- -- -- -- -- -- --
161 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- The Funds incurred the following losses during the period November 1, 2006 through June 30, 2007 that are deferred for tax purposes until fiscal 2008:
DEFERRED LOSSES - -------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ -- SPDR DJ Wilshire Large Cap ETF -- SPDR DJ Wilshire Large Cap Growth ETF -- SPDR DJ Wilshire Large Cap Value ETF -- SPDR DJ Wilshire Mid Cap ETF -- SPDR DJ Wilshire Mid Cap Growth ETF -- SPDR DJ Wilshire Mid Cap Value ETF -- SPDR DJ Wilshire Small Cap ETF -- SPDR DJ Wilshire Small Cap Growth ETF -- SPDR DJ Wilshire Small Cap Value ETF -- SPDR DJ Global Titans ETF (8,994) DJ Wilshire REIT ETF -- KBW Bank ETF (9,878) KBW Capital Markets ETF (4,488,918) KBW Insurance ETF (3,199) Morgan Stanley Technology ETF (1,187,918) SPDR S&P Dividend ETF -- SPDR S&P Biotech ETF (137,176) SPDR S&P Homebuilders ETF (3,901,513) SPDR S&P Metals & Mining ETF (10,936) SPDR S&P Oil & Gas Equipment & Services ETF -- SPDR S&P Oil & Gas Exploration & Production ETF -- SPDR S&P Pharmaceuticals ETF (34,856) SPDR S&P Retail ETF (677,746) SPDR S&P Semiconductor ETF (723,905) KBW S&P Regional Banking ETF --
DISTRIBUTIONS Each Fund declares and distributes dividends from net investment income, if any, to its shareholders quarterly. The Trust distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. NEW ACCOUNTING PRONOUNCEMENTS On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management evaluated the implications of FIN 48 and determined that all tax positions met the "more-likely-than-not" threshold. As a result, the financial statements have not been impacted by the adoption of FIN 48. However, management's conclusions regarding FIN 48 are subject to review and adjustment at a later date based on factors 162 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- including, but not limited to, further implementation guidance expected from FASB and on-going analysis of tax laws, regulation, and interpretations thereof. In September, 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As a result, the Funds will adopt SFAS 157 on July 1, 2008. At this time, management is evaluating the impact, if any, the adoption of SFAS 157 will have on the Funds' financial statements. 3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY TRANSACTIONS ADVISORY FEE Each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the "Adviser"). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:
ANNUAL RATE - ---------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF 0.20% SPDR DJ Wilshire Large Cap ETF 0.20 SPDR DJ Wilshire Large Cap Growth ETF 0.20 SPDR DJ Wilshire Large Cap Value ETF 0.20 SPDR DJ Wilshire Mid Cap ETF 0.25 SPDR DJ Wilshire Mid Cap Growth ETF 0.25 SPDR DJ Wilshire Mid Cap Value ETF 0.25 SPDR DJ Wilshire Small Cap ETF 0.25 SPDR DJ Wilshire Small Cap Growth ETF 0.25 SPDR DJ Wilshire Small Cap Value ETF 0.25 SPDR DJ Global Titans ETF 0.50 DJ Wilshire REIT ETF 0.25 KBW Bank ETF 0.35 KBW Capital Markets ETF 0.35 KBW Insurance ETF 0.35 Morgan Stanley Technology ETF 0.50 SPDR S&P Dividend ETF 0.35 SPDR S&P Biotech ETF 0.35 SPDR S&P Homebuilders ETF 0.35 SPDR S&P Metals & Mining ETF 0.35 SPDR S&P Oil & Gas Equipment & Services ETF 0.35 SPDR S&P Oil & Gas Exploration & Production ETF 0.35 SPDR S&P Pharmaceuticals ETF 0.35 SPDR S&P Retail ETF 0.35 SPDR S&P Semiconductor ETF 0.35 KBW Regional Banking ETF 0.35
The Adviser pays all operating expenses of each Fund other than the management fee, distribution fee pursuant to each Fund's Distribution and Service Plan, if any, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees' counsel fees), litigation expenses and other extraordinary expenses. State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent. State Street has also been approved to act as the securities lending agent for the Funds and will receive a portion of any lending income. In addition, cash collateral from lending activities will be invested in an investment fund managed by the Adviser. See Note 8 for additional information regarding securities lending. 163 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- DISTRIBUTOR State Street Global Markets, LLC (the "Distributor") serves as the distributor of the shares of each Fund pursuant to a Distribution Plan and Agreement, pursuant to Rule 12b-1 under the 1940 Act, between the Distributor and the Trust. Each Fund, with the exception of the SPDR DJ Wilshire Total Market ETF, is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board of Trustees has determined that no such payments will be made through at least October 31, 2008 and therefore no such payments have been made to the Distributor. TRUSTEES' FEES Commencing August 11, 2007, the Trust and SPDR Index Shares Funds ("SIS Trust") pay, in the aggregate, each Independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting attended. An Independent Trustee will receive $1,000 for each telephonic or video conference meeting attended. The Chair of the Board receives an additional annual fee of $25,000 and the Chair of the Audit Committee receives an additional annual fee of $9,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings. Trustee fees are allocated between the Trust and SIS Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series. Previously, the Trust paid each Independent Trustee an annual fee of $12,000 plus $4,500 per in person meeting attended and $500 for each meeting attended via telephone or video conference. TRANSACTIONS WITH AFFILIATES The SPDR DJ Wilshire Total Market ETF, SPDR DJ Wilshire Large Cap ETF, SPDR DJ Wilshire Large Cap Growth ETF, KBW Bank ETF and KBW Capital Markets ETF, have invested in affiliated companies. These investments represent 0.19%, 0.22%, 0.43%, 4.20% and 4.43%, respectively, of net assets at December 31, 2007. Amounts relating to these investments at December 31, 2007 and for the period ended are: SPDR DJ WILSHIRE TOTAL MARKET ETF:
SHARES PURCHASED SHARES SOLD NUMBER OF SECURITY NUMBER OF SHARES FOR THE SIX MONTHS FOR THE SIX MONTHS SHARES HELD DESCRIPTION HELD AT 6/30/07 ENDED 12/31/07 ENDED 12/31/07 AT 12/31/07 - -------------------------------------------------------------------------------------------------------------- State Street Corp. 2,474 595 124 2,945
INCOME EARNED REALIZED GAIN ON SHARES SECURITY FOR THE SIX MONTHS SOLD DURING THE SIX MARKET VALUE DESCRIPTION ENDED 12/31/07 MONTHS ENDED 12/31/07 AT 12/31/07 - --------------------------------------------------------------------------------------------------------- State Street Corp. $1,221 $2,802 $239,134
SPDR DJ WILSHIRE LARGE CAP ETF:
SHARES PURCHASED SHARES SOLD NUMBER OF SECURITY NUMBER OF SHARES FOR THE SIX MONTHS FOR THE SIX MONTHS SHARES HELD DESCRIPTION HELD AT 6/30/07 ENDED 12/31/07 ENDED 12/31/07 AT 12/31/07 - -------------------------------------------------------------------------------------------------------------- State Street Corp. 276 205 206 275
INCOME EARNED REALIZED GAIN ON SHARES SECURITY FOR THE SIX MONTHS SOLD DURING THE SIX MARKET VALUE DESCRIPTION ENDED 12/31/07 MONTHS ENDED 12/31/07 AT 12/31/07 - --------------------------------------------------------------------------------------------------------- State Street Corp. $112 $3,104 $22,330
164 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR DJ WILSHIRE LARGE CAP GROWTH ETF:
SHARES PURCHASED SHARES SOLD NUMBER OF SECURITY NUMBER OF SHARES FOR THE SIX MONTHS FOR THE SIX MONTHS SHARES HELD DESCRIPTION HELD AT 6/30/07 ENDED 12/31/07 ENDED 12/31/07 AT 12/31/07 - -------------------------------------------------------------------------------------------------------------- State Street Corp. 11,842 6,171 1,032 16,981
INCOME EARNED REALIZED GAIN ON SHARES SECURITY FOR THE SIX MONTHS SOLD DURING THE SIX MARKET VALUE DESCRIPTION ENDED 12/31/07 MONTHS ENDED 12/31/07 AT 12/31/07 - --------------------------------------------------------------------------------------------------------- State Street Corp. $5,327 $16,369 $1,378,857
KBW BANK ETF:
SHARES PURCHASED SHARES SOLD FOR NUMBER OF SECURITY NUMBER OF SHARES FOR THE SIX MONTHS THE SIX MONTHS SHARES HELD DESCRIPTION HELD AT 6/30/07 ENDED 12/31/07 ENDED 12/31/07 AT 12/31/07 - ------------------------------------------------------------------------------------------------------------- State Street Corp. 45,580 1,121,694 981,377 185,897
INCOME EARNED REALIZED GAIN ON SHARES SECURITY FOR THE SIX MONTHS SOLD DURING THE SIX MARKET VALUE DESCRIPTION ENDED 12/31/07 MONTHS ENDED 12/31/07 AT 12/31/07 - --------------------------------------------------------------------------------------------------------- State Street Corp. $55,899 $34,161 $15,094,837
KBW CAPITAL MARKETS ETF:
SHARES PURCHASED SHARES SOLD FOR NUMBER OF SECURITY NUMBER OF SHARES FOR THE SIX MONTHS THE SIX MONTHS SHARES HELD DESCRIPTION HELD AT 6/30/07 ENDED 12/31/07 ENDED 12/31/07 AT 12/31/07 - ------------------------------------------------------------------------------------------------------------- State Street Corp. 59,409 866,492 839,938 85,963
INCOME EARNED REALIZED GAIN ON SHARES SECURITY FOR THE SIX MONTHS SOLD DURING THE SIX MARKET VALUE DESCRIPTION ENDED 12/31/07 MONTHS ENDED 12/31/07 AT 12/31/07 - --------------------------------------------------------------------------------------------------------- State Street Corp. $35,077 $1,041,487 $6,980,196
4. SHAREHOLDER TRANSACTIONS With the exception of the Trust's dividend reinvestment plan, shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares. Such transactions are only permitted on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date. Transaction fees at scheduled amounts ranging from $250 to $4,500 per Creation Unit regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional fee up to three times these amounts may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to offset the expense of processing orders of portfolio transactions. 165 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- 5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at December 31, 2007 were as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) - ------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 105,597,262 $ 31,791,827 $ 10,218,505 $ 21,573,322 SPDR DJ Wilshire Large Cap ETF 10,107,790 451,556 371,014 80,542 SPDR DJ Wilshire Large Cap Growth ETF 294,860,277 45,924,388 17,479,745 28,444,643 SPDR DJ Wilshire Large Cap Value ETF 123,649,382 15,549,732 10,336,192 5,213,540 SPDR DJ Wilshire Mid Cap ETF 22,309,233 3,375,286 2,066,688 1,308,598 SPDR DJ Wilshire Mid Cap Growth ETF 47,502,820 3,752,323 4,169,308 (416,985) SPDR DJ Wilshire Mid Cap Value ETF 12,853,220 388,393 1,917,109 (1,528,716) SPDR DJ Wilshire Small Cap ETF 10,466,106 661,675 1,885,365 (1,223,690) SPDR DJ Wilshire Small Cap Growth ETF 96,588,909 7,236,392 13,815,574 (6,579,182) SPDR DJ Wilshire Small Cap Value ETF 101,451,607 9,967,338 14,676,981 (4,709,643) SPDR DJ Global Titans ETF 172,059,036 26,897,653 9,162,790 17,734,863 DJ Wilshire REIT ETF 1,381,526,435 22,138,098 165,649,208 (143,511,110) KBW Bank ETF 409,499,288 1,164,338 47,850,524 (46,686,186) KBW Capital Markets ETF 168,259,450 2,450,306 12,820,296 (10,369,990) KBW Insurance ETF 98,494,519 362,341 14,019,161 (13,656,820) Morgan Stanley Technology ETF 257,721,777 27,110,914 18,543,226 8,567,688 SPDR S&P Dividend ETF 255,989,371 9,776,996 23,862,917 (14,085,921) SPDR S&P Biotech ETF 277,267,325 17,252,117 21,117,328 (3,865,211) SPDR S&P Homebuilders ETF 356,154,405 3,148,189 38,537,962 (35,389,773) SPDR S&P Metals & Mining ETF 279,024,919 16,790,089 13,731,455 3,058,634 SPDR S&P Oil & Gas Equipment & Services ETF 179,993,227 22,872,092 5,354,973 17,517,119 SPDR S&P Oil & Gas Exploration & Production ETF 84,343,925 3,117,364 1,441,818 1,675,546 SPDR S&P Pharmaceuticals ETF 9,044,904 615,563 1,226,860 (611,297) SPDR S&P Retail ETF 117,145,863 506,935 4,719,271 (4,212,336) SPDR S&P Semiconductor ETF 190,471,803 4,503,536 31,897,013 (27,393,477) KBW S&P Regional Banking ETF 162,482,194 -- 8,028,157 (8,028,157)
166 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- 6. INVESTMENT TRANSACTIONS For the six months ended December 31, 2007, the Trust had in-kind contributions and in-kind redemptions as follows:
CONTRIBUTIONS REDEMPTIONS - ---------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 5,502,674 $ 5,540,067 SPDR DJ Wilshire Large Cap ETF 6,814,488 6,806,899 SPDR DJ Wilshire Large Cap Growth ETF 102,728,708 11,548,314 SPDR DJ Wilshire Large Cap Value ETF 21,265,834 34,105,859 SPDR DJ Wilshire Mid Cap ETF -- -- SPDR DJ Wilshire Mid Cap Growth ETF 34,949,735 9,853,583 SPDR DJ Wilshire Mid Cap Value ETF -- 5,677,650 SPDR DJ Wilshire Small Cap ETF 6,253,503 6,115,307 SPDR DJ Wilshire Small Cap Growth ETF 52,368,653 45,404,022 SPDR DJ Wilshire Small Cap Value ETF -- 10,358,210 SPDR DJ Global Titans ETF 21,621,666 3,523,456 DJ Wilshire REIT ETF 320,029,245 155,914,542 KBW Bank ETF 1,536,321,388 1,183,679,189 KBW Capital Markets ETF 1,167,783,051 1,064,270,679 KBW Insurance ETF 274,110,202 234,154,041 Morgan Stanley Technology ETF 79,805,083 -- SPDR S&P Dividend ETF 20,094,476 26,909,833 SPDR S&P Biotech ETF 307,110,403 159,391,404 SPDR S&P Homebuilders ETF 2,120,616,884 1,975,101,098 SPDR S&P Metals & Mining ETF 446,127,856 385,419,394 SPDR S&P Oil & Gas Equipment & Services ETF 79,496,757 42,710,945 SPDR S&P Oil & Gas Exploration & Production ETF 202,461,689 165,309,342 SPDR S&P Pharmaceuticals ETF -- -- SPDR S&P Retail ETF 1,753,906,062 1,756,237,955 SPDR S&P Semiconductor ETF 153,041,646 76,813,979 KBW Regional Banking ETF 1,692,229,343 1,634,352,529
The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of the Funds' daily net shareholder transactions while the Statement of Changes reflect gross shareholder transactions including any cash component of the transactions. 167 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- For the six months ended December 31, 2007, the Trust had purchases and sales of investment securities as follows:
PURCHASES SALES - ---------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 3,922,557 $ 4,184,863 SPDR DJ Wilshire Large Cap ETF 560,928 583,082 SPDR DJ Wilshire Large Cap Growth ETF 28,864,930 27,463,671 SPDR DJ Wilshire Large Cap Value ETF 12,370,922 12,068,667 SPDR DJ Wilshire Mid Cap ETF 5,472,594 6,529,896 SPDR DJ Wilshire Mid Cap Growth ETF 11,924,962 12,575,706 SPDR DJ Wilshire Mid Cap Value ETF 4,592,963 4,522,922 SPDR DJ Wilshire Small Cap ETF 1,661,439 1,645,881 SPDR DJ Wilshire Small Cap Growth ETF 21,866,130 23,132,582 SPDR DJ Wilshire Small Cap Value ETF 18,226,206 18,389,136 SPDR DJ Global Titans ETF 4,285,934 2,775,514 DJ Wilshire REIT ETF 207,997,756 196,326,518 KBW Bank ETF 57,748,574 56,754,066 KBW Capital Markets ETF 65,635,607 79,164,882 KBW Insurance ETF 10,722,316 11,132,233 Morgan Stanley Technology ETF 63,524,216 63,234,305 SPDR S&P Dividend ETF 72,041,412 75,568,478 SPDR S&P Biotech ETF 69,265,681 70,506,269 SPDR S&P Homebuilders ETF 88,261,894 89,040,887 SPDR S&P Metals & Mining ETF 57,629,505 62,375,434 SPDR S&P Oil & Gas Equipment & Services ETF 72,367,510 72,781,408 SPDR S&P Oil & Gas Exploration & Production ETF 14,929,751 15,055,318 SPDR S&P Pharmaceuticals ETF 1,746,129 1,703,949 SPDR S&P Retail ETF 23,323,746 23,706,340 SPDR S&P Semiconductor ETF 53,179,899 53,320,925 KBW S&P Regional Banking ETF 16,129,953 21,857,092
7. CONCENTRATION OF RISK The Funds' assets may be concentrated in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of a particular industry, group of industries or sector, and its shares may be subject to increased price volatility. In addition, if a Fund concentrates in a single industry or group of industries, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry or group of industries. 8. SECURITIES LENDING Each Fund may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. At December 31, 2007, none of the Funds had transacted in securities lending. 9. OTHER INFORMATION On August 22, 2005, the Board of Trustees approved stock splits for the following Funds. The stock splits occurred on September 21, 2005.
FUND RATIO OF SPLIT - --------------------------------------------------------------- SPDR DJ Wilshire Large Cap Value ETF 2:1 SPDR DJ Wilshire Small Cap Value ETF 3:1 DJ Wilshire REIT ETF 3:1
168 SPDR SERIES TRUST OTHER INFORMATION DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- SHAREHOLDER EXPENSE EXAMPLE As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees and trustee fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at July 1, 2007 and held for the six months ended December 31, 2007. ACTUAL EXPENSES The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $250 to $4,500 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds' Shares in the secondary market, you will incur customary brokerage commissions and charges. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees on brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. 169 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* ACTUAL 7/1/2007 12/31/2007 7/1/07-12/31/07 - ------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $1,000 $981.90 $1.00 SPDR DJ Wilshire Large Cap ETF 1,000 991.00 1.00 SPDR DJ Wilshire Large Cap Growth ETF 1,000 1,027.40 1.02 SPDR DJ Wilshire Large Cap Value ETF 1,000 953.60 0.98 SPDR DJ Wilshire Mid Cap ETF 1,000 946.30 1.22 SPDR DJ Wilshire Mid Cap Growth ETF 1,000 976.50 1.24 SPDR DJ Wilshire Mid Cap Value ETF 1,000 903.20 1.20 SPDR DJ Wilshire Small Cap ETF 1,000 928.00 1.21 SPDR DJ Wilshire Small Cap Growth ETF 1,000 961.70 1.23 SPDR DJ Wilshire Small Cap Value ETF 1,000 894.50 1.19 SPDR DJ Global Titans ETF 1,000 1,006.70 2.52 DJ Wilshire REIT ETF 1,000 876.10 1.18 KBW Bank ETF 1,000 801.80 1.59 KBW Capital Markets ETF 1,000 980.50 1.74 KBW Insurance ETF 1,000 900.10 1.67 Morgan Stanley Technology ETF 1,000 1,000.30 2.51 SPDR S&P Dividend ETF 1,000 912.00 1.68 SPDR S&P Biotech ETF 1,000 1,166.70 1.91 SPDR S&P Homebuilders ETF 1,000 640.70 1.44 SPDR S&P Metals & Mining ETF 1,000 1,114.60 1.86 SPDR S&P Oil & Gas Equipment & Services ETF 1,000 1,103.40 1.85 SPDR S&P Oil & Gas Exploration & Production ETF 1,000 1,135.60 1.88 SPDR S&P Pharmaceuticals ETF 1,000 950.10 1.72 SPDR S&P Retail ETF 1,000 783.00 1.57 SPDR S&P Semiconductor ETF 1,000 876.20 1.65 KBW Regional Banking ETF 1,000 838.90 1.62
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* HYPOTHETICAL 7/1/2007 12/31/2007 7/1/07-12/31/07 - ------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $1,000 $1,024.13 $1.02 SPDR DJ Wilshire Large Cap ETF 1,000 1,024.13 1.02 SPDR DJ Wilshire Large Cap Growth ETF 1,000 1,024.13 1.02 SPDR DJ Wilshire Large Cap Value ETF 1,000 1,024.13 1.02 SPDR DJ Wilshire Mid Cap ETF 1,000 1,023.88 1.27 SPDR DJ Wilshire Mid Cap Growth ETF 1,000 1,023.88 1.27 SPDR DJ Wilshire Mid Cap Value ETF 1,000 1,023.88 1.27 SPDR DJ Wilshire Small Cap ETF 1,000 1,023.88 1.27 SPDR DJ Wilshire Small Cap Growth ETF 1,000 1,023.88 1.27 SPDR DJ Wilshire Small Cap Value ETF 1,000 1,023.88 1.27 SPDR DJ Global Titans ETF 1,000 1,022.62 2.54 DJ Wilshire REIT ETF 1,000 1,023.88 1.27 KBW Bank ETF 1,000 1,023.38 1.78 KBW Capital Markets ETF 1,000 1,023.38 1.78 KBW Insurance ETF 1,000 1,023.38 1.78 Morgan Stanley Technology ETF 1,000 1,022.62 2.54 SPDR S&P Dividend ETF 1,000 1,023.38 1.78 SPDR S&P Biotech ETF 1,000 1,023.38 1.78 SPDR S&P Homebuilders ETF 1,000 1,023.38 1.78
170 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* HYPOTHETICAL (CONTINUED) 7/1/2007 12/31/2007 7/1/07-12/31/07 - ------------------------------------------------------------------------------------------------------- SPDR S&P Metals & Mining ETF $1,000 $1,023.38 $1.78 SPDR S&P Oil & Gas Equipment & Services ETF 1,000 1,023.38 1.78 SPDR S&P Oil & Gas Exploration & Production ETF 1,000 1,023.38 1.78 SPDR S&P Pharmaceuticals ETF 1,000 1,023.38 1.78 SPDR S&P Retail ETF 1,000 1,023.38 1.78 SPDR S&P Semiconductor ETF 1,000 1,023.38 1.78 KBW Regional Banking ETF 1,000 1,023.38 1.78
*Expenses are equal to the Funds' annualized expense ratio of 0.20%, 0.20%, 0.20%, 0.20%, 0.25%, 0.25%, 0.25%, 0.25%, 0.25%, 0.25%, 0.50%, 0.25%, 0.35%, 0.35%, 0.35%, 0.50%, 0.35%, 0.35, 0.35%, 0.35%, 0.35%, 0.35%, 0.35%, 0.35%, 0.35% and 0.35%, respectively. Expenses are equal to the Funds' annualized expense ratio, multiplied by the value of the average account over the period, multiplied by the number of days in the most recent six month period (or since commencement of operations), then divided by 366. PROXY VOTING POLICIES AND PROCEDURE AND RECORD A description of the Trust's proxy voting policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov. Information regarding how the investment adviser voted any proxies for the prior 12 month ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Funds' website at www.spdretfs.com. QUARTERLY PORTFOLIO SCHEDULE The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on the Form N-Q. The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on the form N-Q is available upon request without charge, by calling 1-866-787-2257 (toll free), and on the Funds' website at www.spdretfs.com. FULL PORTFOLIO SCHEDULE The complete schedule of portfolio holdings for the following Funds is available on the Funds' website at www.spdretfs.com, without charge, upon request, by calling 1-800-787-2257 (toll free) and on the SEC's website at www.sec.gov. SPDR DJ Wilshire Total Market ETF SPDR DJ Wilshire Large Cap ETF SPDR DJ Wilshire Large Cap Growth ETF SPDR DJ Wilshire Large Cap Value ETF SPDR DJ Wilshire Mid Cap ETF SPDR DJ Wilshire Mid Cap Growth ETF SPDR DJ Wilshire Mid Cap Value ETF SPDR DJ Wilshire Small Cap ETF SPDR DJ Wilshire Small Cap Growth ETF SPDR DJ Wilshire Small Cap Value ETF 171 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- APPROVAL OF INVESTMENT ADVISORY AGREEMENTS At an in-person meeting held on August 22, 2007, the Board of Trustees of the Trust (the "Board") evaluated the proposals to continue the Investment Advisory Agreement (the "Agreement") between the Trust and SSgA Funds Management, Inc. (the "Adviser") with respect to the operational equity series of the Trust (each a "Current ETF", collectively, the "Current ETFs") and to continue the Agreement with respect to the previously approved non-operational equity series of the Trust (collectively, the "New ETFs" and together with the Current ETFs, the "ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees") also met separately with their independent legal counsel to consider the Agreement. In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust's Administrator, Transfer Agent and Custodian ("State Street"). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Adviser with respect to the Current ETFs and to be provided by the Adviser with respect to the New ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) costs to the Adviser of its services and the profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the ETFs grow and whether the fee levels in the Agreement reflect these economies of scale. The Board considered the nature, extent and quality of the services provided by, or to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser's responsibilities for managing investment operations of each of the Current ETFs and anticipated responsibilities for managing investment operations of the New ETFs, in accordance with each ETF's investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management and compliance of the ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each ETF's compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment business and that of its affiliates which make up State Street Global Advisers, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser's experience in managing equity ETFs. The Board then determined that the nature, extent and quality of services provided by the Adviser to the Trust were necessary and appropriate. The Board reviewed the Current ETFs' performance. The Board noted that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to performance of actively-managed funds. The Board was more concerned with the extent to which each Current ETF achieved its objective and the Board reviewed each Current ETFs index tracking and tracking error. The Board considered that each Current ETF closely tracked its benchmark index and the Board also reviewed the tax efficiency of each Current ETF. The Board then determined that the performance of each Current ETF was satisfactory. The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs' historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser's relationship with the Current ETFs had been profitable, profitability was not excessive. The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft- dollar arrangements in connection with the Trust's brokerage transactions. The Board 172 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- concluded that, to the extent that the Adviser derives other benefits from its relationship with the Trust, those benefits are not so significant as to cause the Adviser's fees with respect to the ETFs to be excessive. The Board determined that the Adviser is likely to realize economies of scale in managing the ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as ETFs grow in size and assess whether fee breakpoints may be warranted. The Board evaluated the ETFs' unitary fee through the review of comparative information with respect to fees paid by similar funds -- i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the Current ETFs, estimated expense ratios of the New ETFs, and the unitary fee structure. The Board used a fund by fund analysis of the data. The Board concluded, based on the information presented, that each ETF's fees were fair and reasonable in light of those of their direct competitors. The Board's conclusions in approving the Agreement, including the Independent Trustees voting separately, were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the Current ETFs and expected to be provided by the Adviser with respect to the New ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser's fees for each ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust's relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude materially to affect the Board's conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with the Current ETFs and fees expected to be paid to the Adviser were expected to share economies of scale with respect to the New ETFs by way of the low fee structure of the Trust. At the meeting, the Board also evaluated the proposal to continue the Sub- Advisory Agreement (the "Sub-Advisory Agreement") between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the "Sub-Adviser") with respect to one of the Current ETFs, the DJ Wilshire REIT ETF (the "REIT ETF"). The Independent Trustees also met separately with their counsel to consider the Sub-Advisory Agreement. In evaluating the Sub-Advisory Agreement, the Board reviewed materials provided to them at their request by the Sub-Adviser and State Street. In deciding whether to approve the Sub-Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of the services provided by the Sub-Adviser with respect to the REIT ETF under the Sub-Advisory Agreement, (ii) the investment performance of the REIT ETF, (iii) the fees charged by the Sub-Adviser and any additional benefits received by the Sub- Adviser due to its relationship with the Adviser and the Trust, and (iv) the extent to which economies of scale would be realized if and as the REIT ETF grows and whether fee levels in the Sub-Advisory Agreement reflect these economies of scale. The Board considered the background and experience of the Sub-Adviser's senior management and in particular the Sub-Adviser's experience in investing in REITs. The Board considered that the REIT ETF satisfactorily tracked its benchmark index and considered its tax efficiency. In light of the Board's determination that the unitary fee paid to the Adviser by the REIT ETF was fair and reasonable and that the Sub-Adviser's fees are paid by the Adviser, the Board did not believe it necessary to evaluate the Sub-Adviser's profitability or any additional benefits that the Sub-Adviser may receive. The Board's conclusions in approving the Sub-Advisory Agreement, including the Independent Trustees voting separately, were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to the REIT ETF were appropriate; (b) the performance and, more importantly, the index tracking, of the REIT ETF had been satisfactory; and (c) the Sub-Adviser's fees for the REIT ETF and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional benefits to the Sub-Adviser were not of a magnitude materially to affect the Board's conclusions; and (e) the fees paid to the Sub-Adviser adequately shared the economies of scale with the REIT ETF. 173 THE SPDR(R) FAMILY OF EXCHANGE TRADED FUNDS The following is a list of SPDR ETF's being offered, along with their respective exchange trading symbols. PLEASE CALL 1-866-787-2257 TO OBTAIN A PROSPECTUS FOR ANY SPDR ETF. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING CHARGES, EXPENSES, INVESTMENT OBJECTIVES AND RISK FACTORS THAT SHOULD BE CAREFULLY CONSIDERED TO DETERMINE IF THE FUND(S) ARE AN APPROPRIATE INVESTMENT FOR YOU. READ THE PROSPECTUS(ES) CAREFULLY BEFORE INVESTING. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. SPDR SERIES TRUST SPDR DJ Wilshire Total Market ETF (TMW) SPDR DJ Wilshire Large Cap ETF (ELR) SPDR DJ Wilshire Large Cap Growth ETF (ELG) SPDR DJ Wilshire Large Cap Value ETF (ELV) SPDR DJ Wilshire Mid Cap ETF (EMM) SPDR DJ Wilshire Mid Cap Growth ETF (EMG) SPDR DJ Wilshire Mid Cap Value ETF (EMV) SPDR DJ Wilshire Small Cap ETF (DSC) SPDR DJ Wilshire Small Cap Growth ETF (DSG) SPDR DJ Wilshire Small Cap Value ETF (DSV) SPDR DJ Global Titans ETF (DGT) DJ Wilshire REIT ETF (RWR) KBW Bank ETF (KBE) KBW Capital Markets ETF (KCE) KBW Insurance ETF (KIE) Morgan Stanley Technology ETF (MTK) SPDR S&P Dividend ETF (SDY) SPDR S&P Biotech ETF (XBI) SPDR S&P Homebuilders ETF (XHB) SPDR S&P Metals & Mining ETF (XME) SPDR S&P Oil & Gas Equipment & Services ETF (XES) SPDR S&P Oil & Gas Exploration & Production ETF (XOP) SPDR S&P Pharmaceuticals ETF (XPH) SPDR S&P Retail ETF (XRT) SPDR S&P Semiconductor ETF (XSD) KBW Regional Banking ETF (KRE) SPDR Lehman 1-3 Month T-Bill ETF (BIL) SPDR Lehman Short Term Municipal Bond ETF (SHM) SPDR Lehman Intermediate Term Treasury ETF (ITE) SPDR Lehman Long Term Treasury ETF (TLO) SPDR Barclays Capital TIPS ETF (IPE) SPDR Lehman California Municipal Bond ETF (CXA) SPDR Lehman New York Municipal Bond ETF (INY) SPDR Lehman Municipal Bond ETF (TFI) SPDR Lehman Aggregate Bond ETF (LAG) SPDR Lehman International Treasury Bond ETF (BWX) SPDR Lehman High Yield Bond ETF (JNK) THE SELECT SECTOR SPDR TRUST The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF) The Health Care Select Sector SPDR Fund (XLV) The Industrial Select Sector SPDR Fund (XLI) The Materials Select Sector SPDR Fund (XLB) The Technology Select Sector SPDR Fund (XLK) The Utilities Select Sector SPDR Fund (XLU) 174 DIAMONDS TRUST, SERIES 1 (DIA) SPDR TRUST, SERIES 1 (SPY) SPDR INDEX SHARES FUNDS DJ STOXX 50 ETF (FEU) DJ EURO STOXX 50 ETF (FEZ) SPDR S&P Emerging Asia Pacific ETF (GMF) SPDR S&P China ETF (GXC) SPDR S&P Emerging Markets ETF (GMM) SPDR S&P BRIC 40 ETF (BIK) SPDR S&P Emerging Europe ETF (GUR) SPDR S&P Emerging Latin America ETF (GML) SPDR S&P Emerging Middle East & Africa ETF (GAF) SPDR S&P World ex-US ETF (GWL) SPDR S&P International Small Cap ETF (GWX) SPDR S&P International Dividend ETF (DWX) SPDR DJ Wilshire International Real Estate ETF (RWX) SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) SPDR MSCI ACWI ex-US ETF (CWI) SPDR Russell/Nomura PRIME Japan ETF (JPP) SPDR Russell/Nomura Small Cap Japan ETF (JSC) State Street Global Markets, LLC, member of FINRA and SIPC, is a distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR Trust and Diamonds Trust, both unit investment trusts; and all investment portfolios of The Select Sector SPDR Trust. 175 SPDR SERIES TRUST TRUSTEES David M. Kelly Frank Nesvet Helen F. Peters James E. Ross OFFICERS James E. Ross, President Michael P. Riley, Vice President Gary L. French, Treasurer Mary Moran Zeven, Secretary Mark E. Tuttle, Assistant Secretary Ryan M. Louvar, Assistant Secretary Chad C. Hallett, Assistant Treasurer Laura F. Healy, Assistant Treasurer Matthew W. Flaherty, Assistant Treasurer Julie B. Piatelli, Chief Compliance Officer INVESTMENT MANAGER SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 DISTRIBUTOR State Street Global Markets, LLC One Lincoln Street Boston, MA 02111 CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 LEGAL COUNSEL Morgan, Lewis and Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC, and the Boston Stock Exchange. The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting WWW.SPDRETFS.COM Please read the prospectus carefully before you invest. State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. For SPDR DJ Wilshire Small Cap Growth ETF, SPDR DJ Wilshire Small Cap Value ETF, Morgan Stanley Technology ETF, SPDR DJ Wilshire REIT ETF, KBW Bank ETF, KBW Capital Markets ETF, KBW Insurance ETF, KBW Regional Banking ETF, SPDR S&P Dividend ETF, SPDR S&P Biotech ETF, SPDR Homebuilders ETF, SPDR Semiconductor ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Pharmaceuticals ETF and SPDR S&P Retail ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation. For SPDR DJ Global Titans ETF: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may directly acquire shares of the Funds and tender them for redemption in Creation Unit Aggregations only. Please see the prospectus for more details. The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company, Time Inc., Morgan Stanley Dean Witter, Keefe, Bruyette & Woods, Inc., Standard & Poor's and Wilshire Associates. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of NASD, SIPC, and the Boston Stock Exchange. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, transfer agent and administrator shareholder servicing agent. Please read the prospectus carefully before you invest or send money. (c) 2008 State Street Corporation STSAR For more complete information, please call 866.787.2257 or visit spdretfs.com today SEMI-ANNUAL December 31, 2007 (SPDRs LOGO) Precise in a world that isn't.(SM) State Street Global Advisors TABLE OF CONTENTS PERFORMANCE & PORTFOLIO SUMMARY SPDR(R) LEHMAN 1-3 MONTH T-BILL ETF (BIL)...... 1 SPDR(R) LEHMAN SHORT TERM MUNICIPAL BOND ETF (SHM)...... 4 SPDR(R) LEHMAN INTERMEDIATE TERM TREASURY ETF (ITE)...... 5 SPDR(R) LEHMAN LONG TERM TREASURY ETF (TLO).......... 8 SPDR(R) BARCLAYS CAPITAL TIPS ETF (IPE)...... 11 SPDR(R) LEHMAN CALIFORNIA MUNICIPAL BOND ETF (CXA)...... 14 SPDR(R) LEHMAN NEW YORK MUNICIPAL BOND ETF (INY).......... 15 SPDR(R) LEHMAN MUNICIPAL BOND ETF (TFI)...... 16 SPDR(R) LEHMAN AGGREGATE BOND ETF (LAG)...... 17 SPDR(R) LEHMAN INTERNATIONAL TREASURY BOND ETF (BWX)...... 20 SPDR(R) LEHMAN HIGH YIELD BOND ETF (JNK)...... 21 SCHEDULES OF INVESTMENTS SPDR(R) LEHMAN 1-3 MONTH T-BILL ETF (BIL)...... 22 SPDR(R) LEHMAN SHORT TERM MUNICIPAL BOND ETF (SHM)...... 23 SPDR(R) LEHMAN INTERMEDIATE TERM TREASURY ETF (ITE)...... 25 SPDR(R) LEHMAN LONG TERM TREASURY ETF (TLO).......... 27 SPDR(R) BARCLAYS CAPITAL TIPS ETF (IPE)...... 28 SPDR(R) LEHMAN CALIFORNIA MUNICIPAL BOND ETF (CXA)...... 29 SPDR(R) LEHMAN NEW YORK MUNICIPAL BOND ETF (INY).......... 30 SPDR(R) LEHMAN MUNICIPAL BOND ETF (TFI)...... 31 SPDR(R) LEHMAN AGGREGATE BOND ETF (LAG)...... 34 SPDR(R) LEHMAN INTERNATIONAL TREASURY BOND ETF (BWX)...... 37 SPDR(R) LEHMAN HIGH YIELD BOND ETF (JNK)...... 39 FINANCIAL STATEMENTS........ 42 FINANCIAL HIGHLIGHTS........ 48 NOTES TO FINANCIAL STATEMENTS........ 50 OTHER INFORMATION... 57
(streetTRACKS (R) semi-annual report LOGO) SPDR Lehman 1-3 Month T-Bill ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/25/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR LEHMAN 1-3 MONTH T-BILL ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.1345%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET Lehman Brothers 1-3 Month VALUE VALUE U.S. Treasury Bill Index ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 2.12% 2.15% 2.21% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 2.61% 2.68% 2.71% ----------------------------------------------------------------------------------------------------
(1) For the period May 25, 2007 to December 31, 2007. 1 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman 1-3 Month T-Bill ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR LEHMAN 1-3 MONTH T-BILL ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
DOW JONES EURO STOXX DJ EURO 50 INDEX STOXX 50 - US ETF DOLLAR DENOMINATED -------- ------------------ 10/15/02 10000 10000 12/31/02 10343 10283 3/31/03 9148 9156 6/30/03 11657 11641 9/30/03 11746 11732 12/31/03 14658 14657 3/31/04 14443 14452 6/30/04 14685 14664 9/30/04 14590 14562 12/31/04 17299 17325 3/31/05 17161 17147 6/30/05 16958 16927 9/30/05 18211 18212 12/31/05 18626 18636 3/31/06 20603 20633 6/30/06 21028 21004 9/30/06 22306 22297 12/31/06 24591 24595 3/31/07 25241 25236
2 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman 1-3 Month T-Bill ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
--------------------------------------------------------------------------------------------------------------------- UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES DESCRIPTION TREASURY BILL, TREASURY BILL, TREASURY BILL, TREASURY BILL, TREASURY BILL, 3.04%, 2.92%, 2.92%, 3.01%, 3.74%, 02/28/2008 02/07/2008 02/14/2008 02/21/2008 01/31/2008 --------------------------------------------------------------------------------------------------------------------- MARKET VALUE $29,969,420 27,827,960 27,079,345 27,061,046 24,800,996 --------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 13.1% 12.2 11.8 11.8 10.8 ---------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 100.2% Short Term Investments 0.1 Other Assets & Liabilities (0.3) - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 3 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Short Term Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------------------------------- DESCRIPTION LOUDOUN COUNTY, VA, CALIFORNIA STATE OHIO STATE WATER NEW YORK, NY, GENERAL GENERAL OBLIGATION, ECONOMIC RECOVERY, DEVELOPMENT OBLIGATION, SERIES B, 5.00%, 6/01/2012 SERIES A (MBIA), AUTHORITY, WATER 5.25%, 8/01/2011 5.00%, 7/01/2012 QUALITY - LOAN FUND, 5.00%, 12/01/2011 ---------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,073,430 1,070,860 1,065,990 1,063,140 ---------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.7% 4.7 4.7 4.7 ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------- DESCRIPTION MASSACHUSETTS STATE GENERAL OBLIGATION, SERIES A, 5.25%, 1/01/2017 --------------------------------------------------------- MARKET VALUE 1,057,160 --------------------------------------------------------- % OF NET ASSETS 4.7 ---------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Municipal Bonds & Notes 95.0% Short Term Investments 4.0 Other Assets & Liabilities 1.0 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 4 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Intermediate Term Treasury ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR LEHMAN INTERMEDIATE TERM TREASURY ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.1345%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET Lehman Brothers ASSET MARKET Intermediate VALUE VALUE U.S. Treasury Index ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 7.13% 7.23% 7.21% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 7.11% 7.23% 7.28% ----------------------------------------------------------------------------------------------------
(1) For the period May 23, 2007 to December 31, 2007. 5 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Intermediate Term Treasury ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR LEHMAN INTERMEDIATE TERM TREASURY ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR LEHMAN LEHMAN BROTHERS INTERMEDIATE TERM INTERMEDIATE U.S. TREASURY ETF TREASURY INDEX ----------------- ----------------- 5/23/07 10000.00 10000.00 5/30/06 9983.00 9991.00 6/30/06 9998.97 10007.00 7/31/07 10129.00 10147.10 8/31/07 10288.00 10298.30 9/30/07 10349.70 10360.10 10/31/07 10413.90 10425.30 11/30/07 10690.90 10704.70 12/31/07 10711.20 10728.00
6 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Intermediate Term Treasury ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF December 31, 2007
------------------------------------------------------------------------------------------------------------------ DESCRIPTION UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES TREASURY NOTE, TREASURY NOTE, TREASURY NOTE, TREASURY NOTE, TREASURY NOTE, 4.25%, 8/15/2013 4.25%, 11/15/2013 4.75%, 5/15/2014 4.00%, 2/15/2014 4.88%, 8/15/2016 ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $196,870 176,168 171,167 160,327 150,138 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 1.8% 1.6 1.6 1.5 1.4 ------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) ASSET ALLOCATIONS AS OF December 31, 2007*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- U.S. Treasury Obligations 99.0% Short Term Investments 0.2 Other Assets & Liabilities 0.8 ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 7 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Long Term Treasury ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR LEHMAN LONG TERM TREASURY ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.1345%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET Lehman Brothers Long Term VALUE VALUE U.S. Treasury Index ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 10.71% 10.47% 10.81% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 9.71% 9.39% 9.90% ----------------------------------------------------------------------------------------------------
(1) For the period May 23, 2007 to December 31, 2007. 8 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Long Term Treasury ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR LEHMAN LONG TERM TREASURY ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
LEHMAN BROTHERS SPDR LEHMAN LONG TERM LONG TERM U.S. TREASURY TREASURY ETF INDEX ------------ --------------- 5/23/07 10000.00 10000.00 5/30/06 9996.00 10003.00 6/30/06 9910.03 9918.97 7/31/07 10131.00 10184.80 8/31/07 10364.00 10374.20 9/30/07 10391.00 10403.30 10/31/07 10536.50 10550.00 11/30/07 11016.90 11035.30 12/31/07 10970.70 10990.00
9 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Long Term Treasury ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------- DESCRIPTION UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES TREASURY BOND, TREASURY BOND, TREASURY BOND, TREASURY BOND, TREASURY BOND, 8.00%, 11/15/2021 4.50%, 2/15/2036 6.25%, 8/15/2023 6.13%, 11/15/2027 8.13%, 8/15/2019 ------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,609,862 1,090,870 1,089,561 1,030,433 984,055 ------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 7.5% 5.1 5.1 4.8 4.6 -------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 98.5% Short Term Investments 0.0** Other Assets & Liabilities 1.5 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's assets allocation is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.5% of net assets. 10 (streetTRACKS (R) semi-annual report LOGO) SPDR Barclays Capital Tips ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/25/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL TIPS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.1845%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET Barclays U.S. Government VALUE VALUE Inflation-linked Bond Index ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 9.71% 9.99% 9.89% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 9.41% 9.65% 9.66% ----------------------------------------------------------------------------------------------------
(1) For the period May 25, 2007 to December 31, 2007. 11 (streetTRACKS (R) semi-annual report LOGO) SPDR Barclays Capital TIPS ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL TIPS ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS U.S. CAPITAL TIPS GOVERNMENT INFLATION-LINKED ETF BOND INDEX ------------- --------------------------- 5/25/07 10000.00 10000.00 5/30/06 9990.00 9995.00 6/30/06 9973.02 9979.01 7/31/07 10169.50 10206.50 8/31/07 10294.60 10300.40 9/30/07 10429.40 10430.20 10/31/07 10548.30 10551.20 11/30/07 10962.90 10974.30 12/31/07 10941.00 10966.00
12 (streetTRACKS (R) semi-annual report LOGO) SPDR Barclays Capital TIPS ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
-------------------------------------------------------------------------------------------------------------------------- DESCRIPTION TREASURY INFLATION TREASURY INFLATION TREASURY INFLATION TREASURY INFLATION TREASURY INFLATION PROTECTED PROTECTED PROTECTED PROTECTED PROTECTED INDEXED BOND, INDEXED BOND, INDEXED NOTE, INDEXED NOTE, INDEXED BOND, 3.88%, 04/15/2029 2.38%, 01/15/2025 0.88%, 04/15/2010 3.00%, 07/15/2012 3.63%, 04/15/2028 -------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $2,108,150 2,061,488 1,939,443 1,828,229 1,746,648 -------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 6.9% 6.8 6.4 6.0 5.7 --------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 99.9% Short Term Investments 0.0** Other Assets & Liabilities 0.1 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 13 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman California Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION CALIFORNIA STATE NORTH ORANGE CALIFORNIA STATE SAN DIEGO, CA, LOS ANGELES, CA, DEPARTMENT OF WATER COUNTY, CA, ECONOMIC RECOVERY, COMMUNITY COLLEGE WATER & POWER RESOURCES POWER COMMUNITY SERIES A (MBIA), DISTRICT (FSA), REVENUE, SUPPLY REVENUE, COLLEGE (MBIA), 5.00%, 7/01/2015 5.00%, 8/01/2032 SERIES A-1 (AMBAC), SERIES A (AMBAC), 5.00%, 8/01/2015 5.00%, 7/01/23 5.50%, 5/01/2013 ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,097,900 1,094,850 1,087,640 1,047,230 962,424 ---------------------------------------------------------------------------------------------------------------------- % OF NET 8.2% 8.2 8.1 7.8 7.2 ASSETS.......... ----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Municipal Bonds & Notes 97.5% Short Term Investments 1.3 Other Assets & Liabilities 1.2 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 14 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman New York Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------------ DESCRIPTION NEW YORK, NY, NEW YORK STATE NEW YORK STATE NEW YORK STATE PUERTO RICO GENERAL GENERAL DORM AUTHORITY ENVIRONMENTAL COMMONWEALTH, OBLIGATION, OBLIGATION, REVENUE, SERIES C, FACSCORP, SERIES A, GENERAL SERIES J, 5.50%, 5.00%, 04/15/2015 5.00%, 12/15/2020 4.50%, 6/15/2036 OBLIGATION, 06/01/2020 SERIES A (MBIA), 5.50%, 07/01/2019 ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $1,109,170 1,093,600 1,077,690 872,398 809,513 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 8.4% 8.3 8.2 6.6 6.1 ------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Municipal Bonds & Notes 94.9% Short Term Investments 4.7 Other Assets & Liabilities 0.4 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 15 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION MASSACHUSETTS WILLAMSON CHARLESTON GEORGIA STATE CENTRAL PUGET STATE WATER COUNTY, TX, COUNTY, SC, GENERAL OBLIGATION, SOUND, WA, POLLUTION (MBIA), SALES TAX SERIES B, REGIONAL TRANSIT ABATEMENT TRUST, 5.25%, 02/15/2018 REVENUE, 5.00%, 04/01/2012 AUTHORITY, 5.25%, 08/01/2033 5.00%, 11/01/2018 SALES & USE TAX REVENUE, SERIES A, 5.00%, 11/01/2036 ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $2,289,560 2,208,580 2,198,600 2,140,820 2,081,800 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.2% 3.1 3.1 3.0 2.9 ----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Municipal Bonds & Notes 97.9% Short Term Investments 1.2 Other Assets & Liabilities 0.9 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 16 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Aggregate Bond ETF--PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR LEHMAN AGGREGATE BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2007 IS 0.1845%. PERFORMANCE AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET Lehman Brothers U.S. VALUE VALUE Aggregate Index ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/07 5.95% 6.05% 5.93% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 5.41% 5.58% 5.54% ----------------------------------------------------------------------------------------------------
(1) For the period May 23, 2007 to December 31, 2007. 17 (streetTRACKS (R) semi-annual report LOGO) SPDR Lehman Aggregate Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR LEHMAN AGGREGATE BOND ETF (Based on Net Asset Value) (PERFORMANCE GRAPH)
SPDR LEHMAN SPDR LEHMAN AGGREGATE BOND AGGREGATE BOND ETF INDEX -------------- -------------- 5/25/07 10000.00 10000.00 5/30/06 9983.00 9993.00 6/30/06 9949.06 9963.02 7/31/07 10017.70 10045.70 8/31/07 10159.00 10169.30 9/30/07 10241.20 10246.60 10/31/07 10285.30 10338.80 11/30/07 10475.60 10524.90 12/31/07 10541.00 10554.30
18 [streetTRACKS (R) semi-annual report LOGO] SPDR Lehman Aggregate Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------ DESCRIPTION FANNIE MAE, FREDDIE MAC, TREASURY NOTES, FREDDIE MAC, TREASURY NOTES, 5.50% TBA 6.00% TBA 4.50%, 04/30/2012 5.00% TBA 4.00%, 04/15/2010 ------------------------------------------------------------------------------------------------------ MARKET VALUE $5,591,687 4,617,539 3,957,589 3,414,961 2,528,601 ------------------------------------------------------------------------------------------------------ % OF NET ASSETS 8.7% 7.2 6.2 5.3 3.9 ------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION OF DECEMBER 31, 2007*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- Corporate Bonds & Notes 29.4% Foreign Government Obligations 1.7 U.S. Government Agency Obligations 47.5 U.S. Treasury Obligations 20.7 Short Term Investments 39.3 Other Assets & Liabilities (38.6) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 19 [streetTRACKS (R) semi-annual report LOGO] SPDR Lehman International Treasury Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION FEDERAL REPUBLIC GOVERNMENT GOVERNMENT GOVERNMENT REPUBLIC OF GREECE, OF GERMANY, OF JAPAN OF JAPAN OF JAPAN 3.70%, 07/20/2015 3.50%, 10/09/2009 10 YEAR ISSUE, 10 YEAR ISSUE, 20 YEAR BOND, 1.80%, 09/21/2009 1.30%, 06/20/2012 2.60%, 03/20/2019 ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $12,052,129 11,530,903 9,632,208 7,575,962 7,098,591 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 6.7% 6.4 5.3 4.2 3.9 -------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Foreign Government Obligations 96.6% Short Term Investments 0.3 Other Assets & Liabilities 3.1 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 20 [streetTRACKS (R) semi-annual report LOGO] SPDR Lehman High Yield Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2007
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION FREEPORT-MCMORAN HCA INC. COMMUNITY HEALTH TEXAS COMPETITIVE CCH I LLC, COOPER & GOLD, INC. 9.25%, 11/15/2016 SYSTEMS, INC. ELECTRIC HOLDINGS 11.00%, 10/01/2015 8.38%, 04/01/2017 8.88%, 07/15/2015 CO. LLC, 10.25%, 11/01/2015 ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $348,563 315,000 305,625 247,500 244,500 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.7% 3.3 3.3 2.6 2.6 ----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2007*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Corporate Bonds & Notes 96.9% Short Term Investments 1.6 Other Assets & Liabilities 1.5 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's assets allocation is expressed as a percentage of net assets and may change over time. 21 SPDR LEHMAN 1-3 MONTH T-BILL ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 100.2% Treasury Bills* 2.92%, 02/07/2008......... $ 27,910,000 $ 27,827,960 2.92%, 02/14/2008......... 27,175,000 27,079,345 3.01%, 02/21/2008......... 27,175,000 27,061,046 3.04%, 02/28/2008......... 30,114,000 29,969,420 3.08%, 03/06/2008......... 2,380,000 2,366,979 3.12%, 03/13/2008......... 2,254,000 2,240,138 3.18%, 03/20/2008......... 2,130,000 2,115,323 3.20%, 03/27/2008......... 2,066,000 2,050,404 3.70%, 01/17/2008......... 20,827,000 20,802,795 3.70%, 01/24/2008......... 22,843,000 22,804,690 3.71%, 01/03/2008......... 20,155,000 20,153,321 3.71%, 01/10/2008......... 20,155,000 20,142,479 3.74%, 01/31/2008......... 24,859,000 24,800,996 ------------ TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $229,373,450)............. 229,414,896 ------------ SHARES ------ SHORT TERM INVESTMENTS -- 0.1% MONEY MARKET FUND -- 0.1% State Street Institutional Liquid Reserves Fund 4.86%(a) (Cost $140,757)........... 140,757 140,757 ------------ TOTAL INVESTMENTS -- 100.3% (Cost $229,514,207)....... 229,555,653 OTHER ASSETS AND LIABILITIES -- (0.3)%..... (619,965) ------------ NET ASSETS -- 100.0%........ $228,935,688 ============
* Rate shown is the discount rate at time of purchase, not a coupon rate. (a) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. See accompanying notes to financial statements. 22 SPDR LEHMAN SHORT TERM MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 95.0% ALASKA -- 4.6% Alaska State General Obligation, Series A (FSA) 5.25%, 08/01/2010........... $1,000,000 $ 1,051,780 ----------- ARIZONA -- 3.4% Arizona State Transportation Board, Excise Tax Revenue 4.50%, 07/01/2009........... 755,000 771,180 ----------- CALIFORNIA -- 4.7% California State Economic Recovery, Series A (MBIA) 5.00%, 07/01/2012........... 1,000,000 1,070,860 ----------- DELAWARE -- 3.4% Delaware State General Obligation 4.00%, 08/01/2011........... 750,000 771,637 ----------- GEORGIA -- 4.6% Georgia State General Obligation, Series G 5.00%, 10/01/2010........... 1,000,000 1,050,060 ----------- KENTUCKY -- 3.5% Kentucky State Turnpike Authority, Economic Development Road Revenue (AMBAC) 5.00%, 07/01/2011........... 750,000 793,245 ----------- MARYLAND -- 3.6% Maryland State General Obligation 5.00%, 08/01/2012........... 750,000 806,355 ----------- MASSACHUSETTS -- 9.3% Massachusetts General Obligation: Series A 5.25%, 01/01/2017........... 1,000,000 1,057,160 Series C 5.00%, 09/01/2010........... 1,000,000 1,046,260 ----------- 2,103,420 ----------- MICHIGAN -- 2.4% Michigan Municipal Bond Authority Revenue 5.00%, 10/01/2012........... 500,000 537,455 ----------- MINNESOTA -- 4.6% Minnesota State General Obligation 5.00%, 08/01/2010........... 1,000,000 1,047,410 ----------- MISSOURI -- 3.4% Missouri State Highways & Transportation Commission, State Road Revenue, Series A 5.00%, 05/01/2010........... 750,000 781,695 ----------- NEW JERSEY -- 2.7% New Jersey State Transportation Trust Fund Authority, Series C 5.00%, 06/15/2009........... 600,000 616,950 ----------- NEW YORK -- 13.7% New York State General Obligation, Series C 4.00%, 04/15/2012........... 1,000,000 1,028,500 New York State Thruway Authority, General Revenue, Series H (MBIA) 4.00%, 01/01/2012........... 1,000,000 1,025,980 New York, NY, General Obligation, Series B 5.25%, 08/01/2011........... 1,000,000 1,063,140 ----------- 3,117,620 ----------- NORTH CAROLINA -- 4.6% North Carolina State General Obligation, Series A 5.00%, 03/01/2011........... 1,000,000 1,056,090 ----------- OHIO -- 4.7% Ohio State Water Development Authority, Water Quality -- Loan Fund 5.00%, 12/01/2011........... 1,000,000 1,065,990 ----------- PENNSYLVANIA -- 4.6% Pennsylvania State General Obligation (MBIA) 5.25%, 02/01/2010........... 1,000,000 1,043,070 ----------- TEXAS -- 7.9% Austin,TX, Electric Utility System Revenue, Series A (AMBAC) 5.00%, 11/15/2010........... 1,000,000 1,048,850 Dallas, TX, General Obligation 5.00%, 02/15/2011........... 710,000 746,920 ----------- 1,795,770 ----------- VIRGINIA -- 9.3% Loudoun County, VA, General Obligation 5.00%, 06/01/2012........... 1,000,000 1,073,430 Virginia State Public Building Authority, Building Revenue Bonds, Series A 5.00%, 08/01/2010........... 1,000,000 1,045,890 ----------- 2,119,320 ----------- TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $21,467,750)............ 21,599,907 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 4.0% MONEY MARKET FUND -- 4.0% State Street Institutional Tax Free Money Market Fund 3.25%(a) (Cost $894,345)............. 894,345 894,345 ----------- TOTAL INVESTMENTS -- 99.0% (Cost $22,362,095).......... 22,494,252 OTHER ASSETS AND LIABILITIES -- 1.0%......... 236,235 ----------- NET ASSETS -- 100.0%.......... $22,730,487 ===========
(a) State Street Institutional Tax Free Money Market Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. See accompanying notes to financial statements. 23 SPDR LEHMAN SHORT TERM MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ --------------- Ambac Financial Group (AMBAC) 8.1% Financial Security Assurance, Inc. (FSA) 4.6% Municipal Bond Investors Assurance Corp. (MBIA) 13.8%
See accompanying notes to financial statements. 24 SPDR LEHMAN INTERMEDIATE TERM TREASURY ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 99.0% Treasury Bonds 7.25%, 05/15/2016............ $100,000 $ 122,947 7.50%, 11/15/2016............ 96,000 120,506 8.75%, 05/15/2017............ 85,000 115,612 8.88%, 08/15/2017............ 50,000 68,799 9.25%, 02/15/2016............ 26,000 35,498 9.88%, 11/15/2015............ 28,000 39,224 10.63%, 08/15/2015........... 17,000 24,542 11.25%, 02/15/2015........... 52,000 75,988 11.75%, 11/15/2014........... 23,000 26,560 12.00%, 08/15/2013........... 58,000 61,042 12.50%, 08/15/2014........... 20,000 22,940 13.25%, 05/15/2014........... 21,000 23,780 Treasury Notes 2.63%, 03/15/2009............ 90,000 89,455 3.00%, 02/15/2009............ 94,000 93,864 3.13%, 04/15/2009............ 91,000 91,032 3.13%, 11/30/2009............ 125,000 125,110 3.25%, 01/15/2009............ 88,000 88,137 3.25%, 12/31/2009............ 100,000 100,348 3.38%, 09/15/2009............ 89,000 89,463 3.38%, 10/15/2009............ 102,000 102,624 3.38%, 11/30/2012............ 80,000 79,747 3.50%, 08/15/2009............ 89,000 89,591 3.50%, 11/15/2009............ 88,000 88,768 3.50%, 12/15/2009............ 88,000 88,739 3.50%, 02/15/2010............ 84,000 84,753 3.63%, 07/15/2009............ 105,000 105,824 3.63%, 10/31/2009............ 120,000 121,193 3.63%, 01/15/2010............ 82,000 82,954 3.63%, 06/15/2010............ 82,000 83,123 3.63%, 12/31/2012............ 50,000 50,381 3.63%, 05/15/2013............ 108,000 108,673 3.88%, 05/15/2009............ 83,000 83,837 3.88%, 05/15/2010............ 90,000 91,703 3.88%, 07/15/2010............ 78,000 79,594 3.88%, 09/15/2010............ 76,000 77,639 3.88%, 10/31/2012............ 75,000 76,453 3.88%, 02/15/2013............ 107,000 109,132 4.00%, 06/15/2009............ 86,000 87,126 4.00%, 08/31/2009............ 110,000 111,585 4.00%, 09/30/2009............ 100,000 101,573 4.00%, 03/15/2010............ 85,000 86,736 4.00%, 04/15/2010............ 97,000 98,981 4.00%, 11/15/2012............ 108,000 110,922 4.00%, 02/15/2014............ 157,000 160,327 4.00%, 02/15/2015............ 148,000 150,116 4.13%, 08/15/2010............ 76,000 78,047 4.13%, 08/31/2012............ 80,000 82,374 4.13%, 05/15/2015............ 132,000 134,561 4.25%, 10/15/2010............ 75,000 77,391 4.25%, 01/15/2011............ 78,000 80,650 4.25%, 09/30/2012............ 80,000 82,794 4.25%, 08/15/2013............ 190,000 196,870 4.25%, 11/15/2013............ 170,000 176,168 4.25%, 08/15/2014............ 140,000 144,725 4.25%, 11/15/2014............ 137,000 141,324 4.25%, 08/15/2015............ 136,000 139,581 4.25%, 11/15/2017............ 125,000 127,187 4.38%, 12/15/2010............ 75,000 77,780 4.38%, 08/15/2012............ 108,000 112,684 4.50%, 02/15/2009............ 130,000 131,915 4.50%, 03/31/2009............ 123,000 125,032 4.50%, 04/30/2009............ 108,000 109,928 4.50%, 05/15/2010............ 85,000 87,842 4.50%, 11/15/2010............ 77,000 80,082 4.50%, 02/28/2011............ 84,000 87,489 4.50%, 09/30/2011............ 83,000 86,580 4.50%, 11/30/2011............ 84,000 87,662 4.50%, 03/31/2012............ 78,000 81,517 4.50%, 04/30/2012............ 78,000 81,492 4.50%, 11/15/2015............ 136,000 141,647 4.50%, 02/15/2016............ 126,000 131,134 4.50%, 05/15/2017............ 125,000 129,521 4.63%, 07/31/2009............ 110,000 112,565 4.63%, 11/15/2009............ 114,000 117,283 4.63%, 08/31/2011............ 84,000 87,915 4.63%, 10/31/2011............ 84,000 88,009 4.63%, 12/31/2011............ 78,000 81,827 4.63%, 02/29/2012............ 78,000 81,867 4.63%, 07/31/2012............ 80,000 83,996 4.63%, 11/15/2016............ 116,000 121,468 4.63%, 02/15/2017............ 126,000 131,689 4.75%, 02/28/2009............ 108,000 109,966 4.75%, 02/15/2010............ 96,000 99,305 4.75%, 03/31/2011............ 83,000 87,068 4.75%, 01/31/2012............ 78,000 82,211 4.75%, 05/31/2012............ 80,000 84,398 4.75%, 05/15/2014............ 161,000 171,167 4.75%, 08/15/2017............ 130,000 137,292 4.88%, 01/31/2009............ 120,000 122,110 4.88%, 05/15/2009............ 139,000 142,307 4.88%, 05/31/2009............ 110,000 112,694 4.88%, 06/30/2009............ 110,000 112,836 4.88%, 08/15/2009............ 126,000 129,475 4.88%, 04/30/2011............ 84,000 88,444 4.88%, 05/31/2011............ 90,000 94,817 4.88%, 07/31/2011............ 81,000 85,481 4.88%, 02/15/2012............ 122,000 129,437 4.88%, 06/30/2012............ 90,000 95,446 4.88%, 08/15/2016............ 141,000 150,138 5.00%, 02/15/2011............ 120,000 126,757 5.00%, 08/15/2011............ 141,000 149,542 5.13%, 06/30/2011............ 90,000 95,608 5.13%, 05/15/2016............ 126,000 136,361 5.50%, 05/15/2009............ 73,000 75,350 5.75%, 08/15/2010............ 118,000 125,934 6.00%, 08/15/2009............ 125,000 130,689 6.50%, 02/15/2010............ 112,000 119,778 ----------- TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $10,412,958)........... 10,842,148 -----------
See accompanying notes to financial statements. 25 SPDR LEHMAN INTERMEDIATE TERM TREASURY ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 0.2% MONEY MARKET FUND -- 0.2% State Street Institutional Liquid Reserves Fund 4.86% (a) (Cost $26,424)................ 26,424 $ 26,424 ----------- TOTAL INVESTMENTS -- 99.2% (Cost $10,439,382)............ 10,868,572 OTHER ASSETS AND LIABILITIES -- 0.8%........... 89,327 ----------- NET ASSETS -- 100.0%............ $10,957,899 ===========
(a) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. See accompanying notes to financial statements. 26 SPDR LEHMAN LONG TERM TREASURY ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 98.5% Treasury Bonds 4.50%, 02/15/2036........... $1,085,000 $ 1,090,870 4.75%, 02/15/2037........... 648,000 678,197 5.00%, 05/15/2037........... 633,000 688,786 5.25%, 11/15/2028........... 423,000 465,347 5.25%, 02/15/2029........... 442,000 486,253 5.38%, 02/15/2031........... 679,000 764,900 5.50%, 08/15/2028........... 441,000 499,472 6.00%, 02/15/2026........... 497,000 588,219 6.13%, 11/15/2027........... 851,000 1,030,433 6.13%, 08/15/2029........... 412,000 504,066 6.25%, 08/15/2023........... 910,000 1,089,561 6.25%, 05/15/2030........... 676,000 843,614 6.38%, 08/15/2027........... 340,000 421,889 6.50%, 11/15/2026........... 428,000 535,569 6.63%, 02/15/2027........... 364,000 461,938 6.75%, 08/15/2026........... 315,000 403,213 6.88%, 08/15/2025........... 420,000 540,044 7.13%, 02/15/2023........... 591,000 762,644 7.25%, 08/15/2022........... 395,000 512,955 7.50%, 11/15/2024........... 362,000 490,340 7.63%, 11/15/2022........... 264,000 354,520 7.63%, 02/15/2025........... 353,000 483,935 7.88%, 02/15/2021........... 392,000 527,275 8.00%, 11/15/2021........... 1,176,000 1,609,862 8.13%, 08/15/2019........... 730,000 984,055 8.13%, 05/15/2021........... 383,000 526,246 8.13%, 08/15/2021........... 341,000 469,826 8.50%, 02/15/2020........... 362,000 503,441 8.75%, 05/15/2020........... 276,000 391,826 8.75%, 08/15/2020........... 659,000 938,403 8.88%, 02/15/2019........... 503,000 707,469 9.00%, 11/15/2018........... 257,000 363,408 9.13%, 05/15/2018........... 247,000 349,209 ----------- TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $20,233,382).......... 21,067,785 -----------
SHARES ------ SHORT TERM INVESTMENTS -- 0.0%(A) MONEY MARKET FUND -- 0.0%(A) State Street Institutional Liquid Reserves Fund 4.86% (b) (Cost $3,049).................. 3,049 3,049 ----------- TOTAL INVESTMENTS -- 98.5% (Cost $20,236,431)............. 21,070,834 OTHER ASSETS AND LIABILITIES -- 1.5%........ 328,557 ----------- NET ASSETS -- 100.0%............. $21,399,391 ===========
(a) Amount represents less than 0.05% of net assets. (b) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. See accompanying notes to financial statements. 27 SPDR BARCLAYS CAPITAL TIPS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 99.9% Treasury Inflation Protected Indexed Bonds 2.00%, 01/15/2026........... $1,327,354 $ 1,323,783 2.38%, 01/15/2025........... 1,960,689 2,061,488 2.38%, 01/15/2027........... 1,081,574 1,145,365 3.38%, 04/15/2032........... 363,699 466,684 3.63%, 04/15/2028........... 1,375,671 1,746,648 3.88%, 04/15/2029........... 1,591,117 2,108,150 Treasury Inflation Protected Indexed Notes 0.88%, 04/15/2010........... 1,945,357 1,939,443 1.63%, 01/15/2015........... 1,312,968 1,318,469 1.88%, 07/15/2013........... 1,434,413 1,479,181 1.88%, 07/15/2015........... 1,148,202 1,170,661 2.00%, 04/15/2012........... 1,120,172 1,161,439 2.00%, 01/15/2014........... 1,493,641 1,543,768 2.00%, 07/15/2014........... 1,330,032 1,374,189 2.00%, 01/15/2016........... 1,125,251 1,155,464 2.38%, 04/15/2011........... 1,338,869 1,395,918 2.38%, 01/15/2017........... 1,124,049 1,187,356 2.50%, 07/15/2016........... 1,304,517 1,392,142 3.00%, 07/15/2012........... 1,687,180 1,828,229 3.38%, 01/15/2012........... 445,931 486,663 3.50%, 01/15/2011........... 828,269 890,919 3.88%, 01/15/2009........... 1,276,458 1,314,790 4.25%, 01/15/2010........... 889,107 949,015 2.63%, 07/15/2017........... 885,050 955,784 TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $29,454,378).......... 30,395,548 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 0.0%(A) MONET MARKET FUND -- 0.0%(A) State Street Institutional Liquid Reserves Fund 4.86%(b) (Cost $4,518)............... 4,518 4,518 ----------- TOTAL INVESTMENTS -- 99.9% (Cost $29,458,896).......... 30,400,066 OTHER ASSETS AND LIABILITIES -- 0.1%......... 19,669 ----------- NET ASSETS -- 100.0%.......... $30,419,735 ===========
(a) Amount shown represents less than 0.05% of net assets. (b) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. See accompanying notes to financial statements. 28 SPDR LEHMAN CALIFORNIA MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 97.5% CALIFORNIA -- 95.8% Bakersfield, CA, Wastewater Revenue, Series A (FSA) 5.00%, 09/15/2032........... $ 500,000 $ 523,845 California State Department of Water Resources & Power Supply Revenue, Series A (AMBAC) 5.50%, 05/01/2013........... 1,000,000 1,097,900 California State Economic Recovery, Series A (MBIA) 5.00%, 07/01/2015........... 1,000,000 1,087,640 California State University Revenue, Series A (AMBAC) 5.00%, 11/01/2025........... 500,000 523,045 Chabot-Las Positas Community College District (AMBAC) 4.87%*, 08/01/2024.......... 1,400,000 617,498 Contra Costa County, CA, Public Financing Lease Revenue, Series B (MBIA) 5.00%, 06/01/2017........... 315,000 345,177 Los Angeles, CA, Unified School District, Series B (AMBAC) 5.00%, 07/01/2022........... 500,000 535,495 Los Angeles, CA, Water & Power Revenue, Series A-1 (AMBAC) 5.00%, 07/01/2023........... 900,000 962,424 North Orange County, CA, Community College District (MBIA) 5.00%, 08/01/2015........... 1,000,000 1,094,850 Port of Oakland, CA, Revenue, Series B (MBIA) 5.00%, 11/01/2026........... 600,000 633,330 San Diego, CA, Community College District (FSA) 5.00%, 08/01/2032........... 1,000,000 1,047,230 San Francisco, CA, Bay Area Rapid Transit District, Series B 5.00%, 08/01/2022........... 500,000 544,000 San Francisco, CA, City & County Public Utilities Commission, Water Revenue, Series A (FSA) 4.50%, 11/01/2031........... 500,000 492,070 San Francisco, CA, Community College District, Series B (AMBAC) 5.25%, 06/15/2012........... 800,000 866,088 San Jose, CA, Redevelopment Agency Tax Allocation, Project A (MBIA) 5.25%, 08/01/2013........... 500,000 546,070 San Mateo County, CA, Community College District, Series B 5.00%, 09/01/2031........... 315,000 328,929 Santa Clara Valley Transportation Authority, Sales Tax Revenue, Series A (AMBAC) 5.00%, 04/01/2036........... 500,000 517,550 University of California, Revenue, Series A (AMBAC) 5.13%, 05/15/2018........... 500,000 536,620 Vista, CA, Certificates of Participation, Community Projects (MBIA) 5.00%, 05/01/2031........... 500,000 508,165 ----------- 12,807,926 ----------- PUERTO RICO -- 1.7% Puerto Rico Commonwealth Infrastructure Financing Authority, Series A (AMBAC) 5.03%*, 07/01/2029.......... 655,000 227,095 ----------- TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $12,966,784).......... 13,035,021 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 1.3% MONEY MARKET FUND -- 1.3% State Street Institutional Tax Free Money Market Fund 3.25%(a) (Cost $172,140)............. 172,140 172,140 ----------- TOTAL INVESTMENTS -- 98.8% (Cost $13,138,924).......... 13,207,161 OTHER ASSETS AND LIABILITIES -- 1.2%..... 155,038 ----------- NET ASSETS -- 100.0%.......... $13,362,199 ===========
* Zero coupon bond -- Rate shown represents current yield to maturity. (a) State Street Institutional Tax Free Money Market Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end.
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ --------------- Ambac Financial Group (AMBAC)...... 44.0% Financial Security Assurance, Inc. (FSA)............................ 15.4% Municipal Bond Investors Assurance Corp. (MBIA)..................... 31.6%
See accompanying notes to financial statements. 29 SPDR LEHMAN NEW YORK MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 94.9% NEW YORK -- 84.6% Erie County, NY, Industrial Development Agency, Series A (FSA) 5.75%, 05/01/2024........... $ 500,000 $ 566,270 Liberty, NY, Development Corporation Revenue 5.25%, 10/01/2035........... 500,000 524,790 Long Island Power Authority, NY Electric System Revenue, Series F (MBIA) 5.00%, 05/01/2018........... 500,000 540,705 Metropolitan Transportation Authority, Series B (MBIA) 5.00%, 11/15/2025........... 500,000 526,675 New York State Dorm Authority Revenue, Series C 5.00%, 12/15/2020........... 1,000,000 1,077,690 New York State Environmental Facscorp, Series A 4.50%, 06/15/2036........... 885,000 872,398 New York State General Obligation 5.00%, 04/15/2015........... 1,000,000 1,093,600 New York State Thruway Authority, General Revenue: Series B 5.00%, 04/01/2027........... 500,000 316,794 Series H (FGIC) 5.00%, 01/01/2032........... 300,000 519,940 New York State Urban Development Corporation Revenue, Series A-1 (AMBAC) 5.00%, 12/15/2022........... 520,000 553,634 New York, NY, General Obligation Series G 5.00%, 08/01/2025........... 385,000 398,163 Series J 5.50%, 06/01/2020........... 1,000,000 1,109,170 New York, NY, Industrial Development Agency Revenue, Yankee Stadium -- Pilot (MBIA) 5.00%, 03/01/2011........... 500,000 524,660 New York, NY, Municipal Finance Authority, Water and Sewer System Revenue 5.00%, 06/15/2037........... 500,000 519,445 New York, NY, Transitional Finance Authority 5.00%, 11/01/2009........... 450,000 466,335 Port Authority of New York & New Jersey, Revenue 5.00%, 12/01/2029........... 500,000 518,985 Sales Tax Asset Receivables Corporation, NY, Series A (MBIA) 5.00%, 10/15/2020........... 500,000 535,230 Westchester County, NY, General Obligation, Series A 3.75%, 11/15/2012........... 500,000 511,600 ----------- 11,176,084 ----------- PUERTO RICO -- 10.3% Puerto Rico Commonwealth, General Obligation, Series A (MBIA) 5.50%, 07/01/2019........... 725,000 809,513 Puerto Rico Electric Power Authority Revenue, Series UU (FSA) 5.00%, 07/01/2016........... 500,000 546,235 ----------- 1,355,748 ----------- TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $12,489,913).......... 12,531,832 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 4.7% MONEY MARKET FUND -- 4.7% State Street Institutional Tax Free Money Market Fund 3.25%(a) (Cost $613,913)............. 613,913 613,913 ----------- TOTAL INVESTMENTS -- 99.6% (Cost $13,103,826).......... 13,145,745 OTHER ASSETS AND LIABILITIES -- 0.4%......... 54,699 ----------- NET ASSETS -- 100.0%.......... $13,200,444 ===========
(a) State Street Institutional Tax Free Money Market Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end.
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ --------------- Ambac Financial Group (AMBAC)...... 4.2% Financial Guaranty Insurance Company (FGIC)................... 3.9% Financial Security Assurance, Inc. (FSA)............................ 8.4% Municipal Bond Investors Assurance Corp. (MBIA)..................... 22.2%
See accompanying notes to financial statements. 30 SPDR LEHMAN MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 97.9% ALABAMA -- 1.4% Birmingham, AL, Capital Investment, Series A 4.50%, 12/01/2027........... $1,000,000 $ 996,050 ----------- ARIZONA -- 1.6% Phoenix, AZ, General Obligation, Series A 5.00%, 07/01/2017........... 1,000,000 1,103,250 ----------- CALIFORNIA -- 12.5% Bay Area Infrastructure Financing Authority Revenue (FGIC) 5.00%, 08/01/2017........... 900,000 966,078 Bay Area Toll Authority, CA, Toll Bridge Revenue, San Francisco Bay Area, Series F 5.00%, 04/01/2031........... 1,500,000 1,568,940 Los Angeles County, CA, Public Work Financing Authority Lease Revenue, Series A (MBIA) 5.00%, 12/01/2027........... 300,000 310,281 Los Angeles, CA, Unified School District, Series A 5.00%, 07/01/2018........... 900,000 977,076 San Francisco California, Bay Area Rapid Transit District, Series B 5.00%, 08/01/2022........... 1,500,000 1,632,000 San Francisco City & County Public Utilities Commission Water Revenue, Series A 4.50%, 11/01/2031........... 1,000,000 984,140 San Jose Evergreen California, Community College District, Series A (AMBAC) 4.56%*, 09/01/2020.......... 2,500,000 1,437,475 Yuba, CA, Community College District, Series B (AMBAC) 4.75%, 08/01/2037........... 1,000,000 1,009,160 ----------- 8,885,150 ----------- CONNECTICUT -- 1.4% Connecticut State General Obligation, Series A 4.50%, 05/01/2026........... 1,000,000 1,015,180 ----------- FLORIDA -- 5.7% Florida State Board Of Public Education, General Obligation 5.00%, 06/01/2016........... 900,000 986,580 Florida State Department of Environmental Protection Revenue, Series A 5.00%, 07/01/2009........... 1,000,000 1,027,630 Gainesville, FL, Utility System Revenue, Series A (FSA) 5.00%, 10/01/2035........... 900,000 990,171 Palm Beach County, FL, Public Improvement Revenue, Biomedical Research Park Project, Series A (AMBAC) 5.00%, 06/01/2025........... 1,000,000 1,042,040 ----------- 4,046,421 ----------- GEORGIA -- 4.5% Georgia State General Obligation: Series B 5.00%, 04/01/2012........... 2,000,000 2,140,820 Series D 5.00%, 07/01/2009........... 1,000,000 1,029,400 ----------- 3,170,220 ----------- HAWAII -- 1.3% Hawaii State General Obligation, Series DJ (AMBAC) 5.00%, 04/01/2023........... 900,000 956,745 ----------- ILLINOIS -- 3.8% Chicago, IL, General Obligation, Series A 5.00%, 01/01/2015........... 900,000 980,172 Chicago, IL, Metropolitan Water Reclamation District, Series A 5.00%, 12/01/2020........... 1,000,000 1,100,020 Southwestern, IL, Development Authority Revenue (FSA) 4.57%*, 12/01/2021.......... 1,125,000 599,276 ----------- 2,679,468 ----------- KENTUCKY -- 3.7% Kentucky Asset Liability Commission Agency Revenue (MBIA) 5.00%, 09/01/2013........... 1,000,000 1,075,820 Kentucky State Turnpike Authority, Economic Development Road Revenue (AMBAC) 5.00%, 07/01/2025........... 1,500,000 1,572,510 ----------- 2,648,330 ----------- MARYLAND -- 1.9% Maryland State General Obligation, First Series 5.00%, 08/01/2012........... 1,250,000 1,343,925 ----------- MASSACHUSETTS -- 6.2% Massachusetts Bay Transportation Authority, Massachusetts Sales Tax Revenue, Series A 5.00%, 07/01/2021........... 1,000,000 1,100,190 Massachusetts State General Obligation, Series A 5.25%, 08/01/2019........... 900,000 1,011,393 Massachusetts State Water Pollution Abatement Trust 5.25%, 08/01/2033........... 2,000,000 2,289,560 ----------- 4,401,143 ----------- MICHIGAN -- 2.6% Michigan Municipal Bond Authority Revenue 5.00%, 10/01/2022........... 1,700,000 1,817,793 ----------- MINNESOTA -- 2.8% Minnesota State, General Obligation 5.00%, 06/01/2015........... 1,820,000 2,000,490 -----------
See accompanying notes to financial statements. 31 SPDR LEHMAN MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MISSOURI -- 2.8% Missouri State Regional Convention & Sports Complex Authority (AMBAC) 5.25%, 08/15/2016........... $1,800,000 $ 1,951,578 ----------- NEVADA -- 2.9% Clark County, NV, School District, Series A 5.00%, 06/15/2014........... 900,000 980,550 Nevada State Highway Improvement Revenue (FSA) 5.00%, 12/01/2017........... 1,000,000 1,092,310 ----------- 2,072,860 ----------- NEW JERSEY -- 3.1% New Jersey State Educational Facilities Authority Revenue, Higher Education, Capital Improvement, Series A 5.00%, 09/01/2018........... 735,000 795,630 New Jersey State Transportation Trust Fund Authority, Series A 5.25%, 06/15/2012........... 1,305,000 1,412,806 ----------- 2,208,436 ----------- NEW YORK -- 11.8% Long Island Power Authority, NY, Electric System Revenue, Series F (MBIA) 5.00%, 05/01/2018........... 1,500,000 1,622,115 New York State Thruway Authority, General Revenue, Series G (FSA) 4.75%, 01/01/2030........... 920,000 933,322 New York State Urban Development Corp. Revenue: Series A-1 (AMBAC) 5.00%, 12/15/2022........... 1,000,000 1,064,680 Series B 3.63%, 03/15/2012........... 710,000 718,953 New York, NY, City Transitional Finance Authority Revenue, Sub Series C-1 5.00%, 11/01/2020........... 900,000 973,998 New York, NY, General Obligation, Series C-1 5.00%, 10/01/2012........... 1,400,000 1,489,054 Port Authority of New York & New Jersey, Revenue 5.00%, 12/01/2029........... 1,500,000 1,556,955 ----------- 8,359,077 ----------- NORTH CAROLINA -- 1.5% North Carolina State, General Obligation, Series B 5.00%, 04/01/2014........... 1,000,000 1,091,010 ----------- OHIO -- 1.4% Hamilton County, OH, Sales Tax Revenue, Series A (AMBAC) 5.00%, 12/01/2022........... 955,000 1,016,368 ----------- PENNSYLVANIA -- 4.4% Commonwealth Financing Authority Revenue, Series A (FSA) 5.00%, 06/01/2025........... 1,925,000 2,027,506 Pennsylvania State General Obligation, Series A 5.00%, 11/01/2013........... 1,000,000 1,086,060 ----------- 3,113,566 ----------- SOUTH CAROLINA -- 4.2% Charleston County, SC, Sales Tax Revenue 5.00%, 11/01/2018........... 2,000,000 2,198,600 South Carolina Transportation Infrastructure Bank Revenue, Series A (AMBAC) 5.50%, 10/01/2019........... 650,000 743,886 ----------- 2,942,486 ----------- TEXAS -- 7.4% Houston TX, Utility System Revenue, Series A 5.25%, 11/15/2017........... 900,000 1,005,687 Texas State General Obligation 4.75%, 04/01/2036........... 1,000,000 1,003,990 Wichita Falls, TX, Water and Sewer Revenue (FGIC) 4.50%, 08/01/2023........... 1,000,000 1,004,210 Williamson County, TX, General Obligation (MBIA) 5.25%, 02/15/2018........... 2,000,000 2,208,580 ----------- 5,222,467 ----------- VIRGINIA -- 2.9% Fairfax County, VA, General Obligation, Series A 4.00%, 04/01/2020........... 1,000,000 998,990 Virginia College Building Authority, Educational Facilities Revenue, Series B 5.00%, 02/01/2009........... 1,000,000 1,021,830 ----------- 2,020,820 ----------- WASHINGTON -- 6.1% Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue, Series A 5.00%, 11/01/2036........... 2,000,000 2,081,800 Energy Northwest Washington Electric Revenue, Series A (MBIA) 5.50%, 07/01/2012........... 1,200,000 1,305,192 Washington State General Obligation, Series A 5.00%, 07/01/2023........... 900,000 957,330 ----------- 4,344,322 ----------- TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $69,098,714).......... 69,407,155 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 1.2% MONEY MARKET -- 1.2% State Street Institutional Tax Free Money Market Fund 3.25%(a) (Cost $868,549)............. 868,549 868,549 -----------
See accompanying notes to financial statements. 32 SPDR LEHMAN MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
VALUE ----- TOTAL INVESTMENTS -- 99.1% (Cost $69,967,263).......... 70,275,704 OTHER ASSETS AND LIABILITIES -- 0.9%......... 625,768 ----------- NET ASSETS -- 100.0%.......... $70,901,472 ===========
* Zero coupon bond -- Rate shown represents current yield to maturity. (a) State Street Institutional Tax Free Money Market Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end.
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ --------------- Ambac Financial Group (AMBAC)...... 15.22% Municipal Bond Investors Assurance Corp. (MBIA)..................... 9.20% Financial Security Assurance, Inc, (FSA)............................ 7.96% Financial Guaranty Insurance Co. (FGIC)........................... 2.78%
See accompanying notes to financial statements. 33 SPDR LEHMAN AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- CORPORATE BONDS & NOTES -- 29.4% AEROSPACE & DEFENSE -- 0.6% Boeing Co. 6.13%, 02/15/2033........... $ 60,000 $ 62,458 Honeywell International, Inc. 6.13%, 11/01/2011........... 330,000 348,129 ------------ 410,587 ------------ AUTOMOBILES -- 0.5% DaimlerChrysler NA Holding Corp. 7.20%, 09/01/2009........... 330,000 340,234 ------------ BUILDING PRODUCTS -- 0.2% Masco Corp. 6.13%, 10/03/2016........... 150,000 145,951 ------------ CAPITAL MARKETS -- 2.5% Morgan Stanley 4.00%, 01/15/2010........... 900,000 883,999 Svensk Exportkredit AB 5.13%, 03/01/2017........... 150,000 154,653 The Goldman Sachs Group, Inc. 5.35%, 01/15/2016........... 480,000 475,887 5.95%, 01/15/2027........... 120,000 108,458 ------------ 1,622,997 ------------ CHEMICALS -- 0.2% E.I. du Pont de Nemours & Co. 5.25%, 12/15/2016........... 150,000 148,071 ------------ COMMERCIAL BANKS -- 6.9% Bank of New York Mellon Corp. 4.95%, 11/01/2012........... 100,000 100,491 Deutsche Bank AG London 5.38%, 10/12/2012........... 150,000 153,344 6.00%, 09/01/2017........... 180,000 185,534 European Investment Bank 5.00%, 02/08/2010........... 900,000 927,810 HSBC Bank USA NA 4.63%, 04/01/2014........... 300,000 284,231 International Bank for Reconstruction & Development 4.75%, 02/15/2035........... 35,000 34,204 Key Bank NA 5.80%, 07/01/2014........... 180,000 176,828 KfW 3.25%, 03/30/2009........... 1,500,000 1,493,400 Royal Bank of Scotland Group PLC 5.00%, 11/12/2013........... 150,000 145,305 US Bank NA 6.38%, 08/01/2011........... 100,000 105,140 Wachovia Bank NA 5.85%, 02/01/2037........... 270,000 243,550 Wells Fargo & Co. 4.88%, 01/12/2011........... 150,000 150,123 5.63%, 12/11/2017........... 100,000 100,694 Wells Fargo Bank NA 4.75%, 02/09/2015........... 330,000 315,908 ------------ 4,416,562 ------------ COMMUNICATIONS EQUIPMENT -- 0.2% Cisco Systems, Inc. 5.50%, 02/22/2016........... 90,000 91,571 ------------ COMPUTERS & PERIPHERALS -- 0.3% International Business Machines Corp. 5.88%, 11/29/2032........... 60,000 60,726 Oracle Corp. 5.00%, 01/15/2011........... 150,000 151,702 ------------ 212,428 ------------ DIVERSIFIED FINANCIAL SERVICES -- 7.2% Bank of America Corp. 7.80%, 02/15/2010........... 100,000 106,442 Bank of America NA 5.30%, 03/15/2017........... 150,000 145,914 CIT Group, Inc. 4.25%, 02/01/2010........... 630,000 599,523 Citigroup, Inc. 5.63%, 08/27/2012........... 750,000 756,958 Credit Suisse USA, Inc. 6.50%, 01/15/2012........... 630,000 664,276 General Electric Capital Corp. 6.75%, 03/15/2032........... 240,000 254,530 HSBC Finance Corp. 5.25%, 01/14/2011........... 630,000 630,947 JPMorgan Chase & Co. 6.63%, 03/15/2012........... 1,260,000 1,334,471 Lehman Brothers Holdings, Inc. 6.75%, 12/28/2017........... 100,000 103,412 ------------ 4,596,473 ------------ ELECTRIC UTILITIES -- 0.9% Consolidated Edison Co. NY, Inc. Ser 07 A 6.30%, 08/15/2037........... 60,000 61,115 Pacific Gas & Electric Co. 4.80%, 03/01/2014........... 330,000 321,684 Progress Energy, Inc. 7.75%, 03/01/2031........... 150,000 176,048 ------------ 558,847 ------------ FOOD & STAPLES RETAILING -- 0.2% Wal-Mart Stores, Inc. 5.88%, 04/05/2027........... 120,000 118,123 ------------ FOOD PRODUCTS -- 0.6% Archer-Daniels-Midland Co. 5.38%, 09/15/2035........... 90,000 77,966 General Mills, Inc. 5.70%, 02/15/2017........... 150,000 147,039 Kraft Foods, Inc. 5.63%, 11/01/2011........... 150,000 152,725 ------------ 377,730 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.1% Baxter International, Inc. 6.25%, 12/01/2037........... 50,000 52,169 ------------ HEALTH CARE PROVIDERS & SERVICES -- 0.5% UnitedHealth Group, Inc. 5.25%, 03/15/2011........... 330,000 330,503 ------------
See accompanying notes to financial statements. 34 SPDR LEHMAN AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- HOUSEHOLD PRODUCTS -- 0.1% Procter & Gamble Co. 5.55%, 03/05/2037........... $ 90,000 $ 90,482 ------------ INSURANCE -- 1.2% American International Group, Inc. 5.45%, 05/18/2017........... 300,000 292,827 MetLife, Inc. 5.70%, 06/15/2035........... 150,000 135,387 The Allstate Corp. 5.95%, 04/01/2036........... 60,000 56,395 The Travelers Cos., Inc. 6.25%, 03/15/2037........... 150,000 140,673 XL Capital, Ltd. 6.50%, 12/31/2049........... 150,000 128,533 ------------ 753,815 ------------ MACHINERY -- 0.1% Caterpillar, Inc. 6.05%, 08/15/2036........... 60,000 60,714 ------------ MEDIA -- 0.7% Comcast Corp. 6.50%, 01/15/2017........... 120,000 125,387 News America, Inc. 6.15%, 03/01/2037........... 90,000 87,704 Time Warner Cable, Inc. 5.85%, 05/01/2017........... 120,000 119,965 Time Warner, Inc. 7.70%, 05/01/2032........... 90,000 100,926 ------------ 433,982 ------------ METALS & MINING -- 0.2% Vale Overseas, Ltd. 6.88%, 11/21/2036........... 120,000 119,282 ------------ MULTI-UTILITIES -- 0.2% Midamerican Energy Holdings Co. 6.13%, 04/01/2036........... 150,000 150,238 ------------ MULTILINE RETAIL -- 0.2% Macy's Retail Holdings, Inc. 5.35%, 03/15/2012........... 150,000 146,436 ------------ OIL, GAS & CONSUMABLE FUELS -- 1.5% Anadarko Petroleum Corp. 5.95%, 09/15/2016........... 120,000 121,754 Canadian Natural Resources, Ltd. 6.25%, 03/15/2038........... 150,000 147,735 ConocoPhillips Canada Funding Co. 5.63%, 10/15/2016........... 330,000 338,996 Southern Natural Gas Co. 5.90%, 04/01/2017(a)........ 330,000 329,202 Transocean, Inc. 6.00%, 03/15/2018........... 50,000 50,711 ------------ 988,398 ------------ PHARMACEUTICALS -- 0.9% Abbott Laboratories 5.60%, 05/15/2011........... 150,000 155,362 AstraZeneca PLC 6.45%, 09/15/2037........... 30,000 32,553 Eli Lilly & Co. 5.20%, 03/15/2017........... 120,000 120,140 Schering-Plough Corp. 6.00%, 09/15/2017........... 150,000 154,966 Wyeth 5.95%, 04/01/2037........... 90,000 89,838 ------------ 552,859 ------------ REAL ESTATE INVESTMENT TRUST -- 0.8% Simon Property Group LP 5.60%, 09/01/2011........... 480,000 480,824 ------------ ROAD & RAIL -- 0.3% CSX Corp. 6.15%, 05/01/2037........... 60,000 55,692 Norfolk Southern Corp. 7.70%, 05/15/2017........... 120,000 136,455 ------------ 192,147 ------------ SPECIALTY RETAIL -- 0.2% Home Depot, Inc. 5.40%, 03/01/2016........... 150,000 142,085 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 2.1% AT&T Corp. 8.00%, 11/15/2031........... 180,000 222,364 Deutsche Telekom International Finance BV 8.00%, 06/15/2010........... 330,000 352,393 Embarq Corp. 7.08%, 06/01/2016........... 60,000 61,907 New Cingular Wireless Services, Inc. 8.13%, 05/01/2012........... 150,000 165,924 Sprint Capital Corp. 6.88%, 11/15/2028........... 90,000 85,810 Telecom Italia Capital SA 5.25%, 10/01/2015........... 210,000 204,346 Verizon Global Funding Corp. 6.88%, 06/15/2012........... 150,000 161,445 Vodafone Group PLC 5.63%, 02/27/2017........... 90,000 89,943 ------------ 1,344,132 ------------ TOTAL CORPORATE BONDS & NOTES -- (Cost $18,919,548).......... 18,877,640 ------------ FOREIGN GOVERNMENT AGENCY OBLIGATIONS -- 1.7% Province of Ontario 4.95%, 06/01/2012........... 180,000 187,039 Province of Quebec 7.50%, 09/15/2029........... 180,000 233,125 Republic of Italy 5.63%, 06/15/2012........... 300,000 319,590 United Mexican States 5.63%, 01/15/2017........... 330,000 333,300 ------------ TOTAL FOREIGN GOVERNMENT AGENCY OBLIGATIONS -- (Cost $1,067,775)........... 1,073,054 ------------
See accompanying notes to financial statements. 35 SPDR LEHMAN AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. AGENCY MBS TBA-- 38.3% Fannie Mae 4.50%, 30YR TBA............. $ 500,000 $ 473,047 5.00%, 15YR TBA............. 1,400,000 1,401,094 5.50%, 30YR TBA............. 5,600,000 5,591,687 6.50%, 30YR TBA............. 1,925,000 1,978,840 6.00%, 15YR TBA............. 1,250,000 1,279,102 7.00%, 30YR TBA............. 750,000 779,766 Federal Home Loan Bank 5.50%, 15YR TBA............. 650,000 657,922 Freddie Mac 4.50%, 15YR TBA............. 1,350,000 1,327,430 5.00%, 30YR TBA............. 3,500,000 3,414,961 6.00%, 30YR TBA............. 4,550,000 4,617,539 6.50%, 15YR TBA............. 450,000 462,867 Ginnie Mae 5.00%, 30YR TBA............. 300,000 295,617 5.50%, 30YR TBA............. 800,000 805,687 6.00%, 30YR TBA............. 800,000 818,750 6.50%, 30YR TBA............. 700,000 722,750 ------------ TOTAL U.S. AGENCY MBS TBAS -- (Cost $24,531,500).......... 24,627,059 ------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 9.2% Fannie Mae 4.88%, 04/15/2009........... 300,000 304,553 5.00%, 02/16/2012........... 628,000 654,407 5.00%, 05/11/2017........... 300,000 311,389 7.13%, 01/15/2030........... 330,000 428,880 Federal Home Loan Bank 5.13%, 08/14/2013........... 630,000 664,175 5.38%, 08/19/2011........... 1,110,000 1,168,521 Freddie Mac 4.50%, 01/15/2013........... 120,000 122,793 5.00%, 01/16/2009........... 1,585,000 1,604,170 5.00%, 04/18/2017........... 628,000 652,428 ------------ TOTAL GOVERNMENT AGENCY OBLIGATIONS -- (Cost $5,843,246)........... 5,911,316 ------------ U.S. TREASURY OBLIGATIONS -- 20.7% Treasury Bonds 4.50%, 02/15/2036........... 452,000 454,445 6.00%, 02/15/2026........... 1,419,000 1,679,443 8.88%, 08/15/2017........... 1,198,000 1,648,436 Treasury Notes 4.00%, 04/15/2010........... 2,478,000 2,528,601 4.13%, 05/15/2015........... 600,000 611,640 4.50%, 03/31/2009........... 734,000 746,126 4.50%, 04/30/2012........... 3,788,000 3,957,589 4.88%, 08/15/2016........... 1,598,000 1,701,566 ------------ TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $13,214,562).......... 13,327,846 ------------ SHORT TERM INVESTMENTS -- 39.3% COMMERCIAL PAPER -- 38.0%(D) Lexington Parker Capital Co. 5.20%, 01/17/2008(c)........ 1,000,000 997,833 5.75%, 01/07/2008(c)........ 4,500,000 4,496,406 6.25%, 01/14/2008(c)........ 4,500,000 4,490,625 Surrey Funding Corp. 5.17%, 01/31/2008(c)........ 3,000,000 2,987,506 5.40%, 01/14/2008(c)........ 3,000,000 2,994,600 5.80%, 01/17/2008(c)........ 4,500,000 4,489,125 6.00%, 01/10/2008(c)........ 4,000,000 3,994,667 ------------ 24,450,762 ------------ SHARES ------ MONEY MARKET FUND -- 1.3% State Street Institutional Liquid Reserves Fund 4.91%,(b)(c)........... 844,763 844,763 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $25,295,525).......... 25,295,525 ------------ TOTAL INVESTMENTS -- 138.6% (Cost $88,872,156).......... 89,112,440 OTHER ASSETS AND LIABILITIES -- (38.6)%...... (24,837,425) ------------ NET ASSETS -- 100.0%.......... $ 64,275,015 ============
(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.51% of net assets as of December 31, 2007, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (b) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. (c) Security or a portion of the security has been designated as collateral for TBA securities. (d) Rate shown is annualized yield at time of purchase; not coupon rate. TBA = To Be Announced See accompanying notes to financial statements. 36 SPDR LEHMAN INTERNATIONAL TREASURY BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- FOREIGN GOVERNMENT OBLIGATIONS -- 96.6% AUSTRALIA -- 2.1% Commonwealth of Australia 6.00%, 02/15/2017......... 1,360,000 $ 1,167,042 6.50%, 05/15/2013......... 1,700,000 1,489,536 7.50%, 09/15/2009......... 1,275,000 1,131,143 ------------ 3,787,721 ------------ AUSTRIA -- 3.5% Republic of Austria 3.80%, 10/20/2013(b)...... 1,530,000 2,189,230 4.65%, 01/15/2018......... 1,530,000 2,277,844 6.25%, 07/15/2027......... 1,020,000 1,788,404 ------------ 6,255,478 ------------ BELGIUM -- 4.6% Kingdom of Belgium 5.00%, 09/28/2012......... 3,400,000 5,133,293 5.00%, 03/28/2035......... 850,000 1,287,483 5.50%, 09/28/2017......... 1,190,000 1,881,261 ------------ 8,302,037 ------------ CANADA -- 4.1% Government of Canada 4.00%, 06/01/2016......... 1,700,000 1,725,768 4.25%, 09/01/2009......... 1,700,000 1,734,760 5.25%, 06/01/2012......... 1,700,000 1,817,921 5.75%, 06/01/2029......... 1,700,000 2,117,701 ------------ 7,396,150 ------------ DENMARK -- 2.3% Kingdom of Denmark 4.00%, 11/15/2017......... 1,500,000 283,558 5.00%, 11/15/2013......... 17,400,000 3,537,078 6.00%, 11/15/2009......... 1,500,000 303,063 ------------ 4,123,699 ------------ FRANCE -- 4.5% Republic of France, Treasury Note 3.50%, 01/12/2009......... 2,040,000 2,964,633 Republic of France 4.00%, 04/25/2013......... 2,125,000 3,077,283 5.75%, 10/25/2032......... 1,190,000 2,012,175 ------------ 8,054,091 ------------ GERMANY -- 12.7% Federal Republic of Germany 3.50%, 10/09/2009......... 8,325,000 12,052,129 4.00%, 01/04/2037......... 1,190,000 1,574,478 4.25%, 07/04/2017......... 2,125,000 3,091,574 4.50%, 01/04/2013......... 2,550,000 3,789,435 5.63%, 01/04/2028......... 1,530,000 2,523,245 ------------ 23,030,861 ------------ GREECE -- 3.9% Republic of Greece 3.70%, 07/20/2015......... 5,100,000 7,098,591 ------------ ITALY -- 11.8% Republic of Italy 3.00%, 01/15/2010......... 4,240,000 6,068,522 4.00%, 02/01/2037......... 2,500,000 3,127,772 4.75%, 02/01/2013......... 2,125,000 3,179,899 5.25%, 08/01/2017......... 3,400,000 5,242,475 6.50%, 11/01/2027......... 2,125,000 3,745,900 ------------ 21,364,568 ------------ JAPAN -- 23.0% Government of Japan 5 Year Bond 0.50%, 12/20/2008......... 150,000,000 1,341,677 1.50%, 03/20/2011......... 50,000,000 456,523 Government of Japan 10 Year Issue 1.30%, 06/20/2012......... 1,060,000,000 9,632,208 1.50%, 09/20/2014......... 731,000,000 6,682,602 1.80%, 09/21/2009......... 1,265,000,000 11,530,903 Government of Japan 20 Year Bond 2.30%, 06/20/2027......... 360,000,000 3,336,768 2.60%, 03/20/2019......... 766,500,000 7,575,962 Government of Japan 30 Year Bond 2.40%, 03/20/2037......... 104,000,000 942,093 ------------ 41,498,736 ------------ MEXICO -- 2.4% United Mexican States 9.00%, 12/24/2009......... 14,790,000 1,383,154 9.00%, 12/20/2012......... 20,400,000 1,944,432 10.00%, 12/05/2024........ 8,925,000 950,371 ------------ 4,277,957 ------------ NETHERLANDS -- 4.5% Kingdom of the Netherlands 3.75%, 07/15/2009......... 2,125,000 3,092,127 3.75%, 07/15/2014......... 2,975,000 4,231,765 5.50%, 01/15/2028......... 510,000 827,080 ------------ 8,150,972 ------------ POLAND -- 2.7% Republic of Poland 6.00%, 05/24/2009......... 5,000,000 2,026,366 6.25%, 10/24/2015......... 6,800,000 2,805,349 ------------ 4,831,715 ------------ SOUTH AFRICA -- 2.1% Republic of South Africa 13.50%, 09/15/2015........ 20,400,000 3,806,969 ------------ SPAIN -- 4.6% Kingdom of Spain 3.15%, 01/31/2016......... 2,125,000 2,855,323 4.20%, 01/31/2037......... 340,000 455,892 6.15%, 01/31/2013......... 850,000 1,352,569 8.20%, 02/28/2009......... 2,380,000 3,635,538 ------------ 8,299,322 ------------ SWEDEN -- 2.5% Kingdom of Sweden 3.75%, 08/12/2017......... 5,300,000 783,125 5.50%, 10/08/2012......... 22,700,000 3,703,424 ------------ 4,486,549 ------------ TAIWAN -- 0.8% Government of Taiwan 2.38%, 09/21/2017......... 50,000,000 1,512,498 ------------
See accompanying notes to financial statements. 37 SPDR LEHMAN INTERNATIONAL TREASURY BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- UNITED KINGDOM -- 4.5% United Kingdom Treasury Bond 4.75%, 09/07/2015......... 1,105,000 $ 2,234,213 4.75%, 12/07/2038......... 850,000 1,819,926 5.00%, 03/07/2012......... 340,000 692,405 5.00%, 03/07/2025......... 1,050,000 2,218,548 5.75%, 12/07/2009......... 595,000 1,214,847 ------------ 8,179,939 ------------ TOTAL FOREIGN GOVERNMENT OBLIGATIONS -- (Cost $174,961,456)....... 174,457,853 ------------ SHARES ------ SHORT TERM INVESTMENTS -- 0.3% MONEY MARKET FUND -- 0.3% State Street Institutional Liquid Reserves Fund 4.86%(a) (Cost $544,017)........... 544,017 544,017 ------------ VALUE ----- TOTAL INVESTMENTS -- 96.9% (Cost $175,505,473)....... 175,001,870 OTHER ASSETS AND LIABILITIES -- 3.1%....... 5,674,398 ------------ NET ASSETS -- 100.0%........ $180,676,268 ============
(a) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.21% of net assets as of December 31, 2007, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See accompanying notes to financial statements. 38 SPDR LEHMAN HIGH YIELD BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- CORPORATE BONDS & NOTES -- 96.9% AEROSPACE & DEFENSE -- 1.6% L-3 Communications Corp. 6.38%, 10/15/2015............ $150,000 $ 147,750 ----------- CHEMICALS -- 2.4% Ineos Group Holdings Plc 8.50%, 02/15/2016(a)......... 150,000 133,500 Momentive Performance Materials, Inc. 9.75%, 12/01/2014(a)......... 100,000 92,000 ----------- 225,500 ----------- COMMERCIAL SERVICES & SUPPLIES -- 4.8% Allied Waste North America, Inc. 6.88%, 06/01/2017............ 100,000 97,500 ARAMARK Corp. 8.50%, 02/01/2015............ 150,000 151,875 Hertz Corp. 8.88%, 01/01/2014............ 200,000 202,750 ----------- 452,125 ----------- COMPUTERS & PERIPHERALS -- 3.1% Ceridian Corp. 11.25%, 11/15/2015(a)........ 100,000 92,750 Sungard Data Systems, Inc. 9.13%, 08/15/2013............ 200,000 203,500 ----------- 296,250 ----------- DIVERSIFIED FINANCIAL SERVICES -- 6.7% Ford Motor Credit Co. LLC 9.75%, 09/15/2010............ 175,000 166,985 GMAC LLC 6.63%, 05/15/2012............ 100,000 83,132 LVB Acquisition Merger Sub, Inc. 11.63%, 10/15/2017(a)........ 100,000 98,500 Nuveen Investments, Inc. 10.50%, 11/15/2015(a)........ 125,000 124,531 Residential Capital LLC 6.38%, 06/30/2010............ 250,000 160,000 ----------- 633,148 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 7.0% Cricket Communications, Inc. 9.38%, 11/01/2014............ 100,000 93,750 Intelsat Bermuda, Ltd. 11.25%, 06/15/2016........... 125,000 129,062 Level 3 Financing, Inc. 9.25%, 11/01/2014............ 150,000 135,750 MetroPCS Wireless, Inc. 9.25%, 11/01/2014............ 100,000 94,000 Windstream Corp. 8.63%, 08/01/2016............ 200,000 210,000 ----------- 662,562 ----------- ELECTRIC UTILITIES -- 10.8% Aes Corp. 8.00%, 10/15/2017(a)......... 150,000 153,375 Edison Mission Energy 7.00%, 05/15/2017............ 150,000 147,375 Mirant North America LLC 7.38%, 12/31/2013............ 125,000 125,312 NRG Energy, Inc. 7.38%, 02/01/2016............ 250,000 243,750 Reliant Energy, Inc. 6.75%, 12/15/2014............ 100,000 100,250 Texas Competitive Electric Holdings Co. LLC 10.25%, 11/01/2015(a)........ 250,000 247,500 ----------- 1,017,562 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.5% NXP BV / NXP Funding LLC 9.50%, 10/15/2015............ 150,000 137,438 RBS Global, Inc. and Rexnord Corp. 9.50%, 08/01/2014............ 100,000 99,000 ----------- 236,438 ----------- HEALTH CARE PROVIDERS & SERVICES -- 10.6% Community Health Systems, Inc. 8.88%, 07/15/2015............ 300,000 305,625 DaVita, Inc. 6.63%, 03/15/2013............ 125,000 124,375 HCA Inc. 9.25%, 11/15/2016............ 300,000 315,000 Healthsouth Corp. 10.75%, 06/15/2016........... 150,000 156,750 Tenet Healthcare Corp. 9.25%, 02/01/2015............ 100,000 92,500 ----------- 994,250 ----------- HOTELS, RESTAURANTS & LEISURE -- 5.0% Harrah's Operating Co., Inc. 5.63%, 06/01/2015............ 125,000 91,250 MGM Mirage, Inc. 6.63%, 07/15/2015............ 125,000 117,187 Trump Entertainment Resorts, Inc. 8.50%, 06/01/2015............ 150,000 114,188 Wynn Las Vegas Capital Corp. 6.63%, 12/01/2014............ 150,000 147,375 ----------- 470,000 ----------- MACHINERY -- 1.6% Terex Corp. 8.00%, 11/15/2017............ 150,000 151,875 ----------- MEDIA -- 11.9% CCH I LLC 11.00%, 10/01/2015........... 300,000 244,500 DIRECTV Holdings LLC 6.38%, 06/15/2015............ 125,000 120,000 Echostar DBS Corp. 7.13%, 02/01/2016............ 175,000 178,500 Idearc, Inc. 8.00%, 11/15/2016............ 150,000 137,625 RH Donnelley Corp. 8.88%, 10/15/2017(a)......... 150,000 138,750 TL Acquisitions, Inc. 10.50%, 01/15/2015(a)........ 150,000 144,187 Univision Communications, Inc. 9.75%, 03/15/2015(a)......... 175,000 159,469 ----------- 1,123,031 -----------
See accompanying notes to financial statements. 39 SPDR LEHMAN HIGH YIELD BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- METALS & MINING -- 6.1% FMG Finance Property Ltd. 10.63%, 09/01/2016(a)........ $200,000 $ 229,000 Freeport-McMoRan Copper & Gold, Inc. 8.38%, 04/01/2017............ 325,000 348,563 ----------- 577,563 ----------- OIL, GAS & CONSUMABLE FUELS -- 10.6% Chesapeake Energy Corp. 6.50%, 08/15/2017............ 150,000 144,750 El Paso Corp. 7.00%, 06/15/2017............ 125,000 125,130 Forest Oil Corp. 7.25%, 06/15/2019(a)......... 100,000 100,500 Kinder Morgan Finance Co. ULC 5.70%, 01/05/2016............ 100,000 90,520 Massey Energy Co. 6.88%, 12/15/2013............ 150,000 141,375 OPTI Canada, Inc. 8.25%, 12/15/2014(a)......... 150,000 148,500 PetroHawk Energy Corp. 9.13%, 07/15/2013............ 100,000 105,250 Sabine Pass LNG LP 7.50%, 11/30/2016............ 150,000 143,250 ----------- 999,275 ----------- PAPER & FOREST PRODUCTS -- 1.6% Georgia-Pacific LLC 7.13%, 01/15/2017(a)......... 150,000 145,875 ----------- PHARMACEUTICALS -- 1.3% Elan Finance PLC/Elan Finance Corp. 7.75%, 11/15/2011............ 125,000 117,500 ----------- REAL ESTATE INVESTMENT TRUST -- 1.0% Host Hotels & Resorts LP 6.75%, 06/01/2016............ 100,000 98,500 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.6% Realogy Corp. 10.50%, 04/15/2014(a)........ 200,000 149,500 ----------- RETAIL -- 2.3% Dollar General Corp. 10.63%, 07/15/2015(a)........ 150,000 137,625 Rite Aid Corp. 9.50%, 06/15/2017............ 100,000 82,750 ----------- 220,375 ----------- SEMICONDUCTORS -- 2.4% Freescale Semiconductor, Inc. 8.88%, 12/15/2014............ 250,000 223,125 ----------- SOFTWARE -- 2.0% First Data Corp. 9.88%, 09/24/2015(a)......... 200,000 186,000 ----------- TOTAL CORPORATE BONDS & NOTES -- (Cost $9,170,606)............ 9,128,204 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 1.6% MONEY MARKET FUND -- 1.6% State Street Institutional Liquid Reserves Fund 4.86%(b) (Cost $151,898).............. 151,898 151,898 ----------- TOTAL INVESTMENTS -- 98.5% (Cost $9,322,504)............ 9,280,102 OTHER ASSETS AND LIABILITIES -- 1.5%.......... 137,733 ----------- NET ASSETS -- 100.0%........... $9,417,835 ===========
(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 26.35% of net assets as of December 31, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (b) State Street Institutional Liquid Reserves Fund, an affiliated Fund, is managed by SSgA Funds Management, Inc. The rate shown is the annualized seven-day yield at period end. See accompanying notes to financial statements. 40 (This page is intentionally left blank) 41 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN 1-3 MONTH SHORT TERM INTERMEDIATE TERM LONG TERM T-BILL ETF MUNICIPAL BOND ETF TREASURY ETF TREASURY ETF ------------ ------------------ ----------------- ------------ ASSETS Investments in securities of unaffiliated issuers, at value (Note 2)........................... $229,414,896 $21,599,907 $10,842,148 $21,067,785 Investments in securities of affiliated issuers, at value (Note 3)................................. 140,757 894,345 26,424 3,049 ------------ ----------- ----------- ----------- Total Investments.................. 229,555,653 22,494,252 10,868,572 21,070,834 Foreign currency, at value............ -- -- -- -- Cash.................................. -- -- -- -- Receivable for dollar rolls........... -- -- -- -- Receivable for investments sold....... -- -- 209,981 87,260 Interest receivable................... 1,240 316,878 121,694 329,220 ------------ ----------- ----------- ----------- TOTAL ASSETS..................... 229,556,893 22,811,130 11,200,247 21,487,314 ------------ ----------- ----------- ----------- LIABILITIES Payable for investments purchased..... 2,647 -- 191,666 -- Payable for when issued / delayed delivery securities................ -- -- -- -- Distributions payable................. 593,281 77,330 49,337 85,388 Accrued advisory fee (Note 3)......... 24,036 3,185 1,250 2,428 Accrued trustees fee (Note 3)......... 1,241 128 95 107 ------------ ----------- ----------- ----------- TOTAL LIABILITIES................ 621,205 80,643 242,348 87,923 ------------ ----------- ----------- ----------- NET ASSETS....................... $228,935,688 $22,730,487 $10,957,899 $21,399,391 ============ =========== =========== =========== NET ASSETS REPRESENTED BY: Paid in capital (Note 4).............. 229,169,477 22,625,065 10,516,733 20,573,391 Undistributed (distributions in excess of) net investment income.......... (314,695) (26,735) 1,362 (15,799) Accumulated net realized gain (loss) on investments, foreign currency transactions and futures........... 39,460 -- 10,614 7,396 Net unrealized appreciation (depreciation) on: Investments........................ 41,446 132,157 429,190 834,403 Foreign currency................... -- -- -- -- ------------ ----------- ----------- ----------- NET ASSETS....................... $228,935,688 $22,730,487 $10,957,899 $21,399,391 ============ =========== =========== =========== NET ASSET VALUE PER SHARE Net asset value per share............. $ 45.79 $ 22.73 $ 54.77 $ 53.50 ============ =========== =========== =========== Shares outstanding (unlimited amount authorized, $0.01 par value)....... 5,000,073 1,000,000 200,065 400,000 ============ =========== =========== =========== Investments in securities, at cost.... $229,514,207 $22,362,095 $10,439,382 $20,236,431 ============ =========== =========== =========== Foreign currency, at cost............. $ -- $ -- $ -- $ -- ============ =========== =========== ===========
See accompanying notes to financial statements. 42 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN CAPITAL CALIFORNIA NEW YORK MUNICIPAL AGGREGATE INTERNATIONAL HIGH YIELD TIPS ETF MUNICIPAL BOND ETF MUNICIPAL BOND ETF BOND ETF BOND ETF TREASURY BOND ETF BOND ETF ------------- ------------------ ------------------ ----------- ----------- ----------------- ----------- $30,395,548 $13,035,021 $12,531,832 $69,407,155 $88,267,677 $174,457,853 $9,128,204 4,518 172,140 613,913 868,549 844,763 544,017 151,898 ----------- ----------- ----------- ----------- ----------- ------------ ---------- 30,400,066 13,207,161 13,145,745 70,275,704 89,112,440 175,001,870 9,280,102 -- -- -- -- -- 3,503,656 -- -- -- -- -- -- -- 4,609 -- -- -- -- 3,522 -- -- -- 42,360 -- -- -- -- -- 280,049 161,271 111,809 902,327 666,064 2,847,719 206,766 ----------- ----------- ----------- ----------- ----------- ------------ ---------- 30,680,115 13,410,792 13,257,554 71,178,031 89,782,026 181,353,245 9,491,477 ----------- ----------- ----------- ----------- ----------- ------------ ---------- -- -- -- -- 626,716 -- -- -- -- -- -- 24,615,683 -- -- 255,336 46,211 54,752 265,536 257,996 603,643 70,397 4,757 2,264 2,241 10,681 6,485 72,623 3,206 287 118 117 342 131 711 39 ----------- ----------- ----------- ----------- ----------- ------------ ---------- 260,380 48,593 57,110 276,559 25,507,011 676,977 73,642 ----------- ----------- ----------- ----------- ----------- ------------ ---------- $30,419,735 $13,362,199 $13,200,444 $70,901,472 $64,275,015 $180,676,268 $9,417,835 =========== =========== =========== =========== =========== ============ ========== 29,482,825 13,307,148 13,177,140 70,686,486 64,139,155 181,380,915 9,458,400 1,828 83 (9,165) (93,455) (148,635) (144,837) 138 (6,088) (13,269) (9,450) -- 44,211 (64,764) 1,699 941,170 68,237 41,919 308,441 240,284 (501,879) (42,402) -- -- -- -- -- 6,833 -- ----------- ----------- ----------- ----------- ----------- ------------ ---------- $30,419,735 $13,362,199 $13,200,444 $70,901,472 $64,275,015 $180,676,268 $9,417,835 =========== =========== =========== =========== =========== ============ ========== $ 50.70 $ 22.27 $ 22.00 $ 22.16 $ 53.56 $ 53.14 $ 47.09 =========== =========== =========== =========== =========== ============ ========== 600,000 600,000 600,000 3,200,000 1,200,000 3,400,000 200,000 =========== =========== =========== =========== =========== ============ ========== $29,458,896 $13,138,924 $13,103,826 $69,967,263 $88,872,156 $175,505,473 $9,322,504 =========== =========== =========== =========== =========== ============ ========== $ -- $ -- $ -- $ -- $ -- $ 3,496,823 $ -- =========== =========== =========== =========== =========== ============ ==========
43 SPDR SERIES TRUST STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN 1-3 MONTH SHORT TERM INTERMEDIATE TERM LONG TERM T-BILL ETF MUNICIPAL BOND ETF(1) TREASURY ETF TREASURY ETF ----------- --------------------- ----------------- ------------ INVESTMENT INCOME Interest income on securities of unaffiliated issuers (Note 2).... 3,021,836 108,384 255,933 309,376 Interest income on securities of affiliated issuers (Note 3)...... 4,649 10,942 984 1,224 Foreign taxes withheld.............. -- -- -- -- ---------- -------- -------- ---------- TOTAL INVESTMENT INCOME.......... 3,026,485 119,326 256,917 310,600 ---------- -------- -------- ---------- EXPENSES Advisory fee (Note 3)............... 99,817 6,878 7,268 8,792 Trustee fee (Note 3)................ 1,673 128 372 370 ---------- -------- -------- ---------- TOTAL EXPENSES BEFORE WAIVERS....... 101,490 7,006 7,640 9,162 ---------- -------- -------- ---------- Expenses waived by Adviser (Note 3)............................... -- -- -- -- ---------- -------- -------- ---------- NET EXPENSES........................ 101,490 7,006 7,640 9,162 ---------- -------- -------- ---------- NET INVESTMENT INCOME............... 2,924,995 112,320 249,277 301,438 ---------- -------- -------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments in securities of unaffiliated issuers........... 66,658 -- 19,452 13,657 Foreign currency transactions ... -- -- -- -- Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions..................... 25,891 132,157 474,323 967,861 ---------- -------- -------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS............ 92,549 132,157 493,775 981,518 ---------- -------- -------- ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $3,017,544 $244,477 $743,052 $1,282,956 ========== ======== ======== ==========
(1) For the period October 10, 2007 (commencement of operations) to December 31, 2007. (2) For the period October 11, 2007 (commencement of operations) to December 31, 2007. (3) For the period September 11, 2007 (commencement of operations) to December 31, 2007. (4) For the period October 2, 2007 (commencement of operations) to December 31, 2007. (5) For the period November 28, 2007 (commencement of operations) to December 31, 2007. See accompanying notes to financial statements. 44 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN CAPITAL CALIFORNIA NEW YORK MUNICIPAL AGGREGATE INTERNATIONAL HIGH YIELD TIPS ETF MUNICIPAL BOND ETF(1) MUNICIPAL BOND ETF(2) BOND ETF(3) BOND ETF TREASURY BOND ETF(4) BOND ETF(5) ------------- --------------------- --------------------- ----------- ----------- -------------------- ----------- 959,113 120,855 118,710 535,645 494,185 885,661 73,096 2,103 3,680 5,249 30,583 9,806 6,730 891 -- -- -- -- -- (10,396) -- ---------- -------- -------- -------- -------- --------- -------- 961,216 124,535 123,959 566,228 503,991 881,995 73,987 ---------- -------- -------- -------- -------- --------- -------- 29,931 5,946 5,811 39,692 17,994 124,509 3,413 1,429 118 117 780 404 711 39 ---------- -------- -------- -------- -------- --------- -------- 31,360 6,064 5,928 40,472 18,398 125,220 3,452 ---------- -------- -------- -------- -------- --------- -------- -- -- -- (14,199) (5,078) -- -- ---------- -------- -------- -------- -------- --------- -------- 31,360 6,064 5,928 26,273 13,320 125,220 3,452 ---------- -------- -------- -------- -------- --------- -------- 929,856 118,471 118,031 539,955 490,671 756,775 70,535 ---------- -------- -------- -------- -------- --------- -------- 549,968 (13,269) (9,450) -- 47,670 -- 1,699 -- -- -- -- -- (64,764) -- 1,504,699 68,237 41,919 308,441 338,107 (495,046) (42,402) ---------- -------- -------- -------- -------- --------- -------- 2,054,667 54,968 32,469 308,441 385,777 (559,810) (40,703) ---------- -------- -------- -------- -------- --------- -------- $2,984,523 $173,439 $150,500 $848,396 $876,448 $ 196,965 $ 29,832 ========== ======== ======== ======== ======== ========= ========
45 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN LONG TERM 1-3 MONTH SHORT TERM INTERMEDIATE TERM TREASURY T-BILL ETF MUNICIPAL BOND ETF TREASURY ETF ETF --------------------------- ------------------ -------------------------- ----------- FOR THE FOR THE FOR THE FOR THE SIX MONTHS FOR THE PERIOD SIX MONTHS FOR THE SIX MONTHS ENDED PERIOD 10/10/2007* - ENDED PERIOD ENDED 12/31/2007 5/25/2007* - 12/31/2007 12/31/2007 5/23/2007* - 12/31/2007 (UNAUDITED) 6/30/2007 (UNAUDITED) (UNAUDITED) 6/30/2007 (UNAUDITED) ------------ ------------ ------------------ ----------- ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income............. $ 2,924,995 $ 162,482 $ 112,320 $ 249,277 $ 44,979 $ 301,438 Net realized gain (loss) on investments and foreign currency transactions.......... 66,658 259 -- 19,452 (268) 13,657 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.......... 25,891 15,555 132,157 474,323 (45,133) 967,861 ------------ ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..................... 3,017,544 178,296 244,477 743,052 (422) 1,282,956 ------------ ----------- ----------- ----------- ----------- ----------- NET EQUALIZATION CREDITS AND CHARGES........................ 334,443 -- 26,441 -- -- 18,469 ------------ ----------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............. (3,402,172) -- (139,055) (292,894) -- (361,251) Net realized gains................ -- -- (8,570) -- (5,106) ------------ ----------- ----------- ----------- ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS................... (3,402,172) -- (139,055) (301,464) -- (366,357) ------------ ----------- ----------- ----------- ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares......................... 229,235,742 36,588,000 22,623,565 -- 10,513,200 10,548,934 Net proceeds from the reinvestment of shares issued............... 3,342 -- -- 3,533 -- -- Cost of shares redeemed........... (36,685,064) -- -- -- -- -- Net income equalization........... (334,443) -- (26,441) -- -- (18,469) Other capital (Note 4)............ -- -- 1,500 -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS................... 192,219,577 36,588,000 22,598,624 3,533 10,513,200 10,530,465 ------------ ----------- ----------- ----------- ----------- ----------- Net increase (decrease) in net assets during the period....... 192,169,392 36,766,296 22,730,487 445,121 10,512,778 11,465,533 Net assets at beginning of period......................... 36,766,296 -- -- 10,512,778 -- 9,933,858 ------------ ----------- ----------- ----------- ----------- ----------- NET ASSETS END OF PERIOD (1)........ $228,935,688 $36,766,296 $22,730,487 $10,957,899 $10,512,778 $21,399,391 ============ =========== =========== =========== =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold....................... 5,000,000 800,000 1,000,000 -- 200,000 200,000 Shares issued to shareholders from reinvestment of distributions.. 73 -- -- 65 -- -- Shares redeemed................... (800,000) -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE)........... 4,200,073 800,000 1,000,000 65 200,000 200,000 ============ =========== =========== =========== =========== =========== (1) Including undistributed (distribution in excess of) net investment income................. $ (314,695) $ 162,482 $ (26,735) $ 1,362 $ 44,979 $ (15,799) ============ =========== =========== =========== =========== =========== SPDR LEHMAN LONG TERM TREASURY ETF ------------ FOR THE PERIOD 5/23/2007* - 6/30/2007 ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income............. $ 44,014 Net realized gain (loss) on investments and foreign currency transactions.......... (1,155) Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.......... (133,458) ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..................... (90,599) ----------- NET EQUALIZATION CREDITS AND CHARGES........................ -- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............. -- Net realized gains................ -- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS................... -- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares......................... 10,024,457 Net proceeds from the reinvestment of shares issued............... -- Cost of shares redeemed........... -- Net income equalization........... -- Other capital (Note 4)............ -- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS................... 10,024,457 ----------- Net increase (decrease) in net assets during the period....... 9,933,858 Net assets at beginning of period......................... -- ----------- NET ASSETS END OF PERIOD (1)........ $ 9,933,858 =========== SHARES OF BENEFICIAL INTEREST: Shares sold....................... 200,000 Shares issued to shareholders from reinvestment of distributions.. -- Shares redeemed................... -- ----------- NET INCREASE (DECREASE)........... 200,000 =========== (1) Including undistributed (distribution in excess of) net investment income................. $ 44,014 ===========
* Commencement of operations See accompanying notes to financial statements. 46 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN CAPITAL CALIFORNIA NEW YORK MUNICIPAL AGGREGATE TIPS ETF MUNICIPAL BOND ETF MUNICIPAL BOND ETF BOND ETF BOND ETF --------------------------- ------------------ ------------------ ------------ -------------------------- FOR THE FOR THE FOR THE FOR THE FOR THE SIX MONTHS FOR THE PERIOD PERIOD PERIOD SIX MONTHS FOR THE ENDED PERIOD 10/10/2007* - 10/11/2007* - 9/11/2007* - ENDED PERIOD 12/31/2007 5/25/2007* - 12/31/2007 12/31/2007 12/31/2007 12/31/2007 5/23/2007* - (UNAUDITED) 6/30/2007 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) 6/30/2007 ------------ ------------ ------------------ ------------------ ------------ ----------- ------------ $ 929,856 $ 495,784 $ 118,471 $ 118,031 $ 539,955 $ 490,671 $ 47,815 549,968 -- (13,269) (9,450) -- 47,670 (3,459) 1,504,699 (563,529) 68,237 41,919 308,441 338,107 (97,823) ------------ ----------- ----------- ----------- ----------- ----------- ----------- 2,984,523 (67,745) 173,439 150,500 848,396 876,448 (53,467) ------------ ----------- ----------- ----------- ----------- ----------- ----------- (174,153) 26,241 -- -- 92,837 154,314 -- ------------ ----------- ----------- ----------- ----------- ----------- ----------- (1,423,812) -- (118,388) (127,196) (633,410) (687,121) -- -- -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- ----------- (1,423,812) -- (118,388) (127,196) (633,410) (687,121) -- ------------ ----------- ----------- ----------- ----------- ----------- ----------- 20,046,731 57,524,471 13,307,148 13,177,140 70,683,486 53,665,415 10,472,240 -- -- -- -- -- -- -- (48,644,433) -- -- -- -- -- -- 174,153 (26,241) -- -- (92,837) (154,314) -- -- -- -- -- 3,000 1,500 -- ------------ ----------- ----------- ----------- ----------- ----------- ----------- (28,423,549) 57,498,230 13,307,148 13,177,140 70,593,649 53,512,601 10,472,240 ------------ ----------- ----------- ----------- ----------- ----------- ----------- (27,036,991) 57,456,726 13,362,199 13,200,444 70,901,472 53,856,242 10,418,773 57,456,726 -- -- -- -- 10,418,773 -- ------------ ----------- ----------- ----------- ----------- ----------- ----------- $ 30,419,735 $57,456,726 $13,362,199 $13,200,444 $70,901,472 $64,275,015 $10,418,773 ============ =========== =========== =========== =========== =========== =========== 400,000 1,200,000 600,000 600,000 3,200,000 1,000,000 200,000 (1,000,000) -- -- -- -- -- -- -- -- -- -- -- -- -- ------------ ----------- ----------- ----------- ----------- ----------- ----------- (600,000) 1,200,000 600,000 600,000 3,200,000 1,000,000 200,000 ============ =========== =========== =========== =========== =========== =========== $ 1,828 $ 495,784 $ 83 $ (9,165) $ (93,455) $ (148,635) $ 47,815 ============ =========== =========== =========== =========== =========== =========== SPDR LEHMAN SPDR LEHMAN INTERNATIONAL HIGH YIELD TREASURY BOND ETF BOND ETF ----------------- ------------- FOR THE FOR THE PERIOD PERIOD 10/2/2007* - 11/28/2007* - 12/31/2007 12/31/2007 (UNAUDITED) (UNAUDITED) ----------------- ------------- $ 756,775 $ 70,535 (64,764) 1,699 (495,046) (42,402) ------------ ---------- 196,965 29,832 ------------ ---------- 161,193 -- ------------ ---------- (901,612) (70,397) -- -- ------------ ---------- (901,612) (70,397) ------------ ---------- 181,358,415 9,456,900 -- -- -- -- (161,193) -- 22,500 1,500 ------------ ---------- 181,219,722 9,458,400 ------------ ---------- 180,676,268 9,417,835 -- -- ------------ ---------- $180,676,268 $9,417,835 ============ ========== 3,400,000 200,000 -- -- -- -- ------------ ---------- 3,400,000 200,000 ============ ========== $ (144,837) $ 138 ============ ==========
47 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN 1-3 MONTH SHORT TERM INTERMEDIATE TERM T-BILL ETF MUNICIPAL BOND ETF TREASURY ETF ----------------------------- ------------------ ----------------------------- FOR THE FOR THE FOR THE SIX MONTHS FOR THE PERIOD SIX MONTHS FOR THE ENDED PERIOD 10/10/2007* - ENDED PERIOD 12/31/2007 5/25/2007* - 12/31/2007 12/31/2007 5/23/2007* - (UNAUDITED) 6/30/2007 (UNAUDITED) (UNAUDITED) 6/30/2007 ----------- ------------ ------------------ ----------- ------------ NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 45.96 $ 45.74 $ 22.53 $ 52.56 $ 52.57 -------- ------- ------- ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income........ 0.88 0.20 0.14 1.29 0.22 Net realized and unrealized gain (loss) (1)............ (0.01) 0.02 0.18 2.43 (0.23) -------- ------- ------- ------- ------- Total from investment operations................. 0.87 0.22 0.32 3.72 (0.01) -------- ------- ------- ------- ------- Net equalization credits and charges.................... 0.10 -- 0.04 -- -- -------- ------- ------- ------- ------- Other capital................ -- -- 0.00(5) -- -- -------- ------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........ (1.14) -- (0.16) (1.47) -- Net realized gains........... -- -- -- (0.04) -- -------- ------- ------- ------- ------- Total distributions.......... (1.14) -- (0.16) (1.51) -- -------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD..................... $ 45.79 $ 45.96 $ 22.73 $ 54.77 $ 52.56 ======== ======= ======= ======= ======= TOTAL RETURN (2)............. 2.12% 0.48% 1.61% 7.13% (0.02)% Net assets, end of period (in 000's)..................... $228,936 $36,766 $22,730 $10,958 $10,513 Ratio of expenses to average net assets................. 0.14%(3) 0.14%(3) 0.20%(3) 0.14%(3) 0.14%(3) Ratio of expenses to average net assets before waivers.. -- -- -- -- -- Ratio of net investment income (loss) to average net assets................. 3.94%(3) 4.49%(3) 3.22%(3) 4.61%(3) 4.13%(3) Portfolio turnover rate (4).. 278% 2% 0% 20% 7% SPDR LEHMAN LONG TERM TREASURY ETF ----------------------------- FOR THE SIX MONTHS FOR THE ENDED PERIOD 12/31/2007 5/23/2007* - (UNAUDITED) 6/30/2007 ----------- ------------ NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 49.67 $50.12 ------- ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income........ 1.18 0.22 Net realized and unrealized gain (loss) (1)............ 4.01 (0.67) ------- ------ Total from investment operations................. 5.19 (0.45) ------- ------ Net equalization credits and charges.................... 0.07 -- ------- ------ Other capital................ -- -- ------- ------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........ (1.42) -- Net realized gains........... (0.01) -- ------- ------ Total distributions.......... (1.43) -- ------- ------ NET ASSET VALUE, END OF PERIOD..................... $ 53.50 $49.67 ======= ====== TOTAL RETURN (2)............. 10.71% (0.90)% Net assets, end of period (in 000's)..................... $21,399 $9,934 Ratio of expenses to average net assets................. 0.14%(3) 0.14%(3) Ratio of expenses to average net assets before waivers.. -- -- Ratio of net investment income (loss) to average net assets................. 4.61%(3) 4.29%(3) Portfolio turnover rate (4).. 5% 4%
* Commencement of operations (1) The amounts shown at this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. (2) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. (3) Annualized. (4) Portfolio Turnover rate excludes securities received or delivered from processing of creations or redemptions. (5) Amount is less than $0.005 per share. (6) Portfolio turnover rate includes to-be-announced (TBA) transactions. See Note 2. See accompanying notes to financial statements. 48 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN SPDR LEHMAN CAPITAL CALIFORNIA NEW YORK MUNICIPAL AGGREGATE TIPS ETF MUNICIPAL BOND ETF MUNICIPAL BOND ETF BOND ETF BOND ETF --------------------------- ------------------ ------------------ ----------- ---------------------------- FOR THE FOR THE FOR THE FOR THE FOR THE SIX MONTHS FOR THE PERIOD PERIOD PERIOD SIX MONTHS FOR THE ENDED PERIOD 10/10/2007*- 10/11/2007*- 9/11/2007*- ENDED PERIOD 12/31/2007 5/25/2007*- 12/31/2007 12/31/2007 12/31/2007 12/31/2007 5/23/2007*- (UNAUDITED) 6/30/2007 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) 6/30/2007 ----------- ----------- ------------------ ------------------ ----------- ----------- ----------- $ 47.88 $ 48.01 $ 22.18 $ 21.96 $ 22.16 $ 52.09 $ 52.36 ------- ------- ------- ------- ------- ------- ------- 1.34 0.41 0.20 0.20 0.23 1.23 0.24 3.49 (0.57) 0.09 0.05 (0.02) 1.42 (0.51) ------- ------- ------- ------- ------- ------- ------- 4.83 (0.16) 0.29 0.25 0.21 2.65 (0.27) ------- ------- ------- ------- ------- ------- ------- (0.26) 0.03 -- -- 0.05 0.41 -- ------- ------- ------- ------- ------- ------- ------- -- -- -- -- 0.00(5) 0.00(5) -- ------- ------- ------- ------- ------- ------- ------- (1.75) -- (0.20) (0.21) (0.26) (1.59) -- -- -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- ------- (1.75) -- (0.20) (0.21) (0.26) (1.59) -- ------- ------- ------- ------- ------- ------- ------- $ 50.70 $ 47.88 $ 22.27 $ 22.00 $ 22.16 $ 53.56 $ 52.09 ======= ======= ======= ======= ======= ======= ======= 9.71% (0.27)% 1.30% 1.15% 1.20% 5.95% (0.52)% $30,420 $57,457 $13,362 $13,200 $70,901 $64,275 $10,419 0.19%(3) 0.19%(3) 0.20%(3) 0.20%(3) 0.20%(3) 0.14%(3) 0.13%(3) -- -- -- -- 0.30%(3) 0.19%(3) 0.19%(3) 5.73%(3) 10.23%(3) 3.97%(3) 4.04%(3) 4.08%(3) 5.03%(3) 4.42%(3) 10% 0% 20% 27% 0% 193%(6) 17% SPDR LEHMAN SPDR LEHMAN INTERNATIONAL HIGH YIELD TREASURY BOND ETF BOND ETF ----------------- ------------ FOR THE FOR THE PERIOD PERIOD 10/2/2007*- 11/28/2007*- 12/31/2007 12/31/2007 (UNAUDITED) (UNAUDITED) ----------------- ------------ $ 51.55 $47.29 -------- ------ 0.27 0.35 1.55 (0.21) -------- ------ 1.82 0.14 -------- ------ 0.08 -- -------- ------ 0.01 0.01 -------- ------ (0.32) (0.35) -- -- -------- ------ (0.32) (0.35) -------- ------ $ 53.14 $47.09 ======== ====== 3.67% 0.33% $180,676 $9,418 0.50%(3) 0.40%(3) -- -- 3.04%(3) 8.27%(3) 30% 33%
49 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION The SPDR Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, is an open-end investment management company that was organized as a Massachusetts business trust on June 12, 1998. As of December 31, 2007, the Trust offered thirty-seven (37) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a "Fund", collectively as the "Funds"). The financial statements herein relate to the following eleven (11) Funds: SPDR Lehman 1-3 Month T-Bill ETF, SPDR Lehman Short Term Municipal Bond ETF, SPDR Lehman Intermediate Term Treasury ETF, SPDR Lehman Long Term Treasury ETF, SPDR Barclays Capital TIPS ETF, SPDR Lehman California Municipal Bond ETF, SPDR Lehman New York Municipal Bond ETF, SPDR Lehman Municipal Bond ETF, SPDR Lehman Aggregate Bond ETF, SPDR Lehman International Treasury Bond ETF, and SPDR Lehman High Yield Bond ETF. Each Fund operates as a non-diversified investment company. The investment objective of each Fund is to replicate as closely as possible, before expenses and fees, the price and yield performance or total return of a specified market index. The other twenty-six (26) Funds are included in a separate semi-annual report. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust invests in various investments which are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements: The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION Portfolio securities are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published net asset value per share. The Adviser may use various pricing services, or discontinue the use of any pricing service, as approved by the Board of Trustees from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in good faith based by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. INVESTMENT INCOME Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. 50 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- EXPENSES Advisory fees, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds. EQUALIZATION The Trust follows the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. INVESTMENT TRANSACTIONS Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of misappropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and U.S. government securities. MORTGAGE DOLLAR ROLLS The Funds may enter into mortgage dollar roll transactions with respect to mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities on a fixed date. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. The Fund receives compensation as consideration for entering into the commitment to repurchase. The compensation is paid in the form of a lower price for the security upon its repurchase, or alternatively, a fee. Mortgage dollar rolls may be renewed with a new sale and repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to meet the terms of their commitments. Additionally, the value of such securities may change adversely before the Fund is able to repurchase them. There can be no assurance that the Fund's use of the cash that it receives from a mortgage dollar roll will provide a return that exceeds its costs. The Fund's use of TBA mortgage dollar rolls may cause the Fund to experience higher portfolio turnover and higher transaction costs. WHEN ISSUED/DELAYED DELIVERY SECURITIES The Funds may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The price of such security and the date when the security will 51 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. At the time the Fund enters into this type of transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Certain risks may arise upon entering into when-issued or delayed delivery securities from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities. INFLATION-INDEXED INSTRUMENTS Inflation-indexed instruments are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, however, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation- indexed instrument will result in an adjustment of interest income which is distributed to shareholders monthly. Investors will receive their inflation- adjusted principal at maturity. FEDERAL INCOME TAX The Funds have qualified and intend to qualify for and elect treatment as "regulated investment companies" under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies and losses deferred due to wash sales. Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains and transactions for foreign jurisdictions in which it invests, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes. For the six months ended December 31, 2007, the Funds reclassified non-taxable security gains realized on the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statements of Assets and Liabilities as follows:
NET GAIN RECLASSIFIED TO PAID IN CAPITAL ------------------------------- SPDR Lehman 1-3 Month T-Bill ETF....................... $ 27,457 SPDR Lehman Short Term Municipal Bond ETF.............. -- SPDR Lehman Intermediate Term Treasury ETF............. -- SPDR Lehman Long Term Treasury ETF..................... -- SPDR Barclays Capital TIPS ETF......................... 556,056 SPDR Lehman California Municipal Bond ETF.............. -- SPDR Lehman New York Municipal Bond ETF................ -- SPDR Lehman Municipal Bond ETF......................... -- SPDR Lehman Aggregate Bond ETF......................... -- SPDR Lehman International Treasury Bond ETF............ -- SPDR Lehman High Yield Bond ETF........................ --
52 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- The Funds incurred the following losses during the period November 1, 2006 through June 30, 2007 that are deferred for tax purposes until fiscal 2008:
DEFERRED LOSSES --------------- SPDR Lehman 1-3 Month T-Bill ETF............................... $ -- SPDR Lehman Short Term Municipal Bond ETF...................... -- SPDR Lehman Intermediate Term Treasury ETF..................... (267) SPDR Lehman Long Term Treasury ETF............................. (1,144) SPDR Barclays Capital TIPS ETF................................. -- SPDR Lehman California Municipal Bond ETF...................... -- SPDR Lehman New York Municipal Bond ETF........................ -- SPDR Lehman Municipal Bond ETF................................. -- SPDR Lehman Aggregate Bond ETF................................. (3,459) SPDR Lehman International Treasury Bond ETF.................... -- SPDR Lehman High Yield Bond ETF................................ --
DISTRIBUTIONS Each Fund declares and distributes dividends from net investment income, if any, to its shareholders monthly. The Trust distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. NEW ACCOUNTING PRONOUNCEMENTS On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "Accounting for Uncertainty In Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management evaluated the implications of FIN 48 and determined that all tax positions met the "more-likely than not" threshold. As a result, the financial statements have not been impacted by the adoption of FIN 48. However, management's conclusions regarding FIN 48 are subject to review and adjustment at a later date based on factors including, but not limited to, further guidance expected from FASB, and on-going analysis of tax laws, regulation, and interpretations thereof. In September, 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As a result, the Funds will adopt SFAS 157 on July 1, 2008. At this time, management is evaluating the impact, if any, the adoption of SFAS 157 will have on the Fund's financial statements. 53 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- 3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY TRANSACTIONS ADVISORY FEE Each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the "Adviser"). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:
ANNUAL RATE - ------------------------------------------------------------------------------ SPDR Lehman 1-3 Month T-Bill ETF 0.1345% SPDR Lehman Short Term Municipal Bond ETF 0.2000 SPDR Lehman Intermediate Term Treasury ETF 0.1345 SPDR Lehman Long Term Treasury ETF 0.1345 SPDR Barclays Capital TIPS ETF 0.1845 SPDR Lehman California Municipal Bond ETF 0.2000 SPDR Lehman New York Municipal Bond ETF 0.2000 SPDR Lehman Municipal Bond ETF 0.3000* SPDR Lehman Aggregate Bond ETF 0.1845* SPDR Lehman International Treasury Bond ETF 0.5000 SPDR Lehman High Yield Bond ETF 0.4000
The Adviser pays all expenses of each Fund other than the management fee, distribution fee pursuant to each Fund's Distribution and Service Plan, if any, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses and other extraordinary expenses. * The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.2000% and 0.1345% until October 31, 2008 for the SPDR Lehman Municipal Bond ETF and the SPDR Lehman Aggregate Bond ETF, respectively. State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator, and Transfer Agent from the Adviser. State Street has also been approved to act as the securities lending agent for the Funds and will receive a portion of any lending income. In addition, cash collateral from lending activities will be invested in an investment fund managed by the Adviser. See Note 8 for additional information regarding securities lending. DISTRIBUTOR State Street Global Markets, LLC (the "Distributor") serves as the distributor of the shares of each Fund pursuant to a Distribution Plan and Agreement, pursuant to Rule 12b-1 under the 1940 Act, between the Distributor and the Trust. Each Fund is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board of Trustees has determined that no such payments will be made through at least October 31, 2008 and therefore no such payments have been made to the Distributor. TRUSTEES' FEES Commencing August 11, 2007, the Trust and SPDR Index Shares Funds ("SIS Funds") pay, in the aggregate, each Independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting attended. An Independent Trustee will receive $1,000 for each telephonic or video conference meeting attended. The Chair of the Board receives an additional annual fee of $25,000 and the Chair of the Audit Committee receives an additional annual fee of $9,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings. Trustee fees are allocated between the Trust and the SIS Funds and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series. Previously, the Trust paid each Independent Trustee an annual fee of $12,000 plus $4,500 per in person meeting attended and $500 for each meeting attended via telephone or video conference. 54 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- TRANSACTIONS WITH AFFILIATES Each Fund may invest in the shares of certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund ("Liquid Reserves Fund") and State Street Institutional Tax Free Money Market Fund ("Tax Free Money Market Fund"), both a series of State Street Institutional Investment Trust. The Liquid Reserves Fund and Tax Free Money Market Fund are both feeder funds in a master/feeder fund structure that invest substantially all of their assets in the State Street Money Market Portfolio and State Street Tax Free Money Market Portfolio, respectively, each a series of State Street Master Funds ("Master Portfolio"). The Liquid Reserves Fund and Tax Free Money Market Fund do not pay an investment advisory fee to the Adviser, but the respective Master Portfolio in which they invest pays an investment advisory fee to the Adviser. The Liquid Reserves Fund and Tax Free Money Market Fund intend to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as interest from affiliated issuers in the accompanying Statement of Operations. 4. SHAREHOLDER TRANSACTIONS With the exception of the Trust's dividend reinvestment plan, shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 200,000 shares. Such transactions are generally permitted on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date and in the case of SPDR Lehman Aggregate Bond ETF, cash in lieu of TBA positions. A transaction fee of $250 for SPDR Lehman 1-3 Month T-Bill ETF, SPDR Lehman Short Term Municipal Bond ETF, SPDR Lehman California Municipal Bond ETF, SPDR Lehman New York Municipal Bond ETF, and SPDR Lehman Municipal Bond ETF, $500 for SPDR Lehman Intermediate Term Treasury ETF, SPDR Lehman Long Term Treasury ETF, SPDR Barclays Capital TIPS ETF, SPDR Lehman Aggregate Bond ETF, and SPDR Lehman High Yield Bond ETF and $1,500 for SPDR Lehman International Treasury Bond ETF regardless of the number of Creation Units that are created or redeemed on the same day, is charged to persons creating or redeeming Creation Units. An additional fee of up to three times these amounts may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and are used to offset the expense of processing orders of portfolio transactions. 5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at December 31, 2007 were as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) ------------ ------------ ------------ -------------- SPDR Lehman 1-3 Month T-Bill ETF............. $229,514,207 $ 43,184 $ 1,738 $ 41,446 SPDR Lehman Short Term Municipal Bond ETF.... 22,362,095 133,048 891 132,157 SPDR Lehman Intermediate Term Treasury ETF... 10,439,382 432,110 2,920 429,190 SPDR Lehman Long Term Treasury ETF........... 20,236,431 834,403 -- 834,403 SPDR Barclays Capital TIPS ETF............... 29,458,896 941,170 -- 941,170 SPDR Lehman California Municipal Bond ETF.... 13,138,924 85,679 17,442 68,237 SPDR Lehman New York Municipal Bond ETF...... 13,103,826 68,566 26,647 41,919 SPDR Lehman Municipal Bond ETF............... 69,967,263 365,690 57,249 308,441 SPDR Lehman Aggregate Bond ETF............... 88,872,156 337,176 96,892 240,284 SPDR Lehman International Treasury Bond ETF.. 175,505,473 446,876 950,479 (503,603) SPDR Lehman High Yield Bond ETF.............. 9,322,504 48,560 90,962 (42,402)
55 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- 6. INVESTMENT TRANSACTIONS For the six months ended December 31, 2007, the Trust had in-kind contributions and in-kind redemptions as follows:
CONTRIBUTIONS REDEMPTIONS ------------- ----------- SPDR Lehman 1-3 Month T-Bill ETF................................ $228,878,644 $36,637,519 SPDR Lehman Short Term Municipal Bond ETF....................... -- -- SPDR Lehman Intermediate Term Treasury ETF...................... -- -- SPDR Lehman Long Term Treasury ETF.............................. 10,432,356 -- SPDR Barclays Capital TIPS ETF.................................. 19,895,351 48,212,000 SPDR Lehman California Municipal Bond ETF....................... -- -- SPDR Lehman New York Municipal Bond ETF......................... -- -- SPDR Lehman Municipal Bond ETF.................................. -- -- SPDR Lehman Aggregate Bond ETF.................................. 25,712,505 -- SPDR Lehman International Treasury Bond ETF..................... -- -- SPDR Lehman High Yield Bond ETF................................. -- --
The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of the Funds' daily net shareholder transactions while the Statements of Changes reflect gross shareholder transactions including any cash component of the transactions. For the six months ended December 31, 2007, the Trust had purchases and sales of investment securities (excluding short-term securities -- with the exception of short term U.S. Treasury Bills in the case of SPDR Lehman 1-3 Month T-Bill ETF), as follows:
U.S. GOVERNMENT OBLIGATIONS OTHER SECURITIES --------------------------- -------------------------- PURCHASES SALES PURCHASES SALES ------------ ------------ ------------ ----------- SPDR Lehman 1-3 Month T-Bill ETF............... $412,626,755 $415,318,165 $ -- $ -- SPDR Lehman Short Term Municipal Bond ETF...... -- -- 21,501,821 -- SPDR Lehman Intermediate Term Treasury ETF..... 2,076,861 2,127,638 -- -- SPDR Lehman Long Term Treasury ETF............. 720,849 783,820 -- -- SPDR Barclays Capital TIPS ETF................. 2,940,654 3,768,805 -- -- SPDR Lehman California Municipal Bond ETF...... -- -- 15,601,251 2,616,215 SPDR Lehman New York Municipal Bond ETF........ -- -- 15,982,440 3,470,640 SPDR Lehman Municipal Bond ETF................. -- -- 69,160,958 -- SPDR Lehman Aggregate Bond ETF................. -- 46,020,362 74,096,717 614,860 SPDR Lehman International Treasury Bond ETF.... -- -- 213,033,357 37,969,768 SPDR Lehman High Yield Bond ETF................ -- -- 12,251,917 3,086,172
7. CONCENTRATION OF RISK The Funds' assets may be concentrated in a particular state or geographic area, or in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of bonds of a particular state or geographic area, or in a particular industry, group of industries or sector, and its shares may be subject to increased price volatility. In addition, if a Fund concentrates in a single industry, group of industries or type of investment, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry, group of industries or type of investment. 8. SECURITIES LENDING Each Fund may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. At December 31, 2007, none of the Funds had transacted in securities lending. 56 SPDR SERIES TRUST OTHER INFORMATION DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- SHAREHOLDER EXPENSE EXAMPLE As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees and trustee fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at July 1, 2007 and held for the six months ended December 31, 2007. ACTUAL EXPENSES The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $250 to $1,500 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell Fund shares in the secondary market, you will incur customary brokerage commissions and charges. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees on brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
EXPENSES PAID DURING BEGINNING ENDING PERIOD** ACCOUNT VALUE ACCOUNT VALUE 7/1/07- ACTUAL 7/1/07 12/31/07 12/31/07 - ------ ------------- ------------- ------------ SPDR Lehman 1-3 Month T-Bill ETF................. $1,000 $1,021.20 $0.71 SPDR Lehman Intermediate Term Treasury ETF....... 1,000 1,071.30 0.73 SPDR Lehman Long Term Treasury ETF............... 1,000 1,107.10 0.74 SPDR Barclays Capital TIPS ETF................... 1,000 1,097.10 1.00 SPDR Lehman Aggregate Bond ETF................... 1,000 1,059.50 0.72
EXPENSES PAID DURING BEGINNING ENDING PERIOD** ACCOUNT VALUE ACCOUNT VALUE 9/11/07*- ACTUAL 9/11/07* 12/31/07 12/31/07 - ------ ------------- ------------- ------------ SPDR Lehman Municipal Bond ETF................... $1,000 $1,012.00 $0.61
EXPENSES PAID DURING BEGINNING ENDING PERIOD** ACCOUNT VALUE ACCOUNT VALUE 10/2/07*- ACTUAL 10/2/07* 12/31/07 12/31/07 - ------ ------------- ------------- ------------ SPDR Lehman International Treasury Bond ETF...... $1,000 $1,036.70 $1.25
EXPENSES PAID DURING BEGINNING ENDING PERIOD** ACCOUNT VALUE ACCOUNT VALUE 10/10/07*- ACTUAL 10/10/07* 12/31/07 12/31/07 - ------ ------------- ------------- ------------ SPDR Lehman Short Term Municipal Bond ETF........ $1,000 $1,016.10 $0.45 SPDR Lehman California Municipal Bond ETF........ 1,000 1,013.00 0.45
57 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
EXPENSES PAID DURING BEGINNING ENDING PERIOD** ACCOUNT VALUE ACCOUNT VALUE 10/11/07*- ACTUAL 10/11/07* 12/31/07 12/31/07 - ------ ------------- ------------- ------------ SPDR Lehman New York Municipal Bond ETF.......... $1,000 $1,011.50 $0.45
EXPENSES PAID DURING BEGINNING ENDING PERIOD** ACCOUNT VALUE ACCOUNT VALUE 11/28/07*- ACTUAL 11/28/07* 12/31/07 12/31/07 - ------ ------------- ------------- ------------ SPDR Lehman High Yield Bond ETF.................. $1,000 $1,003.30 $0.36
* Commencement of operations. ** Expenses are equal to the Funds' annualized expense net ratios of 0.14%, 0.14%, 0.14%, 0.19%, 0.14%, 0.20%, 0.50%, 0.20%, 0.20%, 0.20%, and 0.40%, respectively. Expenses are equal to the Funds' annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (or since commencement of operations), then divided by 366.
EXPENSES PAID DURING BEGINNING ENDING PERIOD*** ACCOUNT VALUE ACCOUNT VALUE 7/1/07- HYPOTHETICAL 7/1/07 12/31/07 12/31/07 - ------------ ------------- ------------- ------------ SPDR Lehman 1-3 Month T-Bill ETF................. $1,000 $1,024.43 $0.71 SPDR Lehman Short Term Municipal Bond ETF........ 1,000 1,024.13 1.02 SPDR Lehman Intermediate Term Treasury ETF....... 1,000 1,024.43 0.71 SPDR Lehman Long Term Treasury ETF............... 1,000 1,024.43 0.71 SPDR Barclays Capital TIPS ETF................... 1,000 1,024.18 0.97 SPDR Lehman California Municipal Bond ETF........ 1,000 1,024.13 1.02 SPDR Lehman New York Municipal Bond ETF.......... 1,000 1,024.13 1.02 SPDR Lehman Municipal Bond ETF................... 1,000 1,024.13 1.02 SPDR Lehman Aggregate Bond ETF................... 1,000 1,024.43 0.71 SPDR Lehman International Treasury Bond ETF...... 1,000 1,022.62 2.54 SPDR Lehman High Yield Bond ETF.................. 1,000 1,023.13 2.03
*** Expenses (hypothetical expenses if the Fund had been in existence from 7/1/07) are equal to the Funds' annualized net expense ratios of 0.14%, 0.20%, 0.14%, 0.14%, 0.19%, 0.20%, 0.20%, 0.20%, 0.14%, 0.50%, and 0.40%, respectively. Expenses are equal to the Funds' annualized net expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (or since commencement of operations), then divided by 366. PROXY VOTING POLICIES AND PROCEDURES AND RECORD A description of the Trust's policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov. Information regarding how the investment adviser voted proxies for the prior 12 months ended June 30 is available by August 31 of each year by calling the same number and on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and on the Funds' website at www.spdretfs.com. QUARTERLY PORTFOLIO SCHEDULE The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on Form N-Q is available upon request without charge, by calling 1-866-787-2257 (toll free), and on the Funds' website at www.spdretfs.com. 58 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- APPROVAL OF ADVISORY INVESTMENT AGREEMENTS At in-person meetings held on August 22, 2007 and November 28, 2007, the Board of Trustees of the Trust (the "Board") evaluated the proposals to continue the Investment Advisory Agreement (the "Agreement") between the Trust and SSgA Funds Management, Inc. (the "Adviser") with respect to the operational fixed income series of the Trust (each a "Current ETF", collectively, the "Current ETFs") and to continue and/or approve, as the case may be, the Agreement with respect to the previously approved non-operational fixed income series of the Trust and new fixed income series of the Trust (collectively, the "New ETFs" and together with the Current ETFs, the "ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees") also met separately with their independent legal counsel to consider the Agreement. In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust's Administrator, Transfer Agent and Custodian ("State Street"). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Adviser with respect to the Current ETFs and to be provided by the Adviser with respect to the New ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) costs to the Adviser of its services and the profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the ETFs grow and whether the fee levels in the Agreement reflect these economies of scale. The Board considered the nature, extent and quality of the services provided by, or to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser's responsibilities for managing the investment operations of each of the Current ETFs and anticipated responsibilities for managing investment operations of the New ETFs, in accordance with each ETF's investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management and compliance of the ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each ETF's compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment business and that of its affiliates which make up State Street Global Advisers, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser's experience in managing fixed income ETFs. The Board then determined that the nature, extent and quality of services provided by the Adviser to the Trust were necessary and appropriate. The Board reviewed the Current ETFs' performance. The Board noted that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to performance of actively-managed funds. The Board was more concerned with the extent to which each Current ETF achieved its objective and the Board reviewed each Current ETF's index tracking and tracking error. The Board considered that each Current ETF closely tracked its benchmark index and the Board also reviewed the tax efficiency of each Current ETF. The Board then determined that the performance of each Current ETF was satisfactory. The Board considered the profitability of the advisory arrangement with the Trust to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser's relationship with the Trust had been profitable, profitability was not excessive. The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft- dollar arrangements in connection with the Trust's brokerage transactions. The Board 59 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - -------------------------------------------------------------------------------- concluded that, to the extent that the Adviser derives other benefits from its relationship with the Trust, those benefits are not so significant as to cause the Adviser's fees with respect to the ETFs to be excessive. The Board determined that the Adviser is likely to realize economies of scale in managing the ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as ETFs grow in size and assess whether fee breakpoints may be warranted. The Board evaluated the ETFs' unitary fee through the review of comparative information with respect to fees paid by similar funds -- i.e., exchange-traded funds tracking fixed income indexes. The Board reviewed the universe of similar exchange-traded funds for the ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the Current ETFs, estimated expense ratios of the New ETFs, and the unitary fee structure. The Board used a fund by fund analysis of the data. The Board concluded, based on the information presented, that each ETF's fees were fair and reasonable in light of those of their direct competitors. The Board's conclusions in approving the Agreement, including the Independent Trustees voting separately, were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the Current ETFs and expected to be provided by the Adviser with respect to the New ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser's fees for each ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust's relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude materially to affect the Board's conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with the Current ETFs and fees expected to be paid to the Adviser were expected to share economies of scale with respect to the New ETFs by way of the low fee structure of the Trust. 60 THE SPDR(R) FAMILY OF EXCHANGE TRADED FUNDS The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. PLEASE CALL 1-866-787-2257 TO OBTAIN A PROSPECTUS FOR ANY SPDR ETF. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING CHARGES, EXPENSES, INVESTMENT OBJECTIVES AND RISK FACTORS THAT SHOULD BE CAREFULLY CONSIDERED TO DETERMINE IF THE FUND(S) ARE AN APPROPRIATE INVESTMENT FOR YOU. READ THE PROSPECTUS(ES) CAREFULLY BEFORE INVESTING. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. SPDR SERIES TRUST SPDR DJ Wilshire Total Market ETF (TMW) SPDR DJ Wilshire Large Cap ETF (ELR) SPDR DJ Wilshire Large Cap Growth ETF (ELG) SPDR DJ Wilshire Large Cap Value ETF (ELV) SPDR DJ Wilshire Mid Cap ETF (EMM) SPDR DJ Wilshire Mid Cap Growth ETF (EMG) SPDR DJ Wilshire Mid Cap Value ETF (EMV) SPDR DJ Wilshire Small Cap ETF (DSC) SPDR DJ Wilshire Small Cap Growth ETF (DSG) SPDR DJ Wilshire Small Cap Value ETF (DSV) SPDR DJ Global Titans ETF (DGT) DJ Wilshire REIT ETF (RWR) KBW Bank ETF (KBE) KBW Capital Markets ETF (KCE) KBW Insurance ETF (KIE) Morgan Stanley Technology ETF (MTK) SPDR S&P Dividend ETF (SDY) SPDR S&P Biotech ETF (XBI) SPDR S&P Homebuilders ETF (XHB) SPDR S&P Metals & Mining ETF (XME) SPDR S&P Oil & Gas Equipment & Services ETF (XES) SPDR S&P Oil & Gas Exploration & Production ETF (XOP) SPDR S&P Pharmaceuticals ETF (XPH) SPDR S&P Retail ETF (XRT) SPDR S&P Semiconductor ETF (XSD) KBW Regional Banking ETF (KRE) SPDR Lehman 1-3 Month T-Bill ETF (BIL) SPDR Lehman Short Term Municipal Bond ETF (SHM) SPDR Lehman Intermediate Term Treasury ETF (ITE) SPDR Lehman Long Term Treasury ETF (TLO) SPDR Barclays Capital TIPS ETF (IPE) SPDR Lehman California Municipal Bond ETF (CXA) SPDR Lehman New York Municipal Bond ETF (INY) SPDR Lehman Municipal Bond ETF (TFI) SPDR Lehman Aggregate Bond ETF (LAG) SPDR Lehman International Treasury Bond ETF (BWX) SPDR Lehman High Yield Bond ETF (JNK) 61 THE SELECT SECTOR SPDR TRUST The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF) The Health Care Select Sector SPDR Fund (XLV) The Industrial Select Sector SPDR Fund (XLI) The Materials Select Sector SPDR Fund (XLB) The Technology Select Sector SPDR Fund (XLK) The Utilities Select Sector SPDR Fund (XLU) DIAMONDS TRUST, SERIES 1 (DIA) SPDR TRUST, SERIES 1 (SPY) SPDR INDEX SHARES FUNDS DJ STOXX 50 ETF (FEU) DJ EURO STOXX 50 ETF (FEZ) SPDR S&P Emerging Asia Pacific ETF (GMF) SPDR S&P China ETF (GXC) SPDR S&P Emerging Markets ETF (GMM) SPDR S&P BRIC 40 ETF (BIK) SPDR S&P Emerging Europe ETF (GUR) SPDR S&P Emerging Latin America ETF (GML) SPDR S&P Emerging Middle East & Africa ETF (GAF) SPDR S&P World ex-US ETF (GWL) SPDR S&P International Small Cap ETF (GWX) SPDR S&P International Dividend ETF (DWX) SPDR DJ Wilshire International Real Estate ETF (RWX) SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) SPDR MSCI ACWI ex-US ETF (CWI) SPDR Russell/Nomura PRIME Japan ETF (JPP) SPDR Russell/Nomura Small Cap Japan ETF (JSC) State Street Global Markets, LLC, member of FINRA and SIPC is distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR Trust and Diamonds Trust, both unit investment trusts; and all investment portfolios of The Select Sector SPDR Trust. 62 SPDR Series Trust TRUSTEES David M. Kelly Frank Nesvet Helen F. Peters James E. Ross OFFICERS James E. Ross, President Michael P. Riley, Vice President Gary L. French, Treasurer Mary Moran Zeven, Secretary Ryan M. Louvar, Assistant Secretary Mark E. Tuttle, Assistant Secretary Chad C. Hallett, Assistant Treasurer Laura F. Healy, Assistant Treasurer Matthew W. Flaherty, Assistant Treasurer Julie B. Piatelli, Chief Compliance Officer INVESTMENT MANAGER SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 DISTRIBUTOR State Street Global Markets, LLC One Lincoln Street Boston, MA 02111 CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 LEGAL COUNSEL Morgan, Lewis and Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 Fund shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC, and the Boston Stock Exchange. The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdretfs.com Please read the prospectus carefully before you invest. State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk. The "SPDR" trademark is used under license from The McGraw-Hill Companies, Inc. ("McGraw-Hill"). No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by McGraw Hill. Standard & Poor's(R), S&P(R), SPDR(R), S&P 500(R) and Select Sector SPDRs(R) are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by State Street Bank and Trust Company. The Citigroup Mark is a trademark of Citigroup Global Markets Inc. and has been licensed for use by Standard & Poor's. The products are not sponsored, endorsed, sold or promoted by Standard & Poor's, and neither Standard & Poor's nor Citigroup Global Markets Inc. makes any representation regarding the advisability of investing in the Fund. In general, Fund shares can be expect to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may directly acquire shares of the Funds and tender them for redemption in Creation Unit Aggregations only. Please see the prospectus for more details. "Barclays Capital" is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC ("Barclays Capital") and is used by State Street Global Advisors under license. Barclays Capital compiles, maintains and owns rights in and to the Barclays U.S. Government Inflation-linked Bond Index. The SPDR Barclays Capital TIPS ETF is not sponsored, endorsed, sold or promoted by Barclays Capital. Barclays Capital or one of its affiliated entities may act as an Authorized Participant and/or as an initial purchaser of shares of the SPDR Barclays Capital TIPS ETF. Barclays Capital makes no representation regarding the advisability of investing in the SPDR Barclays Capital TIPS ETF or use of either the Barclays US Government Inflation-Linked All Maturities Index or any data included therein. Lehman Brothers, Lehman Brothers Inc. are trademarks of Lehman Brothers Inc. and have been licensed for use in connection with the listing and trading of the SPDR Lehman ETFs on the Amex. The products are not sponsored by, endorsed, sold or promoted by Lehman Brothers Inc. and Lehman Brothers Inc. makes no representation regarding the advisability of investing in them. Please read the prospectus carefully before you invest or send money. (C) 2008 State Street Corporation SPDR FISAR For more complete information, please call 866.787.2257 or visit spdretfs.com today ITEM 2. CODE OF ETHICS Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report. ITEM 6. SCHEDULE OF INVESTMENTS A Schedule of Investments for each series of the Registrant, except for those series set forth below, is included as a part of the semi-annual reports to shareholders filed under Item 1 of this Form N-CSR. The Schedule of Investments for the following series of the Registrant is set forth below: SPDR(R) DJ Wilshire Total Market ETF SPDR(R) DJ Wilshire Large Cap ETF SPDR(R) DJ Wilshire Large Cap Growth ETF SPDR(R) DJ Wilshire Large Cap Value ETF SPDR(R) DJ Wilshire Mid Cap ETF SPDR(R) DJ Wilshire Mid Cap Growth ETF SPDR(R) DJ Wilshire Mid Cap Value ETF SPDR(R) DJ Wilshire Small Cap ETF SPDR(R) DJ Wilshire Small Cap Growth ETF SPDR(R) DJ Wilshire Small Cap Value ETF SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.3% AEROSPACE & DEFENSE -- 2.3% BE Aerospace, Inc. (a)........ 164 $ 8,675 Boeing Co..................... 5,719 500,184 Ceradyne, Inc. (a)............ 272 12,765 DRS Technologies, Inc......... 173 9,389 General Dynamics Corp......... 2,507 223,098 Goodrich Corp................. 1,561 110,222 Honeywell International, Inc......................... 5,877 361,847 L-3 Communications Holdings, Inc......................... 1,141 120,877 Lockheed Martin Corp.......... 2,580 271,571 Northrop Grumman Corp......... 2,422 190,466 Precision Castparts Corp...... 927 128,575 Raytheon Co................... 3,971 241,040 Rockwell Collins, Inc......... 1,811 130,338 Taser International, Inc. (a)......................... 566 8,145 United Technologies Corp...... 7,262 555,833 ------------ 2,873,025 ------------ AIR FREIGHT & LOGISTICS -- 0.6% C.H. Robinson Worldwide, Inc......................... 1,086 58,774 Expeditors International of Washington, Inc............. 2,862 127,874 FedEx Corp.................... 2,179 194,302 Forward Air Corp.............. 1,883 58,693 United Parcel Service, Inc. (Class B)................... 5,037 356,217 ------------ 795,860 ------------ AIRLINES -- 0.2% AMR Corp. (a)................. 2,661 37,334 Continental Airlines, Inc. (Class B) (a)............... 529 11,770 JetBlue Airways Corp. (a)..... 2,769 16,337 Midwest Air Group, Inc. (a)... 1,688 24,982 Pinnacle Airlines Corp. (a)... 198 3,020 Southwest Airlines Co......... 6,588 80,374 UAL Corp. (a)................. 1,000 35,660 ------------ 209,477 ------------ AUTO COMPONENTS -- 0.3% American Axle & Manufacturing Holdings, Inc............... 300 5,586 Gentex Corp................... 2,936 52,173 Johnson Controls, Inc......... 5,217 188,021 Lear Corp. (a)................ 1,174 32,473 Modine Manufacturing Co....... 1,735 28,645 Proliance International, Inc. (a)......................... 2,532 4,557 The Goodyear Tire & Rubber Co. (a)......................... 2,614 73,767 WABCO Holdings, Inc........... 591 29,603 ------------ 414,825 ------------ AUTOMOBILES -- 0.3% Ford Motor Co. (a)............ 15,405 103,676 General Motors Corp........... 4,437 110,437 Harley-Davidson, Inc.......... 2,426 113,318 Thor Industries, Inc.......... 320 12,163 ------------ 339,594 ------------ BEVERAGES -- 1.9% Anheuser-Busch Cos., Inc...... 5,243 274,419 Coca-Cola Enterprises, Inc.... 3,146 81,890 Constellation Brands, Inc. (Class A) (a)............... 2,244 53,048 Hansen Natural Corp. (a)...... 600 26,574 PepsiCo, Inc.................. 12,141 921,502 The Coca-Cola Co.............. 16,114 988,916 The Pepsi Bottling Group, Inc......................... 2,169 85,589 ------------ 2,431,938 ------------ BIOTECHNOLOGY -- 1.7% Acadia Pharmaceuticals, Inc. (a)......................... 209 2,314 Alfacell Corp. (a)............ 3,442 5,920 Amgen, Inc. (a)............... 9,688 449,911 Amylin Pharmaceuticals, Inc. (a)......................... 1,013 37,481 AVI BioPharma, Inc. (a)....... 2,712 3,824 BioCryst Pharmaceuticals, Inc. (a)......................... 522 3,226 Biogen Idec, Inc. (a)......... 3,306 188,178 Celgene Corp. (a)............. 3,791 175,182 Cephalon, Inc. (a)............ 1,228 88,121 Chelsea Therapeutics International, Inc. (a)..... 3,756 27,794 Cubist Pharmaceuticals, Inc. (a)......................... 500 10,255 CV Therapeutics, Inc. (a)..... 124 1,122 Dynavax Technologies Corp. (a)......................... 1,461 7,422 Genentech, Inc. (a)........... 3,678 246,683 Genzyme Corp. (a)............. 2,123 158,036 Gilead Sciences, Inc. (a)..... 8,016 368,816 Human Genome Sciences, Inc. (a)......................... 3,391 35,402 ImClone Systems, Inc. (a)..... 1,101 47,343 InterMune, Inc. (a)........... 258 3,439 Isolagen, Inc. (a)............ 6,366 15,979 Martek Biosciences Corp. (a).. 200 5,916 Medarex, Inc. (a)............. 228 2,376 Millennium Pharmaceuticals, Inc. (a).................... 5,144 77,057 Neurocrine Biosciences, Inc. (a)......................... 1,078 4,894 Novavax, Inc. (a)............. 1,983 6,603 Onyx Pharmaceuticals, Inc. (a)......................... 400 22,248 OSI Pharmaceuticals, Inc. (a)......................... 617 29,931 PDL BioPharma, Inc. (a)....... 389 6,815 Pharmion Corp. (a)............ 326 20,492 SIGA Technologies, Inc. (a)... 4,382 13,497 StemCells, Inc. (a)........... 3,234 4,851 Threshold Pharmaceuticals, Inc. (a).................... 416 221 Vanda Pharmaceuticals, Inc. (a)......................... 170 1,170 Vertex Pharmaceuticals, Inc. (a)......................... 1,000 23,230 ------------ 2,095,749 ------------ BUILDING PRODUCTS -- 0.1% Masco Corp.................... 3,285 70,989 Simpson Manufacturing Co., Inc......................... 313 8,323 Trane, Inc.................... 1,774 82,863 USG Corp. (a)................. 536 19,183 ------------ 181,358 ------------ CAPITAL MARKETS -- 3.0% Ameriprise Financial, Inc..... 1,605 88,452 E*TRADE Financial Corp. (a)... 4,745 16,845 Franklin Resources, Inc....... 1,288 147,386 International Assets Holding Corp. (a)................... 1,461 39,432 Janus Capital Group, Inc...... 3,429 112,643 Legg Mason, Inc............... 1,058 77,393 Lehman Brothers Holdings, Inc......................... 4,609 301,613 Merrill Lynch & Co., Inc...... 6,828 366,527 Morgan Stanley................ 7,758 412,027 Northern Trust Corp........... 1,956 149,790 SEI Investments Co............ 3,106 99,920 State Street Corp. (b)........ 2,945 239,134
See accompanying notes to financial statements. 1 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- T. Rowe Price Group, Inc...... 1,853 $ 112,811 TD Ameritrade Holding Corp. (a)......................... 1,950 39,117 The Bank of New York Mellon Corp........................ 9,165 446,885 The Bear Stearns Cos., Inc.... 1,042 91,957 The Charles Schwab Corp....... 10,300 263,165 The Goldman Sachs Group, Inc......................... 3,263 701,708 Waddell & Reed Financial, Inc. (Class A)................... 2,669 96,324 ------------ 3,803,129 ------------ CHEMICALS -- 1.7% Air Products & Chemicals, Inc......................... 1,895 186,904 Ashland, Inc.................. 885 41,976 Cabot Corp.................... 416 13,869 Chemtura Corp................. 2,646 20,639 E. I. du Pont de Nemours & Co.......................... 7,395 326,046 Eastman Chemical Co........... 1,102 67,321 Ecolab, Inc................... 2,254 115,427 Monsanto Co................... 4,542 507,296 Nalco Holding Co.............. 626 15,137 PPG Industries, Inc........... 1,596 112,087 Praxair, Inc.................. 2,889 256,283 Rohm & Haas Co................ 1,631 86,557 Sigma-Aldrich Corp............ 835 45,591 Terra Industries, Inc. (a).... 700 33,432 The Dow Chemical Co........... 7,387 291,196 The Mosaic Co. (a)............ 492 46,415 Xethanol Corp. (a)............ 5,112 3,169 ------------ 2,169,345 ------------ COMMERCIAL BANKS -- 3.2% Arrow Financial Corp.......... 2,247 48,288 Bank of Granite Corp.......... 4,383 46,328 Bank of Hawaii Corp........... 416 21,274 BB&T Corp..................... 3,945 120,993 Capitol Bancorp, Ltd.......... 1,604 32,272 Cathay General Bancorp........ 313 8,291 Citizens Republic Bancorp, Inc......................... 2,348 34,070 Columbia Banking System, Inc......................... 2,286 67,963 Comerica, Inc................. 522 22,723 Commerce Bancorp, Inc......... 1,909 72,809 CVB Financial Corp............ 4,467 46,189 Farmers Capital Bank Corp..... 1,882 50,814 Fifth Third Bancorp........... 3,585 90,091 First Bancorp- North Carolina.................... 1,343 25,369 First Commonwealth Financial Corp........................ 5,438 57,915 First Community Bancorp, Inc......................... 956 39,425 First Merchants Corp.......... 2,569 56,107 FNB Corp...................... 2,296 53,336 Horizon Financial Corp........ 1,864 32,508 Huntington Bancshares, Inc.... 731 10,790 Independent Bank Corp.- Massachusetts............... 1,775 48,316 Integra Bank Corp............. 1,676 23,648 International Bancshares Corp........................ 458 9,591 Keycorp....................... 2,966 69,553 Lakeland Financial Corp....... 3,111 65,020 M&T Bank Corp................. 626 51,063 Marshall & Ilsley Corp........ 835 22,111 National City Corp............ 4,190 68,967 National Penn Bancshares, Inc......................... 3,495 52,914 Old National Bancorp.......... 522 7,809 Omega Financial Corp.......... 2,123 62,119 PNC Financial Services Group, Inc......................... 1,861 122,175 Popular, Inc.................. 1,879 19,917 Regions Financial Corp........ 4,823 114,064 Renasant Corp................. 2,991 64,516 Sandy Spring Bancorp, Inc..... 1,798 50,020 Simmons First National Corp... 2,135 56,578 Sterling Financial Corp. -- Pennsylvania....... 3,028 49,720 SunTrust Banks, Inc........... 2,282 142,602 Susquehanna Bancshares, Inc... 3,449 63,600 Synovus Financial Corp........ 835 20,107 The Colonial BancGroup, Inc... 1,002 13,567 Trustmark Corp................ 416 10,550 U.S. Bancorp.................. 13,326 422,967 UCBH Holdings, Inc............ 2,911 41,220 Umpqua Holdings Corp.......... 2,999 46,005 UnionBanCal Corp.............. 416 20,347 United Bankshares, Inc........ 313 8,770 United Community Banks, Inc... 2,123 33,543 Wachovia Corp................. 14,746 560,790 Wells Fargo & Co.............. 23,423 707,140 Zions Bancorp................. 303 14,147 ------------ 4,001,011 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.8% ACCO Brands Corp. (a)......... 315 5,053 Avery Dennison Corp........... 1,281 68,072 ChoicePoint, Inc. (a)......... 1,292 47,055 Cintas Corp................... 1,754 58,969 Courier Corp.................. 1,517 50,076 Covanta Holding Corp. (a)..... 800 22,128 Dun & Bradstreet Corp......... 950 84,198 Ennis, Inc.................... 3,021 54,378 Equifax, Inc.................. 1,707 62,067 Herman Miller, Inc............ 1,653 53,541 Hudson Highland Group, Inc. (a)......................... 112 942 Kimball International, Inc. (Class B)................... 3,015 41,305 Manpower, Inc................. 603 34,311 Monster Worldwide, Inc. (a)... 1,621 52,520 PHH Corp. (a)................. 565 9,967 Pitney Bowes, Inc............. 2,118 80,569 R.R. Donnelley & Sons Co...... 2,686 101,370 Robert Half International, Inc......................... 2,309 62,435 Waste Connections, Inc. (a)... 469 14,492 Waste Management, Inc......... 5,025 164,167 ------------ 1,067,615 ------------ COMMUNICATIONS EQUIPMENT -- 2.3% 3Com Corp. (a)................ 9,974 45,082 ADC Telecommunications, Inc. (a)......................... 1,846 28,705 Arris Group, Inc. (a)......... 257 2,565 Avici Systems, Inc............ 1,985 15,741 Avocent Corp. (a)............. 416 9,697 Carrier Access Corp. (a)...... 2,400 5,760 CIENA Corp. (a)............... 723 24,662 Cisco Systems, Inc. (a)....... 48,111 1,302,365 CommScope, Inc. (a)........... 95 4,691 Comtech Telecommunications Corp. (a)................... 51 2,754 Corning, Inc.................. 12,450 298,675 Finisar Corp. (a)............. 3,131 4,540 Foundry Networks, Inc. (a).... 939 16,451
See accompanying notes to financial statements. 2 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Harris Corp................... 1,799 $ 112,761 InterDigital, Inc. (a)........ 200 4,666 JDS Uniphase Corp. (a)........ 2,639 35,099 Juniper Networks, Inc. (a).... 5,422 180,010 Motorola, Inc................. 18,748 300,718 MRV Communications, Inc. (a).. 3,651 8,470 Occam Networks, Inc. (a)...... 728 2,592 Plantronics, Inc.............. 416 10,816 Polycom, Inc. (a)............. 200 5,556 Proxim Wireless Corp. (a)..... 5,635 5,579 QUALCOMM, Inc................. 13,071 514,344 Relm Wireless Corp............ 104 328 Tellabs, Inc. (a)............. 5,865 38,357 ------------ 2,980,984 ------------ COMPUTERS & PERIPHERALS -- 4.2% Apple, Inc. (a)............... 7,095 1,405,378 Avid Technology, Inc. (a)..... 698 19,781 Brocade Communications Systems, Inc. (a)........... 1,879 13,792 Dell, Inc. (a)................ 16,679 408,802 EMC Corp. (a)................. 19,477 360,909 Hewlett-Packard Co............ 22,477 1,134,639 Icad, Inc. (a)................ 3,757 7,589 International Business Machines Corp............... 12,152 1,313,631 Interphase Corp. (a).......... 835 8,617 Lexmark International, Inc. (a)......................... 884 30,816 NCR Corp. (a)................. 1,954 49,046 Network Appliance, Inc. (a)... 3,417 85,288 Novatel Wireless, Inc. (a).... 610 9,882 Palm, Inc..................... 626 3,969 QLogic Corp. (a).............. 2,493 35,401 SanDisk Corp. (a)............. 2,743 90,985 Seagate Technology............ 4,251 108,401 Sun Microsystems, Inc. (a).... 7,709 139,764 Teradata Corp. (a)............ 1,954 53,559 Western Digital Corp. (a)..... 2,730 82,473 ------------ 5,362,722 ------------ CONSTRUCTION & ENGINEERING -- 0.4% EMCOR Group, Inc. (a)......... 417 9,854 Fluor Corp.................... 967 140,911 Foster Wheeler, Ltd. (a)...... 457 70,844 Jacobs Engineering Group, Inc. (a)......................... 1,936 185,101 KBR, Inc. (a)................. 1,200 46,560 Quanta Services, Inc. (a)..... 1,303 34,191 URS Corp. (a)................. 613 33,304 ------------ 520,765 ------------ CONSTRUCTION MATERIALS -- 0.1% Eagle Materials, Inc.......... 313 11,105 Headwaters, Inc. (a).......... 313 3,675 Martin Marietta Materials, Inc......................... 495 65,637 Vulcan Materials Co........... 1,070 84,626 ------------ 165,043 ------------ CONSUMER FINANCE -- 0.6% American Express Co........... 8,028 417,616 AmeriCredit Corp. (a)......... 1,964 25,120 Capital One Financial Corp.... 3,507 165,741 Discover Financial Services... 3,830 57,756 SLM Corp...................... 3,447 69,423 The First Marblehead Corp..... 200 3,060 ------------ 738,716 ------------ CONTAINERS & PACKAGING -- 0.3% Crown Holdings, Inc. (a)...... 2,565 65,792 Myers Industries, Inc......... 286 4,138 Owens-Illinois, Inc. (a)...... 2,017 99,842 Pactiv Corp. (a).............. 2,469 65,749 Sealed Air Corp............... 2,441 56,485 Smurfit-Stone Container Corp. (a)......................... 4,139 43,708 Temple-Inland, Inc............ 1,331 27,751 ------------ 363,465 ------------ DISTRIBUTORS -- 0.0% (C) Genuine Parts Co.............. 522 24,169 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.3% Apollo Group, Inc. (a)........ 1,407 98,701 Career Education Corp. (a).... 1,366 34,341 H&R Block, Inc................ 2,663 49,452 ITT Educational Services, Inc. (a)......................... 865 73,759 Service Corp. International... 5,673 79,706 Strayer Education, Inc........ 104 17,740 ------------ 353,699 ------------ DIVERSIFIED FINANCIAL SERVICES -- 3.5% Bank of America Corp.......... 33,419 1,378,868 CIT Group, Inc................ 2,100 50,463 Citigroup, Inc................ 38,013 1,119,103 CME Group, Inc................ 289 198,254 Guaranty Financial Group, Inc......................... 443 7,088 Intercontinental Exchange, Inc. (a).................... 687 132,248 JPMorgan Chase & Co........... 25,892 1,130,186 Leucadia National Corp........ 2,480 116,808 Moody's Corp.................. 2,382 85,037 NYSE Euronext................. 1,459 128,056 The Nasdaq Stock Market, Inc. (a)......................... 816 40,384 ------------ 4,386,495 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.6% AT&T, Inc..................... 46,408 1,928,717 Cbeyond, Inc. (a)............. 21 819 CenturyTel, Inc............... 939 38,931 Citizens Communications Co.... 5,028 64,007 Cogent Communications Group, Inc. (a).................... 1,461 34,640 Covad Communications Group, Inc. (a).................... 5,115 4,399 Embarq Corp................... 1,030 51,016 Fibernet Telecom Group, Inc. (a)......................... 2,295 18,291 Level 3 Communications, Inc. (a)......................... 7,308 22,216 Qwest Communications International, Inc. (a)..... 16,448 115,301 SureWest Communications....... 1,632 27,907 Time Warner Telecom, Inc. (Class A) (a)............... 432 8,765 Verizon Communications, Inc... 22,599 987,350 Windstream Corp............... 2,572 33,487 ------------ 3,335,846 ------------ ELECTRIC UTILITIES -- 1.9% Allegheny Energy, Inc......... 2,052 130,528 American Electric Power Co., Inc......................... 3,347 155,836 Central Vermont Public Service Corp........................ 2,840 87,586
See accompanying notes to financial statements. 3 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Duke Energy Corp.............. 7,805 $ 157,427 Edison International.......... 2,811 150,023 Entergy Corp.................. 1,677 200,435 Exelon Corp................... 5,362 437,754 FirstEnergy Corp.............. 2,609 188,735 FPL Group, Inc................ 2,997 203,137 MGE Energy, Inc............... 1,757 62,321 Northeast Utilities........... 774 24,234 Pepco Holdings, Inc........... 3,489 102,332 Pinnacle West Capital Corp.... 173 7,337 PPL Corp...................... 3,671 191,222 Progress Energy, Inc.......... 626 30,317 Reliant Energy, Inc. (a)...... 4,115 107,977 The Southern Co............... 5,029 194,874 ------------ 2,432,075 ------------ ELECTRICAL EQUIPMENT -- 0.6% BTU International, Inc. (a)... 209 2,784 Capstone Turbine Corp. (a).... 4,382 7,143 Cooper Industries, Ltd........ 2,155 113,956 Emerson Electric Co........... 6,317 357,921 First Solar, Inc. (a)......... 100 26,714 Hubbell, Inc. (Class B)....... 1,169 60,320 Phazar Corp. (a).............. 730 4,730 PowerSecure International, Inc. (a).................... 1,671 22,559 Rockwell Automation, Inc...... 1,604 110,612 Roper Industries, Inc......... 1,372 85,805 ------------ 792,544 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.6% Aetrium, Inc. (a)............. 4,069 24,414 Agilent Technologies, Inc. (a)......................... 3,464 127,267 American Technology Corp. (a)......................... 2,192 5,546 Amphenol Corp. (Class A)...... 2,421 112,262 Arrow Electronics, Inc. (a)... 1,906 74,868 Avnet, Inc. (a)............... 2,192 76,654 Benchmark Electronics, Inc. (a)......................... 184 3,262 Itron, Inc. (a)............... 100 9,597 Jabil Circuit, Inc............ 1,947 29,731 Lightpath Technologies, Inc. (a)......................... 4,278 8,385 Lumera Corp. (a).............. 1,670 4,359 Mechanical Technology, Inc. (a)......................... 3,338 2,504 Molex, Inc.................... 2,046 55,856 National Instruments Corp..... 416 13,865 RAE Systems, Inc. (a)......... 2,399 6,477 Sanmina-SCI Corp. (a)......... 7,822 14,236 Security With Advanced Technology, Inc. (a)........ 419 721 Superconductor Technologies, Inc. (a).................... 104 577 Tech Data Corp. (a)........... 200 7,544 Trimble Navigation, Ltd. (a).. 2,202 66,588 Tyco Electronics, Ltd......... 3,883 144,176 Vishay Intertechnology, Inc. (a)......................... 3,350 38,223 ------------ 827,112 ------------ ENERGY EQUIPMENT & SERVICES -- 2.7% Baker Hughes, Inc............. 2,399 194,559 BJ Services Co................ 2,981 72,319 Bronco Drilling Co., Inc. (a)......................... 245 3,638 Cal Dive International, Inc. (a)......................... 188 2,483 Cameron International Corp. (a)......................... 1,670 80,377 Diamond Offshore Drilling, Inc......................... 416 59,072 ENSCO International, Inc...... 1,803 107,495 Exterran Holdings, Inc. (a)... 209 17,096 FMC Technologies, Inc. (a).... 1,100 62,370 Global Industries, Ltd. (a)... 211 4,520 Grant Prideco, Inc. (a)....... 2,151 119,402 Grey Wolf, Inc. (a)........... 6,215 33,126 Halliburton Co................ 8,130 308,208 Helmerich & Payne, Inc........ 626 25,084 Matrix Service Co. (a)........ 154 3,360 Nabors Industries, Ltd. (a)... 2,852 78,116 National-Oilwell Varco, Inc. (a)......................... 3,386 248,736 Noble Corp.................... 2,680 151,447 Omni Energy Services Corp. (a)......................... 4,172 20,359 Patterson-UTI Energy, Inc..... 2,242 43,764 Pride International, Inc. (a)......................... 1,148 38,917 Rowan Cos., Inc............... 1,870 73,790 Schlumberger, Ltd............. 9,368 921,530 Smith International, Inc...... 731 53,984 Superior Energy Services, Inc. (a)......................... 2,620 90,180 TGC Industries, Inc. (a)...... 2,958 28,545 Tidewater, Inc................ 416 22,822 Transocean, Inc............... 3,038 434,890 Weatherford International, Ltd. (a).................... 2,538 174,107 ------------ 3,474,296 ------------ FOOD & STAPLES RETAILING -- 2.0% Costco Wholesale Corp......... 3,843 268,088 CVS Caremark Corp............. 12,752 506,892 Performance Food Group Co. (a)......................... 1,299 34,904 Safeway, Inc.................. 3,991 136,532 SUPERVALU, Inc................ 2,196 82,394 Sysco Corp.................... 5,277 164,695 The Kroger Co................. 5,739 153,289 Wal-Mart Stores, Inc.......... 18,555 881,919 Walgreen Co................... 7,742 294,815 Whole Foods Market, Inc....... 1,148 46,839 ------------ 2,570,367 ------------ FOOD PRODUCTS -- 1.5% Archer-Daniels-Midland Co..... 5,567 258,476 Bunge, Ltd.................... 1,258 146,444 Campbell Soup Co.............. 2,695 96,292 ConAgra Foods, Inc............ 4,867 115,786 Dean Foods Co................. 1,915 49,522 Del Monte Foods Co............ 5,072 47,981 Flowers Foods, Inc............ 3,316 77,628 General Mills, Inc............ 2,893 164,901 H.J. Heinz Co................. 3,138 146,482 Kellogg Co.................... 700 36,701 Kraft Foods, Inc.............. 11,498 375,180 McCormick & Co., Inc.......... 939 35,597 Pilgrim's Pride Corp.......... 313 9,061 Sanderson Farms, Inc.......... 100 3,378 Sara Lee Corp................. 6,951 111,633 The Hershey Co................ 1,472 57,997 The J.M. Smucker Co........... 416 21,399 TreeHouse Foods, Inc. (a)..... 382 8,782 Tyson Foods, Inc. (Class A)... 3,451 52,904 Wm. Wrigley Jr., Co........... 522 30,563 ------------ 1,846,707 ------------
See accompanying notes to financial statements. 4 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- GAS UTILITIES -- 0.2% Chesapeake Utilities Corp..... 2,008 $ 63,955 EnergySouth, Inc.............. 2,286 132,588 Questar Corp.................. 1,198 64,812 ------------ 261,355 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.7% Advanced Medical Optics, Inc. (a)......................... 1,157 28,381 Align Technology, Inc. (a).... 176 2,936 American Medical Systems Holdings, Inc. (a).......... 100 1,446 Angeion Corp. (a)............. 1,773 16,755 Baxter International, Inc..... 4,751 275,795 Becton, Dickinson & Co........ 2,058 172,008 Boston Scientific Corp. (a)... 9,201 107,007 C.R. Bard, Inc................ 1,075 101,910 Cambridge Heart, Inc. (a)..... 6,780 6,848 Covidien, Ltd................. 3,783 167,549 Edwards Lifesciences Corp. (a)......................... 1,122 51,601 Hologic, Inc. (a)............. 1,656 113,668 Hospira, Inc. (a)............. 1,803 76,880 Insite Vision, Inc. (a)....... 2,503 1,877 Intuitive Surgical, Inc. (a).. 15 4,867 Kinetic Concepts, Inc. (a).... 746 39,956 Medtronic, Inc................ 8,756 440,164 St. Jude Medical, Inc. (a).... 3,137 127,488 Stryker Corp.................. 2,408 179,926 Varian Medical Systems, Inc. (a)......................... 1,644 85,751 Zimmer Holdings, Inc. (a)..... 2,010 132,961 ------------ 2,135,774 ------------ HEALTH CARE PROVIDERS & SERVICES -- 2.6% Aetna, Inc.................... 4,791 276,584 AmerisourceBergen Corp........ 2,282 102,393 Cardinal Health, Inc.......... 3,579 206,687 CIGNA Corp.................... 3,092 166,133 Coventry Health Care, Inc. (a)......................... 1,570 93,023 DaVita, Inc. (a).............. 1,182 66,606 Express Scripts, Inc. (Class A) (a)...................... 2,746 200,458 Health Management Associates, Inc......................... 2,427 14,513 Health Net, Inc. (a).......... 1,580 76,314 Healthsouth Corp. (a)......... 200 4,200 Healthways, Inc. (a).......... 209 12,214 Henry Schein, Inc. (a)........ 1,397 85,776 Humana, Inc. (a).............. 1,649 124,186 Laboratory Corp. of America Holdings (a)................ 1,400 105,742 Lincare Holdings, Inc. (a).... 1,296 45,567 McKesson Corp................. 2,589 169,605 Medco Health Solutions, Inc. (a)......................... 2,387 242,042 Omnicare, Inc................. 1,356 30,930 Patterson Cos., Inc. (a)...... 1,358 46,104 PharMerica Corp. (a).......... 190 2,637 Psychiatric Solutions, Inc. (a)......................... 313 10,173 Quest Diagnostics, Inc........ 1,108 58,613 Sierra Health Services, Inc. (a)......................... 211 8,854 Tenet Healthcare Corp. (a).... 5,438 27,625 UnitedHealth Group, Inc....... 10,863 632,227 VCA Antech, Inc. (a).......... 1,572 69,530 WellCare Health Plans, Inc. (a)......................... 200 8,482 WellPoint, Inc. (a)........... 4,867 426,982 ------------ 3,314,200 ------------ HEALTH CARE TECHNOLOGY -- 0.1% HLTH Corp. (a)................ 1,848 24,763 IMS Health, Inc............... 2,894 66,678 ------------ 91,441 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.8% Bob Evans Farms, Inc.......... 2,370 63,824 Brinker International, Inc.... 860 16,822 Carnival Corp................. 3,449 153,446 Darden Restaurants, Inc....... 1,785 49,462 Gaylord Entertainment Co. (a)......................... 313 12,667 Harrah's Entertainment, Inc... 2,588 229,685 International Game Technology.................. 3,232 141,982 Las Vegas Sands Corp. (a)..... 893 92,024 Marriott International, Inc. (Class A)................... 3,188 108,966 McDonald's Corp............... 9,510 560,234 MGM Mirage, Inc. (a).......... 1,385 116,368 Orient-Express Hotels, Ltd. (Class A)................... 225 12,942 Panera Bread Co. (Class A) (a)......................... 209 7,486 Penn National Gaming, Inc. (a)......................... 597 35,551 Ruby Tuesday, Inc............. 522 5,090 Scientific Games Corp. (Class A) (a)...................... 1,654 54,995 Starbucks Corp. (a)........... 6,628 135,675 Starwood Hotels & Resorts Worldwide, Inc.............. 1,920 84,538 The Cheesecake Factory, Inc. (a)......................... 1,771 41,990 The Steak n Shake Co. (a)..... 2,395 26,105 Wendy's International, Inc.... 1,253 32,378 Wyndham Worldwide Corp........ 1,774 41,795 Wynn Resorts, Ltd............. 864 96,880 Yum! Brands, Inc.............. 5,147 196,976 ------------ 2,317,881 ------------ HOUSEHOLD DURABLES -- 0.7% American Greetings Corp. (Class A)................... 1,731 35,139 Bassett Furniture Industries, Inc......................... 2,781 25,975 Beazer Homes USA, Inc......... 763 5,669 Black & Decker Corp........... 833 58,018 Centex Corp................... 1,697 42,866 D.R. Horton, Inc.............. 2,807 36,968 Fortune Brands, Inc........... 1,239 89,654 Garmin, Ltd................... 1,045 101,365 Handheld Entertainment, Inc. (a)......................... 313 529 Harman International Industries, Inc............. 746 54,988 Hovnanian Enterprises, Inc. (a)......................... 323 2,316 Jarden Corp. (a).............. 42 992 KB HOME....................... 1,512 32,659 Leggett & Platt, Inc.......... 2,372 41,368 Lennar Corp. (Class A)........ 1,739 31,111 Mohawk Industries, Inc. (a)... 416 30,950 National Presto Industries, Inc......................... 369 19,432 Newell Rubbermaid, Inc........ 3,248 84,058 NVR, Inc. (a)................. 70 36,680 Pulte Homes, Inc.............. 2,256 23,778 Ryland Group, Inc............. 675 18,596
See accompanying notes to financial statements. 5 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Toll Brothers, Inc. (a)....... 1,148 $ 23,029 Whirlpool Corp................ 819 66,855 ------------ 862,995 ------------ HOUSEHOLD PRODUCTS -- 2.0% Church & Dwight Co., Inc...... 1,469 79,429 Colgate-Palmolive Co.......... 4,006 312,308 Energizer Holdings, Inc. (a).. 982 110,111 Kimberly-Clark Corp........... 3,305 229,169 Procter & Gamble Co........... 24,008 1,762,667 The Clorox Co................. 1,110 72,339 ------------ 2,566,023 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.4% Constellation Energy Group, Inc......................... 1,679 172,148 Mirant Corp. (a).............. 2,079 81,040 NRG Energy, Inc. (a).......... 2,698 116,931 The AES Corp. (a)............. 6,067 129,773 ------------ 499,892 ------------ INDUSTRIAL CONGLOMERATES -- 3.0% 3M Co......................... 5,071 427,587 General Electric Co........... 78,195 2,898,689 McDermott International, Inc. (a)......................... 2,278 134,470 Textron, Inc.................. 2,382 169,836 Tyco International, Ltd....... 3,883 153,961 ------------ 3,784,543 ------------ INSURANCE -- 4.6% ACE, Ltd...................... 2,104 129,985 AFLAC, Inc.................... 4,129 258,599 Alfa Corp..................... 4,315 93,506 AMBAC Financial Group, Inc.... 1,141 29,404 American International Group, Inc......................... 17,592 1,025,614 AON Corp...................... 2,877 137,204 Assurant, Inc................. 1,888 126,307 Berkshire Hathaway, Inc. (Class A) (a)............... 7 991,200 Chubb Corp.................... 3,113 169,908 Cincinnati Financial Corp..... 1,081 42,743 Everest Re Group, Ltd......... 503 50,501 Fidelity National Financial, Inc......................... 2,337 34,144 Genworth Financial, Inc. (Class A)................... 2,845 72,405 Hartford Financial Services Group, Inc.................. 2,291 199,752 IPC Holdings, Ltd............. 906 26,156 Lincoln National Corp......... 2,234 130,063 Loews Corp.................... 4,041 203,424 Marsh & McLennan Cos., Inc.... 3,892 103,021 MBIA, Inc..................... 1,441 26,846 MetLife, Inc.................. 3,522 217,026 PartnerRe, Ltd................ 168 13,865 Philadelphia Consolidated Holding Co. (a)............. 313 12,317 Principal Financial Group, Inc......................... 2,618 180,223 ProAssurance Corp. (a)........ 1,144 62,828 Prudential Financial, Inc..... 4,013 373,370 Reinsurance Group America, Inc......................... 313 16,426 RenaissanceRe Holdings, Ltd... 575 34,638 SAFECO Corp................... 1,441 80,235 Selective Insurance Group, Inc......................... 2,551 58,648 The Allstate Corp............. 5,081 265,381 The Hanover Insurance Group, Inc......................... 934 42,777 The Phoenix Cos., Inc......... 3,790 44,987 The Progressive Corp.......... 5,300 101,548 The Travelers Cos., Inc....... 5,504 296,115 Torchmark Corp................ 416 25,180 Transatlantic Holdings, Inc... 209 15,188 Unum Group.................... 3,966 94,351 WR Berkley Corp............... 522 15,561 XL Capital, Ltd. (Class A).... 999 50,260 ------------ 5,851,706 ------------ INTERNET & CATALOG RETAIL -- 0.4% Amazon.com, Inc. (a).......... 2,927 271,157 Expedia, Inc. (a)............. 2,329 73,643 IAC/InterActiveCorp (a)....... 2,329 62,697 Liberty Media Holding Corp. - Interactive (Series A) (a).. 5,317 101,448 ------------ 508,945 ------------ INTERNET SOFTWARE & SERVICES -- 1.7% Akamai Technologies, Inc. (a)......................... 2,233 77,262 Art Technology Group, Inc. (a)......................... 3,027 13,077 EarthLink, Inc. (a)........... 4,110 29,058 eBay, Inc. (a)................ 9,064 300,834 EDGAR Online, Inc. (a)........ 315 1,071 Equinix, Inc. (a)............. 100 10,107 Google, Inc. (Class A) (a).... 1,843 1,274,398 Internap Network Services Corp. (a)................... 2,436 20,292 Local.com Corp. (a)........... 2,608 12,544 Looksmart (a)................. 1,983 6,326 Move, Inc. (a)................ 939 2,300 NaviSite, Inc. (a)............ 3,548 17,953 Quepasa Corp. (a)............. 3,236 7,896 Terremark Worldwide, Inc. (a)......................... 1,878 12,207 VeriSign, Inc. (a)............ 2,637 99,177 Websense, Inc. (a)............ 416 7,064 Yahoo!, Inc. (a).............. 9,913 230,576 ------------ 2,122,142 ------------ IT SERVICES -- 1.2% Accenture, Ltd. (Class A)..... 3,414 123,006 Affiliated Computer Services, Inc. (a).................... 1,241 55,969 Alliance Data Systems Corp. (a)......................... 547 41,019 Applied Digital Solutions, Inc......................... 6,720 2,889 Automatic Data Processing, Inc......................... 4,449 198,114 Broadridge Financial Solutions, Inc.............. 1,111 24,920 Cognizant Technology Solutions Corp. (a)................... 2,804 95,168 Computer Sciences Corp. (a)... 1,823 90,184 Electronic Data Systems Corp........................ 4,956 102,738 Fidelity National Information Services, Inc............... 2,393 99,525 Fiserv, Inc. (a).............. 1,946 107,984 Iron Mountain, Inc. (a)....... 2,575 95,326 Mastercard, Inc............... 655 140,956 Metavante Technologies, Inc. (a)......................... 278 6,483 Paychex, Inc.................. 3,104 112,427 The Western Union Co.......... 5,806 140,970 Unisys Corp. (a).............. 5,629 26,625 ------------ 1,464,303 ------------
See accompanying notes to financial statements. 6 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- LEISURE EQUIPMENT & PRODUCTS -- 0.2% Brunswick Corp................ 1,384 $ 23,597 Eastman Kodak Co.............. 2,900 63,423 Hasbro, Inc................... 2,794 71,471 Mattel, Inc................... 4,406 83,890 Pool Corp..................... 1,331 26,394 ------------ 268,775 ------------ LIFE SCIENCES TOOLS & SERVICES -- 0.7% Affymetrix, Inc. (a).......... 905 20,942 AMAG Pharmaceuticals, Inc. (a)......................... 167 10,042 Applera Corp. -- Applied Biosystems Group............ 3,001 101,794 Charles River Laboratories International, Inc. (a)..... 522 34,348 Covance, Inc. (a)............. 416 36,034 Invitrogen Corp. (a).......... 864 80,706 Medivation, Inc. (a).......... 2,086 30,038 Millipore Corp. (a)........... 914 66,887 Nektar Therapeutics (a)....... 626 4,200 PerkinElmer, Inc.............. 2,376 61,824 Pure Bioscience (a)........... 7,302 51,041 Sequenom, Inc. (a)............ 2,297 21,936 Techne Corp. (a).............. 908 59,973 Thermo Fisher Scientific, Inc. (a)......................... 3,327 191,901 Waters Corp. (a).............. 1,346 106,428 ------------ 878,094 ------------ MACHINERY -- 2.3% AGCO Corp. (a)................ 200 13,596 Caterpillar, Inc.............. 5,197 377,094 CLARCOR, Inc.................. 416 15,795 Crane Co...................... 416 17,846 Cummins, Inc.................. 618 78,715 Danaher Corp.................. 1,884 165,302 Deere & Co.................... 4,038 376,018 Donaldson Co., Inc............ 377 17,485 Dover Corp.................... 1,486 68,490 Eaton Corp.................... 1,417 137,378 Federal Signal Corp........... 2,968 33,301 Harsco Corp................... 1,823 116,800 IDEX Corp..................... 2,420 87,435 Illinois Tool Works, Inc...... 3,770 201,846 Ingersoll-Rand Co., Ltd. (Class A)................... 3,012 139,968 ITT Corp...................... 1,853 122,372 Joy Global, Inc............... 1,962 129,139 Lincoln Electric Holdings, Inc......................... 313 22,279 Oshkosh Truck Corp............ 522 24,670 PACCAR, Inc................... 3,622 197,327 Pall Corp..................... 2,348 94,671 Parker-Hannifin Corp.......... 1,887 142,110 Pentair, Inc.................. 1,370 47,690 SPX Corp...................... 836 85,983 Terex Corp. (a)............... 818 53,636 The Manitowoc Co., Inc........ 1,032 50,393 The Timken Co................. 2,184 71,744 Watts Water Technologies, Inc......................... 1,551 46,220 ------------ 2,935,303 ------------ MEDIA -- 3.0% Cablevision Systems Corp. (Class A) (a)............... 2,317 56,766 CBS Corp...................... 5,690 155,052 Charter Communications, Inc. (a)......................... 5,008 5,859 Citadel Broadcasting Corp..... 1,168 2,406 Clear Channel Communications, Inc......................... 4,453 153,718 Comcast Corp. (Class A) (a)... 24,833 453,451 Discovery Holding Co. (Class A) (a)...................... 2,314 58,174 EchoStar Communications Corp. (Class A) (a)............... 2,608 98,374 EW Scripps Co................. 626 28,176 Gannett Co., Inc.............. 1,786 69,654 Getty Images, Inc. (a)........ 653 18,937 Idearc, Inc................... 1,018 17,876 Journal Communications, Inc... 3,036 27,142 Knology, Inc. (a)............. 2,086 26,659 Lamar Advertising Co.......... 1,046 50,281 Liberty Global, Inc. (Class A) (a)......................... 3,468 135,911 Liberty Media Corp. -- Capital (Series A) (a).............. 1,065 124,062 Live Nation, Inc. (a)......... 580 8,422 Lodgenet Entertainment Corp. (a)......................... 145 2,529 McClatchy Co. (Class A)....... 200 2,504 News Corp. (Class A).......... 18,388 376,770 Omnicom Group, Inc............ 3,067 145,775 R.H. Donnelley Corp. (a)...... 338 12,330 Sirius Satellite Radio, Inc. (a)......................... 11,638 35,263 The DIRECTV Group, Inc. (a)... 8,394 194,069 The Interpublic Group of Cos., Inc. (a).................... 4,853 39,358 The McGraw-Hill Cos., Inc..... 3,206 140,455 The New York Times Co. (Class A).......................... 967 16,952 The Walt Disney Co............ 15,216 491,172 Time Warner, Inc.............. 33,897 559,639 Viacom, Inc. (a).............. 5,690 249,905 Virgin Media, Inc............. 2,561 43,896 XM Satellite Radio Holdings, Inc. (Class A) (a).......... 2,210 27,050 ------------ 3,828,587 ------------ METALS & MINING -- 1.2% AK Steel Holding Corp. (a).... 772 35,697 Alcoa, Inc.................... 7,091 259,176 Allegheny Technologies, Inc... 829 71,626 Cleveland-Cliffs, Inc......... 181 18,245 Commercial Metals Co.......... 200 5,890 Esmark, Inc. (a).............. 8 111 Freeport-McMoRan Copper & Gold, Inc................... 3,596 368,374 Metalline Mining, Inc. (a).... 6,365 15,149 Newmont Mining Corp........... 4,813 235,019 Nucor Corp.................... 2,845 168,481 Quanex Corp................... 313 16,245 Southern Copper Corp.......... 626 65,811 Steel Dynamics, Inc........... 726 43,248 Titanium Metals Corp.......... 1,147 30,338 United States Steel Corp...... 1,394 168,549 Worthington Industries, Inc... 522 9,333 ------------ 1,511,292 ------------ MULTI-UTILITIES -- 1.0% Ameren Corp................... 1,669 90,476 CMS Energy Corp............... 3,292 57,215 Consolidated Edison, Inc...... 2,126 103,855 Dominion Resources, Inc....... 4,960 235,352
See accompanying notes to financial statements. 7 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- DTE Energy Co................. 835 $ 36,707 Energy East Corp.............. 2,699 73,440 NiSource, Inc................. 1,044 19,721 PG&E Corp..................... 3,594 154,865 PNM Resources, Inc............ 416 8,923 Public Service Enterprise Group, Inc.................. 1,808 177,618 Puget Energy, Inc............. 900 24,687 Sempra Energy................. 1,932 119,552 TECO Energy, Inc.............. 3,813 65,622 Wisconsin Energy Corp......... 835 40,673 Xcel Energy, Inc.............. 5,029 113,505 ------------ 1,322,211 ------------ MULTILINE RETAIL -- 0.8% Big Lots, Inc. (a)............ 2,813 44,980 Dillard's, Inc. (Class A)..... 522 9,803 Dollar Tree Stores, Inc. (a).. 1,851 47,978 Family Dollar Stores, Inc..... 2,003 38,518 J. C. Penney Co., Inc......... 2,242 98,626 Kohl's Corp. (a).............. 2,533 116,011 Macy's, Inc................... 4,706 121,744 Nordstrom, Inc................ 2,250 82,642 Sears Holdings Corp. (a)...... 751 76,640 Target Corp................... 6,368 318,400 ------------ 955,342 ------------ OFFICE ELECTRONICS -- 0.1% Xerox Corp.................... 8,637 139,833 Zebra Technologies Corp. (Class A) (a)............... 1,055 36,608 ------------ 176,441 ------------ OIL, GAS & CONSUMABLE FUELS -- 9.6% Abraxas Petroleum Corp. (a)... 3,129 12,078 Anadarko Petroleum Corp....... 3,994 262,366 Apache Corp................... 2,576 277,023 Arch Coal, Inc................ 1,672 75,123 ATP Oil & Gas Corp. (a)....... 175 8,845 Blue Dolphin Energy Co. (a)... 8,242 12,775 Cano Petroleum, Inc. (a)...... 3,129 21,559 Cheniere Energy, Inc. (a)..... 500 16,320 Chesapeake Energy Corp........ 3,546 139,003 Chevron Corp.................. 16,632 1,552,265 ConocoPhillips................ 11,758 1,038,231 CONSOL Energy, Inc............ 2,239 160,133 Cross Timbers Royalty Trust... 1,308 53,955 Crosstex Energy LP............ 1,217 37,751 Denbury Resources, Inc. (a)... 5,394 160,472 Devon Energy Corp............. 4,008 356,351 Dune Energy, Inc. (a)......... 2,399 4,918 El Paso Corp.................. 6,750 116,370 Encore Aquisition Co. (a)..... 313 10,445 Energy Transfer Partners LP... 455 24,515 Enterprise Products Partners LP.......................... 2,759 87,957 EOG Resources, Inc............ 2,132 190,281 Exxon Mobil Corp.............. 44,058 4,127,794 Forest Oil Corp. (a).......... 416 21,149 Frontier Oil Corp............. 200 8,116 Gasco Energy, Inc. (a)........ 5,323 10,540 Hess Corp..................... 1,875 189,112 Holly Corp.................... 416 21,170 Houston Amern Energy Corp..... 4,280 13,054 Hugoton Royalty Trust......... 196 4,396 Kinder Morgan Energy Partners LP.......................... 908 49,023 Marathon Oil Corp............. 6,197 377,149 Massey Energy Co.............. 1,197 42,793 Murphy Oil Corp............... 1,649 139,901 Newfield Exploration Co. (a).. 889 46,850 Noble Energy, Inc............. 1,768 140,591 Occidental Petroleum Corp..... 6,434 495,354 ONEOK Partners LP............. 386 23,643 Patriot Coal Corp. (a)........ 197 8,223 Peabody Energy Corp........... 1,978 121,924 Pioneer Natural Resources Co.......................... 1,562 76,288 Plains All American Pipeline LP.......................... 1,395 72,540 Plains Exploration & Production Co. (a).......... 1,424 76,896 Range Resources Corp.......... 2,548 130,865 Southwestern Energy Co. (a)... 1,055 58,785 Spectra Energy Corp........... 3,902 100,750 St. Mary Land & Exploration Co.......................... 1,807 69,768 Stone Energy Corp. (a)........ 14 657 Sunoco, Inc................... 1,488 107,791 Tesoro Corp................... 1,897 90,487 The Williams Cos., Inc........ 5,472 195,788 Transmeridian Exploration, Inc. (a).................... 4,697 9,347 Ultra Petroleum Corp. (a)..... 1,122 80,223 Valero Energy Corp............ 5,306 371,579 XTO Energy, Inc............... 4,125 211,860 ------------ 12,113,142 ------------ PAPER & FOREST PRODUCTS -- 0.3% International Paper Co........ 4,215 136,482 MeadWestvaco Corp............. 2,751 86,106 Weyerhaeuser Co............... 1,915 141,212 ------------ 363,800 ------------ PERSONAL PRODUCTS -- 0.2% Avon Products, Inc............ 3,892 153,851 The Estee Lauder Cos., Inc. (Class A)................... 1,568 68,380 ------------ 222,231 ------------ PHARMACEUTICALS -- 5.1% Abbott Laboratories........... 11,691 656,450 Allergan, Inc................. 2,445 157,067 Barr Pharmaceuticals, Inc. (a)......................... 1,055 56,020 Bristol-Myers Squibb Co....... 14,907 395,334 Cortex Pharmaceuticals, Inc. (a)......................... 1,879 939 Eli Lilly & Co................ 7,420 396,154 Emisphere Technologies, Inc. (a)......................... 419 1,144 Endo Pharmaceuticals Holdings, Inc. (a).................... 206 5,494 Forest Laboratories, Inc. (a)......................... 3,303 120,394 Johnson & Johnson............. 21,737 1,449,858 King Pharmaceuticals, Inc. (a)......................... 1,588 16,261 Merck & Co., Inc.............. 17,032 989,730 MGI Pharma, Inc. (a).......... 182 7,376 Middlebrook Pharmaceuticals, Inc. (a).................... 5,320 6,384 Mylan Laboratories, Inc....... 3,177 44,669 Penwest Pharmaceuticals Co. (a)......................... 278 1,626 Pfizer, Inc................... 56,571 1,285,859 Replidyne, Inc. (a)........... 1,251 3,878 Repros Therapeutics, Inc. (a)......................... 1,878 17,503 Schering-Plough Corp.......... 11,760 313,286 Sciele Pharma, Inc. (a)....... 177 3,620 Sepracor, Inc. (a)............ 1,120 29,400 Spectrum Pharmaceuticals, Inc. (a)......................... 1,880 5,114
See accompanying notes to financial statements. 8 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Watson Pharmaceuticals, Inc. (a)......................... 1,572 $ 42,664 Wyeth......................... 10,371 458,294 ------------ 6,464,518 ------------ REAL ESTATE INVESTMENT TRUSTS -- 1.8% Agree Realty Corp............. 2,059 61,976 AMB Property Corp............. 626 36,032 American Financial Realty Trust....................... 4,109 32,954 American Land Lease, Inc...... 1,807 35,833 Annaly Capital Management, Inc......................... 2,739 49,795 Anthracite Capital, Inc....... 5,215 37,757 Apartment Investment & Management Co. (Class A).... 400 13,892 Ashford Hospitality Trust, Inc......................... 4,596 33,045 Avalonbay Communities, Inc.... 509 47,917 BioMed Realty Trust, Inc...... 827 19,162 Boston Properties, Inc........ 722 66,287 BRE Properties, Inc. (Class A).......................... 500 20,265 CBL & Associates Properties, Inc......................... 623 14,896 Corporate Office Properties Trust....................... 1,708 53,802 Developers Diversified Realty Corp........................ 1,058 40,511 Digital Realty Trust, Inc..... 400 15,348 Duke Realty Corp.............. 1,200 31,296 Equity Residential............ 2,691 98,141 Extra Space Storage, Inc...... 1,200 17,148 Friedman, Billings, Ramsey Group, Inc.................. 3,455 10,849 General Growth Properties, Inc......................... 2,829 116,498 Glimcher Realty Trust......... 2,471 35,311 GMH Communities Trust......... 3,474 19,176 HCP, Inc...................... 1,144 39,788 Home Properties, Inc.......... 200 8,970 Hospitality Properties Trust.. 704 22,683 Host Hotels & Resorts, Inc.... 5,735 97,724 Investors Real Estate Trust... 6,303 56,538 iStar Financial, Inc.......... 414 10,785 Kimco Realty Corp............. 1,035 37,674 Kite Realty Group Trust....... 300 4,581 LaSalle Hotel Properties...... 1,927 61,471 Lexington Realty Trust........ 1,100 15,994 Liberty Property Trust........ 164 4,725 National Retail Properties, Inc......................... 4,180 97,728 Nationwide Health Properties, Inc......................... 722 22,649 Pennsylvania Real Estate Investment Trust............ 1,647 48,883 Plum Creek Timber Co., Inc.... 2,597 119,566 Post Properties, Inc.......... 313 10,993 ProLogis...................... 2,639 167,260 Public Storage................ 512 37,586 Ramco-Gershenson Properties Trust....................... 2,346 50,134 Simon Property Group, Inc..... 1,916 166,424 Tanger Factory Outlet Centers, Inc......................... 2,467 93,031 The Macerich Co............... 478 33,967 UDR, Inc...................... 300 5,955 Urstadt Biddle Properties (Class A)................... 3,466 53,723 Ventas, Inc................... 1,042 47,150 Vornado Realty Trust.......... 512 45,030 Weingarten Realty Investors... 1,030 32,383 ------------ 2,301,286 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% CB Richard Ellis Group, Inc. (Class A) (a)............... 3,201 68,982 Forestar Real Estate Group, Inc......................... 443 10,450 Jones Lang LaSalle, Inc....... 209 14,872 The St. Joe Co................ 844 29,971 ------------ 124,275 ------------ ROAD & RAIL -- 0.9% Avis Budget Group, Inc. (a)... 1,238 16,094 Burlington Northern Santa Fe Corp........................ 3,093 257,430 CSX Corp...................... 4,315 189,774 J.B. Hunt Transport Services, Inc......................... 2,578 71,024 Kansas City Southern (a)...... 522 17,920 Landstar Systems, Inc......... 1,884 79,411 Norfolk Southern Corp......... 3,709 187,082 Union Pacific Corp............ 2,054 258,023 YRC Worldwide, Inc. (a)....... 895 15,296 ------------ 1,092,054 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.8% Advanced Micro Devices, Inc. (a)......................... 4,657 34,927 Altera Corp................... 2,733 52,802 Amkor Technology, Inc. (a).... 417 3,557 Anadigics, Inc. (a)........... 1,357 15,700 Analog Devices, Inc........... 3,147 99,760 Applied Materials, Inc........ 13,549 240,630 Atheros Communications, Inc. (a)......................... 159 4,856 AXT, Inc. (a)................. 4,488 27,826 Broadcom Corp. (Class A) (a).. 4,043 105,684 Conexant Systems, Inc. (a).... 1,670 1,386 Cypress Semiconductor Corp. (a)......................... 1,167 42,047 FEI Co. (a)................... 208 5,165 Ibis Technology Corp. (a)..... 2,712 1,166 Intel Corp.................... 47,220 1,258,885 International Rectifier Corp. (a)......................... 965 32,781 Intersil Corp. (Class A)...... 2,541 62,204 KLA-Tencor Corp............... 1,821 87,699 Lam Research Corp. (a)........ 1,714 74,096 Linear Technology Corp........ 2,558 81,421 LSI Logic Corp. (a)........... 5,403 28,690 Marvell Technology Group, Ltd. (a)......................... 3,823 53,446 MEMC Electronic Materials, Inc. (a).................... 2,420 214,146 Microchip Technology, Inc..... 2,115 66,453 Micron Technology, Inc. (a)... 6,574 47,661 Microsemi Corp. (a)........... 522 11,557 MKS Instruments, Inc. (a)..... 171 3,273 National Semiconductor Corp... 3,417 77,361 Neomagic Corp. (a)............ 3,027 9,414 Novellus Systems, Inc. (a).... 1,955 53,899 NVIDIA Corp. (a).............. 5,433 184,831 OmniVision Technologies, Inc. (a)......................... 220 3,443 ON Semiconductor Corp. (a).... 2,497 22,173 Rambus, Inc. (a).............. 1,031 21,589 Sigma Designs, Inc. (a)....... 313 17,278 Sirf Technology Holdings, Inc. (a)......................... 400 10,052 Teradyne, Inc. (a)............ 3,092 31,971 Texas Instruments, Inc........ 12,712 424,581 Xilinx, Inc................... 2,541 55,572 ------------ 3,569,982 ------------
See accompanying notes to financial statements. 9 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SOFTWARE -- 4.0% Activision, Inc. (a).......... 3,437 $ 102,079 Adobe Systems, Inc. (a)....... 5,717 244,287 Authentidate Holding Corp. (a)......................... 4,382 2,585 Autodesk, Inc. (a)............ 2,232 111,064 BEA Systems, Inc. (a)......... 5,915 93,339 BMC Software, Inc. (a)........ 2,892 103,071 CA, Inc....................... 3,875 96,681 Cadence Design Systems, Inc. (a)......................... 3,975 67,615 Citrix Systems, Inc. (a)...... 2,489 94,607 Compuware Corp. (a)........... 4,798 42,606 Electronic Arts, Inc. (a)..... 2,491 145,499 Intuit, Inc. (a).............. 3,746 118,411 Jack Henry & Associates, Inc......................... 626 15,237 McAfee, Inc. (a).............. 1,914 71,775 Microsoft Corp................ 69,084 2,459,390 Napster, Inc. (a)............. 311 613 NAVTEQ Corp. (a).............. 1,329 100,472 Novell, Inc. (a).............. 5,871 40,334 Oracle Corp. (a).............. 34,095 769,865 Parametric Technology Corp. (a)......................... 2,683 47,892 Red Hat, Inc. (a)............. 2,886 60,144 Salesforce.com, Inc. (a)...... 800 50,152 Smith Micro Software, Inc. (a)......................... 1,148 9,724 Symantec Corp. (a)............ 10,620 171,407 Synopsys, Inc. (a)............ 2,840 73,641 Versant Corp. (a)............. 1,461 42,501 ------------ 5,134,991 ------------ SPECIALTY RETAIL -- 1.8% Abercrombie & Fitch Co........ 913 73,013 Advance Auto Parts, Inc....... 1,296 49,235 American Eagle Outfitters, Inc......................... 2,279 47,335 AutoNation, Inc. (a).......... 2,734 42,814 AutoZone, Inc. (a)............ 642 76,982 Bed Bath & Beyond, Inc. (a)... 2,699 79,324 Best Buy Co., Inc............. 3,398 178,905 Borders Group, Inc............ 522 5,559 Chico's FAS, Inc. (a)......... 1,785 16,118 Circuit City Stores, Inc...... 2,655 11,151 Dick's Sporting Goods, Inc. (a)......................... 400 11,104 Foot Locker, Inc.............. 1,862 25,435 GameStop Corp. (Class A) (a).. 1,181 73,352 Genesco, Inc. (a)............. 201 7,598 Limited Brands, Inc........... 3,163 59,876 Lowe's Cos., Inc.............. 10,859 245,630 Mens Wearhouse, Inc........... 416 11,224 O'Reilly Automotive, Inc. (a)......................... 1,803 58,471 Office Depot, Inc. (a)........ 3,203 44,554 PetSmart, Inc................. 1,883 44,307 RadioShack Corp............... 1,841 31,039 Rent-A-Center, Inc. (a)....... 626 9,089 Ross Stores, Inc.............. 1,812 46,333 Staples, Inc.................. 6,646 153,323 The Gap, Inc.................. 5,157 109,741 The Home Depot, Inc........... 16,585 446,800 The Sherwin-Williams Co....... 416 24,145 The TJX Cos., Inc............. 3,607 103,629 Tiffany & Co.................. 1,711 78,757 Urban Outfitters, Inc. (a).... 1,611 43,916 Williams-Sonoma, Inc.......... 1,253 32,453 Zale Corp. (a)................ 416 6,681 ------------ 2,247,893 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Coach, Inc. (a)............... 3,513 107,427 CROCS, Inc. (a)............... 742 27,313 Hanesbrands, Inc. (a)......... 868 23,584 Iconix Brand Group, Inc. (a).. 372 7,313 Jones Apparel Group, Inc...... 1,921 30,717 Liz Claiborne, Inc............ 1,611 32,784 NIKE, Inc. (Class B).......... 2,988 191,949 Quiksilver, Inc. (a).......... 2,781 23,861 V. F. Corp.................... 313 21,491 Wolverine World Wide, Inc..... 2,196 53,846 ------------ 520,285 ------------ THRIFTS & MORTGAGE FINANCE -- 0.8% Astoria Financial Corp........ 731 17,010 Berkshire Hills Bancorp, Inc......................... 1,397 36,322 Countrywide Financial Corp.... 4,550 40,677 Fannie Mae.................... 7,410 296,252 Freddie Mac................... 5,213 177,607 Hudson City Bancorp, Inc...... 1,774 26,645 KNBT Bancorp, Inc............. 1,942 29,946 MGIC Investment Corp.......... 1,116 25,032 NewAlliance Bancshares, Inc... 4,806 55,365 OceanFirst Financial Corp..... 2,627 41,533 People's United Financial, Inc......................... 4,068 72,410 Radian Group, Inc............. 1,314 15,348 Sovereign Bancorp, Inc........ 3,588 40,903 TrustCo Bank Corp. NY......... 5,287 52,447 Washington Mutual, Inc........ 7,109 96,754 ------------ 1,024,251 ------------ TOBACCO -- 1.2% Altria Group, Inc............. 16,416 1,240,721 Loews Corp.-Carolina Group.... 313 26,699 Reynolds American, Inc........ 1,683 111,011 UST, Inc...................... 1,721 94,311 ------------ 1,472,742 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.2% Fastenal Co................... 1,966 79,466 Kaman Corp. (Class A)......... 2,460 90,552 W.W. Grainger, Inc............ 313 27,394 ------------ 197,412 ------------ TRANSPORTATION INFRASTRUCTURE -- 0.0% (C) Macquarie Infrastructure Co. LLC......................... 233 9,443 ------------ WATER UTILITIES -- 0.1% Aqua America, Inc............. 939 19,907 Middlesex Water Co............ 3,233 61,265 ------------ 81,172 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.6% American Tower Corp. (Class A) (a)......................... 3,588 152,849 Crown Castle International Corp. (a)................... 2,846 118,394 FiberTower Corp. (a).......... 2,398 5,468 Goamerica, Inc. (a)........... 1,772 9,746 Leap Wireless International, Inc. (a).................... 313 14,598 MetroPCS Communications, Inc. (a)......................... 1,300 25,285 NII Holdings, Inc. (a)........ 1,476 71,320
See accompanying notes to financial statements. 10 SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Rural Cellular Corp. (Class A) (a)......................... 193 $ 8,509 SBA Communications Corp. (a).. 1,183 40,033 Sprint Nextel Corp............ 20,600 270,478 Telephone & Data Systems, Inc......................... 1,337 83,696 ------------ 800,376 ------------ TOTAL COMMON STOCKS -- (Cost $104,381,707)............... 125,955,029 ------------ SHORT TERM INVESTMENTS -- 1.0% MONEY MARKET FUND -- 1.0% STIC Prime Portfolio (Cost $1,215,555)........... 1,215,555 1,215,555 ------------ TOTAL INVESTMENTS -- 100.3% (Cost $105,597,262)......... 127,170,584 ------------ OTHER ASSETS AND LIABILITIES -- (0.3)%....... (380,881) ------------ NET ASSETS -- 100.0%.......... $126,789,703 ============
(a) Non-income producing security (b) Affiliated issuer. (Note 3) (c) Amount shown represents less than 0.05% of net assets. See accompanying notes to financial statements. 11 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AEROSPACE & DEFENSE -- 2.5% Alliant Techsystems, Inc. (a)... 26 $ 2,958 Boeing Co....................... 496 43,380 General Dynamics Corp........... 244 21,714 Goodrich Corp................... 94 6,637 Honeywell International, Inc.... 495 30,477 L-3 Communications Holdings, Inc........................... 92 9,746 Lockheed Martin Corp............ 238 25,052 Northrop Grumman Corp........... 231 18,166 Precision Castparts Corp........ 101 14,009 Raytheon Co..................... 310 18,817 Rockwell Collins, Inc........... 121 8,708 Spirit Aerosystems Holdings, Inc. (a)...................... 70 2,415 United Technologies Corp........ 663 50,746 ----------- 252,825 ----------- AIR FREIGHT & LOGISTICS -- 0.7% C.H. Robinson Worldwide, Inc.... 126 6,819 Expeditors International Washington, Inc............... 148 6,613 FedEx Corp...................... 207 18,458 United Parcel Service, Inc. (Class B)..................... 494 34,936 ----------- 66,826 ----------- AIRLINES -- 0.2% AMR Corp. (a)................... 156 2,189 Delta Air Lines, Inc. (a)....... 150 2,234 Northwest Airlines Corp. (a).... 140 2,031 Southwest Airlines Co........... 554 6,759 UAL Corp. (a)................... 90 3,209 ----------- 16,422 ----------- AUTO COMPONENTS -- 0.3% BorgWarner, Inc................. 78 3,776 Johnson Controls, Inc........... 429 15,461 The Goodyear Tire & Rubber Co. (a)........................... 153 4,317 WABCO Holdings, Inc............. 41 2,054 ----------- 25,608 ----------- AUTOMOBILES -- 0.3% Ford Motor Co. (a).............. 1,472 9,907 General Motors Corp............. 343 8,537 Harley-Davidson, Inc............ 169 7,894 ----------- 26,338 ----------- BEVERAGES -- 2.3% Anheuser-Busch Cos., Inc........ 524 27,426 Brown-Forman Corp............... 42 3,113 Coca-Cola Enterprises, Inc...... 213 5,544 Constellation Brands, Inc. (Class A) (a)................. 133 3,144 Hansen Natural Corp. (a)........ 45 1,993 Molson Coors Brewing Co......... 105 5,420 PepsiCo, Inc.................... 1,154 87,589 The Coca-Cola Co................ 1,520 93,282 The Pepsi Bottling Group, Inc... 86 3,394 ----------- 230,905 ----------- BIOTECHNOLOGY -- 1.4% Abraxis Bioscience, Inc. (a).... 3 206 Amgen, Inc. (a)................. 785 36,455 Amylin Pharmaceuticals, Inc. (a)........................... 100 3,700 Biogen Idec, Inc. (a)........... 202 11,498 Celgene Corp. (a)............... 277 12,800 Cephalon, Inc. (a).............. 53 3,803 Genentech, Inc. (a)............. 336 22,536 Genzyme Corp. (a)............... 194 14,441 Gilead Sciences, Inc. (a)....... 673 30,965 Millennium Pharmaceuticals, Inc. (a)........................... 212 3,176 Vertex Pharmaceuticals, Inc. (a)........................... 107 2,486 ----------- 142,066 ----------- BUILDING PRODUCTS -- 0.1% Masco Corp...................... 272 5,878 Trane, Inc...................... 123 5,745 USG Corp. (a)................... 53 1,897 ----------- 13,520 ----------- CAPITAL MARKETS -- 3.2% AllianceBernstein Holding LP.... 19 1,430 Ameriprise Financial, Inc....... 168 9,259 BlackRock, Inc.................. 14 3,035 E*TRADE Financial Corp. (a)..... 292 1,037 Eaton Vance Corp................ 95 4,314 Federated Investors, Inc........ 67 2,758 Fortress Investment Group LLC (Class A)..................... 28 436 Franklin Resources, Inc......... 122 13,961 GLG Partners, Inc. (a).......... 172 2,339 Invesco, Ltd.................... 293 9,194 Janus Capital Group, Inc........ 125 4,106 Legg Mason, Inc................. 96 7,022 Lehman Brothers Holdings, Inc... 385 25,194 Merrill Lynch & Co., Inc........ 583 31,295 Morgan Stanley.................. 689 36,593 Northern Trust Corp............. 141 10,798 Och-Ziff Capital Management Group LLC..................... 43 1,130 SEI Investments Co.............. 98 3,153 State Street Corp. (b).......... 275 22,330 T. Rowe Price Group, Inc........ 190 11,567 TD Ameritrade Holding Corp. (a)........................... 174 3,490 The Bank of New York Mellon Corp.......................... 827 40,325 The Bear Stearns Cos., Inc...... 78 6,884 The Blackstone Group LP......... 94 2,080 The Charles Schwab Corp......... 668 17,067 The Goldman Sachs Group, Inc.... 258 55,483 ----------- 326,280 ----------- CHEMICALS -- 1.8% Air Products & Chemicals, Inc... 147 14,499 Ashland, Inc.................... 40 1,897 Celanese Corp................... 108 4,570 E. I. du Pont de Nemours & Co... 642 28,306 Eastman Chemical Co............. 60 3,665 Ecolab, Inc..................... 127 6,504 Huntsman Corp................... 63 1,619 International Flavors & Fragrances, Inc............... 59 2,840 Lubrizol Corp................... 45 2,437 Monsanto Co..................... 389 43,447 PPG Industries, Inc............. 117 8,217 Praxair, Inc.................... 232 20,581 Rohm & Haas Co.................. 105 5,572 Sigma-Aldrich Corp.............. 88 4,805
See accompanying notes to financial statements. 12 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Dow Chemical Co............. 674 $ 26,569 The Mosaic Co. (a).............. 105 9,906 ----------- 185,434 ----------- COMMERCIAL BANKS -- 2.8% Associated Bancorp.............. 79 2,140 BB&T Corp....................... 401 12,299 City National Corp.............. 31 1,846 Comerica, Inc................... 111 4,832 Commerce Bancorp, Inc........... 139 5,301 Commerce Bancshares, Inc........ 58 2,602 Fifth Third Bancorp............. 359 9,022 First Horizon National Corp..... 82 1,488 Huntington Bancshares, Inc...... 242 3,572 Keycorp......................... 282 6,613 M&T Bank Corp................... 57 4,649 Marshall & Ilsley Corp.......... 172 4,555 National City Corp.............. 425 6,995 PNC Financial Services Group, Inc........................... 246 16,150 Popular, Inc.................... 167 1,770 Regions Financial Corp.......... 514 12,156 SunTrust Banks, Inc............. 248 15,497 Synovus Financial Corp.......... 201 4,840 TCF Financial Corp.............. 89 1,596 The Colonial BancGroup, Inc..... 103 1,395 U.S. Bancorp.................... 1,240 39,358 UnionBanCal Corp................ 39 1,907 Valley National Bancorp......... 86 1,639 Wachovia Corp................... 1,418 53,927 Wells Fargo & Co................ 2,280 68,833 Zions Bancorp................... 72 3,362 ----------- 288,344 ----------- COMMERCIAL SERVICES & SUPPLIES -- 0.6% Allied Waste Industries, Inc. (a)........................... 199 2,193 Avery Dennison Corp............. 64 3,401 ChoicePoint, Inc. (a)........... 58 2,112 Cintas Corp..................... 101 3,396 Dun & Bradstreet Corp........... 43 3,811 Equifax, Inc.................... 107 3,891 Manpower, Inc................... 65 3,698 Monster Worldwide, Inc. (a)..... 77 2,495 Pitney Bowes, Inc............... 156 5,934 R.R. Donnelley & Sons Co........ 150 5,661 Republic Services, Inc.......... 124 3,887 Robert Half International, Inc........................... 121 3,272 Stericycle, Inc. (a)............ 57 3,386 Waste Management, Inc........... 378 12,349 ----------- 59,486 ----------- COMMUNICATIONS EQUIPMENT -- 2.4% Cisco Systems, Inc. (a)......... 4,347 117,673 Corning, Inc.................... 1,138 27,301 Harris Corp..................... 93 5,829 JDS Uniphase Corp. (a).......... 132 1,756 Juniper Networks, Inc. (a)...... 372 12,350 Motorola, Inc................... 1,687 27,059 QUALCOMM, Inc................... 1,173 46,158 Tellabs, Inc. (a)............... 297 1,942 ----------- 240,068 ----------- COMPUTERS & PERIPHERALS -- 4.3% Apple, Inc. (a)................. 630 124,790 Dell, Inc. (a).................. 1,410 34,559 Diebold, Inc.................... 46 1,333 EMC Corp. (a)................... 1,499 27,776 Hewlett-Packard Co.............. 1,853 93,539 International Business Machines Corp.......................... 975 105,398 Lexmark International, Inc. (a)........................... 73 2,545 NCR Corp. (a)................... 128 3,213 Network Appliance, Inc. (a)..... 251 6,265 SanDisk Corp. (a)............... 165 5,473 Seagate Technology.............. 383 9,767 Sun Microsystems, Inc. (a)...... 630 11,422 Teradata Corp. (a).............. 128 3,508 Western Digital Corp. (a)....... 151 4,562 ----------- 434,150 ----------- CONSTRUCTION & ENGINEERING -- 0.3% Fluor Corp...................... 63 9,181 Foster Wheeler, Ltd. (a)........ 51 7,906 Jacobs Engineering Group, Inc. (a)........................... 87 8,318 KBR, Inc. (a)................... 114 4,423 ----------- 29,828 ----------- CONSTRUCTION MATERIALS -- 0.1% Martin Marietta Materials, Inc........................... 31 4,111 Vulcan Materials Co............. 69 5,457 ----------- 9,568 ----------- CONSUMER FINANCE -- 0.6% American Express Co............. 742 38,599 Capital One Financial Corp...... 300 14,178 Discover Financial Services..... 340 5,127 SLM Corp........................ 287 5,780 The First Marblehead Corp....... 43 658 The Student Loan Corp........... 3 330 ----------- 64,672 ----------- CONTAINERS & PACKAGING -- 0.2% Ball Corp....................... 75 3,375 Bemis Co., Inc.................. 76 2,081 Crown Holdings, Inc. (a)........ 113 2,898 Owens-Illinois, Inc. (a)........ 105 5,197 Pactiv Corp. (a)................ 93 2,477 Sealed Air Corp................. 114 2,638 Sonoco Products Co.............. 69 2,255 Temple-Inland, Inc.............. 74 1,543 ----------- 22,464 ----------- DISTRIBUTORS -- 0.1% Genuine Parts Co................ 117 5,417 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.1% Apollo Group, Inc. (a).......... 96 6,734 H&R Block, Inc.................. 213 3,956 ITT Educational Services, Inc. (a)........................... 26 2,217 Weight Watchers International, Inc........................... 30 1,355 ----------- 14,262 ----------- DIVERSIFIED FINANCIAL SERVICES -- 4.1% Bank of America Corp............ 3,212 132,527 CIT Group, Inc.................. 137 3,292 Citigroup, Inc.................. 3,550 104,512 CME Group, Inc.................. 39 26,754
See accompanying notes to financial statements. 13 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Guaranty Financial Group, Inc. (a)........................... 24 $ 384 IntercontinentalExchange, Inc. (a)........................... 49 9,433 JPMorgan Chase & Co............. 2,416 105,458 Leucadia National Corp.......... 112 5,275 Moody's Corp.................... 168 5,998 Nymex Holdings, Inc............. 44 5,879 NYSE Euronext................... 138 12,112 ----------- 411,624 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.0% AT&T, Inc....................... 4,388 182,365 CenturyTel, Inc................. 83 3,441 Citizens Communications Co...... 224 2,852 Embarq Corp..................... 111 5,498 Level 3 Communications, Inc. (a)........................... 1,161 3,529 Qwest Communications International, Inc. (a)....... 1,072 7,515 Verizon Communications, Inc..... 2,070 90,438 Windstream Corp................. 326 4,245 ----------- 299,883 ----------- ELECTRIC UTILITIES -- 2.0% Allegheny Energy, Inc........... 125 7,951 American Electric Power Co., Inc........................... 285 13,270 DPL, Inc........................ 79 2,342 Duke Energy Corp................ 905 18,254 Edison International............ 216 11,528 Entergy Corp.................... 140 16,733 Exelon Corp..................... 481 39,269 FirstEnergy Corp................ 218 15,770 FPL Group, Inc.................. 268 18,165 Northeast Utilities............. 107 3,350 Pepco Holdings, Inc............. 127 3,725 Pinnacle West Capital Corp...... 64 2,714 PPL Corp........................ 263 13,700 Progress Energy, Inc............ 193 9,347 Reliant Energy, Inc. (a)........ 237 6,219 The Southern Co................. 544 21,080 ----------- 203,417 ----------- ELECTRICAL EQUIPMENT -- 0.6% AMETEK, Inc..................... 71 3,326 Cooper Industries, Ltd.......... 151 7,985 Emerson Electric Co............. 568 32,183 First Solar, Inc. (a)........... 26 6,946 Hubbell, Inc. (Class B)......... 39 2,012 Rockwell Automation, Inc........ 92 6,344 Roper Industries, Inc........... 60 3,752 Sunpower Corp. (Class A) (a).... 27 3,521 ----------- 66,069 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.4% Agilent Technologies, Inc. (a).. 286 10,508 Amphenol Corp. (Class A)........ 124 5,750 Arrow Electronics, Inc. (a)..... 90 3,535 Avnet, Inc. (a)................. 102 3,567 Ingram Micro, Inc. (Class A) (a)........................... 99 1,786 Jabil Circuit, Inc.............. 125 1,909 Molex, Inc...................... 91 2,484 Trimble Navigation, Ltd. (a).... 77 2,329 Tyco Electronics, Ltd........... 357 13,255 ----------- 45,123 ----------- ENERGY EQUIPMENT & SERVICES -- 2.6% Baker Hughes, Inc............... 232 18,815 BJ Services Co.................. 213 5,167 Cameron International Corp. (a)........................... 156 7,508 Diamond Offshore Drilling, Inc........................... 48 6,816 ENSCO International, Inc........ 106 6,320 FMC Technologies, Inc. (a)...... 96 5,443 Grant Prideco, Inc. (a)......... 91 5,051 Halliburton Co.................. 645 24,452 Nabors Industries, Ltd. (a)..... 209 5,725 National-Oilwell Varco, Inc. (a)........................... 256 18,806 Noble Corp...................... 192 10,850 Patterson-UTI Energy, Inc....... 109 2,128 Pride International, Inc. (a)... 120 4,068 Rowan Cos., Inc................. 74 2,920 Schlumberger, Ltd............... 851 83,713 Smith International, Inc........ 146 10,782 Transocean, Inc................. 221 31,636 Weatherford International, Ltd. (a)........................... 243 16,670 ----------- 266,870 ----------- FOOD & STAPLES RETAILING -- 2.2% Costco Wholesale Corp........... 313 21,835 CVS Caremark Corp............... 1,070 42,532 Safeway, Inc.................... 319 10,913 SUPERVALU, Inc.................. 148 5,553 Sysco Corp...................... 434 13,545 The Kroger Co................... 468 12,500 Wal-Mart Stores, Inc............ 1,818 86,410 Walgreen Co..................... 707 26,923 Whole Foods Market, Inc......... 98 3,998 ----------- 224,209 ----------- FOOD PRODUCTS -- 1.5% Archer-Daniels-Midland Co....... 424 19,686 Bunge, Ltd...................... 85 9,895 Campbell Soup Co................ 169 6,038 ConAgra Foods, Inc.............. 371 8,826 Dean Foods Co................... 86 2,224 General Mills, Inc.............. 233 13,281 H.J. Heinz Co................... 220 10,270 Hormel Foods Corp............... 51 2,065 Kellogg Co...................... 180 9,437 Kraft Foods, Inc................ 1,107 36,121 McCormick & Co., Inc............ 92 3,488 Sara Lee Corp................... 538 8,640 Smithfield Foods, Inc. (a)...... 77 2,227 The Hershey Co.................. 120 4,728 Tyson Foods, Inc. (Class A)..... 193 2,959 Wm. Wrigley Jr., Co............. 159 9,309 ----------- 149,194 ----------- GAS UTILITIES -- 0.1% Equitable Resources, Inc........ 79 4,209 ONEOK, Inc...................... 73 3,268 Questar Corp.................... 124 6,709 ----------- 14,186 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 1.8% Baxter International, Inc....... 464 26,935 Beckman Coulter, Inc............ 42 3,058 Becton, Dickinson & Co.......... 162 13,540
See accompanying notes to financial statements. 14 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Boston Scientific Corp. (a)..... 994 $ 11,560 C.R. Bard, Inc.................. 72 6,826 Covidien, Ltd................... 357 15,811 Dentsply International, Inc..... 97 4,367 Hillenbrand Industries, Inc..... 35 1,951 Hospira, Inc. (a)............... 114 4,861 Intuitive Surgical, Inc. (a).... 26 8,437 Kinetic Concepts, Inc. (a)...... 32 1,714 Medtronic, Inc.................. 823 41,372 St. Jude Medical, Inc. (a)...... 252 10,241 Stryker Corp.................... 222 16,588 Varian Medical Systems, Inc. (a)........................... 96 5,007 Zimmer Holdings, Inc. (a)....... 167 11,047 ----------- 183,315 ----------- HEALTH CARE PROVIDERS & SERVICES -- 2.3% Aetna, Inc...................... 356 20,552 AmerisourceBergen Corp.......... 115 5,160 Brookdale Senior Living, Inc.... 36 1,023 Cardinal Health, Inc............ 264 15,246 CIGNA Corp...................... 202 10,853 Community Health Systems, Inc. (a)........................... 62 2,285 Coventry Health Care, Inc. (a).. 108 6,399 DaVita, Inc. (a)................ 70 3,945 Express Scripts, Inc. (Class A) (a)........................... 156 11,388 Health Net, Inc. (a)............ 74 3,574 Henry Schein, Inc. (a).......... 59 3,623 Humana, Inc. (a)................ 116 8,736 Laboratory Corp. of America Holdings (a).................. 80 6,042 Lincare Holdings, Inc. (a)...... 68 2,391 McKesson Corp................... 211 13,823 Medco Health Solutions, Inc. (a)........................... 193 19,570 Omnicare, Inc................... 84 1,916 Patterson Cos., Inc. (a)........ 84 2,852 Quest Diagnostics, Inc.......... 107 5,660 UnitedHealth Group, Inc......... 927 53,951 Universal Health Services, Inc. (Class B)..................... 41 2,099 WellPoint, Inc. (a)............. 409 35,882 ----------- 236,970 ----------- HEALTH CARE TECHNOLOGY -- 0.1% Cerner Corp. (a)................ 43 2,425 IMS Health, Inc................. 153 3,525 ----------- 5,950 ----------- HOTELS, RESTAURANTS & LEISURE -- 1.6% Boyd Gaming Corp................ 35 1,192 Brinker International, Inc...... 88 1,721 Carnival Corp................... 304 13,525 Darden Restaurants, Inc......... 85 2,355 Harrah's Entertainment, Inc..... 135 11,981 International Game Technology... 222 9,753 Las Vegas Sands Corp. (a)....... 72 7,420 Marriott International, Inc. (Class A)..................... 241 8,237 McDonald's Corp................. 859 50,604 MGM Mirage, Inc. (a)............ 84 7,058 Penn National Gaming, Inc. (a).. 54 3,216 Royal Caribbean Cruises, Ltd.... 102 4,329 Starbucks Corp. (a)............. 529 10,829 Starwood Hotels & Resorts Worldwide, Inc................ 147 6,472 Wendy's International, Inc...... 61 1,576 Wyndham Worldwide Corp.......... 136 3,204 Wynn Resorts, Ltd............... 43 4,822 Yum! Brands, Inc................ 370 14,160 ----------- 162,454 ----------- HOUSEHOLD DURABLES -- 0.5% Black & Decker Corp............. 47 3,273 Centex Corp..................... 78 1,970 D.R. Horton, Inc................ 188 2,476 Fortune Brands, Inc............. 111 8,032 Garmin, Ltd..................... 90 8,730 Harman International Industries, Inc........................... 46 3,391 Icahn Enterprises LP............ 11 1,427 KB HOME......................... 53 1,145 Leggett & Platt, Inc............ 130 2,267 Lennar Corp. (Class A).......... 94 1,682 Mohawk Industries, Inc. (a)..... 38 2,827 Newell Rubbermaid, Inc.......... 187 4,840 NVR, Inc. (a)................... 4 2,096 Pulte Homes, Inc................ 144 1,518 The Stanley Works............... 59 2,860 Toll Brothers, Inc. (a)......... 81 1,625 Whirlpool Corp.................. 54 4,408 ----------- 54,567 ----------- HOUSEHOLD PRODUCTS -- 2.2% Colgate-Palmolive Co............ 375 29,235 Energizer Holdings, Inc. (a).... 42 4,710 Kimberly-Clark Corp............. 307 21,287 Procter & Gamble Co............. 2,229 163,653 The Clorox Co................... 96 6,256 ----------- 225,141 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.4% Constellation Energy Group, Inc........................... 132 13,534 Dynegy, Inc. (Class A) (a)...... 280 1,999 Mirant Corp. (a)................ 177 6,899 NRG Energy, Inc. (a)............ 172 7,455 The AES Corp. (a)............... 471 10,075 ----------- 39,962 ----------- INDUSTRIAL CONGLOMERATES -- 3.4% 3M Co........................... 478 40,305 General Electric Co............. 7,275 269,684 McDermott International, Inc. (a)........................... 169 9,976 Textron, Inc.................... 177 12,620 Tyco International, Ltd......... 357 14,155 ----------- 346,740 ----------- INSURANCE -- 5.5% ACE, Ltd........................ 235 14,518 AFLAC, Inc...................... 351 21,983 AMBAC Financial Group, Inc...... 76 1,958 American International Group, Inc........................... 1,609 93,805 AON Corp........................ 195 9,300 Arch Capital Group, Ltd. (a).... 29 2,040 Arthur J. Gallagher & Co........ 60 1,451 Assurant, Inc................... 71 4,750 Axis Capital Holdings, Ltd...... 98 3,819 Berkshire Hathaway, Inc. (Class A) (a)........................ 1 141,600 Brown & Brown, Inc.............. 77 1,809 Chubb Corp...................... 272 14,846 Cincinnati Financial Corp....... 105 4,152
See accompanying notes to financial statements. 15 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- CNA Financial Corp.............. 15 $ 506 Everest Re Group, Ltd........... 45 4,518 Fidelity National Financial, Inc........................... 157 2,294 First American Corp............. 58 1,979 Genworth Financial, Inc. (Class A)............................ 312 7,940 Hartford Financial Services Group, Inc.................... 228 19,879 Lincoln National Corp........... 194 11,295 Loews Corp...................... 326 16,411 Markel Corp. (a)................ 6 2,947 Marsh & McLennan Cos., Inc...... 380 10,059 MBIA, Inc....................... 93 1,733 MetLife, Inc.................... 321 19,780 Nationwide Financial Services, Inc. (Class A)................ 39 1,755 Old Republic International Corp.......................... 146 2,250 PartnerRe, Ltd.................. 42 3,466 Principal Financial Group, Inc........................... 190 13,080 Protective Life Corp............ 45 1,846 Prudential Financial, Inc....... 324 30,145 RenaissanceRe Holdings, Ltd..... 42 2,530 SAFECO Corp..................... 74 4,120 The Allstate Corp............... 418 21,832 The Progressive Corp............ 489 9,369 The Travelers Cos., Inc......... 469 25,232 Torchmark Corp.................. 73 4,419 Transatlantic Holdings, Inc..... 18 1,308 Unitrin, Inc.................... 30 1,440 Unum Group...................... 261 6,209 White Mountains Insurance Group, Ltd........................... 6 3,084 WR Berkley Corp................. 107 3,190 XL Capital, Ltd. (Class A)...... 132 6,641 ----------- 557,288 ----------- INTERNET & CATALOG RETAIL -- 0.4% Amazon.com, Inc. (a)............ 218 20,196 Expedia, Inc. (a)............... 153 4,838 IAC / InterActiveCorp (a)....... 144 3,876 Liberty Media Holding Corp. -- Interactive (Series A) (a)....................... 459 8,758 ----------- 37,668 ----------- INTERNET SOFTWARE & SERVICES -- 1.7% Akamai Technologies, Inc. (a)... 118 4,083 eBay, Inc. (a).................. 837 27,780 Google, Inc. (Class A) (a)...... 162 112,020 VeriSign, Inc. (a).............. 153 5,754 Yahoo!, Inc. (a)................ 925 21,515 ----------- 171,152 ----------- IT SERVICES -- 1.2% Accenture, Ltd. (Class A)....... 406 14,628 Affiliated Computer Services, Inc. (a)...................... 66 2,977 Alliance Data Systems Corp. (a)........................... 53 3,975 Automatic Data Processing, Inc........................... 385 17,144 Cognizant Technology Solutions Corp. (a)..................... 207 7,026 Computer Sciences Corp. (a)..... 126 6,233 DST Systems, Inc. (a)........... 39 3,219 Electronic Data Systems Corp.... 362 7,504 Fidelity National Information Services, Inc................. 136 5,656 Fiserv, Inc. (a)................ 118 6,548 Global Payments, Inc............ 63 2,931 Iron Mountain, Inc. (a)......... 126 4,665 Mastercard, Inc................. 50 10,760 Metavante Technologies, Inc. (a)........................... 57 1,329 Paychex, Inc.................... 243 8,801 The Western Union Co............ 553 13,427 Total System Services, Inc...... 27 756 ----------- 117,579 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.1% Eastman Kodak Co................ 197 4,309 Hasbro, Inc..................... 104 2,660 Mattel, Inc..................... 283 5,388 ----------- 12,357 ----------- LIFE SCIENCES TOOLS & SERVICES -- 0.4% Applera Corp. -- Applied Biosystems Group.............. 132 4,478 Charles River Laboratories International, Inc. (a)....... 50 3,290 Covance, Inc. (a)............... 44 3,811 Invitrogen Corp. (a)............ 37 3,456 Millipore Corp. (a)............. 41 3,000 Pharmaceutical Product Development, Inc.............. 72 2,907 Thermo Fisher Scientific, Inc. (a)........................... 309 17,823 Waters Corp. (a)................ 71 5,614 ----------- 44,379 ----------- MACHINERY -- 2.0% Caterpillar, Inc................ 468 33,958 Cummins, Inc.................... 66 8,406 Danaher Corp.................... 171 15,004 Deere & Co...................... 314 29,240 Donaldson Co., Inc.............. 51 2,365 Dover Corp...................... 140 6,453 Eaton Corp...................... 108 10,471 Flowserve Corp.................. 42 4,040 Harsco Corp..................... 54 3,460 Illinois Tool Works, Inc........ 344 18,418 Ingersoll-Rand Co., Ltd. (Class A)............................ 191 8,876 ITT Corp........................ 132 8,717 Joy Global, Inc................. 79 5,200 Oshkosh Truck Corp.............. 51 2,410 PACCAR, Inc..................... 271 14,764 Pall Corp....................... 87 3,508 Parker-Hannifin Corp............ 126 9,489 Pentair, Inc.................... 66 2,297 SPX Corp........................ 39 4,011 Terex Corp. (a)................. 75 4,918 The Manitowoc Co., Inc.......... 82 4,004 ----------- 200,009 ----------- MEDIA -- 3.0% Cablevision Systems Corp. (Class A) (a)........................ 157 3,846 CBS Corp........................ 439 11,963 Clear Channel Communications, Inc........................... 321 11,081 Clear Channel Outdoor Holdings, Inc. (a)...................... 25 692 Comcast Corp. (Class A) (a)..... 2,088 38,127 Discovery Holding Co. (Class A) (a)........................... 191 4,802 EchoStar Communications Corp. (Class A) (a)................. 150 5,658 EW Scripps Co................... 57 2,566 Gannett Co., Inc................ 166 6,474 Idearc, Inc..................... 100 1,756 Lamar Advertising Co............ 52 2,500
See accompanying notes to financial statements. 16 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Liberty Global, Inc. (Class A) (a)........................... 260 $ 10,189 Liberty Media Corp. -- Capital (Series A) (a)................ 95 11,067 News Corp. (Class A)............ 1,676 34,341 Omnicom Group, Inc.............. 244 11,597 R.H. Donnelley Corp. (a)........ 54 1,970 Sirius Satellite Radio, Inc. (a)........................... 837 2,536 The DIRECTV Group, Inc. (a)..... 520 12,022 The Interpublic Group of Cos., Inc. (a)...................... 292 2,368 The McGraw-Hill Cos., Inc....... 231 10,120 The New York Times Co. (Class A)............................ 102 1,788 The Walt Disney Co.............. 1,278 41,254 The Washington Post Co.......... 4 3,166 Time Warner Cable, Inc. (a)..... 109 3,008 Time Warner, Inc................ 2,687 44,362 Viacom, Inc. (a)................ 413 18,139 Virgin Media, Inc............... 223 3,822 XM Satellite Radio Holdings, Inc. (Class A) (a)............ 220 2,693 ----------- 303,907 ----------- METALS & MINING -- 1.0% Alcoa, Inc...................... 604 22,076 Allegheny Technologies, Inc..... 71 6,134 Freeport-McMoRan Copper & Gold, Inc........................... 275 28,171 Newmont Mining Corp............. 307 14,991 Nucor Corp...................... 184 10,896 Southern Copper Corp............ 55 5,782 Titanium Metals Corp............ 53 1,402 United States Steel Corp........ 82 9,915 ----------- 99,367 ----------- MULTI-UTILITIES -- 1.2% Alliant Energy Corp............. 81 3,296 Ameren Corp..................... 150 8,131 CenterPoint Energy, Inc......... 190 3,255 Consolidated Edison, Inc........ 202 9,868 Dominion Resources, Inc......... 416 19,739 DTE Energy Co................... 117 5,143 Energy East Corp................ 102 2,775 Integrys Energy Group, Inc...... 52 2,688 MDU Resources Group, Inc........ 107 2,954 NiSource, Inc................... 184 3,476 NSTAR........................... 75 2,717 PG&E Corp....................... 258 11,117 Public Service Enterprise Group, Inc........................... 181 17,781 SCANA Corp...................... 71 2,993 Sempra Energy................... 168 10,396 TECO Energy, Inc................ 139 2,392 Wisconsin Energy Corp........... 81 3,946 Xcel Energy, Inc................ 314 7,087 ----------- 119,754 ----------- MULTILINE RETAIL -- 0.7% Dollar Tree Stores, Inc. (a).... 74 1,918 Family Dollar Stores, Inc....... 111 2,134 J. C. Penney Co., Inc........... 143 6,291 Kohl's Corp. (a)................ 209 9,572 Macy's, Inc..................... 324 8,382 Nordstrom, Inc.................. 152 5,583 Sears Holdings Corp. (a)........ 57 5,817 Target Corp..................... 537 26,850 ----------- 66,547 ----------- OFFICE ELECTRONICS -- 0.1% Xerox Corp...................... 673 10,896 ----------- OIL, GAS & CONSUMABLE FUELS -- 10.0% Anadarko Petroleum Corp......... 339 22,269 Apache Corp..................... 237 25,487 Arch Coal, Inc.................. 100 4,493 Chesapeake Energy Corp.......... 324 12,701 Chevron Corp.................... 1,522 142,048 CNX Gas Corp. (a)............... 17 543 ConocoPhillips.................. 1,064 93,951 CONSOL Energy, Inc.............. 132 9,441 Denbury Resources, Inc. (a)..... 174 5,176 Devon Energy Corp............... 305 27,118 El Paso Corp.................... 510 8,792 Enbridge Energy Partners LP..... 35 1,769 Energy Transfer Equity LP....... 88 3,100 Energy Transfer Partners LP..... 53 2,856 Enterprise Products Partners LP............................ 211 6,727 EOG Resources, Inc.............. 177 15,797 Exxon Mobil Corp................ 3,934 368,576 Frontier Oil Corp............... 69 2,800 Hess Corp....................... 207 20,878 Kinder Morgan Energy Partners LP............................ 108 5,831 Marathon Oil Corp............... 508 30,917 Murphy Oil Corp................. 131 11,114 Newfield Exploration Co. (a).... 88 4,638 Noble Energy, Inc............... 118 9,383 Occidental Petroleum Corp....... 602 46,348 ONEOK Partners LP............... 33 2,021 Patriot Coal Corp. (a).......... 17 710 Peabody Energy Corp............. 195 12,020 Pioneer Natural Resources Co.... 88 4,298 Plains All American Pipeline LP............................ 76 3,952 Range Resources Corp............ 108 5,547 SandRidge Energy, Inc. (a)...... 21 753 Southwestern Energy Co. (a)..... 123 6,854 Spectra Energy Corp............. 454 11,722 Sunoco, Inc..................... 86 6,230 Teekay Corp..................... 25 1,330 Tesoro Corp..................... 96 4,579 The Williams Cos., Inc.......... 430 15,385 Ultra Petroleum Corp. (a)....... 106 7,579 Valero Energy Corp.............. 397 27,802 XTO Energy, Inc................. 339 17,398 ----------- 1,010,933 ----------- PAPER & FOREST PRODUCTS -- 0.3% Domtar Corp. (a)................ 331 2,545 International Paper Co.......... 318 10,297 MeadWestvaco Corp............... 125 3,913 Weyerhaeuser Co................. 156 11,503 ----------- 28,258 ----------- PERSONAL PRODUCTS -- 0.1% Avon Products, Inc.............. 311 12,294 The Estee Lauder Cos., Inc. (Class A)..................... 69 3,009 ----------- 15,303 -----------
See accompanying notes to financial statements. 17 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- PHARMACEUTICALS -- 5.8% Abbott Laboratories............. 1,108 $ 62,214 Allergan, Inc................... 214 13,747 APP Pharmaceuticals, Inc. (a)... 15 154 Barr Pharmaceuticals, Inc. (a).. 78 4,142 Bristol-Myers Squibb Co......... 1,413 37,473 Eli Lilly & Co.................. 699 37,320 Endo Pharmaceuticals Holdings, Inc. (a)...................... 90 2,400 Forest Laboratories, Inc. (a)... 223 8,128 Johnson & Johnson............... 2,058 137,269 King Pharmaceuticals, Inc. (a).. 167 1,710 Merck & Co., Inc................ 1,554 90,303 Mylan Laboratories, Inc......... 195 2,742 Pfizer, Inc..................... 4,911 111,627 Schering-Plough Corp............ 1,158 30,849 Sepracor, Inc. (a).............. 73 1,916 Warner Chilcott, Ltd. (a)....... 48 851 Wyeth........................... 964 42,599 ----------- 585,444 ----------- REAL ESTATE INVESTMENT TRUSTS -- 1.4% AMB Property Corp............... 69 3,972 Annaly Capital Management, Inc........................... 274 4,981 Apartment Investment & Management Co. (Class A)...... 65 2,257 Avalonbay Communities, Inc...... 60 5,648 Boston Properties, Inc.......... 87 7,988 Camden Property Trust........... 39 1,878 CapitalSource, Inc.............. 86 1,513 Developers Diversified Realty Corp.......................... 88 3,370 Duke Realty Corp................ 96 2,504 Equity Residential.............. 201 7,330 Federal Realty Investment Trust......................... 42 3,450 General Growth Properties, Inc........................... 166 6,836 HCP, Inc........................ 139 4,834 Hospitality Properties Trust.... 66 2,127 Host Hotels & Resorts, Inc...... 360 6,134 iStar Financial, Inc............ 88 2,292 Kimco Realty Corp............... 159 5,788 Liberty Property Trust.......... 58 1,671 Mack-Cali Realty Corp........... 41 1,394 Plum Creek Timber Co., Inc...... 122 5,617 ProLogis........................ 190 12,042 Public Storage.................. 93 6,827 Regency Centers Corp............ 48 3,096 Simon Property Group, Inc....... 162 14,071 SL Green Realty Corp............ 45 4,206 The Macerich Co................. 50 3,553 UDR, Inc........................ 87 1,727 Ventas, Inc..................... 92 4,163 Vornado Realty Trust............ 99 8,707 Weingarten Realty Investors..... 52 1,635 ----------- 141,611 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Brookfield Properties Corp...... 142 2,734 CB Richard Ellis Group, Inc. (Class A) (a)................. 131 2,823 Forest City Enterprises, Inc.... 48 2,133 Forestar Real Estate Group, Inc. (a)........................... 24 566 ----------- 8,256 ----------- ROAD & RAIL -- 0.7% Burlington Northern Santa Fe Corp.......................... 228 18,976 CSX Corp........................ 308 13,546 Hertz Global Holdings, Inc. (a)........................... 94 1,494 J.B. Hunt Transport Services, Inc........................... 52 1,433 Norfolk Southern Corp........... 274 13,820 Union Pacific Corp.............. 187 23,491 ----------- 72,760 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.6% Advanced Micro Devices, Inc. (a)........................... 406 3,045 Altera Corp..................... 261 5,042 Analog Devices, Inc............. 216 6,847 Applied Materials, Inc.......... 1,013 17,991 Broadcom Corp. (Class A) (a).... 340 8,888 Intel Corp...................... 4,154 110,746 International Rectifier Corp. (a)........................... 44 1,495 Intersil Corp. (Class A)........ 99 2,423 KLA-Tencor Corp................. 132 6,357 Lam Research Corp. (a).......... 97 4,193 Linear Technology Corp.......... 159 5,061 LSI Logic Corp. (a)............. 535 2,841 Marvell Technology Group, Ltd. (a)........................... 320 4,474 MEMC Electronic Materials, Inc. (a)........................... 162 14,335 Microchip Technology, Inc....... 147 4,619 Micron Technology, Inc. (a)..... 544 3,944 National Semiconductor Corp..... 188 4,256 Novellus Systems, Inc. (a)...... 96 2,647 NVIDIA Corp. (a)................ 394 13,404 Teradyne, Inc. (a).............. 138 1,427 Texas Instruments, Inc.......... 1,000 33,400 Varian Semiconductor Equipment Associates, Inc. (a).......... 48 1,776 Xilinx, Inc..................... 200 4,374 ----------- 263,585 ----------- SOFTWARE -- 3.8% Activision, Inc. (a)............ 207 6,148 Adobe Systems, Inc. (a)......... 424 18,117 Autodesk, Inc. (a).............. 168 8,360 BEA Systems, Inc. (a)........... 270 4,261 BMC Software, Inc. (a).......... 151 5,382 CA, Inc......................... 294 7,335 Cadence Design Systems, Inc. (a)........................... 184 3,130 Citrix Systems, Inc. (a)........ 126 4,789 Electronic Arts, Inc. (a)....... 225 13,142 Intuit, Inc. (a)................ 215 6,796 McAfee, Inc. (a)................ 114 4,275 Microsoft Corp.................. 6,001 213,636 NAVTEQ Corp. (a)................ 65 4,914 Oracle Corp. (a)................ 2,827 63,834 Red Hat, Inc. (a)............... 126 2,626 Salesforce.com, Inc. (a)........ 66 4,137 Symantec Corp. (a).............. 609 9,829 Synopsys, Inc. (a).............. 94 2,437 VMware, Inc. (Class A) (a)...... 27 2,295 ----------- 385,443 ----------- SPECIALTY RETAIL -- 1.6% Abercrombie & Fitch Co.......... 60 4,798 Advance Auto Parts, Inc......... 80 3,039
See accompanying notes to financial statements. 18 SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- American Eagle Outfitters, Inc........................... 135 $ 2,804 AutoNation, Inc. (a)............ 121 1,895 AutoZone, Inc. (a).............. 32 3,837 Bed Bath & Beyond, Inc. (a)..... 202 5,937 Best Buy Co., Inc............... 240 12,636 CarMax, Inc. (a)................ 146 2,884 Chico's FAS, Inc. (a)........... 123 1,111 GameStop Corp. (Class A) (a).... 106 6,584 Guess ?, Inc.................... 32 1,212 Limited Brands, Inc............. 235 4,449 Lowe's Cos., Inc................ 1,079 24,407 O'Reilly Automotive, Inc. (a)... 77 2,497 Office Depot, Inc. (a).......... 188 2,615 PetSmart, Inc................... 97 2,282 RadioShack Corp................. 93 1,568 Ross Stores, Inc................ 101 2,583 Staples, Inc.................... 512 11,812 The Gap, Inc.................... 433 9,214 The Home Depot, Inc............. 1,214 32,705 The Sherwin-Williams Co......... 81 4,701 The TJX Cos., Inc............... 326 9,366 Tiffany & Co.................... 102 4,695 Urban Outfitters, Inc. (a)...... 78 2,126 Williams-Sonoma, Inc............ 62 1,606 ----------- 163,363 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.3% Coach, Inc. (a)................. 257 7,859 CROCS, Inc. (a)................. 48 1,767 Liz Claiborne, Inc.............. 74 1,506 NIKE, Inc. (Class B)............ 261 16,767 Polo Ralph Lauren Corp.......... 42 2,595 V. F. Corp...................... 61 4,188 ----------- 34,682 ----------- THRIFTS & MORTGAGE FINANCE -- 0.7% Countrywide Financial Corp...... 413 3,692 Fannie Mae...................... 700 27,986 Freddie Mac..................... 481 16,388 Hudson City Bancorp, Inc........ 361 5,422 MGIC Investment Corp............ 65 1,458 New York Community Bancorp, Inc........................... 185 3,252 People's United Financial, Inc........................... 88 1,566 Sovereign Bancorp, Inc.......... 211 2,406 TFS Financial Corp. (a)......... 50 597 Washington Mutual, Inc.......... 618 8,411 ----------- 71,178 ----------- TOBACCO -- 1.3% Altria Group, Inc............... 1,499 113,294 Loews Corp.- Carolina Group..... 75 6,398 Reynolds American, Inc.......... 120 7,915 UST, Inc........................ 112 6,138 ----------- 133,745 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.1% Fastenal Co..................... 94 3,800 W.W. Grainger, Inc.............. 45 3,938 ----------- 7,738 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.6% American Tower Corp. (Class A) (a)........................... 292 12,439 Clearwire Corp. (Class A) (a)... 37 507 Crown Castle International Corp. (a)........................... 194 8,071 Leap Wireless International, Inc. (a)...................... 34 1,586 MetroPCS Communications, Inc. (a)........................... 130 2,529 NII Holdings, Inc. (a).......... 122 5,895 Sprint Nextel Corp.............. 2,031 26,667 Telephone & Data Systems, Inc... 72 4,507 US Cellular Corp. (a)........... 12 1,009 ----------- 63,210 ----------- TOTAL COMMON STOCKS -- (Cost $10,036,027)............ 10,116,569 ----------- SHORT TERM INVESTMENTS -- 0.7% MONEY MARKET FUND -- 0.7% STIC Prime Portfolio (Cost $71,763)................ 71,763 71,763 ----------- TOTAL INVESTMENTS -- 100.5% (Cost $10,107,790)............ 10,188,332 ----------- OTHER ASSETS AND LIABILITIES -- (0.5)%......... (48,371) ----------- NET ASSETS -- 100.0%............ $10,139,961 ===========
(a) Non-income producing security (b) Affiliated issuer. (Note 3) See accompanying notes to financial statements. 19 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% AEROSPACE & DEFENSE -- 2.9% Alliant Techsystems, Inc. (a).. 1,510 $ 171,778 General Dynamics Corp. ........ 14,662 1,304,771 L-3 Communications Holdings, Inc. ........................ 5,430 575,254 Lockheed Martin Corp. ......... 14,363 1,511,849 Precision Castparts Corp. ..... 6,038 837,471 Raytheon Co. .................. 18,851 1,144,256 Rockwell Collins, Inc. ........ 7,264 522,790 Spirit Aerosystems Holdings, Inc. (a)..................... 4,579 157,975 United Technologies Corp. ..... 40,138 3,072,163 ------------ 9,298,307 ------------ AIR FREIGHT & LOGISTICS -- 1.2% C.H. Robinson Worldwide, Inc. ........................ 7,606 411,637 Expeditors International of Washington, Inc. ............ 9,226 412,218 FedEx Corp. ................... 12,409 1,106,510 United Parcel Service, Inc. (Class B).................... 29,883 2,113,326 ------------ 4,043,691 ------------ AIRLINES -- 0.3% AMR Corp. (a).................. 9,933 139,360 Delta Air Lines, Inc. (a)...... 11,953 177,980 Northwest Airlines Corp. (a)... 10,424 151,252 Southwest Airlines Co. ........ 32,945 401,929 UAL Corp. (a).................. 5,014 178,800 ------------ 1,049,321 ------------ AUTO COMPONENTS -- 0.2% BorgWarner, Inc. .............. 5,080 245,923 The Goodyear Tire & Rubber Co. (a).......................... 9,003 254,064 ------------ 499,987 ------------ AUTOMOBILES -- 0.2% Harley-Davidson, Inc. ......... 10,607 495,453 ------------ BEVERAGES -- 2.4% Anheuser-Busch Cos., Inc. ..... 32,165 1,683,516 Brown-Forman Corp. ............ 3,247 240,635 Constellation Brands, Inc. (Class A) (a)................ 8,245 194,912 Hansen Natural Corp. (a)....... 3,106 137,565 PepsiCo, Inc. ................. 70,682 5,364,764 The Pepsi Bottling Group, Inc. ........................ 6,390 252,149 ------------ 7,873,541 ------------ BIOTECHNOLOGY -- 2.7% Abraxis Bioscience, Inc. (a)... 252 17,330 Amgen, Inc. (a)................ 47,463 2,204,182 Amylin Pharmaceuticals, Inc. (a).......................... 5,937 219,669 Biogen Idec, Inc. (a).......... 12,860 731,991 Celgene Corp. (a).............. 16,930 782,335 Cephalon, Inc. (a)............. 2,915 209,180 Genentech, Inc. (a)............ 20,187 1,353,942 Genzyme Corp. (a).............. 11,488 855,167 Gilead Sciences, Inc. (a)...... 40,740 1,874,448 Millennium Pharmaceuticals, Inc. (a)..................... 13,983 209,465 Vertex Pharmaceuticals, Inc. (a).......................... 5,601 130,111 ------------ 8,587,820 ------------ BUILDING PRODUCTS -- 0.1% Trane, Inc. ................... 7,688 359,106 ------------ CAPITAL MARKETS -- 1.9% BlackRock, Inc. ............... 872 189,050 E*TRADE Financial Corp. (a).... 18,205 64,628 Eaton Vance Corp. ............. 5,584 253,570 Fortress Investment Group LLC (Class A).................... 1,681 26,190 Franklin Resources, Inc. ...... 7,209 824,926 GLG Partners, Inc. (a)......... 10,482 142,555 Invesco, Ltd. ................. 18,434 578,459 Legg Mason, Inc. .............. 5,641 412,639 Och-Ziff Capital Management Group LLC.................... 1,728 45,412 SEI Investments Co. ........... 6,278 201,963 State Street Corp. (b)......... 16,981 1,378,857 T. Rowe Price Group, Inc. ..... 11,577 704,808 TD Ameritrade Holding Corp. (a).......................... 10,724 215,123 The Charles Schwab Corp. ...... 41,293 1,055,036 ------------ 6,093,216 ------------ CHEMICALS -- 1.7% Celanese Corp. ................ 6,415 271,483 Ecolab, Inc. .................. 7,627 390,579 Huntsman Corp. ................ 3,942 101,309 Monsanto Co. .................. 23,753 2,652,973 Praxair, Inc. ................. 13,929 1,235,642 Sigma-Aldrich Corp. ........... 5,015 273,819 The Mosaic Co. (a)............. 6,325 596,700 ------------ 5,522,505 ------------ COMMERCIAL BANKS -- 0.1% Commerce Bancorp, Inc. ........ 8,507 324,457 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.7% Allied Waste Industries, Inc. (a).......................... 12,614 139,006 ChoicePoint, Inc. (a).......... 3,255 118,547 Cintas Corp. .................. 5,854 196,812 Dun & Bradstreet Corp. ........ 2,595 229,995 Equifax, Inc. ................. 6,014 218,669 Manpower, Inc. ................ 3,673 208,994 Monster Worldwide, Inc. (a).... 5,078 164,527 Robert Half International, Inc. ........................ 7,154 193,444 Stericycle, Inc. (a)........... 3,830 227,502 Waste Management, Inc. ........ 22,296 728,410 ------------ 2,425,906 ------------ COMMUNICATIONS EQUIPMENT -- 4.5% Cisco Systems, Inc. (a)........ 266,128 7,204,085 Corning, Inc. ................. 68,619 1,646,170 Harris Corp. .................. 6,075 380,781 JDS Uniphase Corp. (a)......... 9,346 124,302 Juniper Networks, Inc. (a)..... 22,893 760,047 Motorola, Inc. ................ 101,519 1,628,365 QUALCOMM, Inc. ................ 71,688 2,820,923 ------------ 14,564,673 ------------ COMPUTERS & PERIPHERALS -- 5.7% Apple, Inc. (a)................ 38,303 7,587,058 Dell, Inc. (a)................. 86,343 2,116,267 Diebold, Inc. ................. 2,880 83,463 EMC Corp. (a).................. 92,057 1,705,816 Hewlett-Packard Co. ........... 112,881 5,698,233 Lexmark International, Inc. (a).......................... 4,131 144,007 Network Appliance, Inc. (a).... 15,746 393,020
See accompanying notes to financial statements. 20 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SanDisk Corp. (a).............. 9,865 $ 327,222 Western Digital Corp. (a)...... 9,758 294,789 ------------ 18,349,875 ------------ CONSTRUCTION & ENGINEERING -- 0.6% Fluor Corp. ................... 3,811 555,339 Foster Wheeler, Ltd. (a)....... 3,099 480,407 Jacobs Engineering Group, Inc. (a).......................... 5,239 500,901 KBR, Inc. (a).................. 7,260 281,688 ------------ 1,818,335 ------------ CONSTRUCTION MATERIALS -- 0.1% Martin Marietta Materials, Inc. ........................ 1,818 241,067 ------------ CONSUMER FINANCE -- 0.9% American Express Co. .......... 45,385 2,360,927 SLM Corp. ..................... 17,963 361,775 The First Marblehead Corp. .... 2,590 39,627 ------------ 2,762,329 ------------ CONTAINERS & PACKAGING -- 0.2% Ball Corp. .................... 4,380 197,100 Crown Holdings, Inc. (a)....... 6,942 178,062 Pactiv Corp. (a)............... 5,653 150,540 Sealed Air Corp. .............. 6,943 160,661 ------------ 686,363 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.3% Apollo Group, Inc. (a)......... 6,091 427,284 H&R Block, Inc. ............... 14,452 268,373 ITT Educational Services, Inc. (a).......................... 1,788 152,463 Weight Watchers International, Inc. ........................ 1,565 70,707 ------------ 918,827 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.2% CME Group, Inc. ............... 2,330 1,598,380 Intercontinental Exchange, Inc. (a).......................... 2,974 572,495 Leucadia National Corp. ....... 7,069 332,950 Moody's Corp. ................. 9,706 346,504 Nymex Holdings, Inc. .......... 2,653 354,467 NYSE Euronext.................. 8,300 728,491 ------------ 3,933,287 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.1% Level 3 Communications, Inc. (a).......................... 65,576 199,351 Windstream Corp. .............. 20,486 266,728 ------------ 466,079 ------------ ELECTRIC UTILITIES -- 0.1% Allegheny Energy, Inc. ........ 7,131 453,603 ------------ ELECTRICAL EQUIPMENT -- 0.3% AMETEK, Inc. .................. 4,667 218,602 First Solar, Inc. (a).......... 1,495 399,375 Roper Industries, Inc. ........ 3,802 237,777 Sunpower Corp. (Class A) (a)... 1,554 202,626 ------------ 1,058,380 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.7% Agilent Technologies, Inc. (a).......................... 17,051 626,454 Amphenol Corp. (Class A)....... 7,691 356,631 Arrow Electronics, Inc. (a).... 5,282 207,477 Jabil Circuit, Inc. ........... 7,781 118,816 Trimble Navigation, Ltd. (a)... 5,153 155,827 Tyco Electronics, Ltd. ........ 21,610 802,379 ------------ 2,267,584 ------------ ENERGY EQUIPMENT & SERVICES -- 5.0% Baker Hughes, Inc. ............ 14,000 1,135,400 BJ Services Co. ............... 12,657 307,059 Cameron International Corp. (a).......................... 9,522 458,294 Diamond Offshore Drilling, Inc. ........................ 2,843 403,706 ENSCO International, Inc. ..... 6,424 382,999 FMC Technologies, Inc. (a)..... 5,740 325,458 Grant Prideco, Inc. (a)........ 5,464 303,307 Halliburton Co. ............... 38,565 1,461,999 Nabors Industries, Ltd. (a).... 12,435 340,595 National-Oilwell Varco, Inc. (a).......................... 15,559 1,142,964 Noble Corp. ................... 11,721 662,354 Patterson-UTI Energy, Inc. .... 6,645 129,710 Pride International, Inc. (a).. 7,268 246,385 Rowan Cos., Inc. .............. 4,816 190,039 Schlumberger, Ltd. ............ 52,162 5,131,176 Smith International, Inc. ..... 8,641 638,138 Transocean, Inc. (a)........... 13,565 1,941,830 Weatherford International, Ltd. (a).......................... 14,836 1,017,749 ------------ 16,219,162 ------------ FOOD & STAPLES RETAILING -- 3.7% Costco Wholesale Corp. ........ 19,112 1,333,253 CVS Caremark Corp. ............ 64,721 2,572,660 Sysco Corp. ................... 26,774 835,617 Wal-Mart Stores, Inc. ......... 110,024 5,229,441 Walgreen Co. .................. 43,480 1,655,718 Whole Foods Market, Inc. ...... 5,924 241,699 ------------ 11,868,388 ------------ FOOD PRODUCTS -- 0.9% Archer-Daniels-Midland Co. .... 25,649 1,190,883 Bunge, Ltd. ................... 5,254 611,618 Dean Foods Co. ................ 5,790 149,730 The Hershey Co. ............... 6,810 268,314 Wm. Wrigley Jr., Co. .......... 10,046 588,193 ------------ 2,808,738 ------------ GAS UTILITIES -- 0.3% Equitable Resources, Inc. ..... 5,000 266,400 ONEOK, Inc. ................... 4,262 190,810 Questar Corp. ................. 7,543 408,076 ------------ 865,286 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 3.4% Baxter International, Inc. .... 27,837 1,615,938 Beckman Coulter, Inc. ......... 2,720 198,016 Becton, Dickinson & Co. ....... 10,041 839,227 Boston Scientific Corp. (a).... 60,257 700,789 C.R. Bard, Inc. ............... 4,487 425,367 Covidien, Ltd. ................ 21,410 948,249 Dentsply International, Inc. .. 6,278 282,635 Hospira, Inc. (a).............. 6,842 291,743 Intuitive Surgical, Inc. (a)... 1,644 533,478 Kinetic Concepts, Inc. (a)..... 2,278 122,010 Medtronic, Inc. ............... 49,753 2,501,083 St. Jude Medical, Inc. (a)..... 14,762 599,928 Stryker Corp. ................. 13,719 1,025,083
See accompanying notes to financial statements. 21 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Varian Medical Systems, Inc. (a).......................... 5,443 $ 283,907 Zimmer Holdings, Inc. (a)...... 10,512 695,369 ------------ 11,062,822 ------------ HEALTH CARE PROVIDERS & SERVICES -- 4.2% Aetna, Inc. ................... 21,975 1,268,617 AmerisourceBergen Corp. ....... 7,436 333,653 Brookdale Senior Living, Inc. ........................ 1,835 52,132 Cardinal Health, Inc. ......... 15,883 917,243 Community Health Systems, Inc. (a).......................... 4,236 156,139 Coventry Health Care, Inc. (a).......................... 6,871 407,107 DaVita, Inc. (a)............... 4,558 256,843 Express Scripts, Inc. (Class A) (a).......................... 9,383 684,959 Health Net, Inc. (a)........... 4,791 231,405 Henry Schein, Inc. (a)......... 3,911 240,135 Humana, Inc. (a)............... 7,225 544,115 Lincare Holdings, Inc. (a)..... 3,690 129,740 McKesson Corp. ................ 12,664 829,619 Medco Health Solutions, Inc. (a).......................... 11,799 1,196,419 Omnicare, Inc. ................ 5,103 116,399 Patterson Cos., Inc. (a)....... 5,719 194,160 Quest Diagnostics, Inc. ....... 6,455 341,470 UnitedHealth Group, Inc. ...... 56,648 3,296,914 Universal Health Services, Inc. (Class B).................... 2,218 113,562 WellPoint, Inc. (a)............ 25,014 2,194,478 ------------ 13,505,109 ------------ HEALTH CARE TECHNOLOGY -- 0.1% Cerner Corp. (a)............... 2,708 152,731 IMS Health, Inc. .............. 8,287 190,933 ------------ 343,664 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.8% Boyd Gaming Corp. ............. 2,453 83,574 Brinker International, Inc. ... 4,486 87,746 Darden Restaurants, Inc. ...... 5,601 155,204 Harrah's Entertainment, Inc. .. 8,054 714,792 International Game Technology.. 13,826 607,376 Las Vegas Sands Corp. (a)...... 4,523 466,095 Marriott International, Inc. (Class A).................... 14,356 490,688 MGM Mirage, Inc. (a)........... 5,673 476,645 Penn National Gaming, Inc. (a).......................... 3,244 193,180 Starbucks Corp. (a)............ 32,295 661,079 Starwood Hotels & Resorts Worldwide, Inc. ............. 8,786 386,848 Wendy's International, Inc. ... 3,729 96,357 Wyndham Worldwide Corp. ....... 7,764 182,920 Wynn Resorts, Ltd. ............ 2,745 307,797 Yum! Brands, Inc. ............. 22,333 854,684 ------------ 5,764,985 ------------ HOUSEHOLD DURABLES -- 0.4% D.R. Horton, Inc. ............. 11,954 157,434 Garmin, Ltd. .................. 5,587 541,939 Harman International Industries, Inc. ............ 2,633 194,079 Lennar Corp. (Class A)......... 6,002 107,376 Pulte Homes, Inc. ............. 9,284 97,853 Toll Brothers, Inc. (a)........ 5,737 115,084 ------------ 1,213,765 ------------ HOUSEHOLD PRODUCTS -- 3.9% Colgate-Palmolive Co. ......... 22,591 1,761,195 Energizer Holdings, Inc. (a)... 2,484 278,531 Procter & Gamble Co. .......... 136,441 10,017,498 The Clorox Co. ................ 5,977 389,521 ------------ 12,446,745 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.8% Constellation Energy Group, Inc. ........................ 7,972 817,369 Dynegy, Inc. (Class A) (a)..... 17,237 123,072 Mirant Corp. (a)............... 11,350 442,423 NRG Energy, Inc. (a)........... 10,603 459,534 The AES Corp. (a).............. 29,310 626,941 ------------ 2,469,339 ------------ INDUSTRIAL CONGLOMERATES -- 0.9% 3M Co. ........................ 28,813 2,429,512 McDermott International, Inc. (a).......................... 9,825 579,970 ------------ 3,009,482 ------------ INSURANCE -- 3.4% AFLAC, Inc. ................... 21,374 1,338,654 Arch Capital Group, Ltd. (a)... 2,070 145,624 Assurant, Inc. ................ 4,316 288,740 Axis Capital Holdings, Ltd. ... 6,117 238,379 Berkshire Hathaway, Inc. (Class A) (a)....................... 45 6,372,000 Brown & Brown, Inc. ........... 5,021 117,994 Prudential Financial, Inc. .... 19,925 1,853,822 The Progressive Corp. ......... 28,770 551,233 WR Berkley Corp. .............. 7,018 209,207 ------------ 11,115,653 ------------ INTERNET & CATALOG RETAIL -- 0.7% Amazon.com, Inc. (a)........... 13,012 1,205,432 Expedia, Inc. (a).............. 9,886 312,595 IAC / InterActiveCorp (a)...... 8,619 232,024 Liberty Media Holding Corp. - Interactive (Series A) (a)... 26,803 511,401 ------------ 2,261,452 ------------ INTERNET SOFTWARE & SERVICES -- 3.2% Akamai Technologies, Inc. (a).. 7,056 244,138 eBay, Inc. (a)................. 51,370 1,704,970 Google, Inc. (Class A) (a)..... 9,931 6,867,088 VeriSign, Inc. (a)............. 9,737 366,208 Yahoo!, Inc. (a)............... 55,477 1,290,395 ------------ 10,472,799 ------------ IT SERVICES -- 2.0% Accenture, Ltd. (Class A)...... 25,198 907,884 Affiliated Computer Services, Inc. (a)..................... 4,048 182,565 Alliance Data Systems Corp. (a).......................... 3,407 255,491 Automatic Data Processing, Inc. ........................ 23,293 1,037,237 Cognizant Technology Solutions Corp. (a).................... 12,632 428,730 DST Systems, Inc. (a).......... 2,229 184,004 Fidelity National Information Services, Inc. .............. 8,525 354,555 Fiserv, Inc. (a)............... 7,092 393,535 Global Payments, Inc. ......... 3,589 166,960 Iron Mountain, Inc. (a)........ 7,875 291,532 Mastercard, Inc. .............. 3,063 659,158 Paychex, Inc. ................. 14,754 534,390 The Western Union Co. ......... 32,844 797,452 Total System Services, Inc. ... 8,587 240,436 ------------ 6,433,929 ------------
See accompanying notes to financial statements. 22 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- LIFE SCIENCES TOOLS & SERVICES -- 0.8% Applera Corp. -- Applied Biosystems Group............. 7,406 $ 251,211 Charles River Laboratories International, Inc. (a)...... 2,979 196,018 Covance, Inc. (a).............. 2,814 243,749 Invitrogen Corp. (a)........... 2,020 188,688 Millipore Corp. (a)............ 2,305 168,680 Pharmaceutical Product Development, Inc. ........... 4,484 181,019 Thermo Fisher Scientific, Inc. (a).......................... 18,547 1,069,791 Waters Corp. (a)............... 4,311 340,871 ------------ 2,640,027 ------------ MACHINERY -- 2.4% Caterpillar, Inc. ............. 28,287 2,052,505 Cummins, Inc. ................. 4,028 513,046 Danaher Corp. ................. 10,816 948,996 Donaldson Co., Inc. ........... 2,939 136,311 Flowserve Corp. ............... 2,503 240,789 Harsco Corp. .................. 3,594 230,268 Illinois Tool Works, Inc. ..... 20,443 1,094,518 ITT Corp. ..................... 7,850 518,414 Joy Global, Inc. .............. 4,683 308,235 Oshkosh Truck Corp. ........... 3,146 148,680 PACCAR, Inc. .................. 16,183 881,650 Terex Corp. (a)................ 4,422 289,950 The Manitowoc Co., Inc. ....... 5,793 282,872 ------------ 7,646,234 ------------ MEDIA -- 5.3% Cablevision Systems Corp. (Class A) (a)................ 9,858 241,521 Clear Channel Communications, Inc. ........................ 19,644 678,111 Clear Channel Outdoor Holdings, Inc. (a)..................... 1,654 45,750 Comcast Corp. (Class A) (a).... 127,843 2,334,413 Discovery Holding Co. (Class A) (a).......................... 12,115 304,571 EchoStar Communications Corp. (Class A) (a)................ 9,135 344,572 EW Scripps Co. ................ 3,683 165,772 Lamar Advertising Co. ......... 3,092 148,632 Liberty Global, Inc. (Class A) (a).......................... 16,275 637,817 Liberty Media Corp. -- Capital (Series A) (a)............... 5,649 658,052 News Corp. (Class A)........... 101,389 2,077,461 Omnicom Group, Inc. ........... 14,334 681,295 R.H. Donnelley Corp. (a)....... 3,122 113,891 Sirius Satellite Radio, Inc. (a).......................... 59,002 178,776 The DIRECTV Group, Inc. (a).... 30,765 711,287 The McGraw-Hill Cos., Inc. .... 14,472 634,018 The Walt Disney Co. ........... 78,137 2,522,262 The Washington Post Co. ....... 251 198,649 Time Warner Cable, Inc. (a).... 6,705 185,058 Time Warner, Inc. ............. 163,638 2,701,663 Viacom, Inc. (a)............... 25,524 1,121,014 Virgin Media, Inc. ............ 12,525 214,679 XM Satellite Radio Holdings, Inc. (Class A) (a)........... 13,254 162,229 ------------ 17,061,493 ------------ METALS & MINING -- 1.2% Allegheny Technologies, Inc. .. 4,150 358,560 Freeport-McMoRan Copper & Gold, Inc. ........................ 16,679 1,708,597 Newmont Mining Corp. .......... 18,993 927,428 Nucor Corp. ................... 11,527 682,629 Titanium Metals Corp. ......... 3,764 99,558 ------------ 3,776,772 ------------ MULTI-UTILITIES -- 0.3% Public Service Enterprise Group, Inc. ................. 10,977 1,078,380 ------------ MULTILINE RETAIL -- 1.1% Dollar Tree Stores, Inc. (a)... 4,164 107,931 Family Dollar Stores, Inc. .... 5,855 112,592 J. C. Penney Co., Inc. ........ 8,535 375,455 Kohl's Corp. (a)............... 12,499 572,454 Macy's, Inc. .................. 19,166 495,824 Nordstrom, Inc. ............... 9,181 337,218 Target Corp. .................. 32,974 1,648,700 ------------ 3,650,174 ------------ OFFICE ELECTRONICS -- 0.2% Xerox Corp. ................... 40,524 656,084 ------------ OIL, GAS & CONSUMABLE FUELS -- 5.0% Anadarko Petroleum Corp. ...... 20,392 1,339,550 Apache Corp. .................. 14,322 1,540,188 Arch Coal, Inc. ............... 6,354 285,485 Chesapeake Energy Corp. ....... 19,502 764,478 CNX Gas Corp. (a).............. 1,233 39,394 CONSOL Energy, Inc. ........... 8,073 577,381 Denbury Resources, Inc. (a).... 10,710 318,623 Devon Energy Corp. ............ 18,284 1,625,630 Energy Transfer Equity LP...... 5,401 190,277 EOG Resources, Inc. ........... 10,635 949,174 Frontier Oil Corp. ............ 4,558 184,964 Kinder Morgan Energy Partners LP........................... 6,956 375,554 Murphy Oil Corp. .............. 7,664 650,214 Newfield Exploration Co. (a)... 5,590 294,593 Noble Energy, Inc. ............ 7,513 597,434 Patriot Coal Corp. (a)......... 1,138 47,500 Peabody Energy Corp. .......... 11,584 714,038 Pioneer Natural Resources Co. ......................... 5,399 263,687 Range Resources Corp. ......... 6,363 326,804 SandRidge Energy, Inc. (a)..... 1,246 44,682 Southwestern Energy Co. (a).... 7,337 408,818 Sunoco, Inc. .................. 5,266 381,469 The Williams Cos., Inc. ....... 25,917 927,310 Ultra Petroleum Corp. (a)...... 6,577 470,256 Valero Energy Corp. ........... 23,943 1,676,728 XTO Energy, Inc. .............. 20,925 1,074,682 ------------ 16,068,913 ------------ PAPER & FOREST PRODUCT -- 0.0% (C) Domtar Corp. (a)............... 19,894 152,985 ------------ PERSONAL PRODUCTS -- 0.3% Avon Products, Inc. ........... 18,718 739,923 The Estee Lauder Cos., Inc. (Class A).................... 4,505 196,463 ------------ 936,386 ------------ PHARMACEUTICALS -- 1.2% Allergan, Inc. ................ 13,234 850,152 APP Pharmaceuticals, Inc. (a).. 1,014 10,414 Barr Pharmaceuticals, Inc. (a).......................... 4,597 244,101 Endo Pharmaceuticals Holdings, Inc. (a)..................... 5,863 156,366 Forest Laboratories, Inc. (a).. 13,907 506,910 Mylan Laboratories, Inc. ...... 13,485 189,599
See accompanying notes to financial statements. 23 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Schering-Plough Corp. ......... 71,051 $ 1,892,799 Sepracor, Inc. (a)............. 4,761 124,976 Warner Chilcott, Ltd. (a)...... 3,622 64,218 ------------ 4,039,535 ------------ REAL ESTATE INVESTMENT TRUSTS -- 0.7% Camden Property Trust.......... 2,396 115,368 CapitalSource, Inc. ........... 6,970 122,602 General Growth Properties, Inc. ........................ 9,946 409,576 Public Storage................. 5,609 411,757 Simon Property Group, Inc. .... 9,745 846,451 Ventas, Inc. .................. 5,745 259,961 ------------ 2,165,715 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Brookfield Properties Corp. ... 8,777 168,957 CB Richard Ellis Group, Inc. (Class A) (a)................ 8,787 189,360 ------------ 358,317 ------------ ROAD & RAIL -- 0.3% Hertz Global Holdings, Inc. (a).......................... 5,693 90,462 J.B. Hunt Transport Services, Inc. ........................ 3,841 105,820 Norfolk Southern Corp. ........ 17,133 864,188 ------------ 1,060,470 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.0% Advanced Micro Devices, Inc. (a).......................... 23,840 178,800 Altera Corp. .................. 14,790 285,743 Analog Devices, Inc. .......... 13,768 436,446 Applied Materials, Inc. ....... 60,162 1,068,477 Broadcom Corp. (Class A) (a)... 20,559 537,412 Intel Corp. ................... 254,652 6,789,022 International Rectifier Corp. (a).......................... 3,117 105,884 Intersil Corp. (Class A)....... 5,723 140,099 KLA-Tencor Corp. .............. 8,069 388,603 Lam Research Corp. (a)......... 5,282 228,341 Linear Technology Corp. ....... 9,109 289,939 LSI Logic Corp. (a)............ 30,758 163,325 Marvell Technology Group, Ltd. (a).......................... 20,142 281,585 MEMC Electronic Materials, Inc. (a).......................... 10,056 889,855 Microchip Technology, Inc. .... 9,386 294,908 Micron Technology, Inc. (a).... 32,506 235,669 National Semiconductor Corp. .. 11,309 256,036 Novellus Systems, Inc. (a)..... 5,036 138,843 NVIDIA Corp. (a)............... 24,355 828,557 Teradyne, Inc. (a)............. 7,750 80,135 Texas Instruments, Inc. ....... 61,324 2,048,222 Varian Semiconductor Equipment Associates, Inc. (a)......... 3,240 119,880 Xilinx, Inc. .................. 12,725 278,296 ------------ 16,064,077 ------------ SOFTWARE -- 7.2% Activision, Inc. (a)........... 12,858 381,883 Adobe Systems, Inc. (a)........ 25,183 1,076,070 Autodesk, Inc. (a)............. 10,122 503,671 BEA Systems, Inc. (a).......... 17,230 271,889 BMC Software, Inc. (a)......... 8,776 312,777 CA, Inc. ...................... 18,145 452,718 Citrix Systems, Inc. (a)....... 8,418 319,968 Electronic Arts, Inc. (a)...... 13,862 809,679 Intuit, Inc. (a)............... 13,366 422,499 McAfee, Inc. (a)............... 6,968 261,300 Microsoft Corp. ............... 364,546 12,977,838 NAVTEQ Corp. (a)............... 4,193 316,991 Oracle Corp. (a)............... 171,917 3,881,886 Red Hat, Inc. (a).............. 8,304 173,055 Salesforce.com, Inc. (a)....... 4,364 273,579 Symantec Corp. (a)............. 38,450 620,583 Synopsys, Inc. (a)............. 6,136 159,106 VMware, Inc. (Class A) (a)..... 1,670 141,933 ------------ 23,357,425 ------------ SPECIALTY RETAIL -- 2.9% Abercrombie & Fitch Co. ....... 3,743 299,328 Advance Auto Parts, Inc. ...... 4,404 167,308 American Eagle Outfitters, Inc. ........................ 8,361 173,658 AutoNation, Inc. (a)........... 6,335 99,206 AutoZone, Inc. (a)............. 1,909 228,908 Bed Bath & Beyond, Inc. (a).... 11,959 351,475 Best Buy Co., Inc. ............ 14,995 789,487 CarMax, Inc. (a)............... 9,289 183,458 Chico's FAS, Inc. (a).......... 7,281 65,747 GameStop Corp. (Class A) (a)... 6,546 406,572 Guess ?, Inc. ................. 2,387 90,443 Lowe's Cos., Inc. ............. 64,592 1,461,071 O'Reilly Automotive, Inc. (a).. 5,018 162,734 Office Depot, Inc. (a)......... 11,714 162,942 PetSmart, Inc. ................ 5,800 136,474 Ross Stores, Inc. ............. 6,226 159,199 Staples, Inc. ................. 31,386 724,075 The Gap, Inc. ................. 25,861 550,322 The Home Depot, Inc. .......... 73,371 1,976,615 The TJX Cos., Inc. ............ 19,463 559,172 Tiffany & Co. ................. 5,789 266,468 Urban Outfitters, Inc. (a)..... 5,244 142,951 Williams-Sonoma, Inc. ......... 3,820 98,938 ------------ 9,256,551 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.6% Coach, Inc. (a)................ 16,243 496,711 CROCS, Inc. (a)................ 3,242 119,338 Liz Claiborne, Inc. ........... 4,522 92,022 NIKE, Inc. (Class B)........... 15,595 1,001,823 Polo Ralph Lauren Corp. ....... 2,614 161,519 ------------ 1,871,413 ------------ THRIFTS & MORTGAGE FINANCE -- 0.2% Countrywide Financial Corp. ... 24,921 222,794 Hudson City Bancorp, Inc. ..... 21,487 322,734 ------------ 545,528 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.1% Fastenal Co. .................. 6,034 243,894 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 1.2% American Tower Corp. (Class A) (a).......................... 17,690 753,593 Clearwire Corp. (Class A) (a).. 3,080 42,227 Crown Castle International Corp. (a).................... 12,415 516,464 Leap Wireless International, Inc. (a)..................... 2,115 98,643 MetroPCS Communications, Inc. (a).......................... 7,922 154,083 NII Holdings, Inc. (a)......... 7,462 360,564 Sprint Nextel Corp. ........... 124,713 1,637,482
See accompanying notes to financial statements. 24 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Telephone & Data Systems, Inc. ........................ 4,484 $ 280,698 US Cellular Corp. (a).......... 626 52,647 ------------ 3,896,401 ------------ TOTAL COMMON STOCKS -- (Cost $294,037,161).......... 322,481,804 ------------ SHORT TERM INVESTMENTS -- 0.3% MONEY MARKET FUND -- 0.3% STIC Prime Portfolio (Cost $823,116).............. 823,116 823,116 ------------ TOTAL INVESTMENTS -- 100.2% (Cost $294,860,277).......... 323,304,920 OTHER ASSETS AND LIABILITIES -- (0.2)%........ (510,338) ------------ NET ASSETS -- 100.0%........... $322,794,582 ============
(a) Non-income producing security (b) Affiliated issuer. (Note 3) (c) Amount shown represents less than 0.05% of net assets. See accompanying notes to financial statements. 25 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AEROSPACE & DEFENSE -- 2.0% Boeing Co. ................... 13,261 $ 1,159,807 Goodrich Corp. ............... 2,397 169,252 Honeywell International, Inc. ....................... 13,070 804,720 Northrop Grumman Corp. ....... 6,060 476,559 ------------ 2,610,338 ------------ AUTO COMPONENTS -- 0.4% Johnson Controls, Inc. ....... 11,164 402,351 WABCO Holdings, Inc. ......... 1,035 51,843 ------------ 454,194 ------------ AUTOMOBILES -- 0.4% Ford Motor Co. (a)............ 39,487 265,747 General Motors Corp. ......... 9,284 231,079 ------------ 496,826 ------------ BEVERAGES -- 2.2% Coca-Cola Enterprises, Inc. .. 5,328 138,688 Molson Coors Brewing Co. ..... 2,810 145,052 The Coca-Cola Co. ............ 40,608 2,492,113 ------------ 2,775,853 ------------ BUILDING PRODUCTS -- 0.2% Masco Corp. .................. 7,116 153,777 USG Corp. (a)................. 1,514 54,186 ------------ 207,963 ------------ CAPITAL MARKETS -- 4.7% AllianceBernstein Holding LP.. 583 43,871 Ameriprise Financial, Inc. ... 4,487 247,278 Federated Investors, Inc. .... 1,855 76,352 Janus Capital Group, Inc. .... 3,282 107,813 Lehman Brothers Holdings, Inc. ....................... 10,136 663,300 Merrill Lynch & Co., Inc. .... 15,410 827,209 Morgan Stanley................ 18,398 977,118 Northern Trust Corp. ......... 3,724 285,184 The Bank of New York Mellon Corp. ...................... 21,725 1,059,311 The Bear Stearns Cos., Inc. .. 2,070 182,677 The Blackstone Group LP....... 2,790 61,743 The Goldman Sachs Group, Inc. ....................... 6,917 1,487,501 ------------ 6,019,357 ------------ CHEMICALS -- 2.0% Air Products & Chemicals, Inc. ....................... 3,912 385,841 Ashland, Inc. ................ 1,069 50,703 E. I. du Pont de Nemours & Co. ........................ 17,117 754,688 Eastman Chemical Co. ......... 1,622 99,088 International Flavors & Fragrances, Inc. ........... 1,527 73,494 Lubrizol Corp. ............... 1,307 70,787 PPG Industries, Inc. ......... 3,125 219,469 Rohm & Haas Co. .............. 2,844 150,931 The Dow Chemical Co. ......... 17,969 708,338 ------------ 2,513,339 ------------ COMMERCIAL BANKS -- 5.9% Associated Bancorp............ 2,215 60,004 BB&T Corp. ................... 10,465 320,962 City National Corp. .......... 753 44,841 Comerica, Inc. ............... 2,910 126,672 Commerce Bancshares, Inc. .... 1,377 61,752 Fifth Third Bancorp........... 9,231 231,975 First Horizon National Corp. ...................... 2,303 41,799 Huntington Bancshares, Inc. .. 7,048 104,029 Keycorp....................... 7,003 164,220 M&T Bank Corp. ............... 1,529 124,721 Marshall & Ilsley Corp........ 4,847 128,349 National City Corp. .......... 10,908 179,546 PNC Financial Services Group, Inc. ....................... 6,499 426,659 Popular, Inc. ................ 4,762 50,477 Regions Financial Corp. ...... 13,338 315,444 SunTrust Banks, Inc. ......... 6,662 416,308 Synovus Financial Corp. ...... 5,245 126,300 TCF Financial Corp. .......... 2,404 43,104 The Colonial BancGroup, Inc. ....................... 2,957 40,038 U.S. Bancorp.................. 32,934 1,045,325 UnionBanCal Corp. ............ 995 48,665 Valley National Bancorp....... 2,285 43,552 Wachovia Corp. ............... 37,836 1,438,903 Wells Fargo & Co. ............ 60,978 1,840,926 Zions Bancorp................. 2,068 96,555 ------------ 7,521,126 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.4% Avery Dennison Corp. ......... 1,867 99,212 Pitney Bowes, Inc. ........... 4,162 158,323 R.R. Donnelley & Sons Co. .... 4,141 156,281 Republic Services, Inc. ...... 3,296 103,330 ------------ 517,146 ------------ COMMUNICATIONS EQUIPMENT -- 0.0% (B) Tellabs, Inc. (a)............. 7,509 49,109 ------------ COMPUTERS & PERIPHERALS -- 2.8% International Business Machines Corp. ............. 26,096 2,820,978 NCR Corp. (a)................. 3,312 83,131 Seagate Technology............ 10,106 257,703 Sun Microsystems, Inc. (a).... 16,209 293,869 Teradata Corp. (a)............ 3,312 90,782 ------------ 3,546,463 ------------ CONSTRUCTION MATERIALS -- 0.1% Vulcan Materials Co. ......... 1,860 147,107 ------------ CONSUMER FINANCE -- 0.4% Capital One Financial Corp. .. 7,937 375,103 Discover Financial Services... 8,218 123,927 The Student Loan Corp. ....... 98 10,780 ------------ 509,810 ------------ CONTAINERS & PACKAGING -- 0.2% Bemis Co., Inc. .............. 2,077 56,868 Owens-Illinois, Inc. (a)...... 2,691 133,205 Sonoco Products Co. .......... 1,962 64,118 Temple-Inland, Inc. .......... 1,791 37,342 ------------ 291,533 ------------ DISTRIBUTORS -- 0.1% Genuine Parts Co. ............ 3,185 147,465 ------------ DIVERSIFIED FINANCIAL SERVICES -- 7.2% Bank of America Corp. ........ 85,824 3,541,098 CIT Group, Inc. .............. 3,720 89,391 Citigroup, Inc. .............. 94,895 2,793,709 Guaranty Financial Group, Inc. (a)......................... 1,197 19,152 JPMorgan Chase & Co. ......... 64,595 2,819,572 ------------ 9,262,922 ------------
See accompanying notes to financial statements. 26 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- DIVERSIFIED TELECOMMUNICATION SERVICES -- 6.1% AT&T, Inc. ................... 116,592 $ 4,845,563 CenturyTel, Inc. ............. 2,097 86,942 Citizens Communications Co. .. 6,474 82,414 Embarq Corp. ................. 2,864 141,854 Qwest Communications International, Inc. (a)..... 28,726 201,369 Verizon Communications, Inc. ....................... 55,445 2,422,392 ------------ 7,780,534 ------------ ELECTRIC UTILITIES -- 4.1% American Electric Power Co., Inc. ....................... 7,438 346,313 DPL, Inc. .................... 2,115 62,710 Duke Energy Corp. ............ 23,942 482,910 Edison International.......... 5,699 304,156 Entergy Corp. ................ 3,719 444,495 Exelon Corp. ................. 12,606 1,029,154 FirstEnergy Corp. ............ 5,831 421,814 FPL Group, Inc. .............. 7,130 483,271 Northeast Utilities........... 2,952 92,427 Pepco Holdings, Inc. ......... 3,912 114,739 Pinnacle West Capital Corp. .. 1,861 78,925 PPL Corp. .................... 7,067 368,120 Progress Energy, Inc. ........ 4,932 238,857 Reliant Energy, Inc. (a)...... 6,370 167,149 The Southern Co. ............. 14,444 559,705 ------------ 5,194,745 ------------ ELECTRICAL EQUIPMENT -- 1.0% Cooper Industries, Ltd. ...... 3,758 198,723 Emerson Electric Co. ......... 15,133 857,436 Hubbell, Inc. (Class B)....... 1,090 56,244 Rockwell Automation, Inc. .... 2,580 177,917 ------------ 1,290,320 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.2% Avnet, Inc. (a)............... 2,804 98,056 Ingram Micro, Inc. (Class A) (a)......................... 2,726 49,177 Molex, Inc. .................. 2,684 73,273 ------------ 220,506 ------------ FOOD & STAPLES RETAILING -- 0.6% Safeway, Inc. ................ 8,362 286,064 SUPERVALU, Inc. .............. 4,151 155,746 The Kroger Co. ............... 11,979 319,959 ------------ 761,769 ------------ FOOD PRODUCTS -- 2.2% Campbell Soup Co. ............ 4,606 164,572 ConAgra Foods, Inc. .......... 9,323 221,794 General Mills, Inc. .......... 6,454 367,878 H.J. Heinz Co. ............... 5,861 273,591 Hormel Foods Corp. ........... 1,418 57,401 Kellogg Co. .................. 4,725 247,732 Kraft Foods, Inc. ............ 29,497 962,487 McCormick & Co., Inc. ........ 2,193 83,137 Sara Lee Corp. ............... 13,845 222,351 Smithfield Foods, Inc. (a).... 2,353 68,049 Tyson Foods, Inc. (Class A)... 5,168 79,225 ------------ 2,748,217 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.1% Hillenbrand Industries, Inc. ....................... 1,093 60,913 ------------ HEALTH CARE PROVIDERS & SERVICES -- 0.4% CIGNA Corp. .................. 5,417 291,056 Laboratory Corp. of America Holdings (a)................ 2,270 171,453 ------------ 462,509 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.4% Carnival Corp. ............... 8,007 356,231 McDonald's Corp. ............. 23,005 1,355,225 Royal Caribbean Cruises, Ltd. ....................... 2,619 111,150 ------------ 1,822,606 ------------ HOUSEHOLD DURABLES -- 0.7% Black & Decker Corp. ......... 1,187 82,675 Centex Corp. ................. 2,176 54,966 Fortune Brands, Inc. ......... 2,894 209,410 Icahn Enterprises LP.......... 306 39,694 KB HOME....................... 1,439 31,082 Leggett & Platt, Inc. ........ 3,407 59,418 Mohawk Industries, Inc. (a)... 1,068 79,459 Newell Rubbermaid, Inc. ...... 5,246 135,767 NVR, Inc. (a)................. 97 50,828 The Stanley Works............. 1,526 73,980 Whirlpool Corp. .............. 1,538 125,547 ------------ 942,826 ------------ HOUSEHOLD PRODUCTS -- 0.4% Kimberly-Clark Corp. ......... 8,138 564,289 ------------ INDUSTRIAL CONGLOMERATES -- 6.2% General Electric Co. ......... 193,154 7,160,219 Textron, Inc. ................ 4,786 341,242 Tyco International, Ltd. ..... 9,367 371,401 ------------ 7,872,862 ------------ INSURANCE -- 7.0% ACE, Ltd. .................... 6,195 382,727 AMBAC Financial Group, Inc. .. 1,986 51,179 American International Group, Inc. ....................... 42,484 2,476,817 AON Corp. .................... 4,962 236,638 Arthur J. Gallagher & Co. .... 1,846 44,655 Chubb Corp. .................. 7,282 397,452 Cincinnati Financial Corp. ... 3,050 120,597 CNA Financial Corp. .......... 491 16,557 Everest Re Group, Ltd. ....... 1,206 121,082 Fidelity National Financial, Inc. ....................... 4,028 58,849 First American Corp. ......... 1,548 52,818 Genworth Financial, Inc. (Class A)................... 8,431 214,569 Hartford Financial Services Group, Inc. ................ 6,009 523,925 Lincoln National Corp. ....... 5,150 299,833 Loews Corp. .................. 8,639 434,887 Markel Corp. (a).............. 206 101,167 Marsh & McLennan Cos., Inc. .. 10,387 274,944 MBIA, Inc. ................... 2,319 43,203 MetLife, Inc. ................ 8,585 529,008 Nationwide Financial Services, Inc. (Class A).............. 996 44,830 Old Republic International Corp. ...................... 4,509 69,484 PartnerRe, Ltd. .............. 1,133 93,506 Principal Financial Group, Inc. ....................... 4,958 341,309 Protective Life Corp. ........ 1,365 55,992
See accompanying notes to financial statements. 27 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- RenaissanceRe Holdings, Ltd. ....................... 1,241 $ 74,758 SAFECO Corp. ................. 1,793 99,834 The Allstate Corp. ........... 10,902 569,411 The Travelers Cos., Inc. ..... 12,321 662,870 Torchmark Corp. .............. 1,770 107,138 Transatlantic Holdings, Inc. ....................... 514 37,352 Unitrin, Inc. ................ 980 47,030 Unum Group.................... 6,928 164,817 White Mountains Insurance Group, Ltd. ................ 148 76,079 XL Capital, Ltd. (Class A).... 3,443 173,217 ------------ 8,998,534 ------------ IT SERVICES -- 0.3% Computer Sciences Corp. (a)... 3,305 163,498 Electronic Data Systems Corp. ...................... 9,679 200,646 Metavante Technologies, Inc. (a)......................... 2,049 47,783 ------------ 411,927 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.3% Eastman Kodak Co. ............ 5,408 118,273 Hasbro, Inc. ................. 2,657 67,966 Mattel, Inc. ................. 6,867 130,748 ------------ 316,987 ------------ MACHINERY -- 1.6% Deere & Co. .................. 8,390 781,277 Dover Corp. .................. 3,831 176,571 Eaton Corp. .................. 2,852 276,501 Ingersoll-Rand Co., Ltd. (Class A)................... 5,118 237,834 Pall Corp. ................... 2,275 91,728 Parker-Hannifin Corp. ........ 3,297 248,297 Pentair, Inc. ................ 1,975 68,750 SPX Corp. .................... 1,018 104,701 ------------ 1,985,659 ------------ MEDIA -- 0.5% CBS Corp. .................... 11,521 313,947 Gannett Co., Inc. ............ 4,376 170,664 Idearc, Inc. ................. 2,833 49,748 The Interpublic Group of Cos., Inc. (a).................... 8,703 70,581 The New York Times Co. (Class A).......................... 2,844 49,855 ------------ 654,795 ------------ METALS & MINING -- 0.8% Alcoa, Inc. .................. 16,113 588,930 Southern Copper Corp. ........ 1,416 148,864 United States Steel Corp. .... 2,305 278,698 ------------ 1,016,492 ------------ MULTI-UTILITIES -- 2.1% Alliant Energy Corp. ......... 2,203 89,640 Ameren Corp. ................. 3,951 214,184 CenterPoint Energy, Inc. ..... 5,335 91,388 Consolidated Edison, Inc. .... 5,109 249,575 Dominion Resources, Inc. ..... 10,958 519,957 DTE Energy Co. ............... 3,179 139,749 Energy East Corp. ............ 2,926 79,616 Integrys Energy Group, Inc. .. 1,453 75,106 MDU Resources Group, Inc. .... 3,230 89,180 NiSource, Inc. ............... 5,140 97,095 NSTAR......................... 1,972 71,426 PG&E Corp. ................... 6,616 285,083 SCANA Corp. .................. 1,967 82,909 Sempra Energy................. 4,463 276,170 TECO Energy, Inc. ............ 3,841 66,104 Wisconsin Energy Corp. ....... 2,190 106,675 Xcel Energy, Inc. ............ 8,053 181,756 ------------ 2,715,613 ------------ MULTILINE RETAIL -- 0.1% Sears Holdings Corp. (a)...... 1,477 150,728 ------------ OIL, GAS & CONSUMABLE FUELS -- 15.5% Chevron Corp. ................ 40,768 3,804,877 ConocoPhillips................ 28,275 2,496,682 El Paso Corp. ................ 13,413 231,240 Enbridge Energy Partners LP... 1,179 59,587 Energy Transfer Partners LP... 1,436 77,372 Enterprise Products Partners LP.......................... 5,177 165,043 Exxon Mobil Corp. ............ 104,441 9,785,077 Hess Corp. ................... 5,499 554,629 Marathon Oil Corp. ........... 13,531 823,497 Occidental Petroleum Corp. ... 15,927 1,226,220 ONEOK Partners LP............. 891 54,574 Plains All American Pipeline LP.......................... 1,751 91,052 Spectra Energy Corp. ......... 11,819 305,167 Teekay Corp. ................. 826 43,951 Tesoro Corp. ................. 2,619 124,926 ------------ 19,843,894 ------------ PAPER & FOREST PRODUCTS -- 0.5% International Paper Co. ...... 8,208 265,775 MeadWestvaco Corp. ........... 3,394 106,232 Weyerhaeuser Co. ............. 4,164 307,054 ------------ 679,061 ------------ PHARMACEUTICALS -- 10.8% Abbott Laboratories........... 29,343 1,647,609 Bristol-Myers Squibb Co. ..... 37,547 995,746 Eli Lilly & Co. .............. 18,399 982,323 Johnson & Johnson............. 54,745 3,651,492 King Pharmaceuticals, Inc. (a)......................... 4,411 45,169 Merck & Co., Inc. ............ 41,494 2,411,216 Pfizer, Inc. ................. 130,639 2,969,425 Wyeth......................... 25,427 1,123,619 ------------ 13,826,599 ------------ REAL ESTATE INVESTMENT TRUSTS -- 2.2% AMB Property Corp. ........... 1,833 105,507 Annaly Capital Management, Inc. ....................... 7,859 142,877 Apartment Investment & Management Co. (Class A).... 1,859 64,563 Avalonbay Communities, Inc. .. 1,517 142,810 Boston Properties, Inc. ...... 2,273 208,684 Developers Diversified Realty Corp. ...................... 2,349 89,943 Duke Realty Corp. ............ 2,831 73,832 Equity Residential............ 5,063 184,648 Federal Realty Investment Trust....................... 1,115 91,597 HCP, Inc. .................... 4,180 145,380 Hospitality Properties Trust.. 1,759 56,675 Host Hotels & Resorts, Inc. .. 9,903 168,747 iStar Financial, Inc. ........ 2,434 63,406
See accompanying notes to financial statements. 28 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Kimco Realty Corp. ........... 4,158 $ 151,351 Liberty Property Trust........ 1,743 50,216 Mack-Cali Realty Corp. ....... 1,298 44,132 Plum Creek Timber Co., Inc. .. 3,405 156,766 ProLogis...................... 4,858 307,900 Regency Centers Corp. ........ 1,326 85,514 SL Green Realty Corp. ........ 1,138 106,357 The Macerich Co. ............. 1,325 94,155 UDR, Inc. .................... 2,510 49,824 Vornado Realty Trust.......... 2,763 243,006 Weingarten Realty Investors... 1,447 45,494 ------------ 2,873,384 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Forest City Enterprises, Inc. ....................... 1,331 59,150 Forestar Real Estate Group, Inc. (a).................... 1,197 28,237 ------------ 87,387 ------------ ROAD & RAIL -- 1.1% Burlington Northern Santa Fe Corp. ...................... 5,905 491,473 CSX Corp. .................... 7,941 349,245 Union Pacific Corp. .......... 4,988 626,593 ------------ 1,467,311 ------------ SOFTWARE -- 0.1% Cadence Design Systems, Inc. (a)......................... 5,190 88,282 ------------ SPECIALTY RETAIL -- 0.2% Limited Brands, Inc. ......... 5,995 113,485 RadioShack Corp. ............. 2,477 41,762 The Sherwin-Williams Co. ..... 2,091 121,362 TravelCenters of America LLC (a)......................... 150 1,875 ------------ 278,484 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.1% V. F. Corp. .................. 1,644 112,877 ------------ THRIFTS & MORTGAGE FINANCE -- 1.3% Fannie Mae.................... 18,758 749,945 Freddie Mac................... 12,699 432,655 MGIC Investment Corp. ........ 1,513 33,936 New York Community Bancorp, Inc. ....................... 6,062 106,570 People's United Financial, Inc. ....................... 3,210 57,138 Sovereign Bancorp, Inc. ...... 6,210 70,794 TFS Financial Corp. (a)....... 1,840 21,970 Washington Mutual, Inc. ...... 16,442 223,776 ------------ 1,696,784 ------------ TOBACCO -- 2.8% Altria Group, Inc. ........... 40,043 3,026,450 Loews Corp.-Carolina Group.... 2,046 174,524 Reynolds American, Inc. ...... 3,251 214,436 UST, Inc. .................... 3,058 167,578 ------------ 3,582,988 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.1% W.W. Grainger, Inc. .......... 1,233 107,912 ------------ TOTAL COMMON STOCKS -- (Cost $122,474,805)......... 127,688,345 ------------ SHORT TERM INVESTMENTS -- 0.9% MONEY MARKET FUND -- 0.9% STIC Prime Portfolio (Cost $1,174,577)........... 1,174,577 1,174,577 ------------ TOTAL INVESTMENTS -- 100.7% (Cost $123,649,382)......... 128,862,922 OTHER ASSETS AND LIABILITIES -- (0.7)%....... (912,222) ------------ NET ASSETS -- 100.0%.......... $127,950,700 ============
(a) Non-income producing security See accompanying notes to financial statements. 29 SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AEROSPACE & DEFENSE -- 0.8% Alliant Techsystems, Inc. (a).. 473 $ 53,808 BE Aerospace, Inc. (a)......... 1,331 70,410 Spirit Aerosystems Holdings, Inc. (a)..................... 1,474 50,853 ----------- 175,071 ----------- AIR FREIGHT & LOGISTICS -- 0.1% UTI Worldwide, Inc. ........... 1,252 24,539 ----------- AIRLINES -- 1.2% AMR Corp. (a).................. 3,334 46,776 Continental Airlines, Inc. (Class B) (a)................ 1,390 30,928 Delta Air Lines, Inc. (a)...... 3,889 57,907 Northwest Airlines Corp. (a)... 3,376 48,986 UAL Corp. (a).................. 1,671 59,588 US Airways Group, Inc. (a)..... 1,257 18,490 ----------- 262,675 ----------- AUTO COMPONENTS -- 1.2% BorgWarner, Inc. .............. 1,679 81,280 Gentex Corp. .................. 2,072 36,819 The Goodyear Tire & Rubber Co. (a).......................... 3,047 85,986 TRW Automotive Holdings Corp. (a).......................... 805 16,825 WABCO Holdings, Inc. .......... 818 40,974 ----------- 261,884 ----------- AUTOMOBILES -- 0.1% Thor Industries, Inc. ......... 566 21,514 ----------- BEVERAGES -- 0.6% Constellation Brands, Inc. (Class A) (a)................ 2,780 65,719 Hansen Natural Corp. (a)....... 1,062 47,036 PepsiAmericas, Inc. ........... 933 31,088 ----------- 143,843 ----------- BIOTECHNOLOGY -- 1.2% Abraxis BioScience, Inc. (a)... 87 5,983 Cephalon, Inc. (a)............. 967 69,392 ImClone Systems, Inc. (a)...... 902 38,786 Millennium Pharmaceuticals, Inc. (a)..................... 4,629 69,342 PDL BioPharma, Inc. (a)........ 1,735 30,397 Vertex Pharmaceuticals, Inc. (a).......................... 1,911 44,393 ----------- 258,293 ----------- BUILDING PRODUCTS -- 0.4% Lennox International, Inc. .... 870 36,035 Owens Corning, Inc. (a)........ 1,338 27,054 USG Corp. (a).................. 1,044 37,365 ----------- 100,454 ----------- CAPITAL MARKETS -- 2.5% Affiliated Managers Group, Inc. (a).......................... 430 50,508 Eaton Vance Corp. ............. 1,788 81,193 Federated Investors, Inc. ..... 1,386 57,048 GLG Partners, Inc. (a)......... 3,480 47,328 Janus Capital Group, Inc. ..... 2,466 81,008 Jefferies Group, Inc. ......... 1,557 35,889 MF Global, Ltd. (a)............ 1,405 44,215 Raymond James Financial, Inc. ........................ 1,385 45,234 SEI Investments Co. ........... 2,051 65,981 The Blackstone Group LP........ 2,105 46,583 ----------- 554,987 ----------- CHEMICALS -- 3.7% Airgas, Inc. .................. 1,020 53,152 Albemarle Corp. ............... 1,114 45,953 Ashland, Inc. ................. 808 38,323 Cabot Corp. ................... 907 30,239 Celanese Corp. ................ 2,189 92,639 CF Industries Holdings, Inc. .. 718 79,023 Cytec Industries, Inc. ........ 603 37,133 Eastman Chemical Co. .......... 1,172 71,597 FMC Corp. ..................... 1,046 57,059 Hercules, Inc. ................ 1,676 32,431 Huntsman Corp. ................ 1,307 33,590 International Flavors & Fragrances, Inc. ............ 1,077 51,836 Lubrizol Corp. ................ 991 53,673 Nalco Holding Co. ............. 2,084 50,391 Rockwood Holdings, Inc. (a).... 361 11,992 RPM International, Inc. ....... 1,749 35,505 The Scotts Miracle-Gro Co. (Class A).................... 651 24,360 Valhi, Inc. ................... 168 2,678 Valspar Corp. ................. 1,426 32,142 Zep, Inc. (a).................. 315 4,369 ----------- 838,085 ----------- COMMERCIAL BANKS -- 2.1% Associated Bancorp............. 1,720 46,595 Bank of Hawaii Corp. .......... 719 36,770 BOK Financial Corp. ........... 344 17,785 City National Corp. ........... 571 34,003 Commerce Bancshares, Inc. ..... 980 43,974 Cullen/Frost Bankers, Inc. .... 844 42,757 First Horizon National Corp. .. 1,810 32,851 Fulton Financial Corp. ........ 2,621 29,408 PNC Financial Services Group, Inc. ........................ 1 66 Popular, Inc. ................. 3,818 40,471 TCF Financial Corp. ........... 1,793 32,148 The Colonial BancGroup, Inc. .. 2,304 31,196 Valley National Bancorp........ 1,752 33,393 Webster Financial Corp. ....... 815 26,056 Wilmington Trust Corp. ........ 987 34,742 ----------- 482,215 ----------- COMMERCIAL SERVICES & SUPPLIES -- 3.0% Allied Waste Industries, Inc. (a).......................... 4,129 45,502 ChoicePoint, Inc. (a).......... 1,032 37,585 Cintas Corp. .................. 1,980 66,568 Copart, Inc. (a)............... 955 40,635 Corrections Corp. of America (a).......................... 1,764 52,056 Covanta Holding Corp. (a)...... 1,547 42,790 Dun & Bradstreet Corp. ........ 839 74,360 EnergySolutions, Inc. (a)...... 426 11,498 IHS, Inc. (a).................. 445 26,949 Monster Worldwide, Inc. (a).... 1,718 55,663 Robert Half International, Inc. ........................ 2,328 62,949 Steelcase, Inc. (Class A)...... 900 14,283 Stericycle, Inc. (a)........... 1,277 75,854 The Brink's Co. ............... 590 35,247 The Corporate Executive Board Co. ......................... 544 32,694 ----------- 674,633 -----------
See accompanying notes to financial statements. 30 SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMUNICATIONS EQUIPMENT -- 1.3% CIENA Corp. (a)................ 1,228 $ 41,887 CommScope, Inc. (a)............ 976 48,029 F5 Networks, Inc. (a).......... 1,214 34,623 Foundry Networks, Inc. (a)..... 1,862 32,622 JDS Uniphase Corp. (a)......... 3,085 41,031 Polycom, Inc. (a).............. 1,326 36,836 Riverbed Technology, Inc. (a).. 760 20,322 Tellabs, Inc. (a).............. 5,779 37,795 ----------- 293,145 ----------- COMPUTERS & PERIPHERALS -- 1.0% Brocade Communications Systems, Inc. (a)..................... 5,625 41,288 Diebold, Inc. ................. 989 28,661 Lexmark International, Inc. (a).......................... 1,365 47,584 Western Digital Corp. (a)...... 3,195 96,521 ----------- 214,054 ----------- CONSTRUCTION & ENGINEERING -- 1.5% Aecom Technology Corp. (a)..... 1,047 29,912 Granite Construction, Inc. .... 494 17,873 KBR, Inc. (a).................. 2,426 94,129 Quanta Services, Inc. (a)...... 2,459 64,524 The Shaw Group, Inc. (a)....... 1,093 66,061 URS Corp. (a).................. 1,154 62,697 ----------- 335,196 ----------- CONSTRUCTION MATERIALS -- 0.4% Martin Marietta Materials, Inc. ........................ 605 80,223 Vulcan Materials Co. .......... 1 80 ----------- 80,303 ----------- CONSUMER FINANCE -- 0.1% The First Marblehead Corp. .... 929 14,214 The Student Loan Corp. ........ 58 6,380 ----------- 20,594 ----------- CONTAINERS & PACKAGING -- 2.5% Aptargroup, Inc. .............. 923 37,760 Ball Corp. .................... 1,453 65,385 Bemis Co., Inc. ............... 1,450 39,701 Crown Holdings, Inc. (a)....... 2,310 59,252 Greif, Inc. (Class A).......... 464 30,332 Owens-Illinois, Inc. (a)....... 2,116 104,742 Packaging Corp. of America..... 1,342 37,844 Pactiv Corp. (a)............... 1,883 50,144 Sealed Air Corp. .............. 2,330 53,916 Smurfit-Stone Container Corp. (a).......................... 3,672 38,776 Sonoco Products Co. ........... 1,436 46,929 ----------- 564,781 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.3% Career Education Corp. (a)..... 1,372 34,492 DeVry, Inc. ................... 894 46,452 ITT Educational Services, Inc. (a).......................... 574 48,945 Service Corp. International.... 4,149 58,293 Sotheby's Holdings, Inc. ...... 959 36,538 Strayer Education, Inc. ....... 210 35,822 Weight Watchers International, Inc. ........................ 520 23,494 ----------- 284,036 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.4% MSCI, Inc. (Class A) (a)....... 195 7,488 The Nasdaq Stock Market, Inc. (a).......................... 1,543 76,363 ----------- 83,851 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.8% CenturyTel, Inc. .............. 1,596 66,170 Citizens Communications Co. ... 4,738 60,315 Time Warner Telecom, Inc. (Class A) (a)................ 2,094 42,487 ----------- 168,972 ----------- ELECTRIC UTILITIES -- 1.6% DPL, Inc. ..................... 1,632 48,389 Great Plains Energy, Inc. ..... 1,239 36,327 Northeast Utilities............ 2,221 69,540 Pepco Holdings, Inc. .......... 2,898 84,998 Pinnacle West Capital Corp. ... 1,434 60,816 Sierra Pacific Resources....... 3,192 54,200 ----------- 354,270 ----------- ELECTRICAL EQUIPMENT -- 1.7% Acuity Brands, Inc. ........... 608 27,360 AMETEK, Inc. .................. 1,533 71,806 General Cable Corp. (a)........ 755 55,326 Hubbell, Inc. (Class B)........ 782 40,351 Roper Industries, Inc. ........ 1,277 79,864 Sunpower Corp. (Class A) (a)... 527 68,715 Thomas & Betts Corp. (a)....... 846 41,488 ----------- 384,910 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.4% Anixter International, Inc. (a).......................... 462 28,769 Arrow Electronics, Inc. (a).... 1,791 70,350 AVX Corp. ..................... 755 10,132 Dolby Laboratories, Inc. (a)... 642 31,920 FLIR Systems, Inc. (a)......... 1,916 59,971 Ingram Micro, Inc. (Class A) (a).......................... 2,151 38,804 Itron, Inc. (a)................ 441 42,323 Jabil Circuit, Inc. ........... 2,601 39,717 Mettler Toledo International, Inc. (a)..................... 521 59,290 Molex, Inc. ................... 1,986 54,218 National Instruments Corp. .... 869 28,964 Trimble Navigation, Ltd. (a)... 1,736 52,497 Vishay Intertechnology, Inc. (a).......................... 2,457 28,034 ----------- 544,989 ----------- ENERGY EQUIPMENT & SERVICES -- 3.4% Dresser-Rand Group, Inc. (a)... 1,234 48,188 Exterran Holdings, Inc. (a).... 954 78,037 FMC Technologies, Inc. (a)..... 1,880 106,596 Global Industries, Ltd. (a).... 1,303 27,910 Helix Energy Solutions Group, Inc. (a)..................... 1,205 50,008 Helmerich & Payne, Inc. ....... 1,381 55,337 Hercules Offshore, Inc. (a).... 1,316 31,295 Oceaneering International, Inc. (a).......................... 787 53,004 Patterson-UTI Energy, Inc. .... 2,237 43,666 Pride International, Inc. (a).. 2,397 81,258 Rowan Cos., Inc. .............. 1,597 63,018 Superior Energy Services, Inc. (a).......................... 1,164 40,065
See accompanying notes to financial statements. 31 SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Tidewater, Inc. ............... 805 $ 44,162 Unit Corp. (a)................. 689 31,866 ----------- 754,410 ----------- FOOD & STAPLES RETAILING -- 0.1% Rite Aid Corp. (a)............. 8,035 22,418 ----------- FOOD PRODUCTS -- 1.4% Corn Products International, Inc. ........................ 1,068 39,249 Dean Foods Co. ................ 1,901 49,160 Hormel Foods Corp. ............ 1,059 42,868 McCormick & Co., Inc. ......... 1,649 62,514 Pilgrim's Pride Corp. ......... 614 17,775 Seaboard Corp. ................ 6 8,820 Smithfield Foods, Inc. (a)..... 1,809 52,316 The J.M. Smucker Co. .......... 825 42,438 ----------- 315,140 ----------- GAS UTILITIES -- 1.5% AGL Resources, Inc. ........... 1,125 42,345 Atmos Energy Corp. ............ 1,277 35,807 Energen Corp. ................. 942 60,505 National Fuel Gas Co. ......... 1,015 47,380 ONEOK, Inc. ................... 1,403 62,812 Southern Union Co. ............ 1,453 42,660 UGI Corp. ..................... 1,515 41,284 ----------- 332,793 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.5% Beckman Coulter, Inc. ......... 906 65,957 Dentsply International, Inc. .. 2,058 92,651 Edwards Lifesciences Corp. (a).......................... 843 38,769 Gen-Probe, Inc. (a)............ 793 49,903 Hillenbrand Industries, Inc. .. 842 46,925 Hologic, Inc. (a).............. 1,815 124,582 IDEXX Laboratories, Inc. (a)... 884 51,829 Immucor, Inc. (a).............. 1,025 34,840 Kinetic Concepts, Inc. (a)..... 795 42,580 ResMed, Inc. (a)............... 1,117 58,676 Respironics, Inc. (a).......... 1,055 69,081 The Cooper Cos., Inc. ......... 663 25,194 Varian Medical Systems, Inc. (a).......................... 1,823 95,088 ----------- 796,075 ----------- HEALTH CARE PROVIDERS & SERVICES -- 2.5% Brookdale Senior Living, Inc. ........................ 578 16,421 Community Health Systems, Inc. (a).......................... 1,383 50,977 DaVita, Inc. (a)............... 1,544 87,004 Henry Schein, Inc. (a)......... 1,277 78,408 Lincare Holdings, Inc. (a)..... 1,157 40,680 Omnicare, Inc. ................ 1,748 39,872 Patterson Cos., Inc. (a)....... 1,868 63,419 Pediatrix Medical Group, Inc. (a).......................... 699 47,637 Sierra Health Services, Inc. (a).......................... 759 31,848 Universal Health Services, Inc. (Class B).................... 732 37,478 VCA Antech, Inc. (a)........... 1,203 53,209 WellCare Health Plans, Inc. (a).......................... 600 25,446 ----------- 572,399 ----------- HEALTH CARE TECHNOLOGY -- 0.7% Cerner Corp. (a)............... 921 51,945 HLTH Corp. (a)................. 2,615 35,041 IMS Health, Inc. .............. 2,829 65,180 ----------- 152,166 ----------- HOTELS, RESTAURANTS & LEISURE -- 2.1% Boyd Gaming Corp. ............. 828 28,210 Brinker International, Inc. ... 1,514 29,614 Burger King Holdings, Inc. .... 773 22,038 Chipotle Mexican Grill, Inc. (a).......................... 470 69,123 Choice Hotels International, Inc. ........................ 490 16,268 Darden Restaurants, Inc. ...... 1,873 51,901 International Speedway Corp. (Class A).................... 489 20,137 Orient-Express Hotels, Ltd. (Class A).................... 600 34,512 Penn National Gaming, Inc. (a).......................... 1,074 63,957 Scientific Games Corp. (Class A) (a)....................... 1,002 33,316 Wendy's International, Inc. ... 1,314 33,954 Wyndham Worldwide Corp. ....... 2,582 60,832 ----------- 463,862 ----------- HOUSEHOLD DURABLES -- 1.9% Centex Corp. .................. 1,755 44,331 D.R. Horton, Inc. ............. 3,948 51,995 KB HOME........................ 1,172 25,315 Leggett & Platt, Inc. ......... 2,455 42,815 Lennar Corp. (Class A)......... 1,980 35,422 NVR, Inc. (a).................. 67 35,108 Pulte Homes, Inc. ............. 3,034 31,979 Snap-on, Inc. ................. 837 40,377 Tempur-Pedic International, Inc. ........................ 1,017 26,412 The Stanley Works.............. 1,197 58,031 Toll Brothers, Inc. (a)........ 2,022 40,561 ----------- 432,346 ----------- HOUSEHOLD PRODUCTS -- 0.6% Church & Dwight Co., Inc. ..... 949 51,313 Energizer Holdings, Inc. (a)... 824 92,395 ----------- 143,708 ----------- INDUSTRIAL CONGLOMERATES -- 0.3% Carlisle Cos., Inc. ........... 899 33,290 Teleflex, Inc. ................ 562 35,412 ----------- 68,702 ----------- INSURANCE -- 5.0% Alleghany Corp. (a)............ 79 31,758 Allied World Assurance Holdings, Ltd. .............. 526 26,389 American Financial Group, Inc. ........................ 979 28,274 American National Insurance Co. ......................... 238 28,855 Arch Capital Group, Ltd. (a)... 664 46,712 Arthur J. Gallagher & Co. ..... 1,353 32,729 Axis Capital Holdings, Ltd. ... 2,025 78,914 Brown & Brown, Inc. ........... 1,635 38,423 Endurance Specialty Holdings, Ltd. ........................ 834 34,803 Erie Indemnity Co. (Class A)... 644 33,417 Fidelity National Financial, Inc. ........................ 3,114 45,496 First American Corp. .......... 1,169 39,886 HCC Insurance Holdings, Inc. .. 1,618 46,404 Markel Corp. (a)............... 144 70,718 Mercury General Corp. ......... 406 20,223 Odyssey Re Holdings Corp. ..... 433 15,896
See accompanying notes to financial statements. 32 SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Old Republic International Corp. ....................... 3,339 $ 51,454 PartnerRe, Ltd. ............... 804 66,354 Philadelphia Consolidated Holding Co. (a).............. 863 33,959 Protective Life Corp. ......... 1,004 41,184 Reinsurance Group America, Inc. ........................ 439 23,039 RenaissanceRe Holdings, Ltd. .. 954 57,469 StanCorp Financial Group, Inc. ........................ 714 35,971 Transatlantic Holdings, Inc. .. 399 28,995 Unitrin, Inc. ................. 710 34,073 Wesco Financial Corp. ......... 20 8,140 White Mountains Insurance Group, Ltd. ................. 112 57,574 WR Berkley Corp. .............. 2,314 68,980 ----------- 1,126,089 ----------- INTERNET & CATALOG RETAIL -- 0.3% Priceline.com, Inc. (a)........ 495 56,856 ----------- INTERNET SOFTWARE & SERVICES -- 0.6% Akamai Technologies, Inc. (a).. 2,405 83,213 Equinix, Inc. (a).............. 454 45,886 WebMD Health Corp. (Class A) (a).......................... 117 4,805 ----------- 133,904 ----------- IT SERVICES -- 2.5% Affiliated Computer Services, Inc. (a)..................... 1,380 62,238 Broadridge Financial Solutions, Inc. ........................ 1,994 44,726 Convergys Corp. (a)............ 1,876 30,879 DST Systems, Inc. (a).......... 708 58,445 Gartner, Inc. (a).............. 1,047 18,385 Genpact, Ltd. ................. 512 7,798 Global Payments, Inc. ......... 1,140 53,033 Hewitt Associates, Inc. (Class A) (a)....................... 1,422 54,448 Iron Mountain, Inc. (a)........ 2,636 97,585 Total System Services, Inc. ... 2,848 79,744 Unisys Corp. (a)............... 4,985 23,579 VeriFone Holdings, Inc. (a).... 993 23,087 ----------- 553,947 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.3% Brunswick Corp. ............... 1,341 22,864 Hasbro, Inc. .................. 1,908 48,807 ----------- 71,671 ----------- LIFE SCIENCES TOOLS & SERVICES -- 2.7% Applera Corp. -- Applied Biosystems Group............. 2,433 82,527 Bio-Rad Laboratories, Inc. (Class A) (a)................ 281 29,117 Charles River Laboratories International, Inc. (a)...... 982 64,616 Covance, Inc. (a).............. 922 79,864 Illumina, Inc. (a)............. 793 46,993 Invitrogen Corp. (a)........... 669 62,491 Millipore Corp. (a)............ 789 57,739 PerkinElmer, Inc. ............. 1,709 44,468 Pharmaceutical Product Development, Inc. ........... 1,507 60,837 Techne Corp. (a)............... 575 37,979 Ventana Medical Systems, Inc. (a).......................... 503 43,877 ----------- 610,508 ----------- MACHINERY -- 4.7% AGCO Corp. (a)................. 1,324 90,006 Bucyrus International, Inc. (Class A).................... 530 52,677 Crane Co. ..................... 752 32,261 Donaldson Co., Inc. ........... 1,008 46,751 Flowserve Corp. ............... 825 79,365 Graco, Inc. ................... 907 33,795 Harsco Corp. .................. 1,216 77,909 IDEX Corp. .................... 1,161 41,947 Joy Global, Inc. .............. 1,564 102,942 Kennametal, Inc. .............. 1,121 42,441 Lincoln Electric Holdings, Inc. ........................ 585 41,640 Oshkosh Truck Corp. ........... 1,059 50,048 Pall Corp. .................... 1,768 71,286 Pentair, Inc. ................. 1,441 50,161 SPX Corp. ..................... 758 77,960 The Manitowoc Co., Inc. ....... 1,903 92,924 The Timken Co. ................ 1,093 35,905 Trinity Industries, Inc. ...... 1,203 33,395 ----------- 1,053,413 ----------- MEDIA -- 2.2% DreamWorks Animation SKG, Inc. (Class A) (a)................ 1,093 27,915 Gemstar-TV Guide International, Inc. (a)..................... 3,708 17,650 Idearc, Inc. .................. 2,090 36,701 Interactive Data Corp. ........ 529 17,462 John Wiley & Sons, Inc. (Class A)........................... 730 31,273 Lamar Advertising Co. ......... 986 47,397 Meredith Corp. ................ 581 31,943 Morningstar, Inc. (a).......... 211 16,405 R.H. Donnelley Corp. (a)....... 1,015 37,027 Regal Entertainment Group...... 1,182 21,359 Sirius Satellite Radio, Inc. (a).......................... 19,156 58,043 The Interpublic Group of Cos., Inc. (a)..................... 6,773 54,929 The New York Times Co. (Class A)........................... 2,080 36,463 XM Satellite Radio Holdings, Inc. (Class A) (a)........... 4,418 54,076 ----------- 488,643 ----------- METALS & MINING -- 1.8% AK Steel Holding Corp. (a)..... 1,613 74,585 Carpenter Technology Corp. .... 710 53,371 Cleveland-Cliffs, Inc. ........ 595 59,976 Commercial Metals Co. ......... 1,710 50,359 Reliance Steel & Aluminum Co. ......................... 943 51,111 Steel Dynamics, Inc. .......... 1,391 82,862 Titanium Metals Corp. ......... 1,263 33,406 ----------- 405,670 ----------- MULTI-UTILITIES -- 3.5% Alliant Energy Corp. .......... 1,595 64,901 CenterPoint Energy, Inc. ...... 4,090 70,062 CMS Energy Corp. .............. 3,240 56,311 Energy East Corp. ............. 2,285 62,175 Integrys Energy Group, Inc. ... 1,093 56,497 MDU Resources Group, Inc. ..... 2,432 67,148 NiSource, Inc. ................ 3,962 74,842 NSTAR.......................... 1,434 51,940 OGE Energy Corp. .............. 1,322 47,975 Puget Energy, Inc. ............ 1,686 46,247 SCANA Corp. ................... 1,523 64,194 TECO Energy, Inc. ............. 3,010 51,802 Wisconsin Energy Corp. ........ 1,693 82,466 ----------- 796,560 -----------
See accompanying notes to financial statements. 33 SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- MULTILINE RETAIL -- 0.6% Big Lots, Inc. (a)............. 1,463 $ 23,393 Dollar Tree Stores, Inc. (a)... 1,372 35,562 Family Dollar Stores, Inc. .... 1,911 36,749 Saks, Inc. (a)................. 1,810 37,576 ----------- 133,280 ----------- OFFICE ELECTRONICS -- 0.2% Zebra Technologies Corp. (Class A) (a)....................... 980 34,006 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.5% Arch Coal, Inc. ............... 2,072 93,095 Boardwalk Pipeline Partners LP........................... 535 16,639 Cabot Oil & Gas Corp. ......... 1,405 56,720 Cheniere Energy Partners LP.... 201 3,228 Cimarex Energy Co. ............ 1,194 50,781 CNX Gas Corp. (a).............. 403 12,876 Continental Resources Inc. (a).......................... 652 17,037 Denbury Resources, Inc. (a).... 3,497 104,036 Enbridge Energy Partners LP.... 843 42,605 Enterprise GP Holdings LP...... 514 19,028 Forest Oil Corp. (a)........... 1,126 57,246 Frontier Oil Corp. ............ 1,524 61,844 Holly Corp. ................... 662 33,689 Kinder Morgan Management LLC (a).......................... 884 46,799 Magellan Midstream Partners LP........................... 958 41,539 NuStar Energy LP............... 553 29,475 ONEOK Partners LP.............. 669 40,976 Overseas Shipholding Group, Inc. ........................ 407 30,293 Petrohawk Energy Corp. (a)..... 2,448 42,375 Pioneer Natural Resources Co. ......................... 1,729 84,444 Plains Exploration & Production Co. (a)...................... 1,620 87,480 Quicksilver Resources, Inc. (a).......................... 825 49,162 Range Resources Corp. ......... 2,150 110,424 SandRidge Energy, Inc. (a)..... 452 16,209 Teekay Corp. .................. 616 32,777 TEPPCO Partners LP............. 1,055 40,438 Western Refining, Inc. ........ 421 10,192 ----------- 1,231,407 ----------- PAPER & FOREST PRODUCTS -- 0.6% Domtar Corp. (a)............... 6,702 51,538 MeadWestvaco Corp. ............ 2,653 83,039 ----------- 134,577 ----------- PERSONAL PRODUCTS -- 0.2% Herbalife, Ltd. ............... 731 29,445 NBTY, Inc. (a)................. 916 25,098 ----------- 54,543 ----------- PHARMACEUTICALS -- 1.1% APP Pharmaceuticals, Inc. (a).. 351 3,605 Endo Pharmaceuticals Holdings, Inc. (a)..................... 1,925 51,340 King Pharmaceuticals, Inc. (a).......................... 3,485 35,686 Mylan Laboratories, Inc. ...... 4,371 61,456 Sepracor, Inc. (a)............. 1,603 42,079 Warner Chilcott, Ltd. (a)...... 1,287 22,819 Watson Pharmaceuticals, Inc. (a).......................... 1,475 40,031 ----------- 257,016 ----------- REAL ESTATE INVESTMENT TRUSTS -- 5.3% Alexandria Real Estate Equities, Inc. .............. 444 45,141 AMB Property Corp. ............ 1,431 82,368 Annaly Capital Management, Inc. ........................ 5,842 106,208 Apartment Investment & Management Co. (Class A)..... 1,381 47,962 BRE Properties, Inc. (Class A)........................... 736 29,830 Camden Property Trust.......... 801 38,568 CapitalSource, Inc. ........... 2,164 38,065 Douglas Emmett, Inc. .......... 1,486 33,598 Duke Realty Corp. ............. 2,082 54,299 Essex Property Trust, Inc. .... 364 35,486 Federal Realty Investment Trust........................ 814 66,870 Health Care REIT, Inc. ........ 1,237 55,282 Hospitality Properties Trust... 1,355 43,658 iStar Financial, Inc. ......... 1,824 47,515 Liberty Property Trust......... 1,321 38,058 Mack-Cali Realty Corp. ........ 978 33,252 Nationwide Health Properties, Inc. ........................ 1,341 42,067 Rayonier, Inc. ................ 1,118 52,814 Realty Income Corp. ........... 1,461 39,476 Regency Centers Corp. ......... 1,001 64,555 Taubman Centers, Inc. ......... 759 37,335 UDR, Inc. ..................... 1,936 38,430 Ventas, Inc. .................. 1,930 87,333 Weingarten Realty Investors.... 1,139 35,810 ----------- 1,193,980 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.3% Jones Lang LaSalle, Inc. ...... 534 38,000 The St. Joe Co. ............... 1,075 38,173 ----------- 76,173 ----------- ROAD & RAIL -- 0.6% J.B. Hunt Transport Services, Inc. ........................ 1,228 33,832 Kansas City Southern (a)....... 1,107 38,003 Landstar Systems, Inc. ........ 775 32,666 Ryder Systems, Inc. ........... 837 39,347 ----------- 143,848 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.9% Atmel Corp. (a)................ 5,998 25,912 Cypress Semiconductor Corp. (a).......................... 2,209 79,590 Integrated Device Technology, Inc. (a)..................... 2,758 31,193 International Rectifier Corp. (a).......................... 1,031 35,023 Intersil Corp. (Class A)....... 1,890 46,267 LSI Logic Corp. (a)............ 10,200 54,162 Novellus Systems, Inc. (a)..... 1,677 46,235 ON Semiconductor Corp. (a)..... 4,386 38,948 Teradyne, Inc. (a)............. 2,498 25,829 Varian Semiconductor Equipment Associates, Inc. (a)......... 1,103 40,811 ----------- 423,970 ----------- SOFTWARE -- 4.2% Activision, Inc. (a)........... 4,218 125,275 Ansys, Inc. (a)................ 1,119 46,394 BEA Systems, Inc. (a).......... 5,764 90,956 Cadence Design Systems, Inc. (a).......................... 3,887 66,118 Compuware Corp. (a)............ 4,127 36,648 Factset Research Systems, Inc. ........................ 647 36,038 Jack Henry & Associates, Inc. ........................ 1,190 28,965 McAfee, Inc. (a)............... 2,304 86,400 MICROS Systems, Inc. (a)....... 594 41,675
See accompanying notes to financial statements. 34 SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- NAVTEQ Corp. (a)............... 1,414 $ 106,898 Novell, Inc. (a)............... 5,036 34,597 Nuance Communications, Inc. (a).......................... 2,209 41,264 Red Hat, Inc. (a).............. 2,791 58,164 Salesforce.com, Inc. (a)....... 1,429 89,584 Synopsys, Inc. (a)............. 2,081 53,960 ----------- 942,936 ----------- SPECIALTY RETAIL -- 3.1% Advance Auto Parts, Inc. ...... 1,459 55,427 American Eagle Outfitters, Inc. ........................ 2,658 55,207 AutoNation, Inc. (a)........... 1,950 30,537 Barnes & Noble, Inc. .......... 805 27,732 CarMax, Inc. (a)............... 3,125 61,719 Chico's FAS, Inc. (a).......... 2,652 23,948 Dick's Sporting Goods, Inc. (a).......................... 1,220 33,867 Foot Locker, Inc. ............. 2,364 32,292 Guess ?, Inc. ................. 787 29,819 J. Crew Group, Inc. (a)........ 631 30,421 Mens Wearhouse, Inc. .......... 726 19,588 O'Reilly Automotive, Inc. (a).. 1,642 53,250 OfficeMax, Inc. ............... 1,126 23,263 PetSmart, Inc. ................ 1,960 46,119 RadioShack Corp. .............. 1,890 31,865 Ross Stores, Inc. ............. 1,981 50,654 Urban Outfitters, Inc. (a)..... 1,696 46,233 Williams-Sonoma, Inc. ......... 1,263 32,712 ----------- 684,653 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.7% CROCS, Inc. (a)................ 1,117 41,117 Hanesbrands, Inc. (a).......... 1,385 37,630 Liz Claiborne, Inc. ........... 1,433 29,162 Phillips-Van Heusen Corp. ..... 832 30,667 Under Armour, Inc. (Class A) (a).......................... 439 19,171 ----------- 157,747 ----------- THRIFTS & MORTGAGE FINANCE -- 1.1% Astoria Financial Corp. ....... 1,278 29,739 Capitol Federal Financial...... 301 9,331 MGIC Investment Corp. ......... 1,177 26,400 New York Community Bancorp, Inc. ........................ 4,682 82,310 People's United Financial, Inc. ........................ 2,443 43,485 TFS Financial Corp. (a)........ 1,449 17,301 The PMI Group, Inc. ........... 1,160 15,405 Washington Federal, Inc. ...... 1,290 27,232 ----------- 251,203 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.3% GATX Corp. .................... 606 22,228 MSC Industrial Direct Co., Inc. (Class A).................... 692 28,005 United Rentals, Inc. (a)....... 1,114 20,453 ----------- 70,686 ----------- WATER UTILITIES -- 0.2% Aqua America, Inc. ............ 1,903 40,344 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.4% Clearwire Corp. (Class A) (a).. 1,055 14,464 Leap Wireless International, Inc. (a)..................... 733 34,187 SBA Communications Corp. (a)... 1,470 49,745 ----------- 98,396 ----------- TOTAL COMMON STOCKS -- (Cost $21,098,741)........... 22,407,339 ----------- SHORT TERM INVESTMENTS -- 5.4% MONEY MARKET FUND -- 5.4% STIC Prime Portfolio (Cost $1,210,492)............ 1,210,492 1,210,492 ----------- TOTAL INVESTMENTS -- 105.2% (Cost $22,309,233)........... 23,617,831 OTHER ASSETS AND LIABILITIES -- (5.2)%........ (1,177,440) ----------- NET ASSETS -- 100.0%........... $22,440,391 ===========
(a) Non-income producing security See accompanying notes to financial statements. 35 SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% AEROSPACE & DEFENSE -- 1.3% Alliant Techsystems, Inc. (a)... 1,645 $ 187,135 BE Aerospace, Inc. (a).......... 4,633 245,086 Spirit Aerosystems Holdings, Inc. (a)...................... 5,131 177,019 ----------- 609,240 ----------- AIR FREIGHT & LOGISTICS -- 0.2% UTI Worldwide, Inc. ............ 4,466 87,534 ----------- AIRLINES -- 2.0% AMR Corp. (a)................... 11,514 161,541 Continental Airlines, Inc. (Class B) (a)................. 4,845 107,801 Delta Air Lines, Inc. (a)....... 13,538 201,581 Northwest Airlines Corp. (a).... 11,756 170,580 UAL Corp. (a)................... 5,770 205,758 US Airways Group, Inc. (a)...... 4,322 63,577 ----------- 910,838 ----------- AUTO COMPONENTS -- 1.5% BorgWarner, Inc. ............... 5,842 282,811 Gentex Corp. ................... 7,197 127,891 The Goodyear Tire & Rubber Co. (a)........................... 10,601 299,160 ----------- 709,862 ----------- AUTOMOBILES -- 0.2% Thor Industries, Inc. .......... 1,948 74,044 ----------- BEVERAGES -- 0.8% Constellation Brands, Inc. (Class A) (a)................. 9,676 228,741 Hansen Natural Corp. (a)........ 3,671 162,588 ----------- 391,329 ----------- BIOTECHNOLOGY -- 1.9% Abraxis BioScience, Inc. ....... 301 20,700 Cephalon, Inc. (a).............. 3,365 241,472 ImClone Systems, Inc. (a)....... 3,087 132,741 Millennium Pharmaceuticals, Inc. (a)........................... 16,110 241,328 PDL BioPharma, Inc. (a)......... 5,964 104,489 Vertex Pharmaceuticals, Inc. (a)........................... 6,653 154,549 ----------- 895,279 ----------- CAPITAL MARKETS -- 1.8% Affiliated Managers Group, Inc. (a)........................... 1,487 174,663 Eaton Vance Corp. .............. 6,222 282,541 GLG Partners, Inc. (a).......... 12,117 164,791 SEI Investments Co. ............ 7,137 229,598 ----------- 851,593 ----------- CHEMICALS -- 1.5% Celanese Corp. ................. 7,614 322,225 Huntsman Corp. ................. 4,536 116,575 Nalco Holding Co. .............. 7,258 175,498 Rockwood Holdings, Inc. (a)..... 1,264 41,990 Zep, Inc. (a)................... 1,099 15,243 ----------- 671,531 ----------- COMMERCIAL SERVICES & SUPPLIES -- 4.8% Allied Waste Industries, Inc. (a)........................... 14,267 157,222 ChoicePoint, Inc. (a)........... 3,595 130,930 Cintas Corp. ................... 6,889 231,608 Copart, Inc. (a)................ 3,325 141,479 Corrections Corp. of America (a)........................... 6,141 181,221 Covanta Holding Corp. (a)....... 5,386 148,977 Dun & Bradstreet Corp. ......... 2,918 258,622 EnergySolutions, Inc. (a)....... 1,495 40,350 IHS, Inc. (a)................... 1,600 96,896 Monster Worldwide, Inc. (a)..... 5,933 192,229 Robert Half International, Inc. ......................... 8,104 219,132 Steelcase, Inc. (Class A)....... 3,123 49,562 Stericycle, Inc. (a)............ 4,442 263,855 The Corporate Executive Board Co. .......................... 1,816 109,142 ----------- 2,221,225 ----------- COMMUNICATIONS EQUIPMENT -- 1.9% CIENA Corp. (a)................. 4,334 147,833 CommScope, Inc. (a)............. 3,352 164,952 F5 Networks, Inc. (a)........... 4,274 121,894 Foundry Networks, Inc. (a)...... 6,490 113,705 JDS Uniphase Corp. (a).......... 10,780 143,374 Polycom, Inc. (a)............... 4,605 127,927 Riverbed Technology, Inc. (a)... 2,654 70,968 ----------- 890,653 ----------- COMPUTERS & PERIPHERALS -- 1.6% Brocade Communications Systems, Inc. (a)...................... 19,591 143,798 Diebold, Inc. .................. 3,294 95,460 Lexmark International, Inc. (a)........................... 4,718 164,469 Western Digital Corp. (a)....... 11,113 335,724 ----------- 739,451 ----------- CONSTRUCTION & ENGINEERING -- 1.4% Aecom Technology Corp. (a)...... 3,721 106,309 KBR, Inc. (a)................... 8,441 327,511 Quanta Services, Inc. (a)....... 8,559 224,588 ----------- 658,408 ----------- CONSTRUCTION MATERIALS -- 0.6% Martin Marietta Materials, Inc. ......................... 2,104 278,990 ----------- CONSUMER FINANCE -- 0.1% The First Marblehead Corp. ..... 3,088 47,246 ----------- CONTAINERS & PACKAGING -- 1.9% Ball Corp. ..................... 5,057 227,565 Crown Holdings, Inc. (a)........ 8,039 206,200 Greif, Inc. (Class A)........... 1,567 102,435 Pactiv Corp. (a)................ 6,557 174,613 Sealed Air Corp. ............... 8,047 186,208 ----------- 897,021 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.7% Career Education Corp. (a)...... 4,581 115,166 DeVry, Inc. .................... 3,120 162,115 ITT Educational Services, Inc. (a)........................... 1,999 170,455 Sotheby's Holdings, Inc. ....... 3,343 127,368 Strayer Education, Inc. ........ 732 124,865 Weight Watchers International, Inc. ......................... 1,822 82,318 ----------- 782,287 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.6% The Nasdaq Stock Market, Inc. (a)........................... 5,370 265,761 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.3% Time Warner Telecom, Inc. (Class A) (a)........................ 7,236 146,818 -----------
See accompanying notes to financial statements. 36 SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- ELECTRICAL EQUIPMENT -- 2.3% Acuity Brands, Inc. ............ 2,120 $ 95,400 AMETEK, Inc. ................... 5,336 249,938 General Cable Corp. (a)......... 2,608 191,114 Roper Industries, Inc. ......... 4,445 277,991 Sunpower Corp. (Class A) (a).... 1,834 239,135 ----------- 1,053,578 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.9% Arrow Electronics, Inc. (a)..... 6,233 244,832 Dolby Laboratories, Inc. (a).... 2,229 110,826 FLIR Systems, Inc. (a).......... 6,619 207,175 Itron, Inc. (a)................. 1,530 146,834 Jabil Circuit, Inc. ............ 9,183 140,225 Mettler Toledo International, Inc. (a)...................... 1,814 206,433 National Instruments Corp. ..... 2,987 99,557 Trimble Navigation, Ltd. (a).... 5,997 181,349 ----------- 1,337,231 ----------- ENERGY EQUIPMENT & SERVICES -- 4.7% Dresser-Rand Group, Inc. (a).... 4,263 166,470 FMC Technologies, Inc. (a)...... 6,540 370,818 Global Industries, Ltd. (a)..... 4,470 95,747 Helix Energy Solutions Group, Inc. (a)...................... 4,163 172,765 Helmerich & Payne, Inc. ........ 4,808 192,657 Hercules Offshore, Inc. (a)..... 4,471 106,320 Oceaneering International, Inc. (a)........................... 2,719 183,125 Patterson-UTI Energy, Inc. ..... 7,789 152,041 Pride International, Inc. (a)... 8,341 282,760 Rowan Cos., Inc. ............... 5,560 219,398 Superior Energy Services, Inc. (a)........................... 4,022 138,437 Unit Corp. (a).................. 2,364 109,335 ----------- 2,189,873 ----------- FOOD & STAPLES RETAILING -- 0.2% Rite Aid Corp. (a).............. 27,868 77,752 ----------- FOOD PRODUCTS -- 0.4% Dean Foods Co. ................. 6,606 170,831 Seaboard Corp. ................. 19 27,930 ----------- 198,761 ----------- GAS UTILITIES -- 0.5% ONEOK, Inc. .................... 4,883 218,612 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 5.4% Beckman Coulter, Inc. .......... 3,152 229,466 Dentsply International, Inc. ... 7,161 322,388 Edwards Lifesciences Corp. (a).. 2,935 134,981 Gen-Probe, Inc. (a)............. 2,655 167,079 Hologic, Inc. (a)............... 6,265 430,029 IDEXX Laboratories, Inc. (a).... 3,079 180,522 Immucor, Inc. (a)............... 3,520 119,645 Kinetic Concepts, Inc. (a)...... 2,695 144,344 ResMed, Inc. (a)................ 3,888 204,237 Respironics, Inc. (a)........... 3,672 240,442 Varian Medical Systems, Inc. (a)........................... 6,343 330,851 ----------- 2,503,984 ----------- HEALTH CARE PROVIDERS & SERVICES -- 4.3% Brookdale Senior Living, Inc. .. 2,020 57,388 Community Health Systems, Inc. (a)........................... 4,815 177,481 DaVita, Inc. (a)................ 5,372 302,712 Henry Schein, Inc. (a).......... 4,443 272,800 Lincare Holdings, Inc. (a)...... 4,030 141,695 Omnicare, Inc. ................. 6,178 140,920 Patterson Cos., Inc. (a)........ 6,502 220,743 Pediatrix Medical Group, Inc. (a)........................... 2,433 165,809 Sierra Health Services, Inc. (a)........................... 2,605 109,306 Universal Health Services, Inc. (Class B)..................... 2,550 130,560 VCA Antech, Inc. (a)............ 4,155 183,776 WellCare Health Plans, Inc. (a)........................... 2,092 88,722 ----------- 1,991,912 ----------- HEALTH CARE TECHNOLOGY -- 1.2% Cerner Corp. (a)................ 3,215 181,326 HLTH Corp. (a).................. 9,261 124,097 IMS Health, Inc. ............... 9,846 226,852 ----------- 532,275 ----------- HOTELS, RESTAURANTS & LEISURE -- 3.3% Boyd Gaming Corp. .............. 2,888 98,394 Brinker International, Inc. .... 5,238 102,455 Burger King Holdings, Inc. ..... 2,713 77,348 Chipotle Mexican Grill, Inc. (a)........................... 1,635 240,459 Choice Hotels International, Inc. ......................... 1,713 56,872 Darden Restaurants, Inc. ....... 6,521 180,697 Orient-Express Hotels, Ltd. (Class A)..................... 2,013 115,788 Penn National Gaming, Inc. (a).. 3,739 222,657 Scientific Games Corp. (Class A) (a)........................... 3,479 115,677 Wendy's International, Inc. .... 4,382 113,231 Wyndham Worldwide Corp. ........ 8,986 211,710 ----------- 1,535,288 ----------- HOUSEHOLD DURABLES -- 1.4% D.R. Horton, Inc. .............. 13,638 179,612 Lennar Corp. (Class A).......... 6,900 123,441 Pulte Homes, Inc. .............. 10,753 113,337 Tempur-Pedic International, Inc. ......................... 3,547 92,115 Toll Brothers, Inc. (a)......... 6,928 138,976 ----------- 647,481 ----------- HOUSEHOLD PRODUCTS -- 1.1% Church & Dwight Co., Inc. ...... 3,306 178,755 Energizer Holdings, Inc. (a).... 2,868 321,589 ----------- 500,344 ----------- INSURANCE -- 2.4% Arch Capital Group, Ltd. (a).... 2,314 162,790 Axis Capital Holdings, Ltd. .... 7,047 274,622 Brown & Brown, Inc. ............ 5,695 133,832 HCC Insurance Holdings, Inc. ... 5,591 160,350 Philadelphia Consolidated Holding Co. (a)............... 3,008 118,365 WR Berkley Corp. ............... 8,053 240,060 ----------- 1,090,019 ----------- INTERNET & CATALOG RETAIL -- 0.4% Priceline.com, Inc. (a)......... 1,724 198,019 ----------- INTERNET SOFTWARE & SERVICES -- 1.0% Akamai Technologies, Inc. (a)... 8,366 289,464 Equinix, Inc. (a)............... 1,554 157,063 WebMD Health Corp. (Class A) (a)........................... 405 16,633 ----------- 463,160 -----------
See accompanying notes to financial statements. 37 SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- IT SERVICES -- 3.7% Affiliated Computer Services, Inc. (a)...................... 4,784 $ 215,758 Broadridge Financial Solutions, Inc. ......................... 6,943 155,732 DST Systems, Inc. (a)........... 2,466 203,568 Gartner, Inc. (a)............... 3,493 61,337 Genpact, Ltd. .................. 1,779 27,094 Global Payments, Inc. .......... 3,968 184,591 Hewitt Associates, Inc. (Class A) (a)........................ 4,912 188,081 Iron Mountain, Inc. (a)......... 9,170 339,473 Total System Services, Inc. .... 9,832 275,296 VeriFone Holdings, Inc. (a)..... 3,318 77,144 ----------- 1,728,074 ----------- LIFE SCIENCES TOOLS & SERVICES -- 4.3% Applera Corp. -- Applied Biosystems Group.............. 8,467 287,201 Bio-Rad Laboratories, Inc. (Class A) (a)................. 966 100,097 Charles River Laboratories International, Inc. (a)....... 3,417 224,839 Covance, Inc. (a)............... 3,210 278,050 Illumina, Inc. (a).............. 2,775 164,447 Invitrogen Corp. (a)............ 2,330 217,645 Millipore Corp. (a)............. 2,747 201,025 Pharmaceutical Product Development, Inc. ............ 5,246 211,781 Techne Corp. (a)................ 1,947 128,599 Ventana Medical Systems, Inc. (a)........................... 1,750 152,653 ----------- 1,966,337 ----------- MACHINERY -- 4.0% Bucyrus International, Inc. (Class A)..................... 1,846 183,474 Donaldson Co., Inc. ............ 3,510 162,794 Flowserve Corp. ................ 2,872 276,286 Graco, Inc. .................... 3,159 117,704 Harsco Corp. ................... 4,231 271,080 Joy Global, Inc. ............... 5,441 358,127 Oshkosh Truck Corp. ............ 3,659 172,924 The Manitowoc Co., Inc. ........ 6,537 319,202 ----------- 1,861,591 ----------- MEDIA -- 2.1% Gemstar-TV Guide International, Inc. (a)...................... 12,419 59,114 Interactive Data Corp. ......... 1,850 61,069 John Wiley & Sons, Inc. (Class A)............................ 2,509 107,486 Lamar Advertising Co. .......... 3,433 165,024 Morningstar, Inc. (a)........... 736 57,224 R.H. Donnelley Corp. (a)........ 3,587 130,854 Sirius Satellite Radio, Inc. (a)........................... 66,674 202,022 XM Satellite Radio Holdings, Inc. (Class A) (a)............ 15,257 186,746 ----------- 969,539 ----------- METALS & MINING -- 0.8% AK Steel Holding Corp. (a)...... 5,612 259,499 Titanium Metals Corp. .......... 4,401 116,406 ----------- 375,905 ----------- MULTILINE RETAIL -- 0.5% Dollar Tree Stores, Inc. (a).... 4,782 123,950 Family Dollar Stores, Inc. ..... 6,658 128,033 ----------- 251,983 ----------- OFFICE ELECTRONICS -- 0.3% Zebra Technologies Corp. (Class A) (a)........................ 3,390 117,633 ----------- OIL, GAS & CONSUMABLE FUELS -- 6.7% Arch Coal, Inc. ................ 7,208 323,855 Cabot Oil & Gas Corp. .......... 4,854 195,956 Cimarex Energy Co. ............. 4,124 175,394 CNX Gas Corp. (a)............... 1,412 45,113 Continental Resources Inc. (a).. 2,260 59,054 Denbury Resources, Inc. (a)..... 12,165 361,909 Enterprise GP Holdings LP....... 1,797 66,525 Frontier Oil Corp. ............. 5,305 215,277 Holly Corp. .................... 2,308 117,454 Kinder Morgan Management LLC (a)........................... 3,079 163,002 Petrohawk Energy Corp. (a)...... 8,460 146,443 Pioneer Natural Resources Co. .. 6,015 293,773 Plains Exploration & Production Co. (a)....................... 5,635 304,290 Quicksilver Resources, Inc. (a)........................... 2,766 164,826 Range Resources Corp. .......... 7,478 384,070 SandRidge Energy, Inc. (a)...... 1,500 53,790 Western Refining, Inc. ......... 1,398 33,845 ----------- 3,104,576 ----------- PAPER & FOREST PRODUCTS -- 0.4% Domtar Corp. (a)................ 23,151 178,031 ----------- PERSONAL PRODUCTS -- 0.4% Herbalife, Ltd. ................ 2,599 104,688 NBTY, Inc. (a).................. 3,044 83,405 ----------- 188,093 ----------- PHARMACEUTICALS -- 1.4% APP Pharmaceuticals, Inc. (a)... 1,207 12,396 Endo Pharmaceuticals Holdings, Inc. (a)...................... 6,649 177,329 Mylan Laboratories, Inc. ....... 15,214 213,909 Sepracor, Inc. (a).............. 5,510 144,637 Warner Chilcott, Ltd. (a)....... 4,257 75,477 ----------- 623,748 ----------- REAL ESTATE INVESTMENT TRUSTS -- 1.5% Camden Property Trust........... 2,791 134,387 CapitalSource, Inc. ............ 7,764 136,569 Taubman Centers, Inc. .......... 2,644 130,058 Ventas, Inc. ................... 6,715 303,854 ----------- 704,868 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.6% Jones Lang LaSalle, Inc. ....... 1,861 132,429 The St. Joe Co. ................ 3,746 133,020 ----------- 265,449 ----------- ROAD & RAIL -- 0.5% J.B. Hunt Transport Services, Inc. ......................... 4,280 117,914 Landstar Systems, Inc. ......... 2,700 113,805 ----------- 231,719 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.2% Atmel Corp. (a)................. 20,917 90,361 Cypress Semiconductor Corp. (a)........................... 7,686 276,927 Integrated Device Technology, Inc. (a)...................... 9,613 108,723 International Rectifier Corp. (a)........................... 3,610 122,632 Intersil Corp. (Class A)........ 6,583 161,152 LSI Logic Corp. (a)............. 35,509 188,553 Novellus Systems, Inc. (a)...... 5,839 160,981 ON Semiconductor Corp. (a)...... 14,632 129,932
See accompanying notes to financial statements. 38 SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Teradyne, Inc. (a).............. 8,711 $ 90,072 Varian Semiconductor Equipment Associates, Inc. (a).......... 3,814 141,118 ----------- 1,470,451 ----------- SOFTWARE -- 6.0% Activision, Inc. (a)............ 14,559 432,402 Ansys, Inc. (a)................. 3,898 161,611 BEA Systems, Inc. (a)........... 19,897 313,975 Factset Research Systems, Inc. ......................... 2,246 125,102 Jack Henry & Associates, Inc. .. 4,147 100,938 McAfee, Inc. (a)................ 8,017 300,637 MICROS Systems, Inc. (a)........ 2,052 143,968 NAVTEQ Corp. (a)................ 4,918 371,801 Nuance Communications, Inc. (a)........................... 7,694 143,724 Red Hat, Inc. (a)............... 9,643 200,960 Salesforce.com, Inc. (a)........ 4,933 309,250 Synopsys, Inc. (a).............. 7,190 186,437 ----------- 2,790,805 ----------- SPECIALTY RETAIL -- 4.3% Advance Auto Parts, Inc. ....... 5,077 192,875 American Eagle Outfitters, Inc. ......................... 9,252 192,164 AutoNation, Inc. (a)............ 6,799 106,472 CarMax, Inc. (a)................ 10,878 214,840 Chico's FAS, Inc. (a)........... 8,821 79,654 Dick's Sporting Goods, Inc. (a)........................... 4,197 116,509 Guess ?, Inc. .................. 2,722 103,137 J. Crew Group, Inc. (a)......... 2,171 104,664 Mens Wearhouse, Inc. ........... 2,455 66,236 O'Reilly Automotive, Inc. (a)... 5,671 183,910 PetSmart, Inc. ................. 6,824 160,569 Ross Stores, Inc. .............. 6,896 176,331 Urban Outfitters, Inc. (a)...... 5,907 161,025 Williams-Sonoma, Inc. .......... 4,400 113,960 ----------- 1,972,346 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.7% CROCS, Inc. (a)................. 3,865 142,271 Liz Claiborne, Inc. ............ 4,995 101,648 Under Armour, Inc. (Class A) (a)........................... 1,529 66,771 ----------- 310,690 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.2% MSC Industrial Direct Co., Inc. (Class A)..................... 2,311 93,526 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.7% Clearwire Corp. (Class A) (a)... 3,503 48,026 Leap Wireless International, Inc. (a)...................... 2,466 115,014 SBA Communications Corp. (a).... 4,920 166,492 ----------- 329,532 ----------- TOTAL COMMON STOCKS -- (Cost $46,619,280)............ 46,202,295 ----------- SHORT TERM INVESTMENTS -- 1.9% MONEY MARKET FUND -- 1.9% STIC Prime Portfolio (Cost $883,540)............... 883,540 883,540 ----------- TOTAL INVESTMENTS -- 101.8% (Cost $47,502,820)............ 47,085,835 OTHER ASSETS AND LIABILITIES -- (1.8)%......... (836,199) ----------- NET ASSETS -- 100.0%............ $46,249,636 ===========
(a) Non-income producing security See accompanying notes to financial statements. 39 SPDR DJ WILSHIRE MID CAP VALUE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AUTO COMPONENTS -- 0.6% TRW Automotive Holdings Corp. (a)........................... 962 $ 20,106 WABCO Holdings, Inc. ........... 1,017 50,941 ----------- 71,047 ----------- BEVERAGES -- 0.3% PepsiAmericas, Inc. ............ 1,166 38,851 ----------- BUILDING PRODUCTS -- 1.1% Lennox International, Inc. ..... 1,082 44,817 Owens Corning, Inc. (a)......... 1,600 32,352 USG Corp. (a)................... 1,299 46,491 ----------- 123,660 ----------- CAPITAL MARKETS -- 3.4% Federated Investors, Inc. ...... 1,721 70,836 Janus Capital Group, Inc. ...... 3,061 100,554 Jefferies Group, Inc. .......... 1,921 44,279 MF Global, Ltd.(a).............. 1,747 54,978 Raymond James Financial, Inc. .. 1,721 56,208 The Blackstone Group LP......... 2,614 57,848 ----------- 384,703 ----------- CHEMICALS -- 7.1% Airgas, Inc. ................... 1,266 65,971 Albemarle Corp. ................ 1,391 57,379 Ashland, Inc. .................. 1,011 47,952 Cabot Corp. .................... 1,101 36,707 CF Industries Holdings, Inc. ... 887 97,623 Cytec Industries, Inc. ......... 750 46,185 Eastman Chemical Co. ........... 1,455 88,886 FMC Corp. ...................... 1,303 71,078 Hercules, Inc. ................. 2,100 40,635 International Flavors & Fragrances, Inc. ............. 1,337 64,350 Lubrizol Corp. ................. 1,231 66,671 RPM International, Inc. ........ 2,158 43,807 The Scotts Miracle-Gro Co. (Class A)..................... 776 29,038 Valhi, Inc. .................... 189 3,013 Valspar Corp. .................. 1,705 38,431 ----------- 797,726 ----------- COMMERCIAL BANKS -- 5.2% Associated Bancorp.............. 2,148 58,189 Bank of Hawaii Corp. ........... 891 45,566 BOK Financial Corp. ............ 408 21,094 City National Corp. ............ 714 42,519 Commerce Bancshares, Inc. ...... 1,213 54,395 Cullen/Frost Bankers, Inc. ..... 1,043 52,838 First Horizon National Corp. ... 2,266 41,128 Fulton Financial Corp. ......... 3,133 35,152 PNC Financial Services Group, Inc. ......................... 1 66 Popular, Inc. .................. 4,573 48,474 TCF Financial Corp. ............ 2,134 38,263 The Colonial BancGroup, Inc. ... 2,734 37,018 Valley National Bancorp......... 2,155 41,074 Webster Financial Corp. ........ 985 31,490 Wilmington Trust Corp. ......... 1,213 42,698 ----------- 589,964 ----------- COMMERCIAL SERVICES & SUPPLIES -- 0.4% The Brink's Co. ................ 738 44,088 ----------- COMMUNICATIONS EQUIPMENT -- 0.4% Tellabs, Inc. (a)............... 7,225 47,252 ----------- CONSTRUCTION & ENGINEERING -- 1.6% Granite Construction, Inc. ..... 624 22,576 The Shaw Group, Inc. (a)........ 1,359 82,138 URS Corp. (a)................... 1,433 77,855 ----------- 182,569 ----------- CONSUMER FINANCE -- 0.1% The Student Loan Corp. ......... 69 7,590 ----------- CONTAINERS & PACKAGING -- 3.4% Aptargroup, Inc. ............... 1,154 47,210 Bemis Co., Inc. ................ 1,802 49,339 Owens-Illinois, Inc. (a)........ 2,625 129,938 Packaging Corp. of America...... 1,656 46,699 Smurfit-Stone Container Corp. (a)........................... 4,551 48,059 Sonoco Products Co. ............ 1,774 57,974 ----------- 379,219 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.6% Service Corp. International..... 5,127 72,034 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.1% MSCI, Inc. (Class A)(a)......... 248 9,523 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.4% CenturyTel, Inc. ............... 1,981 82,132 Citizens Communications Co. .... 5,883 74,891 ----------- 157,023 ----------- ELECTRIC UTILITIES -- 3.9% DPL, Inc. ...................... 2,027 60,100 Great Plains Energy, Inc. ...... 1,550 45,446 Northeast Utilities............. 2,761 86,447 Pepco Holdings, Inc. ........... 3,596 105,471 Pinnacle West Capital Corp. .... 1,779 75,447 Sierra Pacific Resources........ 3,963 67,292 ----------- 440,203 ----------- ELECTRICAL EQUIPMENT -- 0.9% Hubbell, Inc. (Class B)......... 972 50,155 Thomas & Betts Corp. (a)........ 1,056 51,786 ----------- 101,941 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.8% Anixter International, Inc. (a)........................... 571 35,556 AVX Corp. ...................... 928 12,454 Ingram Micro, Inc. (Class A)(a)......................... 2,646 47,734 Molex, Inc. .................... 2,466 67,322 Vishay Intertechnology, Inc. (a)........................... 3,086 35,211 ----------- 198,277 ----------- ENERGY EQUIPMENT & SERVICES -- 1.3% Exterran Holdings, Inc. (a)..... 1,185 96,933 Tidewater, Inc. ................ 1,000 54,860 ----------- 151,793 ----------- FOOD PRODUCTS -- 2.8% Corn Products International, Inc. ......................... 1,335 49,061 Hormel Foods Corp. ............. 1,321 53,474 McCormick & Co., Inc. .......... 2,047 77,602 Pilgrim's Pride Corp. .......... 748 21,655
See accompanying notes to financial statements. 40 SPDR DJ WILSHIRE MID CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Smithfield Foods, Inc. (a)...... 2,256 $ 65,243 The J.M. Smucker Co. ........... 1,025 52,726 ----------- 319,761 ----------- GAS UTILITIES -- 3.0% AGL Resources, Inc. ............ 1,388 52,244 Atmos Energy Corp. ............. 1,599 44,836 Energen Corp. .................. 1,164 74,764 National Fuel Gas Co. .......... 1,261 58,863 Southern Union Co. ............. 1,806 53,024 UGI Corp. ...................... 1,883 51,312 ----------- 335,043 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 0.8% Hillenbrand Industries, Inc. ... 1,046 58,294 The Cooper Cos., Inc. .......... 805 30,590 ----------- 88,884 ----------- HOTELS, RESTAURANTS & LEISURE -- 0.2% International Speedway Corp. (Class A)..................... 605 24,914 ----------- HOUSEHOLD DURABLES -- 2.7% Centex Corp. ................... 2,181 55,092 KB HOME......................... 1,389 30,003 Leggett & Platt, Inc. .......... 3,068 53,506 NVR, Inc. (a)................... 84 44,016 Snap-on, Inc. .................. 1,033 49,832 The Stanley Works............... 1,486 72,041 ----------- 304,490 ----------- INDUSTRIAL CONGLOMERATES -- 0.8% Carlisle Cos., Inc. ............ 1,110 41,103 Teleflex, Inc. ................. 695 43,792 ----------- 84,895 ----------- INSURANCE -- 8.9% Alleghany Corp. (a)............. 94 37,788 Allied World Assurance Holdings, Ltd. ......................... 627 31,457 American Financial Group, Inc. ......................... 1,219 35,205 American National Insurance Co. .......................... 284 34,432 Arthur J. Gallagher & Co. ...... 1,696 41,026 Endurance Specialty Holdings, Ltd. ......................... 1,038 43,316 Erie Indemnity Co. (Class A).... 801 41,564 Fidelity National Financial, Inc. ......................... 3,869 56,526 First American Corp. ........... 1,453 49,576 Markel Corp. (a)................ 179 87,907 Mercury General Corp. .......... 477 23,759 Odyssey Re Holdings Corp. ...... 497 18,245 Old Republic International Corp. ........................ 4,165 64,183 PartnerRe, Ltd. ................ 998 82,365 Protective Life Corp. .......... 1,248 51,193 Reinsurance Group America, Inc. ......................... 525 27,552 RenaissanceRe Holdings, Ltd. ... 1,184 71,324 StanCorp Financial Group, Inc. ......................... 888 44,737 Transatlantic Holdings, Inc. ... 472 34,300 Unitrin, Inc. .................. 839 40,264 Wesco Financial Corp. .......... 25 10,175 White Mountains Insurance Group, Ltd. ......................... 140 71,967 ----------- 998,861 ----------- IT SERVICES -- 0.6% Convergys Corp. (a)............. 2,334 38,417 Unisys Corp. (a)................ 6,279 29,700 ----------- 68,117 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.8% Brunswick Corp. ................ 1,603 27,331 Hasbro, Inc. ................... 2,370 60,625 ----------- 87,956 ----------- LIFE SCIENCES TOOLS & SERVICES -- 0.5% PerkinElmer, Inc. .............. 2,124 55,267 ----------- MACHINERY -- 5.7% AGCO Corp. (a).................. 1,644 111,759 Crane Co. ...................... 942 40,412 IDEX Corp. ..................... 1,443 52,135 Kennametal, Inc. ............... 1,380 52,247 Lincoln Electric Holdings, Inc. ......................... 727 51,748 Pall Corp. ..................... 2,197 88,583 Pentair, Inc. .................. 1,789 62,275 SPX Corp. ...................... 941 96,782 The Timken Co. ................. 1,359 44,643 Trinity Industries, Inc. ....... 1,418 39,364 ----------- 639,948 ----------- MEDIA -- 2.3% DreamWorks Animation SKG, Inc. (Class A)(a).................... 1,326 33,866 Idearc, Inc. ................... 2,615 45,919 Meredith Corp. ................. 696 38,266 Regal Entertainment Group....... 1,414 25,551 The Interpublic Group of Cos., Inc. (a)...................... 8,441 68,457 The New York Times Co. (Class A)............................ 2,559 44,859 ----------- 256,918 ----------- METALS & MINING -- 3.3% Carpenter Technology Corp. ..... 882 66,300 Cleveland-Cliffs, Inc. ......... 736 74,189 Commercial Metals Co. .......... 2,132 62,787 Reliance Steel & Aluminum Co. .. 1,185 64,227 Steel Dynamics, Inc. ........... 1,733 103,235 ----------- 370,738 ----------- MULTI-UTILITIES -- 8.8% Alliant Energy Corp. ........... 1,980 80,566 CenterPoint Energy, Inc. ....... 5,084 87,089 CMS Energy Corp. ............... 4,038 70,181 Energy East Corp. .............. 2,823 76,814 Integrys Energy Group, Inc. .... 1,362 70,402 MDU Resources Group, Inc. ...... 3,005 82,968 NiSource, Inc. ................. 4,924 93,014 NSTAR........................... 1,787 64,725 OGE Energy Corp. ............... 1,650 59,879 Puget Energy, Inc. ............. 2,094 57,438 SCANA Corp. .................... 1,889 79,621 TECO Energy, Inc. .............. 3,753 64,589 Wisconsin Energy Corp. ......... 2,102 102,389 ----------- 989,675 -----------
See accompanying notes to financial statements. 41 SPDR DJ WILSHIRE MID CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- MULTILINE RETAIL -- 0.7% Big Lots, Inc. (a).............. 1,822 $ 29,134 Saks, Inc. (a).................. 2,264 47,000 ----------- 76,134 ----------- OIL, GAS & CONSUMABLE FUELS -- 3.7% Boardwalk Pipeline Partners LP.. 669 20,806 Cheniere Energy Partners LP..... 234 3,758 Enbridge Energy Partners LP..... 1,047 52,915 Forest Oil Corp. (a)............ 1,398 71,074 Magellan Midstream Partners LP.. 1,197 51,902 NuStar Energy LP................ 692 36,884 ONEOK Partners LP............... 832 50,960 Overseas Shipholding Group, Inc. ......................... 506 37,661 Teekay Corp. ................... 766 40,759 TEPPCO Partners LP.............. 1,311 50,251 ----------- 416,970 ----------- PAPER & FOREST PRODUCTS -- 0.9% MeadWestvaco Corp. ............. 3,296 103,165 ----------- PHARMACEUTICALS -- 0.8% King Pharmaceuticals, Inc. (a).. 4,299 44,022 Watson Pharmaceuticals, Inc. (a)........................... 1,833 49,747 ----------- 93,769 ----------- REAL ESTATE INVESTMENT TRUSTS -- 10.9% Alexandria Real Estate Equities, Inc. ......................... 572 58,155 AMB Property Corp. ............. 1,776 102,227 Annaly Capital Management, Inc. ......................... 7,216 131,187 Apartment Investment & Management Co. (Class A)...... 1,715 59,562 BRE Properties, Inc. (Class A).. 909 36,842 Douglas Emmett, Inc. ........... 1,754 39,658 Duke Realty Corp. .............. 2,613 68,147 Essex Property Trust, Inc. ..... 448 43,675 Federal Realty Investment Trust......................... 1,013 83,218 Health Care REIT, Inc. ......... 1,523 68,063 Hospitality Properties Trust.... 1,691 54,484 iStar Financial, Inc. .......... 2,266 59,029 Liberty Property Trust.......... 1,651 47,565 Mack-Cali Realty Corp. ......... 1,203 40,902 Nationwide Health Properties, Inc. ......................... 1,667 52,294 Rayonier, Inc. ................. 1,382 65,286 Realty Income Corp. ............ 1,812 48,960 Regency Centers Corp. .......... 1,245 80,290 UDR, Inc. ...................... 2,415 47,938 Weingarten Realty Investors..... 1,416 44,519 ----------- 1,232,001 ----------- ROAD & RAIL -- 0.9% Kansas City Southern(a)......... 1,385 47,547 Ryder Systems, Inc. ............ 1,041 48,937 ----------- 96,484 ----------- SOFTWARE -- 1.5% Cadence Design Systems, Inc. (a)........................... 4,825 82,073 Compuware Corp. (a)............. 5,132 45,572 Novell, Inc. (a)................ 6,215 42,697 ----------- 170,342 ----------- SPECIALTY RETAIL -- 1.2% Barnes & Noble, Inc. ........... 961 33,107 Foot Locker, Inc. .............. 2,829 38,644 OfficeMax, Inc. ................ 1,347 27,829 RadioShack Corp. ............... 2,350 39,621 ----------- 139,201 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.7% Hanesbrands, Inc. (a)........... 1,722 46,787 Phillips-Van Heusen Corp. ...... 1,012 37,302 ----------- 84,089 ----------- THRIFTS & MORTGAGE FINANCE -- 2.8% Astoria Financial Corp. ........ 1,602 37,279 Capitol Federal Financial....... 385 11,935 MGIC Investment Corp. .......... 1,467 32,905 New York Community Bancorp, Inc. ......................... 5,810 102,140 People's United Financial, Inc. ......................... 3,029 53,916 TFS Financial Corp. (a)......... 1,817 21,695 The PMI Group, Inc. ............ 1,450 19,256 Washington Federal, Inc. ....... 1,566 33,058 ----------- 312,184 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.5% GATX Corp. ..................... 755 27,693 United Rentals, Inc. (a)........ 1,399 25,686 ----------- 53,379 ----------- WATER UTILITIES -- 0.4% Aqua America, Inc. ............. 2,366 50,159 ----------- TOTAL COMMON STOCKS -- (Cost $12,779,523)............ 11,250,807 ----------- SHORT TERM INVESTMENTS -- 0.7% MONEY MARKET FUND -- 0.7% STIC Prime Portfolio (Cost $73,697)................ 73,697 73,697 ----------- TOTAL INVESTMENTS -- 100.5% (Cost $12,853,220)............ 11,324,504 OTHER ASSETS AND LIABILITIES -- (0.5)%......... (53,233) ----------- NET ASSETS -- 100.0%............ $11,271,271 ===========
(a) Non-income producing security See accompanying notes to financial statements. 42 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AEROSPACE & DEFENSE -- 1.6% AAR Corp. (a).................... 194 $ 7,378 American Science & Engineering, Inc. .......................... 45 2,554 Argon ST, Inc. (a)............... 66 1,225 BE Aerospace, Inc. (a)........... 465 24,598 Ceradyne, Inc. (a)............... 128 6,007 Cubic Corp. ..................... 83 3,254 Curtiss-Wright Corp. ............ 222 11,144 DRS Technologies, Inc. .......... 209 11,342 DynCorp International, Inc. (a).. 126 3,387 Esterline Technologies Corp. (a)............................ 144 7,452 GenCorp, Inc. (a)................ 277 3,230 Heico Corp. ..................... 102 4,345 Hexcel Corp. (a)................. 473 11,484 Innovative Solutions & Support, Inc. (a)....................... 50 485 Ionatron, Inc. (a)............... 223 638 Ladish Co., Inc. (a)............. 74 3,196 Moog, Inc. (a)................... 196 8,979 MTC Technologies, Inc. (a)....... 47 1,105 Orbital Sciences Corp. (a)....... 296 7,258 Taser International, Inc. (a).... 313 4,504 Teledyne Technologies, Inc. (a).. 162 8,639 TransDigm Group, Inc. (a)........ 122 5,511 Triumph Group, Inc. ............. 84 6,917 ---------- 144,632 ---------- AIR FREIGHT & LOGISTICS -- 0.3% ABX Air, Inc. (a)................ 280 1,170 Atlas Air Worldwide Holdings, Inc. (a)....................... 77 4,175 Forward Air Corp. ............... 145 4,520 HUB Group, Inc. (Class A)(a)..... 192 5,103 Pacer International, Inc. ....... 177 2,584 UTI Worldwide, Inc. ............. 443 8,683 ---------- 26,235 ---------- AIRLINES -- 0.5% AirTran Holdings, Inc. (a)....... 441 3,157 Alaska Air Group, Inc. (a)....... 200 5,002 Allegiant Travel Co.(a).......... 67 2,153 Continental Airlines, Inc. (Class B)(a).......................... 488 10,858 ExpressJet Holdings, Inc. (a).... 306 759 JetBlue Airways Corp. (a)........ 822 4,850 Republic Airways Holdings, Inc. (a)............................ 181 3,546 SkyWest, Inc. ................... 309 8,297 US Airways Group, Inc. (a)....... 428 6,296 ---------- 44,918 ---------- AUTO COMPONENTS -- 0.7% Aftermarket Technology Corp. (a)............................ 113 3,080 American Axle & Manufacturing Holdings, Inc. ................ 233 4,339 ArvinMeritor, Inc. .............. 371 4,352 Cooper Tire & Rubber Co. ........ 304 5,040 Drew Industries, Inc. (a)........ 92 2,521 Gentex Corp. .................... 725 12,883 Lear Corp. (a)................... 325 8,990 Modine Manufacturing Co. ........ 144 2,377 Sauer-Danfoss, Inc. ............. 51 1,278 Superior Industries International, Inc. ........... 107 1,944 Tenneco Automotive, Inc. (a)..... 228 5,944 TRW Automotive Holdings Corp. (a)............................ 262 5,476 Visteon Corp. (a)................ 680 2,985 ---------- 61,209 ---------- AUTOMOBILES -- 0.1% Fleetwood Enterprises, Inc. (a).. 323 1,932 Monaco Coach Corp. .............. 133 1,181 Thor Industries, Inc. ........... 194 7,374 Winnebago Industries, Inc. ...... 153 3,216 ---------- 13,703 ---------- BEVERAGES -- 0.3% Boston Beer Co., Inc. (a)........ 54 2,033 Central European Distribution Corp. (a)...................... 165 9,583 Coca-Cola Hellenic Bottling Co. SA............................. 22 1,296 PepsiAmericas, Inc. ............. 328 10,929 ---------- 23,841 ---------- BIOTECHNOLOGY -- 2.6% Affymax, Inc. (a)................ 32 716 Alexion Pharmaceuticals, Inc. (a)............................ 188 14,106 Alkermes, Inc. (a)............... 516 8,044 Alnylam Pharmaceuticals, Inc. (a)............................ 163 4,740 Altus Pharmaceuticals, Inc. (a).. 118 611 Applera Corp. -- Celera Genomics Group(a)....................... 407 6,459 Arena Pharmaceuticals, Inc. (a).. 364 2,850 Ariad Pharmaceuticals, Inc. (a).. 325 1,381 BioMarin Pharmaceuticals, Inc. (a)............................ 478 16,921 Cepheid, Inc. (a)................ 272 7,167 Cougar Biotechnology, Inc. (a)... 69 2,256 Cubist Pharmaceuticals, Inc. (a)............................ 278 5,702 CV Therapeutics, Inc. (a)........ 265 2,398 Dendreon Corp. (a)............... 410 2,550 Enzon Pharmaceuticals, Inc. (a).. 206 1,963 Geron Corp. (a).................. 396 2,249 GTx, Inc. (a).................... 77 1,105 Halozyme Therapeutics, Inc. (a).. 331 2,353 Human Genome Sciences, Inc. (a).. 666 6,953 ImClone Systems, Inc. (a)........ 308 13,244 Incyte, Inc. (a)................. 383 3,849 InterMune, Inc. (a).............. 150 2,000 Isis Pharmaceuticals, Inc. (a)... 431 6,788 Keryx Biopharmaceuticals, Inc. (a)............................ 219 1,840 Lexicon Genetics, Inc. (a)....... 504 1,527 Life Cell Corp. (a).............. 174 7,501 Ligand Pharmaceuticals, Inc. (Class B)...................... 355 1,715 MannKind Corp. (a)............... 262 2,086 Martek Biosciences Corp. (a)..... 161 4,762 Maxygen, Inc. (a)................ 140 1,124 Medarex, Inc. (a)................ 623 6,492 Momenta Pharmaceuticals, Inc. (a)............................ 137 978 Myriad Genetics, Inc. (a)........ 216 10,027 Neurocrine Biosciences, Inc. (a)............................ 180 817 Onyx Pharmaceuticals, Inc. (a)... 275 15,296 Opko Health, Inc. (a)............ 472 1,345 OSI Pharmaceuticals, Inc. (a).... 291 14,116 PDL BioPharma, Inc. (a).......... 590 10,337 Pharmion Corp. (a)............... 151 9,492 Progenics Pharmaceuticals, Inc. (a)............................ 118 2,132 Regeneron Pharmaceuticals, Inc. (a)............................ 339 8,187 Savient Pharmaceuticals, Inc. (a)............................ 266 6,110
See accompanying notes to financial statements. 43 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Seattle Genetics, Inc. (a)....... 230 $ 2,622 Theravance, Inc. (a)............. 263 5,129 United Therapeutics Corp. (a).... 98 9,570 Vanda Pharmaceuticals, Inc. (a).. 104 716 Zymogenetics, Inc. (a)........... 183 2,136 ---------- 242,462 ---------- BUILDING PRODUCTS -- 0.6% American Woodmark Corp. ......... 51 927 Ameron International Corp. ...... 44 4,054 Apogee Enterprises, Inc. ........ 151 2,584 Armstrong World Industries, Inc. (a)............................ 91 3,650 Builders FirstSource, Inc. (a)... 77 556 Gibraltar Industries, Inc. ...... 147 2,267 Goodman Global, Inc. (a)......... 165 4,049 Griffon Corp. (a)................ 130 1,618 Lennox International, Inc. ...... 301 12,467 NCI Building Systems, Inc. (a)... 97 2,793 Owens Corning, Inc. (a).......... 449 9,079 PGT, Inc. (a).................... 59 281 Simpson Manufacturing Co., Inc. .......................... 185 4,919 Trex Co., Inc. (a)............... 59 502 Universal Forest Products, Inc. .......................... 93 2,740 ---------- 52,486 ---------- CAPITAL MARKETS -- 1.8% Affiliated Managers Group, Inc. (a)............................ 151 17,736 Calamos Asset Management, Inc. (Class B)...................... 109 3,246 Cohen & Steers, Inc. ............ 78 2,338 FBR Capital Markets Corp. (a).... 173 1,657 FCStone Group, Inc. (a).......... 92 4,235 GAMCO Investors, Inc. ........... 30 2,076 GFI Group, Inc. (a).............. 80 7,658 Greenhill & Co., Inc. ........... 45 2,992 Investment Technology Group, Inc. (a)............................ 222 10,565 Jefferies Group, Inc. ........... 547 12,608 KBW, Inc. (a).................... 152 3,890 Knight Capital Group, Inc. (a)... 514 7,402 LaBranche & Co., Inc. (a)........ 266 1,341 Lazard, Ltd. .................... 259 10,536 MF Global, Ltd.(a)............... 494 15,546 optionsXpress Holdings, Inc. .... 243 8,218 Penson Worldwide, Inc. (a)....... 101 1,449 Piper Jaffray Cos., Inc. (a)..... 92 4,261 Pzena Investment Management, Inc. .......................... 23 262 Raymond James Financial, Inc. ... 485 15,840 Stifel Financial Corp. (a)....... 60 3,154 SWS Group, Inc. ................. 129 1,634 Thomas Weisel Partners Group, Inc. (a)....................... 120 1,648 TradeStation Group, Inc. (a)..... 166 2,359 W.P. Carey & Co. LLC............. 140 4,648 W.P. Stewart & Co., Ltd. ........ 107 547 Waddell & Reed Financial, Inc. (Class A)...................... 419 15,122 ---------- 162,968 ---------- CHEMICALS -- 3.2% A. Schulman, Inc. ............... 125 2,694 Airgas, Inc. .................... 357 18,603 Albemarle Corp. ................. 390 16,088 American Vanguard Corp. ......... 96 1,666 Arch Chemicals, Inc. ............ 119 4,373 Cabot Corp. ..................... 309 10,302 CF Industries Holdings, Inc. .... 250 27,515 Chemtura Corp. .................. 1,221 9,524 Cytec Industries, Inc. .......... 211 12,993 Ferro Corp. ..................... 213 4,415 Flotek Industries, Inc. (a)...... 88 3,172 FMC Corp. ....................... 366 19,965 Georgia Gulf Corp. .............. 173 1,145 H.B. Fuller Co. ................. 301 6,757 Hercules, Inc. .................. 590 11,417 Koppers Holdings, Inc. .......... 81 3,502 Kronos Worldwide, Inc. .......... 14 244 Minerals Technologies, Inc. ..... 98 6,561 Nalco Holding Co. ............... 728 17,603 NewMarket Corp. ................. 69 3,843 NL Industries, Inc. ............. 35 400 Olin Corp. ...................... 326 6,302 OM Group, Inc. (a)............... 155 8,919 PolyOne Corp. (a)................ 418 2,750 Rockwood Holdings, Inc. (a)...... 125 4,153 RPM International, Inc. ......... 614 12,464 Sensient Technologies Corp. ..... 233 6,589 Spartech Corp. .................. 155 2,186 Symyx Technologies, Inc. (a)..... 153 1,175 Terra Industries, Inc. (a)....... 448 21,396 Terra Nitrogen Co. LP............ 36 5,383 The Scotts Miracle-Gro Co. (Class A)............................. 213 7,970 Tronox, Inc. .................... 192 1,709 Valhi, Inc. ..................... 63 1,004 Valspar Corp. ................... 475 10,707 W.R. Grace & Co.(a).............. 299 7,828 Westlake Chemical Corp. ......... 91 1,728 Zep, Inc. (a).................... 110 1,526 Zoltek Cos., Inc. (a)............ 138 5,916 ---------- 292,487 ---------- COMMERCIAL BANKS -- 4.5% 1st Source Corp. ................ 64 1,108 Alabama National Bancorp......... 96 7,470 AMCORE Financial, Inc. .......... 108 2,452 Bancfirst Corp. ................. 36 1,543 BancorpSouth, Inc. .............. 392 9,255 Bank of Hawaii Corp. ............ 252 12,887 Bank of the Ozarks, Inc. ........ 67 1,755 Banner Corp. .................... 76 2,183 BOK Financial Corp. ............. 115 5,945 Boston Private Financial Holdings, Inc. ................ 179 4,847 Capital City Bank Group, Inc. ... 63 1,778 Capitol Bancorp, Ltd. ........... 84 1,690 Cascade Bancorp.................. 117 1,629 Cathay General Bancorp........... 248 6,570 Centennial Bank Holdings, Inc. (a)............................ 284 1,642 Central Pacific Financial Corp. ......................... 149 2,751 Chemical Financial Corp. ........ 109 2,593 Chittenden Corp. ................ 237 8,442 Citizens Republic Bancorp, Inc. .......................... 379 5,499 City Bank........................ 67 1,502 City Holding Co. ................ 83 2,809 CoBiz, Inc. ..................... 92 1,368 Columbia Banking System, Inc. ... 94 2,795
See accompanying notes to financial statements. 44 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Community Bank System, Inc. ..... 152 $ 3,020 Community Trust Bancorp, Inc. ... 71 1,955 Cullen/Frost Bankers, Inc. ...... 292 14,793 CVB Financial Corp. ............. 348 3,598 East West Bancorp, Inc. ......... 313 7,584 F N B Corp. ..................... 302 4,439 First Bancorp- North Carolina.... 65 1,228 First BanCorp- Puerto Rico....... 393 2,865 First Charter Corp. ............. 176 5,255 First Citizens Bancshares, Inc. (Class A)...................... 29 4,230 First Commonwealth Financial Corp. ......................... 337 3,589 First Community Bancorp, Inc. ... 134 5,526 First Financial Bancorp.......... 188 2,143 First Financial Bankshares, Inc. .......................... 87 3,276 First Financial Corp. ........... 49 1,389 First Indiana Corp. ............. 59 1,888 First Merchants Corp. ........... 93 2,031 First Midwest Bancorp, Inc. ..... 241 7,375 First State Bancorp.............. 95 1,320 FirstMerit Corp. ................ 381 7,624 Frontier Financial Corp. ........ 229 4,253 Fulton Financial Corp. .......... 878 9,851 Glacier Bancorp, Inc. ........... 262 4,910 Great Southern Bancorp, Inc. .... 49 1,076 Hancock Holding Co. ............. 131 5,004 Hanmi Financial Corp. ........... 226 1,948 Harleysville National Corp. ..... 172 2,506 IBERIABANK Corp. ................ 59 2,758 Independent Bank Corp.- Massachusetts.................. 71 1,933 Independent Bank Corp.- Michigan....................... 111 1,055 Integra Bank Corp. .............. 106 1,496 International Bancshares Corp. .. 267 5,591 Irwin Financial Corp. ........... 118 867 MB Financial, Inc. .............. 176 5,426 Midwest Banc Holdings, Inc. ..... 117 1,453 Nara Bancorp, Inc. .............. 104 1,214 National Penn Bancshares, Inc. .. 234 3,543 NBT Bancorp, Inc. ............... 169 3,857 Northfield Bancorp, Inc. (a)..... 89 963 Old National Bancorp............. 341 5,101 Old Second Bancorp, Inc. ........ 53 1,420 Omega Financial Corp. ........... 56 1,639 Oriental Financial Group......... 122 1,636 Pacific Capital Bancorp.......... 244 4,912 Park National Corp. ............. 59 3,805 PrivateBancorp, Inc. ............ 112 3,657 Prosperity Bancshares, Inc. ..... 217 6,378 Provident Bankshares Corp. ...... 167 3,572 Republic Bancorp, Inc.- Kentucky....................... 58 959 S&T Bancorp, Inc. ............... 127 3,510 S.Y. Bancorp, Inc. .............. 62 1,484 Sandy Spring Bancorp, Inc. ...... 83 2,309 Santander Bancorp................ 28 242 Seacoast Banking Corp. of Florida........................ 74 761 Signature Bank(a)................ 144 4,860 Simmons First National Corp. .... 70 1,855 South Financial Group, Inc. ..... 362 5,658 Sterling Bancorp................. 89 1,214 Sterling Bancshares, Inc. ....... 380 4,241 Sterling Financial Corp. -- Pennsylvania.......... 141 2,315 Sterling Financial Corp. -- Washington............ 254 4,265 Suffolk Bancorp.................. 50 1,535 Sun Bancorp, Inc. (a)............ 87 1,373 Susquehanna Bancshares, Inc. .... 446 8,224 SVB Financial Group(a)........... 165 8,316 Texas Capital Bancshares, Inc. (a)............................ 124 2,263 Tompkins Trustco, Inc. .......... 40 1,552 TowneBank........................ 121 1,948 Trico Bancshares................. 68 1,312 Trustmark Corp. ................. 259 6,568 UCBH Holdings, Inc. ............. 528 7,476 UMB Financial Corp. ............. 157 6,023 Umpqua Holdings Corp. ........... 304 4,663 United Bankshares, Inc. ......... 220 6,164 United Community Banks, Inc. .... 238 3,760 USB Holding Co., Inc. ........... 3 59 Virginia Commerce Bancorp, Inc. (a)............................ 95 1,114 W Holding Co., Inc. ............. 641 776 Washington Trust Bancorp, Inc. .. 62 1,564 Webster Financial Corp. ......... 278 8,888 WesBanco, Inc. .................. 121 2,493 West Coast Bancorp............... 73 1,350 Westamerica Bancorp.............. 148 6,593 Western Alliance Bancorp(a)...... 126 2,365 Whitney Holding Corp. ........... 344 8,996 Wilmington Trust Corp. .......... 346 12,179 Wintrust Financial Corp. ........ 123 4,075 ---------- 412,767 ---------- COMMERCIAL SERVICES & SUPPLIES -- 3.7% ABM Industries, Inc. ............ 228 4,649 ACCO Brands Corp. (a)............ 269 4,315 Administaff, Inc. ............... 121 3,422 Advisory Board Co.(a)............ 89 5,713 American Reprographics Co.(a).... 186 3,065 Bowne & Co., Inc. ............... 129 2,270 CBIZ, Inc. (a)................... 259 2,541 CDI Corp. ....................... 70 1,698 Cenveo, Inc. (a)................. 250 4,368 Clean Harbors, Inc. (a).......... 83 4,291 Comfort Systems USA, Inc. ....... 212 2,709 Consolidated Graphics, Inc. (a).. 59 2,821 Copart, Inc. (a)................. 330 14,041 Corrections Corp. of America (a)............................ 617 18,208 CoStar Group, Inc. (a)........... 97 4,583 Courier Corp. ................... 57 1,882 Covanta Holding Corp. (a)........ 543 15,019 CRA International, Inc. (a)...... 58 2,761 Deluxe Corp. .................... 260 8,551 Diamond Management & Technology Consultants, Inc. ............. 150 1,091 Duff & Phelps Corp. (Class A)(a).......................... 42 827 EnergySolutions, Inc. (a)........ 147 3,968 Ennis, Inc. ..................... 124 2,232 First Advantage Corp. (Class A)(a).......................... 35 576 FTI Consulting, Inc. (a)......... 240 14,794 Fuel Tech, Inc. (a).............. 95 2,152 G & K Services, Inc. (Class A)... 110 4,127 Healthcare Services Group, Inc. .......................... 197 4,172 Heidrick & Struggles International, Inc. (a)........ 91 3,377
See accompanying notes to financial statements. 45 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Herman Miller, Inc. ............. 307 $ 9,944 HNI Corp. ....................... 192 6,732 Hudson Highland Group, Inc. (a).. 119 1,001 Huron Consulting Group, Inc. (a)............................ 90 7,257 IHS, Inc. (a).................... 159 9,629 IKON Office Solutions, Inc. ..... 527 6,862 Innerworkings, Inc. (a).......... 132 2,278 Interface, Inc. (Class A)........ 262 4,276 Kelly Services, Inc. (Class A)... 117 2,183 Kenexa Corp. (a)................. 127 2,466 Kforce, Inc. (a)................. 204 1,989 Kimball International, Inc. (Class B)...................... 129 1,767 Knoll, Inc. ..................... 248 4,075 Korn/Ferry International(a)...... 238 4,479 Layne Christensen Co.(a)......... 94 4,626 LECG Corp. (a)................... 132 1,988 M&F Worldwide Corp. (a).......... 70 3,770 McGrath Rentcorp................. 115 2,961 Mine Safety Appliances Co. ...... 114 5,913 Mobile Mini, Inc. (a)............ 173 3,207 Navigant Consulting, Inc. (a).... 249 3,404 PHH Corp. (a).................... 272 4,798 Pike Electric Corp. (a).......... 80 1,341 Resources Connection, Inc. ...... 243 4,413 Rollins, Inc. ................... 263 5,040 RSC Holdings, Inc. (a)........... 244 3,062 Schawk, Inc. .................... 59 916 School Specialty, Inc. (a)....... 92 3,179 Spherion Corp. (a)............... 268 1,951 Steelcase, Inc. (Class A)........ 308 4,888 TeleTech Holdings, Inc. (a)...... 201 4,275 Tetra Tech, Inc. (a)............. 287 6,171 The Brink's Co. ................. 207 12,366 The Corporate Executive Board Co. ........................... 183 10,998 The Geo Group, Inc. (a).......... 250 7,000 TrueBlue, Inc. (a)............... 228 3,301 United Stationers, Inc. (a)...... 124 5,730 Viad Corp. ...................... 95 3,000 Volt Information Sciences, Inc. (a)............................ 76 1,388 Waste Connections, Inc. (a)...... 348 10,753 Watson Wyatt Worldwide, Inc. (Class A)...................... 215 9,978 ---------- 339,578 ---------- COMMUNICATIONS EQUIPMENT -- 2.3% 3Com Corp. (a)................... 1,979 8,945 Acme Packet, Inc. (a)............ 114 1,435 ADC Telecommunications, Inc. (a)............................ 594 9,237 Adtran, Inc. .................... 294 6,286 Airvana, Inc. (a)................ 40 217 Arris Group, Inc. (a)............ 658 6,569 Aruba Networks, Inc. (a)......... 159 2,371 Avocent Corp. (a)................ 247 5,758 Bel Fuse, Inc. (Class B)......... 52 1,522 BigBand Networks, Inc. (a)....... 131 673 Black Box Corp. ................. 85 3,074 Blue Coat Systems, Inc. (a)...... 160 5,259 CIENA Corp. (a).................. 430 14,667 CommScope, Inc. (a).............. 332 16,343 Comtech Telecommunications Corp. (a)............................ 118 6,373 Dycom Industries, Inc. (a)....... 207 5,517 Extreme Networks, Inc. (a)....... 573 2,028 F5 Networks, Inc. (a)............ 426 12,150 Finisar Corp. (a)................ 1,191 1,727 Foundry Networks, Inc. (a)....... 655 11,476 Harmonic, Inc. (a)............... 464 4,863 Harris Stratex Networks, Inc. (a)............................ 111 1,854 Hughes Communications, Inc. (a).. 31 1,693 Infinera Corp. (a)............... 367 5,446 InterDigital, Inc. (a)........... 242 5,646 Ixia(a).......................... 173 1,640 Loral Space & Communications, Ltd.(a)........................ 68 2,329 Mastec, Inc. (a)................. 233 2,370 Netgear, Inc. (a)................ 177 6,314 Neutral Tandem, Inc. (a)......... 27 514 Nextwave Wireless, Inc. (a)...... 267 1,436 OpNext, Inc. (a)................. 104 920 Packeteer, Inc. (a).............. 165 1,016 Plantronics, Inc. ............... 247 6,422 Polycom, Inc. (a)................ 464 12,890 Powerwave Technologies, Inc. (a)............................ 573 2,309 Riverbed Technology, Inc. (a).... 263 7,033 ShoreTel, Inc. (a)............... 38 531 Sonus Networks, Inc. (a)......... 1,327 7,736 Starent Networks Corp. (a)....... 155 2,829 Sycamore Networks, Inc. (a)...... 961 3,690 Symmetricom, Inc. (a)............ 219 1,031 Tekelec(a)....................... 294 3,675 Utstarcom, Inc. (a).............. 508 1,397 Viasat, Inc. (a)................. 145 4,992 ---------- 212,203 ---------- COMPUTERS & PERIPHERALS -- 0.9% Adaptec, Inc. (a)................ 492 1,663 Avid Technology, Inc. (a)........ 206 5,838 Brocade Communications Systems, Inc. (a)....................... 1,946 14,284 Data Domain, Inc. (a)............ 69 1,817 Electronics for Imaging, Inc. (a)............................ 291 6,542 Emulex Corp. (a)................. 414 6,756 Hutchinson Technology, Inc. (a).. 131 3,448 Hypercom Corp. (a)............... 273 1,360 Imation Corp. ................... 170 3,570 Intermec, Inc. (a)............... 242 4,915 Isilon Systems, Inc. (a)......... 120 610 Novatel Wireless, Inc. (a)....... 168 2,722 Palm, Inc. ...................... 476 3,018 QLogic Corp. (a)................. 682 9,684 Quantum Corp. (a)................ 999 2,687 Rackable Systems, Inc. (a)....... 162 1,620 Stratasys, Inc. (a).............. 105 2,713 Synaptics, Inc. (a).............. 131 5,392 ---------- 78,639 ---------- CONSTRUCTION & ENGINEERING -- 1.1% Aecom Technology Corp. (a)....... 362 10,342 EMCOR Group, Inc. (a)............ 324 7,656 Granite Construction, Inc. ...... 171 6,187 Insituform Technologies, Inc. (a)............................ 125 1,850 Perini Corp. (a)................. 122 5,053 Quanta Services, Inc. (a)........ 858 22,514
See accompanying notes to financial statements. 46 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Shaw Group, Inc. (a)......... 383 $ 23,149 URS Corp. (a).................... 400 21,732 ---------- 98,483 ---------- CONSTRUCTION MATERIALS -- 0.2% Eagle Materials, Inc. ........... 219 7,770 Headwaters, Inc. (a)............. 209 2,453 Texas Industries, Inc. .......... 137 9,604 ---------- 19,827 ---------- CONSUMER FINANCE -- 0.3% Advance America Cash Advance Centers, Inc. ................. 317 3,221 Advanta Corp. (Class B).......... 193 1,557 AmeriCredit Corp. (a)............ 567 7,252 Cardtronics, Inc. (a)............ 51 516 Cash America International, Inc. .......................... 149 4,813 CompuCredit Corp. (a)............ 171 1,707 Credit Acceptance Corp. (a)...... 10 207 Dollar Financial Corp. (a)....... 124 3,805 Ezcorp, Inc. (a)................. 181 2,043 First Cash Financial Services, Inc. (a)....................... 145 2,129 Nelnet, Inc. .................... 100 1,271 World Acceptance Corp. (a)....... 77 2,077 ---------- 30,598 ---------- CONTAINERS & PACKAGING -- 0.7% Aptargroup, Inc. ................ 325 13,296 Graphic Packaging Corp. (a)...... 329 1,214 Greif, Inc. (Class A)............ 152 9,936 Myers Industries, Inc. .......... 130 1,881 Packaging Corp. of America....... 472 13,310 Rock-Tenn Co. ................... 190 4,828 Silgan Holdings, Inc. ........... 124 6,441 Smurfit-Stone Container Corp. (a)............................ 1,286 13,580 ---------- 64,486 ---------- DISTRIBUTORS -- 0.2% Audiovox Corp. (Class A)(a)...... 86 1,067 Building Material Holding Corp. ......................... 142 785 LKQ Corp. (a).................... 617 12,969 ---------- 14,821 ---------- DIVERSIFIED CONSUMER SERVICES -- 1.4% American Public Education, Inc. (a)............................ 20 836 Bright Horizons Family Solutions, Inc. (a)....................... 128 4,421 Capella Education Co.(a)......... 52 3,404 Career Education Corp. (a)....... 461 11,590 Coinstar, Inc. (a)............... 129 3,631 Corinthian Colleges, Inc. (a).... 420 6,468 DeVry, Inc. ..................... 313 16,263 INVESTools, Inc. (a)............. 231 4,098 Jackson Hewitt Tax Service, Inc. .......................... 135 4,286 Lincoln Educational Services Corp. (a)...................... 12 177 Matthews International Corp. (Class A)...................... 160 7,499 Pre-Paid Legal Services, Inc. (a)............................ 44 2,435 Regis Corp. ..................... 228 6,375 Service Corp. International...... 1,436 20,176 Sotheby's Holdings, Inc. ........ 337 12,840 Steiner Leisure, Ltd.(a)......... 79 3,489 Stewart Enterprises, Inc. (Class A)............................. 496 4,414 Strayer Education, Inc. ......... 73 12,452 Universal Technical Institute, Inc. (a)....................... 114 1,938 ---------- 126,792 ---------- DIVERSIFIED FINANCIAL SERVICES -- 0.6% Asset Acceptance Capital Corp. .. 75 781 Financial Federal Corp. ......... 129 2,875 Interactive Brokers Group, Inc. (Class A)(a)................... 206 6,658 KKR Financial Holdings LLC....... 572 8,037 MarketAxess Holdings, Inc. (a)... 156 2,001 MSCI, Inc. (Class A)(a).......... 67 2,573 NewStar Financial, Inc. (a)...... 173 1,432 Pico Holdings, Inc. (a).......... 85 2,858 Portfolio Recovery Associates, Inc. .......................... 79 3,134 Resource America, Inc. .......... 70 1,027 The Nasdaq Stock Market, Inc. (a)............................ 534 26,428 ---------- 57,804 ---------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.7% Alaska Communications Systems Group, Inc. ................... 224 3,360 Cbeyond, Inc. (a)................ 108 4,211 Cincinnati Bell, Inc. (a)........ 1,256 5,966 Cogent Communications Group, Inc. (a)............................ 245 5,809 Consolidated Communications Holdings, Inc. ................ 96 1,910 Covad Communications Group, Inc. (a)............................ 1,441 1,239 Fairpoint Communications, Inc. .. 131 1,706 General Communication, Inc. (Class A)(a)................... 235 2,056 Global Crossing, Ltd.(a)......... 126 2,778 Globalstar, Inc. (a)............. 128 1,024 IDT Corp. (Class B).............. 311 2,628 Iowa Telecommunications Services, Inc. .......................... 157 2,553 North Pittsburgh Systems, Inc. .. 88 1,997 NTELOS Holdings Corp. ........... 149 4,424 Paetec Holding Corp. (a)......... 416 4,056 Premiere Global Services, Inc. (a)............................ 291 4,321 SureWest Communications.......... 61 1,043 Time Warner Telecom, Inc. (Class A)(a).......................... 733 14,873 Vonage Holdings Corp. (a)........ 196 451 ---------- 66,405 ---------- ELECTRIC UTILITIES -- 1.3% ALLETE, Inc. .................... 124 4,908 Cleco Corp. ..................... 297 8,256 El Paso Electric Co.(a).......... 236 6,034 Empire District Electric Co. .... 165 3,759 Great Plains Energy, Inc. ....... 436 12,783 Hawaiian Electric Industries, Inc. .......................... 405 9,222 IDACORP, Inc. ................... 221 7,784 ITC Holdings Corp. .............. 216 12,187 MGE Energy, Inc. ................ 107 3,795 Otter Tail Corp. ................ 135 4,671 Portland General Electric Co. ... 319 8,862 Sierra Pacific Resources......... 1,117 18,967 UIL Holdings Corp. .............. 119 4,397 Unisource Energy Corp. .......... 173 5,458 Westar Energy, Inc. ............. 499 12,944 ---------- 124,027 ---------- ELECTRICAL EQUIPMENT -- 1.7% A.O. Smith Corp. ................ 107 3,750 Acuity Brands, Inc. ............. 210 9,450
See accompanying notes to financial statements. 47 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Advanced Battery Technologies, Inc. (a)....................... 209 $ 982 American Superconductor Corp. (a)............................ 187 5,113 Baldor Electric Co. ............. 209 7,035 Belden CDT, Inc. ................ 228 10,146 Brady Corp. ..................... 246 8,632 Encore Wire Corp. ............... 80 1,274 Energy Conversion Devices, Inc. (a)............................ 196 6,595 EnerSys(a)....................... 189 4,717 Evergreen Solar, Inc. (a)........ 459 7,927 Franklin Electric Co., Inc. ..... 80 3,062 FuelCell Energy, Inc. (a)........ 331 3,284 General Cable Corp. (a).......... 264 19,346 Genlyte Group, Inc. (a).......... 127 12,090 GrafTech International, Ltd.(a).. 530 9,407 II-VI, Inc. (a).................. 128 3,910 Medis Technologies, Ltd.(a)...... 102 1,574 Plug Power, Inc. (a)............. 372 1,469 Polypore International, Inc. (a)............................ 72 1,260 Power-One, Inc. (a).............. 414 1,652 Regal-Beloit Corp. .............. 159 7,147 Superior Essex, Inc. (a)......... 103 2,472 Thomas & Betts Corp. (a)......... 296 14,516 Vicor Corp. ..................... 91 1,419 Woodward Governor Co. ........... 149 10,125 ---------- 158,354 ---------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.4% Agilysys, Inc. .................. 134 2,026 Anixter International, Inc. (a).. 163 10,150 AVX Corp. ....................... 258 3,462 Benchmark Electronics, Inc. (a).. 357 6,330 Brightpoint, Inc. (a)............ 261 4,009 Checkpoint Systems, Inc. (a)..... 206 5,352 Cogent, Inc. (a)................. 194 2,163 Cognex Corp. .................... 194 3,909 CTS Corp. ....................... 183 1,817 Daktronics, Inc. ................ 191 4,311 Dolby Laboratories, Inc. (a)..... 221 10,988 Echelon Corp. (a)................ 164 3,385 Electro Scientific Industries, Inc. (a)....................... 127 2,521 FARO Technologies, Inc. (a)...... 79 2,147 FLIR Systems, Inc. (a)........... 663 20,752 ICx Technologies, Inc. (a)....... 15 144 Insight Enterprises, Inc. (a).... 251 4,578 IPG Photonics Corp. (a).......... 91 1,819 Itron, Inc. (a).................. 154 14,779 KEMET Corp. (a).................. 414 2,745 L-1 Identity Solutions, Inc. (a)............................ 356 6,390 Littelfuse, Inc. (a)............. 110 3,626 Measurement Specialties, Inc. (a)............................ 63 1,392 Mercury Computer System, Inc. (a)............................ 108 1,740 Methode Electronics, Inc. (Class A)............................. 179 2,943 Mettler Toledo International, Inc. (a)....................... 180 20,484 MTS Systems Corp. ............... 87 3,712 Multi-Fineline Electronix, Inc. (a)............................ 52 902 National Instruments Corp. ...... 291 9,699 Newport Corp. (a)................ 183 2,341 Park Electrochemical Corp. ...... 93 2,626 Plexus Corp. (a)................. 237 6,224 Rofin-Sinar Technologies, Inc. (a)............................ 154 7,409 Rogers Corp. (a)................. 91 3,947 Sanmina-SCI Corp. (a)............ 2,672 4,863 Scansource, Inc. (a)............. 126 4,076 Smart Modular Technologies (WWH), Inc. (a)....................... 167 1,700 SYNNEX Corp. (a)................. 86 1,686 Tech Data Corp. (a).............. 279 10,524 Technitrol, Inc. ................ 208 5,945 TTM Technologies, Inc. (a)....... 199 2,320 Universal Display Corp. (a)...... 161 3,328 Vishay Intertechnology, Inc. (a)............................ 867 9,892 ---------- 225,156 ---------- ENERGY EQUIPMENT & SERVICES -- 3.2% Allis-Chalmers Energy, Inc. (a).. 152 2,242 Atwood Oceanics, Inc. (a)........ 136 13,633 Basic Energy Services, Inc. (a).. 119 2,612 Bristow Group, Inc. (a).......... 115 6,515 Cal Dive International, Inc. (a)............................ 195 2,583 CARBO Ceramics, Inc. ............ 104 3,869 Complete Production Services, Inc. (a)....................... 215 3,864 Dresser-Rand Group, Inc. (a)..... 432 16,870 Dril-Quip, Inc. (a).............. 138 7,681 Exterran Holdings, Inc. (a)...... 330 26,994 Exterran Partners LP............. 56 1,797 Global Industries, Ltd.(a)....... 443 9,489 Grey Wolf, Inc. (a).............. 912 4,861 Gulfmark Offshore, Inc. (a)...... 103 4,819 Helix Energy Solutions Group, Inc. (a)....................... 421 17,471 Helmerich & Payne, Inc. ......... 484 19,394 Hercules Offshore, Inc. (a)...... 443 10,535 Hornbeck Offshore Services, Inc. (a)............................ 117 5,259 ION Geophysical Corp. (a)........ 362 5,712 Key Energy Services, Inc. (a).... 662 9,526 Lufkin Industries, Inc. ......... 75 4,297 NATCO Group, Inc. (a)............ 78 4,224 Newpark Resources, Inc. (a)...... 434 2,365 Oceaneering International, Inc. (a)............................ 275 18,521 Oil States International, Inc. (a)............................ 251 8,564 Parker Drilling Co.(a)........... 575 4,341 Pioneer Drilling Co.(a).......... 259 3,077 RPC, Inc. ....................... 201 2,354 SEACOR Holdings, Inc. (a)........ 120 11,129 Superior Energy Services, Inc. (a)............................ 408 14,043 Superior Offshore International, Inc. (a)....................... 88 442 Superior Well Services, Inc. (a)............................ 70 1,485 Tetra Technologies, Inc. (a)..... 378 5,885 Tidewater, Inc. ................. 280 15,361 Unit Corp. (a)................... 235 10,869 W-H Energy Services, Inc. (a).... 151 8,488 ---------- 291,171 ---------- FOOD & STAPLES RETAILING -- 0.8% BJ'S Wholesale Club, Inc. (a).... 325 10,995 Casey's General Stores, Inc. .... 259 7,669 Great Atlantic & Pacific Tea Co.(a)......................... 115 3,590 Ingles Markets, Inc. ............ 63 1,599 Longs Drug Stores Corp. ......... 162 7,614 Nash Finch Co. .................. 64 2,258 Pantry, Inc. (a)................. 112 2,926 Performance Food Group Co.(a).... 169 4,541 Pricesmart, Inc. ................ 66 1,984
See accompanying notes to financial statements. 48 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Rite Aid Corp. (a)............... 2,732 $ 7,622 Ruddick Corp. ................... 183 6,345 The Andersons, Inc. ............. 88 3,942 United Natural Foods, Inc. (a)... 202 6,407 Weis Markets, Inc. .............. 57 2,277 Winn-Dixie Stores, Inc. (a)...... 279 4,707 ---------- 74,476 ---------- FOOD PRODUCTS -- 1.3% Alico, Inc. ..................... 18 657 B&G Foods, Inc. ................. 186 1,899 Chiquita Brands International, Inc. (a)....................... 218 4,009 Corn Products International, Inc. .......................... 374 13,744 Darling International, Inc. (a).. 405 4,682 Del Monte Foods Co. ............. 1,013 9,583 Farmer Brothers Co. ............. 29 667 Flowers Foods, Inc. ............. 429 10,043 Fresh Del Monte Produce, Inc. (a)............................ 222 7,455 Green Mountain Coffee Roasters, Inc. (a)....................... 85 3,459 Hain Celestial Group, Inc. (a)... 202 6,464 J&J Snack Foods Corp. ........... 76 2,377 Lancaster Colony Corp. .......... 106 4,208 Lance, Inc. ..................... 150 3,063 Pilgrim's Pride Corp. ........... 204 5,906 Ralcorp Holdings, Inc. (a)....... 133 8,085 Reddy Ice Holdings, Inc. ........ 105 2,658 Sanderson Farms, Inc. ........... 93 3,142 Seaboard Corp. .................. 2 2,940 The J.M. Smucker Co. ............ 289 14,866 Tootsie Roll Industries, Inc. ... 123 3,373 TreeHouse Foods, Inc. (a)........ 152 3,494 ---------- 116,774 ---------- GAS UTILITIES -- 1.8% AGL Resources, Inc. ............. 394 14,830 Amerigas Partners LP............. 162 5,838 Atmos Energy Corp. .............. 449 12,590 Energen Corp. ................... 329 21,132 Ferrellgas Partners LP........... 194 4,251 Laclede Group, Inc. ............. 102 3,492 National Fuel Gas Co. ........... 355 16,571 New Jersey Resources Corp. ...... 141 7,053 Nicor, Inc. ..................... 225 9,529 Northwest Natural Gas Co. ....... 132 6,423 Piedmont Natural Gas Co., Inc. .. 360 9,418 South Jersey Industries, Inc. ... 145 5,233 Southern Union Co. .............. 509 14,944 Southwest Gas Corp. ............. 210 6,252 Spectra Energy Partners LP....... 48 1,150 Suburban Propane Partners LP..... 162 6,574 UGI Corp. ....................... 532 14,497 WGL Holdings, Inc. .............. 250 8,190 ---------- 167,967 ---------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.5% Accuray, Inc. (a)................ 206 3,135 Advanced Medical Optics, Inc. (a)............................ 302 7,408 Align Technology, Inc. (a)....... 307 5,121 American Medical Systems Holdings, Inc. (a)............. 372 5,379 Analogic Corp. .................. 65 4,402 Arthrocare Corp. (a)............. 136 6,535 Aspect Medical Systems, Inc. (a)............................ 62 868 CONMED Corp. (a)................. 136 3,143 Cyberonics, Inc. (a)............. 113 1,487 Datascope Corp. ................. 67 2,439 Edwards Lifesciences Corp. (a)... 295 13,567 ev3, Inc. (a).................... 313 3,978 Gen-Probe, Inc. (a).............. 269 16,928 Greatbatch, Inc. (a)............. 118 2,359 Haemonetics Corp. (a)............ 126 7,940 Hologic, Inc. (a)................ 629 43,174 I-Flow Corp. (a)................. 133 2,099 ICU Medical, Inc. (a)............ 61 2,197 IDEXX Laboratories, Inc. (a)..... 306 17,941 Immucor, Inc. (a)................ 349 11,862 Integra LifeSciences Holdings Corp. (a)...................... 91 3,816 Invacare Corp. .................. 157 3,956 Inverness Medical Innovations, Inc. (a)....................... 369 20,730 Kensey Nash Corp. (a)............ 43 1,287 Masimo Corp. (a)................. 57 2,249 Mentor Corp. .................... 172 6,725 Meridian Bioscience, Inc. ....... 185 5,565 Merit Medical Systems, Inc. (a).. 131 1,821 NuVasive, Inc. (a)............... 177 6,995 OraSure Technologies, Inc. (a)... 225 2,000 Orthofix International NV(a)..... 80 4,638 Palomar Medical Technologies, Inc. (a)....................... 81 1,241 ResMed, Inc. (a)................. 385 20,224 Respironics, Inc. (a)............ 369 24,162 Sirona Dental Systems, Inc. (a).. 92 3,080 SonoSite, Inc. (a)............... 79 2,660 STERIS Corp. .................... 316 9,113 SurModics, Inc. (a).............. 81 4,396 Symmetry Medical, Inc. (a)....... 162 2,824 The Cooper Cos., Inc. ........... 226 8,588 Thoratec Corp. (a)............... 273 4,966 TomoTherapy, Inc. (a)............ 121 2,367 Trans1, Inc. (a)................. 22 362 Vital Signs, Inc. ............... 43 2,198 Volcano Corp. (a)................ 160 2,002 West Pharmaceutical Services, Inc. .......................... 168 6,819 Wright Medical Group, Inc. (a)... 183 5,338 ---------- 322,084 ---------- HEALTH CARE PROVIDERS & SERVICES -- 2.7% Alliance Imaging, Inc. (a)....... 141 1,356 Amedisys, Inc. (a)............... 133 6,453 AMERIGROUP Corp. (a)............. 267 9,732 AMN Healthcare Services, Inc. (a)............................ 170 2,919 Amsurg Corp. (a)................. 151 4,086 Apria Healthcare Group, Inc. (a)............................ 215 4,638 Assisted Living Concepts, Inc. (a)............................ 302 2,265 athenahealth, Inc. (a)........... 31 1,116 Centene Corp. (a)................ 215 5,900 Chemed Corp. .................... 118 6,594 Cross Country Healthcare, Inc. (a)............................ 150 2,136 Emeritus Corp. (a)............... 116 2,917 Genoptix, Inc. (a)............... 21 645 Gentiva Health Services, Inc. (a)............................ 123 2,342 Health Management Associates, Inc. .......................... 1,236 7,391 HealthExtras, Inc. (a)........... 168 4,381
See accompanying notes to financial statements. 49 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Healthsouth Corp. (a)............ 402 $ 8,442 Healthspring, Inc. (a)........... 267 5,086 Healthways, Inc. (a)............. 176 10,285 HMS Holdings Corp. (a)........... 114 3,786 inVentiv Health, Inc. (a)........ 165 5,108 Kindred Healthcare, Inc. (a)..... 158 3,947 Landauer, Inc. .................. 47 2,437 LCA-Vision, Inc. ................ 94 1,877 LifePoint Hospitals, Inc. (a).... 286 8,506 Magellan Health Services, Inc. (a)............................ 199 9,279 Matria Healthcare, Inc. (a)...... 102 2,425 Medcath Corp. (a)................ 69 1,695 Molina Healthcare, Inc. (a)...... 67 2,593 National Healthcare Corp. ....... 44 2,275 Nighthawk Radiology Holdings, Inc. (a)....................... 103 2,168 Odyssey Healthcare, Inc. (a)..... 165 1,825 Owens & Minor, Inc. ............. 204 8,656 Pediatrix Medical Group, Inc. (a)............................ 244 16,629 PSS World Medical, Inc. (a)...... 321 6,282 Psychiatric Solutions, Inc. (a).. 272 8,840 Radiation Therapy Services, Inc. (a)............................ 63 1,947 RehabCare Group, Inc. (a)........ 90 2,030 Res-Care, Inc. (a)............... 131 3,296 Sierra Health Services, Inc. (a)............................ 256 10,742 Skilled Healthcare Group, Inc. (Class A)(a)................... 105 1,536 Sun Healthcare Group, Inc. (a)... 200 3,434 Sunrise Assisted Living, Inc. (a)............................ 217 6,658 Tenet Healthcare Corp. (a)....... 2,411 12,248 Triple-S Management Corp. (Class B)............................. 66 1,334 Universal American Financial Corp. (a)...................... 217 5,553 VCA Antech, Inc. (a)............. 421 18,621 Virtual Radiologic Corp (a)...... 16 324 WellCare Health Plans, Inc. (a).. 207 8,779 ---------- 253,514 ---------- HEALTH CARE TECHNOLOGY -- 0.4% Allscripts Healthcare Solutions, Inc. (a)....................... 283 5,496 Eclipsys Corp. (a)............... 248 6,277 HLTH Corp. (a)................... 919 12,315 MedAssets, Inc. (a).............. 63 1,508 Omnicell, Inc. (a)............... 170 4,578 Phase Forward, Inc. (a).......... 211 4,589 The TriZetto Group, Inc. (a)..... 223 3,873 ---------- 38,636 ---------- HOTELS, RESTAURANTS & LEISURE -- 2.5% AFC Enterprises, Inc. (a)........ 150 1,698 Ambassadors Group, Inc. ......... 90 1,648 Ameristar Casinos, Inc. ......... 119 3,277 Bally Technologies, Inc. (a)..... 249 12,380 BJ's Restaurants, Inc. (a)....... 93 1,512 Bob Evans Farms, Inc. ........... 179 4,820 Buffalo Wild Wings, Inc. (a)..... 81 1,881 Burger King Holdings, Inc. ...... 275 7,840 California Pizza Kitchen, Inc. (a)............................ 150 2,336 CBRL Group, Inc. ................ 121 3,919 CEC Entertainment, Inc. (a)...... 144 3,738 Cedar Fair LP.................... 257 5,430 Chipotle Mexican Grill, Inc. (a)............................ 164 24,120 Choice Hotels International, Inc. .......................... 169 5,611 Churchill Downs, Inc. ........... 49 2,645 CKE Restaurants, Inc. ........... 258 3,406 Domino's Pizza, Inc. ............ 229 3,030 Gaylord Entertainment Co.(a)..... 205 8,296 Great Wolf Resorts, Inc. (a)..... 155 1,521 IHOP Corp. ...................... 86 3,146 International Speedway Corp. (Class A)...................... 169 6,959 Isle of Capri Casinos, Inc. (a).. 110 1,515 Jack in the Box, Inc. (a)........ 310 7,989 Jamba, Inc. (a).................. 98 363 Krispy Kreme Doughnuts, Inc. (a)............................ 276 872 Landry's Restaurants, Inc. ...... 52 1,024 Life Time Fitness, Inc. (a)...... 175 8,694 Marcus Corp. .................... 101 1,560 Morgans Hotel Group Co.(a)....... 156 3,008 Multimedia Games, Inc. (a)....... 122 1,017 O'Charleys, Inc. ................ 112 1,678 Orient-Express Hotels, Ltd. (Class A)...................... 202 11,619 P F Chang's China Bistro, Inc. (a)............................ 126 2,878 Panera Bread Co. (Class A)(a).... 163 5,839 Papa John's International, Inc. (a)............................ 103 2,338 Peet's Coffee & Tea, Inc. (a).... 65 1,890 Pinnacle Entertainment, Inc. (a)............................ 299 7,044 Red Robin Gourmet Burgers, Inc. (a)............................ 80 2,559 Ruby Tuesday, Inc. .............. 253 2,467 Ruth's Chris Steak House, Inc. (a)............................ 80 715 Scientific Games Corp. (Class A)(a).......................... 351 11,671 Shuffle Master, Inc. (a)......... 166 1,990 Six Flags, Inc. (a).............. 347 704 Sonic Corp. (a).................. 301 6,592 Speedway Motorsports, Inc. ...... 67 2,082 Texas Roadhouse, Inc. (Class A)(a).......................... 282 3,119 The Cheesecake Factory, Inc. (a)............................ 339 8,038 The Steak n Shake Co.(a)......... 118 1,286 Triarc Cos., Inc. (Class B)...... 331 2,900 Vail Resorts, Inc. (a)........... 156 8,394 WMS Industries, Inc. (a)......... 223 8,171 ---------- 229,229 ---------- HOUSEHOLD DURABLES -- 1.0% American Greetings Corp. (Class A)............................. 246 4,994 Avatar Holdings, Inc. (a)........ 25 1,046 Beazer Homes USA, Inc. .......... 192 1,427 Blyth, Inc. ..................... 149 3,269 Brookfield Homes Corp. .......... 57 901 Champion Enterprises, Inc. (a)... 381 3,589 CSS Industries, Inc. ............ 49 1,798 Ethan Allen Interiors, Inc. ..... 138 3,933 Furniture Brands International, Inc. .......................... 257 2,585 Helen of Troy, Ltd.(a)........... 149 2,554 Hovnanian Enterprises, Inc. (a).. 213 1,527 iRobot Corp. (a)................. 74 1,338 Jarden Corp. (a)................. 353 8,334 La-Z-Boy, Inc. .................. 258 2,046 M.D.C. Holdings, Inc. ........... 182 6,758 M/I Homes, Inc. ................. 61 641 Meritage Homes Corp. (a)......... 120 1,748 Palm Harbor Homes, Inc. (a)...... 50 528 Russ Berrie & Co., Inc. (a)...... 67 1,096 Ryland Group, Inc. .............. 219 6,033 Sealy Corp. ..................... 213 2,383
See accompanying notes to financial statements. 50 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Skyline Corp. ................... 32 $ 939 Snap-on, Inc. ................... 294 14,183 Standard Pacific Corp. .......... 315 1,055 Tempur-Pedic International, Inc. .......................... 352 9,141 Tupperware Corp. ................ 309 10,206 WCI Communities, Inc. (a)........ 195 737 ---------- 94,789 ---------- HOUSEHOLD PRODUCTS -- 0.3% Central Garden & Pet Co. (Class A)(a).......................... 345 1,849 Church & Dwight Co., Inc. ....... 332 17,951 Spectrum Brands, Inc. (a)........ 179 954 WD-40 Co. ....................... 81 3,076 ---------- 23,830 ---------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% Ormat Technologies, Inc. ........ 84 4,621 ---------- INDUSTRIAL CONGLOMERATES -- 0.4% Carlisle Cos., Inc. ............. 316 11,702 Raven Industries, Inc. .......... 93 3,570 Standex International Corp. ..... 53 925 Teleflex, Inc. .................. 197 12,413 Tredegar Corp. .................. 129 2,074 Walter Industries, Inc. ......... 266 9,557 ---------- 40,241 ---------- INSURANCE -- 3.9% Alfa Corp. ...................... 192 4,161 Alleghany Corp. (a).............. 26 10,452 Allied World Assurance Holdings, Ltd. .......................... 177 8,880 American Equity Investment Life Holding Co. ................... 267 2,213 American Financial Group, Inc. .. 339 9,790 American National Insurance Co. ........................... 79 9,578 Amtrust Financial Services, Inc. .......................... 121 1,666 Argo Group International Holdings, Ltd.(a).............. 152 6,404 Aspen Insurance Holdings, Ltd. .. 381 10,988 Assured Guaranty, Ltd. .......... 303 8,042 Baldwin & Lyons, Inc. (Class B).. 44 1,208 Castlepoint Holdings, Ltd. ...... 169 2,028 CNA Surety Corp. (a)............. 74 1,464 Conseco, Inc. (a)................ 956 12,007 Darwin Professional Underwriters, Inc. (a)....................... 35 846 Delphi Financial Group........... 212 7,479 eHealth, Inc. (a)................ 54 1,734 Employers Holdings, Inc. ........ 271 4,528 Endurance Specialty Holdings, Ltd. .......................... 290 12,102 Enstar Group, Ltd.(a)............ 24 2,938 Erie Indemnity Co. (Class A)..... 223 11,572 FBL Financial Group, Inc. (Class A)............................. 68 2,348 First Acceptance Corp. (a)....... 84 355 Flagstone Reinsurance Holdings, Ltd. .......................... 228 3,169 Greenlight Capital Re, Ltd.(a)... 151 3,139 Harleysville Group, Inc. ........ 69 2,441 HCC Insurance Holdings, Inc. .... 567 16,262 Hilb Rogal and Hobbs Co. ........ 181 7,343 Hilltop Holdings, Inc. (a)....... 231 2,523 Horace Mann Educators Corp. ..... 210 3,977 Infinity Property & Casualty Corp. ......................... 80 2,890 IPC Holdings, Ltd. .............. 301 8,690 Kansas City Life Insurance Co. .. 18 785 LandAmerica Financial Group, Inc. .......................... 71 2,375 Max Re Capital, Ltd. ............ 252 7,054 Mercury General Corp. ........... 131 6,525 Montpelier Re Holdings, Ltd. .... 487 8,284 National Financial Partners Corp. ......................... 195 8,894 National Interstate Corp. ....... 32 1,059 National Western Life Insurance Co. (Class A).................. 12 2,488 Navigators Group, Inc. (a)....... 66 4,290 Odyssey Re Holdings Corp. ....... 142 5,213 OneBeacon Insurance Group, Ltd. .......................... 115 2,473 Philadelphia Consolidated Holding Co.(a)......................... 301 11,844 Platinum Underwriters Holdings, Ltd. .......................... 285 10,135 Presidential Life Corp. ......... 105 1,839 ProAssurance Corp. (a)........... 150 8,238 Reinsurance Group America, Inc. .......................... 147 7,715 RLI Corp. ....................... 103 5,849 Safety Insurance Group, Inc. .... 82 3,003 Security Capital Assurance, Ltd. .......................... 175 681 Selective Insurance Group, Inc. .......................... 265 6,092 StanCorp Financial Group, Inc. .. 247 12,444 State Auto Financial Corp. ...... 68 1,788 Stewart Information Services Corp. ......................... 91 2,374 The Commerce Group, Inc. ........ 272 9,787 The Hanover Insurance Group, Inc. .......................... 256 11,725 The Midland Co. ................. 54 3,493 The Phoenix Cos., Inc. .......... 536 6,362 Tower Group, Inc. ............... 105 3,507 United America Indemnity, Ltd.(a)........................ 115 2,291 United Fire & Casualty Co. ...... 114 3,316 Validus Holdings, Ltd.(a)........ 74 1,923 Wesco Financial Corp. ........... 7 2,849 Zenith National Insurance Corp. ......................... 191 8,543 ---------- 358,455 ---------- INTERNET & CATALOG RETAIL -- 0.5% 1-800-FLOWERS.COM, Inc. (Class A)(a).......................... 122 1,065 Blue Nile, Inc. (a).............. 73 4,969 FTD Group, Inc. ................. 98 1,262 GSI Commerce, Inc. (a)........... 90 1,755 Netflix, Inc. (a)................ 257 6,841 Nutri/System, Inc. (a)........... 161 4,344 Orbitz Worldwide, Inc. (a)....... 164 1,394 Overstock.com, Inc. (a).......... 70 1,087 Priceline.com, Inc. (a).......... 173 19,871 Shutterfly, Inc. (a)............. 68 1,742 Stamps.com, Inc. (a)............. 82 999 Systemax, Inc. .................. 51 1,036 ValueVision Media, Inc. (Class A)(a).......................... 142 893 ---------- 47,258 ---------- INTERNET SOFTWARE & SERVICES -- 1.5% Ariba, Inc. (a).................. 409 4,560 Bankrate, Inc. (a)............... 65 3,126 CMGI, Inc. (a)................... 241 3,155 CNET Networks, Inc. (a).......... 711 6,499 comScore, Inc. (a)............... 26 848 Constant Contact, Inc. (a)....... 34 731 DealerTrack Holdings, Inc. (a)... 195 6,527 Dice Holdings, Inc. (a).......... 80 639
See accompanying notes to financial statements. 51 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Digital River, Inc. (a).......... 201 $ 6,647 DivX, Inc. (a)................... 84 1,176 EarthLink, Inc. (a).............. 606 4,285 Equinix, Inc. (a)................ 157 15,868 Infospace, Inc. ................. 165 3,102 Internap Network Services Corp. (a)............................ 254 2,116 Interwoven, Inc. (a)............. 201 2,858 Ipass, Inc. (a).................. 271 1,100 j2 Global Communications, Inc. (a)............................ 249 5,271 Limelight Networks, Inc. (a)..... 194 1,337 LoopNet, Inc. (a)................ 144 2,023 Marchex, Inc. (Class B).......... 144 1,564 Move, Inc. (a)................... 774 1,896 NIC, Inc. ....................... 184 1,553 Omniture, Inc. (a)............... 208 6,924 Openwave Systems, Inc. .......... 415 1,079 Perficient, Inc. (a)............. 143 2,251 RealNetworks, Inc. (a)........... 507 3,088 S1 Corp. (a)..................... 264 1,927 SAVVIS, Inc. (a)................. 143 3,991 SonicWALL, Inc. (a).............. 312 3,345 Switch & Data Facilities Co., Inc. (a)....................... 104 1,666 TechTarget, Inc. (a)............. 35 517 The Knot, Inc. (a)............... 138 2,200 Travelzoo, Inc. (a).............. 35 479 United Online, Inc. ............. 349 4,125 Valueclick, Inc. (a)............. 507 11,103 Vignette Corp. (a)............... 128 1,870 VistaPrint, Ltd.(a).............. 205 8,784 WebMD Health Corp. (Class A)(a).. 42 1,725 Websense, Inc. (a)............... 225 3,821 ---------- 135,776 ---------- IT SERVICES -- 2.0% Acxiom Corp. .................... 354 4,152 BearingPoint, Inc. (a)........... 1,012 2,864 Broadridge Financial Solutions, Inc. .......................... 700 15,701 CACI International, Inc. (Class A)(a).......................... 153 6,850 CIBER, Inc. (a).................. 274 1,674 Convergys Corp. (a).............. 649 10,683 CSG Systems International, Inc. (a)............................ 172 2,532 EnerNOC, Inc. (a)................ 50 2,455 Euronet Worldwide, Inc. (a)...... 229 6,870 ExlService Holdings, Inc. (a).... 56 1,292 Forrester Research, Inc. (a)..... 68 1,905 Gartner, Inc. (a)................ 348 6,111 Genpact, Ltd. ................... 170 2,589 Gevity HR, Inc. ................. 101 777 Global Cash Access, Inc. (a)..... 219 1,327 Heartland Payment Systems, Inc. .......................... 128 3,430 Hewitt Associates, Inc. (Class A)(a).......................... 492 18,839 infoUSA, Inc. ................... 175 1,563 Lionbridge Technologies, Inc. (a)............................ 286 1,015 Mantech International Corp. (a).. 90 3,944 MAXIMUS, Inc. ................... 115 4,440 MoneyGram International, Inc. ... 430 6,609 MPS Group, Inc. (a).............. 498 5,448 NeuStar, Inc. (Class A)(a)....... 387 11,099 Perot Systems Corp. (Class A)(a).......................... 455 6,143 SAIC, Inc. (a)................... 639 12,857 Sapient Corp. (a)................ 424 3,735 SRA International, Inc. (a)...... 217 6,391 SYKES Enterprises, Inc. (a)...... 160 2,880 Syntel, Inc. .................... 58 2,234 TNS, Inc. ....................... 130 2,308 Unisys Corp. (a)................. 1,759 8,320 VeriFone Holdings, Inc. (a)...... 334 7,765 Wright Express Corp. (a)......... 197 6,992 ---------- 183,794 ---------- LEISURE EQUIPMENT & PRODUCTS -- 0.4% Brunswick Corp. ................. 450 7,673 Callaway Golf Co. ............... 303 5,281 JAKKS Pacific, Inc. (a).......... 138 3,258 Leapfrog Enterprises, Inc. (a)... 154 1,036 Marine Products Corp. ........... 77 540 MarineMax, Inc. (a).............. 88 1,364 Nautilus Group, Inc. ............ 140 679 Polaris Industries, Inc. ........ 177 8,455 Pool Corp. ...................... 234 4,640 RC2 Corp. (a).................... 92 2,583 Smith & Wesson Holding Corp. (a)............................ 155 946 ---------- 36,455 ---------- LIFE SCIENCES TOOLS & SERVICES -- 1.4% Affymetrix, Inc. (a)............. 341 7,891 Albany Molecular Research, Inc. (a)............................ 120 1,726 AMAG Pharmaceuticals, Inc. (a)... 84 5,051 Bio-Rad Laboratories, Inc. (Class A)(a).......................... 96 9,947 Bruker BioSciences Corp. (a)..... 270 3,591 Cambrex Corp. ................... 129 1,081 Dionex Corp. (a)................. 96 7,955 Enzo Biochem, Inc. (a)........... 188 2,395 eResearch Technology, Inc. (a)... 197 2,328 Exelixis, Inc. (a)............... 524 4,522 Illumina, Inc. (a)............... 272 16,119 Nektar Therapeutics(a)........... 474 3,180 PAREXEL International Corp. (a).. 142 6,859 PerkinElmer, Inc. ............... 592 15,404 PharmaNet Development Group, Inc. (a)............................ 95 3,725 Techne Corp. (a)................. 197 13,012 Varian, Inc. (a)................. 152 9,926 Ventana Medical Systems, Inc. (a)............................ 176 15,352 ---------- 130,064 ---------- MACHINERY -- 3.4% Accuride Corp. (a)............... 105 825 Actuant Corp. (Class A).......... 283 9,625 AGCO Corp. (a)................... 458 31,135 Albany International Corp. (Class A)............................. 124 4,600 American Railcar Industries, Inc. .......................... 42 809 Astec Industries, Inc. (a)....... 85 3,161 ASV, Inc. (a).................... 97 1,343 Barnes Group, Inc. .............. 211 7,045 Blount International, Inc. (a)... 181 2,228 Briggs & Stratton Corp. ......... 253 5,733 Bucyrus International, Inc. (Class A)...................... 186 18,487 Cascade Corp. ................... 50 2,323 Chart Industries, Inc. (a)....... 142 4,388 CIRCOR International, Inc. ...... 80 3,709 CLARCOR, Inc. ................... 250 9,493
See accompanying notes to financial statements. 52 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Crane Co. ....................... 265 $ 11,369 EnPro Industries, Inc. (a)....... 107 3,280 ESCO Technologies, Inc. (a)...... 128 5,112 Federal Signal Corp. ............ 242 2,715 Force Protection, Inc. (a)....... 336 1,572 Freightcar America, Inc. ........ 60 2,100 Gardner Denver, Inc. (a)......... 260 8,580 Graco, Inc. ..................... 314 11,700 IDEX Corp. (a)................... 407 14,705 Kaydon Corp. .................... 140 7,636 Kennametal, Inc. ................ 392 14,841 Lincoln Electric Holdings, Inc. .......................... 206 14,663 Lindsay Manufacturing Co. ....... 52 3,676 Middleby Corp. (a)............... 85 6,513 Mueller Industries, Inc. ........ 191 5,537 Mueller Water Products, Inc. (Class B)...................... 587 5,852 NACCO Industries, Inc. .......... 27 2,692 Nordson Corp. ................... 156 9,042 RBC Bearings, Inc. (a)........... 112 4,868 Robbins & Myers, Inc. ........... 67 5,067 Tecumseh Products Co. (Class A)(a).......................... 74 1,732 Tennant Co. ..................... 87 3,853 The Greenbrier Cos., Inc. ....... 71 1,580 The Timken Co. .................. 384 12,614 The Toro Co. .................... 198 10,779 Titan International, Inc. ....... 140 4,376 Trinity Industries, Inc. ........ 403 11,187 Valmont Industries, Inc. ........ 93 8,288 Wabash National Corp. ........... 137 1,054 Wabtec Corp. .................... 247 8,507 Watts Water Technologies, Inc. .. 152 4,530 Xerium Technologies, Inc. ....... 97 504 ---------- 315,428 ---------- MARINE -- 0.5% Alexander & Baldwin, Inc. ....... 218 11,262 American Commercial Lines, Inc. (a)............................ 190 3,086 Eagle Bulk Shipping, Inc. ....... 231 6,133 Excel Maritime Carriers, Ltd. ... 75 3,014 Genco Shipping & Trading, Ltd. .. 129 7,064 Horizon Lines, Inc. ............. 159 2,964 Kirby Corp. (a).................. 268 12,457 TBS International, Ltd.(a)....... 58 1,917 ---------- 47,897 ---------- MEDIA -- 1.8% Arbitron, Inc. .................. 140 5,820 Belo Corp. ...................... 463 8,075 Charter Communications, Inc. (a)............................ 1,826 2,136 Cinemark Holdings, Inc. ......... 216 3,672 Citadel Broadcasting Corp. ...... 895 1,844 CKX, Inc. (a).................... 240 2,880 Cox Radio, Inc. (Class A)(a)..... 170 2,065 Crown Media Holdings, Inc. (Class A)(a).......................... 45 292 Cumulus Media, Inc. (a).......... 191 1,536 Dolan Media Co.(a)............... 64 1,867 DreamWorks Animation SKG, Inc. (Class A)(a)................... 372 9,501 Emmis Communications Corp. (a)... 163 628 Entercom Communications Corp. ... 154 2,108 Entravision Communications Corp. (a)............................ 314 2,459 Fisher Communications, Inc. (a).. 33 1,253 GateHouse Media, Inc. ........... 172 1,510 Gemstar-TV Guide International, Inc. (a)....................... 1,269 6,040 Getty Images, Inc. (a)........... 263 7,627 Gray Television, Inc. ........... 211 1,692 Harte-Hanks, Inc. ............... 238 4,117 Hearst-Argyle Television, Inc. .. 124 2,742 Interactive Data Corp. .......... 183 6,041 John Wiley & Sons, Inc. (Class A)............................. 249 10,667 Journal Communications, Inc. .... 224 2,003 Lee Enterprises, Inc. ........... 201 2,945 Lin TV Corp. (Class A)(a)........ 127 1,546 Live Nation, Inc. (a)............ 362 5,256 Lodgenet Entertainment Corp. (a)............................ 98 1,709 Martha Stewart Living Omnimedia, Inc. (Class A)(a).............. 117 1,085 Marvel Entertainment, Inc. (a)... 248 6,624 McClatchy Co. (Class A).......... 273 3,418 Media General, Inc. (Class A).... 106 2,252 Mediacom Communications Corp. (a)............................ 255 1,170 Meredith Corp. .................. 193 10,611 Morningstar, Inc. (a)............ 73 5,676 National CineMedia, Inc. ........ 216 5,445 Primedia, Inc. .................. 88 748 Radio One, Inc. (a).............. 441 1,045 RCN Corp. (a).................... 182 2,837 Regal Entertainment Group........ 397 7,174 Scholastic Corp. (a)............. 169 5,896 Sinclair Broadcast Group, Inc. .. 273 2,241 Sun-Times Media Group, Inc. (a).. 293 645 Tivo, Inc. (a)................... 518 4,320 Valassis Communications, Inc. (a)............................ 249 2,911 Warner Music Group Corp. ........ 218 1,321 Westwood One, Inc. .............. 329 655 World Wrestling Entertainment, Inc. (Class A)................. 91 1,343 ---------- 167,448 ---------- METALS & MINING -- 2.5% AK Steel Holding Corp. (a)....... 560 25,894 AM Castle & Co. ................. 92 2,502 AMCOL International Corp. ....... 125 4,504 Brush Engineered Materials, Inc. (a)............................ 103 3,813 Carpenter Technology Corp. ...... 246 18,492 Century Aluminum Co.(a).......... 146 7,875 Cleveland-Cliffs, Inc. .......... 208 20,966 Coeur d' Alene Mines Corp. (a)... 2,688 13,279 Commercial Metals Co. ........... 598 17,611 Compass Minerals International, Inc. .......................... 158 6,478 Haynes International, Inc. (a)... 53 3,684 Hecla Mining Co.(a).............. 616 5,760 Horsehead Holding Corp. (a)...... 24 407 Kaiser Aluminum Corp. ........... 71 5,643 Metal Management, Inc. .......... 131 5,964 Quanex Corp. .................... 189 9,809 Reliance Steel & Aluminum Co. ... 330 17,886 Royal Gold, Inc. ................ 141 4,303 RTI International Metals, Inc. (a)............................ 114 7,858 Schnitzer Steel Industries, Inc. (Class A)...................... 104 7,190 Steel Dynamics, Inc. ............ 483 28,772
See accompanying notes to financial statements. 53 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Stillwater Mining Co.(a)......... 233 $ 2,251 Worthington Industries, Inc. .... 326 5,829 ---------- 226,770 ---------- MULTI-UTILITIES -- 1.1% Aquila, Inc. (a)................. 1,875 6,994 Avista Corp. .................... 271 5,837 Black Hills Corp. ............... 187 8,247 CH Energy Group, Inc. ........... 79 3,519 CMS Energy Corp. ................ 1,133 19,691 NorthWestern Corp. .............. 186 5,487 OGE Energy Corp. ................ 463 16,802 PNM Resources, Inc. ............. 354 7,593 Puget Energy, Inc. .............. 591 16,211 Vectren Corp. ................... 381 11,053 ---------- 101,434 ---------- MULTILINE RETAIL -- 0.4% 99 Cents Only Stores(a).......... 267 2,125 Big Lots, Inc. (a)............... 506 8,091 Dillard's, Inc. (Class A)........ 334 6,272 Fred's, Inc. (Class A)........... 173 1,666 Retail Ventures, Inc. (a)........ 142 723 Saks, Inc. (a)................... 637 13,224 The Bon-Ton Stores, Inc. ........ 69 655 Tuesday Morning Corp. ........... 142 720 ---------- 33,476 ---------- OFFICE ELECTRONICS -- 0.1% Zebra Technologies Corp. (Class A)(a).......................... 339 11,763 ---------- OIL, GAS & CONSUMABLE FUELS -- 7.2% Alliance Holdings GP LP.......... 62 1,471 Alliance Resource Partners LP.... 99 3,591 Alon USA Energy, Inc. ........... 62 1,685 Alpha Natural Resources, Inc. (a)............................ 327 10,621 APCO Argentina, Inc. ............ 43 1,183 Arena Resources, Inc. (a)........ 175 7,299 Atlas America, Inc. ............. 121 7,161 Atlas Energy Resources LLC....... 41 1,275 Atlas Pipeline Holdings LP....... 17 463 Atlas Pipeline Partners LP....... 173 7,413 ATP Oil & Gas Corp. (a).......... 141 7,126 Aventine Renewable Energy Holdings, Inc. (a)............. 142 1,812 Berry Petroleum Co. (Class A).... 176 7,823 Bill Barrett Corp. (a)........... 143 5,987 Boardwalk Pipeline Partners LP... 185 5,754 Bois d'Arc Energy, Inc. (a)...... 93 1,846 BP Prudhoe Bay Royalty Trust..... 109 8,742 BreitBurn Energy Partners LP..... 261 7,543 Buckeye GP Holdings LP........... 65 1,832 Buckeye Partners LP.............. 228 11,265 Cabot Oil & Gas Corp. ........... 491 19,822 Calumet Specialty Products Partners LP.................... 70 2,592 Capital Product Partners LP...... 73 1,807 Carrizo Oil & Gas, Inc. (a)...... 126 6,899 Cheniere Energy Partners LP...... 74 1,188 Cheniere Energy, Inc. (a)........ 227 7,409 Cimarex Energy Co. .............. 419 17,820 Clean Energy Fuels Corp (a)...... 108 1,635 Comstock Resources, Inc. (a)..... 223 7,582 Concho Resources, Inc. (a)....... 101 2,082 Contango Oil & Gas Co.(a)........ 70 3,562 Continental Resources Inc. (a)... 228 5,958 Copano Energy LLC................ 212 7,706 Crosstex Energy LP............... 95 2,947 Crosstex Energy, Inc. ........... 228 8,491 CVR Energy, Inc. (a)............. 106 2,644 DCP Midstream Partners LP........ 79 3,630 Delek US Holdings, Inc. ......... 54 1,092 Delta Petroleum Corp. (a)........ 337 6,352 Dorchester Minerals LP........... 130 2,617 Double Hull Tankers, Inc. ....... 159 1,946 Duncan Energy Partners LP........ 81 1,768 Eagle Rock Energy Partners LP.... 193 3,528 El Paso Pipeline Partners LP(a).. 122 3,056 Enbridge Energy Management LLC(a)......................... 54 2,825 Encore Aquisition Co.(a)......... 261 8,710 Encore Energy Partners LP........ 51 918 Energy Partners, Ltd.(a)......... 129 1,524 Enterprise GP Holdings LP........ 178 6,590 EV Energy Partner LP............. 47 1,528 Evergreen Energy, Inc. (a)....... 375 836 EXCO Resources, Inc. (a)......... 420 6,502 Forest Oil Corp. (a)............. 393 19,980 Foundation Coal Holdings, Inc. .. 231 12,128 General Maritime Corp. .......... 134 3,276 GeoMet, Inc. (a)................. 105 546 Goodrich Petroleum Corp. (a)..... 114 2,579 Gulfport Energy Corp. (a)........ 136 2,483 Harvest Natural Resources, Inc. (a)............................ 168 2,100 Hiland Holdings GP LP............ 44 1,188 Holly Corp. ..................... 232 11,806 Holly Energy Partners LP......... 36 1,575 Hugoton Royalty Trust............ 197 4,419 Inergy Holdings LP............... 56 2,421 Inergy LP........................ 206 6,407 International Coal Group, Inc. (a)............................ 605 3,243 Kinder Morgan Management LLC(a).. 306 16,200 Legacy Reserves LP............... 83 1,711 Linn Energy LLC.................. 567 14,192 Magellan Midstream Holdings LP... 115 3,082 Magellan Midstream Partners LP... 336 14,569 Mariner Energy, Inc. (a)......... 409 9,358 Markwest Energy Partners LP...... 157 5,303 Markwest Hydrocarbon, Inc. ...... 36 2,255 Massey Energy Co. ............... 402 14,372 McMoRan Exploration Co.(a)....... 235 3,076 Natural Resource Partners LP..... 164 5,323 NuStar Energy LP................. 192 10,234 NuStar GP Holdings LLC........... 184 5,253 OSG America LP(a)................ 31 575 Overseas Shipholding Group, Inc. .......................... 141 10,495 Pacific Ethanol, Inc. (a)........ 180 1,478 Parallel Petroleum Corp. (a)..... 199 3,508 Penn Virginia Corp. ............. 192 8,377 Penn Virginia GP Holdings LP..... 101 2,893 Penn Virginia Resource Partners LP............................. 120 2,948 Petrohawk Energy Corp. (a)....... 859 14,869 Petroleum Development Corp. (a).. 77 4,553 Plains Exploration & Production Co.(a)......................... 561 30,294 Quicksilver Resources, Inc. (a).. 277 16,506
See accompanying notes to financial statements. 54 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Regency Energy Partners LP....... 167 $ 5,573 Rentech, Inc. (a)................ 834 1,510 Rosetta Resources, Inc. (a)...... 254 5,037 SemGroup Energy Partners LP...... 67 1,932 Ship Finance International, Ltd. .......................... 204 5,653 St. Mary Land & Exploration Co. ........................... 315 12,162 Stone Energy Corp. (a)........... 130 6,098 Sunoco Logistics Partners LP..... 83 4,167 Swift Energy Co.(a).............. 149 6,560 Targa Resources Partners LP...... 162 4,798 TC Pipelines LP.................. 84 3,041 Teekay LNG Partners LP........... 64 1,899 Teekay Offshore Partners LP...... 44 1,113 TEPPCO Partners LP............... 370 14,182 U.S. Shipping Partners LP........ 64 842 Uranium Resources Inc. (a)....... 276 3,444 US BioEnergy Corp. (a)........... 210 2,459 USEC, Inc. (a)................... 553 4,977 Venoco, Inc. (a)................. 105 2,093 VeraSun Energy Corp. (a)......... 281 4,294 W&T Offshore, Inc. .............. 141 4,224 Warren Resources, Inc. (a)....... 302 4,267 Western Refining, Inc. .......... 141 3,414 Whiting Petroleum Corp. (a)...... 213 12,282 Williams Partners LP............. 200 7,840 World Fuel Services Corp. ....... 147 4,267 ---------- 659,161 ---------- PAPER & FOREST PRODUCTS -- 0.3% AbitibiBowater, Inc. ............ 285 5,874 Buckeye Technologies, Inc. (a)... 203 2,538 Deltic Timber Corp. ............. 58 2,986 Glatfelter....................... 224 3,429 Louisiana-Pacific Corp. ......... 517 7,073 Neenah Paper, Inc. .............. 75 2,186 Schweitzer-Mauduit International, Inc. .......................... 73 1,891 Wausau-Mosinee Paper Corp. ...... 243 2,185 ---------- 28,162 ---------- PERSONAL PRODUCTS -- 0.6% Alberto Culver Co. .............. 442 10,847 Bare Escentuals, Inc. (a)........ 239 5,796 Chattem, Inc. (a)................ 76 5,741 Elizabeth Arden, Inc. (a)........ 144 2,930 Herbalife, Ltd. ................. 254 10,231 Mannatech, Inc. ................. 70 442 NBTY, Inc. (a)................... 307 8,412 Nu Skin Enterprises, Inc. (Class A)............................. 262 4,305 Prestige Brands Holdings, Inc. (a)............................ 166 1,242 Revlon, Inc. (Class A)(a)........ 949 1,120 USANA Health Sciences, Inc. (a).. 41 1,520 ---------- 52,586 ---------- PHARMACEUTICALS -- 1.2% Adams Respiratory Therapeutics, Inc. (a)....................... 161 9,618 Akorn, Inc. (a).................. 275 2,018 Alpharma, Inc. (Class A)(a)...... 224 4,514 Auxilium Pharmaceuticals, Inc. (a)............................ 162 4,858 BioForm Medical, Inc. (a)........ 36 246 Jazz Pharmaceuticals, Inc. (a)... 58 853 KV Pharmaceutical Co. (Class A)(a).......................... 210 5,993 Medicis Pharmaceutical Corp. (Class A)...................... 277 7,194 MGI Pharma, Inc. (a)............. 398 16,131 Noven Pharmaceuticals, Inc. (a).. 131 1,818 Par Pharmaceutical Cos., Inc. (a)............................ 166 3,984 Perrigo Co. ..................... 396 13,864 Salix Pharmaceuticals, Ltd.(a)... 228 1,797 Sciele Pharma, Inc. (a).......... 162 3,313 Sucampo Pharmaceuticals, Inc. (a)............................ 18 330 The Medicines Co.(a)............. 256 4,905 Valeant Pharmaceuticals International(a)............... 402 4,812 Viropharma, Inc. (a)............. 340 2,700 Watson Pharmaceuticals, Inc. (a)............................ 517 14,031 Xenoport, Inc. (a)............... 110 6,147 ---------- 109,126 ---------- REAL ESTATE INVESTMENT TRUSTS -- 5.4% Acadia Realty Trust.............. 150 3,841 Alexander's, Inc. (a)............ 10 3,533 Alexandria Real Estate Equities, Inc. .......................... 159 16,166 American Campus Communities, Inc. .......................... 134 3,598 American Financial Realty Trust.. 644 5,165 Anthracite Capital, Inc. ........ 331 2,396 Anworth Mortgage Asset Corp. .... 287 2,371 Arbor Realty Trust, Inc. ........ 94 1,514 Ashford Hospitality Trust, Inc. .......................... 612 4,400 BioMed Realty Trust, Inc. ....... 333 7,716 Brandywine Realty Trust.......... 439 7,871 BRE Properties, Inc. (Class A)... 259 10,497 Capital Lease Funding, Inc. ..... 242 2,038 Capital Trust, Inc. (Class A).... 79 2,421 CBL & Associates Properties, Inc. .......................... 332 7,938 Cedar Shopping Centers, Inc. .... 222 2,271 Chimera Investment Corp. ........ 162 2,897 Colonial Properties Trust........ 234 5,295 Corporate Office Properties Trust.......................... 241 7,591 Cousins Properties, Inc. ........ 207 4,575 Crystal River Capital, Inc. ..... 120 1,733 DCT Industrial Trust, Inc. ...... 857 7,979 Deerfield Capital Corp. ......... 272 2,176 DiamondRock Hospitality Co. ..... 475 7,115 Digital Realty Trust, Inc. ...... 296 11,358 Douglas Emmett, Inc. ............ 491 11,102 DuPont Fabros Technology, Inc. .. 149 2,920 EastGroup Properties, Inc. ...... 119 4,980 Education Realty Trust, Inc. .... 153 1,720 Entertainment Properties Trust... 139 6,533 Equity Lifestyle Properties, Inc. .......................... 115 5,252 Equity One, Inc. ................ 193 4,445 Essex Property Trust, Inc. ...... 127 12,381 Extra Space Storage, Inc. ....... 316 4,516 FelCor Lodging Trust, Inc. ...... 309 4,817 First Industrial Realty Trust, Inc. .......................... 222 7,681 First Potomac Realty Trust....... 116 2,006 Franklin Street Properties Corp. ......................... 330 4,884 Friedman, Billings, Ramsey Group, Inc. .......................... 674 2,116 Getty Realty Corp. .............. 83 2,214 Glimcher Realty Trust............ 180 2,572 GMH Communities Trust............ 202 1,115 Gramercy Capital Corp./New York.. 135 3,282 Health Care REIT, Inc. .......... 424 18,949
See accompanying notes to financial statements. 55 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Healthcare Realty Trust, Inc. ... 254 $ 6,449 Highwoods Properties, Inc. ...... 288 8,461 Home Properties, Inc. ........... 171 7,669 HRPT Properties Trust............ 1,121 8,665 Inland Real Estate Corp. ........ 296 4,191 Investors Real Estate Trust...... 262 2,350 JER Investors Trust, Inc. ....... 126 1,357 Kilroy Realty Corp. ............. 164 9,013 Kite Realty Group Trust.......... 136 2,077 LaSalle Hotel Properties......... 204 6,508 Lexington Corporate Properties Trust.......................... 313 4,551 LTC Properties, Inc. ............ 102 2,555 Maguire Properties, Inc. ........ 178 5,246 Medical Properties Trust, Inc. .. 261 2,660 MFA Mortgage Investments, Inc. .. 600 5,550 Mid-America Apartment Communities, Inc. ............. 125 5,344 National Health Investors, Inc. .......................... 122 3,404 National Retail Properties, Inc. .......................... 356 8,323 Nationwide Health Properties, Inc. .......................... 461 14,462 Newcastle Investment Corp. ...... 271 3,512 NorthStar Realty Finance Corp. .. 307 2,738 Omega Healthcare Investors, Inc. .......................... 337 5,409 Parkway Properties, Inc. ........ 75 2,774 Pennsylvania Real Estate Investment Trust............... 198 5,877 Post Properties, Inc. ........... 220 7,726 Potlatch Corp. .................. 194 8,621 PS Business Parks, Inc. ......... 81 4,257 RAIT Investment Trust............ 301 2,595 Ramco-Gershenson Properties Trust.......................... 89 1,902 Rayonier, Inc. .................. 391 18,471 Realty Income Corp. ............. 512 13,834 Redwood Trust, Inc. ............. 136 4,657 Saul Centers, Inc. .............. 58 3,099 Senior Housing Properties Trust.. 416 9,435 Sovran Self Storage, Inc. ....... 111 4,451 Strategic Hotels & Resorts, Inc. .......................... 380 6,357 Sun Communities, Inc. ........... 80 1,686 Sunstone Hotel Investors, Inc. .. 308 5,633 Tanger Factory Outlet Centers, Inc. .......................... 157 5,920 Taubman Centers, Inc. ........... 263 12,937 Thornburg Mortgage, Inc. ........ 656 6,061 U-Store-It Trust................. 225 2,061 Universal Health Realty Income Trust.......................... 52 1,843 Urstadt Biddle Properties (Class A)............................. 89 1,380 Washington Real Estate Investment Trust.......................... 234 7,350 ---------- 497,361 ---------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.3% Jones Lang LaSalle, Inc. ........ 185 13,165 Meruelo Maddux Properties, Inc. (a)............................ 173 692 Tejon Ranch Co.(a)............... 64 2,614 The St. Joe Co. ................. 378 13,423 ---------- 29,894 ---------- ROAD & RAIL -- 0.9% Amerco, Inc. (a)................. 35 2,299 Arkansas Best Corp. ............. 107 2,348 Avis Budget Group, Inc. (a)...... 517 6,721 Con-way, Inc. ................... 229 9,513 Dollar Thrifty Automotive Group(a)....................... 97 2,297 Genesee & Wyoming, Inc. (Class A)(a).......................... 154 3,722 Heartland Express, Inc. ......... 311 4,410 Kansas City Southern(a).......... 389 13,354 Knight Transportation, Inc. ..... 281 4,162 Landstar Systems, Inc. .......... 268 11,296 Old Dominion Freight Line, Inc. (a)............................ 148 3,420 Ryder Systems, Inc. ............. 290 13,633 Werner Enterprises, Inc. ........ 252 4,292 YRC Worldwide, Inc. (a).......... 295 5,041 ---------- 86,508 ---------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.3% Actel Corp. (a).................. 139 1,899 Advanced Analogic Technologies, Inc. (a)....................... 213 2,403 Advanced Energy Industries, Inc. (a)............................ 168 2,197 AMIS Holdings, Inc. (a).......... 312 3,126 Amkor Technology, Inc. (a)....... 540 4,606 Anadigics, Inc. (a).............. 290 3,355 Applied Micro Circuits Corp (a).. 341 2,980 Atheros Communications, Inc. (a)............................ 286 8,734 Atmel Corp. (a).................. 2,074 8,960 ATMI, Inc. (a)................... 178 5,740 Axcelis Technologies, Inc. (a)... 533 2,452 Brooks Automation, Inc. (a)...... 344 4,544 Cabot Microelectronics Corp. (a)............................ 123 4,417 Cavium Networks, Inc. (a)........ 105 2,417 Cirrus Logic, Inc. (a)........... 388 2,049 Cohu, Inc. ...................... 99 1,515 Conexant Systems, Inc. (a)....... 2,337 1,940 Credence Systems Corp. (a)....... 518 1,254 Cree, Inc. (a)................... 386 10,603 Cymer, Inc. (a).................. 151 5,878 Cypress Semiconductor Corp. (a).. 765 27,563 Diodes, Inc. (a)................. 151 4,541 DSP Group, Inc. (a).............. 163 1,989 Entegris, Inc. (a)............... 595 5,135 Entropic Communications, Inc. (a)............................ 26 189 Exar Corp. (a)................... 220 1,753 Fairchild Semiconductor International, Inc. (a)........ 630 9,091 FEI Co.(a)....................... 183 4,544 Formfactor, Inc. (a)............. 241 7,977 Genesis Microchip, Inc. (a)...... 171 1,465 Hittite Microwave Corp. (a)...... 81 3,869 Integrated Device Technology, Inc. (a)....................... 967 10,937 Kulicke & Soffa Industries, Inc. (a)............................ 286 1,962 Lattice Semiconductor Corp. (a).. 573 1,862 Mattson Technology, Inc. (a)..... 277 2,371 Micrel, Inc. .................... 275 2,324 Microsemi Corp. (a).............. 352 7,793 MKS Instruments, Inc. (a)........ 254 4,862 Monolithic Power Systems, Inc. (a)............................ 114 2,448 Netlogic Microsystems, Inc. (a).. 92 2,962 OmniVision Technologies, Inc. (a)............................ 280 4,382 ON Semiconductor Corp. (a)....... 1,483 13,169 PDF Solutions, Inc. (a).......... 106 955 Photronics, Inc. (a)............. 206 2,569 PMC-Sierra, Inc. (a)............. 1,082 7,076 Rambus, Inc. (a)................. 500 10,470 RF Micro Devices, Inc. (a)....... 1,356 7,743 Semtech Corp. (a)................ 322 4,997
See accompanying notes to financial statements. 56 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Sigma Designs, Inc. (a).......... 140 $ 7,728 Silicon Image, Inc. (a).......... 425 1,921 Silicon Laboratories, Inc. (a)... 274 10,256 Silicon Storage Technology, Inc. (a)............................ 423 1,265 Sirf Technology Holdings, Inc. (a)............................ 284 7,137 Skyworks Solutions, Inc. (a)..... 797 6,774 Spansion, Inc. (a)............... 437 1,717 Standard Microsystems Corp. (a).. 120 4,688 Tessera Technologies, Inc. (a)... 234 9,734 Trident Microsystems, Inc. (a)... 276 1,811 TriQuint Semiconductor, Inc. (a)............................ 720 4,774 Ultratech, Inc. (a).............. 82 930 Veeco Instruments, Inc. (a)...... 148 2,472 Zoran Corp. (a).................. 256 5,763 ---------- 305,037 ---------- SOFTWARE -- 3.1% ACI Worldwide, Inc. (a).......... 174 3,313 Advent Software, Inc. (a)........ 89 4,815 Ansoft Corp. (a)................. 69 1,784 Ansys, Inc. (a).................. 392 16,252 Aspen Technology, Inc. (a)....... 285 4,623 Blackbaud, Inc. ................. 218 6,113 Blackboard, Inc. (a)............. 135 5,434 BladeLogic, Inc. (a)............. 24 710 Borland Software Corp. (a)....... 344 1,035 Commvault Systems, Inc. (a)...... 174 3,685 Compuware Corp. (a).............. 1,428 12,680 Concur Technologies, Inc. (a).... 211 7,640 Deltek, Inc. (a)................. 38 579 Epicor Software Corp. (a)........ 260 3,063 eSpeed, Inc. (a)................. 143 1,616 Factset Research Systems, Inc. .. 227 12,644 Fair Isaac Corp. ................ 250 8,037 FalconStor Software, Inc. (a).... 156 1,756 i2 Technologies, Inc. (a)........ 63 794 Informatica Corp. (a)............ 443 7,983 Jack Henry & Associates, Inc. ... 411 10,004 JDA Software Group, Inc. (a)..... 142 2,905 Lawson Software, Inc. (a)........ 674 6,902 Macrovision Corp. (a)............ 265 4,857 Magma Design Automation, Inc. (a)............................ 194 2,369 Manhattan Associates, Inc. (a)... 131 3,453 Mentor Graphics Corp. (a)........ 450 4,851 MICROS Systems, Inc. (a)......... 205 14,383 MicroStrategy, Inc. (a).......... 48 4,565 Midway Games, Inc. (a)........... 43 119 Monotype Imaging Holdings, Inc. (a)............................ 52 789 MSC Software Corp. (a)........... 204 2,650 Novell, Inc. (a)................. 1,770 12,160 Nuance Communications, Inc. (a).. 775 14,477 Parametric Technology Corp. (a).. 568 10,139 Progress Software Corp. (a)...... 214 7,207 Quality Systems, Inc. ........... 87 2,652 Quest Software, Inc. (a)......... 272 5,016 Solera Holdings, Inc. (a)........ 269 6,666 Sonic Solutions, Inc. (a)........ 126 1,309 SPSS, Inc. (a)................... 99 3,555 SuccessFactors, Inc. (a)......... 46 544 Sybase, Inc. (a)................. 463 12,080 Synchronoss Technologies, Inc. (a)............................ 98 3,473 Take-Two Interactive Software, Inc. (a)....................... 364 6,716 Taleo Corp. (a).................. 82 2,442 THQ, Inc. (a).................... 341 9,613 TIBCO Software, Inc. (a)......... 945 7,626 Tyler Technologies, Inc. (a)..... 188 2,423 Ultimate Software Group, Inc. (a)............................ 127 3,997 Vasco Data Security International(a)............... 134 3,741 Wind River Systems, Inc. (a)..... 395 3,527 ---------- 281,766 ---------- SPECIALTY RETAIL -- 2.2% Aaron Rents, Inc. (Class B)...... 252 4,849 AC Moore Arts & Crafts, Inc. (a)............................ 105 1,444 Aeropostale, Inc. (a)............ 386 10,229 AnnTaylor Stores Corp. (a)....... 309 7,898 Asbury Automotive Group, Inc. ... 153 2,303 Barnes & Noble, Inc. ............ 270 9,302 Bebe Stores, Inc. ............... 154 1,980 Big 5 Sporting Goods Corp. ...... 98 1,413 Blockbuster, Inc. (Class A)(a)... 909 3,545 Borders Group, Inc. ............. 294 3,131 Brown Shoe Co., Inc. ............ 222 3,368 Buckle, Inc. .................... 78 2,574 Build-A-Bear Workshop, Inc. (a).. 70 977 Cabela's, Inc. (a)............... 219 3,300 Charlotte Russe Holding, Inc. (a)............................ 108 1,744 Charming Shoppes, Inc. (a)....... 598 3,235 Christopher & Banks Corp. ....... 177 2,027 Circuit City Stores, Inc. ....... 861 3,616 Coldwater Creek, Inc. (a)........ 323 2,161 Collective Brands, Inc. (a)...... 327 5,687 Conn's, Inc. (a)................. 57 975 CSK Auto Corp. (a)............... 240 1,202 Dick's Sporting Goods, Inc. (a).. 413 11,465 Dress Barn, Inc. (a)............. 222 2,777 DSW, Inc. (Class A)(a)........... 71 1,332 Foot Locker, Inc. ............... 793 10,832 Genesco, Inc. (a)................ 115 4,347 Group 1 Automotive, Inc. ........ 111 2,636 Gymboree Corp. (a)............... 159 4,843 hhgregg, Inc. (a)................ 45 619 Hibbett Sports, Inc. (a)......... 161 3,217 Hot Topic, Inc. (a).............. 206 1,199 J. Crew Group, Inc. (a).......... 220 10,606 Jo-Ann Stores, Inc. (a).......... 123 1,609 Jos. A. Bank Clothiers, Inc. (a)............................ 87 2,475 Lithia Motors, Inc. (Class A).... 74 1,016 Mens Wearhouse, Inc. ............ 248 6,691 New York & Co., Inc. (a)......... 139 887 OfficeMax, Inc. ................. 374 7,727 Pacific Sunwear of California, Inc. (a)....................... 351 4,953 Pier 1 Imports, Inc. (a)......... 383 2,003 Rent-A-Center, Inc. (a).......... 330 4,792 Sally Beauty Holdings, Inc. (a).. 423 3,828 Select Comfort Corp. (a)......... 218 1,528 Sonic Automotive, Inc. (Class A)............................. 208 4,027 Stage Stores, Inc. .............. 218 3,226 Stein Mart, Inc. ................ 127 602 Talbots, Inc. ................... 119 1,407
See accompanying notes to financial statements. 57 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Cato Corp. (Class A)......... 150 $ 2,349 The Children's Place Retail Stores, Inc. (a)............... 123 3,189 The Finish Line, Inc. (Class A).. 210 508 The Pep Boys -- Manny, Moe & Jack........................... 201 2,307 Tractor Supply Co.(a)............ 168 6,038 Tween Brands, Inc. (a)........... 120 3,178 Ulta Salon Cosmetics & Fragrance, Inc. (a)....................... 39 669 United Auto Group, Inc. ......... 213 3,719 West Marine, Inc. (a)............ 63 566 Zale Corp. (a)................... 240 3,854 Zumiez, Inc. (a)................. 92 2,241 ---------- 206,222 ---------- TEXTILES, APPAREL & LUXURY GOODS -- 1.3% American Apparel, Inc. (a)....... 93 1,395 Carter's, Inc. (a)............... 250 4,837 Columbia Sportswear Co. ......... 79 3,483 Deckers Outdoor Corp. (a)........ 65 10,079 Fossil, Inc. (a)................. 243 10,201 Hanesbrands, Inc. (a)............ 486 13,205 Heelys, Inc. (a)................. 49 341 Iconix Brand Group, Inc. (a)..... 279 5,485 Jones Apparel Group, Inc. ....... 423 6,764 K-Swiss, Inc. (Class A).......... 140 2,534 Kellwood Co. .................... 126 2,097 Kenneth Cole Productions, Inc. (Class A)...................... 58 1,014 Maidenform Brands, Inc. (a)...... 94 1,272 Movado Group, Inc. .............. 89 2,251 Oxford Industries, Inc. ......... 75 1,933 Phillips-Van Heusen Corp. ....... 279 10,284 Quiksilver, Inc. (a)............. 617 5,294 Skechers USA, Inc. (a)........... 162 3,161 Steven Madden, Ltd.(a)........... 95 1,900 The Timberland Co. (Class A)(a).. 249 4,502 Under Armour, Inc. (Class A)(a).. 150 6,550 UniFirst Corp. .................. 64 2,432 Volcom, Inc. (a)................. 76 1,674 Warnaco Group, Inc. (a).......... 233 8,108 Wolverine World Wide, Inc. ...... 259 6,351 ---------- 117,147 ---------- THRIFTS & MORTGAGE FINANCE -- 1.2% Anchor Bancorp Wisconsin, Inc. .. 92 2,164 Astoria Financial Corp. ......... 450 10,471 Bank Mutual Corp. ............... 265 2,801 BankAtlantic Bancorp, Inc. (Class A)............................. 233 955 BankUnited Financial Corp. ...... 183 1,263 Beneficial Mutual Bancorp, Inc. (a)............................ 175 1,701 Brookline Bancorp, Inc. ......... 329 3,343 Capitol Federal Financial........ 110 3,410 Centerline Holding Co. .......... 251 1,913 Charter Financial Corp. ......... 19 703 Clifton Savings Bancorp, Inc. ... 67 657 Corus Bankshares, Inc. .......... 163 1,739 Dime Community Bancshares........ 162 2,069 Doral Financial Corp. (a)........ 28 505 Downey Financial Corp. .......... 104 3,235 First Busey Corp. ............... 140 2,780 First Financial Holdings, Inc. .. 57 1,563 First Niagara Financial Group, Inc. .......................... 522 6,285 First Place Financial Corp. ..... 84 1,175 FirstFed Financial Corp. (a)..... 66 2,364 Flagstar Bancorp, Inc. .......... 180 1,255 Flushing Financial Corp. ........ 95 1,525 Franklin Bank Corp. (a).......... 109 470 Fremont General Corp. (a)........ 322 1,127 IndyMac Bancorp, Inc. ........... 404 2,404 Kearny Financial Corp. .......... 103 1,227 KNBT Bancorp, Inc. .............. 119 1,835 NewAlliance Bancshares, Inc. .... 525 6,048 Northwest Bancorp, Inc. ......... 102 2,710 Ocwen Financial Corp. (a)........ 179 992 Oritani Financial Corp. (a)...... 57 701 PFF Bancorp, Inc. ............... 106 1,276 Provident Financial Services, Inc. .......................... 284 4,095 Provident New York Bancorp....... 198 2,558 Radian Group, Inc. .............. 409 4,777 Roma Financial Corp. ............ 48 753 The PMI Group, Inc. ............. 401 5,325 TierOne Corp. ................... 84 1,860 Triad Guaranty, Inc. (a)......... 57 559 TrustCo Bank Corp. NY............ 386 3,829 United Community Financial Corp. ......................... 130 718 Washington Federal, Inc. ........ 439 9,267 Wauwatosa Holdings, Inc. (a)..... 48 615 WSFS Financial Corp. ............ 29 1,456 ---------- 108,478 ---------- TOBACCO -- 0.1% Alliance One International, Inc. (a)............................ 498 2,027 Universal Corp. ................. 140 7,171 Vector Group, Ltd. .............. 175 3,510 ---------- 12,708 ---------- TRADING COMPANIES & DISTRIBUTORS -- 0.8% Aircastle, Ltd. ................. 219 5,766 Applied Industrial Technologies, Inc. .......................... 205 5,949 Beacon Roofing Supply, Inc. (a).. 232 1,953 BlueLinx Holdings, Inc. ......... 54 212 GATX Corp. ...................... 210 7,703 H&E Equipment Services, Inc. (a)............................ 94 1,775 Interline Brands, Inc. (a)....... 156 3,418 Kaman Corp. (Class A)............ 127 4,675 Lawson Products, Inc. ........... 22 834 MSC Industrial Direct Co., Inc. (Class A)...................... 233 9,430 Rush Enterprises, Inc. (a)....... 175 3,181 TAL International Group, Inc. ... 91 2,072 Textainer Group Holdings, Ltd. .. 45 654 UAP Holding Corp. ............... 265 10,229 United Rentals, Inc. (a)......... 392 7,197 Watsco, Inc. .................... 127 4,669 Wesco International, Inc. (a).... 222 8,800 ---------- 78,517 ---------- TRANSPORTATION INFRASTRUCTURE -- 0.1% Macquarie Infrastructure Co. LLC............................ 221 8,957 ---------- WATER UTILITIES -- 0.2% American States Water Co. ....... 83 3,128 Aqua America, Inc. .............. 667 14,140
See accompanying notes to financial statements. 58 SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- California Water Service Group... 98 $ 3,628 SJW Corp. ....................... 69 2,392 ---------- 23,288 ---------- WIRELESS TELECOMMUNICATION SERVICES -- 0.4% Centennial Communications Corp. (a)............................ 328 3,047 FiberTower Corp. (a)............. 437 996 ICO Global Communications Holdings, Ltd.(a).............. 521 1,657 iPCS, Inc. ...................... 61 2,195 Rural Cellular Corp. (a)......... 55 2,425 SBA Communications Corp. (a)..... 497 16,819 SunCom Wireless Holdings, Inc. (a)............................ 41 1,094 Syniverse Holdings, Inc. (a)..... 133 2,072 TerreStar Corp. (a).............. 293 2,124 USA Mobility, Inc. (a)........... 122 1,745 Virgin Mobile USA, Inc. (Class A)(a).......................... 138 1,227 ---------- 35,401 ---------- TOTAL COMMON STOCKS -- (Cost $10,412,240)............. 9,188,550 ---------- WARRANTS -- 0.0% COMMUNICATIONS EQUIPMENT -- 0.0% Pegasus Wireless Corp. (a) (Cost $0)...................... 97 0 ---------- SHORT TERM INVESTMENTS -- 0.6% MONEY MARKET FUND -- 0.6% STIC Prime Portfolio (Cost $53,866)................. 53,866 53,866 ---------- TOTAL INVESTMENTS -- 100.4% (Cost $10,466,106)............. 9,242,416 OTHER ASSETS AND LIABILITIES -- (0.4)%.......... (32,991) ---------- NET ASSETS -- 100.0%............. $9,209,425 ==========
(a) Non-income producing security See accompanying notes to financial statements. 59 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% AEROSPACE & DEFENSE -- 1.9% AAR Corp. (a).................. 3,454 $ 131,356 American Science & Engineering, Inc. ........................ 910 51,642 Argon ST, Inc. (a)............. 1,218 22,606 BE Aerospace, Inc. (a)......... 8,393 443,990 Ceradyne, Inc. (a)............. 2,380 111,693 DynCorp International, Inc. (a).......................... 2,232 59,996 Hexcel Corp. (a)............... 8,542 207,400 Innovative Solutions & Support, Inc. (a)..................... 927 8,983 Ionatron, Inc. (a)............. 3,617 10,345 Moog, Inc. (a)................. 3,657 167,527 MTC Technologies, Inc. (a)..... 865 20,327 Orbital Sciences Corp. (a)..... 5,376 131,820 Taser International, Inc. (a).. 6,026 86,714 Teledyne Technologies, Inc. (a).......................... 2,947 157,163 TransDigm Group, Inc. (a)...... 2,329 105,201 ----------- 1,716,763 ----------- AIR FREIGHT & LOGISTICS -- 0.4% ABX Air, Inc. (a).............. 4,818 20,140 Forward Air Corp. ............. 2,753 85,811 HUB Group, Inc. (Class A) (a).. 3,471 92,259 UTI Worldwide, Inc. ........... 7,907 154,977 ----------- 353,187 ----------- AIRLINES -- 0.8% AirTran Holdings, Inc. (a)..... 8,583 61,454 Allegiant Travel Co. (a)....... 1,274 40,946 Continental Airlines, Inc. (Class B) (a)................ 9,091 202,275 ExpressJet Holdings, Inc. (a).. 4,814 11,939 JetBlue Airways Corp. (a)...... 15,983 94,300 Republic Airways Holdings, Inc. (a).......................... 3,506 68,682 SkyWest, Inc. ................. 5,824 156,374 US Airways Group, Inc. (a)..... 7,632 112,267 ----------- 748,237 ----------- AUTO COMPONENTS -- 0.4% Drew Industries, Inc. (a)...... 1,715 46,991 Gentex Corp. .................. 13,500 239,895 Tenneco Automotive, Inc. (a)... 4,137 107,852 ----------- 394,738 ----------- AUTOMOBILES -- 0.3% Fleetwood Enterprises, Inc. (a).......................... 6,056 36,215 Thor Industries, Inc. ......... 3,604 136,988 Winnebago Industries, Inc. .... 2,817 59,213 ----------- 232,416 ----------- BEVERAGES -- 0.3% Boston Beer Co., Inc. (a)...... 875 32,944 Central European Distribution Corp. (a).................... 2,942 170,871 Coca-Cola Hellenic Bottling Co. SA........................... 356 20,961 ----------- 224,776 ----------- BIOTECHNOLOGY -- 4.9% Affymax, Inc. (a).............. 513 11,471 Alexion Pharmaceuticals, Inc. (a).......................... 3,491 261,930 Alkermes, Inc. (a)............. 9,137 142,446 Alnylam Pharmaceuticals, Inc. (a).......................... 2,722 79,156 Altus Pharmaceuticals, Inc. (a).......................... 2,536 13,136 Applera Corp. -- Celera Genomics Group(a)............ 7,134 113,217 Arena Pharmaceuticals, Inc. (a).......................... 6,802 53,260 Ariad Pharmaceuticals, Inc. (a).......................... 6,077 25,827 BioMarin Pharmaceuticals, Inc. (a).......................... 8,746 309,608 Cepheid, Inc. (a).............. 4,888 128,799 Cubist Pharmaceuticals, Inc. (a).......................... 5,223 107,124 CV Therapeutics, Inc. (a)...... 5,314 48,092 Dendreon Corp. (a)............. 8,034 49,971 Enzon Pharmaceuticals, Inc. (a).......................... 3,913 37,291 Geron Corp. (a)................ 7,403 42,049 GTx, Inc. (a).................. 1,469 21,080 Halozyme Therapeutics, Inc. (a).......................... 6,230 44,295 Human Genome Sciences, Inc. (a).......................... 12,659 132,160 ImClone Systems, Inc. (a)...... 5,583 240,069 InterMune, Inc. (a)............ 2,912 38,817 Isis Pharmaceuticals, Inc. (a).......................... 7,763 122,267 Keryx Biopharmaceuticals, Inc. (a).......................... 3,446 28,946 Lexicon Genetics, Inc. (a)..... 9,517 28,836 Life Cell Corp. (a)............ 3,074 132,520 Ligand Pharmaceuticals, Inc. (Class B).................... 6,670 32,216 MannKind Corp. (a)............. 4,722 37,587 Martek Biosciences Corp. (a)... 3,053 90,308 Maxygen, Inc. (a).............. 2,620 21,039 Medarex, Inc. (a).............. 11,396 118,746 Momenta Pharmaceuticals, Inc. (a).......................... 2,309 16,486 Myriad Genetics, Inc. (a)...... 4,079 189,347 Neurocrine Biosciences, Inc. (a).......................... 3,380 15,345 Onyx Pharmaceuticals, Inc. (a).......................... 5,023 279,379 Opko Health, Inc. (a).......... 8,792 25,057 OSI Pharmaceuticals, Inc. (a).. 5,351 259,577 PDL BioPharma, Inc. (a)........ 10,594 185,607 Pharmion Corp. (a)............. 2,795 175,694 Progenics Pharmaceuticals, Inc. (a).......................... 2,040 36,863 Regeneron Pharmaceuticals, Inc. (a).......................... 5,998 144,852 Savient Pharmaceuticals, Inc. (a).......................... 4,880 112,094 Seattle Genetics, Inc. (a)..... 4,354 49,636 Theravance, Inc. (a)........... 4,955 96,622 United Therapeutics Corp. (a).. 1,823 178,016 Vanda Pharmaceuticals, Inc. (a).......................... 2,001 13,767 Zymogenetics, Inc. (a)......... 3,388 39,538 ----------- 4,330,143 ----------- BUILDING PRODUCTS -- 0.2% Builders FirstSource, Inc. (a).......................... 1,822 13,155 Goodman Global, Inc. (a)....... 2,874 70,528 Griffon Corp. (a).............. 2,431 30,266 PGT, Inc. (a).................. 1,103 5,250 Simpson Manufacturing Co., Inc. ........................ 3,369 89,582 Trex Co., Inc. (a)............. 1,120 9,531 ----------- 218,312 ----------- CAPITAL MARKETS -- 1.0% Affiliated Managers Group, Inc. (a).......................... 2,694 316,437 Calamos Asset Management, Inc. (Class B).................... 2,069 61,615 GFI Group, Inc. (a)............ 1,513 144,824 Greenhill & Co., Inc. ......... 773 51,389 KBW, Inc. (a).................. 2,735 69,989 optionsXpress Holdings, Inc. .. 4,282 144,817 Penson Worldwide, Inc. (a)..... 1,592 22,845
See accompanying notes to financial statements. 60 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Pzena Investment Management, Inc. (Class A)............... 542 $ 6,179 TradeStation Group, Inc. (a)... 3,084 43,824 ----------- 861,919 ----------- CHEMICALS -- 1.2% American Vanguard Corp. ....... 1,623 28,159 Flotek Industries, Inc. (a).... 1,628 58,673 Nalco Holding Co. ............. 13,167 318,378 PolyOne Corp. (a).............. 8,158 53,680 Rockwood Holdings, Inc. (a).... 2,226 73,948 Symyx Technologies, Inc. (a)... 3,157 24,246 Terra Industries, Inc. (a)..... 8,141 388,814 Zep, Inc. (a).................. 2,109 29,252 Zoltek Cos., Inc. (a).......... 2,568 110,090 ----------- 1,085,240 ----------- COMMERCIAL BANKS -- 0.9% Bank of the Ozarks, Inc. ...... 1,123 29,423 Boston Private Financial Holdings, Inc. .............. 3,481 94,266 Cascade Bancorp................ 1,932 26,893 CoBiz, Inc. ................... 1,708 25,398 East West Bancorp, Inc. ....... 5,502 133,313 Hanmi Financial Corp. ......... 4,376 37,721 Nara Bancorp, Inc. ............ 1,964 22,920 PrivateBancorp, Inc. .......... 2,083 68,010 Signature Bank(a).............. 2,740 92,475 Texas Capital Bancshares, Inc. (a).......................... 2,399 43,782 UCBH Holdings, Inc. ........... 9,382 132,849 United Community Banks, Inc. .. 4,631 73,170 Virginia Commerce Bancorp, Inc. (a).......................... 1,821 21,360 Western Alliance Bancorp(a).... 2,226 41,782 ----------- 843,362 ----------- COMMERCIAL SERVICES & SUPPLIES -- 4.9% ACCO Brands Corp. (a).......... 5,080 81,483 Administaff, Inc. ............. 2,251 63,658 Advisory Board Co. (a)......... 1,743 111,883 American Reprographics Co. (a).......................... 3,439 56,675 CBIZ, Inc. (a)................. 4,658 45,695 Cenveo, Inc. (a)............... 4,743 82,860 Clean Harbors, Inc. (a)........ 1,611 83,289 Comfort Systems USA, Inc. ..... 3,984 50,916 Copart, Inc. (a)............... 6,124 260,576 Corrections Corp. of America(a)................... 11,132 328,505 CoStar Group, Inc. (a)......... 1,826 86,278 Covanta Holding Corp. (a)...... 10,050 277,983 CRA International, Inc. (a).... 946 45,039 Diamond Management & Technology Consultants, Inc. ........... 2,812 20,443 EnergySolutions, Inc. (a)...... 2,692 72,657 First Advantage Corp. (Class A) (a).......................... 655 10,788 FTI Consulting, Inc. (a)....... 4,359 268,689 Fuel Tech, Inc. (a)............ 1,616 36,602 Healthcare Services Group, Inc. ........................ 3,616 76,587 Hudson Highland Group, Inc. (a).......................... 2,349 19,755 Huron Consulting Group, Inc. (a).......................... 1,681 135,539 IHS, Inc. (a).................. 2,802 169,689 Innerworkings, Inc. (a)........ 2,636 45,497 Interface, Inc. (Class A)...... 5,153 84,097 Kenexa Corp. (a)............... 2,119 41,151 Kforce, Inc. (a)............... 3,627 35,363 Knoll, Inc. ................... 4,723 77,599 Korn/Ferry International(a).... 4,280 80,550 Layne Christensen Co. (a)...... 1,704 83,854 LECG Corp. (a)................. 2,099 31,611 M&F Worldwide Corp. (a)........ 1,162 62,574 Mine Safety Appliances Co. .... 2,124 110,172 Mobile Mini, Inc. (a).......... 3,385 62,758 Navigant Consulting, Inc. (a).. 4,673 63,880 Pike Electric Corp. (a)........ 1,535 25,727 Resources Connection, Inc. .... 4,389 79,704 Rollins, Inc. ................. 4,722 90,653 RSC Holdings, Inc. (a)......... 4,563 57,266 Schawk, Inc. .................. 1,090 16,917 Spherion Corp. (a)............. 5,039 36,684 Steelcase, Inc. (Class A)...... 5,884 93,379 TeleTech Holdings, Inc. (a).... 3,787 80,549 Tetra Tech, Inc. (a)........... 5,189 111,563 The Corporate Executive Board Co. ......................... 3,328 200,013 The Geo Group, Inc. (a)........ 4,519 126,532 TrueBlue, Inc. (a)............. 4,385 63,495 Waste Connections, Inc. (a).... 6,273 193,836 ----------- 4,341,013 ----------- COMMUNICATIONS EQUIPMENT -- 3.9% Acme Packet, Inc. (a).......... 2,169 27,308 ADC Telecommunications, Inc. (a).......................... 10,669 165,903 Adtran, Inc. .................. 5,327 113,891 Airvana, Inc. (a).............. 712 3,866 Arris Group, Inc. (a).......... 12,085 120,612 Aruba Networks, Inc. (a)....... 3,072 45,803 Avocent Corp. (a).............. 4,251 99,091 BigBand Networks, Inc. (a)..... 2,419 12,434 Blue Coat Systems, Inc. (a).... 2,866 94,205 CIENA Corp. (a)................ 7,762 264,762 CommScope, Inc. (a)............ 6,076 299,000 Comtech Telecommunications Corp. (a).................... 2,162 116,770 Extreme Networks, Inc. (a)..... 11,247 39,814 F5 Networks, Inc. (a).......... 7,890 225,023 Finisar Corp. (a).............. 22,159 32,130 Foundry Networks, Inc. (a)..... 12,200 213,744 Harmonic, Inc. (a)............. 8,706 91,239 Harris Stratex Networks, Inc. (a).......................... 2,088 34,870 Hughes Communications, Inc. (a).......................... 564 30,800 Infinera Corp. (a)............. 6,841 101,520 InterDigital, Inc. (a)......... 4,424 103,212 Ixia(a)........................ 3,222 30,545 Loral Space & Communications, Ltd. (a)..................... 1,143 39,148 Netgear, Inc. (a).............. 3,286 117,212 Neutral Tandem, Inc. (a)....... 627 11,925 Nextwave Wireless, Inc. (a).... 4,656 25,049 OpNext, Inc. (a)............... 1,940 17,169 Packeteer, Inc. (a)............ 3,224 19,860 Plantronics, Inc. ............. 4,638 120,588 Polycom, Inc. (a).............. 8,358 232,185 Powerwave Technologies, Inc. (a).......................... 10,035 40,441 Riverbed Technology, Inc. (a).. 4,747 126,935 ShoreTel, Inc. (a)............. 705 9,849 Sonus Networks, Inc. (a)....... 25,073 146,176 Starent Networks Corp. (a)..... 2,828 51,611
See accompanying notes to financial statements. 61 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Symmetricom, Inc. (a).......... 4,108 $ 19,349 Tekelec(a)..................... 5,314 66,425 Utstarcom, Inc. (a)............ 9,423 25,913 Viasat, Inc. (a)............... 2,476 85,249 ----------- 3,421,626 ----------- COMPUTERS & PERIPHERALS -- 1.1% Avid Technology, Inc. (a)...... 3,973 112,595 Brocade Communications Systems, Inc. (a)..................... 35,542 260,878 Data Domain, Inc. (a).......... 1,287 33,900 Hypercom Corp. (a)............. 4,502 22,420 Intermec, Inc. (a)............. 4,238 86,074 Isilon Systems, Inc. (a)....... 2,215 11,252 Novatel Wireless, Inc. (a)..... 3,161 51,208 Palm, Inc. .................... 9,144 57,973 QLogic Corp. (a)............... 12,442 176,676 Rackable Systems, Inc. (a)..... 2,555 25,550 Stratasys, Inc. (a)............ 1,944 50,233 Synaptics, Inc. (a)............ 2,333 96,026 ----------- 984,785 ----------- CONSTRUCTION & ENGINEERING -- 0.8% Aecom Technology Corp. (a)..... 6,889 196,819 Perini Corp. (a)............... 2,208 91,455 Quanta Services, Inc. (a)...... 15,618 409,816 ----------- 698,090 ----------- CONSTRUCTION MATERIALS -- 0.2% Eagle Materials, Inc. ......... 4,001 141,955 Headwaters, Inc. (a)........... 3,747 43,990 ----------- 185,945 ----------- CONSUMER FINANCE -- 0.4% Cardtronics, Inc. (a).......... 876 8,856 Cash America International, Inc. ........................ 2,864 92,507 CompuCredit Corp. (a).......... 2,877 28,713 Credit Acceptance Corp. (a).... 181 3,741 Dollar Financial Corp. (a)..... 2,084 63,958 Ezcorp, Inc. (a)............... 3,622 40,892 First Cash Financial Services, Inc. (a)..................... 2,604 38,227 Nelnet, Inc. .................. 1,900 24,149 World Acceptance Corp. (a)..... 1,395 37,637 ----------- 338,680 ----------- CONTAINERS & PACKAGING -- 0.4% Graphic Packaging Corp. (a).... 5,841 21,554 Greif, Inc. (Class A).......... 2,884 188,527 Myers Industries, Inc. ........ 2,496 36,117 Silgan Holdings, Inc. ......... 2,313 120,137 ----------- 366,335 ----------- DISTRIBUTORS -- 0.3% LKQ Corp. (a).................. 11,046 232,187 ----------- DIVERSIFIED CONSUMER SERVICES -- 2.0% American Public Education, Inc. (a).......................... 477 19,929 Bright Horizons Family Solutions, Inc. (a).......... 2,522 87,110 Capella Education Co. (a)...... 896 58,652 Career Education Corp. (a)..... 8,565 215,324 Coinstar, Inc. (a)............. 2,356 66,321 Corinthian Colleges, Inc. (a).. 7,635 117,579 DeVry, Inc. ................... 5,617 291,859 INVESTools, Inc. (a)........... 4,485 79,564 Jackson Hewitt Tax Service, Inc. ........................ 2,685 85,249 Lincoln Educational Services Corp. (a).................... 225 3,312 Matthews International Corp. (Class A).................... 2,843 133,252 Pre-Paid Legal Services, Inc. (a).......................... 810 44,834 Sotheby's Holdings, Inc. ...... 6,093 232,143 Steiner Leisure, Ltd. (a)...... 1,507 66,549 Strayer Education, Inc. ....... 1,376 234,718 Universal Technical Institute, Inc. (a)..................... 2,124 36,108 ----------- 1,772,503 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.7% Asset Acceptance Capital Corp. ....................... 1,557 16,208 MarketAxess Holdings, Inc. (a).......................... 2,898 37,181 NewStar Financial, Inc. (a).... 3,395 28,111 Portfolio Recovery Associates, Inc. ........................ 1,527 60,576 The Nasdaq Stock Market, Inc. (a).......................... 9,757 482,874 ----------- 624,950 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.1% Cbeyond, Inc. (a).............. 1,978 77,122 Cincinnati Bell, Inc. (a)...... 23,532 111,777 Cogent Communications Group, Inc. (a)..................... 4,668 110,678 Covad Communications Group, Inc. (a)..................... 26,421 22,722 General Communication, Inc. (Class A) (a)................ 4,183 36,601 Global Crossing, Ltd. (a)...... 2,329 51,355 Globalstar, Inc. (a)........... 2,084 16,672 NTELOS Holdings Corp. ......... 2,771 82,271 Paetec Holding Corp. (a)....... 7,871 76,742 Premiere Global Services, Inc. (a).......................... 5,423 80,532 Time Warner Telecom, Inc. (Class A) (a)................ 13,263 269,106 Vonage Holdings Corp. (a)...... 3,580 8,234 ----------- 943,812 ----------- ELECTRIC UTILITIES -- 0.3% ITC Holdings Corp. ............ 4,007 226,075 ----------- ELECTRICAL EQUIPMENT -- 1.5% Acuity Brands, Inc. ........... 3,830 172,350 Advanced Battery Technologies, Inc. (a)..................... 3,954 18,584 American Superconductor Corp. (a).......................... 3,657 99,982 Encore Wire Corp. ............. 1,494 23,785 Energy Conversion Devices, Inc. (a).......................... 3,780 127,197 EnerSys(a)..................... 3,509 87,585 Evergreen Solar, Inc. (a)...... 8,767 151,406 Franklin Electric Co., Inc. ... 1,571 60,122 FuelCell Energy, Inc. (a)...... 6,450 63,984 General Cable Corp. (a)........ 4,806 352,184 II-VI, Inc. (a)................ 2,291 69,990 Medis Technologies, Ltd. (a)... 1,965 30,320 Plug Power, Inc. (a)........... 5,791 22,874 Power-One, Inc. (a)............ 6,674 26,629 Vicor Corp. ................... 1,676 26,129 ----------- 1,333,121 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.2% Benchmark Electronics, Inc. (a).......................... 6,511 115,440 Brightpoint, Inc. (a).......... 4,785 73,498 Cogent, Inc. (a)............... 3,589 40,017 Cognex Corp. .................. 3,830 77,175 CTS Corp. ..................... 3,183 31,607
See accompanying notes to financial statements. 62 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Daktronics, Inc. .............. 3,623 $ 81,771 Dolby Laboratories, Inc. (a)... 4,024 200,073 Echelon Corp. (a).............. 2,792 57,627 FARO Technologies, Inc. (a).... 1,544 41,966 FLIR Systems, Inc. (a)......... 12,148 380,233 ICx Technologies, Inc. (a)..... 470 4,521 Insight Enterprises, Inc. (a).. 4,746 86,567 IPG Photonics Corp. (a)........ 1,692 33,823 Itron, Inc. (a)................ 2,791 267,852 L-1 Identity Solutions, Inc. (a).......................... 6,314 113,336 Measurement Specialties, Inc. (a).......................... 1,174 25,945 Mercury Computer System, Inc. (a).......................... 1,975 31,817 Mettler Toledo International, Inc. (a)..................... 3,335 379,523 MTS Systems Corp. ............. 1,690 72,112 Multi-Fineline Electronix, Inc. (a).......................... 783 13,577 National Instruments Corp. .... 5,329 177,616 Rofin-Sinar Technologies, Inc. (a).......................... 2,763 132,928 Rogers Corp. (a)............... 1,720 74,597 Sanmina-SCI Corp. (a).......... 51,174 93,137 Scansource, Inc. (a)........... 2,480 80,228 Smart Modular Technologies (WWH), Inc. (a).............. 3,255 33,136 TTM Technologies, Inc. (a)..... 3,729 43,480 Universal Display Corp. (a).... 3,084 63,746 ----------- 2,827,348 ----------- ENERGY EQUIPMENT & SERVICES -- 4.6% Allis-Chalmers Energy, Inc. (a).......................... 2,902 42,804 Atwood Oceanics, Inc. (a)...... 2,513 251,903 Basic Energy Services, Inc. (a).......................... 2,100 46,095 Cal Dive International, Inc. (a).......................... 3,767 49,875 CARBO Ceramics, Inc. .......... 2,000 74,400 Complete Production Services, Inc. (a)..................... 3,879 69,706 Dresser-Rand Group, Inc. (a)... 7,773 303,536 Dril-Quip, Inc. (a)............ 2,546 141,710 Exterran Partners LP........... 1,094 35,106 Global Industries, Ltd. (a).... 7,935 169,968 Grey Wolf, Inc. (a)............ 17,577 93,685 Helix Energy Solutions Group, Inc. (a)..................... 7,597 315,275 Helmerich & Payne, Inc. ....... 8,709 348,970 Hercules Offshore, Inc. (a).... 8,349 198,539 Hornbeck Offshore Services, Inc. (a)..................... 2,228 100,149 ION Geophysical Corp. (a)...... 6,623 104,511 Key Energy Services, Inc. (a).. 12,451 179,170 NATCO Group, Inc. (a).......... 1,469 79,546 Newpark Resources, Inc. (a).... 7,947 43,311 Oceaneering International, Inc. (a).......................... 5,008 337,289 Oil States International, Inc. (a).......................... 4,527 154,461 Parker Drilling Co. (a)........ 10,922 82,461 Pioneer Drilling Co. (a)....... 4,719 56,062 RPC, Inc. ..................... 3,560 41,688 Superior Energy Services, Inc. (a).......................... 7,322 252,023 Superior Well Services, Inc. (a).......................... 998 21,178 Tetra Technologies, Inc. (a)... 7,129 110,999 Unit Corp. (a)................. 4,224 195,360 W-H Energy Services, Inc. (a).. 2,725 153,172 ----------- 4,052,952 ----------- FOOD & STAPLES RETAILING -- 0.5% Pantry, Inc. (a)............... 2,118 55,343 Pricesmart, Inc. .............. 1,174 35,291 Rite Aid Corp. (a)............. 48,870 136,347 The Andersons, Inc. ........... 1,665 74,592 United Natural Foods, Inc. (a).......................... 3,512 111,401 ----------- 412,974 ----------- FOOD PRODUCTS -- 0.5% B&G Foods, Inc. ............... 3,508 35,817 Darling International, Inc. (a).......................... 6,973 80,608 Flowers Foods, Inc. ........... 7,969 186,554 Green Mountain Coffee Roasters, Inc. (a)..................... 1,725 70,208 J&J Snack Foods Corp. ......... 1,248 39,037 Seaboard Corp. ................ 33 48,510 ----------- 460,734 ----------- GAS UTILITIES -- 0.0% (B) Spectra Energy Partners LP..... 996 23,864 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 5.8% Accuray, Inc. (a).............. 3,645 55,477 Align Technology, Inc. (a)..... 5,366 89,505 American Medical Systems Holdings, Inc. (a)........... 6,801 98,343 Arthrocare Corp. (a)........... 2,593 124,594 Aspect Medical Systems, Inc. (a).......................... 1,044 14,616 Cyberonics, Inc. (a)........... 1,515 19,937 Edwards Lifesciences Corp. (a).......................... 5,361 246,552 ev3, Inc. (a).................. 5,644 71,735 Gen-Probe, Inc. (a)............ 4,959 312,070 Greatbatch, Inc. (a)........... 1,979 39,560 Haemonetics Corp. (a).......... 2,304 145,198 Hologic, Inc. (a).............. 11,486 788,399 I-Flow Corp. (a)............... 2,138 33,738 ICU Medical, Inc. (a).......... 1,199 43,176 IDEXX Laboratories, Inc. (a)... 5,623 329,677 Immucor, Inc. (a).............. 6,458 219,507 Integra LifeSciences Holdings Corp. (a).................... 1,699 71,239 Inverness Medical Innovations, Inc. (a)..................... 6,741 378,709 Kensey Nash Corp. (a).......... 1,003 30,010 Masimo Corp. (a)............... 1,072 42,290 Mentor Corp. .................. 3,211 125,550 Meridian Bioscience, Inc. ..... 3,457 103,987 Merit Medical Systems, Inc. (a).......................... 2,418 33,610 NuVasive, Inc. (a)............. 3,240 128,045 OraSure Technologies, Inc. (a).......................... 4,199 37,329 Palomar Medical Technologies, Inc. (a)..................... 1,465 22,444 ResMed, Inc. (a)............... 7,163 376,272 Respironics, Inc. (a).......... 6,656 435,835 Sirona Dental Systems, Inc. (a).......................... 1,562 52,296 SonoSite, Inc. (a)............. 1,562 52,593 SurModics, Inc. (a)............ 1,426 77,389 Symmetry Medical, Inc. (a)..... 3,068 53,475 Thoratec Corp. (a)............. 5,205 94,679 TomoTherapy, Inc. (a).......... 2,174 42,524 Trans1, Inc. (a)............... 557 9,174 Vital Signs, Inc. ............. 712 36,397 Volcano Corp. (a).............. 2,978 37,255 West Pharmaceutical Services, Inc. ........................ 2,990 121,364 Wright Medical Group, Inc. (a).......................... 3,343 97,515 ----------- 5,092,065 -----------
See accompanying notes to financial statements. 63 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- HEALTH CARE PROVIDERS & SERVICES -- 4.1% Alliance Imaging, Inc. (a)..... 2,177 $ 20,943 Amedisys, Inc. (a)............. 2,326 112,858 AMERIGROUP Corp. (a)........... 4,745 172,955 AMN Healthcare Services, Inc. (a).......................... 3,276 56,249 Amsurg Corp. (a)............... 2,819 76,282 Apria Healthcare Group, Inc. (a).......................... 4,159 89,710 Assisted Living Concepts, Inc. (a).......................... 5,328 39,960 athenahealth, Inc. (a)......... 603 21,708 Centene Corp. (a).............. 4,098 112,449 Chemed Corp. .................. 2,254 125,954 Cross Country Healthcare, Inc. (a).......................... 2,660 37,878 Emeritus Corp. (a)............. 2,056 51,708 Genoptix, Inc. (a)............. 470 14,429 Gentiva Health Services, Inc. (a).......................... 2,331 44,382 HealthExtras, Inc. (a)......... 3,138 81,839 Healthsouth Corp. (a).......... 7,104 149,184 Healthspring, Inc. (a)......... 4,907 93,478 Healthways, Inc. (a)........... 3,323 194,196 HMS Holdings Corp. (a)......... 2,170 72,066 inVentiv Health, Inc. (a)...... 3,109 96,255 LCA-Vision, Inc. .............. 1,820 36,345 Matria Healthcare, Inc. (a).... 1,904 45,258 Medcath Corp. (a).............. 1,268 31,142 Molina Healthcare, Inc. (a).... 1,342 51,936 National Healthcare Corp. ..... 733 37,896 Nighthawk Radiology Holdings, Inc. (a)..................... 1,940 40,837 Odyssey Healthcare, Inc. (a)... 3,004 33,224 Pediatrix Medical Group, Inc. (a).......................... 4,458 303,813 PSS World Medical, Inc. (a).... 5,807 113,643 Psychiatric Solutions, Inc. (a).......................... 4,899 159,218 Radiation Therapy Services, Inc. (a)..................... 1,157 35,763 Res-Care, Inc. (a)............. 2,438 61,340 Sierra Health Services, Inc. (a).......................... 4,599 192,974 Skilled Healthcare Group, Inc. (Class A) (a)................ 1,951 28,543 Sun Healthcare Group, Inc. (a).......................... 3,808 65,383 Sunrise Assisted Living, Inc. (a).......................... 3,963 121,585 Triple-S Management Corp. (Class B).................... 1,156 23,363 Universal American Financial Corp. (a).................... 3,982 101,899 VCA Antech, Inc. (a)........... 7,579 335,219 Virtual Radiologic Corp(a)..... 260 5,273 WellCare Health Plans, Inc. (a).......................... 3,737 158,486 ----------- 3,647,623 ----------- HEALTH CARE TECHNOLOGY -- 0.8% Allscripts Healthcare Solutions, Inc. (a).......... 5,362 104,130 Eclipsys Corp. (a)............. 4,401 111,389 HLTH Corp. (a)................. 16,546 221,717 MedAssets, Inc. (a)............ 1,464 35,048 Omnicell, Inc. (a)............. 3,246 87,415 Phase Forward, Inc. (a)........ 3,964 86,217 The TriZetto Group, Inc. (a)... 4,276 74,274 ----------- 720,190 ----------- HOTELS, RESTAURANTS & LEISURE -- 3.5% Ambassadors Group, Inc. ....... 1,585 29,021 Ameristar Casinos, Inc. ....... 2,196 60,478 Bally Technologies, Inc. (a)... 4,634 230,403 BJ's Restaurants, Inc. (a)..... 1,589 25,837 Buffalo Wild Wings, Inc. (a)... 1,540 35,759 Burger King Holdings, Inc. .... 4,821 137,447 California Pizza Kitchen, Inc. (a).......................... 2,618 40,762 CEC Entertainment, Inc. (a).... 2,619 67,989 Chipotle Mexican Grill, Inc. (a).......................... 2,968 436,504 Choice Hotels International, Inc. ........................ 3,057 101,492 CKE Restaurants, Inc. ......... 4,679 61,763 Gaylord Entertainment Co. (a).. 3,889 157,388 Great Wolf Resorts, Inc. (a)... 2,715 26,634 Jamba, Inc. (a)................ 1,890 6,993 Krispy Kreme Doughnuts, Inc. (a).......................... 5,336 16,862 Life Time Fitness, Inc. (a).... 3,102 154,107 Morgans Hotel Group Co. (a).... 3,119 60,134 Multimedia Games, Inc. (a)..... 2,262 18,865 O'Charleys, Inc. .............. 2,078 31,129 Orient-Express Hotels, Ltd. (Class A).................... 3,598 206,957 P F Chang's China Bistro, Inc. (a).......................... 2,412 55,090 Panera Bread Co. (Class A) (a).......................... 3,055 109,430 Papa John's International, Inc. (a).......................... 1,920 43,584 Peet's Coffee & Tea, Inc. (a).. 1,185 34,448 Pinnacle Entertainment, Inc. (a).......................... 5,638 132,831 Red Robin Gourmet Burgers, Inc. (a).......................... 1,457 46,609 Ruby Tuesday, Inc. ............ 4,964 48,399 Ruth's Chris Steak House, Inc. (a).......................... 1,527 13,651 Scientific Games Corp. (Class A) (a)....................... 6,339 210,772 Shuffle Master, Inc. (a)....... 3,123 37,445 Sonic Corp. (a)................ 5,444 119,224 Texas Roadhouse, Inc. (Class A) (a).......................... 5,240 57,954 The Cheesecake Factory, Inc. (a).......................... 6,172 146,338 The Steak n Shake Co. (a)...... 2,261 24,645 WMS Industries, Inc. (a)....... 4,134 151,470 ----------- 3,138,414 ----------- HOUSEHOLD DURABLES -- 0.6% Brookfield Homes Corp. ........ 1,055 16,669 Champion Enterprises, Inc. (a).......................... 7,173 67,570 Hovnanian Enterprises, Inc. (a).......................... 4,440 31,835 iRobot Corp. (a)............... 1,332 24,083 Jarden Corp. (a)............... 6,304 148,837 Sealy Corp. ................... 4,142 46,349 Tempur-Pedic International, Inc. ........................ 6,393 166,026 ----------- 501,369 ----------- HOUSEHOLD PRODUCTS -- 0.4% Church & Dwight Co., Inc. ..... 6,019 325,448 Spectrum Brands, Inc. (a)...... 3,504 18,676 ----------- 344,124 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% Ormat Technologies, Inc. ...... 1,544 84,935 ----------- INDUSTRIAL CONGLOMERATES -- 0.3% Raven Industries, Inc. ........ 1,715 65,839 Walter Industries, Inc. ....... 4,724 169,733 ----------- 235,572 ----------- INSURANCE -- 1.0% American Equity Investment Life Holding Co. ................. 4,789 39,701 Darwin Professional Underwriters, Inc. (a)....... 822 19,868 eHealth, Inc. (a).............. 1,077 34,582 First Acceptance Corp. (a)..... 1,577 6,655
See accompanying notes to financial statements. 64 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- HCC Insurance Holdings, Inc. .. 10,195 $ 292,392 National Financial Partners Corp. ....................... 3,524 160,730 National Interstate Corp. ..... 640 21,184 Philadelphia Consolidated Holding Co. (a).............. 5,494 216,189 Tower Group, Inc. ............. 1,965 65,631 ----------- 856,932 ----------- INTERNET & CATALOG RETAIL -- 1.0% 1-800-FLOWERS.COM, Inc. (Class A) (a)....................... 2,065 18,028 Blue Nile, Inc. (a)............ 1,379 93,855 FTD Group, Inc. ............... 1,707 21,986 GSI Commerce, Inc. (a)......... 1,701 33,170 Netflix, Inc. (a).............. 4,678 124,528 Nutri/System, Inc. (a)......... 3,135 84,582 Orbitz Worldwide, Inc. (a)..... 3,452 29,342 Overstock.com, Inc. (a)........ 1,159 17,999 Priceline.com, Inc. (a)........ 3,136 360,201 Shutterfly, Inc. (a)........... 1,266 32,435 Stamps.com, Inc. (a)........... 1,773 21,595 Systemax, Inc. ................ 973 19,771 ValueVision Media, Inc. (Class A) (a)....................... 2,797 17,593 ----------- 875,085 ----------- INTERNET SOFTWARE & SERVICES -- 2.8% Ariba, Inc. (a)................ 7,698 85,833 Bankrate, Inc. (a)............. 1,224 58,862 CMGI, Inc. (a)................. 4,384 57,387 CNET Networks, Inc. (a)........ 13,243 121,041 comScore, Inc. (a)............. 475 15,499 Constant Contact, Inc. (a)..... 597 12,836 DealerTrack Holdings, Inc. (a).......................... 3,633 121,597 Dice Holdings, Inc. (a)........ 1,526 12,193 Digital River, Inc. (a)........ 3,745 123,847 DivX, Inc. (a)................. 1,580 22,120 EarthLink, Inc. (a)............ 11,610 82,083 Equinix, Inc. (a).............. 2,867 289,768 Infospace, Inc. ............... 3,124 58,731 Internap Network Services Corp. (a).......................... 4,775 39,776 Interwoven, Inc. (a)........... 3,498 49,742 Ipass, Inc. (a)................ 4,956 20,121 j2 Global Communications, Inc. (a).......................... 4,724 100,007 Limelight Networks, Inc. (a)... 3,489 24,039 LoopNet, Inc. (a).............. 2,600 36,530 Marchex, Inc. (Class B)........ 2,825 30,679 Move, Inc. (a)................. 13,703 33,572 NIC, Inc. ..................... 3,493 29,481 Omniture, Inc. (a)............. 3,888 129,432 Openwave Systems, Inc. ........ 6,297 16,372 Perficient, Inc. (a)........... 2,702 42,529 RealNetworks, Inc. (a)......... 9,281 56,521 S1 Corp. (a)................... 4,926 35,960 SAVVIS, Inc. (a)............... 2,675 74,659 SonicWALL, Inc. (a)............ 6,153 65,960 Switch & Data Facilities Co., Inc. (a)..................... 1,934 30,983 TechTarget, Inc. (a)........... 687 10,154 The Knot, Inc. (a)............. 2,422 38,607 Travelzoo, Inc. (a)............ 658 9,001 Valueclick, Inc. (a)........... 9,345 204,655 Vignette Corp. (a)............. 2,608 38,103 VistaPrint, Ltd. (a)........... 3,841 164,587 WebMD Health Corp. (Class A) (a).......................... 711 29,201 Websense, Inc. (a)............. 4,284 72,742 ----------- 2,445,210 ----------- IT SERVICES -- 2.9% Acxiom Corp. .................. 6,672 78,263 Broadridge Financial Solutions, Inc. ........................ 12,578 282,125 CACI International, Inc. (Class A) (a)....................... 2,744 122,849 CIBER, Inc. (a)................ 4,738 28,949 Euronet Worldwide, Inc. (a).... 4,131 123,930 ExlService Holdings, Inc. (a).. 914 21,095 Forrester Research, Inc. (a)... 1,452 40,685 Gartner, Inc. (a).............. 6,757 118,653 Genpact, Ltd. ................. 3,154 48,035 Global Cash Access, Inc. (a)... 4,093 24,804 Heartland Payment Systems, Inc. ........................ 2,370 63,516 Hewitt Associates, Inc. (Class A) (a)....................... 8,983 343,959 Lionbridge Technologies, Inc. (a).......................... 5,306 18,836 MoneyGram International, Inc. ........................ 7,492 115,152 MPS Group, Inc. (a)............ 9,064 99,160 NeuStar, Inc. (Class A) (a).... 6,926 198,638 SAIC, Inc. (a)................. 11,675 234,901 Sapient Corp. (a).............. 7,650 67,396 SRA International, Inc. (a).... 4,058 119,508 SYKES Enterprises, Inc. (a).... 2,885 51,930 Syntel, Inc. .................. 1,092 42,064 TNS, Inc. ..................... 2,142 38,021 VeriFone Holdings, Inc. (a).... 6,244 145,173 Wright Express Corp. (a)....... 3,558 126,273 ----------- 2,553,915 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.2% Leapfrog Enterprises, Inc. (a).......................... 2,909 19,578 Marine Products Corp. ......... 1,345 9,428 MarineMax, Inc. (a)............ 1,505 23,327 Pool Corp. .................... 4,216 83,603 Smith & Wesson Holding Corp. (a).......................... 2,896 17,666 ----------- 153,602 ----------- LIFE SCIENCES TOOLS & SERVICES -- 2.1% Affymetrix, Inc. (a)........... 6,199 143,445 Albany Molecular Research, Inc. (a).......................... 2,196 31,579 AMAG Pharmaceuticals, Inc. (a).......................... 1,580 95,005 Bio-Rad Laboratories, Inc. (Class A) (a)................ 1,702 176,361 Bruker BioSciences Corp. (a)... 4,882 64,931 Dionex Corp. (a)............... 1,730 143,348 Enzo Biochem, Inc. (a)......... 3,250 41,405 eResearch Technology, Inc. (a).......................... 3,727 44,053 Exelixis, Inc. (a)............. 9,035 77,972 Illumina, Inc. (a)............. 5,115 303,115 Nektar Therapeutics(a)......... 8,253 55,378 PAREXEL International Corp. (a).......................... 2,674 129,154 PharmaNet Development Group, Inc. (a)..................... 1,628 63,834 Techne Corp. (a)............... 3,541 233,883 Ventana Medical Systems, Inc. (a).......................... 3,384 295,186 ----------- 1,898,649 ----------- MACHINERY -- 2.5% Accuride Corp. (a)............. 2,101 16,514 Actuant Corp. (Class A)........ 5,000 170,050 American Railcar Industries, Inc. ........................ 802 15,438 Astec Industries, Inc. (a)..... 1,624 60,397
See accompanying notes to financial statements. 65 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- ASV, Inc. (a).................. 1,792 $ 24,819 Blount International, Inc. (a).......................... 3,808 46,876 Bucyrus International, Inc. (Class A).................... 3,405 338,423 Chart Industries, Inc. (a)..... 2,654 82,009 CLARCOR, Inc. ................. 4,635 175,991 ESCO Technologies, Inc. (a).... 2,452 97,933 Force Protection, Inc. (a)..... 6,389 29,901 Gardner Denver, Inc. (a)....... 4,721 155,793 Graco, Inc. ................... 5,700 212,382 Middleby Corp. (a)............. 1,602 122,745 Mueller Water Products, Inc. (Class B).................... 11,122 110,886 RBC Bearings, Inc. (a)......... 2,060 89,528 The Toro Co. .................. 3,707 201,809 Titan International, Inc. ..... 2,624 82,026 Wabtec Corp. .................. 4,402 151,605 ----------- 2,185,125 ----------- MARINE -- 0.4% American Commercial Lines, Inc. (a).......................... 3,406 55,314 Excel Maritime Carriers, Ltd. ........................ 1,448 58,195 Kirby Corp. (a)................ 4,852 225,521 TBS International, Ltd. (a).... 1,090 36,035 ----------- 375,065 ----------- MEDIA -- 1.8% Arbitron, Inc. ................ 2,544 105,754 Charter Communications, Inc. (a).......................... 34,402 40,250 Cinemark Holdings, Inc. ....... 4,023 68,391 CKX, Inc. (a).................. 4,535 54,420 Crown Media Holdings, Inc. (Class A) (a)................ 893 5,805 Dolan Media Co. (a)............ 1,160 33,837 Entravision Communications Corp. (a).................... 5,566 43,582 Gemstar-TV Guide International, Inc. (a)..................... 22,411 106,676 Getty Images, Inc. (a)......... 4,670 135,430 Gray Television, Inc. ......... 3,995 32,040 Harte-Hanks, Inc. ............. 4,460 77,158 Interactive Data Corp. ........ 3,397 112,135 John Wiley & Sons, Inc. (Class A)........................... 4,716 202,033 Live Nation, Inc. (a).......... 6,608 95,948 Lodgenet Entertainment Corp. (a).......................... 1,810 31,566 Martha Stewart Living Omnimedia, Inc. (Class A) (a).......................... 2,243 20,793 Marvel Entertainment, Inc. (a).......................... 4,509 120,435 Mediacom Communications Corp. (a).......................... 4,929 22,624 Morningstar, Inc. (a).......... 1,310 101,853 National CineMedia, Inc. ...... 4,006 100,991 Primedia, Inc. ................ 1,830 15,555 Tivo, Inc. (a)................. 9,125 76,103 Warner Music Group Corp. ...... 4,083 24,743 ----------- 1,628,122 ----------- METALS & MINING -- 1.2% AK Steel Holding Corp. (a)..... 10,202 471,741 AM Castle & Co. ............... 1,720 46,767 Coeur d' Alene Mines Corp. (a).......................... 49,161 242,855 Hecla Mining Co. (a)........... 11,558 108,067 Metal Management, Inc. ........ 2,473 112,596 Royal Gold, Inc. .............. 2,454 74,896 Stillwater Mining Co. (a)...... 4,444 42,929 ----------- 1,099,851 ----------- MULTILINE RETAIL -- 0.1% 99 Cents Only Stores(a)........ 4,775 38,009 Fred's, Inc. (Class A)......... 3,325 32,020 Retail Ventures, Inc. (a)...... 2,483 12,638 ----------- 82,667 ----------- OFFICE ELECTRONICS -- 0.2% Zebra Technologies Corp. (Class A) (a)....................... 6,228 216,112 ----------- OIL, GAS & CONSUMABLE FUELS -- 8.6% Alliance Holdings GP LP........ 1,103 26,174 Alon USA Energy, Inc. ......... 1,150 31,257 Alpha Natural Resources, Inc. (a).......................... 6,174 200,531 Arena Resources, Inc. (a)...... 3,183 132,763 Atlas America, Inc. ........... 2,289 135,463 Atlas Energy Resources LLC..... 726 22,571 Atlas Pipeline Holdings LP..... 364 9,919 ATP Oil & Gas Corp. (a)........ 2,635 133,173 Aventine Renewable Energy Holdings, Inc. (a)........... 2,676 34,146 Berry Petroleum Co. (Class A).. 3,369 149,752 Bill Barrett Corp. (a)......... 2,680 112,212 Bois d'Arc Energy, Inc. (a).... 1,706 33,864 BreitBurn Energy Partners LP... 4,758 137,506 Buckeye GP Holdings LP......... 1,094 30,840 Cabot Oil & Gas Corp. ......... 8,937 360,787 Carrizo Oil & Gas, Inc. (a).... 2,249 123,133 Cheniere Energy, Inc. (a)...... 4,028 131,474 Cimarex Energy Co. ............ 7,548 321,016 Clean Energy Fuels Corp(a)..... 2,022 30,613 Comstock Resources, Inc. (a)... 3,978 135,252 Concho Resources, Inc. (a)..... 1,874 38,623 Continental Resources Inc. (a).......................... 4,259 111,288 Copano Energy LLC.............. 3,860 140,311 Crosstex Energy, Inc. ......... 4,217 157,041 CVR Energy, Inc. (a)........... 1,879 46,862 Delek US Holdings, Inc. ....... 918 18,571 Delta Petroleum Corp. (a)...... 6,286 118,491 Eagle Rock Energy Partners LP.. 3,304 60,397 Encore Aquisition Co. (a)...... 4,658 155,437 Encore Energy Partners LP...... 904 16,272 Energy Partners, Ltd. (a)...... 2,543 30,033 Enterprise GP Holdings LP...... 3,187 117,983 EV Energy Partner LP........... 910 29,575 Evergreen Energy, Inc. (a)..... 7,626 17,006 EXCO Resources, Inc. (a)....... 7,596 117,586 Foundation Coal Holdings, Inc. ........................ 4,182 219,555 GeoMet, Inc. (a)............... 1,971 10,249 Goodrich Petroleum Corp. (a)... 2,026 45,828 Gulfport Energy Corp. (a)...... 2,120 38,711 Holly Corp. ................... 4,339 220,812 International Coal Group, Inc. (a).......................... 11,396 61,083 Kinder Morgan Management LLC(a)....................... 5,637 298,423 Legacy Reserves LP............. 1,330 27,411 Magellan Midstream Holdings LP........................... 1,963 52,608 Mariner Energy, Inc. (a)....... 7,264 166,200 Markwest Hydrocarbon, Inc. .... 610 38,216 Massey Energy Co. ............. 7,372 263,549 McMoRan Exploration Co. (a).... 4,433 58,028 NuStar GP Holdings LLC......... 3,492 99,697 Pacific Ethanol, Inc. (a)...... 3,076 25,254
See accompanying notes to financial statements. 66 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Parallel Petroleum Corp. (a)... 3,503 $ 61,758 Penn Virginia Corp. ........... 3,585 156,414 Petrohawk Energy Corp. (a)..... 15,459 267,595 Petroleum Development Corp. (a).......................... 1,413 83,551 Plains Exploration & Production Co. (a)...................... 10,294 555,876 Quicksilver Resources, Inc. (a).......................... 5,034 299,976 Regency Energy Partners LP..... 2,868 95,705 Rentech, Inc. (a).............. 14,325 25,928 Rosetta Resources, Inc. (a).... 4,898 97,127 SemGroup Energy Partners LP.... 1,160 33,443 St. Mary Land & Exploration Co. ......................... 5,724 221,004 Targa Resources Partners LP.... 2,964 87,794 Teekay Offshore Partners LP.... 818 20,687 Uranium Resources Inc. (a)..... 5,168 64,497 US BioEnergy Corp. (a)......... 3,845 45,025 Venoco, Inc. (a)............... 1,789 35,655 VeraSun Energy Corp. (a)....... 4,831 73,818 W&T Offshore, Inc. ............ 2,622 78,555 Warren Resources, Inc. (a)..... 5,708 80,654 Western Refining, Inc. ........ 2,732 66,142 World Fuel Services Corp. ..... 2,747 79,745 ----------- 7,624,495 ----------- PERSONAL PRODUCTS -- 1.0% Alberto Culver Co. ............ 8,161 200,271 Bare Escentuals, Inc. (a)...... 4,178 101,317 Chattem, Inc. (a).............. 1,458 110,137 Elizabeth Arden, Inc. (a)...... 2,580 52,503 Herbalife, Ltd. ............... 4,800 193,344 Mannatech, Inc. ............... 1,347 8,513 NBTY, Inc. (a)................. 5,455 149,467 Prestige Brands Holdings, Inc. (a).......................... 3,130 23,412 USANA Health Sciences, Inc. (a).......................... 760 28,181 ----------- 867,145 ----------- PHARMACEUTICALS -- 1.5% Adams Respiratory Therapeutics, Inc. (a)..................... 3,004 179,459 Akorn, Inc. (a)................ 5,174 37,977 Auxilium Pharmaceuticals, Inc. (a).......................... 2,778 83,312 BioForm Medical, Inc. (a)...... 941 6,427 Jazz Pharmaceuticals, Inc. (a).......................... 1,030 15,141 Medicis Pharmaceutical Corp. (Class A).................... 5,054 131,253 MGI Pharma, Inc. (a)........... 7,289 295,423 Noven Pharmaceuticals, Inc. (a).......................... 2,311 32,077 Par Pharmaceutical Cos., Inc. (a).......................... 3,017 72,408 Salix Pharmaceuticals, Ltd. (a).......................... 4,248 33,474 Sciele Pharma, Inc. (a)........ 3,060 62,577 Sucampo Pharmaceuticals, Inc. (a).......................... 362 6,639 The Medicines Co. (a).......... 4,857 93,060 Valeant Pharmaceuticals International (a)............ 7,661 91,702 Viropharma, Inc. (a)........... 6,593 52,349 Xenoport, Inc. (a)............. 2,058 115,001 ----------- 1,308,279 ----------- REAL ESTATE INVESTMENT TRUSTS -- 1.1% Alexander's, Inc. (a).......... 179 63,232 Anworth Mortgage Asset Corp. .. 5,319 43,935 BioMed Realty Trust, Inc. ..... 5,969 138,302 Corporate Office Properties Trust........................ 4,521 142,411 Digital Realty Trust, Inc. .... 5,290 202,977 First Potomac Realty Trust..... 2,144 37,070 Maguire Properties, Inc. ...... 3,474 102,379 Taubman Centers, Inc. ......... 4,774 234,833 ----------- 965,139 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT-- 0.6% Jones Lang LaSalle, Inc. ...... 3,371 239,881 Meruelo Maddux Properties, Inc. (a).......................... 4,194 16,776 The St. Joe Co. ............... 6,834 242,675 ----------- 499,332 ----------- ROAD & RAIL -- 0.6% Genesee & Wyoming, Inc. (Class A) (a)....................... 2,825 68,280 Heartland Express, Inc. ....... 5,714 81,024 Knight Transportation, Inc. ... 5,354 79,293 Landstar Systems, Inc. ........ 4,935 208,010 Old Dominion Freight Line, Inc. (a).......................... 2,652 61,288 ----------- 497,895 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.7% Advanced Analogic Technologies, Inc. (a)..................... 3,884 43,812 Advanced Energy Industries, Inc. (a)..................... 3,140 41,071 AMIS Holdings, Inc. (a)........ 5,769 57,805 Amkor Technology, Inc. (a)..... 10,282 87,705 Anadigics, Inc. (a)............ 5,557 64,294 Applied Micro Circuits Corp(a)...................... 6,657 58,182 Atheros Communications, Inc. (a).......................... 5,078 155,082 Atmel Corp. (a)................ 37,877 163,629 ATMI, Inc. (a)................. 3,205 103,361 Axcelis Technologies, Inc. (a).......................... 10,060 46,276 Brooks Automation, Inc. (a).... 6,497 85,825 Cabot Microelectronics Corp. (a).......................... 2,233 80,187 Cavium Networks, Inc. (a)...... 1,934 44,521 Cirrus Logic, Inc. (a)......... 7,652 40,403 Cohu, Inc. .................... 2,082 31,855 Conexant Systems, Inc. (a)..... 46,269 38,403 Cree, Inc. (a)................. 7,060 193,938 Cymer, Inc. (a)................ 2,707 105,383 Cypress Semiconductor Corp. (a).......................... 13,957 502,871 Diodes, Inc. (a)............... 2,875 86,451 DSP Group, Inc. (a)............ 2,599 31,708 Exar Corp. (a)................. 4,170 33,235 FEI Co. (a).................... 3,293 81,765 Formfactor, Inc. (a)........... 4,439 146,931 Genesis Microchip, Inc. (a).... 3,189 27,330 Hittite Microwave Corp. (a).... 1,467 70,064 Integrated Device Technology, Inc. (a)..................... 17,432 197,156 Kulicke & Soffa Industries, Inc. (a)..................... 5,121 35,130 Lattice Semiconductor Corp. (a).......................... 11,420 37,115 Mattson Technology, Inc. (a)... 4,666 39,941 Micrel, Inc. .................. 5,093 43,036 Microsemi Corp. (a)............ 6,292 139,305 MKS Instruments, Inc. (a)...... 4,580 87,661 Monolithic Power Systems, Inc. (a).......................... 2,166 46,504 Netlogic Microsystems, Inc. (a).......................... 1,633 52,583 OmniVision Technologies, Inc. (a).......................... 5,112 80,003 ON Semiconductor Corp. (a)..... 27,569 244,813 PDF Solutions, Inc. (a)........ 2,075 18,696 PMC-Sierra, Inc. (a)........... 20,493 134,024 Rambus, Inc. (a)............... 9,240 193,486 RF Micro Devices, Inc. (a)..... 24,749 141,317
See accompanying notes to financial statements. 67 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Semtech Corp. (a).............. 6,134 $ 95,200 Sigma Designs, Inc. (a)........ 2,576 142,195 Silicon Image, Inc. (a)........ 7,784 35,184 Silicon Laboratories, Inc. (a).......................... 4,993 186,888 Silicon Storage Technology, Inc. (a)..................... 8,084 24,171 Sirf Technology Holdings, Inc. (a).......................... 4,943 124,218 Skyworks Solutions, Inc. (a)... 15,107 128,409 Spansion, Inc. (a)............. 7,746 30,442 Tessera Technologies, Inc. (a).......................... 4,239 176,342 Trident Microsystems, Inc. (a).......................... 5,050 33,128 Ultratech, Inc. (a)............ 1,942 22,022 Zoran Corp. (a)................ 4,451 100,192 ----------- 5,011,248 ----------- SOFTWARE -- 5.0% ACI Worldwide, Inc. (a)........ 3,575 68,068 Advent Software, Inc. (a)...... 1,671 90,401 Ansoft Corp. (a)............... 1,297 33,527 Ansys, Inc. (a)................ 7,126 295,444 Aspen Technology, Inc. (a)..... 5,518 89,502 Blackbaud, Inc. ............... 3,905 109,496 Blackboard, Inc. (a)........... 2,360 94,990 BladeLogic, Inc. (a)........... 446 13,188 Commvault Systems, Inc. (a).... 2,980 63,116 Concur Technologies, Inc. (a).. 3,991 144,514 Deltek, Inc. (a)............... 867 13,204 Epicor Software Corp. (a)...... 4,973 58,582 eSpeed, Inc. (a)............... 2,580 29,154 Factset Research Systems, Inc. ........................ 4,126 229,818 Fair Isaac Corp. .............. 4,518 145,254 FalconStor Software, Inc. (a).. 2,648 29,817 i2 Technologies, Inc. (a)...... 1,232 15,523 Informatica Corp. (a).......... 7,855 141,547 Jack Henry & Associates, Inc. ........................ 7,527 183,207 JDA Software Group, Inc. (a)... 2,728 55,815 Lawson Software, Inc. (a)...... 12,294 125,891 Macrovision Corp. (a).......... 4,764 87,324 Magma Design Automation, Inc. (a).......................... 3,694 45,104 Manhattan Associates, Inc. (a).......................... 2,430 64,055 Mentor Graphics Corp. (a)...... 8,190 88,288 MICROS Systems, Inc. (a)....... 3,856 270,537 MicroStrategy, Inc. (a)........ 890 84,639 Midway Games, Inc. (a)......... 1,006 2,777 Monotype Imaging Holdings, Inc. (a).......................... 988 14,988 Nuance Communications, Inc. (a).......................... 13,964 260,848 Parametric Technology Corp. (a).......................... 10,383 185,337 Progress Software Corp. (a).... 3,759 126,603 Quality Systems, Inc. ......... 1,603 48,876 Quest Software, Inc. (a)....... 5,301 97,750 Solera Holdings, Inc. (a)...... 5,126 127,022 Sonic Solutions, Inc. (a)...... 2,311 24,011 SPSS, Inc. (a)................. 1,850 66,434 SuccessFactors, Inc. (a)....... 790 9,338 Synchronoss Technologies, Inc. (a).......................... 1,839 65,174 Take-Two Interactive Software, Inc. (a)..................... 6,832 126,050 Taleo Corp. (a)................ 1,428 42,526 THQ, Inc. (a).................. 6,313 177,964 TIBCO Software, Inc. (a)....... 17,272 139,385 Tyler Technologies, Inc. (a)... 3,637 46,881 Ultimate Software Group, Inc. (a).......................... 2,360 74,269 Vasco Data Security International(a)............. 2,482 69,297 Wind River Systems, Inc. (a)... 7,769 69,376 ----------- 4,444,911 ----------- SPECIALTY RETAIL -- 2.5% Aaron Rents, Inc. (Class B).... 4,617 88,831 AC Moore Arts & Crafts, Inc. (a).......................... 1,820 25,025 Aeropostale, Inc. (a).......... 7,327 194,166 AnnTaylor Stores Corp. (a)..... 5,637 144,082 Bebe Stores, Inc. ............. 2,790 35,879 Big 5 Sporting Goods Corp. .... 1,885 27,182 Blockbuster, Inc. (Class A) (a).......................... 17,287 67,419 Build-A-Bear Workshop, Inc. (a).......................... 1,366 19,056 Cabela's, Inc. (a)............. 4,045 60,958 Charlotte Russe Holding, Inc. (a).......................... 2,013 32,510 Charming Shoppes, Inc. (a)..... 10,802 58,439 Christopher & Banks Corp. ..... 3,340 38,243 Coldwater Creek, Inc. (a)...... 5,459 36,521 Conn's, Inc. (a)............... 1,072 18,342 Dick's Sporting Goods, Inc. (a).......................... 7,712 214,085 Dress Barn, Inc. (a)........... 4,357 54,506 DSW, Inc. (Class A) (a)........ 1,316 24,688 Genesco, Inc. (a).............. 2,151 81,308 Gymboree Corp. (a)............. 2,989 91,045 Hibbett Sports, Inc. (a)....... 2,864 57,223 Hot Topic, Inc. (a)............ 3,917 22,797 J. Crew Group, Inc. (a)........ 4,087 197,034 Jos. A. Bank Clothiers, Inc. (a).......................... 1,606 45,691 Mens Wearhouse, Inc. .......... 4,414 119,090 New York & Co., Inc. (a)....... 2,353 15,012 Pacific Sunwear of California, Inc. (a)..................... 6,630 93,549 Select Comfort Corp. (a)....... 4,516 31,657 Stein Mart, Inc. .............. 2,441 11,570 The Children's Place Retail Stores, Inc. (a)............. 2,155 55,879 The Finish Line, Inc. (Class A)........................... 3,731 9,029 Tractor Supply Co. (a)......... 3,214 115,511 Tween Brands, Inc. (a)......... 2,209 58,494 Ulta Salon Cosmetics & Fragrance, Inc. (a).......... 777 13,326 West Marine, Inc. (a).......... 1,235 11,090 Zumiez, Inc. (a)............... 1,708 41,607 ----------- 2,210,844 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.3% American Apparel, Inc. (a)..... 1,696 25,440 Carter's, Inc. (a)............. 4,877 94,370 Deckers Outdoor Corp. (a)...... 1,172 181,730 Fossil, Inc. (a)............... 4,571 191,891 Heelys, Inc. (a)............... 922 6,417 Iconix Brand Group, Inc. (a)... 5,050 99,283 K-Swiss, Inc. (Class A)........ 2,362 42,752 Maidenform Brands, Inc. (a).... 1,366 18,482 Quiksilver, Inc. (a)........... 12,052 103,406 Steven Madden, Ltd. (a)........ 1,890 37,800 The Timberland Co. (Class A) (a).......................... 4,858 87,833 Under Armour, Inc. (Class A) (a).......................... 2,816 122,975 Volcom, Inc. (a)............... 1,353 29,807 Warnaco Group, Inc. (a)........ 4,133 143,828 ----------- 1,186,014 -----------
See accompanying notes to financial statements. 68 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- THRIFTS & MORTGAGE FINANCE -- 0.2% Franklin Bank Corp. (a)........ 2,069 $ 8,917 KNBT Bancorp, Inc. ............ 2,358 36,360 NewAlliance Bancshares, Inc. .. 10,196 117,458 Ocwen Financial Corp. (a)...... 3,219 17,833 Oritani Financial Corp. (a).... 1,070 13,161 Roma Financial Corp. .......... 918 14,404 ----------- 208,133 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.6% Beacon Roofing Supply, Inc. (a).......................... 3,917 32,981 H&E Equipment Services, Inc. (a).......................... 1,380 26,054 Interline Brands, Inc. (a)..... 2,872 62,926 MSC Industrial Direct Co., Inc. (Class A).................... 4,329 175,195 Rush Enterprises, Inc. (a)..... 3,254 59,158 Wesco International, Inc. (a).. 4,202 166,567 ----------- 522,881 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.7% Centennial Communications Corp. (a).......................... 5,931 55,099 FiberTower Corp. (a)........... 8,211 18,721 ICO Global Communications Holdings, Ltd. (a)........... 9,705 30,862 iPCS, Inc. .................... 1,113 40,057 Rural Cellular Corp. (a)....... 994 43,825 SBA Communications Corp. (a)... 9,043 306,015 Syniverse Holdings, Inc. (a)... 2,528 39,386 TerreStar Corp. (a)............ 5,658 41,021 Virgin Mobile USA, Inc. (Class A) (a)....................... 2,573 22,874 ----------- 597,860 ----------- TOTAL COMMON STOCKS -- (Cost $94,914,072)........... 88,334,890 ----------- WARRANTS -- 0.0% COMMUNICATIONS EQUIPMENT -- 0.0% Pegasus Wireless Corp. (a) (Cost $0).................... 569 0 ----------- SHORT TERM INVESTMENTS -- 1.9% MONEY MARKET FUND -- 1.9% STIC Prime Portfolio (Cost $1,674,837)............ 1,674,837 1,674,837 ----------- TOTAL INVESTMENTS -- 101.8% (Cost $96,588,909)........... 90,009,727 ----------- OTHER ASSETS AND LIABILITIES -- (1.8)%........ (1,549,062) ----------- NET ASSETS -- 100.0%........... $88,460,665 ===========
(a) Non-income producing security (b) Amount shown represents less than 0.05% of net assets. See accompanying notes to financial statements. 69 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AEROSPACE & DEFENSE -- 1.2% Cubic Corp. ................... 1,745 $ 68,404 Curtiss-Wright Corp. .......... 4,882 245,076 DRS Technologies, Inc. ........ 4,547 246,766 Esterline Technologies Corp. (a).......................... 3,261 168,757 GenCorp, Inc. (a).............. 5,861 68,339 Heico Corp. ................... 2,325 99,045 Ladish Co., Inc. (a)........... 1,602 69,190 Triumph Group, Inc. ........... 1,883 155,065 ----------- 1,120,642 ----------- AIR FREIGHT & LOGISTICS -- 0.2% Atlas Air Worldwide Holdings, Inc. (a)..................... 1,700 92,174 Pacer International, Inc. ..... 3,800 55,480 ----------- 147,654 ----------- AIRLINES -- 0.1% Alaska Air Group, Inc. (a)..... 4,473 111,870 ----------- AUTO COMPONENTS -- 0.9% Aftermarket Technology Corp. (a).......................... 2,400 65,424 American Axle & Manufacturing Holdings, Inc. .............. 4,954 92,243 ArvinMeritor, Inc. ............ 7,961 93,383 Cooper Tire & Rubber Co. ...... 6,725 111,501 Lear Corp. (a)................. 7,087 196,026 Modine Manufacturing Co. ...... 3,276 54,087 Sauer-Danfoss, Inc. ........... 1,198 30,010 Superior Industries International, Inc. ......... 2,357 42,827 TRW Automotive Holdings Corp. (a).......................... 5,855 122,369 Visteon Corp. (a).............. 14,082 61,820 ----------- 869,690 ----------- AUTOMOBILES -- 0.0% (B) Monaco Coach Corp. ............ 2,978 26,445 ----------- BEVERAGES -- 0.2% PepsiAmericas, Inc. ........... 7,099 236,539 ----------- BIOTECHNOLOGY -- 0.1% Cougar Biotechnology, Inc. (a).......................... 1,600 52,320 Incyte, Inc. (a)............... 8,358 83,998 ----------- 136,318 ----------- BUILDING PRODUCTS -- 0.9% American Woodmark Corp. ....... 1,094 19,889 Ameron International Corp. .... 913 84,133 Apogee Enterprises, Inc. ...... 3,163 54,119 Armstrong World Industries, Inc. (a)..................... 1,954 78,375 Gibraltar Industries, Inc. .... 3,016 46,507 Lennox International, Inc. .... 6,627 274,490 NCI Building Systems, Inc. (a).......................... 2,199 63,309 Owens Corning, Inc. (a)........ 9,730 196,741 Universal Forest Products, Inc. ........................ 2,109 62,131 ----------- 879,694 ----------- CAPITAL MARKETS -- 2.6% Cohen & Steers, Inc. .......... 1,800 53,946 FBR Capital Markets Corp. (a).. 3,435 32,907 FCStone Group, Inc. (a)........ 2,000 92,060 GAMCO Investors, Inc. ......... 732 50,654 Investment Technology Group, Inc. (a)..................... 4,937 234,952 Jefferies Group, Inc. ......... 11,838 272,866 Knight Capital Group, Inc. (a).......................... 11,044 159,034 LaBranche & Co., Inc. (a)...... 6,226 31,379 Lazard, Ltd. .................. 5,699 231,835 MF Global, Ltd. (a)............ 10,743 338,082 Piper Jaffray Cos., Inc. (a)... 2,038 94,400 Raymond James Financial, Inc. ........................ 10,516 343,453 Stifel Financial Corp. (a)..... 1,300 68,341 SWS Group, Inc. ............... 3,000 38,010 Thomas Weisel Partners Group, Inc. (a)..................... 2,585 35,492 W.P. Carey & Co. LLC........... 3,100 102,920 W.P. Stewart & Co., Ltd. ...... 2,469 12,617 Waddell & Reed Financial, Inc. (Class A).................... 9,219 332,714 ----------- 2,525,662 ----------- CHEMICALS -- 5.3% A. Schulman, Inc. ............. 2,742 59,090 Airgas, Inc. .................. 7,755 404,113 Albemarle Corp. ............... 8,461 349,016 Arch Chemicals, Inc. .......... 2,672 98,196 Cabot Corp. ................... 6,721 224,078 CF Industries Holdings, Inc. .. 5,461 601,038 Chemtura Corp. ................ 26,326 205,343 Cytec Industries, Inc. ........ 4,611 283,945 Ferro Corp. ................... 4,722 97,887 FMC Corp. ..................... 8,014 437,164 Georgia Gulf Corp. ............ 3,380 22,376 H.B. Fuller Co. ............... 6,653 149,360 Hercules, Inc. ................ 12,749 246,693 Koppers Holdings, Inc. ........ 1,700 73,508 Kronos Worldwide, Inc. ........ 375 6,544 Minerals Technologies, Inc. ... 2,128 142,470 NewMarket Corp. ............... 1,553 86,486 NL Industries, Inc. ........... 831 9,498 Olin Corp. .................... 7,171 138,615 OM Group, Inc. (a)............. 3,366 193,680 RPM International, Inc. ....... 13,267 269,320 Sensient Technologies Corp. ... 5,214 147,452 Spartech Corp. ................ 3,492 49,237 Terra Nitrogen Co. LP.......... 795 118,876 The Scotts Miracle-Gro Co. (Class A).................... 4,676 174,976 Tronox, Inc. .................. 4,551 40,504 Valhi, Inc. ................... 1,289 20,547 Valspar Corp. ................. 10,328 232,793 W.R. Grace & Co. (a)........... 6,393 167,369 Westlake Chemical Corp. ....... 2,144 40,714 ----------- 5,090,888 ----------- COMMERCIAL BANKS -- 8.4% 1st Source Corp. .............. 1,488 25,757 Alabama National Bancorp....... 2,102 163,557 AMCORE Financial, Inc. ........ 2,279 51,733 Bancfirst Corp. ............... 828 35,480 BancorpSouth, Inc. ............ 8,460 199,741 Bank of Hawaii Corp. .......... 5,487 280,605 Banner Corp. .................. 1,595 45,824 BOK Financial Corp. ........... 2,448 126,562 Capital City Bank Group, Inc. ........................ 1,369 38,633 Capitol Bancorp, Ltd. ......... 1,773 35,673 Cathay General Bancorp......... 5,500 145,695 Centennial Bank Holdings, Inc. (a).......................... 6,000 34,680 Central Pacific Financial Corp. ....................... 3,307 61,047
See accompanying notes to financial statements. 70 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Chemical Financial Corp. ...... 2,434 $ 57,905 Chittenden Corp. .............. 5,161 183,835 Citizens Republic Bancorp, Inc. ........................ 8,386 121,681 City Bank...................... 1,610 36,096 City Holding Co. .............. 1,826 61,792 Columbia Banking System, Inc. ........................ 1,943 57,765 Community Bank System, Inc. ... 3,309 65,750 Community Trust Bancorp, Inc. ........................ 1,468 40,414 Cullen/Frost Bankers, Inc. .... 6,420 325,237 CVB Financial Corp. ........... 7,362 76,123 F N B Corp. ................... 6,639 97,593 First Bancorp- North Carolina.. 1,563 29,525 First BanCorp- Puerto Rico..... 8,498 61,950 First Charter Corp. ........... 3,829 114,334 First Citizens Bancshares, Inc. (Class A).................... 650 94,802 First Commonwealth Financial Corp. ....................... 7,340 78,171 First Community Bancorp, Inc. ........................ 2,989 123,266 First Financial Bancorp........ 4,114 46,900 First Financial Bankshares, Inc. ........................ 1,932 72,740 First Financial Corp. ......... 1,106 31,344 First Indiana Corp. ........... 1,309 41,888 First Merchants Corp. ......... 2,025 44,226 First Midwest Bancorp, Inc. ... 5,368 164,261 First State Bancorp............ 2,221 30,872 FirstMerit Corp. .............. 8,226 164,602 Frontier Financial Corp. ...... 4,858 90,213 Fulton Financial Corp. ........ 18,985 213,012 Glacier Bancorp, Inc. ......... 5,784 108,392 Great Southern Bancorp, Inc. .. 1,077 23,651 Hancock Holding Co. ........... 2,971 113,492 Harleysville National Corp. ... 3,709 54,040 IBERIABANK Corp. .............. 1,355 63,346 Independent Bank Corp.- Massachusetts................ 1,543 42,000 Independent Bank Corp.- Michigan..................... 2,308 21,926 Integra Bank Corp. ............ 2,299 32,439 International Bancshares Corp. ....................... 5,997 125,577 Irwin Financial Corp. ......... 2,641 19,411 MB Financial, Inc. ............ 3,888 119,867 Midwest Banc Holdings, Inc. ... 2,605 32,354 National Penn Bancshares, Inc. ........................ 4,941 74,807 NBT Bancorp, Inc. ............. 3,708 84,617 Northfield Bancorp, Inc. (a)... 2,200 23,804 Old National Bancorp........... 7,307 109,313 Old Second Bancorp, Inc. ...... 1,300 34,827 Omega Financial Corp. ......... 1,290 37,745 Oriental Financial Group....... 2,482 33,284 Pacific Capital Bancorp........ 5,216 104,998 Park National Corp. ........... 1,309 84,430 Prosperity Bancshares, Inc. ... 4,800 141,072 Provident Bankshares Corp. .... 3,533 75,571 Republic Bancorp, Inc.- Kentucky..................... 1,111 18,365 S&T Bancorp, Inc. ............. 2,662 73,578 S.Y. Bancorp, Inc. ............ 1,357 32,487 Sandy Spring Bancorp, Inc. .... 1,757 48,880 Santander Bancorp.............. 551 4,772 Seacoast Banking Corp. of Florida...................... 1,628 16,736 Simmons First National Corp. .. 1,464 38,796 South Financial Group, Inc. ... 8,002 125,071 Sterling Bancorp............... 2,020 27,553 Sterling Bancshares, Inc. ..... 8,081 90,184 Sterling Financial Corp. -- Pennsylvania........ 3,045 49,999 Sterling Financial Corp. -- Washington.......... 5,600 94,024 Suffolk Bancorp................ 1,105 33,935 Sun Bancorp, Inc. (a).......... 2,051 32,365 Susquehanna Bancshares, Inc. .. 9,784 180,417 SVB Financial Group (a)........ 3,685 185,724 Tompkins Trustco, Inc. ........ 806 31,273 TowneBank...................... 2,600 41,860 Trico Bancshares............... 1,606 30,996 Trustmark Corp. ............... 5,567 141,179 UMB Financial Corp. ........... 3,481 133,531 Umpqua Holdings Corp. ......... 6,553 100,523 United Bankshares, Inc. ....... 4,741 132,843 USB Holding Co., Inc. ......... 1,378 27,284 W Holding Co., Inc. ........... 14,100 17,061 Washington Trust Bancorp, Inc. ........................ 1,277 32,219 Webster Financial Corp. ....... 5,955 190,381 WesBanco, Inc. ................ 2,610 53,766 West Coast Bancorp............. 1,671 30,913 Westamerica Bancorp............ 3,233 144,030 Whitney Holding Corp. ......... 7,404 193,615 Wilmington Trust Corp. ........ 7,511 264,387 Wintrust Financial Corp. ...... 2,600 86,138 ----------- 8,037,132 ----------- COMMERCIAL SERVICES & SUPPLIES -- 2.4% ABM Industries, Inc. .......... 4,876 99,422 Bowne & Co., Inc. ............. 2,957 52,043 CDI Corp. ..................... 1,480 35,905 Consolidated Graphics, Inc. (a).......................... 1,383 66,135 Courier Corp. ................. 1,188 39,216 Deluxe Corp. .................. 5,671 186,519 Duff & Phelps Corp. (Class A) (a).......................... 900 17,712 Ennis, Inc. ................... 2,757 49,626 G & K Services, Inc. (Class A)........................... 2,345 87,984 Heidrick & Struggles International, Inc. ......... 1,952 72,439 Herman Miller, Inc. ........... 6,700 217,013 HNI Corp. ..................... 4,100 143,746 IKON Office Solutions, Inc. ... 11,708 152,438 Kelly Services, Inc. (Class A)........................... 2,699 50,363 Kimball International, Inc. (Class B).................... 2,782 38,113 McGrath Rentcorp............... 2,502 64,426 PHH Corp. (a).................. 5,840 103,018 School Specialty, Inc. (a)..... 2,056 71,035 The Brink's Co. ............... 4,497 268,651 United Stationers, Inc. (a).... 2,770 128,002 Viad Corp. .................... 2,128 67,202 Volt Information Sciences, Inc. (a).......................... 1,600 29,216 Watson Wyatt Worldwide, Inc. (Class A).................... 4,672 216,828 ----------- 2,257,052 ----------- COMMUNICATIONS EQUIPMENT -- 0.6% 3Com Corp. (a)................. 43,212 195,318 Bel Fuse, Inc. (Class B)....... 1,195 34,978 Black Box Corp. ............... 1,931 69,844 Dycom Industries, Inc. (a)..... 4,480 119,392 Mastec, Inc. (a)............... 5,168 52,559 Sycamore Networks, Inc. (a).... 20,617 79,169 ----------- 551,260 -----------
See accompanying notes to financial statements. 71 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMPUTERS & PERIPHERALS -- 0.6% Adaptec, Inc. (a).............. 11,301 $ 38,197 Electronics for Imaging, Inc. (a).......................... 6,289 141,377 Emulex Corp. (a)............... 9,142 149,198 Hutchinson Technology, Inc. (a).......................... 2,845 74,880 Imation Corp. ................. 3,802 79,842 Quantum Corp. (a).............. 21,875 58,844 ----------- 542,338 ----------- CONSTRUCTION & ENGINEERING -- 1.4% EMCOR Group, Inc. (a).......... 6,997 165,339 Granite Construction, Inc. .... 3,775 136,580 Insituform Technologies, Inc. (a).......................... 3,008 44,518 The Shaw Group, Inc. (a)....... 8,371 505,943 URS Corp. (a).................. 8,796 477,887 ----------- 1,330,267 ----------- CONSTRUCTION MATERIALS -- 0.2% Texas Industries, Inc. ........ 3,012 211,141 ----------- CONSUMER FINANCE 0.3% Advance America Cash Advance Centers, Inc. ........................ 6,800 69,088 Advanta Corp. (Class B)........ 4,162 33,587 AmeriCredit Corp. (a).......... 12,500 159,875 ----------- 262,550 ----------- CONTAINERS & PACKAGING -- 1.0% Aptargroup, Inc. .............. 7,019 287,147 Packaging Corp. of America..... 10,252 289,107 Rock-Tenn Co. ................. 4,037 102,580 Smurfit-Stone Container Corp. (a).......................... 27,827 293,853 ----------- 972,687 ----------- DISTRIBUTORS -- 0.0% (B) Audiovox Corp. (Class A) (a)... 2,029 25,159 Building Material Holding Corp. ....................... 3,126 17,287 ----------- 42,446 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.7% Regis Corp. ................... 4,833 135,131 Service Corp. International.... 31,671 444,977 Stewart Enterprises, Inc. (Class A).................... 10,482 93,290 ----------- 673,398 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.5% Financial Federal Corp. ....... 2,839 63,282 Interactive Brokers Group, Inc. (Class A) (a)................ 4,400 142,208 KKR Financial Holdings LLC..... 12,642 177,620 MSCI, Inc. (Class A) (a)....... 1,500 57,600 Pico Holdings, Inc. (a)........ 1,800 60,516 Resource America, Inc. ........ 1,666 24,440 ----------- 525,666 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.3% Alaska Communications Systems Group, Inc. ................. 4,700 70,500 Consolidated Communications Holdings, Inc. .............. 2,236 44,496 Fairpoint Communications, Inc. ........................ 3,040 39,581 IDT Corp. (Class B)............ 6,577 55,575 Iowa Telecommunications Services, Inc. .............. 3,430 55,772 North Pittsburgh Systems, Inc. ........................ 1,472 33,400 SureWest Communications........ 1,472 25,171 ----------- 324,495 ----------- ELECTRIC UTILITIES -- 2.6% ALLETE, Inc. .................. 2,762 109,320 Cleco Corp. ................... 6,543 181,895 El Paso Electric Co. (a)....... 5,046 129,026 Empire District Electric Co. .. 3,682 83,876 Great Plains Energy, Inc. ..... 9,455 277,221 Hawaiian Electric Industries, Inc. ........................ 8,933 203,404 IDACORP, Inc. ................. 4,983 175,501 MGE Energy, Inc. .............. 2,406 85,341 Otter Tail Corp. .............. 2,853 98,714 Portland General Electric Co. ......................... 6,812 189,237 Sierra Pacific Resources....... 24,371 413,820 UIL Holdings Corp. ............ 2,508 92,671 Unisource Energy Corp. ........ 3,844 121,278 Westar Energy, Inc. ........... 11,026 286,015 ----------- 2,447,319 ----------- ELECTRICAL EQUIPMENT -- 2.0% A.O. Smith Corp. .............. 2,260 79,213 Baldor Electric Co. ........... 4,592 154,567 Belden CDT, Inc. .............. 4,966 220,987 Brady Corp. ................... 5,258 184,503 Genlyte Group, Inc. (a)........ 2,780 264,656 GrafTech International, Ltd. (a).......................... 11,383 202,048 Polypore International, Inc. (a).......................... 1,630 28,525 Regal-Beloit Corp. ............ 3,520 158,224 Superior Essex, Inc. (a)....... 2,276 54,624 Thomas & Betts Corp. (a)....... 6,478 317,681 Woodward Governor Co. ......... 3,278 222,740 ----------- 1,887,768 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.6% Agilysys, Inc. ................ 2,911 44,014 Anixter International, Inc. (a).......................... 3,523 219,377 AVX Corp. ..................... 5,605 75,219 Checkpoint Systems, Inc. (a)... 4,341 112,779 Electro Scientific Industries, Inc. (a)..................... 2,831 56,195 KEMET Corp. (a)................ 9,295 61,626 Littelfuse, Inc. (a)........... 2,476 81,609 Methode Electronics, Inc. (Class A).................... 4,081 67,092 Newport Corp. (a).............. 3,844 49,165 Park Electrochemical Corp. .... 1,981 55,944 Plexus Corp. (a)............... 5,111 134,215 SYNNEX Corp. (a)............... 1,789 35,064 Tech Data Corp. (a)............ 6,064 228,734 Technitrol, Inc. .............. 4,414 126,152 Vishay Intertechnology, Inc. (a).......................... 18,693 213,287 ----------- 1,560,472 ----------- ENERGY EQUIPMENT & SERVICES -- 1.6% Bristow Group, Inc. (a)........ 2,494 141,285 Exterran Holdings, Inc. (a).... 7,282 595,668 Gulfmark Offshore, Inc. (a).... 2,246 105,090 Lufkin Industries, Inc. ....... 1,638 93,841 SEACOR Holdings, Inc. (a)...... 2,599 241,031
See accompanying notes to financial statements. 72 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Superior Offshore International, Inc. (a)...... 1,500 $ 7,530 Tidewater, Inc. ............... 6,163 338,102 ----------- 1,522,547 ----------- FOOD & STAPLES RETAILING -- 1.2% BJ'S Wholesale Club, Inc. (a).. 7,100 240,193 Casey's General Stores, Inc. .. 5,542 164,099 Great Atlantic & Pacific Tea Co. (a)...................... 2,432 76,195 Ingles Markets, Inc. .......... 1,360 34,530 Longs Drug Stores Corp. ....... 3,578 168,166 Nash Finch Co. ................ 1,472 51,932 Performance Food Group Co. (a).......................... 3,600 96,732 Ruddick Corp. ................. 3,869 134,138 Weis Markets, Inc. ............ 1,190 47,529 Winn-Dixie Stores, Inc. (a).... 6,000 101,220 ----------- 1,114,734 ----------- FOOD PRODUCTS -- 2.1% Alico, Inc. ................... 407 14,855 Chiquita Brands International, Inc. (a)..................... 4,629 85,127 Corn Products International, Inc. ........................ 8,165 300,064 Del Monte Foods Co. ........... 21,786 206,096 Farmer Brothers Co. ........... 743 17,082 Fresh Del Monte Produce, Inc. (a).......................... 4,887 164,105 Hain Celestial Group, Inc. (a).......................... 4,360 139,520 Lancaster Colony Corp. ........ 2,342 92,977 Lance, Inc. ................... 3,427 69,979 Pilgrim's Pride Corp. ......... 4,517 130,767 Ralcorp Holdings, Inc. (a)..... 2,843 172,826 Reddy Ice Holdings, Inc. ...... 2,374 60,086 Sanderson Farms, Inc. ......... 1,938 65,466 The J.M. Smucker Co. .......... 6,316 324,895 Tootsie Roll Industries, Inc. ........................ 2,716 74,473 TreeHouse Foods, Inc. (a)...... 3,413 78,465 ----------- 1,996,783 ----------- GAS UTILITIES -- 3.8% AGL Resources, Inc. ........... 8,599 323,666 Amerigas Partners LP........... 3,500 126,140 Atmos Energy Corp. ............ 9,758 273,614 Energen Corp. ................. 7,206 462,841 Ferrellgas Partners LP......... 4,372 95,791 Laclede Group, Inc. ........... 2,217 75,910 National Fuel Gas Co. ......... 7,752 361,863 New Jersey Resources Corp. .... 3,047 152,411 Nicor, Inc. ................... 4,924 208,531 Northwest Natural Gas Co. ..... 2,974 144,715 Piedmont Natural Gas Co., Inc. ........................ 7,751 202,766 South Jersey Industries, Inc. ........................ 3,221 116,246 Southern Union Co. ............ 11,036 324,017 Southwest Gas Corp. ........... 4,610 137,240 Suburban Propane Partners LP... 3,558 144,384 UGI Corp. ..................... 11,510 313,648 WGL Holdings, Inc. ............ 5,440 178,214 ----------- 3,641,997 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 1.0% Advanced Medical Optics, Inc. (a).......................... 6,532 160,230 Analogic Corp. ................ 1,503 101,783 CONMED Corp. (a)............... 3,100 71,641 Datascope Corp. ............... 1,444 52,562 Invacare Corp. ................ 3,492 87,998 Orthofix International NV (a).. 1,700 98,549 STERIS Corp. .................. 7,000 201,880 The Cooper Cos., Inc. ......... 4,848 184,224 ----------- 958,867 ----------- HEALTH CARE PROVIDERS & SERVICES -- 1.2% Health Management Associates, Inc. ........................ 26,500 158,470 Kindred Healthcare, Inc. (a)... 3,510 87,680 Landauer, Inc. ................ 1,014 52,576 LifePoint Hospitals, Inc. (a).. 6,300 187,362 Magellan Health Services, Inc. (a).......................... 4,287 199,903 Owens & Minor, Inc. ........... 4,395 186,480 RehabCare Group, Inc. (a)...... 1,937 43,698 Tenet Healthcare Corp. (a)..... 51,800 263,144 ----------- 1,179,313 ----------- HOTELS, RESTAURANTS & LEISURE -- 1.3% AFC Enterprises, Inc. (a)...... 3,071 34,764 Bob Evans Farms, Inc. ......... 3,837 103,330 CBRL Group, Inc. .............. 2,586 83,761 Cedar Fair LP.................. 5,471 115,602 Churchill Downs, Inc. ......... 1,133 61,148 Domino's Pizza, Inc. .......... 4,965 65,687 IHOP Corp. .................... 1,806 66,063 International Speedway Corp. (Class A).................... 3,755 154,631 Isle of Capri Casinos, Inc. (a).......................... 2,200 30,294 Jack in the Box, Inc. (a)...... 6,778 174,669 Landry's Restaurants, Inc. .... 1,233 24,290 Marcus Corp. .................. 2,296 35,473 Six Flags, Inc. (a)............ 8,152 16,549 Speedway Motorsports, Inc. .... 1,507 46,838 Triarc Cos., Inc. (Class B).... 7,062 61,863 Vail Resorts, Inc. (a)......... 3,370 181,340 ----------- 1,256,302 ----------- HOUSEHOLD DURABLES -- 1.5% American Greetings Corp. (Class A)........................... 5,330 108,199 Avatar Holdings, Inc. (a)...... 567 23,712 Beazer Homes USA, Inc. ........ 4,214 31,310 Blyth, Inc. ................... 3,112 68,277 CSS Industries, Inc. .......... 1,026 37,654 Ethan Allen Interiors, Inc. ... 3,051 86,954 Furniture Brands International, Inc. ........................ 5,316 53,479 Helen of Troy, Ltd. (a)........ 3,100 53,134 La-Z-Boy, Inc. ................ 5,698 45,185 M.D.C. Holdings, Inc. ......... 3,902 144,881 M/I Homes, Inc. ............... 1,377 14,459 Meritage Homes Corp. (a)....... 2,642 38,494 Palm Harbor Homes, Inc. (a).... 1,101 11,616 Russ Berrie & Co., Inc. (a).... 1,380 22,577 Ryland Group, Inc. ............ 4,644 127,942 Skyline Corp. ................. 737 21,631 Snap-on, Inc. ................. 6,364 306,999 Standard Pacific Corp. ........ 8,229 27,567 Tupperware Corp. .............. 6,685 220,806 WCI Communities, Inc. (a)...... 3,853 14,564 ----------- 1,459,440 -----------
See accompanying notes to financial statements. 73 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- HOUSEHOLD PRODUCTS -- 0.1% Central Garden & Pet Co. (a)... 2,602 $ 14,987 Central Garden & Pet Co. (Class A) (a)....................... 4,244 22,748 WD-40 Co. ..................... 1,743 66,182 ----------- 103,917 ----------- INDUSTRIAL CONGLOMERATES -- 0.6% Carlisle Cos., Inc. ........... 6,841 253,322 Standex International Corp. ... 1,396 24,360 Teleflex, Inc. ................ 4,304 271,195 Tredegar Corp. ................ 2,978 47,887 ----------- 596,764 ----------- INSURANCE -- 7.2% Alfa Corp. .................... 4,046 87,677 Alleghany Corp. (a)............ 576 231,552 Allied World Assurance Holdings, Ltd. .............. 3,796 190,445 American Financial Group, Inc. ........................ 7,476 215,907 American National Insurance Co. ......................... 1,738 210,715 Amtrust Financial Services, Inc. ........................ 2,787 38,377 Argo Group International Holdings, Ltd. (a)........... 3,400 143,242 Aspen Insurance Holdings, Ltd. ........................ 8,350 240,814 Assured Guaranty, Ltd. ........ 6,604 175,270 Baldwin & Lyons, Inc. (Class B)........................... 1,015 27,872 Castlepoint Holdings, Ltd. .... 3,739 44,868 CNA Surety Corp. (a)........... 1,745 34,534 Conseco, Inc. (a).............. 20,700 259,992 Delphi Financial Group......... 4,740 167,227 Employers Holdings, Inc. ...... 5,687 95,030 Endurance Specialty Holdings, Ltd. ........................ 6,383 266,363 Enstar Group, Ltd. (a)......... 536 65,617 Erie Indemnity Co. (Class A)... 4,890 253,742 FBL Financial Group, Inc. (Class A).................... 1,442 49,792 Flagstone Reinsurance Holdings, Ltd. ........................ 4,802 66,748 Greenlight Capital Re, Ltd. (a).......................... 3,292 68,441 Harleysville Group, Inc. ...... 1,474 52,150 Hilb Rogal and Hobbs Co. ...... 4,000 162,280 Hilltop Holdings, Inc. (a)..... 5,200 56,784 Horace Mann Educators Corp. ... 4,688 88,791 Infinity Property & Casualty Corp. ....................... 1,833 66,226 IPC Holdings, Ltd. ............ 6,671 192,592 Kansas City Life Insurance Co. ......................... 465 20,269 LandAmerica Financial Group, Inc. ........................ 1,584 52,985 Max Re Capital, Ltd. .......... 5,410 151,426 Mercury General Corp. ......... 2,873 143,104 Montpelier Re Holdings, Ltd. .. 10,485 178,350 National Western Life Insurance Co. (Class A)................ 247 51,220 Navigators Group, Inc. (a)..... 1,522 98,930 Odyssey Re Holdings Corp. ..... 3,013 110,607 OneBeacon Insurance Group, Ltd. ........................ 2,601 55,921 Platinum Underwriters Holdings, Ltd. ........................ 6,296 223,886 Presidential Life Corp. ....... 2,367 41,446 ProAssurance Corp. (a)......... 3,373 185,245 Reinsurance Group America, Inc. ........................ 3,234 169,720 RLI Corp. ..................... 2,299 130,560 Safety Insurance Group, Inc. .. 1,808 66,209 Security Capital Assurance, Ltd. ........................ 3,719 14,467 Selective Insurance Group, Inc. ........................ 5,849 134,469 StanCorp Financial Group, Inc. ........................ 5,499 277,040 State Auto Financial Corp. .... 1,569 41,265 Stewart Information Services Corp. ....................... 1,889 49,284 The Commerce Group, Inc. ...... 5,955 214,261 The Hanover Insurance Group, Inc. ........................ 5,636 258,129 The Midland Co. ............... 1,284 83,062 The Phoenix Cos., Inc. ........ 11,806 140,137 United America Indemnity, Ltd. (a).......................... 2,535 50,497 United Fire & Casualty Co. .... 2,399 69,787 Validus Holdings, Ltd. (a)..... 1,727 44,867 Wesco Financial Corp. ......... 156 63,492 Zenith National Insurance Corp. ....................... 4,086 182,767 ----------- 6,856,450 ----------- INTERNET SOFTWARE & SERVICES -- 0.1% United Online, Inc. ........... 7,284 86,097 ----------- IT SERVICES -- 1.0% BearingPoint, Inc. (a)......... 22,123 62,608 Convergys Corp. (a)............ 14,296 235,312 CSG Systems International, Inc. (a).......................... 3,843 56,569 EnerNOC, Inc. (a).............. 1,100 54,010 Gevity HR, Inc. ............... 2,256 17,349 infoUSA, Inc. ................. 3,655 32,639 Mantech International Corp. (a).......................... 1,978 86,676 MAXIMUS, Inc. ................. 2,447 94,479 Perot Systems Corp. (Class A) (a).......................... 9,800 132,300 Unisys Corp. (a)............... 38,033 179,896 ----------- 951,838 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.6% Brunswick Corp. ............... 9,700 165,385 Callaway Golf Co. ............. 6,719 117,112 JAKKS Pacific, Inc. (a)........ 3,085 72,837 Nautilus Group, Inc. .......... 3,422 16,597 Polaris Industries, Inc. ...... 3,890 185,825 RC2 Corp. (a).................. 2,100 58,947 ----------- 616,703 ----------- LIFE SCIENCES TOOLS & SERVICES -- 0.6% Cambrex Corp. ................. 3,124 26,179 PerkinElmer, Inc. ............. 12,990 338,000 Varian, Inc. (a)............... 3,400 222,020 ----------- 586,199 ----------- MACHINERY -- 4.5% AGCO Corp. (a)................. 10,090 685,918 Albany International Corp. (Class A).................... 2,807 104,140 Barnes Group, Inc. ............ 4,610 153,928 Briggs & Stratton Corp. ....... 5,451 123,520 Cascade Corp. ................. 1,104 51,292 CIRCOR International, Inc. .... 1,832 84,931 Crane Co. ..................... 5,724 245,560 EnPro Industries, Inc. (a)..... 2,294 70,311 Federal Signal Corp. .......... 5,238 58,770 Freightcar America, Inc. ...... 1,308 45,780 IDEX Corp. .................... 8,879 320,798 Kaydon Corp. .................. 3,109 169,565 Kennametal, Inc. .............. 8,530 322,946 Lincoln Electric Holdings, Inc. ........................ 4,456 317,178 Lindsay Manufacturing Co. ..... 1,193 84,333 Mueller Industries, Inc. ...... 4,096 118,743 NACCO Industries, Inc. ........ 613 61,110
See accompanying notes to financial statements. 74 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Nordson Corp. ................. 3,374 $ 195,557 Robbins & Myers, Inc. ......... 1,473 111,403 Tecumseh Products Co. (Class A) (a).......................... 1,704 39,891 Tennant Co. ................... 1,863 82,512 The Greenbrier Cos., Inc. ..... 1,611 35,861 The Timken Co. ................ 8,360 274,626 Trinity Industries, Inc. ...... 8,799 244,260 Valmont Industries, Inc. ...... 2,054 183,052 Wabash National Corp. ......... 3,504 26,946 Watts Water Technologies, Inc. ........................ 3,359 100,098 Xerium Technologies, Inc. ..... 2,219 11,539 ----------- 4,324,568 ----------- MARINE -- 0.6% Alexander & Baldwin, Inc. ..... 4,792 247,555 Eagle Bulk Shipping, Inc. ..... 5,148 136,679 Genco Shipping & Trading, Ltd. ........................ 2,758 151,028 Horizon Lines, Inc. ........... 3,626 67,589 ----------- 602,851 ----------- MEDIA -- 1.8% Belo Corp. .................... 9,959 173,685 Citadel Broadcasting Corp. .... 19,411 39,987 Cox Radio, Inc. (Class A) (a).. 3,974 48,284 Cumulus Media, Inc. (a)........ 3,674 29,539 DreamWorks Animation SKG, Inc. (Class A) (a)................ 8,000 204,320 Emmis Communications Corp. (a).......................... 3,471 13,363 Entercom Communications Corp. ....................... 3,379 46,259 Fisher Communications, Inc. (a).......................... 674 25,585 GateHouse Media, Inc. ......... 3,914 34,365 Hearst-Argyle Television, Inc. ........................ 2,780 61,466 Journal Communications, Inc. .. 5,073 45,353 Lee Enterprises, Inc. ......... 4,511 66,086 Lin TV Corp. (Class A) (a)..... 2,938 35,755 McClatchy Co. (Class A)........ 6,127 76,710 Media General, Inc. (Class A).. 2,210 46,963 Meredith Corp. ................ 4,207 231,301 Radio One, Inc. (a)............ 8,900 21,093 RCN Corp. (a).................. 4,150 64,698 Regal Entertainment Group...... 8,542 154,354 Scholastic Corp. (a)........... 3,605 125,778 Sinclair Broadcast Group, Inc. ........................ 5,706 46,846 Sun-Times Media Group, Inc. (a).......................... 6,456 14,203 Valassis Communications, Inc. (a).......................... 5,200 60,788 Westwood One, Inc. ............ 7,623 15,170 World Wrestling Entertainment, Inc. (Class A)............... 2,126 31,380 ----------- 1,713,331 ----------- METALS & MINING -- 3.8% AMCOL International Corp. ..... 2,764 99,587 Brush Engineered Materials, Inc. (a)..................... 2,215 81,999 Carpenter Technology Corp. .... 5,424 407,722 Century Aluminum Co. (a)....... 3,147 169,749 Cleveland-Cliffs, Inc. ........ 4,523 455,918 Commercial Metals Co. ......... 13,016 383,321 Compass Minerals International, Inc. ........................ 3,498 143,418 Haynes International, Inc. (a).......................... 1,183 82,219 Horsehead Holding Corp. (a).... 546 9,266 Kaiser Aluminum Corp. ......... 1,558 123,830 Quanex Corp. .................. 4,065 210,974 Reliance Steel & Aluminum Co. ......................... 7,249 392,896 RTI International Metals, Inc. (a).......................... 2,540 175,082 Schnitzer Steel Industries, Inc. (Class A)............... 2,318 160,243 Steel Dynamics, Inc. .......... 10,659 634,957 Worthington Industries, Inc. .. 7,248 129,594 ----------- 3,660,775 ----------- MULTI-UTILITIES -- 2.3% Aquila, Inc. (a)............... 40,935 152,687 Avista Corp. .................. 5,832 125,621 Black Hills Corp. ............. 4,117 181,560 CH Energy Group, Inc. ......... 1,751 77,989 CMS Energy Corp. .............. 24,730 429,807 NorthWestern Corp. ............ 4,040 119,180 OGE Energy Corp. .............. 10,040 364,352 PNM Resources, Inc. ........... 7,657 164,243 Puget Energy, Inc. ............ 12,797 351,022 Vectren Corp. ................. 8,381 243,133 ----------- 2,209,594 ----------- MULTILINE RETAIL -- 0.7% Big Lots, Inc. (a)............. 11,153 178,336 Dillard's, Inc. (Class A)...... 7,155 134,371 Saks, Inc. (a)................. 13,751 285,471 The Bon-Ton Stores, Inc. ...... 1,300 12,337 Tuesday Morning Corp. ......... 3,286 16,660 ----------- 627,175 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.5% Alliance Resource Partners LP.. 2,251 81,644 Atlas Pipeline Partners LP..... 3,797 162,701 Boardwalk Pipeline Partners LP........................... 4,068 126,515 BP Prudhoe Bay Royalty Trust... 2,372 190,234 Buckeye Partners LP............ 5,070 250,509 Calumet Specialty Products Partners LP.................. 1,547 57,285 Capital Product Partners LP.... 1,500 37,140 Cheniere Energy Partners LP.... 1,500 24,090 Contango Oil & Gas Co. (a)..... 1,500 76,335 Crosstex Energy LP............. 2,029 62,940 DCP Midstream Partners LP...... 1,751 80,458 Dorchester Minerals LP......... 2,949 59,363 Double Hull Tankers, Inc. ..... 3,288 40,245 Duncan Energy Partners LP...... 1,600 34,928 El Paso Pipeline Partners LP (a).......................... 2,700 67,635 Enbridge Energy Management LLC (a).......................... 1,238 64,772 Forest Oil Corp. (a)........... 8,597 437,072 General Maritime Corp. ........ 2,891 70,685 Harvest Natural Resources, Inc. (a).......................... 3,826 47,825 Hiland Holdings GP LP.......... 900 24,291 Holly Energy Partners LP....... 826 36,138 Hugoton Royalty Trust.......... 4,444 99,679 Inergy Holdings LP............. 1,240 53,605 Inergy LP...................... 4,539 141,163 Linn Energy LLC................ 12,544 313,976 Magellan Midstream Partners LP........................... 7,321 317,439 Markwest Energy Partners LP.... 3,494 118,027 Natural Resource Partners LP... 3,507 113,837 NuStar Energy LP............... 4,218 224,819 OSG America LP (a)............. 800 14,840 Overseas Shipholding Group, Inc. ........................ 3,096 230,435
See accompanying notes to financial statements. 75 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Penn Virginia GP Holdings LP... 2,100 $ 60,144 Penn Virginia Resource Partners LP........................... 2,739 67,297 Ship Finance International, Ltd. ........................ 4,344 120,372 Stone Energy Corp. (a)......... 2,864 134,350 Sunoco Logistics Partners LP... 1,837 92,236 Swift Energy Co. (a)........... 3,254 143,274 TC Pipelines LP................ 1,749 63,314 Teekay LNG Partners LP......... 1,298 38,512 TEPPCO Partners LP............. 8,065 309,131 U.S. Shipping Partners LP...... 1,253 16,490 USEC, Inc. (a)................. 12,209 109,881 Whiting Petroleum Corp. (a).... 4,628 266,851 Williams Partners LP........... 4,440 174,048 ----------- 5,256,525 ----------- PAPER & FOREST PRODUCTS -- 0.7% AbitibiBowater, Inc. .......... 6,320 130,255 Buckeye Technologies, Inc. (a).......................... 4,347 54,338 Deltic Timber Corp. ........... 1,242 63,951 Glatfelter..................... 4,892 74,897 Louisiana-Pacific Corp. ....... 11,415 156,157 Neenah Paper, Inc. ............ 1,662 48,447 Schweitzer-Mauduit International, Inc. ......... 1,751 45,368 Wausau-Mosinee Paper Corp. .... 5,552 49,912 ----------- 623,325 ----------- PERSONAL PRODUCTS -- 0.1% Nu Skin Enterprises, Inc. (Class A).................... 5,725 94,062 ----------- PHARMACEUTICALS -- 0.9% Alpharma, Inc. (Class A) (a)... 4,808 96,881 KV Pharmaceutical Co. (Class A) (a).......................... 4,598 131,227 Perrigo Co. ................... 8,564 299,826 Watson Pharmaceuticals, Inc. (a).......................... 11,200 303,968 ----------- 831,902 ----------- REAL ESTATE INVESTMENT TRUSTS -- 10.2% Acadia Realty Trust............ 3,311 84,795 Alexandria Real Estate Equities, Inc. .............. 3,510 356,862 American Campus Communities, Inc. ........................ 2,966 79,637 American Financial Realty Trust........................ 14,224 114,076 Anthracite Capital, Inc. ...... 6,972 50,477 Arbor Realty Trust, Inc. ...... 2,190 35,281 Ashford Hospitality Trust, Inc. ........................ 13,473 96,871 Brandywine Realty Trust........ 9,611 172,325 BRE Properties, Inc. (Class A)........................... 5,641 228,630 Capital Lease Funding, Inc. ... 4,978 41,915 Capital Trust, Inc. (Class A).. 1,807 55,385 CBL & Associates Properties, Inc. ........................ 7,166 171,339 Cedar Shopping Centers, Inc. .. 4,814 49,247 Chimera Investment Corp. ...... 3,700 66,156 Colonial Properties Trust...... 5,037 113,987 Cousins Properties, Inc. ...... 4,501 99,472 Crystal River Capital, Inc. ... 2,781 40,158 DCT Industrial Trust, Inc. .... 18,429 171,574 Deerfield Capital Corp. ....... 5,310 42,480 DiamondRock Hospitality Co. ... 10,495 157,215 Douglas Emmett, Inc. .......... 10,814 244,505 DuPont Fabros Technology, Inc. ........................ 3,400 66,640 EastGroup Properties, Inc. .... 2,598 108,726 Education Realty Trust, Inc. .. 3,163 35,552 Entertainment Properties Trust........................ 3,085 144,995 Equity Lifestyle Properties, Inc. ........................ 2,518 114,997 Equity One, Inc. .............. 4,078 93,916 Essex Property Trust, Inc. .... 2,776 270,632 Extra Space Storage, Inc. ..... 7,095 101,388 FelCor Lodging Trust, Inc. .... 6,871 107,119 First Industrial Realty Trust, Inc. ........................ 4,875 168,675 Franklin Street Properties Corp. ....................... 7,054 104,399 Friedman, Billings, Ramsey Group, Inc. ................. 15,376 48,281 Getty Realty Corp. ............ 1,952 52,079 Glimcher Realty Trust.......... 4,034 57,646 GMH Communities Trust.......... 4,263 23,532 Gramercy Capital Corp./New York......................... 2,917 70,912 Health Care REIT, Inc. ........ 9,333 417,092 Healthcare Realty Trust, Inc. ........................ 5,568 141,372 Highwoods Properties, Inc. .... 6,265 184,066 Home Properties, Inc. ......... 3,645 163,478 HRPT Properties Trust.......... 24,705 190,970 Inland Real Estate Corp. ...... 6,485 91,828 Investors Real Estate Trust.... 6,076 54,502 JER Investors Trust, Inc. ..... 2,600 28,002 Kilroy Realty Corp. ........... 3,555 195,383 Kite Realty Group Trust........ 3,205 48,940 LaSalle Hotel Properties....... 4,363 139,180 Lexington Realty Trust......... 6,598 95,935 LTC Properties, Inc. .......... 2,298 57,565 Medical Properties Trust, Inc. ........................ 5,355 54,567 MFA Mortgage Investments, Inc. ........................ 13,145 121,591 Mid-America Apartment Communities, Inc. ........... 2,787 119,144 National Health Investors, Inc. ........................ 2,767 77,199 National Retail Properties, Inc. ........................ 7,793 182,200 Nationwide Health Properties, Inc. ........................ 10,221 320,633 Newcastle Investment Corp. .... 5,827 75,518 NorthStar Realty Finance Corp. ....................... 6,694 59,710 Omega Healthcare Investors, Inc. ........................ 7,389 118,593 Parkway Properties, Inc. ...... 1,672 61,831 Pennsylvania Real Estate Investment Trust............. 4,218 125,190 Post Properties, Inc. ......... 4,786 168,084 Potlatch Corp. ................ 4,291 190,692 PS Business Parks, Inc. ....... 1,751 92,015 RAIT Investment Trust.......... 6,689 57,659 Ramco-Gershenson Properties Trust........................ 2,024 43,253 Rayonier, Inc. ................ 8,486 400,879 Realty Income Corp. ........... 11,143 301,084 Redwood Trust, Inc. ........... 2,870 98,269 Saul Centers, Inc. ............ 1,297 69,299 Senior Housing Properties Trust........................ 9,224 209,200 Sovran Self Storage, Inc. ..... 2,352 94,315 Strategic Hotels & Resorts, Inc. ........................ 8,153 136,400 Sun Communities, Inc. ......... 1,895 39,928 Sunstone Hotel Investors, Inc. ........................ 6,548 119,763 Tanger Factory Outlet Centers, Inc. ........................ 3,396 128,063 Thornburg Mortgage, Inc. ...... 14,300 132,132 U-Store-It Trust............... 5,155 47,220 Universal Health Realty Income Trust........................ 1,196 42,386 Urstadt Biddle Properties (Class A).................... 2,025 31,387 Washington Real Estate Investment Trust............. 5,096 160,065 ----------- 9,728,458 -----------
See accompanying notes to financial statements. 76 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Tejon Ranch Co. (a)............ 1,370 $ 55,964 ----------- ROAD & RAIL 1.4% Amerco, Inc. (a)............... 844 55,434 Arkansas Best Corp. ........... 2,485 54,521 Avis Budget Group, Inc. (a).... 11,182 145,366 Con-way, Inc. ................. 4,977 206,745 Dollar Thrifty Automotive Group (a).......................... 2,168 51,338 Kansas City Southern (a)....... 8,419 289,024 Ryder Systems, Inc. ........... 6,425 302,039 Werner Enterprises, Inc. ...... 5,626 95,811 YRC Worldwide, Inc. (a)........ 6,352 108,556 ----------- 1,308,834 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.7% Actel Corp. (a)................ 2,791 38,125 Credence Systems Corp. (a)..... 11,000 26,620 Entegris, Inc. (a)............. 12,838 110,792 Fairchild Semiconductor International, Inc. (a)...... 13,602 196,277 Photronics, Inc. (a)........... 4,276 53,322 Standard Microsystems Corp. (a).......................... 2,495 97,479 TriQuint Semiconductor, Inc. (a).......................... 15,310 101,505 Veeco Instruments, Inc. (a).... 3,250 54,275 ----------- 678,395 ----------- SOFTWARE -- 0.9% Borland Software Corp. (a)..... 7,900 23,779 Compuware Corp. (a)............ 31,329 278,202 MSC Software Corp. (a)......... 4,484 58,247 Novell, Inc. (a)............... 38,293 263,073 Sybase, Inc. (a)............... 9,989 260,613 ----------- 883,914 ----------- SPECIALTY RETAIL -- 2.0% Asbury Automotive Group, Inc. ........................ 3,458 52,043 Barnes & Noble, Inc. .......... 5,868 202,153 Borders Group, Inc. ........... 6,445 68,639 Brown Shoe Co., Inc. .......... 4,889 74,166 Buckle, Inc. .................. 1,676 55,308 Circuit City Stores, Inc. ..... 18,500 77,700 Collective Brands, Inc. (a).... 7,204 125,278 CSK Auto Corp. (a)............. 4,780 23,948 Foot Locker, Inc. ............. 17,100 233,586 Group 1 Automotive, Inc. ...... 2,504 59,470 hhgregg, Inc. (a).............. 995 13,691 Jo-Ann Stores, Inc. (a)........ 2,765 36,166 Lithia Motors, Inc. (Class A).. 1,732 23,780 OfficeMax, Inc. ............... 8,141 168,193 Pier 1 Imports, Inc. (a)....... 8,658 45,281 Rent-A-Center, Inc. (a)........ 7,300 105,996 Sally Beauty Holdings, Inc. (a).......................... 9,200 83,260 Sonic Automotive, Inc. (Class A)........................... 4,621 89,463 Stage Stores, Inc. ............ 4,500 66,600 Talbots, Inc. ................. 2,421 28,616 The Cato Corp. (Class A)....... 3,428 53,682 The Pep Boys -- Manny, Moe & Jack......................... 4,274 49,066 United Auto Group, Inc. ....... 4,533 79,146 Zale Corp. (a)................. 5,284 84,861 ----------- 1,900,092 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.2% Columbia Sportswear Co. ....... 1,732 76,364 Hanesbrands, Inc. (a).......... 10,592 287,785 Jones Apparel Group, Inc. ..... 9,300 148,707 Kellwood Co. .................. 2,617 43,547 Kenneth Cole Productions, Inc. (Class A).................... 1,295 22,649 Movado Group, Inc. ............ 2,036 51,490 Oxford Industries, Inc. ....... 1,713 44,144 Phillips-Van Heusen Corp. ..... 6,251 230,412 Skechers USA, Inc. (a)......... 3,541 69,085 UniFirst Corp. ................ 1,511 57,418 Wolverine World Wide, Inc. .... 5,677 139,200 ----------- 1,170,801 ----------- THRIFTS & MORTGAGE FINANCE -- 2.2% Anchor Bancorp Wisconsin, Inc. ........................ 2,065 48,569 Astoria Financial Corp. ....... 9,700 225,719 Bank Mutual Corp. ............. 5,900 62,363 BankAtlantic Bancorp, Inc. (Class A).................... 4,958 20,328 BankUnited Financial Corp. .... 3,894 26,869 Beneficial Mutual Bancorp, Inc. (a).......................... 3,987 38,754 Brookline Bancorp, Inc. ....... 6,911 70,216 Capitol Federal Financial...... 2,297 71,207 Centerline Holding Co. ........ 5,497 41,887 Charter Financial Corp. ....... 400 14,800 Clifton Savings Bancorp, Inc. ........................ 1,161 11,378 Corus Bankshares, Inc. ........ 3,696 39,436 Dime Community Bancshares...... 3,468 44,286 Doral Financial Corp. (a)...... 500 9,020 Downey Financial Corp. ........ 2,312 71,926 First Busey Corp. ............. 3,171 62,976 First Financial Holdings, Inc. ........................ 1,287 35,290 First Niagara Financial Group, Inc. ........................ 11,661 140,398 First Place Financial Corp. ... 1,730 24,203 FirstFed Financial Corp. (a)... 1,520 54,446 Flagstar Bancorp, Inc. ........ 4,054 28,256 Flushing Financial Corp. ...... 2,103 33,753 Fremont General Corp. (a)...... 7,595 26,583 IndyMac Bancorp, Inc. ......... 8,806 52,396 Kearny Financial Corp. ........ 2,389 28,453 Northwest Bancorp, Inc. ....... 2,204 58,560 PFF Bancorp, Inc. ............. 2,279 27,439 Provident Financial Services, Inc. ........................ 6,283 90,601 Provident New York Bancorp..... 4,361 56,344 Radian Group, Inc. ............ 8,800 102,784 The PMI Group, Inc. ........... 8,900 118,192 TierOne Corp. ................. 1,750 38,763 Triad Guaranty, Inc. (a)....... 1,393 13,651 TrustCo Bank Corp. NY.......... 8,126 80,610 United Community Financial Corp. ....................... 2,939 16,223 Washington Federal, Inc. ...... 9,534 201,263 Wauwatosa Holdings, Inc. (a)... 1,103 14,140 WSFS Financial Corp. .......... 672 33,734 ----------- 2,135,816 -----------
See accompanying notes to financial statements. 77 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2007 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- TOBACCO -- 0.3% Alliance One International, Inc. (a)..................... 10,400 $ 42,328 Universal Corp. ............... 3,056 156,529 Vector Group, Ltd. ............ 3,837 76,970 ----------- 275,827 ----------- TRADING COMPANIES & DISTRIBUTORS -- 1.1% Aircastle, Ltd. ............... 4,800 126,384 Applied Industrial Technologies, Inc. .......... 4,344 126,063 BlueLinx Holdings, Inc. ....... 1,287 5,058 GATX Corp. .................... 4,654 170,709 Kaman Corp. (Class A).......... 2,740 100,859 Lawson Products, Inc. ......... 498 18,884 TAL International Group, Inc. ........................ 1,921 43,741 Textainer Group Holdings, Ltd. ........................ 1,000 14,530 UAP Holding Corp. ............. 5,671 218,901 United Rentals, Inc. (a)....... 8,577 157,474 Watsco, Inc. .................. 2,691 98,921 ----------- 1,081,524 ----------- TRANSPORTATION INFRASTRUCTURE -- 0.2% Macquarie Infrastructure Co. LLC.......................... 4,983 201,961 ----------- WATER UTILITIES -- 0.5% American States Water Co. ..... 1,846 69,557 Aqua America, Inc. ............ 14,469 306,743 California Water Service Group........................ 2,165 80,149 SJW Corp. ..................... 1,472 51,034 ----------- 507,483 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.1% SunCom Wireless Holdings, Inc. (a).......................... 800 21,344 USA Mobility, Inc. (a)......... 2,571 36,765 ----------- 58,109 ----------- TOTAL COMMON STOCKS -- (Cost $100,340,273).......... 95,630,630 ----------- SHORT TERM INVESTMENTS -- 1.2% MONEY MARKET FUND -- 1.2% STIC Prime Portfolio (Cost $1,111,334)............ 1,111,334 1,111,334 ----------- TOTAL INVESTMENTS -- 101.0% (Cost $101,451,607).......... 96,741,964 OTHER ASSETS AND LIABILITIES -- (1.0)%........ (948,285) ----------- NET ASSETS -- 100.0%........... $95,793,679 ===========
(a) Non-income producing security (b) Amount shown represents less than 0.05% of net assets. See accompanying notes to financial statements. 78 ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the Registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES Not applicable to the Registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS Not applicable to the Registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board. ITEM 11. CONTROLS AND PROCEDURES (a) Within 90 days of the filing date of this Form N-CSR, James E. Ross, the Registrant's President, and Gary L. French, the Registrant's Principal Financial Officer, reviewed the Registrant's disclosure controls and procedures (the "Procedures") and evaluated their effectiveness. Based on the review, Messrs. Ross and French determined that the Procedures adequately ensure that information required to be disclosed by the Registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission's rules and regulations. (b) In the Registrant's second fiscal quarter covered by this form N-CSR filing, there were no significant changes in the Registrant's internal controls or in other factors that have materially affected, or are reasonably likely to materially affect, its controls over financial reporting subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 12. EXHIBITS (a)(1) Not applicable to the Registrant; this Form N-CSR is a Semi-Annual Report. (2) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto. (3) Not applicable (b) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SPDR(R) SERIES TRUST By: /s/ James E. Ross --------------------------------- James E. Ross President and Principal Executive Officer Date: February 25, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James E. Ross --------------------------------- James E. Ross President and Principal Executive Officer Date: February 25, 2008 By: /s/ Gary L. French --------------------------------- Gary L. French Treasurer and Principal Financial Officer Date: February 25, 2008 EX-99.CERT 2 b68975a1exv99wcert.txt CERTIFICATIONS OF PEO & PFO Exhibit: (a)(2) CERTIFICATIONS I, James E. Ross, President and Principal Executive Officer of SPDR(R) Series Trust, certify that: 1. I have reviewed this report on Form N-CSR of SPDR(R) Series Trust; 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) 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 second fiscal quarter of the period covered by this report 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. Date: February 25, 2008 /s/ James E. Ross ---------------------------------------- James E. Ross President and Principal Executive Officer CERTIFICATIONS I, Gary L. French, Treasurer and Principal Financial Officer of SPDR(R) Series Trust, certify that: 1. I have reviewed this report on Form N-CSR of SPDR(R) Series Trust; 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) 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 second fiscal quarter of the period covered by this report 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. Date: February 25, 2008 /s/ Gary L. French ---------------------------------------- Gary L. French Treasurer and Principal Financial Officer EX-99.906CERT 3 b68975a1exv99w906cert.txt 906 CERTIFICATIONS SECTION 906 CERTIFICATION We, James E. Ross, President and Principal Executive Officer, and Gary L. French, Treasurer and Principal Financial Officer, of the SPDR(R) Series Trust (the "registrant"), certify that: 1. The report on Form N-CSR of the registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. By: /s/ James E. Ross --------------------------------- James E. Ross President and Principal Executive Officer Date: February 25, 2008 By: /s/ Gary L. French --------------------------------- Gary L. French Treasurer and Principal Financial Officer Date: February 25, 2008 -----END PRIVACY-ENHANCED MESSAGE-----