-----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, MOF3m4AE9Tpq2tRtlk3sBpQIgXbkTdLPNQFbnB9FnFSUoNg1VCZK6nJiLovN3/ey 1QpRPBGZXWxpcteb4z86Ug== 0000950135-09-001558.txt : 20090305 0000950135-09-001558.hdr.sgml : 20090305 20090305153946 ACCESSION NUMBER: 0000950135-09-001558 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20081231 FILED AS OF DATE: 20090305 DATE AS OF CHANGE: 20090305 EFFECTIVENESS DATE: 20090305 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: 09658820 BUSINESS ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: CPH0326 CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 866-787-2257 MAIL ADDRESS: STREET 1: ONE LINCOLN STREET STREET 2: CPH0326 CITY: BOSTON STATE: MA ZIP: 02111 FORMER COMPANY: FORMER CONFORMED NAME: STREETTRACKS 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 SPDR(R) DJ Wilshire REIT ETF C000019029 SPDR(R) DJ Wilshire REIT ETF RWR 0001064642 S000006977 SPDR(R) KBW Bank ETF C000019030 SPDR(R) KBW Bank ETF KBE 0001064642 S000006978 SPDR(R) KBW Capital Markets ETF C000019031 SPDR(R) KBW Capital Markets ETF KCE 0001064642 S000006979 SPDR(R) KBW Insurance ETF C000019032 SPDR(R) KBW Insurance ETF KIE 0001064642 S000006980 SPDR(R) Morgan Stanley Technology ETF C000019033 SPDR(R) 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 SPDR(R) KBW Regional Banking(SM) ETF C000033541 SPDR(R) 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) Barclays Capital 1-3 Month T-Bill ETF C000047963 SPDR(R) Barclays Capital 1-3 Month T-Bill ETF BIL 0001064642 S000017327 SPDR(R) Barclays Capital Short Term Municipal Bond ETF C000047964 SPDR(R) Barclays Capital Short Term Municipal Bond ETF 0001064642 S000017328 SPDR(R) Barclays Capital Intermediate Term Treasury ETF C000047965 SPDR(R) Barclays Capital Intermediate Term Treasury ETF ITE 0001064642 S000017329 SPDR(R) Barclays Capital Long Term Treasury ETF C000047966 SPDR(R) Barclays Capital 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) Barclays Capital California Municipal Bond ETF C000047968 SPDR(R) Barclays Capital California Municipal Bond ETF 0001064642 S000017332 SPDR(R) Barclays Capital New York Municipal Bond ETF C000047969 SPDR(R) Barclays Capital New York Municipal Bond ETF 0001064642 S000017333 SPDR(R) Barclays Capital Municipal Bond ETF C000047970 SPDR(R) Barclays Capital Municipal Bond ETF TFI 0001064642 S000017334 SPDR(R) Barclays Capital Aggregate Bond ETF C000047971 SPDR(R) Barclays Capital Aggregate Bond ETF LAG 0001064642 S000018782 SPDR(R) Barclays Capital International Treasury Bond ETF C000051964 SPDR(R) Barclays Capital International Treasury Bond ETF 0001064642 S000018783 SPDR(R) DB International Government Inflation-Protected Bond ETF C000051965 SPDR(R) DB International Government Inflation-Protected Bond ETF 0001064642 S000019669 SPDR(R) Barclays Capital High Yield Bond ETF C000055013 SPDR(R) Barclays Capital High Yield Bond ETF N-CSRS 1 b73723a1nvcsrs.txt SPDR(R) 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, 2008 ================================================================================ ITEM 1: REPORTS TO SHAREHOLDERS SEMI-ANNUAL December 31, 2008 (IMAGE) PRECISE IN A WORLD THAT ISN'T(SM) 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 SPDR(R) DJ WILSHIRE REIT ETF (RWR)...................................... 34 SPDR(R) KBW BANK ETF (KBE).............................................. 37 SPDR(R) KBW CAPITAL MARKETS ETF (KCE)................................... 40 SPDR(R) KBW INSURANCE ETF (KBI)......................................... 43 SPDR(R) 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 SPDR(R) 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)................................... 91 SPDR(R) DJ WILSHIRE MID CAP GROWTH ETF (EMG)............................ 94 SPDR(R) DJ WILSHIRE MID CAP VALUE ETF (EMV)............................. 97 SPDR(R) DJ WILSHIRE SMALL CAP ETF (DSC)................................. 99 SPDR(R) DJ WILSHIRE SMALL CAP GROWTH ETF (DSG).......................... 102 SPDR(R) DJ WILSHIRE SMALL CAP VALUE ETF (DSV)........................... 105
SCHEDULES OF INVESTMENTS SPDR(R) DJ GLOBAL TITANS ETF (DGT)...................................... 108 SPDR(R) DJ WILSHIRE REIT ETF (RWR)...................................... 109 SPDR(R) KBW BANK ETF (KBE).............................................. 111 SPDR(R) KBW CAPITAL MARKETS ETF (KCE)................................... 112 SPDR(R) KBW INSURANCE ETF (KBI)......................................... 113 SPDR(R) MORGAN STANLEY TECHNOLOGY ETF (MTK)............................. 114 SPDR(R) S&P(R) DIVIDEND ETF (SDY)....................................... 115 SPDR(R) S&P(R) BIOTECH ETF (XBI)........................................ 116 SPDR(R) S&P(R) HOMEBUILDERS ETF (XHB)................................... 117 SPDR(R) S&P(R) METALS & MINING ETF (XME)................................ 118 SPDR(R) S&P(R) OIL & GAS EQUIPMENT & SERVICES ETF (XES)................. 119 SPDR(R) S&P(R) OIL & GAS EXPLORATION & PRODUCTION ETF (XOP)............. 120 SPDR(R) S&P(R) PHARMACEUTICALS ETF (XPH)................................ 121 SPDR(R) S&P(R) RETAIL ETF (XRT)......................................... 122 SPDR(R) S&P(R) SEMICONDUCTOR ETF (XSD).................................. 123 SPDR(R) KBW REGIONAL BANKING(SM) ETF (KRE).............................. 124 FINANCIAL STATEMENTS...................................................... 126 FINANCIAL HIGHLIGHTS...................................................... 148 NOTES TO FINANCIAL STATEMENTS............................................. 162 OTHER INFORMATION......................................................... 174
(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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE TOTAL MARKET ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE 5000 VALUE VALUE COMPOSITE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -29.19% -29.10% -29.54% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.80% -36.94% -37.23% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -23.42% -23.46% -23.25% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -9.92% -9.68% -8.17% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -23.62% -23.54% -23.53% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE 5000 VALUE VALUE COMPOSITE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.80% -36.94% -37.23% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -8.51% -8.53% -8.44% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -2.07% -2.02% -1.69% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -3.22% -3.20% -4.24% ----------------------------------------------------------------------------------------------------
(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, 2008. 1 (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(A)(1) COMPOSITE INDEX(B) ---------------- ------------------ 10/4/2000 10000.00 10000.00 10061.00 9903.00 9407.00 8918.00 12/31/00 9467.00 9077.00 9762.00 9424.00 9018.00 8531.00 8516.00 7956.00 9117.00 8611.00 9188.00 8697.00 8978.00 8551.00 8929.00 8410.00 8379.00 7901.00 7763.00 7191.00 7857.00 7374.00 8442.00 7938.00 12/31/01 8498.00 8081.00 8412.00 7980.00 8280.00 7816.00 8562.00 8158.00 8077.00 7760.00 8018.00 7669.00 7480.00 7130.00 6940.00 6554.00 6983.00 6593.00 6228.00 5931.00 6747.00 6385.00 7097.00 6770.00 12/31/02 6696.00 6395.00 6508.00 6234.00 6393.00 6128.00 6467.00 6198.00 6992.00 6706.00 7318.00 7115.00 7422.00 7220.00 7555.00 7395.00 7670.00 7572.00 7593.00 7488.00 8010.00 7946.00 8062.00 8057.00 12/31/03 8478.00 8419.00 8602.00 8606.00 8727.00 8731.00 8593.00 8638.00 8473.00 8454.00 8553.00 8571.00 8706.00 8754.00 8448.00 8428.00 8494.00 8457.00 8560.00 8594.00 8670.00 8733.00 9018.00 9139.00 12/31/04 9327.00 9469.00 9147.00 9221.00 9363.00 9423.00 9204.00 9258.00 9043.00 9054.00 9313.00 9397.00 9364.00 9473.00 9754.00 9865.00 9674.00 9776.00 9758.00 9855.00 9583.00 9673.00 9955.00 10059.00 12/31/05 9974.00 10073.00 10308.00 10431.00 10290.00 10429.00 10461.00 10621.00 10563.00 10739.00 10231.00 10395.00 10250.00 10413.00 10241.00 10401.00 10482.00 10644.00 10721.00 10878.00 11100.00 11273.00 11333.00 11527.00 12/31/06 11460.00 11662.00 11673.00 11883.00 11473.00 11696.00 11604.00 11825.00 12069.00 12298.00 12508.00 12748.00 12307.00 12543.00 11890.00 12116.00 12058.00 12285.00 12479.00 12726.00 12713.00 12970.00 12155.00 12393.00 12/31/07 12083.00 12317.00 11380.00 11571.00 11040.00 11223.00 10968.00 11146.00 11510.00 11701.00 11741.00 11945.00 10786.00 10973.00 10690.00 10878.00 10847.00 11049.00 9853.00 10022.00 8129.00 8261.00 7494.00 7600.00 12/31/08 7638.00 7647.00
(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 (semi-annual report LOGO) SPDR DJ Wilshire Total Market ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. PROCTER & GAMBLE CO. AT&T, INC. JOHNSON & JOHNSON ---------------------------------------------------------------------------------------------------------- MARKET VALUE $5,898,559 2,602,684 2,416,430 2,388,593 ---------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.2% 1.9 1.7 1.7 ---------------------------------------------------------------------------------------------------------- --------------------------------------------------- DESCRIPTION GENERAL ELECTRIC CO. --------------------------------------------------- MARKET VALUE 2,308,257 --------------------------------------------------- % 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 10.7% Pharmaceuticals 6.6 Insurance 3.9 Computers & Peripherals 3.7 Software 3.7 Commercial Banks 3.6 Diversified Telecommunication Services 3.0 Diversified Financial Services 2.7 Food & Staples Retailing 2.7 Household Products 2.7 Biotechnology 2.6 Media 2.5 Aerospace & Defense 2.3 Communications Equipment 2.3 Electric Utilities 2.3 Health Care Providers & Services 2.3 Health Care Equipment & Supplies 2.2 Industrial Conglomerates 2.2 Semiconductors & Semiconductor Equipment 2.2 Beverages 2.1 Capital Markets 2.1 Machinery 2.1 Specialty Retail 2.0 Chemicals 1.8 Food Products 1.8 Real Estate Investment Trusts 1.8 Energy Equipment & Services 1.7 Hotels, Restaurants & Leisure 1.7 Tobacco 1.5 IT Services 1.4 Internet Software & Services 1.3 Multi-Utilities 1.2 Road & Rail 1.1 Air Freight & Logistics 0.8 Metals & Mining 0.8 Multiline Retail 0.8 Commercial Services & Supplies 0.7 Electrical Equipment 0.7 Electronic Equipment, Instruments & Components 0.6 Household Durables 0.6 Life Sciences Tools & Services 0.6 Diversified Consumer Services 0.5 Thrifts & Mortgage Finance 0.5 Consumer Finance 0.4 Construction & Engineering 0.4 Textiles, Apparel & Luxury Goods 0.4 Wireless Telecommunication Services 0.4 Containers & Packaging 0.3 Independent Power Producers & Energy Traders 0.3 Internet & Catalog Retail 0.3 Professional Services 0.3 Airlines 0.2 Auto Components 0.2 Construction Materials 0.2 Leisure Equipment & Products 0.2 Personal Products 0.2 Paper & Forest Products 0.2 Trading Companies & Distributors 0.2 Water Utilities 0.2 Automobiles 0.1 Building Products 0.1 Gas Utilities 0.1 Health Care Technology 0.1 Office Electronics 0.1 Real Estate Management & Development 0.1 Distributors 0.0** Transportation Infrastructure 0.0** Short Term Investments 17.3 Other Assets & Liabilities (16.7) ------------------------------------------------ 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. 3 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE LARGE CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -29.07% -29.05% -29.25% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.90% -36.80% -37.06% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -22.67% -22.65% -22.56% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -20.52% -20.54% -20.39% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.90% -36.80% -37.06% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -8.21% -8.21% -8.17% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -7.04% -7.04% -6.95% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 4 (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)
DOW JONES SPDR DJ WILSHIRE LARGE WILSHIRE LARGE CAP INXEX CAP ETF(A) (B) -------------- -------------- 11/8/2005 10000.00 10000.00 10266.00 10267.00 12/31/05 10277.00 10280.00 10569.00 10574.00 10570.00 10573.00 10717.00 10721.00 10850.00 10855.00 10532.00 10539.00 10548.00 10556.00 10587.00 10599.00 10830.00 10847.00 11096.00 11112.00 11467.00 11487.00 11707.00 11730.00 12/31/06 11860.00 11885.00 12072.00 12100.00 11850.00 11879.00 11980.00 12011.00 12482.00 12519.00 12923.00 12966.00 12710.00 12752.00 12323.00 12364.00 12502.00 12543.00 12971.00 13023.00 13210.00 13263.00 12674.00 12721.00 12/31/07 12597.00 12643.00 11837.00 11881.00 11481.00 11519.00 11411.00 11449.00 11982.00 12028.00 12191.00 12242.00 11207.00 11248.00 11078.00 11118.00 11225.00 11267.00 10209.00 10231.00 8478.00 8488.00 7848.00 7854.00 12/31/08 7948.00 7961.00
5 (semi-annual report LOGO) SPDR DJ Wilshire Large Cap ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. PROCTER & GAMBLE CO. AT&T, INC. JOHNSON & JOHNSON ---------------------------------------------------------------------------------------------------------- MARKET VALUE $1,089,041 491,345 453,065 447,349 ---------------------------------------------------------------------------------------------------------- % OF NET ASSETS...... 4.8% 2.1 2.0 2.0 ---------------------------------------------------------------------------------------------------------- --------------------------------------------------- DESCRIPTION GENERAL ELECTRIC CO. --------------------------------------------------- MARKET VALUE 432,864 --------------------------------------------------- % OF NET ASSETS...... 1.9 ---------------------------------------------------
(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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 11.5% Pharmaceuticals 7.3 Insurance 4.1 Computers & Peripherals 4.0 Software 3.5 Diversified Telecommunication Services 3.3 Diversified Financial Services 3.1 Food & Staples Retailing 3.1 Household Products 3.0 Commercial Banks 2.8 Biotechnology 2.6 Media 2.6 Beverages 2.5 Industrial Conglomerates 2.5 Aerospace & Defense 2.4 Communications Equipment 2.3 Electric Utilities 2.3 Capital Markets 2.2 Health Care Equipment & Supplies 2.1 Health Care Providers & Services 2.1 Semiconductors & Semiconductor Equipment 2.1 Chemicals 1.8 Machinery 1.8 Specialty Retail 1.8 Tobacco 1.7 Energy Equipment & Services 1.6 Food Products 1.6 IT Services 1.6 Hotels, Restaurants & Leisure 1.5 Multi-Utilities 1.5 Real Estate Investment Trusts 1.4 Internet Software & Services 1.3 Road & Rail 1.0 Air Freight & Logistics 0.8 Metals & Mining 0.8 Electrical Equipment 0.7 Commercial Services & Supplies 0.6 Multiline Retail 0.6 Consumer Finance 0.5 Electrical Equipment, Instruments & Components 0.5 Household Durables 0.4 Life Sciences Tools & Services 0.4 Wireless Telecommunication Services 0.4 Construction & Engineering 0.3 Containers & Packaging 0.3 Diversified Consumer Services 0.3 Independent Power Producers & Energy Traders 0.3 Internet & Catalog Retail 0.3 Textiles, Apparel & Luxury Goods 0.3 Airlines 0.2 Auto Components 0.2 Gas Utilities 0.2 Professional Services 0.2 Paper & Forest Products 0.2 Personal Products 0.2 Thrifts & Mortgage Finance 0.2 Automobiles 0.1 Building Products 0.1 Construction Materials 0.1 Distributors 0.1 Health Care Technology 0.1 Leisure Equipment & Products 0.1 Office Electronics 0.1 Trading Companies & Distributors 0.1 Real Estate Management & Development 0.0** Water Utilities 0.0** Short Term Investments 24.6 Other Assets and Liabilities (24.3) ------------------------------------------------ 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. 6 (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 sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE LARGE CAP GROWTH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -32.36% -32.39% -32.42% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -37.48% -37.70% -37.49% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -24.56% -24.59% -24.29% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -18.40% -18.33% -11.16% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -60.39% -60.41% -49.09% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -37.48% -37.70% -37.49% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -8.97% -8.98% -8.86% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -3.99% -3.97% -2.34% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -10.60% -10.60% -8.42% ----------------------------------------------------------------------------------------------------
(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, 2008. 7 (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)(1) 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 6336.29 8144.3 5844.6 7512.3 5752.84 7393.61 5708.19 7337.42 6034.99 7760.05 6265.58 8058.81 5856.57 7532.57 5706.99 7341.25 5811.6 7477.06 5152.62 6626.92 4233.55 5441.36 3891.99 4999.52 12/31/08 3961.65 5091.02
(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. 8 (semi-annual report LOGO) SPDR DJ Wilshire Large Cap Growth ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
----------------------------------------------------------------------------------------------------------------------- DESCRIPTION PROCTER & GAMBLE CO. JOHNSON & JOHNSON MICROSOFT CORP. WAL-MART STORES, INC. ----------------------------------------------------------------------------------------------------------------------- MARKET VALUE $7,046,367 6,432,742 5,918,488 5,264,258 ----------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.3% 3.9 3.6 3.2 ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------- DESCRIPTION CISCO SYSTEMS, INC. ----------------------------------------------- MARKET VALUE 3,692,472 ----------------------------------------------- % OF NET ASSETS 2.2 -----------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Software 7.0% Food & Staples Retailing 5.6 Household Products 5.4 Pharmaceuticals 5.2 Biotechnology 5.1 Computers & Peripherals 5.1 Media 5.0 Communications Equipment 4.5 Oil, Gas & Consumable Fuels 4.3 Health Care Equipment & Supplies 4.1 Health Care Providers & Services 3.8 Specialty Retail 3.4 Energy Equipment & Services 3.2 IT Services 3.0 Machinery 3.0 Aerospace & Defense 2.8 Internet Software & Services 2.5 Beverages 2.3 Semiconductors & Semiconductor Equipment 2.3 Chemicals 1.9 Capital Markets 1.3 Electrical Equipment 1.2 Metals & Mining 1.2 Hotels, Restaurants & Leisure 1.1 Multiline Retail 1.1 Insurance 1.0 Diversified Financial Services 0.9 Electronic Equipment, Instruments & Components 0.9 Life Sciences Tools & Services 0.9 Air Freight & Logistics 0.8 Commercial Services & Supplies 0.8 Road & Rail 0.8 Wireless Telecommunication Services 0.7 Construction & Engineering 0.6 Consumer Finance 0.6 Diversified Consumer Services 0.6 Food Products 0.5 Independent Power Producers & Energy Traders 0.5 Internet & Catalog Retail 0.5 Textiles, Apparel & Luxury Goods 0.5 Professional Services 0.4 Real Estate Investment Trusts 0.4 Containers & Packaging 0.3 Gas Utilities 0.3 Multi-Utilities 0.3 Personal Products 0.3 Airlines 0.2 Household Durables 0.2 Office Electronics 0.2 Thrifts & Mortgage Finance 0.2 Auto Components 0.1 Automobiles 0.1 Construction Materials 0.1 Diversified Telecommunication Services 0.1 Electric Utilities 0.1 Health Care Technology 0.1 Industrial Conglomerates 0.1 Real Estate Management & Development 0.1 Trading Companies & Distributors 0.1 Short Term Investments 18.1 Other Assets & Liabilities (17.8) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 9 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE LARGE CAP VALUE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.20%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -25.36% -25.33% -25.50% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.49% -36.44% -36.62% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -21.49% -21.57% -21.34% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -6.32% -6.29% -5.58% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -3.86% -3.92% 5.56% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE LARGE CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.49% -36.44% -36.62% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -7.75% -7.78% -7.69% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -1.30% -1.29% -1.14% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -0.48% -0.48% 0.71% ----------------------------------------------------------------------------------------------------
(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, 2008. 10 (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)(1) INDEX(B) -------------- -------------- 9/25/2000 10000 10000 10175 10180.1 10518.9 10484.9 10244.4 10157.9 12/31/00 10591.7 10613.3 10512.2 10616.2 10166.4 10297.2 9811.56 9937.83 10243.6 10386.5 10444.4 10589.3 10127.9 10304.7 10231.2 10458.9 9422.18 10071.2 9802.52 9439.81 9313.82 9342.5 9791.62 9853.49 12/31/01 9924.79 10041.1 9673.69 10048.3 9660.15 10190.2 10079.4 10602.1 9501.85 10295.5 9569.31 10350.4 8881.28 9704.9 8293.34 8854.51 8333.98 8873.9 7418.07 7939.61 8096.08 8437.61 8538.13 8948 12/31/02 8175.26 8563.26 7974.97 8338.13 7710.2 8145.67 7725.62 8119.9 8451.05 8785.13 8948.82 9441.01 9135.85 9550.19 9144.16 9700.87 9185.13 9917.3 9151.7 9793.3 9525.09 10446.9 9569.85 10575.7 12/31/03 10262.7 11179.4 10473.1 11335.7 10637.5 11544.3 10428 11399.8 10265.3 11148.7 10316.6 11283.2 10556 11519.7 10449.3 11242.2 10610.3 11347.8 10689.8 11485.4 10833.1 11741.3 11239.3 12255 12/31/04 11608 12693.7 11345.6 12423.8 11707.7 12845.6 11518.1 12654.6 11419.1 12534.2 11576.7 12835.4 11656.5 12858.5 11900.2 13218.5 11852.6 13097.3 12031.5 13207.9 11786.1 12913.6 12210.4 13381 12/31/05 12244.6 13419.7 12555.6 13763.4 12686.2 13909.1 12843.5 14086.2 13151.7 14427.1 12834.8 14080.8 12913 14168.6 13220 14509.1 13501.5 14822 13830.1 15187 14264.9 15668.5 14554.2 15991.1 12/31/06 14880.9 16353.9 15058.5 16550.4 14778.1 16243.5 15012 16505.3 15645.7 17206.6 16196.2 17816.8 15870 17457.8 15213.8 16736.1 15451.9 17002.2 15981.8 17589.8 16014.5 17627.4 15309.7 16851.1 12/31/07 15134.3 16655.4 14509.2 15967.5 13841.9 15231.4 13781.5 15167.5 14367.2 15815.1 14293.2 15734.5 12878.4 14167.3 12944.8 14241 13041.1 14347.8 12187 13396.5 10228.4 11235.7 9537.3 10470.5 12/31/08 9614 10556
(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. 11 (semi-annual report LOGO) SPDR DJ Wilshire Large Cap Value ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. AT&T, INC. GENERAL ELECTRIC CO. CHEVRON CORP. PFIZER, INC. --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $9,631,729 4,018,300 3,838,217 3,565,502 2,832,945 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 9.5% 4.0 3.8 3.5 2.8 ---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 18.7% Pharmaceuticals 9.4 Insurance 7.3 Diversified Telecommunication Services 6.6 Commercial Banks 5.6 Diversified Financial Services 5.3 Industrial Conglomerates 5.0 Electric Utilities 4.5 Tobacco 3.4 Capital Markets 3.2 Computers & Peripherals 2.8 Food Products 2.8 Multi-Utilities 2.7 Beverages 2.6 Real Estate Investment Trusts 2.4 Aerospace & Defense 2.1 Hotels, Restaurants & Leisure 1.9 Semiconductors & Semiconductor Equipment 1.9 Chemicals 1.8 Road & Rail 1.2 Air Freight & Logistics 0.8 Food & Staples Retailing 0.7 Household Durables 0.6 Commercial Services & Supplies 0.5 Household Products 0.5 Machinery 0.5 Consumer Finance 0.4 Metals & Mining 0.4 Auto Components 0.3 Health Care Providers & Services 0.3 Leisure Equipment & Products 0.3 Media 0.3 Paper & Forest Products 0.3 Airlines 0.2 Automobiles 0.2 Containers & Packaging 0.2 IT Services 0.2 Multiline Retail 0.2 Specialty Retail 0.2 Thrifts & Mortgage Finance 0.2 Building Products 0.1 Construction Materials 0.1 Construction & Engineering 0.1 Distributors 0.1 Electrical Equipment 0.1 Gas Utilities 0.1 Health Care Equipment & Supplies 0.1 Independent Power Producers & Energy Traders 0.1 Software 0.1 Trading Companies & Distributors 0.1 Textiles, Apparel & Luxury Goods 0.1 Wireless Telecommunication Services 0.1 Electronic Equipment, Instruments & Components 0.0** Real Estate Management & Development 0.0** Water Utilities 0.0** Short Term Investments 16.1 Other Assets & Liabilities (15.8) ------------------------------------------------ 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 net assets. 12 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE MID CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -34.46% -34.62% -34.60% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -38.73% -38.98% -38.86% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -26.72% -27.15% -26.73% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -23.52% -23.65% -23.50% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -38.73% -38.98% -38.86% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -9.85% -10.02% -9.85% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -8.17% -8.22% -8.11% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 13 (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(A) CAP INDEX(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 12484.60 12513.20 11860.70 11888.80 11605.70 11633.20 11345.70 11372.60 12044.20 12074.30 12591.00 12623.70 11671.00 11697.10 11538.00 11566.10 11729.60 11759.30 10308.40 10325.80 8106.74 8114.01 7278.64 7276.64 12/31/08 7648.00 7650.00
14 (semi-annual report LOGO) SPDR DJ Wilshire Mid Cap ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION DELTA AIR THE J.M. VERTEX CINCINNATI LINES, INC. SMUCKER CO. SUNOCO, INC. PHARMACEUTICALS, INC. FINANCIAL CORP. ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $164,382 116,335 116,169 103,960 100,408 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.8% 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, 2008*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Insurance 7.0% Real Estate Investment Trusts 5.9 Oil, Gas & Consumable Fuels 5.6 Commercial Banks 4.3 IT Services 3.4 Multi-Utilities 3.3 Machinery 3.2 Software 2.8 Household Durables 2.7 Chemicals 2.6 Containers & Packaging 2.6 Specialty Retail 2.6 Health Care Equipment & Supplies 2.5 Electronic Equipment, Instruments & Components 2.4 Electric Utilities 2.3 Biotechnology 2.2 Food Products 2.2 Capital Markets 2.1 Energy Equipment & Services 2.0 Gas Utilities 2.0 Semiconductors & Semiconductor Equipment 2.0 Pharmaceuticals 1.9 Health Care Providers & Services 1.9 Media 1.7 Professional Services 1.7 Hotels, Restaurants & Leisure 1.6 Life Sciences Tools & Services 1.6 Commercial Services & Supplies 1.5 Diversified Consumer Services 1.5 Computers & Peripherals 1.4 Construction & Engineering 1.3 Road & Rail 1.2 Airlines 1.1 Aerospace & Defense 1.0 Electrical Equipment 1.0 Communications Equipment 0.9 Metals & Mining 0.9 Multiline Retail 0.9 Beverages 0.8 Diversified Telecommunication Services 0.8 Household Products 0.8 Wireless Telecommunication Services 0.8 Health Care Technology 0.7 Auto Components 0.6 Building Products 0.5 Internet Software & Services 0.5 Personal Products 0.5 Construction Materials 0.4 Food & Staples Retailing 0.4 Real Estate Management & Development 0.4 Thrifts & Mortgage Finance 0.4 Textiles, Apparel & Luxury Goods 0.4 Water Utilities 0.4 Diversified Financial Services 0.3 Internet & Catalog Retail 0.3 Marine 0.3 Paper & Forest Products 0.3 Trading Companies & Distributors 0.3 Distributors 0.2 Industrial Conglomerates 0.2 Independent Power Producers & Energy Traders 0.2 Leisure Equipment & Products 0.2 Office Electronics 0.1 Consumer Finance 0.0** Short Term Investments 26.1 Other Assets & Liabilities (25.7) ------------------------------------------------------------------- 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. 15 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE MID CAP GROWTH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -38.72% -38.85% -38.80% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -41.55% -41.83% -41.64% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -27.75% -27.87% -27.58% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -24.59% -24.73% -24.37% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -41.55% -41.83% -41.64% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -10.27% -10.32% -10.20% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -8.58% -8.63% -8.44% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 16 (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 12901.30 12964.80 12126.30 12186.90 11946.80 12005.30 11625.50 11682.40 12395.00 12456.90 13059.30 13123.40 12305.80 12362.20 11974.30 12032.10 12097.60 12156.10 10332.60 10374.00 7988.22 8014.94 7144.35 7165.36 12/31/08 7541.00 7563.00
17 (semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Growth ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION AFFILIATED VERTEX COMPUTER SERVICES, INC. SUNOCO, INC. PHARMACEUTICALS, INC. W.R. BERKLEY CORP. (CLASS A) -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $288,922 256,316 244,838 241,467 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.1% 1.0 0.9 0.9 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------------- DESCRIPTION O'REILLY AUTOMOTIVE, INC. ----------------------------------------------- MARKET VALUE 232,640 ----------------------------------------------- % OF NET ASSETS 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, 2008*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- IT Services 5.8% Oil, Gas & Consumable Fuels 5.7 Biotechnology 4.1 Specialty Retail 4.1 Electronic Equipment, Instruments & Components 3.8 Health Care Equipment & Supplies 3.7 Machinery 3.7 Semiconductors & Semiconductor Equipment 3.7 Software 3.5 Energy Equipment & Services 3.4 Health Care Providers & Services 3.0 Life Sciences Tools & Services 3.0 Commercial Services & Supplies 2.7 Containers & Packaging 2.7 Hotels, Restaurants & Leisure 2.7 Professional Services 2.7 Diversified Consumer Services 2.6 Pharmaceuticals 2.3 Capital Markets 2.2 Chemicals 2.0 Computers & Peripherals 1.8 Media 1.7 Aerospace & Defense 1.6 Household Products 1.5 Multiline Retail 1.5 Real Estate Investment Trusts 1.5 Wireless Telecommunication Services 1.5 Communications Equipment 1.4 Insurance 1.4 Beverages 1.3 Construction & Engineering 1.3 Health Care Technology 1.3 Household Durables 1.3 Road & Rail 1.2 Food Products 1.0 Gas Utilities 1.0 Internet Software & Services 0.9 Metals & Mining 0.9 Auto Components 0.8 Construction Materials 0.8 Electrical Equipment 0.7 Food & Staples Retailing 0.7 Airlines 0.6 Internet & Catalog Retail 0.6 Electric Utilities 0.5 Personal Products 0.5 Textiles, Apparel & Luxury Goods 0.4 Distributors 0.3 Diversified Financial Services 0.3 Diversified Telecommunication Services 0.3 Independent Power Producers & Energy Traders 0.3 Marine 0.3 Office Electronics 0.3 Thrifts & Mortgage Finance 0.3 Trading Companies & Distributors 0.3 Real Estate Management & Development 0.2 Industrial Conglomerates 0.1 Short Term Investments 27.8 Other Assets & Liabilities (27.6) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 18 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE MID CAP VALUE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -27.85% -28.01% -28.02% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -34.64% -34.90% -34.80% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -25.71% -25.79% -25.53% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -22.46% -22.59% -22.26% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE MID CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -34.64% -34.90% -34.80% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -9.43% -9.47% -9.36% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -7.76% -7.81% -7.64% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 19 (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 GROWTH CAP GROWTH 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 11864.50 11923.90 11444.50 11503.00 11090.90 11147.50 10911.30 10968.00 11509.30 11571.30 11892.50 11960.10 10748.50 10801.10 10892.10 10945.90 11178.00 11237.00 10258.70 10303.20 8228.32 8255.98 7414.04 7429.56 12/31/08 7754.57 7774.00
20 (semi-annual report LOGO) SPDR DJ Wilshire Mid Cap Value ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------------------ DESCRIPTION CINCINNATI DELTA AIR LINES, INC. THE J.M. SMUCKER CO. FINANCIAL CORP. HEALTH CARE REIT, INC. ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $187,520 132,855 114,710 113,434 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS...... 1.8% 1.2 1.1 1.1 ------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------- DESCRIPTION PARTNERRE, LTD. ---------------------------------------------- MARKET VALUE 101,987 ---------------------------------------------- % OF NET ASSETS...... 1.0 ----------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Insurance 13.5% Real Estate Investment Trusts 11.0 Commercial Banks 9.3 Multi-Utilities 7.1 Oil, Gas & Consumable Fuels 5.4 Electric Utilities 4.5 Household Durables 4.3 Food Products 3.6 Chemicals 3.3 Gas Utilities 3.2 Machinery 2.6 Containers & Packaging 2.5 Capital Markets 1.9 Software 1.9 Airlines 1.8 Media 1.7 Diversified Telecommunication Services 1.3 Electrical Equipment 1.3 Pharmaceuticals 1.3 Construction & Engineering 1.2 Health Care Equipment & Supplies 1.2 Road & Rail 1.2 Building Products 1.0 Computers & Peripherals 1.0 Water Utilities 1.0 Metals & Mining 0.9 Specialty Retail 0.9 Electronic Equipment, Instruments & Components 0.7 IT Services 0.7 Health Care Providers & Services 0.6 Paper & Forest Products 0.6 Real Estate Management & Development 0.6 Thrifts & Mortgage Finance 0.6 Energy Equipment & Services 0.5 Personal Products 0.5 Professional Services 0.5 Textiles, Apparel & Luxury Goods 0.5 Aerospace & Defense 0.4 Communications Equipment 0.4 Diversified Financial Services 0.4 Leisure Equipment & Products 0.4 Marine 0.4 Auto Components 0.3 Beverages 0.3 Diversified Consumer Services 0.3 Industrial Conglomerates 0.3 Multiline Retail 0.3 Trading Companies & Distributors 0.3 Hotels, Restaurants & Leisure 0.2 Consumer Finance 0.0** Short Term Investments 22.5 Other Assets & Liabilities (22.2) ------------------------------------------------ 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. 21 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARE. 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, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -31.11% -31.45% -31.34% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -37.47% -37.88% -37.76% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -25.87% -26.09% -25.81% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -23.20% -23.52% -23.09% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -37.47% -37.88% -37.76% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -9.50% -9.59% -9.47% ---------------------------------------------------------------------------------------------------- -7.96% SINCE INCEPTION (1) -8.05% -8.17%
(1) For the period November 8, 2005 to December 31, 2008. 22 (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 WILSHIRE MID DOW JONES CAP GROWTH WILSHIRE SMALL ETF(A) CAP INDEX(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 12285.30 12358.80 11540.20 11609.80 11227.50 11292.90 11101.80 11166.40 11647.80 11712.40 12167.30 12232.50 11151.80 11202.50 11278.80 11330.20 11649.20 11704.10 10500.70 10537.20 8264.40 8284.34 7294.32 7305.13 12/31/08 7680.00 7691.57
23 (semi-annual report LOGO) SPDR DJ Wilshire Small Cap ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------- DESCRIPTION THE J.M. RALCORP MYRIAD EDWARDS HCC INSURANCE SMUCKER CO. HOLDINGS, INC. GENETICS, INC. LIFESCIENCES CORP. HOLDINGS, INC. -------------------------------------------------------------------------------------------------------- MARKET VALUE $83,034 54,137 50,822 50,169 49,675 -------------------------------------------------------------------------------------------------------- % 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 7.6% Real Estate Investment Trusts 5.9 Insurance 5.6 Oil, Gas & Consumable Fuels 5.3 Health Care Equipment & Supplies 3.8 Software 3.4 Machinery 3.4 Health Care Providers & Services 3.0 Biotechnology 2.8 Semiconductors & Semiconductor Equipment 2.7 Hotels, Restaurants & Leisure 2.5 Specialty Retail 2.5 Communications Equipment 2.3 Food Products 2.2 Commercial Services & Supplies 2.1 Gas Utilities 2.1 Chemicals 2.0 Electric Utilities 1.9 Energy Equipment & Services 1.9 IT Services 1.7 Capital Markets 1.6 Electrical Equipment 1.6 Thrifts & Mortgage Finance 1.6 Aerospace & Defense 1.5 Diversified Consumer Services 1.5 Electronic Equipment, Instruments & Components 1.5 Internet Software & Services 1.5 Household Durables 1.4 Pharmaceuticals 1.4 Media 1.3 Textiles, Apparel & Luxury Goods 1.3 Metals & Mining 1.2 Professional Services 1.2 Life Sciences Tools & Services 1.1 Airlines 0.9 Food & Staples Retailing 0.9 Multi-Utilities 0.9 Road & Rail 0.9 Building Products 0.8 Computers & Peripherals 0.8 Construction & Engineering 0.8 Containers & Packaging 0.8 Trading Companies & Distributors 0.8 Diversified Telecommunication Services 0.7 Personal Products 0.7 Diversified Financial Services 0.5 Auto Components 0.4 Consumer Finance 0.4 Health Care Technology 0.4 Industrial Conglomerates 0.4 Leisure Equipment & Products 0.4 Marine 0.4 Real Estate Management & Development 0.4 Water Utilities 0.4 Air Freight & Logistics 0.3 Internet & Catalog Retail 0.3 Multiline Retail 0.3 Beverages 0.2 Construction Materials 0.2 Distributors 0.2 Paper & Forest Products 0.2 Wireless Telecommunication Services 0.2 Automobiles 0.1 Household Products 0.1 Independent Power Producers & Energy Traders 0.1 Office Electronics 0.1 Tobacco 0.1 Transportation Infrastructure 0.0** Short Term Investments 27.7 Other Assets & Liabilities (27.2) ------------------------------------------------ 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. 24 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARE. 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, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -36.24% -36.35% -36.45% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -41.00% -41.21% -41.26% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -27.83% -27.99% -27.78% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -9.62% -9.79% -5.71% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -40.31% -40.36% -26.88% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP GROWTH INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -41.00% -41.21% -41.26% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -10.30% -10.37% -10.28% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -2.00% -2.04% -1.17% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) -6.05% -6.06% -4.00% ----------------------------------------------------------------------------------------------------
(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, 2008. 25 (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)(1) INDEX(B) -------------- -------------- 9/25/2000 10000 10000 9988 9993.49 9320.8 9132.37 7567.56 7350.12 12/31/00 8019.34 7811.6 8628.81 8417.15 7390.58 7156.71 6585 6388.19 7498.6 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 6808.9 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 5396.4 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 5252.9 6087.49 5341.15 6265.8 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 7307.6 8910.71 12/31/04 7607.21 9230.49 7401.13 8924.89 7575.58 9122.59 7393 8898.92 7086.2 8450.17 7478.06 9027.35 7645.57 9317.72 8105.83 9861.1 8013.43 9755.03 8054.3 9877.99 7802.2 9545.18 8228.98 10069.7 12/31/05 8270.94 10123.7 8952.47 10961.8 8926.51 10930.8 9414.79 11535.1 9430.79 11559.6 8824.39 10818.7 8792.63 10780 8389.57 10289.4 8583.62 10531.6 8642.51 10608.5 9139.54 11223.8 9420.85 11573.2 12/31/06 9375.91 11519.3 9650.53 11859.9 9663.66 11877.2 9808.32 12058.3 10105.4 12427.8 10598.3 13037.7 10518.1 12942 10036.5 12352.9 10168.9 12518.5 10479.2 12902.7 10860.8 13372.2 10102 12440.4 12/31/07 10115.4 12447.1 9262.86 11397.8 9048.06 11128.8 8903.29 10950.7 9413.18 11576 9940.51 12220.8 9360.97 11503.4 9324.47 11455.1 9572.22 11762.1 8337.59 10240.1 6435.7 7900.23 5631.82 6904.01 12/31/08 5969 7312
(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. 26 (semi-annual report LOGO) SPDR DJ Wilshire Small Cap Growth ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------- DESCRIPTION EDWARDS STRAYER MYRIAD WASTE LIFESCIENCES CORP. EDUCATION, INC. GENETICS, INC. RESMED, INC. CONNECTIONS, INC. ------------------------------------------------------------------------------------------------------------- MARKET VALUE $461,085 459,052 458,254 422,100 377,167 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.6% 0.6 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Health Care Equipment & Supplies 6.1% Software 5.9 Biotechnology 5.5 Semiconductors & Semiconductor Equipment 5.1 Oil, Gas & Consumable Fuels 5.1 Health Care Providers & Services 4.7 Communications Equipment 3.9 Hotels, Restaurants & Leisure 3.3 Machinery 3.3 Commercial Services & Supplies 3.1 IT Services 3.1 Energy Equipment & Services 3.0 Specialty Retail 3.0 Internet Software & Services 2.9 Diversified Consumer Services 2.7 Aerospace & Defense 2.2 Electronic Equipment, Instruments & Components 2.1 Life Sciences Tools & Services 2.0 Real Estate Investment Trusts 1.8 Airlines 1.7 Pharmaceuticals 1.7 Capital Markets 1.6 Media 1.6 Professional Services 1.6 Electrical Equipment 1.5 Textiles, Apparel & Luxury Goods 1.4 Commercial Banks 1.2 Road & Rail 1.2 Chemicals 1.1 Computers & Peripherals 1.0 Construction & Engineering 1.0 Personal Products 1.0 Diversified Telecommunication Services 0.9 Food & Staples Retailing 0.9 Trading Companies & Distributors 0.9 Food Products 0.8 Metals & Mining 0.8 Air Freight & Logistics 0.7 Consumer Finance 0.7 Health Care Technology 0.7 Internet & Catalog Retail 0.7 Household Durables 0.5 Thrifts & Mortgage Finance 0.5 Auto Components 0.4 Building Products 0.4 Diversified Financial Services 0.4 Electric Utilities 0.4 Marine 0.4 Distributors 0.3 Insurance 0.3 Office Electronics 0.3 Wireless Telecommunication Services 0.3 Beverages 0.2 Construction Materials 0.2 Industrial Conglomerates 0.2 Leisure Equipment & Products 0.2 Multiline Retail 0.2 Automobiles 0.1 Containers & Packaging 0.1 Gas Utilities 0.1 Independent Power Producers & Energy Traders 0.1 Real Estate Management & Development 0.1 Short Term Investments 23.5 Other Assets & Liabilities (22.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 27 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARE. 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, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -25.30% -25.60% -25.61% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -33.58% -33.95% -33.92% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -23.88% -24.03% -23.96% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -4.92% -5.31% -4.23% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 71.85% 71.32% 55.08% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE VALUE VALUE SMALL CAP VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -33.58% -33.95% -33.92% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -8.69% -8.76% -8.72% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 (1) -1.01% -1.09% -0.86% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1), (2) 6.77% 6.73% 5.46% ----------------------------------------------------------------------------------------------------
(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, 2008. 28 (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)
SPDR DJ DOW JONES WILSHIRE SMALL WILSHIRE SMALL CAP VALUE CAP VALUE ETF(A) INDEX(B) -------------- -------------- 9/25/2000 10000 10000 10194.7 10153.9 10249.1 10065.4 10233.7 9699.17 12/31/00 11575.1 10713.6 11598.9 10990.3 11740.2 10890.2 11449.2 10568.9 11964.5 11122.3 12425.5 11480.2 12668.7 11766.1 12790.3 11637.4 12735.3 11548.1 11503.8 10323.8 11667.2 10664.3 12417.4 11431 12/31/01 13002.2 12076.7 13228.5 12127.2 13527.4 12177.7 14477 13097.2 14872.3 13373.8 14597.1 12965.3 14131.5 12517.3 12872.4 11090.5 13077 11175.1 12165.6 10463.6 12237.3 10575.7 12781.9 11356.4 12/31/02 12649 11025.9 12261.9 10733 11897.8 10454.9 11929.9 10520.2 13171.8 11569.4 14423.1 12624.2 14636.5 12838.6 15174.3 13455.2 15641.8 13970.9 15393 13865.6 16572.1 14943.6 17291.3 15559.9 12/31/03 18076.3 16192.1 18647.5 16727.7 19190.2 17001.3 19359 17190.9 18067.8 16233.6 18405.7 16538.4 19158.4 17336.3 18145 16521 18342.7 16633.6 18982.9 17151.8 19318.9 17447.6 20775.6 18831.2 12/31/04 21319.9 19366.5 20252.6 18576.5 20617.9 18951.2 20255.5 18549.2 19202.2 17689.8 20362 18644.1 21074.7 19352.8 22444.5 20565.3 22260.5 20185.1 22302.8 20221.5 21671.6 19575.8 22642.5 20459 12/31/05 22572.3 20393.5 24254 21921 24217.6 21892.3 25125.7 22721.4 25211.2 22803.6 24343.9 22020.5 24587.3 22247.3 24135.7 21845.3 24714.2 22374.5 24859 22508.2 26037.8 23584.6 26897.1 24371 12/31/06 27010.9 24480.4 27590.3 25015.2 27556 24989.1 27798.8 25206.2 28420.7 25778 29574.3 26831.9 28934 26241.6 26978.9 24468.3 27321 24784.1 27625.6 25064 27963.5 25376.6 26221.1 23793.3 12/31/07 25880.2 23468.8 24995.1 22666.2 24215.3 21956.8 24070 21827.2 25052 22713.4 25871.2 23458.4 23012.4 20847.5 23679.3 21452.1 24623.4 22308 23004.2 20802.2 18439.3 16650.1 16420.7 14803.6 12/31/08 17185 15508
(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. 29 (semi-annual report LOGO) SPDR DJ Wilshire Small Cap Value ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------ DESCRIPTION THE J.M. RALCORP HCC INSURANCE NATIONWIDE HEALTH CULLEN/FROST SMUCKER CO. HOLDINGS, INC. HOLDINGS, INC. PROPERTIES, INC. BANKERS, INC. ------------------------------------------------------------------------------------------------------ MARKET VALUE $629,674 402,142 378,726 350,815 349,895 ------------------------------------------------------------------------------------------------------ % OF NET ASSETS 1.0% 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 13.6% Insurance 10.4 Real Estate Investment Trusts 9.8 Oil, Gas & Consumable Fuels 5.5 Gas Utilities 3.9 Food Products 3.5 Machinery 3.5 Electric Utilities 3.3 Chemicals 2.9 Thrifts & Mortgage Finance 2.5 Household Durables 2.3 Specialty Retail 2.1 Hotels, Restaurants & Leisure 1.8 Electrical Equipment 1.7 Health Care Equipment & Supplies 1.7 Multi-Utilities 1.6 Capital Markets 1.6 Metals & Mining 1.5 Containers & Packaging 1.4 Health Care Providers & Services 1.4 Commercial Services & Supplies 1.2 Textiles, Apparel & Luxury Goods 1.2 Building Products 1.1 Media 1.1 Pharmaceuticals 1.1 Software 1.0 Electronic Equipment, Instruments & Components 0.9 Energy Equipment & Services 0.9 Food & Staples Retailing 0.9 Water Utilities 0.9 Aerospace & Defense 0.8 Professional Services 0.8 Trading Companies & Distributors 0.8 Communications Equipment 0.7 Computers & Peripherals 0.7 Construction & Engineering 0.7 Real Estate Management & Development 0.7 Road & Rail 0.6 Diversified Consumer Services 0.5 Diversified Financial Services 0.5 Diversified Telecommunication Services 0.5 Industrial Conglomerates 0.5 IT Services 0.5 Leisure Equipment & Products 0.5 Personal Products 0.5 Semiconductors & Semiconductor Equipment 0.5 Marine 0.4 Multiline Retail 0.4 Paper & Forest Products 0.4 Auto Components 0.3 Beverages 0.3 Life Sciences Tools & Services 0.3 Tobacco 0.3 Airlines 0.2 Biotechnology 0.2 Construction Materials 0.2 Household Products 0.2 Consumer Finance 0.1 Internet Software & Services 0.1 Wireless Telecommunication Services 0.1 Automobiles 0.0** Distributors 0.0** Transportation Infrastructure 0.0** Short Term Investments 26.6 Other Assets & Liabilities (26.2) ------------------------------------------------ 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. 30 (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.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund share. The total expense ratio for SPDR DJ Global Titans ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2008 is 0.50%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES GLOBAL VALUE VALUE TITANS 50 INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -27.71% -27.82% -27.82% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -37.73% -37.85% -37.86% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -20.93% -21.26% -20.45% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 -12.69% -12.83% -11.09% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -33.40% -33.59% -30.86% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES GLOBAL VALUE VALUE TITANS 50 INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -37.73% -37.85% -37.86% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -7.53% -7.66% -7.34% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 -2.68% -2.71% -2.32% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -4.80% -4.83% -4.33% ----------------------------------------------------------------------------------------------------
(1) For the period September 25, 2000 to December 31, 2008. 31 (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)
SPDR DJ DOW JONES GLOBAL TITANS GLOBAL TITANS ETF(A) 50 INDEX(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 10694.00 11124.60 10000.10 10402.60 9687.17 10071.80 9704.61 10089.90 10096.60 10507.60 9976.43 10373.10 9213.23 9578.56 9101.47 9457.87 8990.53 9341.54 8304.10 8625.04 7000.11 7270.05 6585.49 6840.39 12/31/08 6660.00 6914.00
32 (semi-annual report LOGO) SPDR DJ Global Titans ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------- DESCRIPTION EXXON MOBIL CORP. PROCTER & GAMBLE CO. AT&T, INC. JOHNSON & JOHNSON ---------------------------------------------------------------------------------------------------------- MARKET VALUE $7,104,471 3,200,112 2,958,841 2,922,875 ---------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.1% 3.6 3.4 3.3 ---------------------------------------------------------------------------------------------------------- --------------------------------------------------- DESCRIPTION GENERAL ELECTRIC CO. --------------------------------------------------- MARKET VALUE 2,828,455 --------------------------------------------------- % OF NET ASSETS 3.2 ---------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 21.3% Pharmaceuticals 15.3 Diversified Telecommunication Services 8.2 Commercial Banks 6.0 Computers & Peripherals 5.6 Diversified Financial Services 4.8 Industrial Conglomerates 4.5 Software 4.4 Beverages 3.6 Household Products 3.6 Communications Equipment 3.1 Food Products 3.0 Food & Staples Retailing 2.7 Semiconductors & Semiconductor Equipment 2.5 Wireless Telecommunication Services 2.1 Automobiles 1.9 Metals & Mining 1.9 Tobacco 1.7 Electric Utilities 1.5 Energy Equipment & Services 1.0 Insurance 1.0 Short Term Investments 15.2 Other Assets & Liabilities (14.9) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 33 (semi-annual report LOGO) SPDR 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE REIT ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.25%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES VALUE VALUE WILSHIRE REIT INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -36.76% -36.72% -37.08% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -38.94% -38.72% -39.20% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -31.90% -31.78% -31.84% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 2.70% 2.81% 3.31% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION OF TRADING (1) 63.24% 63.46% 65.98% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DOW JONES VALUE VALUE WILSHIRE REIT INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -38.94% -38.72% -39.20% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -12.02% -11.97% -11.99% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 0.53% 0.56% 0.65% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION OF TRADING (1) 6.58% 6.60% 6.76% ----------------------------------------------------------------------------------------------------
(1) For the period April 23, 2001 to December 31, 2008. 34 (semi-annual report LOGO) SPDR DJ Wilshire REIT ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE REIT ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR DJ DOW JONES WILSHIRE REIT WILSHIRE REIT ETF (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 18211.50 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 33665.30 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 26733.90 27297.40 26594.90 27166.40 25590.40 26142.20 27274.30 27880.70 28939.90 29598.10 29000.70 29663.20 25813.50 26376.60 26557.70 27138.80 27155.20 27754.90 27068.90 27638.30 18343.00 18689.00 13870.80 14100.90 12/31/08 16324.00 16598.00
35 (semi-annual report LOGO) SPDR DJ Wilshire REIT ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION SIMON PROPERTY VORNADO GROUP, INC. PUBLIC STORAGE REALTY TRUST EQUITY RESIDENTIAL HCP, INC. ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $85,393,458 73,530,424 62,480,174 58,157,320 50,482,139 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 7.9% 6.8 5.8 5.4 4.7 ----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Specialized REITs 28.1% Retail REITs 22.4 Residential REITs 17.6 Office REITs 16.4 Diversified REITs 9.0 Industrial REITs 5.6 Short Term Investments 26.6 Other Assets & Liabilities (25.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 36 (semi-annual report LOGO) SPDR 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR KBW BANK ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE BANK INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -21.79% -21.69% -21.93% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -47.39% -47.31% -47.55% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -52.08% -52.03% -52.01% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -50.26% -50.21% -50.15% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE BANK INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -47.39% -47.31% -47.55% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -21.74% -21.72% -21.71% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -19.90% -19.87% -19.74% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 37 (semi-annual report LOGO) SPDR KBW Bank ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR KBW BANK ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR KBW KBW BANK 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 9455.03 9503.75 10105.20 10160.50 8824.02 8870.09 8523.12 8569.39 8959.51 9010.71 8247.32 8294.36 6359.75 6383.34 7264.36 7294.88 7278.68 7308.01 7494.63 7522.14 6506.24 6525.45 5348.13 5358.05 12/31/08 4974.19 4985.00
38 (semi-annual report LOGO) SPDR KBW Bank ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
----------------------------------------------------------------------------------------------------------------- DESCRIPTION WELLS FARGO & CO. JPMORGAN CHASE & CO. U.S. BANCORP. BANK OF AMERICA CORP. ----------------------------------------------------------------------------------------------------------------- MARKET VALUE $82,957,604 72,134,523 68,456,647 67,925,172 ----------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 9.2% 8.0 7.6 7.5 ----------------------------------------------------------------------------------------------------------------- ---------------------------------------------- DESCRIPTION CITIGROUP, INC. ---------------------------------------------- MARKET VALUE 56,807,867 ---------------------------------------------- % OF NET ASSETS 6.3 ----------------------------------------------
(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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Regional Banks 38.1% Other Diversified Financial Services 21.8 Diversified Banks 20.0 Capital Markets 11.6 Consumer Finance 4.2 Thrifts & Mortgage Finance 3.8 Short Term Investments 14.9 Other Assets & Liabilities (14.4) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 39 [semi-annual report LOGO] SPDR 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR KBW CAPITAL MARKETS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW CAPITAL VALUE VALUE MARKETS INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -41.24% -41.36% -41.31% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -60.27% -60.44% -60.32% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -48.48% -48.54% -48.17% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -46.98% -47.05% -46.62% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW CAPITAL VALUE VALUE MARKETS INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -60.27% -60.44% -60.32% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -19.84% -19.87% -19.67% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -18.25% -18.29% -17.98% ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 40 (semi-annual report LOGO) SPDR KBW Capital Markets ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR KBW CAPITAL MARKETS ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR KBW KBW CAPITAL CAPITAL MARKETS MARKETS INDEX ETF (A) (B) --------------- ------------- 11/8/05 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 12285.80 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 13348.10 13448.60 12334.00 12429.20 10880.20 10963.80 9986.07 10063.60 10859.60 10947.20 10359.30 10443.70 9024.98 9094.34 9224.53 9298.05 9157.74 9232.96 7966.50 8031.76 6113.49 6157.14 5187.73 5220.03 12/31/08 5302.89 5338.00
41 (semi-annual report LOGO) SPDR KBW Capital Markets ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION THE GOLDMAN THE CHARLES SACHS GROUP, INC STATE STREET CORP. CME GROUP, INC SCHWAB CORP. MORGAN STANLEY ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $5,735,313 4,536,558 4,437,113 4,352,058 4,204,549 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 9.5% 7.5 7.3 7.2 6.9 -----------------------------------------------------------------------------------------------------------------------------
(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, 2008*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Investment Banking & Brokerage 53.3% Asset Management & Custody Banks 25.7 Specialized Finance 20.6 Short Term Investments 20.7 Other Assets & Liabilities (20.3) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 42 (semi-annual report LOGO) SPDR 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR KBW INSURANCE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE INSURANCE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -31.91% -31.82% -31.80% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -46.80% -46.74% -46.70% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -44.78% -45.01% -44.29% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -44.27% -44.26% -43.74% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW VALUE VALUE INSURANCE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -46.80% -46.74% -46.70% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -17.96% -18.07% -17.72% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -16.95% -16.95% -16.61% ---------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 43 (semi-annual report LOGO) SPDR KBW Insurance ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR KBW INSURANCE ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR KBW INSURANCE ETF KBW INSURANCE (A) INDEX (B) ------------- ------------- 11/8/2005 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 10474.10 10553.60 9913.71 9991.08 9273.78 9346.66 9187.54 9261.60 9651.51 9733.02 9529.22 9611.36 8183.70 8247.50 8320.36 8386.89 8595.85 8667.01 7809.16 7873.11 5320.22 5356.86 5008.78 5049.92 12/31/08 5573.00 5626.00
44 (semi-annual report LOGO) SPDR KBW Insurance ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
----------------------------------------------------------------------------------------------------------------------- DESCRIPTION AFLAC, INC. METLIFE, INC. THE TRAVELERS COS., INC. CHUBB CORP. UNUM GROUP ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $9,843,819 9,465,082 8,883,879 7,739,046 6,051,566 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 8.7% 8.4 7.9 6.9 5.4 ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Property & Casualty Insurance 38.5% Life & Health Insurance 34.3 Multi-line Insurance 9.5 Insurance Brokers 7.7 Asset Management & Custody Banks 3.6 Reinsurance 3.5 Thrifts & Mortgage Finance 2.5 Short Term Investments 12.7 Other Assets & Liabilities (12.3) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 45 (semi-annual report LOGO) SPDR 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARE. THE TOTAL EXPENSE RATIO FOR SPDR MORGAN STANLEY TECHNOLOGY ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.50%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET MORGAN STANLEY VALUE VALUE TECHNOLOGY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -38.31% -38.44% -38.26% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -44.91% -45.23% -44.74% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -34.21% -34.36% -33.36% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 -27.90% -27.93% -26.25% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -64.98% -65.04% -62.78% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET MORGAN STANLEY VALUE VALUE TECHNOLOGY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -44.91% -45.23% -44.74% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -13.03% -13.09% -12.65% ---------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 12/31/08 -6.33% -6.34% -5.91% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -11.92% -11.94% -11.29% ----------------------------------------------------------------------------------------------------
(1) For the period September 25, 2000 to December 31, 2008. 46 (semi-annual report LOGO) SPDR Morgan Stanley Technology ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR MORGAN STANLEY TECHNOLOGY ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR MORGAN MORGAN STANLEY STANLEY TECHNOLOGY TECHNOLOGY INDEX ETF (A) (B) ------------------ ---------------- 9/25/2000 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 5580.86 5753.30 5410.64 5579.55 5430.66 5601.87 5879.78 6068.50 6324.29 6530.92 5677.95 5863.46 5690.89 5878.71 5737.44 5928.68 4872.01 5018.63 3861.94 3978.26 3403.72 3505.65 12/31/08 3502.64 3722.00
47 (semi-annual report LOGO) SPDR Morgan Stanley Technology ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION AUTOMATIC DATA SAP AG ADR PROCESSING, INC. JUNIPER NETWORKS, INC. TEXAS INSTRUMENTS, INC. -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $4,111,260 4,096,159 4,065,752 4,028,790 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.0% 3.0 3.0 3.0 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------------- DESCRIPTION FLEXTRONICS INTERNATIONAL, LTD. ----------------------------------------------- MARKET VALUE 4,024,494 ----------------------------------------------- % 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, 2008*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Communications Equipment 20.1% Software 20.0 Computers & Peripherals 19.6 Semiconductors & Semiconductor Equipment 17.2 IT Services 8.7 Internet Software & Services 8.4 Electronic Equipment, Instruments & Components 3.0 Internet & Catalog Retail 2.9 Short Term Investments 16.1 Other Assets & Liabilities (16.0) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 48 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARE. THE TOTAL EXPENSE RATIO FOR SPDR S&P DIVIDEND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HIGH YIELD DIVIDEND VALUE VALUE ARISTOCRATS INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -6.33% -6.46% -6.43% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -23.02% -23.55% -23.01% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -15.16% -15.31% -14.86% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -13.71% -13.81% -13.41% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HIGH YIELD DIVIDEND VALUE VALUE ARISTOCRATS INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -23.02% -23.55% -23.01% ---------------------------------------------------------------------------------------------------- THREE YEARS ENDED 12/31/08 -5.33% -5.39% -5.22% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -4.58% -4.61% -4.45% ---------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------
(1) For the period November 8, 2005 to December 31, 2008. 49 (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 11211.60 11246.20 11242.50 11302.40 10463.40 10518.00 10582.70 10642.10 10882.20 10944.40 10864.80 10928.00 9214.42 9254.88 9733.56 9779.63 10114.00 10165.00 10301.50 10354.00 9259.67 9304.12 8715.30 8754.24 12/31/08 8629.00 8659.00
50 (semi-annual report LOGO) SPDR S&P Dividend ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------- DESCRIPTION PFIZER, INC. CENTURYTEL, INC. SUPERVALU, INC. LEGGETT & PLATT, INC. ---------------------------------------------------------------------------------------------------------- MARKET VALUE $15,237,560 15,131,091 13,675,309 12,731,605 ---------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.5% 3.5 3.2 2.9 ---------------------------------------------------------------------------------------------------------- ------------------------------------------------ DESCRIPTION GANNETT CO., INC. ------------------------------------------------ MARKET VALUE 12,705,232 ------------------------------------------------ % 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 16.1% Multi-Utilities 9.6 Pharmaceuticals 7.6 Commercial Services & Supplies 6.6 Chemicals 6.5 Gas Utilities 6.0 Industrial Conglomerates 5.2 Household Durables 4.7 Media 4.3 Capital Markets 4.2 Diversified Telecommunication Services 3.5 Food & Staples Retailing 3.2 Containers & Packaging 3.1 Household Products 2.9 Beverages 2.6 Insurance 2.3 Textiles, Apparel & Luxury Goods 1.9 Electrical Equipment 1.8 Machinery 1.7 Computers & Peripherals 1.6 Hotels, Restaurants & Leisure 1.4 IT Services 1.4 Auto Components 1.3 Short Term Investments 20.5 Other Assets & Liabilities (20.0) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 51 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P BIOTECH ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P BIOTECHNOLOGY VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -6.80% -6.93% -6.48% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -8.81% -9.06% -8.42% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 9.39% 9.18% 10.73% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P BIOTECHNOLOGY VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -8.81% -9.06% -8.42% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 3.12% 3.06% 3.56% ----------------------------------------------------------------------------------------------------
(1) For the period January 31, 2006 to December 31, 2008. 52 (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) ----------- ----------------- 1/31/2006 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 12088.60 11356.30 11446.70 10830.50 10917.80 10819.60 10906.90 11290.00 11383.50 12117.50 12217.20 11738.30 11838.40 14102.60 14228.60 13230.50 13350.70 12387.70 12502.90 10923.70 11025.10 10028.70 10121.00 12/31/08 11939.00 11073.00
53 (semi-annual report LOGO) SPDR S&P Biotech ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION BIOMARIN MARTEK OSI GILEAD PHARMACEUTICAL, INC. BIOSCIENCES CORP. PHARMACEUTICALS, INC. SCIENCES, INC. ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $23,365,775 23,273,746 22,998,966 22,809,565 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.0% 5.0 4.9 4.9 ------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------- DESCRIPTION ONYX PHARMACEUTICALS, INC. ------------------------------------------------- MARKET VALUE 22,785,335 ------------------------------------------------- % OF NET ASSETS 4.9 -------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------------------------- Biotechnology 100.0% Short Term Investments 26.6 Other Assets & Liabilities (26.6) ------------------------------------------------------------------- TOTAL 100.0% -------------------------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 54 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P HOMEBUILDERS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P HOMEBUILDERS SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -26.17% -26.48% -26.34% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.19% -36.36% -36.65% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -73.26% -73.34% -73.45% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- S&P HOMEBUILDERS NET ASSET MARKET SELECT INDUSTRY VALUE VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -36.19% -36.36% -36.65% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -36.36% -36.43% -36.54% ----------------------------------------------------------------------------------------------------
(1) For the period January 31, 2006 to December 31, 2008. 55 (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) ---------------- ---------------- 1/31/2006 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 4866.02 4866.29 4380.88 4379.18 4729.42 4720.32 4804.62 4792.54 4328.15 4313.76 3621.92 3604.15 3840.14 3819.68 4320.08 4296.37 4306.86 4307.11 3113.35 3110.60 2612.63 2608.55 12/31/08 2674.13 2655.00
56 (semi-annual report LOGO) SPDR S&P Homebuilders ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION THE LENNOX SHERWIN-WILLIAMS CO. RENT-A-CENTER, INC. LEGGETT & PLATT, INC. INTERNATIONAL, INC. ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $28,702,526 27,598,370 27,355,610 26,879,843 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.3% 5.1 5.1 5.0 ------------------------------------------------------------------------------------------------------------------------- -------------------------------------------- DESCRIPTION MOHAWK INDUSTRIES, INC. -------------------------------------------- MARKET VALUE 26,812,206 -------------------------------------------- % 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Homebuilding 46.2% Home Improvement Retail 14.7 Homefurnishing Retail 14.5 Building Products 14.4 Home Furnishings 10.1 Short Term Investments 24.8 Other Assets & Liabilities (24.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 57 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P METALS & MINING ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P METALS & MINING SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -70.17% -70.27% -70.22% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -59.53% -59.62% -59.51% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -34.28% -34.40% -33.93% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P METALS & MINING SELECT VALUE VALUE INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -59.53% -59.62% -59.51% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -15.26% -15.32% -14.82% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2008. 58 (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)
SPDR S&P S&P METALS METALS & & MINING MINING ETF SELECT INDUSTRY (A) INDEX (B) ---------- --------------- 6/19/2006 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 16318.30 15362.30 15440.40 17296.40 17390.50 16369.30 16460.10 17840.90 17946.50 20490.30 20622.30 22031.10 22187.50 18528.20 18661.90 16768.00 16889.10 11068.60 11131.60 7355.06 7389.14 6220.91 6245.30 12/31/08 6572.00 6607.00
59 (semi-annual report LOGO) SPDR S&P Metals & Mining ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION FREEPORT-MCMORAN ALCOA, INC. ROYAL GOLD, INC. NUCOR CORP. NEWMONT MINING CORP. COPPER & GOLD, INC. -------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $11,205,974 10,603,968 10,478,714 10,309,595 10,113,687 -------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.2% 5.0 4.9 4.8 4.7 --------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Steel 39.9 Coal & Consumable Fuels 30.8 Diversified Metals & Mining 14.0 Gold 9.8 Aluminum 5.2 Short Term Investments 20.6 Other Assets & Liabilities (20.3) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 60 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P OIL & GAS EQUIPMENT & SERVICES VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -66.27% -66.33% -66.28% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -57.63% -57.87% -57.60% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -38.21% -38.30% -37.83% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P OIL & GAS EQUIPMENT & SERVICES VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -57.63% -57.87% -57.60% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -17.29% -17.34% -16.81% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2008. 61 (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 OIL SPDR S&P & GAS OIL & EQUIPMENT & GAS EQUIPMENT SERVICES SELECT & SERVICES INDUSTRY INDEX ETF (A) (B) ------------- --------------- 6/19/2006 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 14582.20 14660.40 12542.20 12612.30 13958.20 14033.70 14102.00 14181.10 15766.00 15857.30 17304.80 17411.30 18317.10 18435.10 15564.00 15666.10 14991.30 15094.30 11795.10 11874.70 7821.35 7871.74 6711.50 6752.38 12/31/08 6179.00 6217.00
62 (semi-annual report LOGO) SPDR S&P Oil & Gas Equipment & Services ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION OCEANEERING PATTERSON-UTI WEATHERFORD INTERNATIONAL, INC. ENERGY, INC. INTERNATIONAL, LTD. HELMERICH & PAYNE, INC. -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $4,282,036 4,169,497 4,160,041 4,139,181 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.5% 4.4 4.3 4.3 -------------------------------------------------------------------------------------------------------------------- ---------------------------------------------- DESCRIPTION BAKER HUGHES, INC. ---------------------------------------------- MARKET VALUE 4,094,409 ---------------------------------------------- % OF NET ASSETS 4.3 ----------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil & Gas Equipment & Services 62.6% Oil & Gas Drilling 33.3 Diversified Commercial & Professional Services 3.9 Short Term Investments 23.9 Other Assets & Liabilities (23.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 63 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P OIL & GAS EXPLORATION& PRODUCTION ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P OIL & GAS EXPLORATION & VALUE VALUE PRODUCTION SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -57.50% -57.52% -57.52% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -42.74% -42.98% -42.68% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -11.44% -11.54% -10.93% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P OIL & GAS EXPLORATION & VALUE VALUE PRODUCTION SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -42.74% -42.98% -42.68% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -4.68% -4.72% -4.38% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2008. 64 (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)
S&P OIL SPDR S&P & GAS OIL & EXPLORATION & GAS EXPLORATION PRODUCTION SELECT & PRODUCTION INDUSTRY INDEX ETF (A) (B) --------------- ----------------- 6/19/2006 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 14330.90 14397.80 16126.60 16206.20 15970.20 16053.90 17525.70 17620.70 19306.30 19416.30 20843.10 20967.70 16117.90 16210.10 16316.20 16414.30 13385.80 13461.40 10193.30 10249.50 9251.43 9300.41 12/31/08 8856.39 8907.00
65 (semi-annual report LOGO) SPDR S&P Oil & Gas Exploration & Production ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------- DESCRIPTION DENBURY PLAINS EXPLORATION TESORO CORP. RESOURCES, INC. ENCORE ACQUISITION CO. & PRODUCTION CO. ------------------------------------------------------------------------------------------------------------- MARKET VALUE $7,064,677 7,011,710 6,861,690 6,786,243 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.4% 3.3 3.3 3.2 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------ DESCRIPTION EXXON MOBIL CORP. ------------------------------------------------ MARKET VALUE 6,627,247 ------------------------------------------------ % OF NET ASSETS 3.1 ------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------- Oil & Gas Exploration & Production 69.2 Oil & Gas Refining & Marketing 18.2 Integrated Oil & Gas 12.4 Short Term Investments 18.9 Other Assets & Liabilities (18.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 66 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARE. THE TOTAL EXPENSE RATIO FOR SPDR S&P PHARMACEUTICALS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET S&P PHARMACEUTICALS ASSET MARKET SELECT INDUSTRY VALUE VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -2.25% -2.26% -2.29% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -9.18% -9.36% -9.37% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -0.92% -0.87% -0.62% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET S&P PHARMACEUTICALS ASSET MARKET SELECT INDUSTRY VALUE VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -9.18% -9.36% -9.37% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -0.36% -0.34% -0.24% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2008. 67 (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 10908.50 10964.50 10413.20 10466.80 10214.30 10266.80 9909.94 9939.32 10296.40 10328.00 10537.40 10571.70 10134.80 10167.80 10495.60 10531.90 11042.50 11083.70 10319.20 10356.60 8989.03 9014.42 9136.45 9161.35 12/31/08 9908.00 9938.00
68 (semi-annual report LOGO) SPDR S&P Pharmaceuticals ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------------------ DESCRIPTION WATSON AUXILIUM ALLERGAN, INC. PHARMACEUTICALS, INC. MERCK & CO., INC. PHARMACEUTICALS, INC. SEPRACOR, INC. ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $1,927,215 1,922,419 1,922,344 1,920,383 1,915,373 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 4.4% 4.4 4.4 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, 2008*
------------------------------------------- PERCENT OF INDUSTRY NET ASSETS ------------------------------------------- Pharmaceuticals 99.7% Short Term Investments 26.9 Other Assets & Liabilities (26.6) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 69 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P RETAIL ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P RETAIL VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -29.41% -29.35% -29.36% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -38.79% -39.14% -38.58% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -43.00% -43.12% -42.47% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P RETAIL VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -38.79% -39.14% -38.58% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -19.89% -19.95% -19.27% ---------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2008. 70 (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 9310.93 9365.74 9388.21 9444.41 8761.08 8806.91 8760.20 8836.86 9066.81 9147.91 9116.67 9200.06 8072.82 8142.97 8288.36 8363.64 8885.12 8967.50 8417.76 8496.71 6400.03 6452.40 5093.78 5129.66 12/31/08 5700.00 5753.00
71 (semi-annual report LOGO) SPDR S&P Retail ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------------------------- DESCRIPTION THE CHILDREN'S PLACE RETAIL SUPERVALU, INC. CARMAX, INC. NETFLIX, INC. STORES, INC. LIMITED BRANDS, INC. ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $5,134,718 4,947,348 4,945,271 4,942,606 4,900,775 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 2.2% 2.1 2.1 2.1 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Apparel Retail 29.1% Specialty Retail 13.8 Automotive Retail 10.1 Food Retail 10.0 Department Stores 9.7 Internet Retail 8.1 General Merchandise Stores 5.8 Computer & Electronics Retail 5.6 Drug Retail 3.9 Hypermarkets & Super Centers 3.8 Short Term Investments 4.9 Other Assets & Liabilities (4.8) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 72 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P SEMICONDUCTOR ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P SEMICONDUCTOR VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -41.89% -42.06% -42.86% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -47.81% -48.01% -48.70% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -54.19% -54.25% -54.68% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET S&P SEMICONDUCTOR VALUE VALUE SELECT INDUSTRY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -47.81% -48.01% -48.70% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -23.47% -23.51% -23.76% ----------------------------------------------------------------------------------------------------
(1) For the period January 31, 2006 to December 31, 2008. 73 (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 7560.84 7608.78 7263.32 7308.23 7397.62 7442.70 8248.35 8300.10 8959.35 9017.23 7884.23 7930.65 7537.72 7581.70 7953.12 8001.73 6647.54 6582.22 5593.31 5533.02 4371.90 4319.63 12/31/08 4581.40 4532.00
74 (semi-annual report LOGO) SPDR S&P Semiconductor ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION INTERSIL CORP. TEXAS MICROSEMI CORP. PMC-SIERRA, INC. (CLASS A) XILINX, INC. INSTRUMENTS, INC. ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $417,663 402,505 398,065 397,314 397,203 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.0% 4.8 4.7 4.7 4.7 -----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Semiconductors 99.9% Short Term Investments 26.4 Other Assets & Liabilities (26.3) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 75 (semi-annual report LOGO) SPDR 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR KBW REGIONAL BANKING ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.35%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW REGIONAL VALUE VALUE BANKING INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 13.25% 12.91% 13.15% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -18.33% -18.64% -18.56% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -32.53% -32.63% -32.05% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET KBW REGIONAL VALUE VALUE BANKING INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -18.33% -18.64% -18.56% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -14.37% -14.42% -13.89% ----------------------------------------------------------------------------------------------------
(1) For the period June 19, 2006 to December 31, 2008. 76 (semi-annual report LOGO) SPDR KBW Regional Banking ETF--PERFORMANCE SUMMARY COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR KBW REGIONAL BANKING ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR KBW KBW REGIONAL REGIONAL BANKING BANKING INDEX ETF (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 8260.89 8343.10 8629.33 8718.54 7556.70 7630.46 7827.23 7903.63 7663.64 7737.66 7364.76 7435.12 5955.88 6005.34 6789.11 6843.69 7227.69 7285.79 8035.74 8098.89 7374.40 7425.87 6721.77 6764.22 12/31/08 6747.00 6795.00
77 (semi-annual report LOGO) SPDR KBW Regional Banking ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION CATHAY GENERAL SIGNATURE FIRST NIAGARA SUSQUEHANNA TRUSTMARK CORP. BANCORP BANK FINANCIAL GROUP, INC. BANCSHARES, INC. ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $21,756,783 21,721,228 21,380,993 20,403,451 20,210,409 ------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 2.8% 2.8 2.8 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, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Regional Banks 88.6% Thrifts & Mortgage Finance 11.1 Short Term Investments 26.9 Other Assets & Liabilities (26.6) ------------------------------------------------ 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, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE United Technologies Corp. (a).................... 12,391 $ 664,158 0.47% Other Securities(1)...... 2,537,608 1.81 ------------ ------ 3,201,766 2.28 ------------ ------ AIR FREIGHT & LOGISTICS Other Securities(1)...... 1,117,359 0.80 ------------ ------ AIRLINES Other Securities(1)...... 331,529 0.24 ------------ ------ AUTO COMPONENTS Other Securities(1)...... 314,823 0.22 ------------ ------ AUTOMOBILES Other Securities(1)...... 173,451 0.12 ------------ ------ BEVERAGES PepsiCo, Inc. ........... 22,824 1,250,070 0.89 The Coca-Cola Co. ....... 30,271 1,370,368 0.97 Other Securities(1)...... 369,587 0.27 ------------ ------ 2,990,025 2.13 ------------ ------ BIOTECHNOLOGY Amgen, Inc. (b).......... 15,575 899,456 0.64 Genentech, Inc. (b)...... 6,739 558,731 0.40 Gilead Sciences, Inc. (a)(b)................. 14,778 755,747 0.54 Other Securities(1)...... 1,503,437 1.07 ------------ ------ 3,717,371 2.65 ------------ ------ BUILDING PRODUCTS Other Securities(1)...... 94,865 0.07 ------------ ------ CAPITAL MARKETS State Street Corp. (c)... 6,037 237,435 0.17 Other Securities(1)...... 2,781,289 1.98 ------------ ------ 3,018,724 2.15 ------------ ------ CHEMICALS Monsanto Co. ............ 8,278 582,357 0.41 Other Securities(1)...... 1,865,356 1.33 ------------ ------ 2,447,713 1.74 ------------ ------ COMMERCIAL BANKS U.S. Bancorp (a)......... 23,387 584,909 0.42 Wells Fargo & Co. ....... 49,367 1,455,339 1.04 Other Securities(1)...... 3,030,299 2.15 ------------ ------ 5,070,547 3.61 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)...... 1,032,288 0.73 ------------ ------ COMMUNICATIONS EQUIPMENT Cisco Systems, Inc. (b).. 87,668 1,428,988 1.02 QUALCOMM, Inc. (a)....... 23,819 853,435 0.61 Other Securities(1)...... 975,240 0.69 ------------ ------ 3,257,663 2.32 ------------ ------ COMPUTERS & PERIPHERALS Apple, Inc. (a)(b)....... 12,930 1,103,575 0.79 Hewlett-Packard Co. ..... 35,688 1,295,118 0.92 International Business Machines Corp. ........ 19,440 1,636,070 1.16 Other Securities(1)...... 1,160,022 0.83 ------------ ------ 5,194,785 3.70 ------------ ------ CONSTRUCTION & ENGINEERING Other Securities(1)...... 555,962 0.40 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)...... 226,077 0.16 ------------ ------ CONSUMER FINANCE Other Securities(1)...... 631,931 0.45 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)...... 385,111 0.27 ------------ ------ DISTRIBUTORS Other Securities(1)...... 62,325 0.04 ------------ ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)...... 679,942 0.48 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Bank of America Corp. ... 71,295 1,003,834 0.72 Citigroup, Inc. ......... 76,814 515,422 0.37 JPMorgan Chase & Co. .... 49,065 1,547,019 1.10 Other Securities(1)...... 724,342 0.51 ------------ ------ 3,790,617 2.70 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES AT&T, Inc. .............. 84,787 2,416,430 1.72 Verizon Communications, Inc. .................. 40,236 1,364,000 0.97 Other Securities(1)...... 460,574 0.33 ------------ ------ 4,241,004 3.02 ------------ ------ ELECTRIC UTILITIES Exelon Corp. ............ 9,770 543,310 0.39 Other Securities(1)...... 2,667,534 1.90 ------------ ------ 3,210,844 2.29 ------------ ------ ELECTRICAL EQUIPMENT Other Securities(1)...... 997,288 0.71 ------------ ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)...... 815,512 0.58 ------------ ------ ENERGY EQUIPMENT & SERVICES Schlumberger, Ltd. ...... 17,280 731,462 0.52 Other Securities(1)...... 1,589,812 1.13 ------------ ------ 2,321,274 1.65 ------------ ------ FOOD & STAPLES RETAILING CVS Caremark Corp. ...... 21,832 627,452 0.45 Wal-Mart Stores, Inc. ... 32,598 1,827,444 1.30 Other Securities(1)...... 1,407,187 1.00 ------------ ------ 3,862,083 2.75 ------------ ------ FOOD PRODUCTS Kraft Foods, Inc. (a).... 20,952 562,561 0.40 Other Securities(1)...... 1,996,182 1.42 ------------ ------ 2,558,743 1.82 ------------ ------
See accompanying notes to financial statements. 79 SPDR DJ WILSHIRE TOTAL MARKET ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ GAS UTILITIES Other Securities(1)...... $ 199,741 0.14% ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)...... 3,156,345 2.25 ------------ ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)...... 3,213,527 2.29 ------------ ------ HEALTH CARE TECHNOLOGY Other Securities(1)...... 125,107 0.09 ------------ ------ HOTELS, RESTAURANTS & LEISURE McDonald's Corp. ........ 16,189 1,006,794 0.72 Other Securities(1)...... 1,314,760 0.93 ------------ ------ 2,321,554 1.65 ------------ ------ HOUSEHOLD DURABLES Other Securities(1)...... 900,542 0.64 ------------ ------ HOUSEHOLD PRODUCTS Colgate-Palmolive Co. ... 7,421 508,635 0.36 Procter & Gamble Co. (a).................... 42,101 2,602,684 1.85 Other Securities(1)...... 676,966 0.49 ------------ ------ 3,788,285 2.70 ------------ ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)...... 426,769 0.30 ------------ ------ INDUSTRIAL CONGLOMERATES 3M Co. (a)............... 9,438 543,062 0.39 General Electric Co. .... 142,485 2,308,257 1.64 Other Securities(1)...... 242,785 0.17 ------------ ------ 3,094,104 2.20 ------------ ------ INSURANCE Berkshire Hathaway, Inc. (Class A) (a)(b)....... 14 1,352,400 0.96 Other Securities(1)...... 4,127,129 2.94 ------------ ------ 5,479,529 3.90 ------------ ------ INTERNET & CATALOG RETAIL Other Securities(1)...... 381,489 0.27 ------------ ------ INTERNET SOFTWARE & SERVICES Google, Inc. (Class A) (b).................... 3,357 1,032,781 0.73 Other Securities(1)...... 754,213 0.54 ------------ ------ 1,786,994 1.27 ------------ ------ IT SERVICES Other Securities(1)...... 2,003,753 1.43 ------------ ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)...... 320,192 0.23 ------------ ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)...... 855,826 0.61 ------------ ------ MACHINERY Other Securities(1)...... 2,863,785 2.04 ------------ ------ MEDIA Comcast Corp. (Class A) (a).................... 41,118 694,072 0.49 The Walt Disney Co. ..... 25,294 573,921 0.41 Time Warner, Inc. (a).... 56,357 566,951 0.40 Other Securities(1)...... 1,646,153 1.18 ------------ ------ 3,481,097 2.48 ------------ ------ METALS & MINING Other Securities(1)...... 1,184,703 0.84 ------------ ------ MULTI-UTILITIES Other Securities(1)...... 1,672,139 1.19 ------------ ------ MULTILINE RETAIL Other Securities(1)...... 1,089,139 0.77 ------------ ------ OFFICE ELECTRONICS Other Securities(1)...... 150,005 0.11 ------------ ------ OIL, GAS & CONSUMABLE FUELS Chevron Corp. ........... 29,972 2,217,029 1.58 ConocoPhillips (a)....... 20,762 1,075,472 0.77 Exxon Mobil Corp. ....... 73,889 5,898,559 4.20 Occidental Petroleum Corp. (a).............. 12,012 720,600 0.51 Other Securities(1)...... 5,076,416 3.61 ------------ ------ 14,988,076 10.67 ------------ ------ PAPER & FOREST PRODUCTS Other Securities(1)...... 244,040 0.17 ------------ ------ PERSONAL PRODUCTS Other Securities(1)...... 259,069 0.18 ------------ ------ PHARMACEUTICALS Abbott Laboratories...... 21,918 1,169,764 0.83 Bristol-Myers Squibb Co. ................... 27,367 636,283 0.45 Eli Lilly & Co. ......... 13,627 548,759 0.39 Johnson & Johnson........ 39,923 2,388,593 1.70 Merck & Co., Inc. (a).... 31,037 943,525 0.67 Pfizer, Inc. ............ 97,230 1,721,943 1.23 Wyeth.................... 19,007 712,953 0.51 Other Securities(1)...... 1,121,361 0.80 ------------ ------ 9,243,181 6.58 ------------ ------ PROFESSIONAL SERVICES Other Securities(1)...... 381,081 0.27 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)...... 2,578,073 1.83 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)...... 115,997 0.08 ------------ ------ ROAD & RAIL Other Securities(1)...... 1,544,098 1.10 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Intel Corp. (a).......... 80,755 1,183,868 0.84 Other Securities(1)...... 1,883,119 1.34 ------------ ------ 3,066,987 2.18 ------------ ------ SOFTWARE Microsoft Corp. ......... 115,354 2,242,482 1.60 Oracle Corp. (a)(b)...... 57,643 1,022,010 0.73 Other Securities(1)...... 1,891,509 1.34 ------------ ------ 5,156,001 3.67 ------------ ------ SPECIALTY RETAIL The Home Depot, Inc. (a).................... 25,634 590,095 0.42 Other Securities(1)...... 2,227,324 1.59 ------------ ------ 2,817,419 2.01 ------------ ------
See accompanying notes to financial statements. 80 SPDR DJ WILSHIRE TOTAL MARKET ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)...... $ 612,369 0.44% ------------ ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)...... 675,763 0.48 ------------ ------ TOBACCO Philip Morris International, Inc. ... 29,384 1,278,498 0.91 Other Securities(1)...... 873,933 0.62 ------------ ------ 2,152,431 1.53 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)...... 251,650 0.18 ------------ ------ TRANSPORTATION INFRASTRUCTURE Other Securities(1)...... 1,610 0.00(d) ------------ ------ WATER UTILITIES Other Securities(1)...... 230,064 0.16 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)...... 587,904 0.42 ------------ ------ TOTAL COMMON STOCKS -- (Cost $174,176,533).... 139,702,060 99.43 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (e)(f)................. 23,054,817 23,054,817 16.41 STIC Prime Portfolio..... 1,248,503 1,248,503 0.89 ------------ ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $24,303,320)..... 24,303,320 17.30 ------------ ------ TOTAL INVESTMENTS (Cost $198,479,853).... 164,005,380 116.73 OTHER ASSETS AND LIABILITIES............ (23,511,395) (16.73) ------------ ------ NET ASSETS............... $140,493,985 100.00 ============ ======
(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 at December 31, 2008. (a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Affiliated issuer. (Note 3) (d) Amount represents less than 0.005% of net assets. (e) Investments of cash collateral for securities loaned. (f) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 81 SPDR DJ WILSHIRE LARGE CAP ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE United Technologies Corp.(a)................ 2,363 $ 126,657 0.55% Other Securities(1)....... 434,666 1.90 ----------- ------ 561,323 2.45 ----------- ------ AIR FREIGHT & LOGISTICS United Parcel Service, Inc. (Class B) (a)...... 1,745 96,254 0.42 Other Securities(1)....... 94,826 0.41 ----------- ------ 191,080 0.83 ----------- ------ AIRLINES Other Securities(1)....... 43,477 0.19 ----------- ------ AUTO COMPONENTS Other Securities(1)....... 41,769 0.18 ----------- ------ AUTOMOBILES Other Securities(1)....... 28,995 0.13 ----------- ------ BEVERAGES PepsiCo, Inc. ............ 4,195 229,760 1.00 The Coca-Cola Co. (a)..... 5,703 258,175 1.13 Other Securities(1)....... 75,462 0.33 ----------- ------ 563,397 2.46 ----------- ------ BIOTECHNOLOGY Amgen, Inc. (b)........... 2,831 163,490 0.71 Genentech, Inc. (b)....... 1,239 102,726 0.45 Gilead Sciences, Inc. (b)..................... 2,454 125,498 0.55 Other Securities(1)....... 194,925 0.85 ----------- ------ 586,639 2.56 ----------- ------ BUILDING PRODUCTS Other Securities(1)....... 12,396 0.05 ----------- ------ CAPITAL MARKETS State Street Corp. (c).... 1,164 45,780 0.20 Other Securities(1)....... 468,546 2.04 ----------- ------ 514,326 2.24 ----------- ------ CHEMICALS Monsanto Co. ............. 1,455 102,359 0.45 Other Securities(1)....... 317,899 1.38 ----------- ------ 420,258 1.83 ----------- ------ COMMERCIAL BANKS U.S. Bancorp (a).......... 4,630 115,796 0.51 Wells Fargo & Co. (a)..... 9,367 276,139 1.20 Other Securities(1)....... 249,895 1.09 ----------- ------ 641,830 2.80 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)....... 146,763 0.64 ----------- ------ COMMUNICATIONS EQUIPMENT Cisco Systems, Inc. (b)... 15,822 257,899 1.12 QUALCOMM, Inc. (a)........ 4,391 157,330 0.69 Other Securities(1)....... 107,499 0.47 ----------- ------ 522,728 2.28 ----------- ------ COMPUTERS & PERIPHERALS Apple, Inc. (a)(b)........ 2,390 203,987 0.89 Hewlett-Packard Co. ...... 6,605 239,695 1.05 International Business Machines Corp. (a)...... 3,625 305,080 1.33 Other Securities(1)....... 162,300 0.70 ----------- ------ 911,062 3.97 ----------- ------ CONSTRUCTION & ENGINEERING Other Securities(1)....... 76,010 0.33 ----------- ------ CONSTRUCTION MATERIALS Other Securities(1)....... 27,823 0.12 ----------- ------ CONSUMER FINANCE Other Securities(1)....... 108,119 0.47 ----------- ------ CONTAINERS & PACKAGING Other Securities(1)....... 59,302 0.26 ----------- ------ DISTRIBUTORS Other Securities(1)....... 16,318 0.07 ----------- ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)....... 69,460 0.30 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Bank of America Corp. .... 13,412 188,841 0.82 Citigroup, Inc. .......... 14,571 97,771 0.43 JPMorgan Chase & Co. ..... 10,025 316,088 1.38 Other Securities(1)....... 101,900 0.44 ----------- ------ 704,600 3.07 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES AT&T, Inc. ............... 15,897 453,065 1.98 Verizon Communications, Inc. (a)................ 7,662 259,742 1.14 Other Securities(1)....... 56,235 0.24 ----------- ------ 769,042 3.36 ----------- ------ ELECTRIC UTILITIES Exelon Corp. (a).......... 1,764 98,096 0.43 Other Securities(1)....... 432,270 1.88 ----------- ------ 530,366 2.31 ----------- ------ ELECTRICAL EQUIPMENT Other Securities(1)....... 149,617 0.65 ----------- ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)....... 108,528 0.47 ----------- ------ ENERGY EQUIPMENT & SERVICES Schlumberger, Ltd. (a).... 3,190 135,033 0.59 Other Securities(1)....... 239,026 1.04 ----------- ------ 374,059 1.63 ----------- ------ FOOD & STAPLES RETAILING CVS Caremark Corp. (a).... 3,832 110,132 0.48 Wal-Mart Stores, Inc. .... 6,529 366,016 1.60 Other Securities(1)....... 245,604 1.07 ----------- ------ 721,752 3.15 ----------- ------
See accompanying notes to financial statements. 82 SPDR DJ WILSHIRE LARGE CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ FOOD PRODUCTS Kraft Foods, Inc. (a)..... 3,618 $ 97,143 0.42% Other Securities(1)....... 278,297 1.22 ----------- ------ 375,440 1.64 ----------- ------ GAS UTILITIES Other Securities(1)....... 45,118 0.20 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)....... 487,634 2.13 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)....... 473,497 2.07 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)....... 13,707 0.06 ----------- ------ HOTELS, RESTAURANTS & LEISURE McDonald's Corp. (a)...... 2,998 186,446 0.81 Other Securities(1)....... 162,470 0.71 ----------- ------ 348,916 1.52 ----------- ------ HOUSEHOLD DURABLES Other Securities(1)....... 90,512 0.40 ----------- ------ HOUSEHOLD PRODUCTS Procter & Gamble Co. ..... 7,948 491,345 2.14 Other Securities(1)....... 192,503 0.84 ----------- ------ 683,848 2.98 ----------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)....... 63,433 0.28 ----------- ------ INDUSTRIAL CONGLOMERATES 3M Co. (a)................ 1,723 99,142 0.43 General Electric Co. ..... 26,720 432,864 1.89 Other Securities(1)....... 42,609 0.19 ----------- ------ 574,615 2.51 ----------- ------ INSURANCE Berkshire Hathaway, Inc. (Class A) (a)(b)........ 3 289,800 1.26 Other Securities(1)....... 643,961 2.81 ----------- ------ 933,761 4.07 ----------- ------ INTERNET & CATALOG RETAIL Other Securities(1)....... 60,930 0.27 ----------- ------ INTERNET SOFTWARE & SERVICES Google, Inc. (Class A) (a)(b).................. 607 186,744 0.82 Other Securities(1)....... 103,064 0.44 ----------- ------ 289,808 1.26 ----------- ------ IT SERVICES Other Securities(1)....... 364,406 1.59 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)....... 30,040 0.13 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)....... 98,620 0.43 ----------- ------ MACHINERY Other Securities(1)....... 404,489 1.76 ----------- ------ MEDIA Comcast Corp. (Class A) (a)..................... 7,368 124,372 0.54 The Walt Disney Co. (a)... 4,615 104,714 0.46 Time Warner, Inc. (a)..... 10,068 101,284 0.44 Other Securities(1)....... 274,242 1.20 ----------- ------ 604,612 2.64 ----------- ------ METALS & MINING Other Securities(1)....... 179,596 0.78 ----------- ------ MULTI-UTILITIES Other Securities(1)....... 344,126 1.50 ----------- ------ MULTILINE RETAIL Other Securities(1)....... 143,369 0.63 ----------- ------ OFFICE ELECTRONICS Other Securities(1)....... 18,570 0.08 ----------- ------ OIL, GAS & CONSUMABLE FUELS Chevron Corp. ............ 5,455 403,506 1.76 ConocoPhillips (a)........ 3,712 192,282 0.84 Exxon Mobil Corp. (a)..... 13,642 1,089,041 4.75 Occidental Petroleum Corp. (a)..................... 2,201 132,038 0.58 Other Securities(1)....... 809,603 3.53 ----------- ------ 2,626,470 11.46 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1)....... 37,961 0.17 ----------- ------ PERSONAL PRODUCTS Other Securities(1)....... 36,359 0.16 ----------- ------ PHARMACEUTICALS Abbott Laboratories (a)... 4,123 220,044 0.96 Bristol-Myers Squibb Co. .................... 5,293 123,062 0.54 Eli Lilly & Co. .......... 2,585 104,098 0.45 Johnson & Johnson......... 7,477 447,349 1.95 Merck & Co., Inc. (a)..... 5,689 172,946 0.76 Pfizer, Inc. ............. 18,038 319,453 1.39 Wyeth..................... 3,570 133,911 0.58 Other Securities(1)....... 154,751 0.68 ----------- ------ 1,675,614 7.31 ----------- ------ PROFESSIONAL SERVICES Other Securities(1)....... 46,537 0.20 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)....... 320,627 1.40 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)....... 7,868 0.03 ----------- ------ ROAD & RAIL Other Securities(1)....... 224,190 0.98 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Intel Corp. (a)........... 14,953 219,211 0.96 Other Securities(1)....... 262,876 1.14 ----------- ------ 482,087 2.10 ----------- ------ SOFTWARE Microsoft Corp. .......... 21,240 412,906 1.80 Oracle Corp. (a)(b)....... 10,522 186,555 0.82 Other Securities(1)....... 210,928 0.92 ----------- ------ 810,389 3.54 ----------- ------
See accompanying notes to financial statements. 83 SPDR DJ WILSHIRE LARGE CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ SPECIALTY RETAIL The Home Depot, Inc. (a).. 4,553 $ 104,810 0.46% Other Securities(1)....... 315,774 1.38 ----------- ------ 420,584 1.84 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)....... 74,151 0.32 ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)....... 47,729 0.21 ----------- ------ TOBACCO Philip Morris International, Inc. (a)..................... 5,438 236,607 1.03 Other Securities(1)....... 154,158 0.68 ----------- ------ 390,765 1.71 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)....... 26,987 0.12 ----------- ------ WATER UTILITIES Other Securities(1)....... 3,216 0.01 ----------- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)....... 92,190 0.40 ----------- ------ TOTAL COMMON STOCKS -- (Cost $25,850,578)...... 22,853,810 99.69 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio(d)(e)......... 5,408,269 5,408,269 23.59 STIC Prime Portfolio...... 235,398 235,398 1.03 ----------- ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $5,643,667)....... 5,643,667 24.62 ----------- ------ TOTAL INVESTMENTS (Cost $31,494,245)...... 28,497,477 124.31 OTHER ASSETS AND LIABILITIES............. (5,573,637) (24.31) ----------- ------ NET ASSETS................ $22,923,840 100.00 =========== ======
(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 at December 31, 2008. (a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Affiliated issuer. (Note 3) (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 84 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE General Dynamics Corp. .. 12,520 $ 721,027 0.44% Lockheed Martin Corp. ... 12,280 1,032,502 0.63 United Technologies Corp. (a).................... 33,963 1,820,417 1.10 Other Securities(1)...... 1,046,000 0.63 ------------ ------ 4,619,946 2.80 ------------ ------ AIR FREIGHT & LOGISTICS FedEx Corp. ............. 11,136 714,374 0.43 Other Securities(1)...... 636,232 0.39 ------------ ------ 1,350,606 0.82 ------------ ------ AIRLINES Other Securities(1)...... 357,679 0.22 ------------ ------ AUTO COMPONENTS Other Securities(1)...... 150,440 0.09 ------------ ------ AUTOMOBILES Other Securities(1)...... 153,392 0.09 ------------ ------ BEVERAGES PepsiCo, Inc. ........... 60,202 3,297,264 2.00 Other Securities(1)...... 513,872 0.31 ------------ ------ 3,811,136 2.31 ------------ ------ BIOTECHNOLOGY Amgen, Inc. (b).......... 40,677 2,349,097 1.42 Celgene Corp. (b)........ 17,462 965,299 0.58 Genentech, Inc. (b)...... 17,848 1,479,778 0.90 Gilead Sciences, Inc. (a)(b)................. 35,131 1,796,599 1.09 Other Securities(1)...... 1,835,341 1.11 ------------ ------ 8,426,114 5.10 ------------ ------ CAPITAL MARKETS Other Securities(1)...... 2,073,229 1.26 ------------ ------ CHEMICALS Monsanto Co. ............ 20,789 1,462,506 0.88 Praxair, Inc. ........... 12,139 720,571 0.44 Other Securities(1)...... 966,741 0.59 ------------ ------ 3,149,818 1.91 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)...... 1,344,215 0.81 ------------ ------ COMMUNICATIONS EQUIPMENT Cisco Systems, Inc. (b).. 226,532 3,692,472 2.23 QUALCOMM, Inc. .......... 63,164 2,263,166 1.37 Other Securities(1)...... 1,549,255 0.94 ------------ ------ 7,504,893 4.54 ------------ ------ COMPUTERS & PERIPHERALS Apple, Inc. (a)(b)....... 34,197 2,918,714 1.77 EMC Corp. (b)............ 79,034 827,486 0.50 Hewlett-Packard Co. ..... 94,897 3,443,812 2.08 Other Securities(1)...... 1,222,657 0.74 ------------ ------ 8,412,669 5.09 ------------ ------ CONSTRUCTION & ENGINEERING Other Securities(1)...... 962,388 0.58 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)...... 155,911 0.09 ------------ ------ CONSUMER FINANCE American Express Co. (a).................... 39,164 726,492 0.44 Other Securities(1)...... 175,457 0.11 ------------ ------ 901,949 0.55 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)...... 485,348 0.29 ------------ ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)...... 997,969 0.60 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)...... 1,440,764 0.87 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)...... 192,145 0.12 ------------ ------ ELECTRIC UTILITIES Other Securities(1)...... 220,530 0.13 ------------ ------ ELECTRICAL EQUIPMENT Emerson Electric Co. .... 30,080 1,101,229 0.67 Other Securities(1)...... 826,405 0.50 ------------ ------ 1,927,634 1.17 ------------ ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)...... 1,469,898 0.89 ------------ ------ ENERGY EQUIPMENT & SERVICES Schlumberger, Ltd. ...... 45,886 1,942,354 1.17 Other Securities(1)...... 3,413,430 2.07 ------------ ------ 5,355,784 3.24 ------------ ------ FOOD & STAPLES RETAILING Costco Wholesale Corp. .. 16,709 877,223 0.53 CVS Caremark Corp. ...... 55,063 1,582,511 0.96 Wal-Mart Stores, Inc. ... 93,904 5,264,258 3.19 Walgreen Co. (a)......... 38,182 941,950 0.57 Other Securities(1)...... 579,210 0.35 ------------ ------ 9,245,152 5.60 ------------ ------ FOOD PRODUCTS Other Securities(1)...... 756,303 0.46 ------------ ------ GAS UTILITIES Other Securities(1)...... 566,810 0.34 ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Baxter International, Inc. .................. 23,837 1,277,425 0.77 Medtronic, Inc. ......... 43,186 1,356,904 0.82 Other Securities(1)...... 4,162,653 2.53 ------------ ------ 6,796,982 4.12 ------------ ------ HEALTH CARE PROVIDERS & SERVICES Medco Health Solutions, Inc. (b)............... 19,465 815,778 0.49 UnitedHealth Group, Inc. .................. 47,279 1,257,621 0.76 WellPoint, Inc. (b)...... 19,642 827,518 0.50 Other Securities(1)...... 3,371,891 2.05 ------------ ------ 6,272,808 3.80 ------------ ------ HEALTH CARE TECHNOLOGY Other Securities(1)...... 198,654 0.12 ------------ ------
See accompanying notes to financial statements. 85 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)...... $ 1,847,093 1.12% ------------ ------ HOUSEHOLD DURABLES Other Securities(1)...... 278,860 0.17 ------------ ------ HOUSEHOLD PRODUCTS Colgate-Palmolive Co. (a).................... 19,577 1,341,807 0.81 Procter & Gamble Co. (a).................... 113,982 7,046,367 4.27 Other Securities(1)...... 559,514 0.34 ------------ ------ 8,947,688 5.42 ------------ ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)...... 802,278 0.49 ------------ ------ INDUSTRIAL CONGLOMERATES Other Securities(1)...... 83,486 0.05 ------------ ------ INSURANCE AFLAC, Inc............... 18,109 830,116 0.50 Other Securities(1)...... 769,931 0.47 ------------ ------ 1,600,047 0.97 ------------ ------ INTERNET & CATALOG RETAIL Other Securities(1)...... 853,178 0.52 ------------ ------ INTERNET SOFTWARE & SERVICES Google, Inc. (Class A)(b).................. 8,723 2,683,631 1.62 Other Securities(1)...... 1,484,122 0.90 ------------ ------ 4,167,753 2.52 ------------ ------ IT SERVICES Accenture, Ltd. (Class A)..................... 21,278 697,706 0.42 Automatic Data Processing, Inc. (a)... 19,787 778,420 0.47 Visa, Inc. (Class A) (a).................... 16,508 865,845 0.52 Other Securities(1)...... 2,592,488 1.58 ------------ ------ 4,934,459 2.99 ------------ ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)...... 1,438,850 0.87 ------------ ------ MACHINERY Caterpillar, Inc. ....... 23,430 1,046,618 0.63 Other Securities(1)...... 3,947,502 2.39 ------------ ------ 4,994,120 3.02 ------------ ------ MEDIA Comcast Corp. (Class A).. 106,074 1,790,529 1.08 News Corp. (Class A)..... 88,835 807,510 0.49 The Walt Disney Co. ..... 67,043 1,521,206 0.92 Time Warner, Inc. (a).... 144,205 1,450,702 0.88 Other Securities(1)...... 2,731,175 1.66 ------------ ------ 8,301,122 5.03 ------------ ------ METALS & MINING Newmont Mining Corp. .... 16,990 691,493 0.42 Other Securities(1)...... 1,259,745 0.76 ------------ ------ 1,951,238 1.18 ------------ ------ MULTI-UTILITIES Other Securities(1)...... 566,948 0.34 ------------ ------ MULTILINE RETAIL Target Corp. (a)......... 26,258 906,689 0.55 Other Securities(1)...... 921,267 0.56 ------------ ------ 1,827,956 1.11 ------------ ------ OFFICE ELECTRONICS Other Securities(1)...... 270,151 0.16 ------------ ------ OIL, GAS & CONSUMABLE FUELS XTO Energy, Inc. ........ 22,178 782,218 0.47 Other Securities(1)...... 6,253,133 3.79 ------------ ------ 7,035,351 4.26 ------------ ------ PERSONAL PRODUCTS Other Securities(1)...... 513,675 0.31 ------------ ------ PHARMACEUTICALS Johnson & Johnson........ 107,517 6,432,742 3.89 Schering-Plough Corp. (a).................... 62,300 1,060,969 0.64 Other Securities(1)...... 1,141,336 0.70 ------------ ------ 8,635,047 5.23 ------------ ------ PROFESSIONAL SERVICES Other Securities(1)...... 657,584 0.40 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)...... 735,584 0.45 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)...... 100,204 0.06 ------------ ------ ROAD & RAIL Other Securities(1)...... 1,312,192 0.79 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Texas Instruments, Inc. .................. 50,111 777,723 0.47 Other Securities(1)...... 2,976,908 1.80 ------------ ------ 3,754,631 2.27 ------------ ------ SOFTWARE Microsoft Corp. ......... 304,449 5,918,488 3.58 Oracle Corp. (a)(b)...... 151,019 2,677,567 1.62 Other Securities(1)...... 2,913,062 1.77 ------------ ------ 11,509,117 6.97 ------------ ------ SPECIALTY RETAIL Lowe's Cos., Inc. ....... 56,242 1,210,328 0.73 The Home Depot, Inc. (a).................... 65,318 1,503,620 0.91 Other Securities(1)...... 2,943,135 1.78 ------------ ------ 5,657,083 3.42 ------------ ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)...... 892,082 0.54 ------------ ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)...... 335,897 0.20 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)...... 189,479 0.11 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)...... 1,137,542 0.69 ------------ ------ TOTAL COMMON STOCKS -- (Cost $247,837,734).... 164,631,861 99.67 ------------ ------
See accompanying notes to financial statements. 86 SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (c)(d)................. 28,955,817 $ 28,955,817 17.53% STIC Prime Portfolio..... 1,045,590 1,045,590 0.63 ------------ ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $30,001,407)..... 30,001,407 18.16 ------------ ------ TOTAL INVESTMENTS (Cost $277,839,141).......... 194,633,268 117.83 OTHER ASSETS AND LIABILITIES............ (29,450,154) (17.83) ------------ ------ NET ASSETS............... $165,183,114 100.00 ============ ======
(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 at December 31, 2008. (a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 87 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Boeing Co. .............. 15,569 $ 664,329 0.66% Honeywell International, Inc. .................. 15,797 518,616 0.51 Raytheon Co. (a)......... 9,857 503,101 0.50 Other Securities(1)...... 433,657 0.43 ------------ ------ 2,119,703 2.10 ------------ ------ AIR FREIGHT & LOGISTICS United Parcel Service, Inc. (Class B)......... 15,375 848,085 0.84 ------------ ------ AIRLINES Other Securities(1)...... 172,049 0.17 ------------ ------ AUTO COMPONENTS Other Securities(1)...... 281,151 0.28 ------------ ------ AUTOMOBILES Other Securities(1)...... 166,585 0.16 ------------ ------ BEVERAGES The Coca-Cola Co. ....... 50,502 2,286,225 2.26 Other Securities(1)...... 360,338 0.36 ------------ ------ 2,646,563 2.62 ------------ ------ BUILDING PRODUCTS Other Securities(1)...... 109,764 0.11 ------------ ------ CAPITAL MARKETS State Street Corp. (b)... 10,312 405,571 0.40 The Bank of New York Mellon Corp. .......... 27,114 768,140 0.76 The Goldman Sachs Group, Inc. .................. 9,538 804,912 0.80 Other Securities(1)...... 1,300,130 1.28 ------------ ------ 3,278,753 3.24 ------------ ------ CHEMICALS E. I. du Pont de Nemours & Co. ................. 21,407 541,597 0.53 Other Securities(1)...... 1,253,364 1.24 ------------ ------ 1,794,961 1.77 ------------ ------ COMMERCIAL BANKS U.S. Bancorp (a)......... 41,012 1,025,710 1.01 Wells Fargo & Co. (a).... 83,086 2,449,375 2.42 Other Securities(1)...... 2,217,468 2.20 ------------ ------ 5,692,553 5.63 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)...... 464,198 0.46 ------------ ------ COMPUTERS & PERIPHERALS International Business Machines Corp. ........ 32,150 2,705,744 2.67 Other Securities(1)...... 169,239 0.17 ------------ ------ 2,874,983 2.84 ------------ ------ CONSTRUCTION & ENGINEERING Other Securities(1)...... 82,274 0.08 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)...... 151,406 0.15 ------------ ------ CONSUMER FINANCE Other Securities(1)...... 394,286 0.39 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)...... 223,823 0.22 ------------ ------ DISTRIBUTORS Other Securities(1)...... 142,316 0.14 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Bank of America Corp. ... 118,960 1,674,957 1.65 Citigroup, Inc. ......... 129,198 866,918 0.86 JPMorgan Chase & Co. .... 88,605 2,793,716 2.76 Other Securities(1)...... 38,608 0.04 ------------ ------ 5,374,199 5.31 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES AT&T, Inc. .............. 140,993 4,018,300 3.97 Verizon Communications, Inc. .................. 67,911 2,302,183 2.28 Other Securities(1)...... 377,257 0.37 ------------ ------ 6,697,740 6.62 ------------ ------ ELECTRIC UTILITIES Duke Energy Corp. (a).... 29,947 449,505 0.44 Exelon Corp. (a)......... 15,615 868,350 0.86 FPL Group, Inc. (a)...... 8,967 451,309 0.45 The Southern Co. (a)..... 18,230 674,510 0.67 Other Securities(1)...... 2,118,258 2.09 ------------ ------ 4,561,932 4.51 ------------ ------ ELECTRICAL EQUIPMENT Other Securities(1)...... 138,680 0.14 ------------ ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)...... 45,847 0.05 ------------ ------ FOOD & STAPLES RETAILING Other Securities(1)...... 701,058 0.69 ------------ ------ FOOD PRODUCTS General Mills, Inc. ..... 7,580 460,485 0.45 Kraft Foods, Inc. (a).... 31,906 856,676 0.85 Other Securities(1)...... 1,549,044 1.53 ------------ ------ 2,866,205 2.83 ------------ ------ GAS UTILITIES Other Securities(1)...... 52,102 0.05 ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)...... 101,889 0.10 ------------ ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)...... 316,203 0.31 ------------ ------ HOTELS, RESTAURANTS & LEISURE McDonald's Corp. ........ 26,444 1,644,553 1.63 Other Securities(1)...... 286,993 0.28 ------------ ------ 1,931,546 1.91 ------------ ------ HOUSEHOLD DURABLES Other Securities(1)...... 623,254 0.62 ------------ ------ HOUSEHOLD PRODUCTS Kimberly-Clark Corp. .... 9,817 517,749 0.51 ------------ ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)...... 71,008 0.07 ------------ ------
See accompanying notes to financial statements. 88 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ INDUSTRIAL CONGLOMERATES 3M Co. (a)............... 15,162 $ 872,422 0.86% General Electric Co. .... 236,927 3,838,217 3.80 Other Securities(1)...... 324,627 0.32 ------------ ------ 5,035,266 4.98 ------------ ------ INSURANCE Berkshire Hathaway, Inc. (Class A) (a)(c)....... 28 2,704,800 2.67 Chubb Corp. ............. 8,395 428,145 0.42 MetLife, Inc. ........... 12,031 419,401 0.42 The Allstate Corp. ...... 12,719 416,674 0.41 The Travelers Cos., Inc. .................. 13,892 627,918 0.62 Other Securities(1)...... 2,786,898 2.76 ------------ ------ 7,383,836 7.30 ------------ ------ IT SERVICES Other Securities(1)...... 193,641 0.19 ------------ ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)...... 265,461 0.26 ------------ ------ MACHINERY Other Securities(1)...... 506,503 0.50 ------------ ------ MEDIA Other Securities(1)...... 257,860 0.26 ------------ ------ METALS & MINING Other Securities(1)...... 384,766 0.38 ------------ ------ MULTI-UTILITIES Dominion Resources, Inc. (a).................... 13,756 493,015 0.49 Other Securities(1)...... 2,205,725 2.18 ------------ ------ 2,698,740 2.67 ------------ ------ MULTILINE RETAIL Other Securities(1)...... 161,527 0.16 ------------ ------ OIL, GAS & CONSUMABLE FUELS Apache Corp. ............ 7,857 585,582 0.58 Chevron Corp. ........... 48,202 3,565,502 3.52 ConocoPhillips (a)....... 32,726 1,695,207 1.68 Devon Energy Corp. ...... 9,906 650,923 0.64 Exxon Mobil Corp. ....... 120,653 9,631,729 9.52 Marathon Oil Corp. ...... 16,960 464,026 0.46 Occidental Petroleum Corp. (a).............. 19,486 1,168,965 1.16 Other Securities(1)...... 1,115,779 1.10 ------------ ------ 18,877,713 18.66 ------------ ------ PAPER & FOREST PRODUCTS Other Securities(1)...... 337,020 0.33 ------------ ------ PHARMACEUTICALS Abbott Laboratories...... 36,541 1,950,193 1.93 Bristol-Myers Squibb Co. ................... 46,661 1,084,868 1.07 Eli Lilly & Co. ......... 22,926 923,230 0.91 Merck & Co., Inc. (a).... 50,141 1,524,287 1.51 Pfizer, Inc. ............ 159,963 2,832,945 2.80 Wyeth.................... 31,671 1,187,979 1.17 ------------ ------ 9,503,502 9.39 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)...... 2,398,455 2.37 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)...... 11,417 0.01 ------------ ------ ROAD & RAIL Burlington Northern Santa Fe Corp. (a)........... 6,715 508,392 0.50 Union Pacific Corp. (a).. 12,056 576,277 0.57 Other Securities(1)...... 93,651 0.09 ------------ ------ 1,178,320 1.16 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Intel Corp. (a).......... 131,947 1,934,343 1.91 ------------ ------ SOFTWARE Other Securities(1)...... 63,931 0.06 ------------ ------ SPECIALTY RETAIL Other Securities(1)...... 210,718 0.21 ------------ ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)...... 110,307 0.11 ------------ ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)...... 207,619 0.21 ------------ ------ TOBACCO Altria Group, Inc. ...... 49,048 738,663 0.73 Philip Morris International, Inc. ... 48,000 2,088,480 2.06 Other Securities(1)...... 622,776 0.62 ------------ ------ 3,449,919 3.41 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)...... 124,331 0.12 ------------ ------ WATER UTILITIES Other Securities(1)...... 28,919 0.03 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)...... 124,279 0.12 ------------ ------ TOTAL COMMON STOCKS -- (Cost $139,624,421).... 100,891,258 99.72 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (d)(e)................. 15,076,946 15,076,946 14.90 STIC Prime Portfolio..... 1,177,060 1,177,060 1.17 ------------ ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $16,254,006)..... 16,254,006 16.07 ------------ ------ TOTAL INVESTMENTS (Cost $155,878,427).... 117,145,264 115.79 OTHER ASSETS AND LIABILITIES............ (15,972,693) (15.79) ------------ ------ NET ASSETS............... $101,172,571 100.00 ============ ======
See accompanying notes to financial statements. 89 SPDR DJ WILSHIRE LARGE CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- (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 at December 31, 2008. (a) Security, or portion thereof, was on loan at December 31, 2008. (b) Affiliated Issuer. (Note 3) (c) Non-income producing security. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 90 SPDR DJ WILSHIRE MID CAP ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Other Securities(1)....... $ 205,154 1.01% ----------- ------ AIRLINES Delta Air Lines, Inc. (a)..................... 14,344 164,382 0.81 Other Securities(1)....... 67,637 0.33 ----------- ------ 232,019 1.14 ----------- ------ AUTO COMPONENTS Other Securities(1)....... 115,813 0.57 ----------- ------ BEVERAGES Constellation Brands, Inc. (Class A)(a)(b)......... 4,407 69,498 0.34 Other Securities(1)....... 102,670 0.51 ----------- ------ 172,168 0.85 ----------- ------ BIOTECHNOLOGY Myriad Genetics, Inc. (a)(b).................. 1,057 70,037 0.35 Vertex Pharmaceuticals, Inc. (a)(b)............. 3,422 103,960 0.51 Other Securities(1)....... 273,043 1.35 ----------- ------ 447,040 2.21 ----------- ------ BUILDING PRODUCTS Other Securities(1)....... 94,186 0.46 ----------- ------ CAPITAL MARKETS Other Securities(1)....... 416,146 2.05 ----------- ------ CHEMICALS Other Securities(1)....... 532,280 2.63 ----------- ------ COMMERCIAL BANKS Marshall & Ilsley Corp. (b)..................... 5,575 76,043 0.37 Other Securities(1)....... 801,096 3.96 ----------- ------ 877,139 4.33 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Cintas Corp. (b).......... 3,041 70,642 0.35 Other Securities(1)....... 226,608 1.12 ----------- ------ 297,250 1.47 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)....... 181,849 0.90 ----------- ------ COMPUTERS & PERIPHERALS Other Securities(1)....... 288,492 1.42 ----------- ------ CONSTRUCTION & ENGINEERING URS Corp. (a)............. 1,899 77,422 0.38 Other Securities(1)....... 176,934 0.87 ----------- ------ 254,356 1.25 ----------- ------ CONSTRUCTION MATERIALS Martin Marietta Materials, Inc. (b)................ 938 91,061 0.45 ----------- ------ CONSUMER FINANCE Other Securities(1)....... 3,690 0.02 ----------- ------ CONTAINERS & PACKAGING Ball Corp. ............... 2,151 89,460 0.44 Crown Holdings, Inc. (a).. 3,617 69,446 0.34 Pactiv Corp. (a).......... 2,965 73,769 0.36 Other Securities(1)....... 292,225 1.45 ----------- ------ 524,900 2.59 ----------- ------ DISTRIBUTORS Other Securities(1)....... 36,426 0.18 ----------- ------ DIVERSIFIED CONSUMER SERVICES DeVry, Inc. (b)........... 1,409 80,891 0.40 ITT Educational Services, Inc. (a)(b)............. 889 84,437 0.42 Strayer Education, Inc. (b)..................... 326 69,898 0.34 Other Securities(1)....... 73,788 0.36 ----------- ------ 309,014 1.52 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)....... 65,290 0.32 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)....... 153,187 0.76 ----------- ------ ELECTRIC UTILITIES Northeast Utilities....... 3,557 85,581 0.42 Pinnacle West Capital Corp. (b)............... 2,288 73,513 0.36 Other Securities(1)....... 309,202 1.53 ----------- ------ 468,296 2.31 ----------- ------ ELECTRICAL EQUIPMENT Other Securities(1)....... 195,515 0.96 ----------- ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)....... 479,630 2.37 ----------- ------ ENERGY EQUIPMENT & SERVICES Other Securities(1)....... 414,067 2.04 ----------- ------ FOOD & STAPLES RETAILING Other Securities(1)....... 76,762 0.38 ----------- ------ FOOD PRODUCTS Ralcorp Holdings, Inc. (a)..................... 1,283 74,927 0.37 The J.M. Smucker Co. ..... 2,683 116,335 0.57 Other Securities(1)....... 250,924 1.24 ----------- ------ 442,186 2.18 ----------- ------ GAS UTILITIES Other Securities(1)....... 407,793 2.01 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Edwards Lifesciences Corp. (a)(b).................. 1,266 69,567 0.34 Other Securities(1)....... 436,931 2.16 ----------- ------ 506,498 2.50 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)....... 374,154 1.85 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)....... 139,941 0.69 ----------- ------
See accompanying notes to financial statements. 91 SPDR DJ WILSHIRE MID CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HOTELS, RESTAURANTS & LEISURE Darden Restaurants, Inc. ................... 2,944 $ 82,962 0.41% Other Securities(1)....... 235,488 1.16 ----------- ------ 318,450 1.57 ----------- ------ HOUSEHOLD DURABLES Other Securities(1)....... 540,508 2.67 ----------- ------ HOUSEHOLD PRODUCTS Church & Dwight Co., Inc. (b)..................... 1,592 89,343 0.44 Energizer Holdings, Inc. (b)(a).................. 1,317 71,302 0.35 ----------- ------ 160,645 0.79 ----------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)....... 35,872 0.18 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)....... 39,581 0.20 ----------- ------ INSURANCE Arch Capital Group, Ltd. (a)(b).................. 1,131 79,283 0.39 Cincinnati Financial Corp. (b)..................... 3,454 100,408 0.50 Fidelity National Financial, Inc. (Class A)...................... 4,809 85,360 0.42 HCC Insurance Holdings, Inc. (b)................ 2,603 69,630 0.34 PartnerRe, Ltd. (b)....... 1,244 88,660 0.44 RenaissanceRe Holdings, Ltd. ................... 1,392 71,772 0.35 W.R. Berkley Corp. ....... 3,205 99,355 0.49 Other Securities(1)....... 831,430 4.11 ----------- ------ 1,425,898 7.04 ----------- ------ INTERNET & CATALOG RETAIL Other Securities(1)....... 67,979 0.34 ----------- ------ INTERNET SOFTWARE & SERVICES Other Securities(1)....... 96,624 0.48 ----------- ------ IT SERVICES Affiliated Computer Services, Inc. (Class A) (a)(b).................. 2,090 96,036 0.47 Fidelity National Information Services, Inc. ................... 4,314 70,189 0.35 SAIC, Inc. (a)............ 4,377 85,264 0.42 Other Securities(1)....... 436,346 2.15 ----------- ------ 687,835 3.39 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)....... 40,171 0.20 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Life Technologies Corp (a)(b).................. 3,919 91,352 0.45 Other Securities(1)....... 235,170 1.16 ----------- ------ 326,522 1.61 ----------- ------ MACHINERY Other Securities(1)....... 648,211 3.20 ----------- ------ MARINE Other Securities(1)....... 66,994 0.33 ----------- ------ MEDIA Other Securities(1)....... 341,644 1.69 ----------- ------ METALS & MINING Other Securities(1)....... 176,714 0.87 ----------- ------ MULTI-UTILITIES Alliant Energy Corp. ..... 2,509 73,213 0.36 Integrys Energy Group, Inc. (b)................ 1,738 74,699 0.37 NSTAR(b).................. 2,441 89,072 0.44 Puget Energy, Inc. ....... 2,655 72,402 0.36 SCANA Corp. (b)........... 2,395 85,262 0.42 Other Securities(1)....... 276,073 1.36 ----------- ------ 670,721 3.31 ----------- ------ MULTILINE RETAIL Dollar Tree Stores, Inc. (a)(b).................. 2,059 86,066 0.43 Family Dollar Stores, Inc. (b)..................... 3,014 78,575 0.39 Other Securities(1)....... 27,169 0.13 ----------- ------ 191,810 0.95 ----------- ------ OFFICE ELECTRONICS Other Securities(1)....... 29,539 0.15 ----------- ------ OIL, GAS & CONSUMABLE FUELS Sunoco, Inc. (b).......... 2,673 116,169 0.57 Other Securities(1)....... 1,013,517 5.01 ----------- ------ 1,129,686 5.58 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1)....... 59,432 0.29 ----------- ------ PERSONAL PRODUCTS Other Securities(1)....... 99,771 0.49 ----------- ------ PHARMACEUTICALS Endo Pharmaceuticals Holdings, Inc. (a)(b)... 2,722 70,445 0.35 Other Securities(1)....... 307,231 1.51 ----------- ------ 377,676 1.86 ----------- ------ PROFESSIONAL SERVICES Equifax, Inc. ............ 2,872 76,165 0.38 Robert Half International, Inc. (b)................ 3,545 73,807 0.36 Other Securities(1)....... 191,836 0.95 ----------- ------ 341,808 1.69 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Federal Realty Investment Trust(b)................ 1,344 83,436 0.41 Health Care REIT, Inc. (b)..................... 2,339 98,706 0.49 Regency Centers Corp. (b)..................... 1,573 73,459 0.36 Other Securities(1)....... 932,719 4.60 ----------- ------ 1,188,320 5.86 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)....... 84,187 0.42 ----------- ------ ROAD & RAIL Other Securities(1)....... 244,411 1.21 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Other Securities(1)....... 404,745 2.00 ----------- ------ SOFTWARE Other Securities(1)....... 558,121 2.75 ----------- ------
See accompanying notes to financial statements. 92 SPDR DJ WILSHIRE MID CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ SPECIALTY RETAIL Advance Auto Parts, Inc. ................... 2,150 $ 72,347 0.36% O'Reilly Automotive, Inc. (a)(b).................. 3,043 93,542 0.46 Other Securities(1)....... 364,135 1.80 ----------- ------ 530,024 2.62 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)....... 88,824 0.44 ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)....... 83,403 0.41 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)....... 65,960 0.33 ----------- ------ WATER UTILITIES Other Securities(1)....... 90,418 0.45 ----------- ------ WIRELESS TELECOMMUNICATION SERVICES Telephone & Data Systems, Inc. ................... 2,333 74,073 0.37 Other Securities(1)....... 88,827 0.43 ----------- ------ 162,900 0.80 ----------- ------ TOTAL COMMON STOCKS -- (Cost $29,509,045)...... 20,177,706 99.59 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (c)(d)........ 5,154,190 5,154,190 25.44 STIC Prime Portfolio...... 132,336 132,336 0.65 ----------- ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $5,286,526)....... 5,286,526 26.09 ----------- ------ TOTAL INVESTMENTS (Cost $34,795,571)...... 25,464,232 125.68 OTHER ASSETS AND LIABILITIES............. (5,203,130) (25.68) ----------- ------ NET ASSETS................ $20,261,102 100.00 =========== ======
(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 at December 31, 2008. (a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. REIT = Real Estate Investment Trust See accompanying notes to financial statements. 93 SPDR DJ WILSHIRE MID CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Alliant Techsystems, Inc. (a)(b).................. 1,850 $ 158,656 0.59% Other Securities(1)....... 264,266 0.99 ----------- ------ 422,922 1.58 ----------- ------ AIRLINES AMR Corp. (a)(b).......... 15,654 167,028 0.62 ----------- ------ AUTO COMPONENTS Other Securities(1)....... 211,957 0.79 ----------- ------ BEVERAGES Constellation Brands, Inc. (Class A)(a)(b)......... 10,901 171,909 0.64 Other Securities(1)....... 181,169 0.67 ----------- ------ 353,078 1.31 ----------- ------ BIOTECHNOLOGY Alexion Pharmaceuticals, Inc. (a)................ 4,383 158,621 0.59 Myriad Genetics, Inc. (a)(b).................. 2,625 173,932 0.65 Vertex Pharmaceuticals, Inc. (a)(b)............. 8,437 256,316 0.96 Other Securities(1)....... 519,836 1.93 ----------- ------ 1,108,705 4.13 ----------- ------ CAPITAL MARKETS Other Securities(1)....... 576,667 2.15 ----------- ------ CHEMICALS Airgas, Inc. (b).......... 3,944 153,777 0.57 Other Securities(1)....... 387,518 1.45 ----------- ------ 541,295 2.02 ----------- ------ COMMERCIAL SERVICES & SUPPLIES Cintas Corp. ............. 7,501 174,248 0.65 Covanta Holding Corp. (a)(b).................. 6,883 151,151 0.56 Other Securities(1)....... 410,241 1.53 ----------- ------ 735,640 2.74 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)....... 365,362 1.36 ----------- ------ COMPUTERS & PERIPHERALS Other Securities(1)....... 491,163 1.83 ----------- ------ CONSTRUCTION & ENGINEERING Other Securities(1)....... 357,511 1.33 ----------- ------ CONSTRUCTION MATERIALS Martin Marietta Materials, Inc. (b)................ 2,333 226,488 0.84 ----------- ------ CONTAINERS & PACKAGING Ball Corp. ............... 5,316 221,092 0.82 Crown Holdings, Inc. (a).. 9,039 173,549 0.65 Pactiv Corp. (a).......... 7,376 183,515 0.68 Other Securities(1)....... 133,056 0.50 ----------- ------ 711,212 2.65 ----------- ------ DISTRIBUTORS Other Securities(1)....... 91,391 0.34 ----------- ------ DIVERSIFIED CONSUMER SERVICES DeVry, Inc. (b)........... 3,503 201,107 0.75 ITT Educational Services, Inc. (a)(b)............. 2,196 208,576 0.78 Strayer Education, Inc. (b)..................... 804 172,386 0.64 Other Securities(1)....... 112,601 0.42 ----------- ------ 694,670 2.59 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)....... 70,028 0.26 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)....... 70,352 0.26 ----------- ------ ELECTRIC UTILITIES Other Securities(1)....... 121,605 0.45 ----------- ------ ELECTRICAL EQUIPMENT Other Securities(1)....... 191,183 0.71 ----------- ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Avnet, Inc. (a)(b)........ 8,421 153,346 0.57 Other Securities(1)....... 877,835 3.27 ----------- ------ 1,031,181 3.84 ----------- ------ ENERGY EQUIPMENT & SERVICES Other Securities(1)....... 906,251 3.38 ----------- ------ FOOD & STAPLES RETAILING Other Securities(1)....... 189,505 0.71 ----------- ------ FOOD PRODUCTS Dean Foods Co. (a)(b)..... 8,668 155,764 0.58 Other Securities(1)....... 118,219 0.44 ----------- ------ 273,983 1.02 ----------- ------ GAS UTILITIES ONEOK, Inc. (b)........... 5,491 159,898 0.60 Other Securities(1)....... 107,758 0.40 ----------- ------ 267,656 1.00 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Beckman Coulter, Inc. (b)..................... 3,529 155,064 0.58 Edwards Lifesciences Corp. (a)..................... 3,122 171,554 0.64 ResMed, Inc. (a).......... 4,273 160,152 0.60 Other Securities(1)....... 492,386 1.83 ----------- ------ 979,156 3.65 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Omnicare, Inc. (b)........ 6,013 166,921 0.62 Other Securities(1)....... 629,639 2.35 ----------- ------ 796,560 2.97 ----------- ------ HEALTH CARE TECHNOLOGY IMS Health, Inc. (b)...... 10,216 154,875 0.58 Other Securities(1)....... 195,771 0.73 ----------- ------ 350,646 1.31 ----------- ------ HOTELS, RESTAURANTS & LEISURE Darden Restaurants, Inc. (b)..................... 7,266 204,756 0.76 Other Securities(1)....... 531,151 1.98 ----------- ------ 735,907 2.74 ----------- ------
See accompanying notes to financial statements. 94 SPDR DJ WILSHIRE MID CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HOUSEHOLD DURABLES Toll Brothers, Inc. (a)(b).................. 7,238 $ 155,110 0.58% Other Securities(1)....... 184,591 0.69 ----------- ------ 339,701 1.27 ----------- ------ HOUSEHOLD PRODUCTS Church & Dwight Co., Inc. (b)..................... 3,956 222,011 0.83 Energizer Holdings, Inc. (a)(b).................. 3,290 178,120 0.66 ----------- ------ 400,131 1.49 ----------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)....... 88,837 0.33 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)....... 25,074 0.09 ----------- ------ INSURANCE W.R. Berkley Corp. ....... 7,898 244,838 0.91 Other Securities(1)....... 133,488 0.50 ----------- ------ 378,326 1.41 ----------- ------ INTERNET & CATALOG RETAIL Priceline.com, Inc. (a)(b).................. 2,263 166,670 0.62 ----------- ------ INTERNET SOFTWARE & SERVICES Other Securities(1)....... 240,144 0.89 ----------- ------ IT SERVICES Affiliated Computer Services, Inc. (Class A) (a)(b).................. 5,255 241,467 0.90 Fidelity National Information Services, Inc. ................... 10,632 172,983 0.64 SAIC, Inc. (a)............ 10,828 210,929 0.79 Total System Services, Inc. (b)................ 11,151 156,114 0.58 Other Securities(1)....... 769,279 2.87 ----------- ------ 1,550,772 5.78 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Life Technologies Corp (a)..................... 9,647 224,872 0.84 Millipore Corp. (a)(b).... 3,075 158,424 0.59 Other Securities(1)....... 426,652 1.59 ----------- ------ 809,948 3.02 ----------- ------ MACHINERY Other Securities(1)....... 1,000,604 3.73 ----------- ------ MARINE Other Securities(1)....... 82,928 0.31 ----------- ------ MEDIA Other Securities(1)....... 454,851 1.69 ----------- ------ METALS & MINING Other Securities(1)....... 234,754 0.87 ----------- ------ MULTILINE RETAIL Dollar Tree Stores, Inc. (a)(b).................. 5,089 212,720 0.79 Family Dollar Stores, Inc. (b)..................... 7,495 195,395 0.73 ----------- ------ 408,115 1.52 ----------- ------ OFFICE ELECTRONICS Other Securities(1)....... 72,288 0.27 ----------- ------ OIL, GAS & CONSUMABLE FUELS Cabot Oil & Gas Corp. (b)..................... 5,810 151,060 0.56 Kinder Morgan Management LLC(a).................. 4,095 163,718 0.61 Sunoco, Inc. (b).......... 6,648 288,922 1.08 Other Securities(1)....... 938,032 3.49 ----------- ------ 1,541,732 5.74 ----------- ------ PERSONAL PRODUCTS Other Securities(1)....... 127,524 0.47 ----------- ------ PHARMACEUTICALS Endo Pharmaceuticals Holdings, Inc. (a)(b)..... 6,741 174,457 0.65 Mylan, Inc. (a)(b)........ 17,007 168,199 0.62 Other Securities(1)....... 283,207 1.06 ----------- ------ 625,863 2.33 ----------- ------ PROFESSIONAL SERVICES Equifax, Inc. ............ 7,133 189,167 0.70 Robert Half International, Inc. (b)................ 8,820 183,633 0.68 Other Securities(1)....... 361,058 1.35 ----------- ------ 733,858 2.73 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Other Securities(1)....... 387,925 1.44 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)....... 56,095 0.21 ----------- ------ ROAD & RAIL J.B. Hunt Transport Services, Inc. (b)........ 6,217 163,321 0.61 Other Securities(1)....... 151,787 0.56 ----------- ------ 315,108 1.17 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Lam Research Corp. (a)(b).................. 7,071 150,471 0.56 Other Securities(1)....... 849,382 3.16 ----------- ------ 999,853 3.72 ----------- ------ SOFTWARE Other Securities(1)....... 946,665 3.53 ----------- ------ SPECIALTY RETAIL Advance Auto Parts, Inc. ................... 5,347 179,927 0.67 O'Reilly Automotive, Inc. (a)(b).................. 7,568 232,640 0.87 Other Securities(1)....... 690,404 2.57 ----------- ------ 1,102,971 4.11 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)....... 95,489 0.36 ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)....... 70,782 0.26 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)....... 91,191 0.34 ----------- ------ WIRELESS TELECOMMUNICATION SERVICES Telephone & Data Systems, Inc. (b)................ 5,789 183,801 0.69 Other Securities(1)....... 221,183 0.82 ----------- ------ 404,984 1.51 ----------- ------ TOTAL COMMON STOCKS -- (Cost $43,417,484)...... 26,792,285 99.79 ----------- ------
See accompanying notes to financial statements. 95 SPDR DJ WILSHIRE MID CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending prime Portfolio (c)(d)........ 7,368,056 $ 7,368,056 27.44% STIC Prime Portfolio...... 98,663 98,663 0.37 ----------- ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $7,466,719)....... 7,466,719 27.81 ----------- ------ TOTAL INVESTMENTS (Cost $50,884,203)...... 34,259,004 127.60 OTHER ASSETS AND LIABILITIES............. (7,411,235) (27.60) ----------- ------ NET ASSETS................ $26,847,769 100.00 =========== ======
(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 at December 31, 2008. (a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 96 SPDR DJ WILSHIRE MID CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Other Securities(1)....... $ 38,632 0.36% ----------- ------ AIRLINES Delta Air Lines, Inc. (a)..................... 16,363 187,520 1.75 ----------- ------ AUTO COMPONENTS Other Securities(1)....... 33,432 0.31 ----------- ------ BEVERAGES Other Securities(1)....... 33,472 0.31 ----------- ------ BUILDING PRODUCTS Other Securities(1)....... 106,109 0.99 ----------- ------ CAPITAL MARKETS Other Securities(1)....... 207,506 1.94 ----------- ------ CHEMICALS Lubrizol Corp. (b)........ 1,769 64,374 0.60 Other Securities(1)....... 293,073 2.74 ----------- ------ 357,447 3.34 ----------- ------ COMMERCIAL BANKS Associated Bancorp(b)..... 3,072 64,297 0.60 Comerica, Inc. (b)........ 3,933 78,070 0.73 Commerce Bancshares, Inc. ................... 1,588 69,793 0.65 Cullen/Frost Bankers, Inc. (b)..................... 1,447 73,334 0.68 Huntington Bancshares, Inc. (b)................ 9,450 72,387 0.68 Marshall & Ilsley Corp. (b)..................... 6,320 86,205 0.81 Valley National Bancorp(b).............. 3,479 70,450 0.66 Zions Bancorp............. 3,005 73,653 0.69 Other Securities(1)....... 406,371 3.80 ----------- ------ 994,560 9.30 ----------- ------ COMMUNICATIONS EQUIPMENT Other Securities(1)....... 38,662 0.36 ----------- ------ COMPUTERS & PERIPHERALS Other Securities(1)....... 101,893 0.95 ----------- ------ CONSTRUCTION & ENGINEERING URS Corp.(a)(b)........... 2,173 88,593 0.83 Other Securities(1)....... 37,795 0.35 ----------- ------ 126,388 1.18 ----------- ------ CONSUMER FINANCE Other Securities(1)....... 4,100 0.04 ----------- ------ CONTAINERS & PACKAGING Other Securities(1)....... 271,727 2.54 ----------- ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)....... 32,946 0.31 ----------- ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)....... 42,871 0.40 ----------- ------ DIVERSIFIED TELECOMMUNICATION SERVICES CenturyTel, Inc. (b)...... 2,582 70,566 0.66 Frontier Communications Corp. (b)............... 8,026 70,147 0.66 ----------- ------ 140,713 1.32 ----------- ------ ELECTRIC UTILITIES DPL, Inc. ................ 2,989 68,269 0.64 Northeast Utilities (b)... 4,067 97,852 0.91 Pinnacle West Capital Corp. (b)............... 2,619 84,148 0.79 Other Securities(1)....... 227,080 2.13 ----------- ------ 477,349 4.47 ----------- ------ ELECTRICAL EQUIPMENT Other Securities(1)....... 134,174 1.26 ----------- ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)....... 73,251 0.69 ----------- ------ ENERGY EQUIPMENT & SERVICES Other Securities(1)....... 53,479 0.50 ----------- ------ FOOD PRODUCTS Ralcorp Holdings, Inc. (a)..................... 1,468 85,731 0.80 The J.M. Smucker Co. (b).. 3,064 132,855 1.24 Other Securities(1)....... 161,870 1.52 ----------- ------ 380,456 3.56 ----------- ------ GAS UTILITIES AGL Resources, Inc. (b)... 1,972 61,822 0.58 UGI Corp. ................ 2,775 67,765 0.63 Other Securities(1)....... 209,104 1.96 ----------- ------ 338,691 3.17 ----------- ------ HEALTH CARE EQUIPMENT & SUPPLIES Other Securities(1)....... 125,425 1.17 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)....... 60,237 0.56 ----------- ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)....... 23,731 0.22 ----------- ------ HOUSEHOLD DURABLES The Black & Decker Corp. (b)..................... 1,546 64,638 0.60 The Stanley Works (b)..... 2,018 68,814 0.64 Other Securities(1)....... 325,396 3.05 ----------- ------ 458,848 4.29 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)....... 32,561 0.31 ----------- ------ INSURANCE Arch Capital Group, Ltd.(a)(b).............. 1,294 90,710 0.85 Arthur J. Gallagher & Co. (b)..................... 2,449 63,454 0.59 Cincinnati Financial Corp. (b)..................... 3,946 114,710 1.07 Fidelity National Financial, Inc. (Class A) (b)..................... 5,499 97,607 0.91 HCC Insurance Holdings, Inc. (b)................ 2,991 80,009 0.75 Markel Corp. (a)(b)....... 257 76,843 0.72 Old Republic International Corp. (b)... 6,024 71,806 0.67 PartnerRe, Ltd. .......... 1,431 101,987 0.95 Reinsurance Group of America, Inc. ............ 1,616 69,197 0.65 RenaissanceRe Holdings, Ltd. ................... 1,594 82,187 0.77 Other Securities(1)....... 601,711 5.64 ----------- ------ 1,450,221 13.57 ----------- ------
See accompanying notes to financial statements. 97 SPDR DJ WILSHIRE MID CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ IT SERVICES Lender Processing Services, Inc. ......... 2,445 $ 72,005 0.67% ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)....... 45,540 0.43 ----------- ------ MACHINERY Other Securities(1)....... 278,671 2.61 ----------- ------ MARINE Other Securities(1)....... 38,706 0.36 ----------- ------ MEDIA Other Securities(1)....... 180,223 1.69 ----------- ------ METALS & MINING Other Securities(1)....... 94,014 0.88 ----------- ------ MULTI-UTILITIES Alliant Energy Corp. ..... 2,871 83,776 0.78 Integrys Energy Group, Inc. (b)................ 1,970 84,671 0.79 NiSource, Inc. ........... 7,131 78,227 0.73 NSTAR..................... 2,774 101,223 0.95 Puget Energy, Inc. ....... 3,053 83,255 0.78 SCANA Corp. (b)........... 2,738 97,473 0.91 TECO Energy, Inc. (b)..... 5,128 63,331 0.59 Other Securities(1)....... 171,488 1.61 ----------- ------ 763,444 7.14 ----------- ------ MULTILINE RETAIL Other Securities(1)....... 30,400 0.29 ----------- ------ OIL, GAS & CONSUMABLE FUELS Other Securities(1)....... 575,503 5.38 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1)....... 67,782 0.63 ----------- ------ PERSONAL PRODUCT Other Securities(1)....... 55,368 0.52 ----------- ------ PHARMACEUTICALS Perrigo Co. (b)........... 2,182 70,500 0.66 Watson Pharmaceuticals, Inc. (a)(b)............. 2,721 72,297 0.68 ----------- ------ 142,797 1.34 ----------- ------ PROFESSIONAL SERVICES Other Securities(1)....... 52,267 0.49 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Federal Realty Investment Trust(b)................ 1,528 94,858 0.89 Health Care REIT, Inc. (b)..................... 2,688 113,434 1.06 Nationwide Health Properties, Inc. (b)...... 2,589 74,356 0.70 Rayonier, Inc. (b)........ 2,021 63,358 0.59 Realty Income Corp. (b)... 2,688 62,227 0.58 Regency Centers Corp. (b)..................... 1,802 84,153 0.79 Other Securities(1)....... 682,773 6.38 ----------- ------ 1,175,159 10.99 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)....... 69,392 0.65 ----------- ------ ROAD & RAIL Other Securities(1)....... 131,732 1.23 ----------- ------ SOFTWARE Synopsys, Inc. (a)(b)..... 3,755 69,543 0.65% Other Securities(1)....... 129,286 1.21 ----------- ------ 198,829 1.86 ----------- ------ SPECIALTY RETAIL Other Securities(1)....... 96,398 0.90 ----------- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)....... 57,429 0.54 ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)....... 62,415 0.58 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)....... 34,593 0.32 ----------- ------ WATER UTILITIES Aqua America, Inc. (b).... 3,483 71,715 0.67 Other Securities(1)....... 31,216 0.29 ----------- ------ 102,931 0.96 ----------- ------ TOTAL COMMON STOCKS -- (Cost $14,722,874)...... 10,651,999 99.63 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (c)(d)........ 2,325,652 2,325,652 21.75 STIC Prime Portfolio...... 83,286 83,286 0.78 ----------- ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $2,408,938)....... 2,408,938 22.53 ----------- ------ TOTAL INVESTMENTS (Cost $17,131,812)...... 13,060,937 122.16 OTHER ASSETS AND LIABILITIES............. (2,369,494) (22.16) ----------- ------ NET ASSETS................ $10,691,443 100.00 =========== ======
(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 at December 31, 2008. (a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. REIT = Real Estate Investment Trust See accompanying notes to financial statements. 98 SPDR DJ WILSHIRE SMALL CAP ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Other Securities(1).......... $ 254,157 1.50% ---------- ---- AIR FREIGHT & LOGISTICS Other Securities(1).......... 59,181 0.35 ---------- ---- AIRLINES Other Securities(1).......... 153,307 0.90 ---------- ---- AUTO COMPONENTS Other Securities(1).......... 63,245 0.37 ---------- ---- AUTOMOBILES Other Securities(1).......... 11,106 0.07 ---------- ---- BEVERAGES Other Securities(1).......... 42,456 0.25 ---------- ---- BIOTECHNOLOGY Myriad Genetics, Inc. (a)(b)..................... 767 50,822 0.30 OSI Pharmaceuticals, Inc. (a)(b)..................... 949 37,059 0.22 Other Securities(1).......... 380,900 2.24 ---------- ---- 468,781 2.76 ---------- ---- BUILDING PRODUCTS Other Securities(1).......... 126,889 0.75 ---------- ---- CAPITAL MARKETS Lazard, Ltd. (Class A) (b)... 1,224 36,402 0.21 Other Securities(1).......... 232,307 1.37 ---------- ---- 268,709 1.58 ---------- ---- CHEMICALS Other Securities(1).......... 340,018 2.00 ---------- ---- COMMERCIAL BANKS Associated Bancorp (b)....... 1,922 40,227 0.24 Bank of Hawaii Corp. (b)..... 768 34,691 0.20 Cullen/Frost Bankers, Inc. .. 915 46,372 0.27 First Horizon National Corp. (b)........................ 3,408 36,028 0.21 Valley National Bancorp (b).. 2,176 44,064 0.26 Other Securities(1).......... 1,091,957 6.45 ---------- ---- 1,293,339 7.63 ---------- ---- COMMERCIAL SERVICES & SUPPLIES Waste Connections, Inc. (a).. 1,277 40,315 0.24 Other Securities(1).......... 315,400 1.86 ---------- ---- 355,715 2.10 ---------- ---- COMMUNICATIONS EQUIPMENT Other Securities(1).......... 385,402 2.27 ---------- ---- COMPUTERS & PERIPHERALS Other Securities(1).......... 138,217 0.81 ---------- ---- CONSTRUCTION & ENGINEERING Aecom Technology Corp. (a)(b)..................... 1,251 38,443 0.23 Other Securities(1).......... 104,885 0.61 ---------- ---- 143,328 0.84 ---------- ---- CONSTRUCTION MATERIALS Other Securities(1).......... 33,108 0.19 ---------- ---- CONSUMER FINANCE Other Securities(1).......... 71,820 0.42 ---------- ---- CONTAINERS & PACKAGING Aptargroup, Inc. ............ 1,031 36,333 0.21 Other Securities(1).......... 94,463 0.56 ---------- ---- 130,796 0.77 ---------- ---- DISTRIBUTORS Other Securities(1).......... 27,936 0.16 ---------- ---- DIVERSIFIED CONSUMER SERVICES Strayer Education, Inc. (b).. 230 49,314 0.29 Other Securities(1).......... 206,663 1.22 ---------- ---- 255,977 1.51 ---------- ---- DIVERSIFIED FINANCIAL SERVICES Other Securities(1).......... 79,896 0.47 ---------- ---- DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1).......... 112,378 0.66 ---------- ---- ELECTRIC UTILITIES Great Plains Energy, Inc. ... 1,900 36,727 0.22 ITC Holdings Corp. (b)....... 820 35,818 0.21 NV Energy, Inc. ............. 3,763 37,216 0.22 Westar Energy, Inc. ......... 1,740 35,687 0.21 Other Securities(1).......... 177,910 1.05 ---------- ---- 323,358 1.91 ---------- ---- ELECTRICAL EQUIPMENT Other Securities(1).......... 274,298 1.62 ---------- ---- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1).......... 255,857 1.51 ---------- ---- ENERGY EQUIPMENT & SERVICES Tidewater, Inc. (b).......... 829 33,384 0.20 Other Securities(1).......... 294,161 1.73 ---------- ---- 327,545 1.93 ---------- ---- FOOD & STAPLES RETAILING BJ'S Wholesale Club, Inc. (a)(b)..................... 991 33,952 0.20 Other Securities(1).......... 118,317 0.70 ---------- ---- 152,269 0.90 ---------- ---- FOOD PRODUCTS Corn Products International, Inc. (b)................... 1,222 35,255 0.21 Flowers Foods, Inc. ......... 1,399 34,080 0.20 Ralcorp Holdings, Inc. (a)... 927 54,137 0.32 The J.M. Smucker Co. ........ 1,915 83,034 0.49 Other Securities(1).......... 167,122 0.98 ---------- ---- 373,628 2.20 ---------- ---- GAS UTILITIES AGL Resources, Inc. (b)...... 1,232 38,623 0.23 Atmos Energy Corp. .......... 1,496 35,455 0.21 Piedmont Natural Gas Co., Inc. (b)................... 1,143 36,199 0.21 UGI Corp. ................... 1,738 42,442 0.25 Other Securities(1).......... 199,701 1.18 ---------- ---- 352,420 2.08 ---------- ---- HEALTH CARE EQUIPMENT & SUPPLIES Edwards Lifesciences Corp. (a)(b)..................... 913 50,169 0.30
See accompanying notes to financial statements. 99 SPDR DJ WILSHIRE SMALL CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
%OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ Gen-Probe, Inc. (a)....... 891 $ 38,171 0.22% ResMed, Inc. (a)(b)....... 1,222 45,801 0.27 Other Securities(1)....... 512,741 3.02 ----------- ------ 646,882 3.81 ----------- ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)....... 514,491 3.03 ----------- ------ HEALTH CARE TECHNOLOGY Other Securities(1)....... 60,420 0.36 ----------- ------ HOTELS, RESTAURANTS & LEISURE Other Securities(1)....... 424,941 2.51 ----------- ------ HOUSEHOLD DURABLES Snap-on, Inc. (b)......... 925 36,426 0.22 Other Securities(1)....... 207,497 1.22 ----------- ------ 243,923 1.44 ----------- ------ HOUSEHOLD PRODUCTS Other Securities(1)....... 13,189 0.08 ----------- ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)....... 9,603 0.06 ----------- ------ INDUSTRIAL CONGLOMERATES Other Securities(1)....... 60,640 0.36 ----------- ------ INSURANCE Arthur J. Gallagher & Co. .................... 1,527 39,565 0.23 First American Corp. ..... 1,336 38,597 0.23 HCC Insurance Holdings, Inc. (b)................ 1,857 49,675 0.29 Reinsurance Group of America, Inc. .......... 1,000 42,820 0.25 The Hanover Insurance Group, Inc. ............ 830 35,665 0.21 Other Securities(1)....... 735,616 4.34 ----------- ------ 941,938 5.55 ----------- ------ INTERNET & CATALOG RETAIL Other Securities(1)....... 55,372 0.33 ----------- ------ INTERNET SOFTWARE & SERVICES Other Securities(1)....... 246,356 1.45 ----------- ------ IT SERVICES Other Securities(1)....... 292,764 1.73 ----------- ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)....... 62,095 0.37 ----------- ------ LIFE SCIENCES TOOLS & SERVICES Techne Corp. ............. 623 40,196 0.24 Other Securities(1)....... 153,065 0.90 ----------- ------ 193,261 1.14 ----------- ------ MACHINERY Other Securities(1)....... 568,318 3.35 ----------- ------ MARINE Other Securities(1)....... 65,633 0.39 ----------- ------ MEDIA Other Securities(1)....... 225,063 1.33 ----------- ------ METALS & MINING Other Securities(1)....... 198,665 1.17 ----------- ------ MULTI-UTILITIES OGE Energy Corp. ......... 1,476 38,051 0.22 Vectren Corp. ............ 1,344 33,613 0.20 Other Securities(1)....... 73,650 0.44 ----------- ------ 145,314 0.86 ----------- ------ MULTILINE RETAIL Other Securities(1)....... 50,919 0.30 ----------- ------ OFFICE ELECTRONICS Other Securities(1)....... 20,463 0.12 ----------- ------ OIL, GAS & CONSUMABLE FUELS Comstock Resources, Inc. (a)(b).................. 756 35,721 0.21 Magellan Midstream Partners LP (b)......... 1,101 33,261 0.20 Other Securities(1)....... 833,106 4.91 ----------- ------ 902,088 5.32 ----------- ------ PAPER & FOREST PRODUCTS Other Securities(1)....... 38,565 0.23 ----------- ------ PERSONAL PRODUCTS Alberto-Culver Co. ....... 1,410 34,559 0.20 Other Securities(1)....... 91,998 0.55 ----------- ------ 126,557 0.75 ----------- ------ PHARMACEUTICALS Perrigo Co. (b)........... 1,367 44,168 0.26 Watson Pharmaceuticals, Inc.(a)(b).............. 1,686 44,797 0.26 Other Securities(1)....... 150,085 0.89 ----------- ------ 239,050 1.41 ----------- ------ PROFESSIONAL SERVICES Other Securities(1)....... 202,863 1.20 ----------- ------ REAL ESTATE INVESTMENT TRUSTS Digital Realty Trust, Inc. (b)..................... 1,102 36,201 0.21 Essex Property Trust, Inc. (b)..................... 443 34,000 0.20 Nationwide Health Properties, Inc. (b).... 1,599 45,923 0.27 Realty Income Corp. (b)... 1,677 38,823 0.23 Other Securities(1)....... 854,401 5.04 ----------- ------ 1,009,348 5.95 ----------- ------ REAL ESTATE MANAGEMENT & DEVELOPMENT The St. Joe Co.(a)(b)..... 1,478 35,945 0.21 Other Securities(1)....... 28,440 0.17 ----------- ------ 64,385 0.38 ----------- ------ ROAD & RAIL Landstar Systems, Inc. (b)..................... 875 33,626 0.20 Other Securities(1)....... 117,823 0.69 ----------- ------ 151,449 0.89 ----------- ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Other Securities(1)....... 462,353 2.73 ----------- ------ SOFTWARE Other Securities(1)....... 578,687 3.41 ----------- ------ SPECIALTY RETAIL Other Securities(1)....... 429,269 2.53 ----------- ------
See accompanying notes to financial statements. 100 SPDR DJ WILSHIRE SMALL CAP ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
%OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)....... $ 214,317 1.26% ----------- ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)....... 264,027 1.56 ----------- ------ TOBACCO Other Securities(1)....... 24,691 0.15 ----------- ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)....... 142,464 0.84 ----------- ------ TRANSPORTATION INFRASTRUCTURE Other Securities(1)....... 2,775 0.02 ----------- ------ WATER UTILITIES Aqua America, Inc. (b).... 2,201 45,319 0.27 Other Securities(1)....... 31,026 0.18 ----------- ------ 76,345 0.45 ----------- ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)....... 29,202 0.17 ----------- ------ TOTAL COMMON STOCKS -- (Cost $24,592,157)........ 16,873,821 99.50 ----------- ------ WARRANTS COMMUNICATIONS EQUIPMENT Pegasus Wireless Corp. (a)(c) expiring 12/18/09 (Cost $0)............... 97 0 0.00 ----------- ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio(d)(e)........... 4,572,151 4,572,151 26.96 STIC Prime Portfolio...... 131,883 131,883 0.78 ----------- ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $4,704,034)....... 4,704,034 27.74 ----------- ------ TOTAL INVESTMENTS (Cost $29,296,191)...... 21,577,855 127.24 OTHER ASSETS AND LIABILITIES............. (4,619,205) (27.24) ----------- ------ NET ASSETS................ $16,958,650 100.00 =========== ======
(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 at December 31, 2008. (a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 101 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Teledyne Technologies, Inc. (a)(b)............ 5,059 $ 225,378 0.30% Other Securities(1)...... 1,443,899 1.93 ------------ ------ 1,669,277 2.23 ------------ ------ AIR FREIGHT & LOGISTICS Other Securities(1)...... 543,341 0.73 ------------ ------ AIRLINES Continental Airlines, Inc. (Class B) (a)(b).. 16,518 298,315 0.40 Other Securities(1)...... 949,672 1.27 ------------ ------ 1,247,987 1.67 ------------ ------ AUTO COMPONENTS Other Securities(1)...... 329,890 0.44 ------------ ------ AUTOMOBILES Other Securities(1)...... 75,322 0.10 ------------ ------ BEVERAGES Other Securities(1)...... 153,427 0.20 ------------ ------ BIOTECHNOLOGY Myriad Genetics, Inc. (a)(b)................. 6,916 458,254 0.61 Onyx Pharmaceuticals, Inc. (a)(b)............ 8,343 284,997 0.38 OSI Pharmaceuticals, Inc. (a)(b)................. 8,569 334,619 0.45 Other Securities(1)...... 3,066,358 4.10 ------------ ------ 4,144,228 5.54 ------------ ------ BUILDING PRODUCTS Other Securities(1)...... 301,386 0.40 ------------ ------ CAPITAL MARKETS Lazard, Ltd. (Class A) (b).................... 11,395 338,887 0.45 Other Securities(1)...... 854,335 1.15 ------------ ------ 1,193,222 1.60 ------------ ------ CHEMICALS Nalco Holding Co. ....... 20,564 237,308 0.32 Other Securities(1)...... 600,453 0.80 ------------ ------ 837,761 1.12 ------------ ------ COMMERCIAL BANKS Other Securities(1)...... 911,450 1.22 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Waste Connections, Inc. (a).................... 11,947 377,167 0.50 Other Securities(1)...... 1,911,471 2.56 ------------ ------ 2,288,638 3.06 ------------ ------ COMMUNICATIONS EQUIPMENT F5 Networks, Inc. (a)(b)................. 12,078 276,103 0.37 Other Securities(1)...... 2,667,943 3.57 ------------ ------ 2,944,046 3.94 ------------ ------ COMPUTERS & PERIPHERALS QLogic Corp. (a)(b)...... 19,063 256,207 0.34 Other Securities(1)...... 481,795 0.65 ------------ ------ 738,002 0.99 ------------ ------ CONSTRUCTION & ENGINEERING Aecom Technology Corp. (a)(b)................. 11,289 346,911 0.46% Other Securities(1)...... 388,500 0.52 ------------ ------ 735,411 0.98 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)...... 163,061 0.22 ------------ ------ CONSUMER FINANCE Other Securities(1)...... 552,377 0.74 ------------ ------ CONTAINERS & PACKAGING Other Securities(1)...... 45,522 0.06 ------------ ------ DISTRIBUTORS LKQ Corp. (a)(b)......... 20,788 242,388 0.32 ------------ ------ DIVERSIFIED CONSUMER SERVICES Career Education Corp. (a)(b)................. 13,343 239,373 0.32 Strayer Education, Inc. (b).................... 2,141 459,052 0.61 Other Securities(1)...... 1,296,317 1.74 ------------ ------ 1,994,742 2.67 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)...... 320,506 0.43 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)...... 642,661 0.86 ------------ ------ ELECTRIC UTILITIES ITC Holdings Corp. (b)... 7,448 325,329 0.43 ------------ ------ ELECTRICAL EQUIPMENT Other Securities(1)...... 1,162,399 1.55 ------------ ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)...... 1,576,222 2.11 ------------ ------ ENERGY EQUIPMENT & SERVICES Oceaneering International, Inc. (a)(b)................. 8,313 242,241 0.32 Other Securities(1)...... 2,012,456 2.69 ------------ ------ 2,254,697 3.01 ------------ ------ FOOD & STAPLES RETAILING BJ'S Wholesale Club, Inc. (a)(b)................. 8,922 305,668 0.41 Other Securities(1)...... 383,646 0.51 ------------ ------ 689,314 0.92 ------------ ------ FOOD PRODUCTS Flowers Foods, Inc. (b).. 12,719 309,835 0.41 Other Securities(1)...... 290,318 0.39 ------------ ------ 600,153 0.80 ------------ ------ GAS UTILITIES Other Securities(1)...... 45,138 0.06 ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Edwards Lifesciences Corp. (a)(b)........... 8,391 461,085 0.62 Gen-Probe, Inc. (a)...... 8,105 347,218 0.46 Immucor, Inc. (a)........ 10,539 280,127 0.38 ResMed, Inc. (a)(b)...... 11,262 422,100 0.57 Thoratec Corp. (a)(b).... 8,393 272,689 0.37
See accompanying notes to financial statements. 102 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ Other Securities(1)...... $ 2,746,395 3.66% ------------ ------ 4,529,614 6.06 ------------ ------ HEALTH CARE PROVIDERS & SERVICES AMERIGROUP Corp. (a)..... 7,864 232,145 0.31 VCA Antech, Inc. (a)(b).. 12,564 249,772 0.33 Other Securities(1)...... 3,062,038 4.10 ------------ ------ 3,543,955 4.74 ------------ ------ HEALTH CARE TECHNOLOGY Other Securities(1)...... 543,196 0.73 ------------ ------ HOTELS, RESTAURANTS & LEISURE Chipotle Mexican Grill, Inc. (a)(b)............ 4,964 307,669 0.41 Panera Bread Co. (Class A) (a)................. 4,531 236,699 0.32 Other Securities(1)...... 1,951,496 2.61 ------------ ------ 2,495,864 3.34 ------------ ------ HOUSEHOLD DURABLES Other Securities(1)...... 373,596 0.50 ------------ ------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS Other Securities(1)...... 90,830 0.12 ------------ ------ INDUSTRIAL CONGLOMERATES Other Securities(1)...... 130,462 0.17 ------------ ------ INSURANCE Other Securities(1)...... 224,703 0.30 ------------ ------ INTERNET & CATALOG RETAIL Other Securities(1)...... 506,268 0.68 ------------ ------ INTERNET SOFTWARE & SERVICES Equinix, Inc. (a)(b)..... 4,815 256,110 0.34 Other Securities(1)...... 1,908,320 2.55 ------------ ------ 2,164,430 2.89 ------------ ------ IT SERVICES Broadridge Financial Solutions, Inc. ....... 20,857 261,547 0.35 NeuStar, Inc. (Class A) (a).................... 11,662 223,094 0.30 Other Securities(1)...... 1,802,431 2.41 ------------ ------ 2,287,072 3.06 ------------ ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)...... 171,158 0.23 ------------ ------ LIFE SCIENCES TOOLS & SERVICES Techne Corp. ............ 5,811 374,926 0.50 Other Securities(1)...... 1,123,726 1.50 ------------ ------ 1,498,652 2.00 ------------ ------ MACHINERY CLARCOR, Inc. ........... 7,654 253,960 0.34 Wabtec Corp. (b)......... 7,298 290,095 0.39 Other Securities(1)...... 1,913,815 2.56 ------------ ------ 2,457,870 3.29 ------------ ------ MARINE Other Securities(1)...... 287,353 0.38 ------------ ------ MEDIA John Wiley & Sons, Inc. (Class A) (b).......... 7,607 270,657 0.36 Marvel Entertainment, Inc. (a)(b)............ 7,768 238,866 0.32 Other Securities(1)...... 668,123 0.89 ------------ ------ 1,177,646 1.57 ------------ ------ METALS & MINING Royal Gold, Inc. (b)..... 4,775 234,978 0.31 Other Securities(1)...... 380,581 0.51 ------------ ------ 615,559 0.82 ------------ ------ MULTILINE RETAIL Other Securities(1)...... 162,409 0.22 ------------ ------ OFFICE ELECTRONICS Other Securities(1)...... 192,125 0.26 ------------ ------ OIL, GAS & CONSUMABLE FUELS Comstock Resources, Inc. (a)(b)................. 6,848 323,568 0.43 EXCO Resources, Inc. (a).................... 25,826 233,984 0.31 Other Securities(1)...... 3,233,946 4.33 ------------ ------ 3,791,498 5.07 ------------ ------ PERSONAL PRODUCTS Other Securities(1)...... 730,836 0.98 ------------ ------ PHARMACEUTICALS Valeant Pharmaceuticals International (a)(b)... 10,375 237,588 0.32 Other Securities(1)...... 1,054,504 1.41 ------------ ------ 1,292,092 1.73 ------------ ------ PROFESSIONAL SERVICES Other Securities(1)...... 1,196,801 1.60 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Corporate Office Properties Trust (b)... 7,724 237,127 0.32 Digital Realty Trust, Inc. (b)............... 10,015 328,993 0.44 Other Securities(1)...... 799,941 1.07 ------------ ------ 1,366,061 1.83 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT Other Securities(1)...... 45,893 0.06 ------------ ------ ROAD & RAIL Landstar Systems, Inc. (b).................... 7,936 304,980 0.41 Other Securities(1)...... 593,559 0.79 ------------ ------ 898,539 1.20 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Rambus, Inc. (a)(b)...... 15,880 252,810 0.34 Other Securities(1)...... 3,571,975 4.77 ------------ ------ 3,824,785 5.11 ------------ ------
See accompanying notes to financial statements. 103 SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ SOFTWARE Concur Technologies, Inc. (a)(b)................. 7,437 $ 244,082 0.33% Factset Research Systems, Inc. (b)............... 6,433 284,596 0.38 Jack Henry & Associates, Inc. (b)............... 12,750 247,477 0.33 Nuance Communications, Inc. (a)(b)............ 28,126 291,385 0.39 Parametric Technology Corp. (a).............. 17,544 221,932 0.30 Solera Holdings, Inc. (a).................... 10,339 249,170 0.33 Other Securities(1)...... 2,870,871 3.84 ------------ ------ 4,409,513 5.90 ------------ ------ SPECIALTY RETAIL Other Securities(1)...... 2,244,359 3.00 ------------ ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)...... 1,017,030 1.36 ------------ ------ THRIFTS & MORTGAGE FINANCE Other Securities(1)...... 371,804 0.50 ------------ ------ TRADING COMPANIES & DISTRIBUTORS MSC Industrial Direct Co., Inc. (Class A) (b).................... 6,429 236,780 0.32 Other Securities(1)...... 408,399 0.54 ------------ ------ 645,179 0.86 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)...... 221,397 0.30 ------------ ------ TOTAL COMMON STOCKS -- (Cost $119,377,123).... 74,236,446 99.26 ------------ ------ WARRANTS COMMUNICATIONS EQUIPMENT Pegasus Wireless Corp. (a)(c) expiring 12/18/09 (Cost $0).............. 569 0 0.00 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (d)(e)................. 16,990,202 16,990,202 22.71 STIC Prime Portfolio..... 558,580 558,580 0.75 ------------ ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $17,548,782)..... 17,548,782 23.46 ------------ ------ TOTAL INVESTMENTS (Cost $136,925,905).... 91,785,228 122.72 OTHER ASSETS AND LIABILITIES............ (16,992,242) (22.72) ------------ ------ NET ASSETS............... $ 74,792,986 100.00 ============ ======
(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 at December 31, 2008. (a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 104 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ COMMON STOCKS AEROSPACE & DEFENSE Other Securities(1)...... $ 552,594 0.84% ------------ ------ AIRLINES Other Securities(1)...... 130,835 0.20 ------------ ------ AUTO COMPONENTS Other Securities(1)...... 201,081 0.30 ------------ ------ AUTOMOBILES Other Securities(1)...... 22,070 0.03 ------------ ------ BEVERAGES Other Securities(1)...... 197,047 0.30 ------------ ------ BIOTECHNOLOGY Other Securities(1)...... 103,336 0.16 ------------ ------ BUILDING PRODUCTS Other Securities(1)...... 709,515 1.07 ------------ ------ CAPITAL MARKETS Other Securities(1)...... 1,059,631 1.60 ------------ ------ CHEMICALS Other Securities(1)...... 1,894,355 2.87 ------------ ------ COMMERCIAL BANKS Associated Bancorp (a)... 14,664 306,918 0.46 BancorpSouth, Inc. (a)... 9,496 221,827 0.34 Bank of Hawaii Corp. (a).................... 5,879 265,554 0.40 Cullen/Frost Bankers, Inc.(a)................ 6,904 349,895 0.53 First Horizon National Corp. (a).............. 25,432 268,814 0.41 Valley National Bancorp (a).................... 16,604 336,231 0.51 Other Securities(1)...... 7,228,908 10.94 ------------ ------ 8,978,147 13.59 ------------ ------ COMMERCIAL SERVICES & SUPPLIES Other Securities(1)...... 792,716 1.20 ------------ ------ COMMUNICATIONS EQUIPMENT Other Securities(1)...... 482,679 0.73 ------------ ------ COMPUTERS & PERIPHERALS Diebold, Inc. ........... 8,086 227,136 0.35 Other Securities(1)...... 209,003 0.31 ------------ ------ 436,139 0.66 ------------ ------ CONSTRUCTION & ENGINEERING Other Securities(1)...... 466,793 0.71 ------------ ------ CONSTRUCTION MATERIALS Other Securities(1)...... 115,333 0.17 ------------ ------ CONSUMER FINANCE Other Securities(1)...... 72,385 0.11 ------------ ------ CONTAINERS & PACKAGING Aptargroup, Inc. ........ 7,845 276,458 0.42 Other Securities(1)...... 661,154 1.00 ------------ ------ 937,612 1.42 ------------ ------ DISTRIBUTORS Other Securities(1)...... 11,443 0.02 ------------ ------ DIVERSIFIED CONSUMER SERVICES Other Securities(1)...... 313,746 0.47 ------------ ------ DIVERSIFIED FINANCIAL SERVICES Other Securities(1)...... 338,743 0.51 ------------ ------ DIVERSIFIED TELECOMMUNICATION SERVICES Other Securities(1)...... 316,566 0.48 ------------ ------ ELECTRIC UTILITIES Great Plains Energy, Inc. (a).................... 14,512 280,517 0.42 Hawaiian Electric Industries, Inc. (a)... 11,098 245,710 0.37 NV Energy, Inc. ......... 28,710 283,942 0.43 Westar Energy, Inc. ..... 13,298 272,742 0.41 Other Securities(1)...... 1,089,777 1.66 ------------ ------ 2,172,688 3.29 ------------ ------ ELECTRICAL EQUIPMENT Other Securities(1)...... 1,113,807 1.69 ------------ ------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS Other Securities(1)...... 626,727 0.95 ------------ ------ ENERGY EQUIPMENT & SERVICES Tidewater, Inc. (a)...... 6,308 254,023 0.38 Other Securities(1)...... 349,994 0.53 ------------ ------ 604,017 0.91 ------------ ------ FOOD & STAPLES RETAILING Other Securities(1)...... 572,286 0.87 ------------ ------ FOOD PRODUCTS Corn Products International, Inc. ... 9,169 264,526 0.40 Ralcorp Holdings, Inc. (b).................... 6,886 402,142 0.61 The J.M. Smucker Co. .... 14,522 629,674 0.95 Other Securities(1)...... 1,017,431 1.54 ------------ ------ 2,313,773 3.50 ------------ ------ GAS UTILITIES AGL Resources, Inc. (a).. 9,342 292,872 0.44 Atmos Energy Corp. ...... 11,086 262,738 0.40 Piedmont Natural Gas Co., Inc. (a)............... 8,427 266,883 0.40 UGI Corp. ............... 13,219 322,808 0.49 Other Securities(1)...... 1,456,793 2.21 ------------ ------ 2,602,094 3.94 ------------ ------ HEALTH CARE EQUIPMENT & SUPPLIES Teleflex, Inc. (a)....... 4,824 241,682 0.37 Other Securities(1)...... 887,253 1.34 ------------ ------ 1,128,935 1.71 ------------ ------ HEALTH CARE PROVIDERS & SERVICES Other Securities(1)...... 931,472 1.41 ------------ ------ HOTELS, RESTAURANTS & LEISURE Wendy's/Arby's Group, Inc. (a)............... 47,095 232,649 0.35 Other Securities(1)...... 926,282 1.40 ------------ ------ 1,158,931 1.75 ------------ ------ HOUSEHOLD DURABLES Snap-on, Inc. (a)........ 7,034 276,999 0.42 Other Securities(1)...... 1,250,506 1.89 ------------ ------ 1,527,505 2.31 ------------ ------
See accompanying notes to financial statements. 105 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ HOUSEHOLD PRODUCTS Other Securities(1)...... $ 104,155 0.16% ------------ ------ INDUSTRIAL CONGLOMERATES Other Securities(1)...... 350,110 0.53 ------------ ------ INSURANCE American Financial Group, Inc. .................. 9,404 215,164 0.33 Arthur J. Gallagher & Co. (a).................... 11,702 303,199 0.46 First American Corp. (a).................... 10,019 289,449 0.44 HCC Insurance Holdings, Inc. .................. 14,158 378,726 0.57 Reinsurance Group of America, Inc. ......... 7,608 325,775 0.49 StanCorp Financial Group, Inc. (a)............... 6,010 251,038 0.38 The Hanover Insurance Group, Inc. ........... 6,350 272,860 0.41 Other Securities(1)...... 4,890,978 7.41 ------------ ------ 6,927,189 10.49 ------------ ------ INTERNET SOFTWARE & SERVICES Other Securities(1)...... 61,695 0.09 ------------ ------ IT SERVICES Other Securities(1)...... 311,003 0.47 ------------ ------ LEISURE EQUIPMENT & PRODUCTS Other Securities(1)...... 327,296 0.50 ------------ ------ LIFE SCIENCES TOOLS & SERVICES Other Securities(1)...... 212,794 0.32 ------------ ------ MACHINERY IDEX Corp. (a)........... 10,108 244,108 0.37 Other Securities(1)...... 2,036,420 3.08 ------------ ------ 2,280,528 3.45 ------------ ------ MARINE Other Securities(1)...... 257,092 0.39 ------------ ------ MEDIA Other Securities(1)...... 737,305 1.12 ------------ ------ METALS & MINING Compass Minerals International, Inc. (a).................... 3,961 232,352 0.35 Other Securities(1)...... 764,003 1.16 ------------ ------ 996,355 1.51 ------------ ------ MULTI-UTILITIES OGE Energy Corp. ........ 11,286 290,953 0.44 Vectren Corp. ........... 10,027 250,775 0.38 Other Securities(1)...... 551,232 0.83 ------------ ------ 1,092,960 1.65 ------------ ------ MULTILINE RETAIL Other Securities(1)...... 248,378 0.38 ------------ ------ OIL, GAS & CONSUMABLE FUELS Magellan Midstream Partners LP (a)........ 8,162 246,574 0.37 NuStar Energy LP (a)..... 5,232 214,826 0.33 Tesoro Corp. (a)......... 16,933 223,008 0.34 Other Securities(1)...... 2,941,316 4.45 ------------ ------ 3,625,724 5.49 ------------ ------ PAPER & FOREST PRODUCTS Other Securities(1)...... 290,384 0.44 ------------ ------ PERSONAL PRODUCTS Alberto-Culver Co. (a)... 10,764 263,826 0.40 Other Securities(1)...... 67,221 0.10 ------------ ------ 331,047 0.50 ------------ ------ PHARMACEUTICALS Perrigo Co. (a).......... 10,404 336,153 0.51 Watson Pharmaceuticals, Inc. (a)(b)............ 12,873 342,036 0.51 Other Securities(1)...... 71,476 0.11 ------------ ------ 749,665 1.13 ------------ ------ PROFESSIONAL SERVICES Watson Wyatt Worldwide, Inc. (Class A)......... 5,251 251,103 0.38 Other Securities(1)...... 262,892 0.40 ------------ ------ 513,995 0.78 ------------ ------ REAL ESTATE INVESTMENT TRUSTS Alexandria Real Estate Equities, Inc. (a)..... 3,878 233,999 0.35 Essex Property Trust, Inc. (a)............... 3,240 248,670 0.38 Nationwide Health Properties, Inc. (a)... 12,215 350,815 0.53 Realty Income Corp. (a).. 12,822 296,829 0.45 Senior Housing Properties Trust (a).............. 13,968 250,307 0.38 Other Securities(1)...... 5,116,702 7.75 ------------ ------ 6,497,322 9.84 ------------ ------ REAL ESTATE MANAGEMENT & DEVELOPMENT The St. Joe Co. (a)(b)... 11,258 273,795 0.41 Other Securities(1)...... 179,875 0.28 ------------ ------ 453,670 0.69 ------------ ------ ROAD & RAIL Other Securities(1)...... 396,957 0.60 ------------ ------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT Other Securities(1)...... 317,987 0.48 ------------ ------ SOFTWARE Sybase, Inc. (a)(b)...... 9,910 245,470 0.37 Other Securities(1)...... 447,627 0.68 ------------ ------ 693,097 1.05 ------------ ------ SPECIALTY RETAIL Other Securities(1)...... 1,378,906 2.09 ------------ ------ TEXTILES, APPAREL & LUXURY GOODS Other Securities(1)...... 776,110 1.17 ------------ ------
See accompanying notes to financial statements. 106 SPDR DJ WILSHIRE SMALL CAP VALUE ETF SUMMARY SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
% OF NET SECURITY DESCRIPTION SHARES VALUE ASSETS - -------------------- ------ ----- ------ THRIFTS & MORTGAGE FINANCE First Niagara Financial Group, Inc. (a)........ 14,528 $ 234,918 0.36% Other Securities(1)...... 1,434,666 2.17 ------------ ------ 1,669,584 2.53 ------------ ------ TOBACCO Other Securities(1)...... 190,739 0.29 ------------ ------ TRADING COMPANIES & DISTRIBUTORS Other Securities(1)...... 544,403 0.82 ------------ ------ TRANSPORTATION INFRASTRUCTURE Other Securities(1)...... 20,927 0.03 ------------ ------ WATER UTILITIES Aqua America, Inc. (a)... 16,398 337,635 0.51 Other Securities(1)...... 223,882 0.34 ------------ ------ 561,517 0.85 ------------ ------ WIRELESS TELECOMMUNICATION SERVICES Other Securities(1)...... 37,381 0.06 ------------ ------ TOTAL COMMON STOCKS -- (Cost $108,627,174).... 65,841,276 99.67 ------------ ------ SHORT TERM INVESTMENTS MONEY MARKET FUNDS State Street Navigator Securities Lending Prime Portfolio (c)(d)................. 16,940,317 16,940,317 25.64 STIC Prime Portfolio..... 615,434 615,434 0.93 ------------ ------ TOTAL SHORT TERM INVESTMENTS -- (Cost $17,555,751)..... 17,555,751 26.57 ------------ ------ TOTAL INVESTMENTS (Cost $126,182,925).... 83,397,027 126.24 OTHER ASSETS AND LIABILITIES............ (17,337,134) (26.24) ------------ ------ NET ASSETS............... $ 66,059,893 100.00 ============ ======
(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 at December 31, 2008. (a) Security, or portion thereof, was on loan as of December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 107 SPDR DJ GLOBAL TITANS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% AUSTRALIA -- 1.4% BHP Billiton Ltd. ADR (a)..... 29,453 $ 1,263,534 ------------ BRAZIL -- 0.6% Petroleo Brasileiro SA ADR.... 27,220 555,560 ------------ FINLAND -- 1.2% Nokia Oyj ADR (a)............. 66,746 1,041,238 ------------ FRANCE -- 4.1% BNP Paribas SA................ 15,107 635,234 France Telecom SA, ADR........ 33,400 937,538 Total SA ADR (a).............. 36,687 2,028,791 ------------ 3,601,563 ------------ GERMANY -- 3.7% Allianz SE ADR (a)............ 79,455 860,498 E.ON AG....................... 32,475 1,283,834 Siemens AG ADR................ 14,315 1,084,361 ------------ 3,228,693 ------------ ITALY -- 1.2% Eni SpA ADR................... 21,244 1,015,888 ------------ JAPAN -- 3.4% Mitsubishi UFJ Financial Group, Inc. ADR............. 203,235 1,262,090 Toyota Motor Corp. ADR........ 26,137 1,710,405 ------------ 2,972,495 ------------ NETHERLANDS ANTILLES -- 1.0% Schlumberger, Ltd. (a)........ 20,957 887,110 ------------ SOUTH KOREA -- 0.9% Samsung Electronics Co., Ltd. GDR*........................ 4,306 753,550 ------------ SPAIN -- 3.3% Banco Santander SA, ADR (a)... 139,588 1,324,690 Telefonica SA ADR............. 23,915 1,611,632 ------------ 2,936,322 ------------ SWITZERLAND -- 7.5% Nestle SA..................... 67,264 2,629,006 Novartis AG ADR............... 42,734 2,126,444 Roche Holding AG.............. 12,391 1,891,800 ------------ 6,647,250 ------------ UNITED KINGDOM -- 11.8% BP PLC ADR (a)................ 54,625 2,553,172 GlaxoSmithKline PLC ADR (a)... 49,888 1,859,326 HSBC Holdings PLC ADR (a)..... 41,979 2,043,118 Rio Tinto PLC, ADR (a)........ 4,358 387,485 Royal Dutch Shell PLC ADR..... 30,934 1,637,646 Vodafone Group PLC ADR........ 92,253 1,885,651 ------------ 10,366,398 ------------ UNITED STATES -- 59.6% Abbott Laboratories (a)....... 26,921 1,436,774 Apple, Inc. (a)(b)............ 15,517 1,324,376 AT&T, Inc. ................... 103,819 2,958,841 Bank of America Corp. ........ 108,857 1,532,706 Chevron Corp. ................ 35,471 2,623,790 Cisco Systems, Inc. (b)....... 102,900 1,677,270 Citigroup, Inc. .............. 95,642 641,758 ConocoPhillips (a)............ 24,204 1,253,767 Exxon Mobil Corp. ............ 88,995 7,104,471 General Electric Co. (a)...... 174,596 2,828,455 Hewlett-Packard Co. .......... 43,279 1,570,595 Intel Corp. (a)............... 97,124 1,423,838 International Business Machines Corp. ............. 23,718 1,996,107 Johnson & Johnson............. 48,853 2,922,875 JPMorgan Chase & Co. ......... 65,173 2,054,905 Merck & Co., Inc. (a)......... 36,875 1,121,000 Microsoft Corp. .............. 138,328 2,689,096 Oracle Corp. (a)(b)........... 68,500 1,214,505 PepsiCo, Inc. ................ 27,304 1,495,440 Pfizer, Inc. ................. 117,791 2,086,079 Philip Morris International, Inc. ....................... 35,373 1,539,079 Procter & Gamble Co. (a)...... 51,765 3,200,112 The Coca-Cola Co. ............ 37,215 1,684,723 Verizon Communications, Inc. ....................... 49,942 1,693,034 Wal-Mart Stores, Inc. (a)..... 42,686 2,392,977 ------------ 52,466,573 ------------ TOTAL COMMON STOCKS -- (Cost $123,970,466)......... 87,736,174 ------------ SHORT TERM INVESTMENTS -- 15.2% MONEY MARKET FUNDS -- 15.2% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 12,941,537 12,941,537 STIC Prime Portfolio.......... 483,035 483,035 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $13,424,572).......... 13,424,572 ------------ TOTAL INVESTMENTS -- 114.9% (Cost $137,395,038)......... 101,160,746 OTHER ASSET AND LIABILITIES -- (14.9)%...... (13,124,529) ------------ NET ASSETS -- 100.0%.......... $ 88,036,217 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investment of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. ADR = American Depositary Receipt GDR = Global Depositary Receipt * Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.86% of net assets at December 31, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See accompanying notes to financial statements. 108 SPDR DJ WILSHIRE REIT ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.1% DIVERSIFIED REITS -- 9.0% Colonial Properties Trust (a)....................... 302,673 $ 2,521,266 Liberty Property Trust...... 705,625 16,109,419 PS Business Parks, Inc. .... 110,337 4,927,650 Vornado Realty Trust........ 1,035,297 62,480,174 Washington Real Estate Investment Trust (a)...... 364,545 10,316,624 -------------- 96,355,133 -------------- INDUSTRIAL REITS -- 5.6% AMB Property Corp. (a)...... 704,418 16,497,470 DCT Industrial Trust, Inc. (a)....................... 1,235,378 6,251,013 DuPont Fabros Technology, Inc. ..................... 254,333 526,469 EastGroup Properties, Inc. (a)....................... 179,088 6,371,951 First Industrial Realty Trust, Inc. (a)........... 318,500 2,404,675 First Potomac Realty Trust.. 196,755 1,829,821 ProLogis (a)................ 1,911,398 26,549,318 -------------- 60,430,717 -------------- OFFICE REITS -- 16.4% Alexandria Real Estate Equities, Inc. (a)........ 229,331 13,837,833 BioMed Realty Trust, Inc. .. 578,097 6,775,297 Boston Properties, Inc. (a)....................... 855,963 47,077,965 Brandywine Realty Trust..... 637,530 4,915,356 Corporate Office Properties Trust (a)................. 371,264 11,397,805 Cousins Properties, Inc. (a)....................... 295,047 4,086,401 Digital Realty Trust, Inc. (a)....................... 484,734 15,923,512 Douglas Emmett, Inc. (a).... 784,017 10,239,262 Duke Realty Corp. (a)....... 1,047,539 11,481,027 Highwoods Properties, Inc. ..................... 457,043 12,504,697 HRPT Properties Trust....... 1,621,995 5,466,123 Kilroy Realty Corp. (a)..... 238,044 7,964,952 Mack-Cali Realty Corp. (a).. 472,417 11,574,217 Maguire Properties, Inc. (a)(b).................... 265,392 387,472 Parkway Properties, Inc. (a)....................... 109,811 1,976,598 SL Green Realty Corp. (a)... 410,377 10,628,764 -------------- 176,237,281 -------------- RESIDENTIAL REITS -- 17.6% American Campus Communities, Inc. (a).................. 304,382 6,233,743 Apartment Investment & Management Co. (Class A) (a)....................... 728,290 8,411,750 Associated Estates Realty Corp. (a)................. 119,132 1,087,675 Avalonbay Communities, Inc. (a)....................... 552,867 33,492,683 BRE Properties, Inc. (a).... 367,889 10,293,534 Camden Property Trust (a)... 379,113 11,881,401 Education Realty Trust, Inc. (a)....................... 193,355 1,009,313 Equity Lifestyle Properties, Inc. (a).................. 163,395 6,267,832 Equity Residential (a)...... 1,950,279 58,157,320 Essex Property Trust, Inc. (a)....................... 192,805 14,797,784 Home Properties, Inc. (a)... 232,224 9,428,294 Mid-America Apartment Communities, Inc. ........ 202,799 7,536,011 Post Properties, Inc. (a)... 317,370 5,236,605 Sun Communities, Inc. (a)... 120,962 1,693,468 UDR, Inc. (a)............... 978,735 13,496,756 -------------- 189,024,169 -------------- RETAIL REITS -- 22.4% Acadia Realty Trust (a)..... 217,150 3,098,730 Alexander's, Inc. (a)....... 18,645 4,752,610 CBL & Associates Properties, Inc. (a).................. 476,664 3,098,316 Cedar Shopping Centers, Inc. ..................... 318,062 2,251,879 Developers Diversified Realty Corp. (a).......... 859,448 4,194,106 Equity One, Inc. (a)........ 244,220 4,322,694 Federal Realty Investment Trust (a)................. 422,719 26,242,395 Glimcher Realty Trust (a)... 271,095 761,777 Inland Real Estate Corp. (a)....................... 428,818 5,566,058 Kimco Realty Corp. (a)...... 1,659,701 30,339,334 Kite Realty Group Trust..... 244,791 1,361,038 Pennsylvania Real Estate Investment Trust (a)...... 286,048 2,131,058 Ramco-Gershenson Properties Trust..................... 132,859 821,069 Regency Centers Corp. (a)... 497,952 23,254,358 Saul Centers, Inc. ......... 82,230 3,248,085 Simon Property Group, Inc. (a)....................... 1,607,255 85,393,458 Tanger Factory Outlet Centers, Inc. (a)......... 227,530 8,559,679 Taubman Centers, Inc. (a)... 378,519 9,637,094 The Macerich Co. (a)........ 547,580 9,944,053 Weingarten Realty Investors (a)....................... 581,282 12,026,725 -------------- 241,004,516 -------------- SPECIALIZED REITS -- 28.1% Ashford Hospitality Trust, Inc. (a).................. 665,530 765,359 DiamondRock Hospitality Co. ...................... 647,455 3,282,597 Extra Space Storage, Inc. .. 599,489 6,186,726 FelCor Lodging Trust, Inc. (a)....................... 452,574 832,736 HCP, Inc. .................. 1,817,866 50,482,139 Health Care REIT, Inc. (a).. 744,344 31,411,317 Healthcare Realty Trust, Inc. (a).................. 423,190 9,936,501 Hersha Hospitality Trust (a)....................... 346,322 1,038,966 Hospitality Properties Trust (a)....................... 675,178 10,039,897 Host Hotels & Resorts, Inc. (a)....................... 3,747,634 28,369,589 LaSalle Hotel Properties (a)....................... 295,054 3,260,347 Nationwide Health Properties, Inc. ......... 714,766 20,528,080 Public Storage (a).......... 924,911 73,530,424 Senior Housing Properties Trust (a)................. 823,997 14,766,026 Sovran Self Storage, Inc. .. 157,156 5,657,616 Strategic Hotels & Resorts, Inc. (a).................. 534,942 898,703 Sunstone Hotel Investors, Inc. (a).................. 348,930 2,159,877 U-Store-It Trust (a)........ 339,129 1,509,124 Universal Health Realty Income Trust.............. 78,903 2,596,698 Ventas, Inc. (a)............ 1,028,041 34,511,336 -------------- 301,764,058 -------------- TOTAL COMMON STOCKS -- (Cost $1,746,121,587)..... 1,064,815,874 --------------
See accompanying notes to financial statements. 109 SPDR DJ WILSHIRE REIT ETF SCHEDULE OF INVESTMENTS (CONTINUED) JUNE 30, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 26.6% MONEY MARKET FUNDS -- 26.6% State Street Navigator Securities Lending Prime Portfolio (c)(d).......... 273,304,946 $ 273,304,946 STIC Prime Portfolio........ 12,810,808 12,810,808 -------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $286,115,754)....... 286,115,754 -------------- TOTAL INVESTMENTS -- 125.7% (Cost $2,032,237,341)..... 1,350,931,628 OTHER ASSETS AND LIABILITIES -- (25.7)%.... (276,095,902) -------------- NET ASSETS -- 100.0%........ $1,074,835,726 ==============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. REIT = Real Estate Investment Trust See accompanying notes to financial statements. 110 SPDR KBW BANK ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.5% ASSET MANAGEMENT & CUSTODY BANKS -- 11.6% Northern Trust Corp. ....... 637,377 $ 33,232,837 State Street Corp. (a)...... 774,752 30,470,996 The Bank of New York Mellon Corp. .................... 1,435,791 40,675,959 -------------- 104,379,792 -------------- CONSUMER FINANCE -- 4.2% Capital One Financial Corp. (b)....................... 1,186,866 37,849,157 -------------- DIVERSIFIED BANKS -- 20.0% Comerica, Inc. (b).......... 1,475,770 29,294,034 U.S. Bancorp (b)............ 2,737,171 68,456,647 Wells Fargo & Co. (b)....... 2,814,030 82,957,604 -------------- 180,708,285 -------------- OTHER DIVERSIFIED FINANCIAL SERVICES -- 21.8% Bank of America Corp. ...... 4,824,231 67,925,172 Citigroup, Inc. ............ 8,466,150 56,807,867 JPMorgan Chase & Co. ....... 2,287,806 72,134,523 -------------- 196,867,562 -------------- REGIONAL BANKS -- 38.1% BB&T Corp .(b).............. 1,236,305 33,948,935 Commerce Bancshares, Inc. .. 387,319 17,022,670 Cullen/Frost Bankers, Inc. ..................... 320,461 16,240,963 Fifth Third Bancorp (b)..... 2,989,683 24,694,782 Huntington Bancshares, Inc. (b)....................... 3,119,645 23,896,481 Keycorp..................... 3,555,749 30,294,981 M&T Bank Corp. (b).......... 572,594 32,872,622 Marshall & Ilsley Corp. (b)....................... 1,652,037 22,533,785 PNC Financial Services Group, Inc. (b)........... 814,999 39,934,951 Regions Financial Corp. (b)....................... 3,562,483 28,357,365 SunTrust Banks, Inc. (b).... 1,217,952 35,978,302 Synovus Financial Corp. (b)....................... 1,168,980 9,702,534 Zions Bancorp(b)............ 1,159,924 28,429,737 -------------- 343,908,108 -------------- THRIFTS & MORTGAGE FINANCE -- 3.8% People's United Financial, Inc. ..................... 1,900,790 33,891,086 -------------- TOTAL COMMON STOCKS -- (Cost $1,367,822,202)..... 897,603,990 -------------- SHORT TERM INVESTMENTS -- 14.9% MONEY MARKET FUNDS -- 14.9% State Street Navigator Securities Lending Prime Portfolio (c)(d).......... 126,012,562 126,012,562 STIC Prime Portfolio........ 8,667,248 8,667,248 -------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $134,679,810)....... 134,679,810 -------------- TOTAL INVESTMENTS -- 114.4% (Cost $1,502,502,012)..... 1,032,283,800 OTHER ASSETS AND LIABILITIES -- (14.4)%.... (129,657,084) -------------- NET ASSETS -- 100.0%........ $ 902,626,716 ==============
(a) Affiliated issuer. (Note 3) (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 111 SPDR KBW CAPITAL MARKETS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% ASSET MANAGEMENT & CUSTODY BANKS -- 25.7% Franklin Resources, Inc. ..... 37,019 $ 2,361,072 Janus Capital Group, Inc. (a)......................... 203,262 1,632,194 Legg Mason, Inc. (a).......... 91,311 2,000,624 SEI Investments Co. (a)....... 162,852 2,558,405 State Street Corp. (b)........ 115,346 4,536,558 T. Rowe Price Group, Inc. (a)......................... 69,367 2,458,366 ------------ 15,547,219 ------------ INVESTMENT BANKING & BROKERAGE -- 53.3% E*TRADE Financial Corp. (a)(c)...................... 681,286 783,479 Greenhill & Co., Inc. ........ 8,382 584,812 Investment Technology Group, Inc. (a)(c)................. 108,243 2,459,281 Jefferies Group, Inc. (a)..... 179,513 2,523,953 Knight Capital Group, Inc. (Class A) (a)(c)............ 144,530 2,334,160 Lazard, Ltd. (Class A) (a).... 61,250 1,821,575 Morgan Stanley................ 262,129 4,204,549 optionsXpress Holdings, Inc. (a)......................... 145,336 1,941,689 Raymond James Financial, Inc. (a)......................... 123,401 2,113,859 Stifel Financial Corp. (a)(c)...................... 20,902 958,357 TD Ameritrade Holding Corp. (a)(c)...................... 171,386 2,442,251 The Charles Schwab Corp. ..... 269,144 4,352,058 The Goldman Sachs Group, Inc. ....................... 67,962 5,735,313 ------------ 32,255,336 ------------ SPECIALIZED FINANCE -- 20.6% CME Group, Inc. (a)........... 21,321 4,437,113 Interactive Brokers Group, Inc. (Class A) (a)(c)....... 56,446 1,009,819 Intercontinental Exchange, Inc. (c).................... 30,461 2,511,205 NYSE Euronext (a)............. 81,651 2,235,604 The Nasdaq OMX Group, Inc. (a)(c)...................... 93,001 2,298,055 ------------ 12,491,796 ------------ TOTAL COMMON STOCKS -- (Cost $113,074,979)......... 60,294,351 ------------ SHORT TERM INVESTMENTS -- 20.7% MONEY MARKET FUNDS -- 20.7% State Street Navigator Securities Lending Prime Portfolio (d)(e)............ 12,092,991 12,092,991 STIC Prime Portfolio.......... 407,235 407,235 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $12,500,226).......... 12,500,226 ------------ TOTAL INVESTMENTS -- 120.3% (Cost $125,575,205)......... 72,794,577 OTHER ASSETS AND LIABILITIES -- (20.3)%...... (12,266,519) ------------ NET ASSETS -- 100.0%.......... $ 60,528,058 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Affiliated issuer. (Note 3) (c) Non-income producing security. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 112 SPDR KBW INSURANCE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% ASSET MANAGEMENT & CUSTODY BANKS -- 3.6% Ameriprise Financial, Inc. (a)......................... 172,319 $ 4,025,372 ------------ INSURANCE BROKERS -- 7.7% AON Corp. (a)................. 96,568 4,411,226 Marsh & McLennan Cos., Inc. .. 176,827 4,291,591 ------------ 8,702,817 ------------ LIFE & HEALTH INSURANCE -- 34.3% AFLAC, Inc. .................. 214,743 9,843,819 Lincoln National Corp. (a).... 195,674 3,686,498 MetLife, Inc. ................ 271,517 9,465,082 Principal Financial Group, Inc. (a).................... 213,745 4,824,225 Prudential Financial, Inc. (a)......................... 159,911 4,838,907 Unum Group (a)................ 325,353 6,051,566 ------------ 38,710,097 ------------ MULTI-LINE INSURANCE -- 9.5% American International Group, Inc. (a).................... 1,278,331 2,006,980 Assurant, Inc. ............... 116,734 3,502,020 Genworth Financial, Inc. (Class A) (a)............... 679,005 1,921,584 Hartford Financial Services Group, Inc. ................ 197,541 3,243,623 ------------ 10,674,207 ------------ PROPERTY & CASUALTY INSURANCE -- 38.5% Axis Capital Holdings, Ltd. (a)......................... 148,487 4,323,941 Chubb Corp. .................. 151,746 7,739,046 Cincinnati Financial Corp. (a)......................... 133,655 3,885,351 Fidelity National Financial, Inc. (Class A) (a).......... 288,277 5,116,917 MBIA, Inc. (a)................ 475,723 1,936,193 The Allstate Corp. ........... 172,180 5,640,617 The Progressive Corp. (a)..... 266,984 3,954,033 The Travelers Cos., Inc. ..... 196,546 8,883,879 XL Capital, Ltd. (Class A) (a)......................... 528,717 1,956,253 ------------ 43,436,230 ------------ REINSURANCE -- 3.5% Everest Re Group, Ltd. ....... 52,413 3,990,726 ------------ THRIFTS & MORTGAGE FINANCE -- 2.5% MGIC Investment Corp. (a)..... 817,586 2,845,199 ------------ TOTAL COMMON STOCKS -- (Cost $133,458,731)......... 112,384,648 ------------ SHORT TERM INVESTMENTS -- 12.7% MONEY MARKET FUNDS -- 12.7% State Street Navigator Securities Lending Prime Portfolio (b)(c)............ 13,425,993 13,425,993 STIC Prime Portfolio.......... 861,758 861,758 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $14,287,751).......... 14,287,751 ------------ TOTAL INVESTMENTS -- 112.3% (Cost $147,746,482)......... 126,672,399 OTHER ASSETS AND LIABILITIES -- (12.3)%...... (13,906,963) ------------ NET ASSETS -- 100.0%.......... $112,765,436 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Investments of cash collateral for securities loaned. (c) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 113 SPDR MORGAN STANLEY TECHNOLOGY ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% COMMUNICATIONS EQUIPMENT -- 20.1% Cisco Systems, Inc. (a)....... 235,198 $ 3,833,727 Juniper Networks, Inc. (a)(b)...................... 232,196 4,065,752 Motorola, Inc. (b)............ 879,650 3,896,849 Nokia Oyj ADR................. 249,458 3,891,545 QUALCOMM, Inc. ............... 111,712 4,002,641 Research In Motion, Ltd. (a).. 91,370 3,707,795 Telefonaktiebolaget LM Ericsson (Class B) ADR (b).. 503,778 3,934,506 ------------ 27,332,815 ------------ COMPUTERS & PERIPHERALS -- 19.6% Apple, Inc. (a)(b)............ 43,492 3,712,042 Dell, Inc. (a)................ 353,003 3,614,751 EMC Corp. (a)................. 355,937 3,726,660 Hewlett-Packard Co. .......... 110,605 4,013,856 International Business Machines Corp. ............. 46,871 3,944,663 NetApp, Inc. (a).............. 287,864 4,021,460 Sun Microsystems, Inc. (a).... 940,975 3,594,525 ------------ 26,627,957 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 3.0% Flextronics International, Ltd. (a).................... 1,572,068 4,024,494 ------------ INTERNET & CATALOG RETAIL -- 2.9% Amazon.com, Inc. (a).......... 75,929 3,893,639 ------------ INTERNET SOFTWARE & SERVICES -- 8.4% eBay, Inc. (a)................ 270,873 3,781,387 Google, Inc. (Class A) (a).... 12,666 3,896,695 Yahoo!, Inc. (a)(b)........... 300,388 3,664,734 ------------ 11,342,816 ------------ IT SERVICES -- 8.7% Accenture, Ltd. (Class A)..... 121,481 3,983,362 Automatic Data Processing, Inc. (b).................... 104,122 4,096,159 Infosys Technologies, Ltd. ADR (b)......................... 153,119 3,762,134 ------------ 11,841,655 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 17.2% Analog Devices, Inc. ......... 206,330 3,924,397 Applied Materials, Inc. (b)... 386,400 3,914,232 Broadcom Corp. (Class A) (a).. 222,579 3,777,166 Intel Corp. (b)............... 270,383 3,963,815 NVIDIA Corp. (a).............. 459,388 3,707,261 Texas Instruments, Inc. ...... 259,587 4,028,790 ------------ 23,315,661 ------------ SOFTWARE -- 20.0% Activision Blizzard, Inc. (a)......................... 411,990 3,559,593 Adobe Systems, Inc. (a)....... 176,886 3,765,903 Intuit, Inc. (a)(b)........... 168,346 4,004,951 Microsoft Corp. .............. 204,722 3,979,796 Oracle Corp. (a)(b)........... 220,197 3,904,093 Salesforce.com, Inc. (a)(b)... 121,227 3,880,476 SAP AG ADR.................... 113,508 4,111,260 ------------ 27,206,072 ------------ TOTAL COMMON STOCKS -- (Cost $222,812,384)......... 135,585,109 ------------ SHORT TERM INVESTMENTS -- 16.1% MONEY MARKET FUNDS -- 16.1% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 21,459,142 21,459,142 STIC Prime Portfolio.......... 388,044 388,044 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $21,847,186).......... 21,847,186 ------------ TOTAL INVESTMENTS -- 116.0% (Cost $244,659,570)......... 157,432,295 OTHER ASSETS AND LIABILITIES -- (16.0)%...... (21,723,377) ------------ NET ASSETS -- 100.0%.......... $135,708,918 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investment of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. ADR = American Depositary Receipt See accompanying notes to financial statements. 114 SPDR S&P DIVIDEND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.5% AUTO COMPONENTS -- 1.3% Johnson Controls, Inc. ....... 310,812 $ 5,644,346 ------------ BEVERAGES -- 2.6% PepsiCo, Inc. ................ 102,729 5,626,467 The Coca-Cola Co. ............ 128,840 5,832,587 ------------ 11,459,054 ------------ CAPITAL MARKETS -- 4.2% Eaton Vance Corp. (a)......... 303,449 6,375,463 Legg Mason, Inc. (a).......... 536,759 11,760,390 ------------ 18,135,853 ------------ CHEMICALS -- 6.5% Air Products & Chemicals, Inc. ....................... 141,630 7,119,740 PPG Industries, Inc. ......... 202,994 8,613,036 RPM International, Inc. ...... 935,686 12,435,267 ------------ 28,168,043 ------------ COMMERCIAL BANKS -- 16.1% Associated Bancorp (a)........ 543,474 11,374,911 BB&T Corp. (a)................ 392,920 10,789,583 Fulton Financial Corp. (a).... 891,720 8,578,346 M&T Bank Corp. (a)............ 117,367 6,738,039 National Penn Bancshares, Inc. (a)......................... 529,506 7,683,132 Synovus Financial Corp. (a)... 609,352 5,057,622 U.S. Bancorp.................. 398,380 9,963,484 Wilmington Trust Corp. (a).... 440,002 9,785,645 ------------ 69,970,762 ------------ COMMERCIAL SERVICES & SUPPLIES -- 6.6% ABM Industries, Inc. ......... 298,766 5,691,492 Avery Dennison Corp. (a)...... 351,492 11,504,333 Pitney Bowes, Inc. ........... 440,633 11,227,329 ------------ 28,423,154 ------------ COMPUTERS & PERIPHERALS -- 1.6% Diebold, Inc. ................ 246,048 6,911,488 ------------ CONTAINERS & PACKAGING -- 3.1% Bemis Co., Inc. (a)........... 228,284 5,405,765 Sonoco Products Co. .......... 342,189 7,925,097 ------------ 13,330,862 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.5% CenturyTel, Inc. (a).......... 553,644 15,131,091 ------------ ELECTRICAL EQUIPMENT -- 1.8% Emerson Electric Co. ......... 214,983 7,870,528 ------------ FOOD & STAPLES RETAILING -- 3.2% SUPERVALU, Inc. (a)........... 936,665 13,675,309 ------------ GAS UTILITIES -- 6.0% National Fuel Gas Co. (a)..... 251,299 7,873,198 Northwest Natural Gas Co. (a)......................... 126,492 5,594,741 Piedmont Natural Gas Co., Inc. (a)......................... 177,147 5,610,246 WGL Holdings, Inc. (a)........ 213,944 6,993,829 ------------ 26,072,014 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.4% McDonald's Corp. ............. 99,103 6,163,216 ------------ HOUSEHOLD DURABLES -- 4.7% Leggett & Platt, Inc. (a)..... 838,157 12,731,605 The Stanley Works............. 227,735 7,765,763 ------------ 20,497,368 ------------ HOUSEHOLD PRODUCTS -- 2.9% Kimberly-Clark Corp. ......... 133,390 7,034,989 The Clorox Co. ............... 100,665 5,592,947 ------------ 12,627,936 ------------ INDUSTRIAL CONGLOMERATES -- 5.2% 3M Co. (a).................... 91,319 5,254,495 Carlisle Cos., Inc. (a)....... 249,035 5,155,025 General Electric Co. (a)...... 739,372 11,977,826 ------------ 22,387,346 ------------ INSURANCE -- 2.3% Cincinnati Financial Corp. (a)......................... 337,134 9,800,485 ------------ IT SERVICES -- 1.4% Automatic Data Processing, Inc. (a).................... 156,115 6,141,564 ------------ MACHINERY -- 1.7% Dover Corp. (a)............... 225,053 7,408,745 ------------ MEDIA -- 4.3% Gannett Co., Inc. (a)......... 1,588,154 12,705,232 The McGraw-Hill Cos., Inc. ... 265,534 6,157,733 ------------ 18,862,965 ------------ MULTI-UTILITIES -- 9.6% Black Hills Corp. ............ 397,230 10,709,321 Consolidated Edison, Inc. (a)......................... 271,637 10,574,828 Integrys Energy Group, Inc. (a)......................... 263,661 11,332,150 Vectren Corp. (a)............. 353,554 8,842,386 ------------ 41,458,685 ------------ PHARMACEUTICALS -- 7.6% Eli Lilly & Co. .............. 288,225 11,606,821 Johnson & Johnson............. 98,526 5,894,810 Pfizer, Inc. ................. 860,393 15,237,560 ------------ 32,739,191 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 1.9% V. F. Corp. (a)............... 150,638 8,250,444 ------------ TOTAL COMMON STOCKS -- (Cost $460,677,234)......... 431,130,449 ------------ SHORT TERM INVESTMENTS -- 20.5% MONEY MARKET FUNDS -- 20.5% State Street Navigator Securities Lending Prime Portfolio (b)(c)............ 81,803,976 81,803,976 STIC Prime Portfolio.......... 6,756,215 6,756,215 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $88,560,191).......... 88,560,191 ------------ TOTAL INVESTMENTS -- 120.0% (Cost $549,237,425)......... 519,690,640 OTHER ASSETS AND LIABILITIES -- (20.0)%...... (86,497,984) ------------ NET ASSETS -- 100.0%.......... $433,192,656 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Investments of cash collateral for securities loaned. (c) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 115 SPDR S&P BIOTECH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 100.0% BIOTECHNOLOGY -- 100.0% Alexion Pharmaceuticals, Inc. (a)(b)............... 624,154 $ 22,588,133 Amgen, Inc. (b)............. 382,932 22,114,323 Amylin Pharmaceuticals, Inc. (a)(b).................... 2,013,180 21,843,003 Biogen Idec, Inc. (b)....... 473,690 22,561,855 BioMarin Pharmaceutical, Inc. (a)(b)............... 1,312,684 23,365,775 Celgene Corp. (b)........... 405,066 22,392,048 Cephalon, Inc. (a)(b)....... 285,742 22,013,564 Cepheid, Inc. (a)(b)........ 1,975,467 20,505,347 Cubist Pharmaceuticals, Inc. (a)(b).................... 894,747 21,617,088 Facet Biotech Corp. (b)..... -- 2 Genentech, Inc. (b)......... 264,418 21,922,896 Genzyme Corp. (b)........... 324,707 21,550,804 Gilead Sciences, Inc. (a)(b).................... 446,022 22,809,565 Isis Pharmaceuticals, Inc. (a)(b).................... 1,586,317 22,493,975 Martek Biosciences Corp. (a)....................... 767,857 23,273,746 Myriad Genetics, Inc. (a)(b).................... 340,117 22,536,152 Onyx Pharmaceuticals, Inc. (a)(b).................... 667,018 22,785,335 OSI Pharmaceuticals, Inc. (a)(b).................... 588,962 22,998,966 PDL BioPharma, Inc. (a)..... 3,280,739 20,274,967 Regeneron Pharmaceuticals, Inc. (a)(b)............... 1,171,073 21,500,900 United Therapeutics Corp. (a)(b).................... 353,190 22,092,035 Vertex Pharmaceuticals, Inc. (a)(b).................... 742,622 22,560,856 ------------- TOTAL COMMON STOCKS -- (Cost $570,635,919)....... 465,801,335 ------------- SHORT TERM INVESTMENTS -- 26.6% MONEY MARKET FUNDS -- 26.6% State Street Navigator Securities Lending Prime Portfolio (c)(d).......... 123,859,303 123,859,303 STIC Prime Portfolio........ 179,412 179,412 ------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $124,038,715)....... 124,038,715 ------------- TOTAL INVESTMENTS -- 126.6% (Cost $694,674,634)....... 589,840,050 OTHER ASSETS AND LIABILITIES -- (26.6)%.... (123,941,377) ------------- NET ASSETS -- 100.0%........ $ 465,898,673 =============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 116 SPDR S&P HOMEBUILDERS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% BUILDING PRODUCTS -- 14.4% Lennox International, Inc. (a)....................... 832,451 $ 26,879,843 Masco Corp. ................ 2,277,749 25,351,346 Owens Corning, Inc. (a)(b).. 1,466,147 25,364,343 ------------- 77,595,532 ------------- HOME FURNISHINGS -- 10.1% Leggett & Platt, Inc. (a)... 1,800,896 27,355,610 Mohawk Industries, Inc. (a)(b).................... 623,975 26,812,206 ------------- 54,167,816 ------------- HOME IMPROVEMENT RETAIL -- 14.7% Lowe's Cos., Inc. .......... 1,179,304 25,378,622 The Home Depot, Inc. (a).... 1,097,551 25,265,624 The Sherwin-Williams Co. (a)....................... 480,377 28,702,526 ------------- 79,346,772 ------------- HOMEBUILDING -- 46.2% Centex Corp. (a)............ 2,293,517 24,403,021 D.R. Horton, Inc. (a)....... 3,572,801 25,259,703 KB HOME (a)(b).............. 1,780,397 24,249,007 Lennar Corp. (Class A) (a).. 2,660,861 23,069,665 M.D.C. Holdings, Inc. (a)... 854,452 25,889,895 Meritage Homes Corp. (a)(b).................... 1,844,657 22,449,476 NVR, Inc. (a)(b)............ 58,432 26,659,600 Pulte Homes, Inc. (a)....... 2,434,234 26,606,178 Ryland Group, Inc. (a)...... 1,393,874 24,629,753 Toll Brothers, Inc. (a)(b).. 1,224,981 26,251,343 ------------- 249,467,641 ------------- HOMEFURNISHING RETAIL -- 14.5% Aaron Rents, Inc. (a)....... 927,433 24,688,267 Bed Bath & Beyond, Inc. (a)(b).................... 1,022,020 25,979,748 Rent-A-Center, Inc. (b)..... 1,563,647 27,598,370 ------------- 78,266,385 ------------- TOTAL COMMON STOCKS -- (Cost $600,817,002)....... 538,844,146 ------------- SHORT TERM INVESTMENTS -- 24.8% MONEY MARKET FUNDS -- 24.8% State Street Navigator Securities Lending Prime Portfolio (c)(d).......... 129,332,472 129,332,472 STIC Prime Portfolio........ 4,585,912 4,585,912 ------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $133,918,384)....... 133,918,384 ------------- TOTAL INVESTMENTS -- 124.7% (Cost $734,735,386)....... 672,762,530 OTHER ASSETS AND LIABILITIES -- (24.7)%.... (133,117,291) ------------- NET ASSETS -- 100.0%........ $ 539,645,239 =============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 117 SPDR S&P METALS & MINING ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% ALUMINUM -- 5.2% Alcoa, Inc. (a)............... 995,202 $ 11,205,974 ------------ COAL & CONSUMABLE FUELS -- 30.8% Alpha Natural Resources, Inc. (b)......................... 527,478 8,539,869 Arch Coal, Inc. (a)........... 617,277 10,055,442 CONSOL Energy, Inc. .......... 328,568 9,390,474 Foundation Coal Holdings, Inc. (a)......................... 682,226 9,564,809 Massey Energy Co. (a)......... 725,813 10,008,961 Patriot Coal Corp. (a)(b)..... 1,421,728 8,885,800 Peabody Energy Corp. ......... 417,311 9,493,825 ------------ 65,939,180 ------------ DIVERSIFIED METALS & MINING -- 14.0% Compass Minerals International, Inc. (a)..... 170,191 9,983,404 Freeport-McMoRan Copper & Gold, Inc. ................. 413,817 10,113,687 Titanium Metals Corp. (a)..... 1,129,023 9,946,693 ------------ 30,043,784 ------------ GOLD -- 9.8% Newmont Mining Corp. (a)...... 253,307 10,309,595 Royal Gold, Inc. (a).......... 215,484 10,603,968 ------------ 20,913,563 ------------ STEEL -- 39.9% AK Steel Holding Corp. ....... 1,000,322 9,323,001 Allegheny Technologies, Inc. (a)......................... 393,692 10,050,957 Cliffs Natural Resources, Inc. ....................... 367,893 9,421,740 Commercial Metals Co. (a)..... 792,605 9,408,221 Nucor Corp. (a)............... 226,812 10,478,714 Reliance Steel & Aluminum Co. ........................ 457,734 9,127,216 Steel Dynamics, Inc. (a)...... 823,678 9,208,720 United States Steel Corp. (a)......................... 259,950 9,670,140 Worthington Industries, Inc. (a)......................... 783,573 8,634,975 ------------ 85,323,684 ------------ TOTAL COMMON STOCKS -- (Cost $433,842,933)......... 213,426,185 ------------ SHORT TERM INVESTMENTS -- 20.6% MONEY MARKET FUNDS -- 20.6% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 42,504,738 42,504,738 STIC Prime Portfolio.......... 1,630,548 1,630,548 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $44,135,286).......... 44,135,286 ------------ TOTAL INVESTMENTS -- 120.3% (Cost $477,978,219)......... 257,561,471 OTHER ASSETS AND LIABILITIES -- (20.3)%...... (43,440,831) ------------ NET ASSETS -- 100.0%.......... $214,120,640 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 118 SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES -- 3.9% IHS, Inc. (Class A) (a)(b).... 98,600 $ 3,689,612 ------------ OIL & GAS DRILLING -- 33.3% Diamond Offshore Drilling, Inc. (a).................... 65,354 3,851,965 ENSCO International, Inc. (a)......................... 138,662 3,936,614 Helmerich & Payne, Inc. (a)... 181,942 4,139,181 Nabors Industries, Ltd. (a)(b)...................... 340,938 4,081,028 Noble Corp. (a)............... 175,405 3,874,696 Patterson-UTI Energy, Inc. (a)......................... 362,250 4,169,497 Pride International, Inc. (a)(b)...................... 247,465 3,954,491 Rowan Cos., Inc. (a).......... 245,255 3,899,555 ------------ 31,907,027 ------------ OIL & GAS EQUIPMENT & SERVICES -- 62.6% Baker Hughes, Inc. (a)........ 127,671 4,094,409 BJ Services Co. (a)........... 340,105 3,969,025 Cameron International Corp. (b)......................... 192,374 3,943,667 Dresser-Rand Group, Inc. (b).. 233,159 4,021,993 Exterran Holdings, Inc. (a)(b)...................... 185,346 3,947,870 FMC Technologies, Inc. (a)(b)...................... 165,745 3,949,703 Halliburton Co. .............. 218,706 3,976,075 National-Oilwell Varco, Inc. (b)......................... 163,140 3,987,142 Oceaneering International, Inc. (a)(b)................. 146,947 4,282,036 Schlumberger, Ltd. ........... 94,660 4,006,958 SEACOR Holdings, Inc. (a)(b).. 59,650 3,975,672 Smith International, Inc. .... 163,532 3,743,247 Superior Energy Services, Inc. (b)......................... 244,220 3,890,425 Tidewater, Inc. (a)........... 99,157 3,993,052 Weatherford International, Ltd. (a)(b)................. 384,477 4,160,041 ------------ 59,941,315 ------------ TOTAL COMMON STOCKS -- (Cost $196,536,761)......... 95,537,954 ------------ SHORT TERM INVESTMENTS -- 23.9% MONEY MARKET FUNDS -- 23.9% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 22,389,018 22,389,018 STIC Prime Portfolio.......... 479,917 479,917 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $22,868,935).......... 22,868,935 ------------ TOTAL INVESTMENTS -- 123.7% (Cost $219,405,696)......... 118,406,889 OTHER ASSETS AND LIABILITIES -- (23.7)%...... (22,675,065) ------------ NET ASSETS -- 100.0%.......... $ 95,731,824 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 119 SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% INTEGRATED OIL & GAS -- 12.4% Chevron Corp. ................ 87,909 $ 6,502,629 ConocoPhillips (a)............ 122,634 6,352,441 Exxon Mobil Corp. ............ 83,017 6,627,247 Occidental Petroleum Corp. (a)......................... 110,150 6,607,898 ------------ 26,090,215 ------------ OIL & GAS EXPLORATION & PRODUCTION -- 69.2% Anadarko Petroleum Corp. (a).. 167,633 6,462,252 Apache Corp. ................. 83,516 6,224,447 Cabot Oil & Gas Corp. ........ 240,485 6,252,610 Chesapeake Energy Corp. (a)... 390,022 6,306,656 Cimarex Energy Co. (a)........ 240,579 6,442,706 Comstock Resources, Inc. (a)(b)...................... 138,508 6,544,503 Denbury Resources, Inc. (a)(b)...................... 642,098 7,011,710 Devon Energy Corp. ........... 93,260 6,128,115 Encore Acquisition Co. (a)(b)...................... 268,875 6,861,690 EOG Resources, Inc. .......... 95,870 6,383,025 Forest Oil Corp. (a)(b)....... 369,866 6,099,090 Newfield Exploration Co. (b).. 310,907 6,140,413 Noble Energy, Inc. (a)........ 130,207 6,408,789 Penn Virginia Corp. (a)....... 231,734 6,020,449 Petrohawk Energy Corp. (a)(b)...................... 394,895 6,172,209 Pioneer Natural Resources Co. (a)......................... 383,482 6,204,739 Plains Exploration & Production Co. (a)(b)....... 292,007 6,786,243 Range Resources Corp. ........ 181,327 6,235,835 Southwestern Energy Co. (a)(b)...................... 220,594 6,390,608 St. Mary Land & Exploration Co. (a)..................... 311,712 6,330,871 Ultra Petroleum Corp. (a)(b).. 186,752 6,444,811 Whiting Petroleum Corp. (b)... 184,226 6,164,202 XTO Energy, Inc. ............. 167,880 5,921,128 ------------ 145,937,101 ------------ OIL & GAS REFINING & MARKETING -- 18.2% Frontier Oil Corp. (a)........ 516,865 6,528,005 Holly Corp. (a)............... 328,639 5,991,089 Sunoco, Inc. (a).............. 147,224 6,398,355 Tesoro Corp. (a).............. 536,422 7,064,677 Valero Energy Corp. (a)....... 274,120 5,931,957 World Fuel Services Corp. (a)......................... 173,326 6,413,062 ------------ 38,327,145 ------------ TOTAL COMMON STOCKS -- (Cost $323,310,636)......... 210,354,461 ------------ SHORT TERM INVESTMENTS -- 18.9% MONEY MARKET FUNDS -- 18.9% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 39,135,532 39,135,532 STIC Prime Portfolio.......... 634,928 634,928 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $39,770,460).......... 39,770,460 ------------ TOTAL INVESTMENTS -- 118.7% (Cost $363,081,096)......... 250,124,921 OTHER ASSETS AND LIABILITIES -- (18.7)%...... (39,461,322) ------------ NET ASSETS -- 100.0%.......... $210,663,599 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 120 SPDR S&P PHARMACEUTICALS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% PHARMACEUTICALS -- 99.7% Abbott Laboratories (a)....... 35,210 $ 1,879,158 Allergan, Inc. (a)............ 47,798 1,927,215 Auxilium Pharmaceuticals, Inc. (a)(b)...................... 67,524 1,920,383 Bristol-Myers Squibb Co. (a).. 81,844 1,902,873 Eli Lilly & Co. .............. 47,183 1,900,059 Endo Pharmaceuticals Holdings, Inc. (a)(b)................. 73,030 1,890,016 Forest Laboratories, Inc. (b)......................... 74,276 1,891,810 Johnson & Johnson............. 31,634 1,892,662 King Pharmaceuticals, Inc. (a)(b)...................... 179,977 1,911,356 Medicis Pharmaceutical Corp. (Class A)................... 135,028 1,876,889 Merck & Co., Inc. (a)......... 63,235 1,922,344 Mylan, Inc. (a)(b)............ 193,364 1,912,370 Perrigo Co. (a)............... 58,786 1,899,376 Pfizer, Inc. ................. 105,451 1,867,537 Questcor Pharmaceuticals, Inc. (b)......................... 201,048 1,871,757 Schering-Plough Corp. (a)..... 109,845 1,870,660 Sepracor, Inc. (a)(b)......... 174,442 1,915,373 The Medicines Co. (b)......... 127,071 1,871,756 Valeant Pharmaceuticals International (a)(b)........ 82,275 1,884,098 ViroPharma, Inc. (a)(b)....... 139,061 1,810,574 Watson Pharmaceuticals, Inc. (a)(b)...................... 72,353 1,922,419 Wyeth......................... 50,465 1,892,942 XenoPort, Inc. (b)............ 74,632 1,871,771 ------------ TOTAL COMMON STOCKS -- (Cost $41,605,404).......... 43,505,398 ------------ SHORT TERM INVESTMENTS -- 26.9% MONEY MARKET FUNDS -- 26.9% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 11,512,767 11,512,767 STIC Prime Portfolio.......... 241,720 241,720 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $11,754,487).......... 11,754,487 ------------ TOTAL INVESTMENTS -- 126.6% (Cost $53,359,891).......... 55,259,885 OTHER ASSETS AND LIABILITIES -- (26.6)%...... (11,597,883) ------------ NET ASSETS -- 100.0%.......... $ 43,662,002 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 121 SPDR S&P RETAIL ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% APPAREL RETAIL -- 29.1% Abercrombie & Fitch Co. (Class A) (a)...................... 200,637 $ 4,628,696 Aeropostale, Inc. (a)(b)...... 268,982 4,330,610 American Eagle Outfitters, Inc. ....................... 467,235 4,373,320 Collective Brands, Inc. (b)... 401,016 4,699,908 Foot Locker, Inc. (a)......... 587,551 4,312,624 Guess ?, Inc. ................ 318,997 4,896,604 Gymboree Corp. (b)............ 183,276 4,781,671 J. Crew Group, Inc. (a)(b).... 364,372 4,445,338 Limited Brands, Inc. ......... 488,125 4,900,775 Mens Wearhouse, Inc. (a)...... 305,576 4,137,499 Ross Stores, Inc. (a)......... 156,862 4,663,507 The Children's Place Retail Stores, Inc. (b)............ 227,980 4,942,606 The Gap, Inc. ................ 337,776 4,522,821 The TJX Cos., Inc. ........... 221,938 4,565,265 Urban Outfitters, Inc. (a)(b)...................... 302,976 4,538,580 ------------ 68,739,824 ------------ AUTOMOTIVE RETAIL -- 10.1% Advance Auto Parts, Inc. ..... 140,610 4,731,527 AutoNation, Inc. (a)(b)....... 474,940 4,692,407 AutoZone, Inc. (b)............ 34,777 4,850,348 CarMax, Inc. (a)(b)........... 627,836 4,947,348 O'Reilly Automotive, Inc. (a)(b)...................... 152,188 4,678,259 ------------ 23,899,889 ------------ COMPUTER & ELECTRONICS RETAIL -- 5.6% Best Buy Co., Inc. (a)........ 163,095 4,584,600 GameStop Corp. (Class A) (a)(b)...................... 186,276 4,034,738 RadioShack Corp. (a).......... 391,321 4,672,373 ------------ 13,291,711 ------------ DEPARTMENT STORES -- 9.7% J. C. Penney Co., Inc. (a).... 230,056 4,532,103 Kohl's Corp. (a)(b)........... 128,383 4,647,464 Macy's, Inc. ................. 431,597 4,467,029 Nordstrom, Inc. (a)........... 360,931 4,803,992 Sears Holdings Corp. (a)(b)... 117,030 4,548,956 ------------ 22,999,544 ------------ DRUG RETAIL -- 3.9% CVS Caremark Corp. ........... 170,044 4,887,065 Walgreen Co. (a).............. 175,793 4,336,813 ------------ 9,223,878 ------------ FOOD RETAIL -- 10.0% Casey's General Stores, Inc. ....................... 202,248 4,605,187 Safeway, Inc. ................ 197,138 4,685,970 SUPERVALU, Inc. .............. 351,693 5,134,718 The Kroger Co. ............... 180,258 4,760,614 Whole Foods Market, Inc. ..... 460,131 4,343,636 ------------ 23,530,125 ------------ GENERAL MERCHANDISE STORES -- 5.8% Dollar Tree Stores, Inc. (b).. 104,929 4,386,032 Family Dollar Stores, Inc. ... 180,960 4,717,628 Target Corp. ................. 133,187 4,598,947 ------------ 13,702,607 ------------ HYPERMARKETS & SUPER CENTERS -- 3.8% Costco Wholesale Corp. ....... 85,234 4,474,785 Wal-Mart Stores, Inc. ........ 82,234 4,610,038 ------------ 9,084,823 ------------ INTERNET RETAIL -- 8.1% Amazon.com, Inc. (b).......... 88,933 4,560,484 Expedia, Inc. (b)............. 562,306 4,633,402 Netflix, Inc. (a)(b).......... 165,449 4,945,271 Priceline.com, Inc. (b)....... 66,228 4,877,692 ------------ 19,016,849 ------------ SPECIALTY STORES -- 13.8% Barnes & Noble, Inc. ......... 315,260 4,728,900 Dick's Sporting Goods, Inc. (a)(b)...................... 339,780 4,794,296 Office Depot, Inc. (b)........ 1,613,812 4,809,160 PetSmart, Inc. ............... 258,541 4,770,081 Staples, Inc. (a)............. 250,435 4,487,795 Tiffany & Co. ................ 186,766 4,413,281 Tractor Supply Co. (a)(b)..... 125,322 4,529,137 ------------ 32,532,650 ------------ TOTAL COMMON STOCKS -- (Cost $228,714,825)......... 236,021,900 ------------ SHORT TERM INVESTMENTS -- 4.9% MONEY MARKET FUNDS -- 4.9% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 8,882,789 8,882,789 STIC Prime Portfolio.......... 2,862,366 2,862,366 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $11,745,155).......... 11,745,155 ------------ TOTAL INVESTMENTS -- 104.8% (Cost $240,459,980)......... 247,767,055 OTHER ASSETS AND LIABILITIES -- (4.8)%....... (11,449,856) ------------ NET ASSETS -- 100.0%.......... $236,317,199 ============
(a) Security, or portion thereof, was on loan at December 31,2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 122 SPDR S&P SEMICONDUCTOR ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% SEMICONDUCTORS -- 99.9% Advanced Micro Devices, Inc. (a)(b)....................... 170,018 $ 367,239 Altera Corp. (b)............... 23,476 392,284 Analog Devices, Inc. (b)....... 20,345 386,962 Atmel Corp. (a)(b)............. 123,304 385,942 Broadcom Corp. (Class A) (a)... 21,941 372,339 Cree, Inc. (a)(b).............. 24,535 389,370 Intel Corp. ................... 26,727 391,818 Intersil Corp. (Class A) (b)... 43,315 398,065 Linear Technology Corp. (b).... 17,448 385,950 LSI Logic Corp. (a)(b)......... 99,469 327,253 Microchip Technology, Inc. (b).......................... 19,681 384,370 Micron Technology, Inc. (a)(b)....................... 129,077 340,763 Microsemi Corp. (a)(b)......... 33,043 417,663 National Semiconductor Corp. (b).......................... 37,949 382,146 NVIDIA Corp. (a)(b)............ 45,298 365,555 ON Semiconductor Corp. (a)(b).. 109,023 370,678 PMC-Sierra, Inc. (a)........... 82,820 402,505 Rambus, Inc. (a)(b)............ 24,001 382,096 Silicon Laboratories, Inc. (a).......................... 15,682 388,600 Skyworks Solutions, Inc. (a)... 71,470 395,944 Texas Instruments, Inc. (b).... 25,593 397,203 Xilinx, Inc. (b)............... 22,296 397,314 ----------- TOTAL COMMON STOCKS -- (Cost $19,407,511)........... 8,422,059 ----------- SHORT TERM INVESTMENTS -- 26.4% MONEY MARKET FUNDS -- 26.4% State Street Navigator Securities Lending Prime Portfolio (c)(d)............. 2,215,620 2,215,620 STIC Prime Portfolio........... 15,514 15,514 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $2,231,134)............ 2,231,134 ----------- TOTAL INVESTMENTS -- 126.3% (Cost $21,638,645)........... 10,653,193 OTHER ASSETS AND LIABILITIES -- (26.3)%....... (2,220,051) ----------- NET ASSETS -- 100.0%........... $ 8,433,142 ===========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 123 SPDR KBW REGIONAL BANKING ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% REGIONAL BANKS -- 88.6% Associated Bancorp (a)...... 880,749 $ 18,434,077 BancorpSouth, Inc. (a)...... 745,202 17,407,919 Bank of Hawaii Corp. (a).... 321,832 14,537,151 BOK Financial Corp. (a)..... 398,048 16,081,139 Boston Private Financial Holdings, Inc. (a)........ 1,803,838 12,338,252 Cathay General Bancorp (a).. 914,578 21,721,228 Central Pacific Financial Corp. (a)................. 965,419 9,692,807 Citizens Republic Bancorp, Inc. (a).................. 2,498,253 7,444,794 City National Corp. (a)..... 414,969 20,208,990 CVB Financial Corp. (a)..... 1,346,540 16,023,826 East West Bancorp, Inc. (a)....................... 973,927 15,553,614 F.N.B. Corp. (a)............ 1,227,979 16,209,323 First Commonwealth Financial Corp. (a)................. 1,321,090 16,355,094 First Horizon National Corp. (a)....................... 1,278,743 13,516,317 First Midwest Bancorp, Inc. (a)....................... 863,814 17,250,366 FirstMerit Corp. ........... 660,512 13,599,942 Frontier Financial Corp. (a)....................... 1,651,424 7,200,209 Fulton Financial Corp. (a).. 1,676,787 16,130,691 Glacier Bancorp, Inc. (a)... 931,573 17,718,518 Hancock Holding Co. (a)..... 372,590 16,937,941 IBERIABANK Corp. ........... 313,340 15,040,320 National Penn Bancshares, Inc. (a).................. 1,160,182 16,834,241 Old National Bancorp (a).... 880,709 15,993,675 Pacific Capital Bancorp (a)....................... 990,835 16,725,295 PacWest Bancorp (a)......... 618,197 16,629,499 PrivateBancorp, Inc. (a).... 508,125 16,493,738 Prosperity Bancshares, Inc. (a)....................... 508,112 15,035,034 Signature Bank (a)(b)....... 745,242 21,380,993 South Financial Group, Inc. (a)....................... 1,642,871 7,097,203 Sterling Bancshares, Inc. (a)....................... 2,252,663 13,696,191 Sterling Financial Corp. -- Washington (a)... 1,253,351 11,029,489 Susquehanna Bancshares, Inc. (a)....................... 1,270,296 20,210,409 SVB Financial Group (a)(b).. 321,793 8,440,630 TCF Financial Corp. (a)..... 1,185,647 16,195,938 The Colonial BancGroup, Inc. (a)....................... 2,489,771 5,153,826 Trustmark Corp. (a)......... 1,007,725 21,756,783 UCBH Holdings, Inc. (a)..... 2,235,695 15,381,582 UMB Financial Corp. (a)..... 389,580 19,143,961 Umpqua Holdings Corp. (a)... 1,168,683 16,910,843 United Bankshares, Inc. (a)....................... 431,930 14,348,715 Valley National Bancorp (a)....................... 804,501 16,291,145 Westamerica Bancorp (a)..... 304,854 15,593,282 Whitney Holding Corp. (a)... 948,498 15,166,483 Wilmington Trust Corp. (a).. 677,503 15,067,667 Wintrust Financial Corp. (a)....................... 618,183 12,716,024 ------------- 682,695,164 ------------- THRIFTS & MORTGAGE FINANCE -- 11.1% Brookline Bancorp, Inc. (a)....................... 1,880,043 20,022,458 First Niagara Financial Group, Inc. (a)........... 1,261,809 20,403,451 Hudson City Bancorp, Inc. .. 1,211,055 19,328,438 Provident Financial Services, Inc. (a)........ 1,007,777 15,418,988 Webster Financial Corp. (a)....................... 736,737 10,152,235 ------------- 85,325,570 ------------- TOTAL COMMON STOCKS -- (Cost $964,803,024)....... 768,020,734 ------------- SHORT TERM INVESTMENTS -- 26.9% MONEY MARKET FUNDS -- 26.9% Federated Prime Obligations Fund...................... 109 109 State Street Navigator Securities Lending Prime Portfolio (c)(d).......... 191,121,184 191,121,184 STIC Prime Portfolio........ 15,820,950 15,820,950 ------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $206,942,243)....... 206,942,243 ------------- TOTAL INVESTMENTS -- 126.6% (Cost $1,171,745,267)..... 974,962,977 OTHER ASSETS AND LIABILITIES -- (26.6)%.... (204,619,022) ------------- NET ASSETS -- 100.0%........ $ 770,343,955 =============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 124 (This page intentionally left blank) 125 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR DJ SPDR SPDR 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)...................................... $140,713,128 $23,043,428 $165,677,451 Investments in securities of affiliated issuers, at value* (Note 3)..................................... 23,292,252 5,454,049 28,955,817 ------------ ----------- ------------ Total Investments................................... 164,005,380 28,497,477 194,633,268 Receivable for investments sold........................ 64,488 -- -- Receivable for Fund shares sold in-kind................ 127,504 -- -- Dividends receivable (Note 2).......................... 289,860 49,068 243,057 ------------ ----------- ------------ TOTAL ASSETS...................................... 164,487,232 28,546,545 194,876,325 ------------ ----------- ------------ LIABILITIES Payable upon return of securities loaned............... 23,054,817 5,408,269 28,955,817 Payable for investments purchased...................... 14,781 170,912 -- Distributions payable.................................. 902,915 40,268 708,966 Accrued advisory fee (Note 3).......................... 20,138 3,216 27,142 Accrued trustees fee (Note 3).......................... 596 40 1,286 ------------ ----------- ------------ TOTAL LIABILITIES................................. 23,993,247 5,622,705 29,693,211 ------------ ----------- ------------ NET ASSETS........................................ $140,493,985 $22,923,840 $165,183,114 ============ =========== ============ NET ASSETS CONSIST OF: Paid in capital (Note 4)............................... $185,398,945 $26,272,812 $274,137,535 Undistributed (distribution in excess of) net investment income................................... (122,127) (75,265) 15,261 Accumulated net realized gain (loss) on investments and foreign currency transactions....................... (10,308,360) (276,939) (25,763,809) Net unrealized appreciation (depreciation) on: Investments......................................... (34,474,473) (2,996,768) (83,205,873) ------------ ----------- ------------ NET ASSETS........................................ $140,493,985 $22,923,840 $165,183,114 ============ =========== ============ NET ASSET VALUE PER SHARE Net asset value per share.............................. $ 65.34 $ 41.68 $ 36.30 ============ =========== ============ Shares outstanding (unlimited amount authorized, $0.01 par value).......................................... 2,150,122 550,000 4,550,113 ============ =========== ============ COST OF INVESTMENTS: Unaffiliated issuers................................... $175,124,562 $26,030,088 $248,883,324 Affiliated issuers..................................... 23,355,291 5,464,157 28,955,817 ------------ ----------- ------------ Total cost of investments.............................. $198,479,853 $31,494,245 $277,839,141 ============ =========== ============ * Includes $22,867,755, $5,368,382, $28,580,510, $15,081,242, $5,120,827, $7,277,740, $2,340,302, $4,567,128, $16,891,002 respectively, of investments of securities on loan, at value.
See accompanying notes to financial statements. 126 - --------------------------------------------------------------------------------
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 --------------- ----------- -------------- ------------- ----------- ---------------- $101,662,747 $20,310,042 $ 26,890,948 $10,735,285 $17,005,704 $ 74,795,026 15,482,517 5,154,190 7,368,056 2,325,652 4,572,151 16,990,202 ------------ ----------- ------------ ----------- ----------- ------------ 117,145,264 25,464,232 34,259,004 13,060,937 21,577,855 91,785,228 -- 26,813 -- 30,106 46,007 198,890 -- -- -- -- -- 33,968 307,789 42,990 25,491 30,633 32,942 59,058 ------------ ----------- ------------ ----------- ----------- ------------ 117,453,053 25,534,035 34,284,495 13,121,676 21,656,804 92,077,144 ------------ ----------- ------------ ----------- ----------- ------------ 15,076,946 5,154,190 7,368,056 2,325,652 4,572,151 16,990,202 1,096,213 108,152 -- 74,017 102,588 51,825 91,710 6,713 63,133 28,962 19,986 228,581 15,165 3,775 5,347 1,555 3,366 13,147 448 103 190 47 63 403 ------------ ----------- ------------ ----------- ----------- ------------ 16,280,482 5,272,933 7,436,726 2,430,233 4,698,154 17,284,158 ------------ ----------- ------------ ----------- ----------- ------------ $101,172,571 $20,261,102 $ 26,847,769 $10,691,443 $16,958,650 $ 74,792,986 ============ =========== ============ =========== =========== ============ $147,219,021 $30,375,016 $ 46,843,219 $16,657,287 $24,987,913 $123,130,367 (158,752) (13,602) 3,024 6,229 (14,368) 21,839 (7,154,535) (768,973) (3,373,275) (1,901,198) (296,559) (3,218,543) (38,733,163) (9,331,339) (16,625,199) (4,070,875) (7,718,336) (45,140,677) ------------ ----------- ------------ ----------- ----------- ------------ $101,172,571 $20,261,102 $ 26,847,769 $10,691,443 $16,958,650 $ 74,792,986 ============ =========== ============ =========== =========== ============ $ 50.57 $ 33.77 $ 38.35 $ 35.64 $ 37.69 $ 57.53 ============ =========== ============ =========== =========== ============ 2,000,553 600,000 700,000 300,000 450,000 1,300,107 ============ =========== ============ =========== =========== ============ $140,240,752 $29,641,381 $ 43,516,147 $14,806,160 $24,724,040 $119,935,703 15,637,675 5,154,190 7,368,056 2,325,652 4,572,151 16,990,202 ------------ ----------- ------------ ----------- ----------- ------------ $155,878,427 $34,795,571 $ 50,884,203 $17,131,812 $29,296,191 $136,925,905 ============ =========== ============ =========== =========== ============
127 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ GLOBAL SPDR SMALL CAP VALUE TITANS DJ WILSHIRE ETF ETF REIT ETF --------------- ------------ -------------- ASSETS Investments in securities of unaffiliated issuers, at value (Note 2).................................... $ 66,456,710 $ 88,219,209 $1,077,626,682 Investments in securities of affiliated issuers, at value* (Note 3)................................... 16,940,317 12,941,537 273,304,946 ------------ ------------ -------------- Total Investments................................. 83,397,027 101,160,746 1,350,931,628 Foreign currency, at value........................... -- 232,707 -- Cash................................................. -- -- 654 Receivable for investments sold...................... 57 389,311 35,716 Dividends receivable (Note 2)........................ 193,302 302,679 10,166,523 Interest receivable.................................. -- -- -- ------------ ------------ -------------- TOTAL ASSETS.................................... 83,590,386 102,085,443 1,361,134,521 ------------ ------------ -------------- LIABILITIES Payable upon return of securities loaned............. 16,940,317 12,941,537 273,304,946 Payable for Fund shares repurchased in-kind.......... -- -- -- Payable for investments purchased.................... 8,883 292,864 3,040,276 Distributions payable................................ 567,706 777,073 9,748,263 Accrued advisory fee (Note 3)........................ 13,148 37,057 199,071 Accrued trustees fee (Note 3)........................ 439 695 6,239 ------------ ------------ -------------- TOTAL LIABILITIES............................... 17,530,493 14,049,226 286,298,795 ------------ ------------ -------------- NET ASSETS...................................... $ 66,059,893 $ 88,036,217 $1,074,835,726 ============ ============ ============== NET ASSETS CONSIST OF: Paid in capital (Note 4)............................. $112,136,186 $145,103,541 $1,890,552,225 Undistributed (distribution in excess of) net investment income................................. 29,469 34,541 (2,661,996) Accumulated net realized gain (loss) on investments and foreign currency transactions................. (3,319,864) (20,853,721) (131,748,790) Net unrealized appreciation (depreciation) on: Investments....................................... (42,785,898) (36,234,292) (681,305,713) Foreign currency.................................. -- (13,852) -- ------------ ------------ -------------- NET ASSETS...................................... $ 66,059,893 $ 88,036,217 $1,074,835,726 ============ ============ ============== NET ASSET VALUE PER SHARE Net asset value per share............................ $ 42.58 $ 47.58 $ 40.44 ============ ============ ============== Shares outstanding (unlimited amount authorized, $0.01 par value).................................. 1,551,320 1,850,320 26,576,019 ============ ============ ============== COST OF INVESTMENTS: Unaffiliated issuers................................. $109,242,608 $124,453,501 $1,758,932,395 Affiliated issuers................................... 16,940,317 12,941,537 273,304,946 ------------ ------------ -------------- Total cost of investments............................ $126,182,925 $137,395,038 $2,032,237,341 ============ ============ ============== Foreign currency, at cost............................ $ -- $ 244,737 $ -- ============ ============ ============== * Includes $16,969,532, $12,786,299, $279,591,800, $127,019,837, $12,167,192, $13,380,336, $21,112,917, $81,215,310, $122,805,253 respectively, of investments of securities on loan, at value.
See accompanying notes to financial statements. 128 - --------------------------------------------------------------------------------
SPDR SPDR SPDR SPDR KBW KBW MORGAN STANLEY SPDR S&P SPDR S&P KBW BANK CAPITAL MARKETS INSURANCE TECHNOLOGY DIVIDEND BIOTECH ETF ETF ETF ETF ETF ETF - -------------- --------------- ------------ -------------- ------------ ------------- $ 875,800,242 $ 56,165,028 $113,246,406 $135,973,153 $437,886,664 $ 465,980,747 156,483,558 16,629,549 13,425,993 21,459,142 81,803,976 123,859,303 - -------------- ------------ ------------ ------------ ------------ ------------- 1,032,283,800 72,794,577 126,672,399 157,432,295 519,690,640 589,840,050 -- -- -- -- -- -- -- -- -- -- -- -- 19,662,227 -- -- -- -- -- 3,025,600 80,119 248,742 150,539 2,037,545 -- -- -- -- -- -- 113,781 - -------------- ------------ ------------ ------------ ------------ ------------- 1,054,971,627 72,874,696 126,921,141 157,582,834 521,728,185 589,953,831 - -------------- ------------ ------------ ------------ ------------ ------------- 126,012,562 12,092,991 13,425,993 21,459,142 81,803,976 123,859,303 34,229 -- 621 -- 713 -- 19,542,033 -- -- -- 577,750 -- 6,494,125 236,878 704,695 356,332 6,035,593 62,238 257,492 16,224 24,131 57,291 116,343 131,439 4,470 545 265 1,151 1,154 2,178 - -------------- ------------ ------------ ------------ ------------ ------------- 152,344,911 12,346,638 14,155,705 21,873,916 88,535,529 124,055,158 - -------------- ------------ ------------ ------------ ------------ ------------- $ 902,626,716 $ 60,528,058 $112,765,436 $135,708,918 $433,192,656 $ 465,898,673 ============== ============ ============ ============ ============ ============= $1,607,895,717 $165,329,981 $142,705,920 $297,683,076 $541,510,144 $ 601,764,279 (195,637) (9,471) (234,872) 1,783 (1,403,419) 7,909,179 (234,855,152) (52,011,824) (8,631,529) (74,748,666) (77,367,284) (38,940,201) -- -- -- -- -- -- (470,218,212) (52,780,628) (21,074,083) (87,227,275) (29,546,785) (104,834,584) - -------------- ------------ ------------ ------------ ------------ ------------- $ 902,626,716 $ 60,528,058 $112,765,436 $135,708,918 $433,192,656 $ 465,898,673 ============== ============ ============ ============ ============ ============= $ 21.96 $ 26.32 $ 27.50 $ 33.93 $ 40.48 $ 53.55 ============== ============ ============ ============ ============ ============= 41,101,969 2,300,000 4,100,000 4,000,106 10,700,203 8,700,000 ============== ============ ============ ============ ============ ============= $1,326,569,259 $105,924,566 $134,320,489 $223,200,428 $467,433,449 $ 570,815,331 175,932,753 19,650,639 13,425,993 21,459,142 81,803,976 123,859,303 - -------------- ------------ ------------ ------------ ------------ ------------- $1,502,502,012 $125,575,205 $147,746,482 $244,659,570 $549,237,425 $ 694,674,634 ============== ============ ============ ============ ============ ============= $ -- $ -- $ -- $ -- $ -- $ -- ============== ============ ============ ============ ============ =============
129 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR S&P OIL & GAS SPDR S&P SPDR S&P EQUIPMENT & HOMEBUILDERS METALS & SERVICES ETF MINING ETF ETF ------------- ------------- ------------- ASSETS Investments in securities of unaffiliated issuers, at value (Note 2)...................................... $ 543,430,058 $ 215,056,733 $ 96,017,871 Investments in securities of affiliated issuers, at value* (Note 3)..................................... 129,332,472 42,504,738 22,389,018 ------------- ------------- ------------- Total Investments................................... 672,762,530 257,561,471 118,406,889 Receivable for investments sold........................ -- 327,259 -- Receivable for Fund shares sold in-kind................ -- -- -- Receivable due from Advisor............................ -- -- -- Dividends receivable (Note 2).......................... 859,780 237,276 74,995 ------------- ------------- ------------- TOTAL ASSETS...................................... 673,622,310 258,126,006 118,481,884 ------------- ------------- ------------- LIABILITIES Payable upon return of securities loaned............... 129,332,472 42,504,738 22,389,018 Payable for Fund shares repurchased in-kind............ 6,570 233 96 Payable for investments purchased...................... -- -- -- Distributions payable.................................. 4,476,445 1,450,079 332,886 Accrued advisory fee (Note 3).......................... 159,229 47,857 27,038 Accrued trustees fee (Note 3).......................... 2,355 2,459 1,022 ------------- ------------- ------------- TOTAL LIABILITIES................................. 133,977,071 44,005,366 22,750,060 ------------- ------------- ------------- NET ASSETS........................................ $ 539,645,239 $ 214,120,640 $ 95,731,824 ============= ============= ============= NET ASSETS CONSIST OF: Paid in capital (Note 4)............................... $ 798,840,279 $ 561,406,689 $ 229,862,003 Undistributed (distribution in excess of) net investment income................................... (725,803) (380,684) 8,959 Accumulated net realized gain (loss) on investments and foreign currency transactions....................... (196,496,381) (126,488,617) (33,140,331) Net unrealized appreciation (depreciation) on: Investments......................................... (61,972,856) (220,416,748) (100,998,807) ------------- ------------- ------------- NET ASSETS........................................ $ 539,645,239 $ 214,120,640 $ 95,731,824 ============= ============= ============= NET ASSET VALUE PER SHARE Net asset value per share.............................. $ 12.05 $ 27.81 $ 17.09 ============= ============= ============= Shares outstanding (unlimited amount authorized, $0.01 par value).......................................... 44,800,000 7,700,011 5,600,000 ============= ============= ============= COST OF INVESTMENTS: Unaffiliated issuers................................... $ 605,402,914 $ 435,473,481 $ 197,016,678 Affiliated issuers..................................... 129,332,472 42,504,738 22,389,018 ------------- ------------- ------------- Total cost of investments.............................. $ 734,735,386 $ 477,978,219 $ 219,405,696 ============= ============= ============= * Includes $128,839,501, $42,105,970, $22,289,399, $38,740,226, $11,379,113, $8,933,387, $2,169,783, $192,363,858 respectively, of investments of securities on loan, at value.
See accompanying notes to financial statements. 130 - --------------------------------------------------------------------------------
SPDR S&P SPDR KBW OIL & GAS SPDR S&P SPDR S&P REGIONAL EXPLORATION & PHARMACEUTICALS SPDR S&P SEMICONDUCTOR BANKING PRODUCTION ETF ETF RETAIL ETF ETF ETF -------------- --------------- ------------ ------------- -------------- $ 210,989,389 $43,747,118 $238,884,266 $ 8,437,573 $ 783,841,793 39,135,532 11,512,767 8,882,789 2,215,620 191,121,184 ------------- ----------- ------------ ------------ -------------- 250,124,921 55,259,885 247,767,055 10,653,193 974,962,977 -- 9,744,037 -- -- 14,410,488 -- -- -- -- 492 -- -- 53,830 -- -- 181,831 72,484 395,312 5,876 2,310,309 ------------- ----------- ------------ ------------ -------------- 250,306,752 65,076,406 248,216,197 10,659,069 991,684,266 ------------- ----------- ------------ ------------ -------------- 39,135,532 11,512,767 8,882,789 2,215,620 191,121,184 2,640 -- -- -- -- -- 9,639,536 15,817 -- 14,375,654 450,791 250,197 2,984,923 7,694 15,618,487 52,748 11,845 14,244 2,469 222,251 1,442 59 1,225 144 2,735 ------------- ----------- ------------ ------------ -------------- 39,643,153 21,414,404 11,898,998 2,225,927 221,340,311 ------------- ----------- ------------ ------------ -------------- $ 210,663,599 $43,662,002 $236,317,199 $ 8,433,142 $ 770,343,955 ============= =========== ============ ============ ============== $ 384,045,311 $43,081,561 $259,716,978 $ 36,891,273 $1,042,398,446 (26,443) (29,022) (185,171) 21,967 (3,051,604) (60,399,094) (1,290,531) (30,521,683) (17,494,646) (72,220,597) (112,956,175) 1,899,994 7,307,075 (10,985,452) (196,782,290) ------------- ----------- ------------ ------------ -------------- $ 210,663,599 $43,662,002 $236,317,199 $ 8,433,142 $ 770,343,955 ============= =========== ============ ============ ============== $ 29.67 $ 30.11 $ 20.37 $ 24.09 $ 29.23 ============= =========== ============ ============ ============== 7,100,000 1,450,134 11,600,018 350,000 26,350,582 ============= =========== ============ ============ ============== $ 323,945,564 $41,847,124 $231,577,191 $ 19,423,025 $ 980,624,083 39,135,532 11,512,767 8,882,789 2,215,620 191,121,184 ------------- ----------- ------------ ------------ -------------- $ 363,081,096 $53,359,891 $240,459,980 $ 21,638,645 $1,171,745,267 ============= =========== ============ ============ ==============
131 SPDR SERIES TRUST STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2008 (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)............................... $ 1,537,290 $ 140,366 $ 1,493,986 Dividend income on securities of affiliated issuers (Note 3)............................... 2,199 279 -- Affiliated Securities lending -- net (Note 3 and Note 8)........................................ 113,112 13,808 135,429 Foreign taxes withheld............................ (108) (10) (90) ------------ ----------- ------------ TOTAL INVESTMENT INCOME........................... 1,652,493 154,443 1,629,325 ------------ ----------- ------------ EXPENSES Advisory fee (Note 3)............................. 122,648 10,253 231,992 Trustees fee (Note 3)............................. 1,537 104 3,232 Miscellaneous expense............................. 3,974 3,008 453 ------------ ----------- ------------ TOTAL EXPENSES.................................... 128,159 13,365 235,677 ------------ ----------- ------------ NET INVESTMENT INCOME (LOSS)...................... 1,524,334 141,078 1,393,648 ------------ ----------- ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers...................................... 1,112,899 (271,534) (10,673,619) Investments in securities of affiliated issuers...................................... 4,391 -- (107,989) Net change in unrealized appreciation (depreciation) on: Investments.................................... (41,159,198) (1,924,968) (83,967,779) ------------ ----------- ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY............. (40,041,908) (2,196,502) (94,749,387) ------------ ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........................................ $(38,517,574) $(2,055,424) $(93,355,739) ============ =========== ============
See accompanying notes to financial statements. 132 - --------------------------------------------------------------------------------
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 --------------- ----------- -------------- ------------- ----------- ---------------- $ 1,815,060 $ 226,076 $ 115,023 $ 183,452 $ 169,318 $ 333,489 4,454 -- -- -- -- -- 78,192 31,827 51,368 13,526 31,125 165,165 (39) (80) -- (74) (67) (63) ------------ ----------- ------------ ----------- ----------- ------------ 1,897,667 257,823 166,391 196,904 200,376 498,591 ------------ ----------- ------------ ----------- ----------- ------------ 92,889 25,449 41,738 10,988 18,094 95,169 1,148 268 470 125 162 1,004 3,878 4,856 3,553 3,929 4,842 4,190 ------------ ----------- ------------ ----------- ----------- ------------ 97,915 30,573 45,761 15,042 23,098 100,363 ------------ ----------- ------------ ----------- ----------- ------------ 1,799,752 227,250 120,630 181,862 177,278 398,228 ------------ ----------- ------------ ----------- ----------- ------------ (5,668,160) (595,961) (1,573,886) (812,668) (225,052) (3,635,509) (13,037) -- -- -- -- -- (22,524,881) (8,309,815) (14,304,142) (1,957,189) (5,312,907) (30,134,361) ------------ ----------- ------------ ----------- ----------- ------------ (28,206,078) (8,905,776) (15,878,028) (2,769,857) (5,537,959) (33,769,870) ------------ ----------- ------------ ----------- ----------- ------------ $(26,406,326) $(8,678,526) $(15,757,398) $(2,587,995) $(5,360,681) $(33,371,642) ============ =========== ============ =========== =========== ============
133 SPDR SERIES TRUST STATEMENTS OF OPERATIONS (CONTINUED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR SPDR SPDR DJ WILSHIRE DJ GLOBAL DJ WILSHIRE SMALL CAP VALUE TITANS REIT ETF ETF ETF --------------- ------------ ------------- INVESTMENT INCOME Dividend income on securities of unaffiliated issuers (Note 2)............................... $ 1,415,529 $ 1,997,539 $ 42,295,812 Dividend income on securities of affiliated issuers (Note 3)............................... -- -- -- Affiliated Securities lending -- net (Note 3 and Note 8)........................................ 154,794 72,672 886,690 Foreign taxes withheld............................ (505) (63,352) -- ------------ ------------ ------------- TOTAL INVESTMENT INCOME........................... 1,569,818 2,006,859 43,182,502 ------------ ------------ ------------- EXPENSES Advisory fee (Note 3)............................. 102,428 307,787 1,483,447 Trustees fee (Note 3)............................. 1,050 1,645 15,630 Miscellaneous expense............................. 5,114 241 2,284 ------------ ------------ ------------- TOTAL EXPENSES.................................... 108,592 309,673 1,501,361 ------------ ------------ ------------- NET INVESTMENT INCOME (LOSS)...................... 1,461,226 1,697,186 41,681,141 ------------ ------------ ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers...................................... (228,383) (8,315,248) (98,167,189) Investments in securities of affiliated issuers...................................... -- -- -- Foreign currency transactions.................. -- (2,250) -- Net change in unrealized appreciation (depreciation) on: Investments.................................... (25,191,372) (33,490,969) (461,672,779) Foreign currency............................... -- (20,588) -- ------------ ------------ ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY............. (25,419,755) (41,829,055) (559,839,968) ------------ ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........................................ $(23,958,529) $(40,131,869) $(518,158,827) ============ ============ =============
See accompanying notes to financial statements. 134 - --------------------------------------------------------------------------------
SPDR SPDR SPDR SPDR SPDR SPDR KBW KBW KBW MORGAN STANLEY S&P S&P BANK CAPITAL MARKETS INSURANCE TECHNOLOGY DIVIDEND BIOTECH ETF ETF ETF ETF ETF ETF ------------- --------------- ------------ -------------- ------------ ------------ $ 25,253,396 $ 898,060 $ 1,064,277 $ 823,469 $ 8,043,365 $ 8,199,535 335,184 55,541 -- -- -- -- 1,543,706 91,859 70,854 118,459 379,206 570,074 -- -- -- -- -- -- ------------- ------------ ------------ ------------ ------------ ------------ 27,132,286 1,045,460 1,135,131 941,928 8,422,571 8,769,609 ------------- ------------ ------------ ------------ ------------ ------------ 1,830,628 161,394 116,598 499,226 530,022 853,996 11,241 1,328 682 2,895 2,937 5,596 1,766 188 101 401 647 839 ------------- ------------ ------------ ------------ ------------ ------------ 1,843,635 162,910 117,381 502,522 533,606 860,431 ------------- ------------ ------------ ------------ ------------ ------------ 25,288,651 882,550 1,017,750 439,406 7,888,965 7,909,178 ------------- ------------ ------------ ------------ ------------ ------------ (207,839,510) (42,887,941) (40,283,306) (32,626,027) (63,580,547) 1,167,445 (8,214,934) (2,039,546) -- -- -- -- -- -- -- -- -- -- (154,462,584) (5,250,017) 7,993,256 (63,664,058) 35,068,600 (80,449,173) -- -- -- -- -- -- ------------- ------------ ------------ ------------ ------------ ------------ (370,517,028) (50,177,504) (32,290,050) (96,290,085) (28,511,947) (79,281,728) ------------- ------------ ------------ ------------ ------------ ------------ $(345,228,377) $(49,294,954) $(31,272,300) $(95,850,679) $(20,622,982) $(71,372,550) ============= ============ ============ ============ ============ ============
135 SPDR SERIES TRUST STATEMENTS OF OPERATIONS (CONTINUED) FOR THE SIX MONTHS ENDED DECEMBER 31, 2008 - --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR OIL & GAS S&P S&P EQUIPMENT & HOMEBUILDERS METALS & MINING SERVICES ETF ETF ETF ------------- --------------- ------------- INVESTMENT INCOME Dividend income on securities of unaffiliated issuers (Note 2).............................. $ 5,213,089 $ 2,157,818 $ 727,544 Affiliated Securities lending -- net (Note 3 and Note 8)....................................... 1,744,954 305,090 101,355 ------------- ------------- ------------- TOTAL INVESTMENT INCOME.......................... 6,958,043 2,462,908 828,899 ------------- ------------- ------------- EXPENSES Advisory fee (Note 3)............................ 987,587 591,361 280,628 Trustees fee (Note 3)............................ 6,288 5,957 2,586 Miscellaneous expense............................ 1,172 769 336 ------------- ------------- ------------- TOTAL EXPENSES................................... 995,047 598,087 283,550 ------------- ------------- ------------- NET INVESTMENT INCOME (LOSS)..................... 5,962,996 1,864,821 545,349 ------------- ------------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers..................................... (381,560,693) (171,846,296) (23,841,819) Net change in unrealized appreciation (depreciation) on: Investments................................... 106,276,274 (260,694,735) (150,067,999) ------------- ------------- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY............ (275,284,419) (432,541,031) (173,909,818) ------------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................. $(269,321,423) $(430,676,210) $(173,364,469) ============= ============= =============
See accompanying notes to financial statements. 136 - --------------------------------------------------------------------------------
SPDR S&P SPDR OIL & GAS SPDR SPDR KBW EXPLORATION & S&P SPDR S&P REGIONAL PRODUCTION PHARMACEUTICALS S&P RETAIL SEMICONDUCTOR BANKING ETF ETF ETF ETF ETF ------------- --------------- ------------- ------------- ------------ $ 1,211,266 $ 216,559 $ 3,351,288 $ 116,550 $ 12,486,335 152,669 46,903 590,237 43,749 2,815,084 ------------- ---------- ------------- ------------ ------------ 1,363,935 263,462 3,941,525 160,299 15,301,419 ------------- ---------- ------------- ------------ ------------ 456,038 40,876 590,287 37,587 1,268,507 3,633 159 3,660 363 7,302 522 25 634 47 1,143 ------------- ---------- ------------- ------------ ------------ 460,193 41,060 594,581 37,997 1,276,952 ------------- ---------- ------------- ------------ ------------ 903,742 222,402 3,346,944 122,302 14,024,467 ------------- ---------- ------------- ------------ ------------ (128,426,506) (767,420) (317,187,747) (14,634,567) (32,899,574) (117,895,289) 2,178,991 38,727,377 2,684,381 (42,580,703) ------------- ---------- ------------- ------------ ------------ (246,321,795) 1,411,571 (278,460,370) (11,950,186) (75,480,277) ------------- ---------- ------------- ------------ ------------ $(245,418,053) $1,633,973 $(275,113,426) $(11,827,884) $(61,455,810) ============= ========== ============= ============ ============
137 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ WILSHIRE TOTAL MARKET LARGE CAP ETF ETF --------------------------- ------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ ------------ ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss).................. $ 1,524,334 $ 2,244,548 $ 141,078 $ 177,274 Net realized gain (loss) on investments and foreign currency transactions.............. 1,117,290 3,186,022 (271,534) 727,553 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions...................... (41,159,198) (21,214,649) (1,924,968) (2,121,495) ------------ ------------ ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................. (38,517,574) (15,784,079) (2,055,424) (1,216,668) ------------ ------------ ----------- ----------- Net equalization credits and charges (Note 2)......................................... 144,074 41,743 73,557 203 ------------ ------------ ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income......................... (1,576,125) (2,289,838) (215,896) (177,131) Net realized gains............................ -- -- -- (15,041) ------------ ------------ ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS........... (1,576,125) (2,289,838) (215,896) (192,172) ------------ ------------ ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares.......... 63,664,493 19,545,099 16,261,945 6,883,341 Net proceeds from reinvestment of shares issued..................................... 352 101 -- -- Cost of shares redeemed....................... (9,189,802) (5,576,845) -- (6,878,146) Net income equalization (Note 2).............. (144,074) (41,743) (73,557) (203) ------------ ------------ ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.............. 54,330,969 13,926,612 16,188,388 4,992 ------------ ------------ ----------- ----------- Net increase (decrease) in net assets during year....................................... 14,381,344 (4,105,562) 13,990,625 (1,403,645) Net assets at beginning of year............... 126,112,641 130,218,203 8,933,215 10,336,860 ------------ ------------ ----------- ----------- NET ASSETS END OF YEAR (1)...................... $140,493,985 $126,112,641 $22,923,840 $ 8,933,215 ============ ============ =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold................................... 900,000 200,000 400,000 100,000 Shares issued to shareholders from reinvestment of distributions.............. 4 1 -- -- Shares redeemed............................... (100,000) (50,000) -- (100,000) ------------ ------------ ----------- ----------- NET INCREASE (DECREASE)......................... 800,004 150,001 400,000 -- ============ ============ =========== =========== (1) Including undistributed (distribution in excess of) net investment income........... $ (122,127) $ (70,336) $ (75,265) $ (447) ============ ============ =========== ===========
See accompanying notes to financial statements. 138 - --------------------------------------------------------------------------------
SPDR SPDR SPDR DJ WILSHIRE DJ WILSHIRE DJ WILSHIRE LARGE CAP GROWTH LARGE CAP VALUE MID CAP ETF ETF ETF ---------------------------- --------------------------- ------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS ENDED ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------- ------------ ------------ ------------ ----------- ----------- $ 1,393,648 $ 2,373,733 $ 1,799,752 $ 3,454,312 $ 227,250 $ 267,638 (10,781,608) 7,751,617 (5,681,197) 9,349,127 (595,961) 1,031,186 (83,967,779) (25,147,072) (22,524,881) (37,561,456) (8,309,815) (4,543,696) ------------- ------------ ------------ ------------ ----------- ----------- (93,355,739) (15,021,722) (26,406,326) (24,758,017) (8,678,526) (3,244,872) ------------- ------------ ------------ ------------ ----------- ----------- (72,396) 53,609 168,971 (133,124) 18,273 (3,315) ------------- ------------ ------------ ------------ ----------- ----------- (1,306,174) (2,447,123) (2,055,266) (3,329,881) (211,356) (286,883) -- -- -- -- -- (1,081,382) ------------- ------------ ------------ ------------ ----------- ----------- (1,306,174) (2,447,123) (2,055,266) (3,329,881) (211,356) (1,368,265) ------------- ------------ ------------ ------------ ----------- ----------- 10,924,078 125,624,489 44,444,690 29,080,124 8,331,238 5,453,476 47 -- 4,937 6,865 -- -- (40,094,232) (42,848,098) (8,243,388) (56,818,532) -- (5,074,560) 72,396 (53,609) (168,971) 133,124 (18,273) 3,315 ------------- ------------ ------------ ------------ ----------- ----------- (29,097,711) 82,722,782 36,037,268 (27,598,419) 8,312,965 382,231 ------------- ------------ ------------ ------------ ----------- ----------- (123,832,020) 65,307,546 7,744,647 (55,819,441) (58,644) (4,234,221) 289,015,134 223,707,588 93,427,924 149,247,365 20,819,746 25,053,967 ------------- ------------ ------------ ------------ ----------- ----------- $ 165,183,114 $289,015,134 $101,172,571 $ 93,427,924 $20,261,102 $20,819,746 ============= ============ ============ ============ =========== =========== 250,000 2,200,000 800,000 350,000 200,000 100,000 1 -- 74 84 -- -- (1,050,000) (750,000) (150,000) (700,000) -- (100,000) ------------- ------------ ------------ ------------ ----------- ----------- (799,999) 1,450,000 650,074 (349,916) 200,000 -- ============= ============ ============ ============ =========== =========== $ 15,261 $ (72,213) $ (158,752) $ 96,762 $ (13,602) $ (29,496) ============= ============ ============ ============ =========== ===========
139 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ WILSHIRE MID CAP GROWTH MID CAP VALUE ETF ETF --------------------------- ------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ ------------ ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................... $ 120,630 $ 190,598 $ 181,862 $ 299,689 Net realized gain (loss) on investments and foreign currency transactions............... (1,573,886) 1,375,831 (812,668) (1,625,365) Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions....................... (14,304,142) (6,371,142) (1,957,189) (1,554,983) ------------ ------------ ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............................. (15,757,398) (4,804,713) (2,587,995) (2,880,659) ------------ ------------ ----------- ----------- NET EQUALIZATION CREDITS AND CHARGES........... (75) (1,714) (2,894) (25,215) ------------ ------------ ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................... (111,351) (193,740) (158,660) (302,238) Net realized gains............................. -- (726,522) -- -- ------------ ------------ ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS............ (111,351) (920,262) (158,660) (302,238) ------------ ------------ ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........... 1,774,145 41,395,403 3,369,910 -- Net proceeds from reinvestment of shares issued...................................... -- -- -- -- Cost of shares redeemed........................ (3,034,805) (15,799,591) -- (5,678,054) Net income equalization........................ 75 1,714 2,894 25,215 ------------ ------------ ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............... (1,260,585) 25,597,526 3,372,804 (5,652,839) ------------ ------------ ----------- ----------- Net increase (decrease) in net assets during year........................................ (17,129,409) 19,870,837 623,255 (8,860,951) Net assets at beginning of year................ 43,977,178 24,106,341 10,068,188 18,929,139 ------------ ------------ ----------- ----------- NET ASSETS END OF YEAR (1)....................... $ 26,847,769 $ 43,977,178 $10,691,443 $10,068,188 ============ ============ =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold.................................... 50,000 600,000 100,000 -- Shares issued to shareholders from reinvestment of distributions............................ -- -- -- -- Shares redeemed................................ (50,000) (250,000) -- (100,000) ------------ ------------ ----------- ----------- NET INCREASE (DECREASE)........................ -- 350,000 100,000 (100,000) ============ ============ =========== =========== (1) Including undistributed (distribution in excess of) net investment income............ $ 3,024 $ (6,255) $ 6,229 $ (16,973) ============ ============ =========== ===========
See accompanying notes to financial statements. 140 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SMALL CAP VALUE ETF --------------------------- SPDR SPDR DJ WILSHIRE DJ WILSHIRE SMALL CAP SMALL CAP GROWTH ETF ETF ------------------------- --------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS ENDED ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ----------- ----------- ------------ ------------ ------------ ------------ $ 177,278 $ 163,631 $ 398,228 $ 432,859 $ 1,461,226 $ 2,066,772 (225,052) 735,067 (3,635,509) 14,964,160 (228,383) 5,149,277 (5,312,907) (2,758,524) (30,134,361) (27,173,239) (25,191,372) (30,679,465) ----------- ----------- ------------ ------------ ------------ ------------ (5,360,681) (1,859,826) (33,371,642) (11,776,220) (23,958,529) (23,463,416) ----------- ----------- ------------ ------------ ------------ ------------ 18,255 8,188 36,266 3,615 (47,559) 14,047 ----------- ----------- ------------ ------------ ------------ ------------ (157,378) (181,544) (355,166) (433,982) (951,201) (2,295,875) -- -- -- (1,492,119) (266,335) (424,791) ----------- ----------- ------------ ------------ ------------ ------------ (157,378) (181,544) (355,166) (1,926,101) (1,217,536) (2,720,666) ----------- ----------- ------------ ------------ ------------ ------------ 8,659,970 14,851,257 29,318,080 70,646,661 32,619,180 9,480,238 -- -- 88 559 3,607 10,808 -- (8,977,921) (6,926,931) (59,224,273) (31,243,081) (13,540,557) (18,255) (8,188) (36,266) (3,615) 47,559 (14,047) ----------- ----------- ------------ ------------ ------------ ------------ 8,641,715 5,865,148 22,354,971 11,419,332 1,427,265 (4,063,558) ----------- ----------- ------------ ------------ ------------ ------------ 3,141,911 3,831,966 (11,335,571) (2,279,374) (23,796,359) (30,233,593) 13,816,739 9,984,773 86,128,557 88,407,931 89,856,252 120,089,845 ----------- ----------- ------------ ------------ ------------ ------------ $16,958,650 $13,816,739 $ 74,792,986 $ 86,128,557 $ 66,059,893 $ 89,856,252 =========== =========== ============ ============ ============ ============ 200,000 250,000 450,000 700,000 550,000 150,000 -- -- 1 6 64 166 -- (150,000) (100,000) (600,000) (550,000) (200,000) ----------- ----------- ------------ ------------ ------------ ------------ 200,000 100,000 (350,001) 100,006 64 (49,834) =========== =========== ============ ============ ============ ============ $ (14,368) $ (34,268) $ 21,839 $ (21,223) $ 29,469 $ (480,556) =========== =========== ============ ============ ============ ============
141 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR DJ SPDR DJ WILSHIRE GLOBAL TITANS REIT ETF ETF --------------------------- ------------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED YEAR ENDED YEAR 12/31/08 ENDED 12/31/08 ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ ------------ -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss).............. $ 1,697,186 $ 4,569,354 $ 41,681,141 $ 34,780,063 Net realized gain (loss) on investments and foreign currency transactions...... (8,317,498) (7,992,699) (98,167,189) 51,644,515 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.......... (33,511,557) (21,693,159) (461,672,779) (284,506,178) ------------ ------------ -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.............. (40,131,869) (25,116,504) (518,158,827) (198,081,600) ------------ ------------ -------------- -------------- Net equalization credits and charges...... (89,518) 78,677 2,827,034 2,733,717 ------------ ------------ -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................... (1,598,060) (4,723,060) (27,887,071) (58,172,700) ------------ ------------ -------------- -------------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares...... 18,918,119 27,231,499 453,637,491 735,860,724 Net proceeds from reinvestment of shares issued................................. 2,236 3,706 223,328 265,995 Cost of shares redeemed................... (52,808,140) (3,849,946) (122,775,355) (437,969,362) Net income equalization................... 89,518 (78,677) (2,827,034) (2,733,717) ------------ ------------ -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.......... (33,798,267) 23,306,582 328,258,430 295,423,640 ------------ ------------ -------------- -------------- Net increase (decrease) in net assets during year............................ (75,617,714) (6,454,305) (214,960,434) 41,903,057 Net assets at beginning of year........... 163,653,931 170,108,236 1,289,796,160 1,247,893,103 ------------ ------------ -------------- -------------- NET ASSETS END OF YEAR (1).................. $ 88,036,217 $163,653,931 $1,074,835,726 $1,289,796,160 ============ ============ ============== ============== SHARES OF BENEFICIAL INTEREST: Shares sold............................... 350,000 350,000 9,150,000 10,100,000 Shares issued to shareholders from reinvestment of distributions.......... 35 48 3,428 3,537 Shares redeemed........................... (950,000) (50,000) (2,300,000) (5,800,000) ------------ ------------ -------------- -------------- NET INCREASE (DECREASE)..................... (599,965) 300,048 6,853,428 4,303,537 ============ ============ ============== ============== (1) Including undistributed (distribution in excess of) net investment income....... $ 34,541 $ (64,585) $ (2,661,996) $ (16,456,066) ============ ============ ============== ==============
See accompanying notes to financial statements. 142 - --------------------------------------------------------------------------------
SPDR SPDR SPDR KBW KBW KBW BANK CAPITAL MARKETS INSURANCE ETF ETF ETF --------------------------------- ------------------------------- ----------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 12/31/08 ENDED 12/31/08 ENDED 12/31/08 ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 --------------- --------------- ------------- --------------- ------------- ------------- $ 25,288,651 $ 17,645,349 $ 882,550 $ 1,404,657 $ 1,017,750 $ 2,058,705 (216,054,444) (71,181,193) (44,927,487) (33,359,964) (40,283,306) (9,563,252) (154,462,584) (313,025,630) (5,250,017) (42,353,956) 7,993,256 (28,059,915) --------------- --------------- ------------- --------------- ------------- ------------- (345,228,377) (366,561,474) (49,294,954) (74,309,263) (31,272,300) (35,564,462) --------------- --------------- ------------- --------------- ------------- ------------- 368,541 6,463,701 12,446 274,818 234,625 241,888 --------------- --------------- ------------- --------------- ------------- ------------- (20,137,399) (22,992,238) (676,846) (1,696,609) (1,049,623) (2,328,352) --------------- --------------- ------------- --------------- ------------- ------------- 3,696,641,538 4,476,767,384 345,976,575 2,178,610,256 292,604,933 516,506,101 38,554 25,301 -- -- -- -- (3,311,967,884) (3,276,027,101) (352,777,054) (2,071,307,179) (210,891,391) (474,652,361) (368,541) (6,463,701) (12,446) (274,818) (234,625) (241,888) --------------- --------------- ------------- --------------- ------------- ------------- 384,343,667 1,194,301,883 (6,812,925) 107,028,259 81,478,917 41,611,852 --------------- --------------- ------------- --------------- ------------- ------------- 19,346,432 811,211,872 (56,772,279) 31,297,205 49,391,619 3,960,926 883,280,284 72,068,412 117,300,337 86,003,132 63,373,817 59,412,891 --------------- --------------- ------------- --------------- ------------- ------------- $ 902,626,716 $ 883,280,284 $ 60,528,058 $ 117,300,337 $ 112,765,436 $ 63,373,817 =============== =============== ============= =============== ============= ============= 128,100,000 106,350,000 8,550,000 34,200,000 9,000,000 9,900,000 1,354 612 -- -- -- -- (117,900,000) (76,750,000) (8,850,000) (32,850,000) (6,450,000) (9,350,000) --------------- --------------- ------------- --------------- ------------- ------------- 10,201,354 29,600,612 (300,000) 1,350,000 2,550,000 550,000 =============== =============== ============= =============== ============= ============= $ (195,637) $ (5,346,889) $ (9,471) $ (215,175) $ (234,872) $ (202,999) =============== =============== ============= =============== ============= =============
143 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR SPDR MORGAN STANLEY TECHNOLOGY S&P DIVIDEND ETF ETF --------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................ $ 439,406 $ 608,029 $ 7,888,965 $ 9,929,169 Net realized gain (loss) on investments and foreign currency transactions............ (32,626,027) (1,131,878) (63,580,547) (7,300,900) Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.................... (63,664,058) (30,793,772) 35,068,600 (74,999,594) ------------ ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................ (95,850,679) (31,317,621) (20,622,982) (72,371,325) ------------ ------------ ------------ ------------ Net equalization credits and charges........ (20,760) (20,040) 972,261 99,649 ------------ ------------ ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................... (421,802) (623,850) (9,107,950) (10,113,603) Net realized gains.......................... -- -- -- (3,272,942) ------------ ------------ ------------ ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS......... (421,802) (623,850) (9,107,950) (13,386,545) ------------ ------------ ------------ ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........ 57,877,726 112,430,275 266,944,736 67,799,118 Net proceeds from reinvestment of shares issued................................... 109 -- 3,550 4,601 Cost of shares redeemed..................... (54,766,906) (40,429,206) (34,403,164) (26,986,453) Net income equalization..................... 20,760 20,040 (972,261) (99,649) ------------ ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............ 3,131,689 72,021,109 231,572,861 40,717,617 ------------ ------------ ------------ ------------ Net increase (decrease) in net assets during year..................................... (93,161,552) 40,059,598 202,814,190 (44,940,604) Net assets at beginning of year............. 228,870,470 188,810,872 230,378,466 275,319,070 ------------ ------------ ------------ ------------ NET ASSETS END OF YEAR (1).................... $135,708,918 $228,870,470 $433,192,656 $230,378,466 ============ ============ ============ ============ SHARES OF BENEFICIAL INTEREST: Shares sold................................. 1,300,000 1,850,000 6,250,000 1,250,000 Shares issued to shareholders from reinvestment of distributions............ 2 -- 72 85 Shares redeemed............................. (1,450,000) (750,000) (750,000) (450,000) ------------ ------------ ------------ ------------ NET INCREASE (DECREASE)....................... (149,998) 1,100,000 5,500,072 800,085 ============ ============ ============ ============ (1) Including undistributed (distribution in excess of) net investment income......... $ 1,783 $ (15,821) $ (1,403,419) $ (184,434) ============ ============ ============ ============
See accompanying notes to financial statements. 144 - --------------------------------------------------------------------------------
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 MONTHS MONTHS ENDED ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------- ------------- --------------- --------------- --------------- --------------- $ 7,909,178 $ 3,117,219 $ 5,962,996 $ 8,290,987 $ 1,864,821 $ 2,065,183 1,167,445 22,042,568 (381,560,693) (142,189,940) (171,846,296) 130,740,731 (80,449,173) (17,796,047) 106,276,274 (123,156,917) (260,694,735) 48,689,578 ------------- ------------- --------------- --------------- --------------- --------------- (71,372,550) 7,363,740 (269,321,423) (257,055,870) (430,676,210) 181,495,492 ------------- ------------- --------------- --------------- --------------- --------------- (78,667) (73,636) 828,276 (1,258,222) 351,510 (11,437) ------------- ------------- --------------- --------------- --------------- --------------- (62,239) (3,143,730) (8,008,987) (6,970,799) (2,577,009) (1,900,215) -- -- -- -- -- -- ------------- ------------- --------------- --------------- --------------- --------------- (62,239) (3,143,730) (8,008,987) (6,970,799) (2,577,009) (1,900,215) ------------- ------------- --------------- --------------- --------------- --------------- 582,241,060 513,373,804 1,524,972,420 5,717,311,767 1,252,620,460 2,105,539,857 -- -- -- -- 342 327 (309,249,345) (360,208,917) (1,243,549,758) (5,248,799,178) (1,424,439,504) (1,669,482,816) 78,667 73,636 (828,276) 1,258,222 (351,510) 11,437 ------------- ------------- --------------- --------------- --------------- --------------- 273,070,382 153,238,523 280,594,386 469,770,811 (172,170,212) 436,068,805 ------------- ------------- --------------- --------------- --------------- --------------- 201,556,926 157,384,897 4,092,252 204,485,920 (605,071,921) 615,652,645 264,341,747 106,956,850 535,552,987 331,067,067 819,192,561 203,539,916 ------------- ------------- --------------- --------------- --------------- --------------- $ 465,898,673 $ 264,341,747 $ 539,645,239 $ 535,552,987 $ 214,120,640 $ 819,192,561 ============= ============= =============== =============== =============== =============== 9,450,000 8,900,000 93,300,000 269,300,000 24,450,000 28,650,000 -- -- -- -- 6 5 (5,350,000) (6,400,000) (80,900,000) (247,800,000) (25,450,000) (23,200,000) ------------- ------------- --------------- --------------- --------------- --------------- 4,100,000 2,500,000 12,400,000 21,500,000 (999,994) 5,450,005 ============= ============= =============== =============== =============== =============== $ 7,909,179 $ 62,240 $ (725,803) $ 1,320,188 $ (380,684) $ 331,504 ============= ============= =============== =============== =============== ===============
145 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 MONTHS ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------- ------------- --------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................ $ 545,349 $ 533,539 $ 903,742 $ 423,269 Net realized gain (loss) on investments and foreign currency transactions............ (23,841,819) 20,853,423 (128,426,506) 69,600,369 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.................... (150,067,999) 35,819,574 (117,895,289) 6,341,520 ------------- ------------- --------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................ (173,364,469) 57,206,536 (245,418,053) 76,365,158 ------------- ------------- --------------- -------------- Net equalization credits and charges........ (7,514) 20,424 25,433 52,962 ------------- ------------- --------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................... (492,162) (577,767) (893,467) (462,680) Net realized gains.......................... -- (476,105) -- -- ------------- ------------- --------------- -------------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS......... (492,162) (1,053,872) (893,467) (462,680) ------------- ------------- --------------- -------------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........ 61,209,173 197,459,958 1,221,177,140 1,166,925,024 Net proceeds from reinvestment of shares issued................................... -- -- -- -- Cost of shares redeemed..................... (71,568,769) (117,592,013) (1,076,154,436) (969,915,790) Net income equalization..................... 7,514 (20,424) (25,433) (52,962) ------------- ------------- --------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............ (10,352,082) 79,847,521 144,997,271 196,956,272 ------------- ------------- --------------- -------------- VOLUNTARY CONTRIBUTION FROM ADVISOR......... -- -- -- -- ------------- ------------- --------------- -------------- Net increase (decrease) in net assets during year..................................... (184,216,227) 136,020,609 (101,288,816) 272,911,712 Net assets at beginning of year............. 279,948,051 143,927,442 311,952,415 39,040,703 ------------- ------------- --------------- -------------- NET ASSETS END OF YEAR (1).................... $ 95,731,824 $ 279,948,051 $ 210,663,599 $ 311,952,415 ============= ============= =============== ============== SHARES OF BENEFICIAL INTEREST: Shares sold................................. 2,150,000 4,650,000 28,200,000 20,700,000 Shares issued to shareholders from reinvestment of distributions............ -- -- -- -- Shares redeemed............................. (2,050,000) (3,050,000) (25,550,000) (17,100,000) ------------- ------------- --------------- -------------- NET INCREASE (DECREASE)..................... 100,000 1,600,000 2,650,000 3,600,000 ============= ============= =============== ============== (1) Including undistributed (distribution in excess of) net investment income......... $ 8,959 $ (44,228) $ (26,443) $ (36,718) ============= ============= =============== ==============
See accompanying notes to financial statements. 146 - --------------------------------------------------------------------------------
SPDR SPDR SPDR SPDR S&P PHARMACEUTICALS S&P RETAIL S&P SEMICONDUCTOR KBW REGIONAL BANKING ETF ETF ETF ETF ------------------------- -------------------------------- --------------------------- -------------------------------- FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS MONTHS ENDED ENDED ENDED ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- $ 222,402 $ 86,848 $ 3,346,944 $ 2,632,222 $ 122,302 $ 635,032 $ 14,024,467 $ 13,039,136 (767,420) (977,925) (317,187,747) (17,914,685) (14,634,567) (23,174,644) (32,899,574) (66,927,922) 2,178,991 (338,625) 38,727,377 (29,868,212) 2,684,381 (12,583,453) (42,580,703) (151,148,823) ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- 1,633,973 (1,229,702) (275,113,426) (45,150,675) (11,827,884) (35,123,065) (61,455,810) (205,037,609) ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- 51,126 8,174 (730,694) (473,125) (27,421) 35,395 2,580,097 (5,519,790) ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- (243,706) (95,265) (4,053,515) (2,110,822) (66,192) (669,175) (23,823,292) (7,465,907) (65,554) -- -- -- -- -- -- -- ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- (309,260) (95,265) (4,053,515) (2,110,822) (66,192) (669,175) (23,823,292) (7,465,907) ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- 35,797,288 17,268,279 4,663,649,607 6,499,402,770 19,152,500 267,129,205 3,836,276,860 6,047,386,542 31 31 470 64 -- -- 14,683 4,656 (2,788,484) (15,511,958) (4,411,600,108) (6,325,436,259) (38,363,265) (298,237,858) (3,689,952,195) (5,254,127,148) (51,126) (8,174) 730,694 473,125 27,421 (35,395) (2,580,097) 5,519,790 ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- 32,957,709 1,748,178 252,780,663 174,439,700 (19,183,344) (31,144,048) 143,759,251 798,783,840 ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- -- -- 53,830 1,697,400 -- -- -- -- ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- 34,333,548 431,385 (27,063,142) 128,402,478 (31,104,841) (66,900,893) 61,060,246 580,760,534 9,328,454 8,897,069 263,380,341 134,977,863 39,537,983 106,438,876 709,283,709 128,523,175 ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- $43,662,002 $ 9,328,454 $ 236,317,199 $ 263,380,341 $ 8,433,142 $ 39,537,983 $ 770,343,955 $ 709,283,709 =========== ============ =============== =============== ============ ============= =============== =============== 1,250,000 550,000 179,950,000 190,550,000 500,000 5,750,000 114,550,000 164,500,000 1 1 16 2 -- -- 446 135 (100,000) (500,000) (177,350,000) (184,650,000) (1,100,000) (6,800,000) (114,900,000) (140,600,000) ----------- ------------ --------------- --------------- ------------ ------------- --------------- --------------- 1,150,001 50,001 2,600,016 5,900,002 (600,000) (1,050,000) (349,554) 23,900,135 =========== ============ =============== =============== ============ ============= =============== =============== $ (29,022) $ (7,718) $ (185,171) $ 521,400 $ 21,967 $ (34,143) $ (3,051,604) $ 6,747,221 =========== ============ =============== =============== ============ ============= =============== ===============
147 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 12/31/08 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 6/30/05 6/30/04 ------------ -------- -------- ------- -------- -------- NET ASSET VALUE, BEGINNING OF PERIOD............ $ 93.41 $ 108.50 $ 91.82 $ 85.26 $ 80.87 $ 69.97 -------- -------- -------- ------- -------- -------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).................... 0.91 1.74 1.61 1.50 1.69 1.17 Net realized and unrealized gain (loss) (5)..... (28.15) (15.07) 16.69 6.54 4.38 10.89 -------- -------- -------- ------- -------- -------- Total from investment operations................ (27.24) (13.33) 18.30 8.04 6.07 12.06 -------- -------- -------- ------- -------- -------- Net equalization credits and charges (4)........ 0.09 0.03 -- -- -- -- -------- -------- -------- ------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........................... (0.92) (1.79) (1.62) (1.48) (1.68) (1.16) Net realized gains.............................. -- -- -- -- -- -- -------- -------- -------- ------- -------- -------- Total distributions............................. (0.92) (1.79) (1.62) (1.48) (1.68) (1.16) -------- -------- -------- ------- -------- -------- NET ASSET VALUE, END OF PERIOD.................. $ 65.34 $ 93.41 $ 108.50 $ 91.82 $ 85.26 $ 80.87 ======== ======== ======== ======= ======== ======== TOTAL RETURN (1)................................ (29.19)% (12.36)% 20.06% 9.47% 7.55% 17.31% Net assets, end of period (in 000s)............. $140,494 $126,113 $130,218 $96,416 $106,580 $113,229 Ratio of expenses to average net assets......... 0.21%(2) 0.20% 0.20% 0.21% 0.21% 0.22% Ratio of net investment income (loss) to average net assets.................................... 2.49%(2) 1.74% 1.62% 1.62% 2.05% 1.59% Portfolio turnover rate (3)..................... 2% 1% 2% 2% 32% 5%
See accompanying notes to Financial Highlights on page 160 and notes to financial statements. 148 - --------------------------------------------------------------------------------
SPDR SPDR DJ WILSHIRE DJ WILSHIRE LARGE CAP ETF LARGE CAP GROWTH ETF ---------------------------------------------- ------------------------------------------------------------ FOR THE SIX FOR THE SIX MONTHS ENDED YEAR YEAR FOR THE PERIOD MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/08 ENDED ENDED 11/8/05*- 12/31/08 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 6/30/06 6/30/05 6/30/04 ------------ ------- ------- -------------- ------------ -------- -------- -------- ------- ------- $ 59.55 $ 68.91 $ 58.17 $56.03 $ 54.02 $ 57.36 $ 49.05 $ 46.27 $ 47.56 $ 40.98 ------- ------- ------- ------ -------- -------- -------- -------- ------- ------- 0.65(4) 1.18 1.11 0.94 0.29 0.44 0.47 0.34 0.71 0.23 (18.22) (9.26) 10.74 2.11 (17.73) (3.33) 8.32 2.78 (1.29) 6.60 ------- ------- ------- ------ -------- -------- -------- -------- ------- ------- (17.57) (8.08) 11.85 3.05 (17.44) (2.89) 8.79 3.12 (0.58) 6.83 ------- ------- ------- ------ -------- -------- -------- -------- ------- ------- 0.34 0.00+ -- -- (0.01) 0.01 (0.01) -- -- -- ------- ------- ------- ------ -------- -------- -------- -------- ------- ------- (0.64) (1.18) (1.11) (0.91) (0.27) (0.46) (0.47) (0.34) (0.71) (0.25) -- (0.10) -- -- -- -- -- -- -- -- ------- ------- ------- ------ -------- -------- -------- -------- ------- ------- (0.64) (1.28) (1.11) (0.91) (0.27) (0.46) (0.47) (0.34) (0.71) (0.25) ------- ------- ------- ------ -------- -------- -------- -------- ------- ------- $ 41.68 $ 59.55 $ 68.91 $58.17 $ 36.30 $ 54.02 $ 57.36 $ 49.05 $ 46.27 $ 47.56 ======= ======= ======= ====== ======== ======== ======== ======== ======= ======= (29.07)% (11.84)% 20.50% 5.47% (32.36)% (5.04)% 17.96% 6.75% (1.25)% 16.70% $22,924 $ 8,933 $10,337 $5,817 $165,183 $289,015 $223,708 $137,353 $80,981 $68,973 0.23%(2) 0.20% 0.20% 0.21%(2) 0.20%(2) 0.20% 0.20% 0.21% 0.21% 0.21% 2.75%(2) 1.80% 1.69% 1.68%(2) 1.20%(2) 0.81% 0.92% 0.74% 1.57% 0.59% 3% 7% 4% 4% 14% 14% 15% 43% 21% 20%
149 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE LARGE CAP VALUE ETF MID CAP ETF ------------------------------------------------------------------ ----------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED YEAR YEAR YEAR YEAR YEAR ENDED YEAR YEAR 12/31/08 ENDED ENDED ENDED ENDED ENDED 12/31/08 ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06(6) 6/30/05(6) 6/30/04(6) (UNAUDITED) 6/30/08 6/30/07 ----------- ------- -------- ---------- ---------- ---------- ----------- ------- ------- NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 69.18 $ 87.77 $ 73.15 $ 67.72 $ 62.91 $ 55.76 $ 52.05 $ 62.63 $ 53.16 -------- ------- -------- -------- -------- ------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).... 1.06 2.37 1.99 1.80 1.70 1.51 0.45 0.65 0.78 Net realized and unrealized gain (loss) (5).................... (18.57) (18.59) 14.61 5.44 4.81 7.10 (18.37) (7.80) 10.28 -------- ------- -------- -------- -------- ------- ------- ------- ------- Total from investment operations.................... (17.51) (16.22) 16.60 7.24 6.51 8.61 (17.92) (7.15) 11.06 -------- ------- -------- -------- -------- ------- ------- ------- ------- Net equalization credits and charges (4)................... 0.11 (0.09) 0.02 -- -- -- 0.04 (0.01) -- -------- ------- -------- -------- -------- ------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........... (1.21) (2.28) (2.00) (1.81) (1.70) (1.46) (0.40) (0.72) (0.80) Net realized gains.............. -- -- -- -- -- -- -- (2.70) (0.79) -------- ------- -------- -------- -------- ------- ------- ------- ------- Total distributions............. (1.21) (2.28) (2.00) (1.81) (1.70) (1.46) (0.40) (3.42) (1.59) -------- ------- -------- -------- -------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD.. $ 50.57 $ 69.18 $ 87.77 $ 73.15 $ 67.72 $ 62.91 $ 33.77 $ 52.05 $ 62.63 ======== ======= ======== ======== ======== ======= ======= ======= ======= TOTAL RETURN (1)................ (25.36)% (18.85)% 22.90% 10.80% 10.43% 15.54% (34.46)% (11.53)% 21.11% Net assets, end of period (in 000s)......................... $101,173 $93,428 $149,247 $102,432 $135,456 $94,370 $20,261 $20,820 $25,054 Ratio of expenses to average net assets........................ 0.21%(2) 0.20% 0.20% 0.21% 0.21% 0.21% 0.28%(2) 0.25% 0.25% Ratio of net investment income (loss) to average net assets............ 3.88%(2) 2.80% 2.44% 2.52% 2.51% 2.72% 2.23%(2) 1.17% 1.41% Portfolio turnover rate (3)..... 17% 13% 13% 42% 19% 28% 24% 45% 40% SPDR DJ WILSHIRE MID CAP ETF -------------- FOR THE PERIOD 11/8/05*- 6/30/06 -------------- NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 49.18 ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).... 0.41 Net realized and unrealized gain (loss) (5).................... 3.96 ------- Total from investment operations.................... 4.37 ------- Net equalization credits and charges (4)................... -- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........... (0.39) Net realized gains.............. -- ------- Total distributions............. (0.39) ------- NET ASSET VALUE, END OF PERIOD.. $ 53.16 ======= TOTAL RETURN (1)................ 8.92% Net assets, end of period (in 000s)......................... $15,949 Ratio of expenses to average net assets........................ 0.26%(2) Ratio of net investment income (loss) to average net assets............ 1.24%(2) Portfolio turnover rate (3)..... 25%
See accompanying notes to Financial Highlights on page 160 and notes to financial statements. 150 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR DJ WILSHIRE SPDR DJ WILSHIRE SMALL CAP MID CAP GROWTH ETF MID CAP VALUE ETF ETF --------------------------------------------------- --------------------------------------------------- ----------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS ENDED YEAR YEAR FOR THE PERIOD ENDED YEAR YEAR FOR THE PERIOD ENDED 12/31/08 ENDED ENDED 11/8/05*- 12/31/08 ENDED ENDED 11/8/05*- 12/31/08 (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) ----------- ------- ------- -------------- ----------- ------- ------- -------------- ----------- $ 62.82 $ 68.88 $ 58.22 $ 53.95 $ 50.34 $ 63.10 $ 54.63 $50.42 $ 55.27 ------- ------- ------- ------- ------- ------- ------- ------ ------- 0.18 0.28 0.51 0.11 0.90 1.28 1.28 0.73 0.56 (24.49) (5.01) 12.17 4.26 (14.81) (12.58) 9.32 4.18 (17.75) ------- ------- ------- ------- ------- ------- ------- ------ ------- 24.31 (4.73) 12.68 4.37 (13.91) (11.30) 10.60 4.91 (17.19) ------- ------- ------- ------- ------- ------- ------- ------ ------- (0.00)+ (0.00)+ -- -- (0.00)+ (0.10) (0.01) -- 0.06 ------- ------- ------- ------- ------- ------- ------- ------ ------- (0.16) (0.29) (0.52) (0.10) (0.79) (1.36) (1.29) (0.70) (0.45) -- (1.04) (1.50) -- -- -- (0.83) -- -- ------- ------- ------- ------- ------- ------- ------- ------ ------- (0.16) (1.33) (2.02) (0.10) (0.79) (1.36) (2.12) (0.70) (0.45) ------- ------- ------- ------- ------- ------- ------- ------ ------- $ 38.35 $ 62.82 $ 68.88 $ 58.22 $ 35.64 $ 50.34 $ 63.10 $54.63 $ 37.69 ======= ======= ======= ======= ======= ======= ======= ====== ======= (38.72)% (6.85)% 22.22% 8.10% (27.85)% (18.18)% 19.68% 9.76% (31.11)% $26,848 $43,977 $24,106 $20,375 $10,691 $10,068 $18,929 $8,194 $16,959 0.26%(2) 0.25% 0.25% 0.26%(2) 0.30%(2) 0.25% 0.25% 0.26%(2) 0.29%(2) 0.72%(2) 0.45% 0.83% 0.30%(2) 4.14%(2) 2.18% 2.10% 2.20%(2) 2.45%(2) 33% 59% 55% 34% 33% 51% 45% 29% 9% SPDR DJ WILSHIRE SMALL CAP ETF ------------------------------------ YEAR YEAR FOR THE PERIOD ENDED ENDED 11/8/05*- 6/30/08 6/30/07 6/30/06 ------- ------- -------------- $ 66.57 $58.03 $ 52.42 ------- ------ ------- 0.69 0.89 0.46 (11.19) 9.78 5.56 ------- ------ ------- (10.50) 10.67 6.02 ------- ------ ------- 0.04 -- -- ------- ------ ------- (0.84) (0.99) (0.41) -- (1.14) -- ------- ------ ------- (0.84) (2.13) (0.41) ------- ------ ------- $ 55.27 $66.57 $ 58.03 ======= ====== ======= (15.76)% 18.70% 11.49% $13,817 $9,985 $26,113 0.25% 0.25% 0.26%(2) 1.34% 1.18% 1.35%(2) 24% 16% 10%
151 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SMALL CAP GROWTH ETF -------------------------------------------------------------- FOR THE SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/08 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 6/30/05 6/30/04 ------------ ------- ------- ------- ------- ------- NET ASSET VALUE, BEGINNING OF PERIOD......... $ 90.65 $104.00 $ 87.11 $ 75.96 $ 69.92 $ 53.55 ------- ------- ------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)................. 0.35 0.42 0.20 0.23 0.33 0.39(4) Net realized and unrealized gain (loss) (5).. (33.19) (11.83) 16.88 11.17 6.03 16.30 ------- ------- ------- ------- ------- ------- Total from investment operations............. (32.84) (11.41) 17.08 11.40 6.36 16.69 ------- ------- ------- ------- ------- ------- Net equalization credits and charges (4)..... 0.03 0.00+ -- -- -- -- ------- ------- ------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........................ (0.31) (0.45) (0.19) (0.25) (0.32) (0.32) Net realized gains........................... -- (1.49) -- -- -- -- ------- ------- ------- ------- ------- ------- Total distributions.......................... (0.31) (1.94) (0.19) (0.25) (0.32) (0.32) ------- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD............... $ 57.53 $ 90.65 $104.00 $ 87.11 $ 75.96 $ 69.92 ======= ======= ======= ======= ======= ======= TOTAL RETURN (1)............................. (36.24)% (11.01)% 19.63% 15.02% 9.13% 31.19% Net assets, end of period (in 000s).......... $74,793 $86,129 $88,408 $78,405 $53,183 $55,944 Ratio of expenses to average net assets...... 0.26%(2) 0.25% 0.25% 0.26% 0.26% 0.27% Ratio of net investment income (loss) to average net assets......................... 1.05%(2) 0.46% 0.22% 0.26% 0.46% 0.59% Portfolio turnover rate (3).................. 21% 38% 25% 84% 36% 63%
See accompanying notes to Financial Highlights on page 160 and notes to financial statements. 152 - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SMALL CAP VALUE ETF ------------------------------------------------------------------------ FOR THE SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/08 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06(6) 6/30/05(6) 6/30/04(6) ------------ ------- -------- ---------- ---------- ---------- $ 57.92 $ 75.01 $ 65.35 $ 59.03 $ 56.97 $ 45.07 ------- ------- -------- -------- ------- ------- 0.96 1.25 1.62 1.40(4) 1.14(4) 0.91 (15.47) (16.50) 9.76 8.21 4.55 12.92 ------- ------- -------- -------- ------- ------- (14.51) (15.25) 11.38 9.61 5.69 13.83 ------- ------- -------- -------- ------- ------- (0.03) 0.01 0.02 -- -- -- ------- ------- -------- -------- ------- ------- (0.63) (1.56) (1.73) (1.30) (1.14) (0.75) (0.17) (0.29) (0.01) (1.99) (2.49) (1.18) ------- ------- -------- -------- ------- ------- (0.80) (1.85) (1.74) (3.29) (3.63) (1.93) ------- ------- -------- -------- ------- ------- $ 42.58 $ 57.92 $ 75.01 $ 65.35 $ 59.03 $ 56.97 ======= ======= ======== ======== ======= ======= (25.30)% (20.46)% 17.64% 16.66% 10.07% 30.92% $66,060 $89,856 $120,090 $101,344 $88,583 $76,928 0.26%(2) 0.25% 0.25% 0.26% 0.26% 0.27% 3.57%(2) 2.12% 2.27% 2.21% 2.00% 1.88% 16% 28% 23% 97% 33% 54%
153 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 12/31/08 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 6/30/05 6/30/04 ------------ -------- -------- ------- -------- ------- NET ASSET VALUE, BEGINNING OF PERIOD...... $ 66.79 $ 79.11 $ 66.98 $ 62.88 $ 61.43 $ 54.04 ------- -------- -------- ------- -------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).............. 0.83 1.89 1.67 1.46 1.47 0.72 Net realized and unrealized gain (loss)(5)............................... (19.22) (12.28) 12.11 4.08 1.44 7.60 ------- -------- -------- ------- -------- ------- Total from investment operations.......... (18.39) (10.39) 13.78 5.54 2.91 8.32 ------- -------- -------- ------- -------- ------- Net equalization credits and charges(4)... (0.04) 0.03 -- -- -- -- ------- -------- -------- ------- -------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................... (0.78) (1.96) (1.65) (1.44) (1.46) (0.93) Net realized gains........................ -- -- -- -- -- -- ------- -------- -------- ------- -------- ------- Total distributions....................... (0.78) (1.96) (1.65) (1.44) (1.46) (0.93) ------- -------- -------- ------- -------- ------- NET ASSET VALUE, END OF PERIOD............ $ 47.58 $ 66.79 $ 79.11 $ 66.98 $ 62.88 $ 61.43 ======= ======== ======== ======= ======== ======= TOTAL RETURN(1)........................... (27.71)% (13.28)% 20.72% 8.88% 4.75% 15.47% Net assets, end of period (in 000s)....... $88,036 $163,654 $170,108 $77,044 $106,904 $67,581 Ratio of expenses to average net assets... 0.50%(2) 0.50% 0.51% 0.51% 0.51% 0.51% Ratio of net investment income (loss) to average net assets...................... 2.76%(2) 2.55% 2.33% 2.11% 2.47% 1.84% Portfolio turnover rate (3)............... 21% 15% 9% 9% 36% 15%
See accompanying notes to Financial Highlights on page 160 and notes to financial statements. 154 - --------------------------------------------------------------------------------
SPDR SPDR KBW BANK DJ WILSHIRE REIT ETF ETF - ------------------------------------------------------------------------------ ----------------------------------------------- FOR THE SIX FOR THE SIX MONTHS ENDED YEAR YEAR YEAR YEAR YEAR MONTHS ENDED YEAR YEAR FOR THE PERIOD 12/31/08 ENDED ENDED ENDED ENDED ENDED 12/31/08 ENDED ENDED 11/8/05*- (UNAUDITED) 6/30/08 6/30/07 6/30/06(6) 6/30/05(6) 6/30/04(6) (UNAUDITED) 6/30/08 6/30/07 6/30/06 ------------ ---------- ---------- ---------- ---------- ---------- ------------ -------- ------- -------------- $ 65.40 $ 80.93 $ 75.98 $ 65.56 $ 51.38 $ 42.59 $ 28.58 $ 55.44 $ 53.73 $ 50.17 ---------- ---------- ---------- ---------- -------- -------- -------- -------- ------- -------- 1.96 2.43 2.57 2.99 2.98(4) 2.59(4) 0.71 1.60 2.54 0.93 (25.82) (14.86) 6.27 10.88 14.00 8.69 (6.80) (27.35) 1.64 3.52 ---------- ---------- ---------- ---------- -------- -------- -------- -------- ------- -------- (23.86) (12.43) 8.84 13.87 16.98 11.28 (6.09) (25.75) 4.18 4.45 ---------- ---------- ---------- ---------- -------- -------- -------- -------- ------- -------- 0.13 0.16 (0.02) -- -- -- 0.01 0.66 0.30 -- ---------- ---------- ---------- ---------- -------- -------- -------- -------- ------- -------- (1.23) (3.26) (3.33) (3.00) (2.80) (2.33) (0.54) (1.77) (2.77) (0.89) -- -- (0.54) (0.45) -- (0.16) -- -- -- -- ---------- ---------- ---------- ---------- -------- -------- -------- -------- ------- -------- (1.23) (3.26) (3.87) (3.45) (2.80) (2.49) (0.54) (1.77) (2.77) (0.89) ---------- ---------- ---------- ---------- -------- -------- -------- -------- ------- -------- $ 40.44 $ 65.40 $ 80.93 $ 75.98 $ 65.56 $ 51.38 $ 21.96 $ 28.58 $ 55.44 $ 53.73 ========== ========== ========== ========== ======== ======== ======== ======== ======= ======== (36.76)% (15.41)% 11.43% 21.73% 33.64% 26.70% (21.79)% (46.07)% 8.28% 8.90% $1,074,836 $1,289,796 $1,247,893 $1,049,212 $659,223 $447,114 $902,627 $883,280 $72,068 $147,756 0.25%(2) 0.25% 0.25% 0.26% 0.26% 0.26% 0.35%(2) 0.35% 0.35% 0.36%(2) 7.02%(2) 2.79% 2.95% 3.57% 5.06% 5.23% 4.83%(2) 4.46% 2.93% 3.06%(2) 4% 14% 16% 11% 12% 15% 29% 23% 8% 22%
155 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR KBW CAPITAL MARKETS ETF --------------------------------------------- FOR THE SIX FOR THE MONTHS ENDED YEAR YEAR PERIOD 12/31/08 ENDED ENDED 11/8/05*- (UNAUDITED) 6/30/08 6/30/07 6/30/06 ------------ -------- ------- --------- NET ASSET VALUE, BEGINNING OF PERIOD...................... $ 45.12 $ 68.80 $ 56.18 $ 53.07 ------- -------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).............................. 0.32 0.53 (4) 0.41 2.63 Net realized and unrealized gain (loss)(5)................ (18.88) (23.68) 12.60 3.09 ------- -------- ------- ------- Total from investment operations.......................... (18.56) (23.15) 13.01 5.72 ------- -------- ------- ------- Net equalization credits and charges(4)................... 0.00+ 0.10 (0.04) -- ------- -------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................................... (0.24) (0.63) (0.35) (2.61) Return of capital......................................... -- -- -- ------- -------- ------- ------- Total distributions....................................... (0.24) (0.63) (0.35) (2.61) ------- -------- ------- ------- NET ASSET VALUE, END OF PERIOD............................ $ 26.32 $ 45.12 $ 68.80 $ 56.18 ======= ======== ======= ======= TOTAL RETURN(1)........................................... (41.24)% (33.71)% 23.14% 10.55% Net assets, end of period (in 000s)....................... $60,528 $117,300 $86,003 $50,559 Ratio of expenses to average net assets................... 0.35%(2) 0.35% 0.35% 0.36%(2) Ratio of expenses to average net assets before waiver..... -- -- -- -- Ratio of net investment income (loss) to average net assets.................................................. 1.91%(2) 0.89% 0.52% 2.42%(2) Portfolio turnover rate (3)............................... 33% 52% 96% 11%
See accompanying notes to Financial Highlights on page 160 and notes to financial statements. 156 - --------------------------------------------------------------------------------
SPDR KBW INSURANCE SPDR ETF MORGAN STANLEY TECHNOLOGY ETF ----------------------------------------------- ---------------------------------------------------------------------- FOR THE SIX FOR THE FOR THE SIX MONTHS ENDED YEAR YEAR PERIOD MONTHS ENDED YEAR YEAR YEAR YEAR YEAR 12/31/08 ENDED ENDED 11/8/05*- 12/31/08 ENDED ENDED ENDED ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 6/30/06 6/30/05 6/30/04 ------------ ------- ------- --------- ------------ -------- -------- -------- ------- ------- $ 40.89 $ 59.41 $ 51.22 $ 52.12 $ 55.15 $ 61.90 $ 49.11 $ 46.99 $ 49.18 $ 36.67 -------- ------- ------- ------- -------- -------- -------- -------- ------- ------- 0.47 1.02(4) 0.76 0.44 0.10 0.15 0.05 0.03 0.11 (0.09)(4) (13.58) (18.56) 8.17 (0.93) (21.22) (6.74) 12.80 2.13 (2.19) 12.60 -------- ------- ------- ------- -------- -------- -------- -------- ------- ------- (13.11) (17.54) 8.93 (0.49) (21.12) (6.59) 12.85 2.16 (2.08) 12.51 -------- ------- ------- ------- -------- -------- -------- -------- ------- ------- 0.11 0.12 (0.02) -- (0.00)+ (0.01) 0.00+ -- -- -- -------- ------- ------- ------- -------- -------- -------- -------- ------- ------- (0.39) (1.10) (0.72) (0.41) (0.10) (0.15) (0.05) (0.03) (0.11) -- -- -- -- -- -- -- (0.01) (0.01) -- -- -------- ------- ------- ------- -------- -------- -------- -------- ------- ------- (0.39) (1.10) (0.72) (0.41) (0.10) (0.15) (0.06) (0.04) (0.11) -- -------- ------- ------- ------- -------- -------- -------- -------- ------- ------- $ 27.50 $ 40.89 $ 59.41 $ 51.22 $ 33.93 $ 55.15 $ 61.90 $ 49.11 $ 46.99 $ 49.18 ======== ======= ======= ======= ======== ======== ======== ======== ======= ======= (31.91)% (29.67)% 17.46% (0.93)% (38.31)% (10.67)% 26.19% 4.60% (4.25)% 34.11% $112,765 $63,374 $59,413 $35,855 $135,709 $228,870 $188,811 $144,873 $30,546 $24,595 0.35%(2) 0.35% 0.35% 0.36%(2) 0.50%(2) 0.50% 0.50% 0.51% 0.51% 0.52% -- -- -- -- -- -- -- -- -- -- 3.06%(2) 1.99% 1.32% 1.27%(2) 0.44%(2) 0.26% 0.09% 0.07% 0.24% (0.20)% 39% 18% 6% 16% 12% 24% 22% 23% 46% 17%
157 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P DIVIDEND BIOTECH ETF ETF ------------------------------------------ ------------------------------- FOR THE SIX FOR THE SIX MONTHS FOR THE MONTHS ENDED YEAR YEAR PERIOD ENDED YEAR YEAR 12/31/08 ENDED ENDED 11/8/05*- 12/31/08 ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 ----------- -------- -------- --------- ----------- -------- -------- NET ASSET VALUE, BEGINNING OF PERIOD............. $ 44.30 $ 62.57 $ 55.70 $ 53.49 $ 57.47 $ 50.93 $ 45.90 -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)..................... 1.13(4) 2.19(4) 1.75 1.12 0.91 0.66 0.18 Net realized and unrealized gain (loss) (5)...... (3.96) (17.49) 6.87 2.15 (4.81) 6.59 5.04 -------- -------- -------- -------- -------- -------- -------- Total from investment operations................. (2.83) (15.30) 8.62 3.27 (3.90) 7.25 5.22 -------- -------- -------- -------- -------- -------- -------- Net equalization credits and charges (4)......... 0.14 0.02 0.12 0.00+ (0.01) (0.02) (0.05) -------- -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............................ (1.13) (2.19) (1.87) (1.06) (0.01) (0.69) (0.14) Net realized gains............................... -- (0.80) -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- Total distributions.............................. (1.13) (2.99) (1.87) (1.06) (0.01) (0.69) (0.14) -------- -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD................... $ 40.48 $ 44.30 $ 62.57 $ 55.70 $ 53.55 $ 57.47 $ 50.93 ======== ======== ======== ======== ======== ======== ======== TOTAL RETURN (1)................................. (6.33)% (25.05)% 15.78% 6.16% (6.80)% 14.15% 11.26% Net assets, end of period (in 000s).............. $433,193 $230,378 $275,319 $100,263 $465,899 $264,342 $106,957 Ratio of expenses to average net assets.......... 0.35%(2) 0.35% 0.34% 0.30%(2) 0.35%(2) 0.35% 0.35% Ratio of expenses to average net assets before waivers........................................ -- -- 0.35% 0.30% -- -- -- Ratio of net investment income (loss) to average net assets..................................... 5.21%(2) 3.92% 3.11% 3.45%(2) 3.24%(2) 1.48% 0.51% Portfolio turnover rate (3)...................... 62% 48% 41% 25% 33% 79% 74% SPDR S&P BIOTECH ETF --------- FOR THE PERIOD 1/31/06*- 6/30/06 --------- NET ASSET VALUE, BEGINNING OF PERIOD............. $ 49.67 ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)..................... (0.07) Net realized and unrealized gain (loss) (5)...... (3.70) ------- Total from investment operations................. (3.77) ------- Net equalization credits and charges (4)......... -- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............................ -- Net realized gains............................... -- ------- Total distributions.............................. -- ------- NET ASSET VALUE, END OF PERIOD................... $ 45.90 ======= TOTAL RETURN (1)................................. (7.59)% Net assets, end of period (in 000s).............. $29,835 Ratio of expenses to average net assets.......... 0.36%(2) Ratio of expenses to average net assets before waivers........................................ -- Ratio of net investment income (loss) to average net assets..................................... (0.33)%(2) Portfolio turnover rate (3)...................... 38%
See accompanying notes to Financial Highlights on page 160 and notes to financial statements. 158 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P OIL & GAS HOMEBUILDERS METALS & MINING EQUIPMENT & SERVICES ETF ETF ETF ------------------------------------------ ------------------------------------------ ------------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS FOR THE MONTHS FOR THE MONTHS ENDED YEAR YEAR PERIOD ENDED YEAR YEAR PERIOD ENDED YEAR YEAR 12/31/08 ENDED ENDED 1/31/06*- 12/31/08 ENDED ENDED 6/19/06*- 12/31/08 ENDED ENDED (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 ----------- -------- -------- --------- ----------- -------- -------- --------- ----------- -------- -------- $ 16.53 $ 30.37 $ 33.86 $ 46.92 $ 94.16 $ 62.63 $ 50.08 $ 43.29 $ 50.90 $ 36.90 $ 31.07 -------- -------- -------- -------- -------- -------- -------- ------- ------- -------- -------- 0.14 0.36 0.28 0.07 0.26 0.39 0.39 0.02 0.10 0.11 0.08 (4.44) (13.82) (3.49) (13.06) (66.31) 31.54 12.55 6.77 (33.82) 14.11 5.83 -------- -------- -------- -------- -------- -------- -------- ------- ------- -------- -------- (4.30) (13.46) (3.21) (12.99) (66.05) 31.93 12.94 6.79 (33.72) 14.22 5.91 -------- -------- -------- -------- -------- -------- -------- ------- ------- -------- -------- 0.02 (0.06) 0.01 (0.00)+ 0.05 -- (0.03) -- (0.00)+ 0.00+ (0.00)+ -------- -------- -------- -------- -------- -------- -------- ------- ------- -------- -------- (0.20) (0.32) (0.29) (0.07) (0.35) (0.40) (0.36) -- (0.09) (0.12) (0.08) -- -- -- -- -- -- -- -- -- (0.10) -- -------- -------- -------- -------- -------- -------- -------- ------- ------- -------- -------- (0.20) (0.32) (0.29) (0.07) (0.35) (0.40) (0.36) -- (0.09) (0.22) (0.08) -------- -------- -------- -------- -------- -------- -------- ------- ------- -------- -------- $ 12.05 $ 16.53 $ 30.37 $ 33.86 $ 27.81 $ 94.16 $ 62.63 $ 50.08 $ 17.09 $ 50.90 $ 36.90 ======== ======== ======== ======== ======== ======== ======== ======= ======= ======== ======== (26.17)% (44.63)% (9.51)% (27.70)% (70.17)% 51.22% 25.93% 15.70% (66.27)% 38.61% 19.08% $539,645 $535,553 $331,067 $165,908 $214,121 $819,193 $203,540 $30,050 $95,732 $279,948 $143,927 0.35%(2) 0.35% 0.35% 0.36%(2) 0.35%(2) 0.35% 0.35% 0.36%(2) 0.35%(2) 0.36% 0.35% -- -- -- -- -- -- -- -- -- -- -- 2.11%(2) 1.80% 0.64% 0.34%(2) 1.10%(2) 0.59% 0.70% 1.65%(2) 0.68%(2) 0.28% 0.36% 51% 76% 16% 19% 30% 59% 31% 0% 16% 51% 43% SPDR S&P OIL & GAS SPDR S&P EQUIPMENT OIL & GAS & EXPLORATION & PRODUCTION SERVICES ETF ETF ----------------------------------------- --------- FOR THE SIX FOR THE MONTHS FOR THE PERIOD ENDED YEAR YEAR PERIOD 6/19/06*- 12/31/08 ENDED ENDED 6/19/06*- 6/30/06 (UNAUDITED) 6/30/08 6/30/07 6/30/06 --------- ----------- -------- ------- --------- $ 27.99 $ 70.10 $ 45.93 $ 39.12 $ 33.80 ------- -------- -------- ------- ------- 0.00+ 0.15 0.13 0.10 0.00+ 3.08 (40.43) 24.16 6.81 5.32 ------- -------- -------- ------- ------- 3.08 (40.28) 24.29 6.91 5.32 ------- -------- -------- ------- ------- -- 0.00+ 0.02 (0.00)+ -- ------- -------- -------- ------- ------- -- (0.15) (0.14) (0.10) -- -- -- -- -- -- ------- -------- -------- ------- ------- -- (0.15) (0.14) (0.10) -- ------- -------- -------- ------- ------- $ 31.07 $ 29.67 $ 70.10 $ 45.93 $ 39.12 ======= ======== ======== ======= ======= 10.98% (57.50)% 52.99% 17.68% 15.74% $15,535 $210,664 $311,952 $39,041 $19,560 0.36%(2) 0.35%(2) 0.35% 0.35% 0.36%(2) -- -- -- -- -- 0.17%(2) 0.69%(2) 0.28% 0.23% 0.10%(2) 0% 22% 44% 48% 0%
159 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P PHARMACEUTICALS ETF --------------------------------------------------- FOR THE SIX MONTHS ENDED YEAR YEAR FOR THE PERIOD 12/31/08 ENDED ENDED 6/19/06*- (UNAUDITED) 6/30/08 6/30/07 6/30/06 ------------ ------- ------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD............... $ 31.08 $ 35.57 $ 31.88 $ 31.42 ------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)....................... 0.25 0.32(4) 0.38 0.00+ Net realized and unrealized gain (loss)(5)......... (0.99) (4.51) 3.80 0.46 ------- ------- ------- ------- Total from investment operations................... (0.74) (4.19) 4.18 0.46 ------- ------- ------- ------- Net equalization credits and charges (4)........... 0.06 0.03 -- -- ------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.............................. (0.24) (0.33) (0.38) -- Net realized gains................................. (0.05) -- (0.11) -- ------- ------- ------- ------- Total distributions................................ (0.29) (0.33) (0.49) -- ------- ------- ------- ------- Voluntary contribution from advisor................ -- -- -- -- ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD..................... $ 30.11 $ 31.08 $35.57 $ 31.88 ======= ======= ======= ======= TOTAL RETURN (1)................................... (2.25)% (11.73)% 13.17% 1.46% Net assets, end of period (in 000s)................ $43,662 $ 9,328 $8,897 $15,939 Ratio of expenses to average net assets............ 0.35%(2) 0.35% 0.35% 0.36%(2) Ratio of net investment income (loss) to average net assets....................................... 1.90%(2) 0.97% 0.95% 0.29%(2) Portfolio turnover rate (3)........................ 70% 50% 23% 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 SPDR DJ Wilshire REIT ETF: 3 for 1. (7) If the Adviser had not made a voluntary capital contribution to the Fund in 2008 and 2007, the total return would have been (30.04)% and (32.44)%, respectively. See accompanying notes to financial statements. 160 - --------------------------------------------------------------------------------
SPDR SPDR S&P KBW REGIONAL SPDR S&P RETAIL ETF SEMICONDUCTOR ETF BANKING ETF --------------------------------------------------- ------------------------------------------------ ------------ FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX MONTHS ENDED YEAR YEAR PERIOD MONTHS ENDED YEAR YEAR PERIOD MONTHS ENDED 12/31/08 ENDED ENDED 6/19/06*- 12/31/08 ENDED ENDED 1/31/06*- 12/31/08 (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) 6/30/08 6/30/07 6/30/06 (UNAUDITED) ------------ -------- -------- --------- ------------ ------- -------- --------- ------------ $ 29.26 $ 43.54 $ 37.61 $ 36.72 $ 41.62 $ 53.22 $ 47.29 $ 53.32 $ 26.56 -------- -------- -------- ------- ------- ------- -------- ------- -------- 0.25 0.37 0.11 0.01 0.22 0.24 0.16 0.02 0.55 (4) (8.94) (14.39) 5.93 0.88 (17.58) (11.58) 5.93 (6.03) 2.93 -------- -------- -------- ------- ------- ------- -------- ------- -------- (8.69) (14.02) 6.04 0.89 (17.36) (11.34) 6.09 (6.01) 3.48 -------- -------- -------- ------- ------- ------- -------- ------- -------- (0.06) (0.09) 0.02 -- (0.05) 0.01 (0.00)+ -- 0.11 -------- -------- -------- ------- ------- ------- -------- ------- -------- (0.32) (0.31) (0.13) -- (0.12) (0.27) (0.16) (0.02) (0.92) -- -- -- -- -- -- -- -- -- -------- -------- -------- ------- ------- ------- -------- ------- -------- (0.32) (0.31) (0.13) -- (0.12) (0.27) (0.16) (0.02) (0.92) -------- -------- -------- ------- ------- ------- -------- ------- -------- 0.18 0.14 -- -- -- -- -- -- -- -------- -------- -------- ------- ------- ------- -------- ------- -------- $ 20.37 $ 29.26 $ 43.54 $ 37.61 $ 24.09 $ 41.62 $ 53.22 $ 47.29 $ 29.23 ======== ======== ======== ======= ======= ======= ======== ======= ======== (29.41)%(7) (32.11)%(7) 16.12% 2.42% (41.89)% (21.30)% 12.89% (11.26)% 13.25% $236,317 $263,380 $134,978 $20,687 8,433 $39,538 $106,439 $47,290 $770,344 0.35%(2) 0.35% 0.35% 0.36%(2) 0.35%(2) 0.35% 0.35% 0.36%(2) 0.35%(2) 1.98%(2) 1.40% 0.35% 0.82%(2) 1.14%(2) 0.52% 0.35% 0.10%(2) 3.87%(2) 57% 50% 71% 0% 26% 65% 52% 40% 30% SPDR KBW REGIONAL BANKING ETF --------------------------------- FOR THE YEAR YEAR PERIOD ENDED ENDED 6/19/06*- 6/30/08 6/30/07 6/30/06 -------- -------- --------- $ 45.90 $ 48.33 $ 48.02 -------- -------- ------- 1.43 1.84 0.02 (18.58) (2.40) 0.29 -------- -------- ------- (17.15) (0.56) 0.31 -------- -------- ------- (0.60) (0.43) -- -------- -------- ------- (1.59) (1.44) -- -- -- -- -------- -------- ------- (1.59) (1.44) -- -------- -------- ------- -- -- -- -------- -------- ------- $ 26.56 $ 45.90 $ 48.33 ======== ======== ======= (39.51)% (2.16)% 0.66% $709,284 $128,523 $99.076 0.35% 0.36% 0.36%(2) 4.04% 2.16% 4.01%(2) 35% 39% 0%
161 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION The SPDR Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end investment management company that was organized as a Massachusetts business trust on June 12, 1998. As of December 31, 2008, the Trust offered thirty-eight (38) 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, SPDR DJ Wilshire REIT ETF, SPDR KBW Bank ETF , SPDR KBW Capital Markets ETF, SPDR KBW Insurance ETF, SPDR 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 SPDR 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 twelve (12) 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 The value of each Fund's portfolio securities is based on the market price of the securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. Investments in open-end investment companies are valued at their net asset value each business day. If a security's market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the "Board") believes will better reflect fair value in accordance with the Trust's valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the "Committee"). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security in a Fund's portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded (such as in the case of a corporate action or other news that may materially affect the price of the security) or trading in a security has been suspended or halted. Accordingly, a Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. Effective July 1, 2008, the Funds adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157 ("FAS 157"), "Fair Value Measurements." This standard defines fair value, establishes 162 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below. - - Level 1 -- quoted prices in active markets for identical investments - - Level 2 -- other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 -- significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments) Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds' net assets are computed and that may materially affect the value of the Funds' investments). Examples of events that may be "significant events" are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations. Fair value pricing could result in a difference between the prices used to calculate a Fund's net asset value and the prices used by the Fund's benchmark index, which, in turn, could result in a difference between the Fund's performance and the performance of the Fund's benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments. The following table summarizes the inputs used in valuing the Funds' investments, as of December 31, 2008:
LEVEL 2 - LEVEL 3 - LEVEL 1- OTHER SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE SPDR SERIES TRUST PRICES INPUTS INPUTS TOTAL - ----------------- -------------- ----------------- ------------ -------------- SPDR DJ Wilshire Total Market ETF $ 164,005,380 $ -- $ -- $ 164,005,380 SPDR DJ Wilshire Large Cap ETF 28,497,477 -- -- 28,497,477 SPDR DJ Wilshire Large Cap Growth ETF 194,633,268 -- -- 194,633,268 SPDR DJ Wilshire Large Cap Value ETF 117,145,264 -- -- 117,145,264 SPDR DJ Wilshire Mid Cap ETF 25,464,232 -- -- 25,464,232 SPDR DJ Wilshire Mid Cap Growth ETF 34,259,004 -- -- 34,259,004 SPDR DJ Wilshire Mid Cap Value ETF 13,060,937 -- -- 13,060,937 SPDR DJ Wilshire Small Cap ETF 21,577,855 -- --* 21,577,855 SPDR DJ Wilshire Small Cap Growth ETF 91,785,228 -- --* 91,785,228 SPDR DJ Wilshire Small Cap Value ETF 83,397,027 -- -- 83,397,027 SPDR DJ Global Titans ETF 101,160,746 -- -- 101,160,746 SPDR DJ Wilshire REIT ETF 1,350,931,628 -- -- 1,350,931,628 SPDR KBW Bank ETF 1,032,283,800 -- -- 1,032,283,800 SPDR KBW Capital Markets ETF 72,794,577 -- -- 72,794,577 SPDR KBW Insurance ETF 126,672,399 -- -- 126,672,399 SPDR Morgan Stanley Technology ETF 157,432,295 -- -- 157,432,295 SPDR S&P Dividend ETF 519,690,640 -- -- 519,690,640 SPDR S&P Biotech ETF 589,840,050 -- -- 589,840,050 SPDR S&P Homebuilders ETF 672,762,530 -- -- 672,762,530 SPDR S&P Metals & Mining ETF 257,561,471 -- -- 257,561,471 SPDR S&P Oil & Gas Equipment & Services ETF 118,406,889 -- -- 118,406,889 SPDR S&P Oil & Gas Exploration & Production ETF 250,124,921 -- -- 250,124,921 SPDR S&P Pharmaceuticals ETF 55,259,885 -- -- 55,259,885 SPDR S&P Retail ETF 247,767,055 -- -- 247,767,055 SPDR S&P Semiconductor ETF 10,653,193 -- -- 10,653,193 SPDR KBW Regional Banking ETF 974,962,977 -- -- 974,962,977
163 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at December 31, 2008:
NET CHANGE IN REALIZED UNREALIZED GAIN (LOSS) (DEPRECIATION) (AMORTIZED AND CHANGE IN FROM PREMIUMS) UNREALIZED NET BALANCE INVESTMENTS BALANCE AT ACCRETED APPRECIATION/ PURCHASES/ NET TRANSFERS AT STILL HELD AT SPDR SERIES TRUST 6/30/08 DISCOUNTS (DEPRECIATION) (SALES) IN AND/OR OUT 12/31/08 12/31/08 - ----------------- ---------- ---------- -------------- ---------- ------------- -------- -------------- SPDR DJ Wilshire Small Cap ETF*......................... $-- $-- $-- $-- $-- $-- $-- SPDR DJ Wilshire Small Cap Growth ETF*.................. -- -- -- -- -- -- --
* Funds held Level 3 securities that were valued at $0 for the period ended 12/31/08. 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. 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 U.S. government securities. 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 164 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 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 applicable Funds invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes. The Funds have reviewed the tax positions for the open tax years as of June 30, 2008 and have determined that no provision for income tax is required in the Funds' Financial Statements. The Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. For the six months ended December 31, 2008, the Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:
NET GAIN (LOSS) RECLASSIFIED TO PAID IN CAPITAL - --------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 2,878,807 SPDR DJ Wilshire Large Cap ETF -- SPDR DJ Wilshire Large Cap Growth ETF (5,959,645) SPDR DJ Wilshire Large Cap Value ETF (687,285) SPDR DJ Wilshire Mid Cap ETF -- SPDR DJ Wilshire Mid Cap Growth ETF 296,960 SPDR DJ Wilshire Mid Cap Value ETF -- SPDR DJ Wilshire Small Cap ETF -- SPDR DJ Wilshire Small Cap Growth ETF (869,127) SPDR DJ Wilshire Small Cap Value ETF 3,223,013 SPDR DJ Global Titans ETF (533,647) SPDR DJ Wilshire REIT ETF (1,647,660) SPDR KBW Bank ETF 3,534,400 SPDR KBW Capital Markets ETF (12,510,399) SPDR KBW Insurance ETF (33,087,071) SPDR Morgan Stanley Technology ETF (9,327,954) SPDR S&P Dividend ETF 3,775,717 SPDR S&P Biotech ETF 26,788,997 SPDR S&P Homebuilders ETF (235,187,766) SPDR S&P Metals & Mining ETF (62,640,657) SPDR S&P Oil & Gas Equipment & Services ETF 8,552,253 SPDR S&P Oil & Gas Exploration & Production ETF (68,082,817) SPDR S&P Pharmaceuticals ETF 432,337 SPDR S&P Retail ETF (287,999,413) SPDR S&P Semiconductor ETF (11,143,505) SPDR KBW Regional Banking ETF 32,971,492
165 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- At December 31, 2008, 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 $ -- $ -- $ (2,005,209) $ (1,348,494) $ (153,659) $ (4,842,998) $ -- SPDR DJ Wilshire Large Cap ETF -- -- -- -- -- -- -- SPDR DJ Wilshire Large Cap Growth ETF -- (5,421,523) (4,738,409) (2,821,107) (309,686) (3,652,975) -- SPDR DJ Wilshire Large Cap Value ETF -- -- -- -- (974,429) -- -- 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 -- (417,404) (1,493,437) (984,760) -- -- (282,717) SPDR DJ Wilshire REIT ETF -- -- -- -- -- -- -- SPDR KBW Bank ETF -- -- -- -- -- -- -- SPDR KBW Capital Markets ETF -- -- -- -- -- -- -- SPDR KBW Insurance ETF -- -- -- -- -- -- -- SPDR 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 -- -- -- -- -- -- (104,652) 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 -- -- -- -- -- -- (1,832,423) SPDR KBW S&P Regional Banking ETF -- -- -- -- -- -- -- 2016 - ------------------------------------------ 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 (493,781) 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 -- SPDR DJ Wilshire REIT ETF -- SPDR KBW Bank ETF (435,385) SPDR KBW Capital Markets ETF (9,042,847) SPDR KBW Insurance ETF (514,950) SPDR Morgan Stanley Technology ETF (745,443) SPDR S&P Dividend ETF -- SPDR S&P Biotech ETF (733,614) SPDR S&P Homebuilders ETF (8,203,751) 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 (1,022,978) SPDR S&P Semiconductor ETF -- SPDR KBW S&P Regional Banking ETF --
166 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- Under current tax laws, capital losses realized after October 31, may be deferred and treated as occurring on the first day of the following fiscal Year. The Funds incurred the following losses during the period November 1, 2007 through June 30, 2008 that are deferred for tax purposes until fiscal 2009:
DEFERRED LOSSES - -------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ -- SPDR DJ Wilshire Large Cap ETF (2,626) SPDR DJ Wilshire Large Cap Growth ETF (2,915,764) SPDR DJ Wilshire Large Cap Value ETF (996,877) SPDR DJ Wilshire Mid Cap ETF (153,388) SPDR DJ Wilshire Mid Cap Growth ETF (1,429,776) SPDR DJ Wilshire Mid Cap Value ETF (587,867) SPDR DJ Wilshire Small Cap ETF (69,440) SPDR DJ Wilshire Small Cap Growth ETF (261,681) SPDR DJ Wilshire Small Cap Value ETF -- SPDR DJ Global Titans ETF (8,707,631) SPDR DJ Wilshire REIT ETF (8,955,724) SPDR KBW Bank ETF (13,544,034) SPDR KBW Capital Markets ETF (10,491,766) SPDR KBW Insurance ETF (478,998) SPDR Morgan Stanley Technology ETF (3,839,528) SPDR S&P Dividend ETF (6,299,165) SPDR S&P Biotech ETF (9,655,206) SPDR S&P Homebuilders ETF (35,640,771) SPDR S&P Metals & Mining ETF (14,278,984) SPDR S&P Oil & Gas Equipment & Services ETF (331,759) SPDR S&P Oil & Gas Exploration & Production ETF -- SPDR S&P Pharmaceuticals ETF -- SPDR S&P Retail ETF (201,789) SPDR S&P Semiconductor ETF (12,098,030) SPDR KBW S&P Regional Banking ETF (5,493,980)
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 In March, 2008, FASB issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds' derivative and hedging activities. Management is currently evaluating the impact, if any, the adoption of SFAS 161 will have on the Funds' financial statement disclosures. 167 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (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" or "SSgA FM"). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid 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 SPDR DJ Wilshire REIT ETF 0.25 SPDR KBW Bank ETF 0.35 SPDR KBW Capital Markets ETF 0.35 SPDR KBW Insurance ETF 0.35 SPDR 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 SPDR KBW Regional Banking ETF 0.35
The Adviser pays all expenses of each Fund other than 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, acquired fund fees and expenses and other extraordinary expenses. On December 23, 2008 the Adviser agreed to make a voluntary contribution of $53,830 to the SPDR S&P Retail ETF to improve tracking between the Fund and the Index. State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser. See also Note 4. State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Prime Portfolio for which SSgA FM serves as the investment adviser. The State Street Navigator Securities Lending Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending. 168 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- For the period July 1, 2008 through December 31, 2008, State Street earned securities lending agent fees as follows:
SECURITIES LENDING AGENT FEES - ---------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 19,864 SPDR DJ Wilshire Large Cap ETF 2,380 SPDR DJ Wilshire Large Cap Growth ETF 23,840 SPDR DJ Wilshire Large Cap Value ETF 14,298 SPDR DJ Wilshire Mid Cap ETF 5,609 SPDR DJ Wilshire Mid Cap Growth ETF 9,046 SPDR DJ Wilshire Mid Cap Value ETF 2,383 SPDR DJ Wilshire Small Cap ETF 5,322 SPDR DJ Wilshire Small Cap Growth ETF 29,098 SPDR DJ Wilshire Small Cap Value ETF 27,277 SPDR DJ Global Titans ETF 12,788 SPDR DJ Wilshire REIT ETF 156,058 SPDR KBW Bank ETF 271,786 SPDR KBW Capital Markets ETF 16,161 SPDR KBW Insurance ETF 12,473 SPDR Morgan Stanley Technology ETF 20,843 SPDR S&P Dividend ETF 66,732 SPDR S&P Biotech ETF 100,295 SPDR S&P Homebuilders ETF 307,343 SPDR S&P Metals & Mining ETF 53,664 SPDR S&P Oil & Gas Equipment & Services ETF 17,833 SPDR S&P Oil & Gas Exploration & Production ETF 26,862 SPDR S&P Pharmaceuticals ETF 8,260 SPDR S&P Retail ETF 103,969 SPDR S&P Semiconductor ETF 7,706 SPDR KBW S&P Regional Banking ETF 496,091
DISTRIBUTOR State Street Global Markets, LLC (the "Distributor"), an affiliate of the Adviser, serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan, Pursuant to Rule 12b-1 under the 1940 Act, 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, 2009 and therefore no such payments have been made to the Distributor. TRUSTEES' FEES 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 and $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. 169 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- TRANSACTIONS WITH AFFILIATES The Funds listed below have invested in an affiliated company, State Street Corp. Amounts relating to these investments at December 31, 2008 and for the period then ended are:
SHARES PURCHASED SHARES SOLD INCOME EARNED REALIZED GAIN ON NUMBER OF FOR THE FOR THE NUMBER OF FOR THE SHARES SOLD DURING SECURITY SHARES HELD SIX MONTHS ENDED SIX MONTHS ENDED SHARES HELD SIX MONTHS ENDED THE SIX MONTHS ENDED DESCRIPTION AT 6/30/08 12/31/08 12/31/08 12/31/08 12/31/08 12/31/08 - ------------------------------------------------------------------------------------------------------------------------------ SPDR DJ Wilshire Total Market ETF............. 3,168 3,105 236 6,037 $ 2,199 $ 4,391 SPDR DJ Wilshire Large Cap ETF... 307 857 -- 1,164 279 -- SPDR DJ Wilshire Large Cap Growth ETF............. 18,221 -- 18,221 -- -- (107,989) SPDR DJ Wilshire Large Cap Value ETF............. -- 11,086 774 10,312 4,454 (13,037) SPDR KBW Bank ETF............. 726,298 1,972,907 1,924,453 774,752 335,184 (8,214,934) SPDR KBW Capital Markets ETF..... 154,087 429,669 468,410 115,346 55,541 (2,039,546) MARKET VALUE AT SECURITY THE SIX MONTHS ENDED DESCRIPTION 12/31/08 - ----------------------------------------- SPDR DJ Wilshire Total Market ETF............. $ 237,435 SPDR DJ Wilshire Large Cap ETF... 45,780 SPDR DJ Wilshire Large Cap Growth ETF............. -- SPDR DJ Wilshire Large Cap Value ETF............. 405,571 SPDR KBW Bank ETF............. 30,470,996 SPDR KBW Capital Markets ETF..... 4,536,558
Each Fund invests its cash collateral for securities lending in the shares of the State Street Navigator Securities Lending Prime Portfolio, an affiliated fund of the Adviser. Amounts relating to these investments at December 31, 2008 and for the period then ended are:
SHARES PURCHASED SHARES SOLD INCOME EARNED NUMBER OF FOR THE SIX MONTHS FOR THE SIX MONTHS NUMBER OF FOR THE SIX MONTHS SHARES HELD ENDED ENDED SHARES HELD ENDED FUND AT 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - ----------------------------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF 21,262,511 95,345,962 93,553,656 23,054,817 $ 112,621 SPDR DJ Wilshire Large Cap ETF 1,832,154 14,090,788 10,514,673 5,408,269 13,748 SPDR DJ Wilshire Large Cap Growth ETF 20,052,330 128,209,207 119,305,720 28,955,817 134,742 SPDR DJ Wilshire Large Cap Value ETF 12,921,394 124,346,015 122,190,463 15,076,946 80,896 SPDR DJ Wilshire Mid Cap ETF 5,859,846 17,145,350 17,851,006 5,154,190 31,686 SPDR DJ Wilshire Mid Cap Growth ETF 12,388,543 24,071,221 29,091,708 7,368,056 51,197 SPDR DJ Wilshire Mid Cap Value ETF 2,862,416 6,085,734 6,622,498 2,325,652 13,483 SPDR DJ Wilshire Small Cap ETF 3,968,716 9,291,675 8,688,240 4,572,151 30,939 SPDR DJ Wilshire Small Cap Growth ETF 24,685,849 50,964,460 58,660,107 16,990,202 163,956 SPDR DJ Wilshire Small Cap Value ETF 25,747,911 77,961,878 86,769,472 16,940,317 154,420 SPDR DJ Global Titans ETF 9,222,538 160,949,270 157,230,271 12,941,537 72,462 SPDR DJ Wilshire REIT ETF 125,989,046 931,775,211 784,459,311 273,304,946 865,856 SPDR KBW Bank ETF 99,463,820 767,909,495 741,360,753 126,012,562 1,538,861 SPDR KBW Capital Markets ETF 26,491,439 151,577,826 165,976,274 12,092,991 91,395 SPDR KBW Insurance ETF 10,865,370 140,517,041 137,956,418 13,425,993 70,669 SPDR Morgan Stanley Technology ETF 19,361,762 227,304,849 225,207,469 21,459,142 117,998 SPDR S&P Dividend ETF 48,339,022 318,769,866 285,304,912 81,803,976 378,062 SPDR S&P Biotech ETF 72,559,744 407,931,210 356,631,651 123,859,303 568,318 SPDR S&P Homebuilders ETF 134,901,443 579,091,461 584,660,432 129,332,472 1,741,287 SPDR S&P Metals & Mining ETF 94,876,401 320,494,080 372,865,743 42,504,738 304,087 SPDR S&P Oil & Gas Equipment & Services ETF 34,443,666 147,725,887 159,780,535 22,389,018 101,020 SPDR S&P Oil & Gas Exploration & Production ETF 38,608,950 250,761,890 250,235,308 39,135,532 151,727 SPDR S&P Pharmaceuticals ETF 2,523,940 37,917,915 28,929,088 11,512,767 46,797 SPDR S&P Retail ETF 28,405,647 521,577,188 541,100,046 8,882,789 588,925 SPDR S&P Semiconductor ETF 10,428,550 26,519,637 34,732,567 2,215,620 43,571 SPDR KBW Regional Bank ETF 170,496,072 787,940,105 767,314,993 191,121,184 2,810,615
170 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 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 from certain Creation Unit transactions are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities. 5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION The identified cost of investments in securities owned by each Fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and depreciation at December 31, 2008 were as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) - ----------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 198,479,853 $ 7,141,023 $ 41,615,496 $ (34,474,473) SPDR DJ Wilshire Large Cap ETF 31,494,245 175,277 3,172,045 (2,996,768) SPDR DJ Wilshire Large Cap Growth ETF 277,839,141 1,458,021 84,663,894 (83,205,873) SPDR DJ Wilshire Large Cap Value ETF 155,878,427 1,791,728 40,524,891 (38,733,163) SPDR DJ Wilshire Mid Cap ETF 34,795,571 193,229 9,524,568 (9,331,339) SPDR DJ Wilshire Mid Cap Growth ETF 50,884,203 298,667 16,923,866 (16,625,199) SPDR DJ Wilshire Mid Cap Value ETF 17,131,812 66,454 4,137,329 (4,070,875) SPDR DJ Wilshire Small Cap ETF 29,296,191 259,428 7,977,764 (7,718,336) SPDR DJ Wilshire Small Cap Growth ETF 136,925,905 977,995 46,118,672 (45,140,677) SPDR DJ Wilshire Small Cap Value ETF 126,182,925 747,032 43,532,930 (42,785,898) SPDR DJ Global Titans ETF 137,395,038 1,835,622 38,069,914 (36,234,292) SPDR DJ Wilshire REIT ETF 2,032,237,341 262,382 681,568,095 (681,305,713) SPDR KBW Bank ETF 1,502,502,012 57,990 470,276,202 (470,218,212) SPDR KBW Capital Markets ETF 125,575,205 7,558 52,788,186 (52,780,628) SPDR KBW Insurance ETF 147,746,482 2,247,725 23,321,808 (21,074,083) SPDR Morgan Stanley Technology ETF 244,659,570 -- 87,227,275 (87,227,275) SPDR S&P Dividend ETF 549,237,425 11,904,427 41,451,212 (29,546,785) SPDR S&P Biotech ETF 694,674,634 4,704,699 109,539,283 (104,834,584) SPDR S&P Homebuilders ETF 734,735,386 6,575,206 68,548,062 (61,972,856) SPDR S&P Metals & Mining ETF 477,978,219 1,208,425 221,625,173 (220,416,748) SPDR S&P Oil & Gas Equipment & Services ETF 219,405,696 150,291 101,149,098 (100,998,807) SPDR S&P Oil & Gas Exploration & Production ETF 363,081,096 386,928 113,343,103 (112,956,175) SPDR S&P Pharmaceuticals ETF 53,359,891 2,366,111 466,117 1,899,994 SPDR S&P Retail ETF 240,459,980 7,748,950 441,875 7,307,075 SPDR S&P Semiconductor ETF 21,638,645 13,240 10,998,692 (10,985,452) SPDR KBW S&P Regional Banking ETF 1,171,745,267 2,077,747 198,860,037 (196,782,290)
171 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 6. INVESTMENT TRANSACTIONS For the six months ended December 31, 2008, the Trust had in-kind contributions and in-kind redemptions as follows:
SUBSCRIPTIONS REDEMPTIONS - ---------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 62,862,784 $ 9,129,563 SPDR DJ Wilshire Large Cap ETF 16,025,473 -- SPDR DJ Wilshire Large Cap Growth ETF 10,921,252 40,063,238 SPDR DJ Wilshire Large Cap Value ETF 43,648,002 7,985,338 SPDR DJ Wilshire Mid Cap ETF 8,330,590 -- SPDR DJ Wilshire Mid Cap Growth ETF 1,773,230 3,034,522 SPDR DJ Wilshire Mid Cap Value ETF 3,369,232 -- SPDR DJ Wilshire Small Cap ETF 8,642,024 -- SPDR DJ Wilshire Small Cap Growth ETF 29,160,345 6,887,726 SPDR DJ Wilshire Small Cap Value ETF 32,592,287 31,204,516 SPDR DJ Global Titans ETF 18,913,585 52,802,795 SPDR DJ Wilshire REIT ETF 426,299,014 95,576,916 SPDR KBW Bank ETF 2,685,090,143 2,300,442,956 SPDR KBW Capital Markets ETF 312,073,897 316,417,686 SPDR KBW Insurance ETF 275,929,436 194,302,533 SPDR Morgan Stanley Technology ETF 57,876,336 54,760,137 SPDR S&P Dividend ETF 265,769,294 34,188,329 SPDR S&P Biotech ETF 520,207,233 247,246,577 SPDR S&P Homebuilders ETF 1,133,179,997 849,174,234 SPDR S&P Metals & Mining ETF 1,016,373,113 1,190,032,598 SPDR S&P Oil & Gas Equipment & Services ETF 61,215,230 71,567,141 SPDR S&P Oil & Gas Exploration & Production ETF 1,038,585,284 893,457,417 SPDR S&P Pharmaceuticals ETF 35,796,847 2,788,481 SPDR S&P Retail ETF 3,200,185,626 2,946,516,090 SPDR S&P Semiconductor ETF 17,682,060 36,896,618 SPDR KBW Regional Banking ETF 2,816,817,860 2,670,132,063
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. 172 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- For the six months ended December 31, 2008, the Trust had purchases and sales of investment securities as follows:
PURCHASES SALES - -------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $ 5,244,196 $ 2,988,419 SPDR DJ Wilshire Large Cap ETF 617,215 396,553 SPDR DJ Wilshire Large Cap Growth ETF 36,990,520 32,613,991 SPDR DJ Wilshire Large Cap Value ETF 17,004,415 16,284,379 SPDR DJ Wilshire Mid Cap ETF 5,480,623 5,112,899 SPDR DJ Wilshire Mid Cap Growth ETF 11,966,313 11,421,876 SPDR DJ Wilshire Mid Cap Value ETF 3,284,842 3,059,692 SPDR DJ Wilshire Small Cap ETF 1,610,703 1,359,502 SPDR DJ Wilshire Small Cap Growth ETF 17,486,384 16,582,955 SPDR DJ Wilshire Small Cap Value ETF 14,559,597 13,022,504 SPDR DJ Global Titans ETF 25,800,892 59,172,322 SPDR DJ Wilshire REIT ETF 92,411,167 49,731,323 SPDR KBW Bank ETF 355,372,265 312,113,404 SPDR KBW Capital Markets ETF 37,556,300 30,764,156 SPDR KBW Insurance ETF 35,744,844 27,456,919 SPDR Morgan Stanley Technology ETF 33,606,751 23,487,067 SPDR S&P Dividend ETF 198,103,607 194,031,372 SPDR S&P Biotech ETF 166,389,152 156,918,335 SPDR S&P Homebuilders ETF 331,253,760 297,751,234 SPDR S&P Metals & Mining ETF 132,046,376 110,538,998 SPDR S&P Oil & Gas Equipment & Services ETF 30,849,704 27,079,477 SPDR S&P Oil & Gas Exploration & Production ETF 57,664,423 57,473,105 SPDR S&P Pharmaceuticals ETF 17,096,482 17,327,563 SPDR S&P Retail ETF 286,926,734 196,609,750 SPDR S&P Semiconductor ETF 6,028,516 5,902,616 SPDR KBW S&P Regional Banking ETF 266,206,053 202,675,001
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. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services. The market value of securities on loan as of December 31, 2008 and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. 173 SPDR SERIES TRUST OTHER INFORMATION DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SHAREHOLDER EXPENSE EXAMPLE As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees 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, 2008 and held for the six months ended December 31, 2008. ACTUAL EXPENSES The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second table 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. 174 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* ACTUAL 7/1/08 12/31/08 7/1/08-12/31/08 - ------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $1,000 $708.10 $0.90 SPDR DJ Wilshire Large Cap ETF 1,000 709.30 0.99 SPDR DJ Wilshire Large Cap Growth ETF 1,000 676.40 0.85 SPDR DJ Wilshire Large Cap Value ETF 1,000 746.40 0.92 SPDR DJ Wilshire Mid Cap ETF 1,000 655.40 1.17 SPDR DJ Wilshire Mid Cap Growth ETF 1,000 612.80 1.06 SPDR DJ Wilshire Mid Cap Value ETF 1,000 721.50 1.30 SPDR DJ Wilshire Small Cap ETF 1,000 688.90 1.23 SPDR DJ Wilshire Small Cap Growth ETF 1,000 637.60 1.07 SPDR DJ Wilshire Small Cap Value ETF 1,000 747.00 1.14 SPDR DJ Global Titans ETF 1,000 722.90 2.17 SPDR DJ Wilshire REIT ETF 1,000 632.40 1.03 SPDR KBW Bank ETF 1,000 782.10 1.57 SPDR KBW Capital Markets ETF 1,000 587.60 1.40 SPDR KBW Insurance ETF 1,000 680.90 1.48 SPDR Morgan Stanley Technology ETF 1,000 616.90 2.04 SPDR S&P Dividend ETF 1,000 936.70 1.71 SPDR S&P Biotech ETF 1,000 932.00 1.70 SPDR S&P Homebuilders ETF 1,000 738.30 1.53 SPDR S&P Metals & Mining ETF 1,000 298.30 1.15 SPDR S&P Oil & Gas Equipment & Services ETF 1,000 337.30 1.18 SPDR S&P Oil & Gas Exploration & Production ETF 1,000 425.00 1.26 SPDR S&P Pharmaceuticals ETF 1,000 977.50 1.74 SPDR S&P Retail ETF 1,000 705.90 1.50 SPDR S&P Semiconductor ETF 1,000 581.10 1.39 SPDR KBW Regional Banking ETF 1,000 1,132.50 1.88
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* HYPOTHETICAL 7/1/08 12/31/08 7/1/08-12/31/08 - ------------------------------------------------------------------------------------------------------- SPDR DJ Wilshire Total Market ETF $1,000 $1,024.15 $1.07 SPDR DJ Wilshire Large Cap ETF 1,000 1,024.05 1.17 SPDR DJ Wilshire Large Cap Growth ETF 1,000 1,024.20 1.02 SPDR DJ Wilshire Large Cap Value ETF 1,000 1,024.15 1.07 SPDR DJ Wilshire Mid Cap ETF 1,000 1,023.79 1.43 SPDR DJ Wilshire Mid Cap Growth ETF 1,000 1,023.89 1.33 SPDR DJ Wilshire Mid Cap Value ETF 1,000 1,023.69 1.53 SPDR DJ Wilshire Small Cap ETF 1,000 1,023.74 1.48 SPDR DJ Wilshire Small Cap Growth ETF 1,000 1,023.89 1.33 SPDR DJ Wilshire Small Cap Value ETF 1,000 1,023.89 1.33 SPDR DJ Global Titans ETF 1,000 1,022.68 2.55 SPDR DJ Wilshire REIT ETF 1,000 1,023.95 1.28 SPDR KBW Bank ETF 1,000 1,023.44 1.79 SPDR KBW Capital Markets ETF 1,000 1,023.44 1.79 SPDR KBW Insurance ETF 1,000 1,023.44 1.79 SPDR Morgan Stanley Technology ETF 1,000 1,022.68 2.55 SPDR S&P Dividend ETF 1,000 1,023.44 1.79 SPDR S&P Biotech ETF 1,000 1,023.44 1.79 SPDR S&P Homebuilders ETF 1,000 1,023.44 1.79 SPDR S&P Metals & Mining ETF 1,000 1,023.44 1.79
175 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* HYPOTHETICAL (CONTINUED) 7/1/08 12/31/08 7/1/08-12/31/08 - ------------------------------------------------------------------------------------------------------- SPDR S&P Oil & Gas Equipment & Services ETF 1,000 1,023.44 1.79 SPDR S&P Oil & Gas Exploration & Production ETF 1,000 1,023.44 1.79 SPDR S&P Pharmaceuticals ETF 1,000 1,023.44 1.79 SPDR S&P Retail ETF 1,000 1,023.44 1.79 SPDR S&P Semiconductor ETF 1,000 1,023.44 1.79 SPDR KBW Regional Banking ETF 1,000 1,023.44 1.79
* Expenses are equal to the Funds' annualized expense ratio of 0.21%, 0.23%, 0.20%, 0.21%, 0.28%, 0.26%, 0.30%, 0.29%, 0.26%, 0.26%, 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 value 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 365. 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 website of Securities and Exchange Commission ("SEC") 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.spdrs.com. QUARTERLY PORTFOLIO SCHEDULE The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on 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 SEC'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.spdrs.com. FULL PORTFOLIO SCHEDULE The complete schedule of portfolio holdings for the following Funds is available on the Funds' website at www.spdrs.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 176 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- APPROVAL OF INVESTMENT ADVISORY AGREEMENT At an in-person meeting held on August 27, 2008 (the "Meeting"), the Board of Trustees of the Trust (the "Board") evaluated the proposal to continue the Investment Advisory Agreement (the "Agreement") between the Trust and SSgA Funds Management, Inc. (the "Adviser") with respect to the equity series of the Trust (each an "ETF", collectively, 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 renew the Agreement, the Board considered various factors, including (i) the nature, extent and quality of the services provided by the Adviser under the Agreement, (ii) investment performance of the 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 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 ETF 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 the portfolio management and compliance of the ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each ETF's compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and ETFs in particular. The Board considered the Adviser's experience in managing equity ETFs. The Board then determined that the nature, extent and quality of the services provided by the Adviser to the Trust were necessary and appropriate. The Board then reviewed the ETFs' performance, noting that that the distinctive indexed investment objective of each of the ETFs made the analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board was more concerned with the extent to which each ETF achieved its objective of providing investment results that, before fees and expenses, correspond generally to the price and yield performance of a specified index. The Board reviewed information regarding the ETFs' index tracking and tracking error, noting that each ETF satisfactorily tracked its benchmark index. The Board also reviewed the tax efficiency of each ETF. The Board then determined that the performance of each ETF was satisfactory. The Board considered the profitability of the advisory arrangement with the ETFs to the Adviser, including data on the 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 the profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser's relationship with the ETFs had been profitable, profitability was not excessive. The Board considered whether the Adviser or its affiliates benefited in other ways from their relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust's brokerage transactions. The Board concluded that, to the extent that the Adviser or its affiliates derive other benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser's fees with respect to the ETFs to be excessive. The Board determined that the Adviser is likely to realize economies of scale in managing the ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the ETFs by way of the 177 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 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 ETFs for the exchange-traded funds 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 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 regarding the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser were appropriate; (b) the performance and, more importantly, the index tracking, of each ETF had been satisfactory; (c) the Adviser's fees for each ETF and the unitary fee, considered in relation to the services 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) the fees paid to the Adviser adequately shared the economies of scale with the ETFs. At the Meeting, the Board also considered the renewal of the Sub-Advisory Agreement (the "Sub-Advisory Agreement") between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the "Sub-Adviser") with respect to the SPDR DJ Wilshire REIT ETF (the "REIT ETF"), after review of materials provided to them at their request by the Sub-Adviser and State Street. In deciding whether to renew the Agreement, the Board considered certain 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 real estate investment trusts ("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 with respect to the Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to the 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. 178 THE SPDR 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 Global Titans ETF (DGT) SPDR DJ Wilshire REIT ETF (RWR) SPDR KBW Bank ETF (KBE) SPDR KBW Capital Markets ETF (KCE) SPDR KBW Insurance ETF (KIE) SPDR Morgan Stanley Technology ETF (MTK) SPDR S&P Dividend ETF (SDY) SPDR S&P Biotech ETF (XBI) SPDR S&P Homebuilders ETF (XHB) SPDR S&P Metals & Mining ETF (XME) SPDR S&P Oil & Gas Equipment & Services ETF (XES) SPDR S&P Oil & Gas Exploration & Production ETF (XOP) SPDR S&P Pharmaceuticals ETF (XPH) SPDR S&P Retail ETF (XRT) SPDR S&P Semiconductor ETF (XSD) SPDR KBW Regional Banking ETF (KRE) SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL) SPDR Barclays Capital Short Term Municipal Bond ETF (SHM) SPDR Barclays Capital Intermediate Term Treasury ETF (ITE) SPDR Barclays Capital Long Term Treasury ETF (TLO) SPDR Barclays Capital TIPS ETF (IPE) SPDR Barclays Capital California Municipal Bond ETF (CXA) SPDR Barclays Capital New York Municipal Bond ETF (INY) SPDR Barclays Capital Municipal Bond ETF (TFI) SPDR Barclays Capital Aggregate Bond ETF (LAG) SPDR Barclays Capital International Treasury Bond ETF (BWX) SPDR Barclays Capital High Yield Bond ETF (JNK) SPDR DB International Government Inflation-Protected Bond ETF (WIP) SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ) SPDR Barclays Capital Mortgage Backed Bond ETF (MBG) SPDR Barclays Capital Intermediate Term Credit Bond ETF (ITR) Prior to December 19, 2008, the SPDR Barclays Capital ETFs were known as SPDR Lehman ETFs, excluding SPDR Barclays Capital TIPS ETF. 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 S&P International Mid Cap ETF (MDD) SPDR S&P Emerging Markets Small Cap ETF (EWX) 179 SPDR INDEX SHARES FUNDS (CONTINUED) - ----------------------------------- SPDR DJ Wilshire Global Real Estate ETF (RWO) SPDR DJ Wilshire International Real Estate ETF (RWX) SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) SPDR MSCI ACWI ex-US ETF (CWI) SPDR Russell/Nomura PRIME Japan ETF (JPP) SPDR Russell/Nomura Small Cap Japan ETF (JSC) SPDR S&P International Consumer Discretionary Sector ETF (IPD) SPDR S&P International Consumer Staples Sector ETF (IPS) SPDR S&P International Energy Sector ETF (IPW) SPDR S&P International Financial Sector ETF (IPF) SPDR S&P International Health Care Sector ETF (IRY) SPDR S&P International Industrial Sector ETF (IPN) SPDR S&P International Materials Sector ETF (IRV) SPDR S&P International Technology Sector ETF (IPK) SPDR S&P International Telecommunications Sector ETF (IST) SPDR S&P International Utilities Sector ETF (IPU) DIAMONDS TRUST, SERIES 1 (DIA) - ------------------------------ SPDR TRUST, SERIES 1 (SPY) - -------------------------- THE SELECT SECTOR SPDR TRUST - ---------------------------- The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF) The Health Care Select Sector SPDR Fund (XLV) The Industrial Select Sector SPDR Fund (XLI) The Materials Select Sector SPDR Fund (XLB) The Technology Select Sector SPDR Fund (XLK) The Utilities Select Sector SPDR Fund (XLU) State Street Global Markets, LLC, member 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. 180 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 Mark E. Tuttle, Assistant Secretary Ryan M. Louvar, 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 and SIPC. The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting WWW.SPDRS.COM Please read the prospectus carefully before you invest. State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will 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, SPDR Morgan Stanley Technology ETF, SPDR DJ Wilshire REIT ETF, SPDR KBW Bank ETF, SPDR KBW Capital Markets ETF, SPDR KBW Insurance ETF, SPDR 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 affi liates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, transfer agent and administrator shareholder servicing agent. Please read the prospectus carefully before you invest or send money. (c)2009 State Street Corporation SPDREQSAR For more complete information, please call 866.787.2257 or visit www.spdrs.com today SEMI-ANNUAL December 31, 2008 (SPDRS LOGO) PRECISE IN A WORLD THAT ISN'T. (SM) TABLE OF CONTENTS PERFORMANCE & PORTFOLIO SUMMARIES SPDR(R) BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF (BIL)..................... 1 SPDR(R) BARCLAYS CAPITAL TIPS ETF (IPE)................................. 4 SPDR(R) BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF (ITE)........... 7 SPDR(R) BARCLAYS CAPITAL LONG TERM TREASURY ETF (TLO)................... 10 SPDR(R) BARCLAYS CAPITAL AGGREGATE BOND ETF (LAG)....................... 13 SPDR(R) BARCLAYS CAPITAL MUNICIPAL BOND ETF (TFI)....................... 16 SPDR(R) BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF (CXA)............ 19 SPDR(R) BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF (INY).............. 22 SPDR(R) BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF (SHM)............ 25 SPDR(R) DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF (WIP).. 28 SPDR(R) BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF (BWX).......... 31 SPDR(R) BARCLAYS CAPITAL HIGH YIELD BOND ETF (JNK)...................... 34 SCHEDULES OF INVESTMENTS SPDR(R) BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF (BIL)..................... 37 SPDR(R) BARCLAYS CAPITAL TIPS ETF (IPE)................................. 38 SPDR(R) BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF (ITE)........... 39 SPDR(R) BARCLAYS CAPITAL LONG TERM TREASURY ETF (TLO)................... 41 SPDR(R) BARCLAYS CAPITAL AGGREGATE BOND ETF (LAG)....................... 42 SPDR(R) BARCLAYS CAPITAL MUNICIPAL BOND ETF (TFI)....................... 46 SPDR(R) BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF (CXA)............ 51 SPDR(R) BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF (INY).............. 53 SPDR(R) BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF (SHM)............ 54 SPDR(R) DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF (WIP).. 58 SPDR(R) BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF (BWX).......... 60 SPDR(R) BARCLAYS CAPITAL HIGH YIELD BOND ETF (JNK)...................... 63 FINANCIAL STATEMENTS...................................................... 66 FINANCIAL HIGHLIGHTS...................................................... 74 NOTES TO FINANCIAL STATEMENTS............................................. 78 OTHER INFORMATION......................................................... 90
(semi-annual report LOGO) SPDR Barclays Capital 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.1345%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL 1-3 MONTH VALUE VALUE U.S. TREASURY BILL INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 0.72% 0.57% 0.69% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 1.77% 1.57% 1.77% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 4.43% 4.29% 4.53% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL 1-3 MONTH VALUE VALUE U.S. TREASURY BILL INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 1.77% 1.57% 1.77% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 2.74% 2.65% 2.69% ----------------------------------------------------------------------------------------------------
(1) For the period May 25, 2007 to December 31, 2008. 1 (semi-annual report LOGO) SPDR Barclays Capital 1-3 Month T-Bill ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
BARCLAYS CAPITAL SPDR BARCLAYS 1-3 MONTH CAPITAL 1-3 U.S. TREASURY MONTH T-BILL BILL INDEX ETF (A) (B) ------------- ---------------- 5/25/2007 10000.00 10000.00 5/31/07 10009.00 10009.00 6/30/07 10048.00 10049.00 7/31/07 10085.20 10087.20 8/31/07 10134.60 10136.70 9/30/07 10171.10 10172.10 10/31/07 10199.60 10202.60 11/30/07 10237.30 10242.40 12/31/07 10260.90 10271.10 1/31/08 10298.80 10310.10 2/29/08 10313.30 10323.50 3/31/08 10332.90 10346.30 4/30/08 10344.20 10357.60 5/31/08 10349.40 10363.90 6/30/08 10368.00 10381.00 7/31/08 10382.50 10398.70 8/31/08 10397.00 10413.20 9/30/08 10417.80 10433.00 10/31/08 10430.40 10445.50 1/30/08 10438.70 10451.80 12/31/08 10443.00 10453.00
2 (semi-annual report LOGO) SPDR Barclays Capital 1-3 Month T-Bill ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
--------------------------------------------------------------------------------------------------------------------- UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES TREASURY BILL, DESCRIPTION TREASURY BILL, TREASURY BILL, TREASURY BILL, TREASURY BILL, 0.01%, 0.41%, 0.46%, 0.41%, 0.46%, 02/26/200- 01/08/2009 01/22/2009 01/15/2009 01/29/2009 9 --------------------------------------------------------------------------------------------------------------------- MARKET VALUE $120,898,650 119,788,305 115,352,551 97,604,481 60,999,444 --------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 16.3% 16.1 15.5 13.1 8.2 ---------------------------------------------------------------------------------------------------------------------
(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, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 99.9% Short Term Investments 0.1 Other Assets & Liabilities (0.0)** - ------------------------------------------------- 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. 3 (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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL TIPS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.1845%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS U.S. GOVERNMENT VALUE VALUE INFLATION-LINKED BOND INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -6.79% -5.70% -6.19% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -2.33% -1.17% -1.71% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 6.86% 8.36% 7.79% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS U.S. GOVERNMENT VALUE VALUE INFLATION-LINKED BOND INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -2.33% -1.17% -1.71% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 4.22% 5.14% 4.60% ----------------------------------------------------------------------------------------------------
(1) For the period May 25, 2007 to December 31, 2008. 4 (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)
BARCLAYS U.S. SPDR BARCLAYS GOVERNMENT INFLATION-LINKED CAPITAL TIPS BOND INDEX ETF (A) (B) ------------- --------------------------- 5/25/2007 10000.00 10000.00 5/31/07 9990.00 9995.00 6/30/07 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 10966.60 1/31/08 11365.60 11372.40 2/29/08 11511.00 11525.90 3/31/08 11500.70 11527.10 4/30/08 11258.00 11282.70 5/31/08 11291.80 11303.00 6/30/08 11465.00 11490.00 7/31/08 11407.70 11413.00 8/31/08 11498.90 11527.10 9/30/08 11056.20 11073.00 10/31/08 10097.70 10156.10 11/30/08 10175.40 10282.10 12/31/08 10686.00 10779.00
5 (semi-annual report LOGO) SPDR Barclays Capital TIPS ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
----------------------------------------------------------------------------------------------------------------------------- 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 $8,858,645 8,666,602 8,383,217 7,505,281 7,317,930 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 6.3% 6.2 6.0 5.3 5.2 -----------------------------------------------------------------------------------------------------------------------------
(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, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 99.0% Short Term Investments 26.7 Other Assets & Liabilities (25.7) - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 6 (semi-annual report LOGO) SPDR Barclays Capital 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.1345%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL INTERMEDIATE VALUE VALUE U.S. TREASURY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 8.84% 8.93% 8.76% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 11.47% 11.39% 11.35% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 19.40% 19.44% 19.46% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL INTERMEDIATE VALUE VALUE U.S. TREASURY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 11.47% 11.39% 11.35% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 11.65% 11.67% 11.26% ----------------------------------------------------------------------------------------------------
(1) For the period May 23, 2007 to December 31, 2008. 7 (semi-annual report LOGO) SPDR Barclays Capital Intermediate Term Treasury ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL INTERMEDIATE INTERMEDIATE U.S. TERM TREASURY TREASURY INDEX ETF (A) (B) -------------------- ----------------- 5/23/2007 10000.00 10000.00 5/31/07 9983.00 9991.00 6/30/07 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 10727.20 1/31/08 10979.00 10996.50 2/29/08 11125.00 11142.70 3/31/08 11198.40 11215.20 4/30/08 11014.80 11027.90 5/31/08 10910.10 10923.10 6/30/08 10971.00 10984.00 7/31/08 11030.20 11044.40 8/31/08 11135.00 11148.20 9/30/08 11207.40 11222.90 10/31/08 11285.90 11298.10 11/30/08 11705.70 11716.20 12/31/08 11940.00 11946.00
8 (semi-annual report LOGO) SPDR Barclays Capital Intermediate Term Treasury ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES TREASURY NOTE, TREASURY NOTE, TREASURY NOTE, TREASURY NOTE, TREASURY NOTE, 4.13%, 05/15/2015 3.50%, 02/15/2018 4.25%, 08/15/2015 2.38%, 08/31/2010 2.00%, 09/30/2010 ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,637,102 1,577,732 1,571,353 1,527,157 1,514,935 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.7% 1.7 1.7 1.6 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 issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 99.3% Short Term Investments 25.4 Other Assets & Liabilities (24.7) - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 9 (semi-annual report LOGO) SPDR Barclays Capital 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL LONG TERM TREASURY ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.1345%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL LONG VALUE VALUE U.S. TREASURY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 22.03% 22.47% 22.00% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 24.14% 25.14% 24.03% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 36.20% 36.89% 36.31% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL LONG VALUE VALUE U.S. TREASURY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 24.14% 25.14% 24.03% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 21.17% 21.55% 20.43% ----------------------------------------------------------------------------------------------------
(1) For the period May 23, 2007 to December 31, 2008. 10 (semi-annual report LOGO) SPDR Barclays Capital Long Term Treasury ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL LONG TERM TREASURY ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL LONG LONG TERM TREASURY U.S. TREASURY ETF (A) INDEX (B) ------------- ---------------- 5/23/2007 10000.0 10000.0 5/31/07 9996.0 10003.0 6/30/07 9910.03 9918.97 7/31/07 10131.0 10184.8 8/31/07 10364.0 10374.2 9/30/07 10391.0 10403.3 10/31/07 10536.5 10550.0 11/30/07 11016.9 11035.3 12/31/07 10970.7 10991.1 1/31/08 11260.3 11281.3 2/29/08 11309.8 11329.8 3/31/08 11409.4 11428.4 4/30/08 11191.4 11209.0 5/31/08 10969.8 10985.9 6/30/08 11161.0 11173.0 7/31/08 11153.2 11165.2 8/31/08 11429.8 11442.1 9/30/08 11473.2 11487.9 10/31/08 11102.6 11113.3 11/30/08 12468.3 12480.3 12/31/08 13620.0 13631.0
11 (semi-annual report LOGO) SPDR Barclays Capital Long Term Treasury ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------------------- 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%, 02/15/2036 6.25%, 08/15/2023 4.50%, 05/15/2038 6.13%, 11/15/2027 ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,752,936 1,395,970 1,238,822 1,203,930 1,173,496 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 6.9% 5.5 4.9 4.7 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, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- U.S. Treasury Obligations 99.0% Short Term Investments 26.2 Other Assets & Liabilities (25.2) - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 12 (semi-annual report LOGO) SPDR Barclays Capital 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.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.1845%.* PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL U.S. VALUE VALUE AGGREGATE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 5.60% 7.49% 4.07% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 6.77% 8.87% 5.24% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 12.54% 14.95% 11.08% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL U.S. VALUE VALUE AGGREGATE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 6.77% 8.87% 5.24% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 7.62% 9.04% 6.51% ----------------------------------------------------------------------------------------------------
(1) For the period May 23, 2007 to December 31, 2008. * SSgA Funds Management, Inc. has contractually agreed to waive a portion of its advisory fee to the extent necessary to limit annual operating expenses to 0.1345% until October 31, 2009. 13 (semi-annual report LOGO) SPDR Barclays Capital Aggregate Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS CAPITAL AGGREGATE BARCLAYS CAPITAL BOND ETF U.S. AGGREGATE (A) INDEX (B) ----------------- ---------------- 5/23/2007 10000.0 10000.0 5/31/07 9983.0 9993.0 6/30/07 9949.06 9963.02 7/31/07 10017.7 10045.7 8/31/07 10159.0 10169.3 9/30/07 10241.2 10246.6 10/31/07 10285.3 10338.8 11/30/07 10475.6 10524.9 12/31/07 10495.0 10554.4 1/31/08 10735.3 10731.7 2/29/08 10775.1 10746.7 3/31/08 10785.8 10783.2 4/30/08 10749.2 10760.6 5/31/08 10656.7 10682.0 6/30/08 10657.0 10673.0 7/31/08 10659.1 10664.5 8/31/08 10763.6 10765.8 9/30/08 10626.9 10621.5 10/31/08 10433.5 10370.9 11/30/08 10874.8 10707.9 12/31/08 11254.0 11108.0
14 [semi-annual report LOGO] SPDR Barclays Capital Aggregate Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------ DESCRIPTION FANNIE MAE, FREDDIE MAC, FREDDIE MAC, TREASURY NOTES, TREASURY NOTES, 5.50%, TBA 5.00%, TBA 6.00%, TBA 4.50%, 04/30/2012 3.38%, 07/31/2013 ------------------------------------------------------------------------------------------------------ MARKET VALUE $17,189,687 12,143,578 11,034,375 7,879,497 7,129,737 ------------------------------------------------------------------------------------------------------ % OF NET ASSETS 9.8% 6.9 6.3 4.5 4.1 ------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2008*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- U.S Agency MBS TBA 40.1% U.S. Treasury Obligations 22.9 Corporate Bonds & Notes 22.7 U.S. Government Agency Obligations 9.2 Foreign Government Obligations 1.8 Short Term Investments 54.3 Other Assets & Liabilities (51.0) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 15 (semi-annual report LOGO) SPDR Barclays Capital Municipal 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 (9/11/07, 9/13/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.3000%.* PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL MUNICIPAL VALUE VALUE MANAGED MONEY INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 0.15% 0.86% 0.07% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -0.31% -0.20% -0.15% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 0.88% 1.31% 1.05% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL MUNICIPAL VALUE VALUE MANAGED MONEY INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -0.31% -0.20% -0.15% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 0.68% 1.00% 0.79% ----------------------------------------------------------------------------------------------------
(1) For the period September 11, 2007 to December 31, 2008. * SSgA Funds Management, Inc. has contractually agreed to waive a portion of its advisory fee to the extent necessary to limit annual operating expenses to 0.2000% until October 31, 2009. 16 (semi-annual report LOGO) SPDR Barclays Capital Municipal Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL MUNICIPAL MUNICIPAL MANAGED BOND ETF MONEY INDEX (A) (B) ----------------- ----------------- 9/11/2007 10000.00 10000.00 9/30/07 9928.00 9952.00 10/31/07 9966.72 9994.79 11/30/07 10067.40 10081.80 12/31/07 10119.30 10119.00 1/31/08 10251.90 10231.40 2/29/08 9696.23 9660.46 3/31/08 9993.90 10011.10 4/30/08 10142.80 10162.30 5/31/08 10207.70 10230.40 6/30/08 10073.00 10098.00 7/31/08 10128.40 10151.50 8/31/08 10264.10 10290.60 9/30/08 9735.52 9744.16 10/31/08 9726.76 9737.34 11/30/08 9811.38 9813.29 12/31/08 10088.00 10105.00
17 [semi-annual report LOGO] SPDR Barclays Capital Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION NEW YORK STATE ILLINOIS FINANCE CHICAGO, IL, CYPRESS-FAIRBANKS, CLARK COUNTY, NV, THRUWAY AUTHORITY AUTHORITY REVENUE, METROPOLITAN TX, INDEPENDANT SCHOOL DISTRICT SECOND GENERAL UNIVERSITY OF WATER RECLAMATION SCHOOL DISTRICT, GENERAL OBLIGATION HIGHWAY & BOARDING CHICAGO, SERIES B, DISTRICT, SERIES C, 5.00%, 02/15/2023 SERIES D (MBIA), TRUST FUND, 6.25%, 07/01/2038 5.25%, 12/01/2032 5.00%, 06/15/2017 SERIES B, 5.00%, 04/01/2019 --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $5,610,600 5,255,400 5,144,700 5,113,750 5,088,155 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.61% 1.51 1.48 1.47 1.46 ---------------------------------------------------------------------------------------------------------------------------
(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, 2008*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- Municipal Bonds & Notes 97.7% Short Term Investments 6.7 Other Assets & Liabilities (4.4) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 18 (semi-annual report LOGO) SPDR Barclays Capital California Municipal 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 (10/10/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.2000%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL MANAGED MONEY VALUE VALUE MUNICIPAL CALIFORNIA INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -2.78% -3.01% -2.60% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -3.51% -3.45% -3.47% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -2.26% -1.54% -1.80% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL MANAGED MONEY VALUE VALUE MUNICIPAL CALIFORNIA INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -3.51% -3.45% -3.47% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -1.84% -1.26% -1.44% ----------------------------------------------------------------------------------------------------
(1) For the period October 10, 2007 to December 31, 2008. 19 (semi-annual report LOGO) SPDR Barclays Capital California Municipal Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL CALIFORNIA MANAGED MONEY MUNICIPAL BOND MUNICIPAL CALIFORNIA ETF (A) INDEX (B) ------------------ -------------------- 10/10/2007 10000.00 10000.00 10/31/07 10014.00 10100.00 11/30/07 10093.10 10149.50 12/31/07 10129.50 10172.80 1/31/08 10184.10 10212.50 2/29/08 9600.59 9618.14 3/31/08 9939.49 9959.58 4/30/08 10110.50 10155.80 5/31/08 10195.40 10236.00 6/30/08 10054.00 10082.00 7/31/08 10074.10 10095.10 8/31/08 10201.00 10252.60 9/30/08 9596.12 9645.64 10/31/08 9552.93 9581.01 11/30/08 9536.69 9550.35 12/31/08 9774.00 9820.00
20 [semi-annual report LOGO] SPDR Barclays Capital California Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------------------------------- SAN JOSE, CA, UNIFIED DESCRIPTION NORTH ORANGE SCHOOL DISTRICT COUNTY, CA, CALIFORNIA STATE SANTA CLARA LOS ANGELES, CA, LOS ANGELES COUNTY, CA, COMMUNITY ECONOMIC COUNTY ELECTION UNIFIED SCHOOL PUBLIC WORKS FINANCING COLLEGE DISTRICT RECOVERY, SERIES OF 2002, SERIES C, DISTRICT, SERIES B AUTHORITY REVENUE (FSA) (MBIA), A (MBIA), (MBIA), (AMBAC), 5.00%, 10/01/2015 5.00%, 08/01/2015 5.00%, 07/01/2015 5.25%, 08/01/2019 5.00%, 07/01/2022 -------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,108,890 1,107,740 1,071,190 1,056,160 1,008,250 -------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.5% 4.5 4.3 4.3 4.1 --------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2008*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- Municipal Bonds & Notes 92.7% Short Term Investments 9.7 Other Assets & Liabilities (2.4) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 21 (semi-annual report LOGO) SPDR Barclays Capital New York Municipal 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 (10/11/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.2000%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL MANAGED MONEY VALUE VALUE MUNICIPAL NEW YORK INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -2.37% -4.66% -2.96% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -2.43% -5.40% -3.53% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -1.32% -3.23% -1.88% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL MANAGED MONEY VALUE VALUE MUNICIPAL NEW YORK INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -2.43% -5.40% -3.53% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -1.08% -2.65% -1.51% ----------------------------------------------------------------------------------------------------
(1) For the period October 11, 2007 to December 31, 2008. 22 (semi-annual report LOGO) SPDR Barclays Capital New York Municipal Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL NEW MANAGED MONEY YORK MUNICIPAL MUNICIPAL NEW BOND ETF YORK INDEX (A) (B) -------------- ---------------- 10/11/2007 10000.00 10000.00 10/31/07 10032.00 10100.00 11/30/07 10103.20 10147.50 12/31/07 10114.90 10170.80 1/31/08 10239.30 10236.90 2/29/08 9697.68 9644.20 3/31/08 10017.70 9996.22 4/30/08 10167.00 10171.20 5/31/08 10229.00 10239.30 6/30/08 10108.00 10111.00 7/31/08 10146.40 10160.50 8/31/08 10265.10 10277.40 9/30/08 9667.69 9665.89 10/31/08 9641.59 9619.49 11/30/08 9624.24 9581.98 12/31/08 9868.00 9812.00
23 [semi-annual report LOGO] SPDR Barclays Capital New York Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION NEW YORK, NY, NEW YORK STATE GENERAL OBLIGATION, NEW YORK STATE NEW YORK STATE LOCAL GOVERNMENT NEW YORK STATE (PRE-REFUNDED) GENERAL ENVIRONMENTAL ASSISTANCE CORP., DORM AUTHORITY SERIES J, OBLIGATION, FACSCORP, SERIES A, SERIES C, REVENUE, SERIES A, 5.50%, 06/01/2020 5.00%, 04/15/2015 4.50%, 06/15/2036 5.00%, 04/01/2018 5.00%, 07/01/2038 --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,149,520 1,105,740 775,278 709,715 584,448 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 9.3% 8.9 6.3 5.7 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, 2008*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- Municipal Bonds & Notes 95.8% Short Term Investments 3.6 Other Assets & Liabilities 0.6 ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 24 (semi-annual report LOGO) SPDR Barclays Capital Short Term Municipal 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 (10/10/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.2000%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- BARCLAYS CAPITAL NET MANAGED MONEY ASSET MARKET MUNICIPAL SHORT TERM VALUE VALUE INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 3.53% 4.46% 3.58% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 5.11% 6.10% 5.40% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 6.81% 7.95% 7.84% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- BARCLAYS CAPITAL NET MANAGED MONEY ASSET MARKET MUNICIPAL SHORT TERM VALUE VALUE INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 5.11% 6.10% 5.40% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 5.51% 6.44% 6.22% ----------------------------------------------------------------------------------------------------
(1) For the period October 10, 2007 to December 31, 2008. 25 (semi-annual report LOGO) SPDR Barclays Capital Short Term Municipal Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR Barclays Barclays Capital Capital Short Managed Money Term Municipal Municipal Short Bond ETF Term Index (a) (b) - -------------- -------------- ---------------- 10/10/2007 10000.0 10000.0 10/31/07 10027.0 10100.0 11/30/07 10115.2 10180.8 12/31/07 10162.8 10231.7 1/31/08 10377.2 10452.7 2/29/08 10214.3 10300.1 3/31/08 10371.6 10444.3 4/30/08 10357.1 10441.2 5/31/08 10387.1 10477.7 6/30/08 10316.0 10411.0 7/31/08 10419.2 10530.7 8/31/08 10522.3 10632.9 9/30/08 10385.5 10492.5 10/31/08 10394.9 10498.8 11/30/08 10550.8 10656.3 12/31/08 10681.0 10784.0
26 (semi-annual report LOGO) SPDR Barclays Capital Short Term Municipal Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
------------------------------------------------------------------------------------------------------------ DESCRIPTION NORTH CAROLINA NEW YORK, NY, CALIFORNIA STATE STATE GENERAL GENERAL ECONOMIC TEXAS A&M UNIVERSITY OBLIGATION, SERIES A OBLIGATION, SERIES J-1, RECOVERY, SERIES B REVENUE 5.50%, 03/01/2012 5.00%, 08/01/2012 5.00%, 07/01/2023 5.00%, 05/15/2012 ------------------------------------------------------------------------------------------------------------ MARKET VALUE $5,517,450 5,304,650 4,431,177 3,261,270 ------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 2.16% 2.07 1.73 1.27 ------------------------------------------------------------------------------------------------------------ ------------------------------------------------- DESCRIPTION GEORGIA STATE ROAD & TOLLWAY AUTHORITY REVENUE, SERIES A, 5.00%, 06/01/2012 ------------------------------------------------- MARKET VALUE 3,259,500 ------------------------------------------------- % OF NET ASSETS 1.27 -------------------------------------------------
(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, 2008*
------------------------------------------- PERCENT OF NET ASSETS ------------------------------------------- Municipal Bonds & Notes 93.6% Short Term Investments 7.1 Other Assets & Liabilities (0.7) ------------------------------------------- TOTAL 100.0% -------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 27 (semi-annual report LOGO) SPDR DB International Government Inflation-Protected 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 (3/13/08, 3/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.5000%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET DB GLOBAL GOVERNMENT EX-US VALUE VALUE INFLATION-LINKED BOND CAPPED INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -19.18% -18.28% -18.67% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -19.77% -18.59% -17.76% ----------------------------------------------------------------------------------------------------
(1) For the period March 13, 2008 to December 31, 2008. 28 (semi-annual report LOGO) SPDR DB International Government Inflation-Protected Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
DB GLOBAL SPDR DB GOVERNMENT EX-US INTERNATIONAL GOVERNMENT INFLATION-LINKED BOND INFLATION-PROTECTED BOND CAPPED INDEX ETF (A) (B) ------------------------ --------------------- 3/13/2008 10000.00 10000.00 3/31/08 9867.00 9938.50 4/30/08 9779.18 9913.65 5/31/08 9847.64 9998.91 6/30/08 9926.42 10110.90 7/31/08 9964.14 10176.60 8/31/08 9566.57 9775.66 9/30/08 8914.13 9099.19 10/31/08 7528.87 7717.93 11/30/08 7364.74 7561.25 12/31/08 8023.00 8224.00
29 (semi-annual report LOGO) SPDR DB International Government Inflation-Protected Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
--------------------------------------------------------------------------------------------------------------------- DESCRIPTION KINGDOM OF UNITED KINGDOM GOVERNMENT OF REPUBLIC OF REPUBLIC OF SWEDEN, TREASURY BOND, JAPAN 10 YEAR BOND, FRANCE, FRANCE, 4.00%, 12/01/2020 2.50%, 08/16/2013 1.10%, 12/10/2016 3.00%, 07/25/2012 3.15%, 07/25/2032 --------------------------------------------------------------------------------------------------------------------- MARKET VALUE $8,726,676 8,676,391 6,146,772 5,907,370 5,863,094 --------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.6% 4.6 3.2 3.1 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 issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Foreign Government Obligations 94.2% Short Term Investments 5.1 Other Assets & Liabilities 0.7 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 30 (semi-annual report LOGO) SPDR Barclays Capital International Treasury 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 (10/2/07, 10/5/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.5000%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL GLOBAL VALUE VALUE TREASURY EX-US CAPPED INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -0.61% 0.24% 0.12% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 4.44% 5.22% 5.86% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 8.28% 9.26% 10.23% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL GLOBAL VALUE VALUE TREASURY EX-US CAPPED INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 4.44% 5.22% 5.86% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 6.58% 7.35% 8.10% ----------------------------------------------------------------------------------------------------
(1) For the period October 2, 2007 to December 31, 2008. 31 (semi-annual report LOGO) SPDR Barclays Capital International Treasury Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL INTERNATIONAL GLOBAL TREASURY TREASURY BOND EX-US CAPPED ETF (A) INDEX (B) --------------------- ---------------- 10/2/2007 10000.00 10000.00 10/31/07 10254.00 10273.00 11/30/07 10439.60 10477.40 12/31/07 10368.20 10411.40 1/31/08 10706.20 10768.50 2/29/09 10998.40 11075.40 3/31/08 11347.10 11437.60 4/30/08 11044.10 11142.50 5/31/08 10899.40 10997.70 6/30/08 10895.10 11009.80 7/31/08 10996.40 11108.90 8/31/08 10625.80 10748.90 9/30/08 10345.30 10473.80 10/31/08 9764.93 9880.94 11/30/08 10012.00 10177.40 12/31/08 10828.00 11023.00
32 (semi-annual report LOGO) SPDR Barclays Capital International Treasury Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------------------------------- DESCRIPTION GOVERNMENT OF JAPAN FEDERAL REPUBLIC FEDERAL REPUBLIC OF REPUBLIC OF GOVERNMENT OF JAPAN 10 YEAR BOND, OF GERMANY, GERMANY, GREECE, 10 YEAR BOND, 1.50%, 09/20/2014 4.25%, 07/04/2017 5.25%, 01/04/2011 3.70%, 07/20/2015 1.30%, 06/20/2012 ---------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $52,324,900 38,101,003 36,124,872 33,437,752 32,800,040 ---------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.8% 4.2 4.0 3.7 3.6 ----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Foreign Government Obligations 93.5% Short Term Investments 4.0 Other Assets & Liabilities 2.5 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 33 (semi-annual report LOGO) SPDR Barclays Capital High Yield 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 (11/28/07, 12/4/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH- END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED OCTOBER 31, 2008 IS 0.4000%. PERFORMANCE AS OF DECEMBER 31, 2008
---------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL HIGH YIELD VALUE VALUE VERY LIQUID INDEX ---------------------------------------------------------------------------------------------------- SIX MONTHS ENDED 12/31/08 -27.73% -21.92% -27.57% ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -30.21% -25.88% -28.36% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -29.97% -24.43% -27.68% ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN ----------------------------------------------------------- NET ASSET MARKET BARCLAYS CAPITAL HIGH YIELD VALUE VALUE VERY LIQUID INDEX ---------------------------------------------------------------------------------------------------- ONE YEAR ENDED 12/31/08 -30.21% -25.88% -28.36% ---------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -27.82% -22.61% -24.25% ----------------------------------------------------------------------------------------------------
(1) For the period November 28, 2007 to December 31, 2008. 34 (semi-annual report LOGO) SPDR Barclays Capital High Yield Bond ETF--PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF (BASED ON NET ASSET VALUE) (PERFORMANCE GRAPH)
SPDR BARCLAYS BARCLAYS CAPITAL CAPITAL HIGH HIGH YIELD YIELD BOND VERY LIQUID ETF (A) INDEX (B) ------------- ---------------- 11/28/2007 10000.00 10000.00 11/30/07 10000.00 10053.00 12/3107 10034.00 10095.20 1/31/08 9746.02 9912.50 2/29/08 9533.56 9718.21 3/31/08 9559.30 9752.23 4/30/08 10000.90 10247.60 5/31/08 10008.90 10306.00 6/30/08 9690.00 9985.00 7/31/08 9557.24 9845.21 8/31/08 9541.00 9847.18 9/30/08 8602.16 8862.46 10/31/08 7129.47 7280.51 11/30/08 6443.62 6566.30 12/31/08 7003.00 7232.00
35 (semi-annual report LOGO) SPDR Barclays Capital High Yield Bond ETF--PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF DECEMBER 31, 2008
-------------------------------------------------------------------------------------------------------------------------- TEXAS COMPETITIVE DESCRIPTION CDX NORTH AMERICA COMMUNITY HEALTH ELECTRIC HOLDINGS CO. HIGH YIELD, HCA, INC., SYSTEMS, INC., LLC, NRG ENERGY, INC., 8.88%, 06/29/2013 9.25%, 11/15/2016 8.88%, 07/15/2015 10.50%, 11/01/2015 7.38%, 02/01/2016 -------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $29,700,000 26,928,625 22,862,000 20,945,000 16,275,000 -------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.3% 3.9 3.3 3.0 2.4 --------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular issue.) ASSET ALLOCATION AS OF DECEMBER 31, 2008*
- ------------------------------------------------- PERCENT OF NET ASSETS - ------------------------------------------------- Corporate Bonds & Notes 82.1% Credit-Linked Trust Certificate 4.3 Short Term Investments 12.5 Other Assets & Liabilities 1.1 - ------------------------------------------------- TOTAL 100.0% - -------------------------------------------------
* The Fund's asset allocation is expressed as a percentage of net assets and may change over time. 36 SPDR BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 99.9% Treasury Bills* 0.01%, 02/12/2009......... $ 57,676,000 $ 57,673,443 0.01%, 02/19/2009......... 59,894,000 59,890,088 0.01%, 02/26/2009......... 61,004,000 60,999,444 0.02%, 02/05/2009......... 56,568,000 56,565,968 0.41%, 01/15/2009......... 115,353,000 115,352,551 0.41%, 01/08/2009......... 120,899,000 120,898,650 0.43%, 01/02/2009......... 53,240,000 53,239,972 0.46%, 01/29/2009......... 97,606,000 97,604,481 0.46%, 01/22/2009......... 119,789,000 119,788,305 ------------- TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $741,950,675)....... 742,012,902 ------------- SHARES ------ SHORT TERM INVESTMENTS -- 0.1% MONEY MARKET FUND -- 0.1% State Street Institutional Liquid Reserves Fund 1.34%, (a)(b) (Cost $1,204,875)......... 1,204,875 1,204,875 ------------- TOTAL INVESTMENTS -- 100.0% (Cost $743,155,550)....... 743,217,777 OTHER ASSETS AND LIABILITIES -- 0.0% (C)... (342,665) ------------- NET ASSETS -- 100.0%........ $742,875,112 =============
* Rate shown is the discount rate at time of purchase, not a coupon rate. (a) The rate shown is the annualized seven-day yield at period end. (b) Affiliated Fund managed by SSgA Funds Management, Inc. (c) Amount represents less than 0.05% of net assets. See accompanying notes to financial statements. 37 SPDR BARCLAYS CAPITAL TIPS ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 99.0% Treasury Inflation Protected Indexed Bonds 1.75%, 01/15/2028 (a)...... $ 4,539,787 $ 4,107,781 2.00%, 01/15/2026 (a)...... 6,069,998 5,572,076 2.38%, 01/15/2025 (a)...... 9,039,480 8,666,602 2.38%, 01/15/2027 (a)...... 4,966,396 4,897,314 3.38%, 04/15/2032.......... 1,716,065 2,112,905 3.63%, 04/15/2028 (a)...... 6,257,957 7,317,930 3.88%, 04/15/2029 (a)...... 7,292,927 8,858,645 Treasury Inflation Protected Indexed Notes 0.63%, 04/15/2013 (a)...... 4,236,201 4,016,427 0.88%, 04/15/2010 (a)...... 8,993,034 8,383,217 1.38%, 07/15/2018 (a)...... 3,876,983 3,604,392 1.63%, 01/15/2015 (a)...... 6,055,307 5,570,882 1.63%, 01/15/2018 (a)...... 4,760,054 4,475,927 1.88%, 07/15/2013 (a)...... 6,623,286 6,196,945 1.88%, 07/15/2015 (a)...... 5,259,364 4,912,561 2.00%, 04/15/2012 (a)...... 5,183,344 5,014,885 2.00%, 01/15/2014 (a)...... 6,914,115 6,505,767 2.00%, 07/15/2014.......... 6,076,508 5,702,438 2.00%, 01/15/2016 (a)...... 5,208,781 4,945,060 2.38%, 04/15/2011 (a)...... 6,113,379 5,950,030 2.38%, 01/15/2017 (a)...... 5,197,367 5,107,244 2.50%, 07/15/2016.......... 6,019,200 5,908,206 2.63%, 07/15/2017.......... 4,114,301 4,171,531 3.00%, 07/15/2012 (a)...... 7,717,513 7,505,281 3.38%, 01/15/2012.......... 2,057,117 2,026,898 3.50%, 01/15/2011 (a)...... 3,850,043 3,761,030 4.25%, 01/15/2010 (a)...... 4,052,297 3,945,276 ------------ TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $149,032,442)........ 139,237,250 ------------ SHARES ------ SHORT TERM INVESTMENTS -- 26.7% MONEY MARKET FUNDS -- 26.7% State Street Institutional Liquid Reserves Fund 1.34%, (b) (c)........................ 100,366 100,366 State Street Navigator Securities Lending Prime Portfolio (c) (d)........................ 37,408,834 37,408,834 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $37,509,200)......... 37,509,200 ------------ TOTAL INVESTMENTS -- 125.7% (Cost $186,541,642)........ 176,746,450 OTHER ASSETS AND LIABILITIES -- (25.7)%..... (36,105,576) ------------ NET ASSETS -- 100.0%......... $140,640,874 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) The rate shown is the annualized seven-day yield at period end. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (d) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 38 SPDR BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 99.3% Treasury Bonds 7.25%, 05/15/2016 (a)....... $ 779,000 $ 1,049,687 7.50%, 11/15/2016 (a)....... 749,000 1,023,276 8.75%, 05/15/2017 (a)....... 610,000 898,164 8.88%, 08/15/2017 (a)....... 400,000 595,272 9.13%, 05/15/2018 (a)....... 250,000 387,130 9.25%, 02/15/2016 (a)....... 177,000 258,379 9.88%, 11/15/2015........... 216,000 321,942 10.63%, 08/15/2015.......... 134,000 202,814 11.25%, 02/15/2015.......... 407,000 620,012 11.75%, 11/15/2014.......... 179,000 196,758 12.50%, 08/15/2014 (a)...... 161,000 173,242 13.25%, 05/15/2014.......... 163,000 170,386 Treasury Notes 0.88%, 12/31/2010........... 1,250,000 1,252,153 1.13%, 12/15/2011........... 1,000,000 1,003,910 1.25%, 11/30/2010........... 1,275,000 1,288,706 1.50%, 10/31/2010 (a)....... 1,186,000 1,203,861 1.50%, 12/31/2013........... 600,000 598,830 1.75%, 03/31/2010 (a)....... 1,238,000 1,258,229 1.75%, 11/15/2011 (a)....... 1,000,000 1,022,470 2.00%, 02/28/2010 (a)....... 1,227,000 1,248,706 2.00%, 09/30/2010 (a)....... 1,478,000 1,514,935 2.00%, 11/30/2013........... 1,000,000 1,025,310 2.13%, 01/31/2010 (a)....... 1,148,000 1,168,825 2.13%, 04/30/2010 (a)....... 1,291,000 1,321,558 2.38%, 08/31/2010 (a)....... 1,482,000 1,527,157 2.50%, 03/31/2013 (a)....... 827,000 877,174 2.63%, 05/31/2010 (a)....... 1,386,000 1,427,330 2.75%, 07/31/2010 (a)....... 1,409,000 1,459,428 2.75%, 02/28/2013 (a)....... 763,000 814,648 2.75%, 10/31/2013 (a)....... 1,131,000 1,202,456 2.88%, 06/30/2010 (a)....... 1,386,000 1,435,383 2.88%, 01/31/2013 (a)....... 655,000 702,861 3.13%, 04/30/2013 (a)....... 872,000 944,751 3.13%, 08/31/2013 (a)....... 1,028,000 1,107,639 3.13%, 09/30/2013 (a)....... 367,000 395,846 3.38%, 11/30/2012 (a)....... 644,000 701,464 3.38%, 06/30/2013 (a)....... 957,000 1,043,274 3.38%, 07/31/2013 (a)....... 955,000 1,043,509 3.50%, 02/15/2010 (a)....... 405,000 419,248 3.50%, 05/31/2013 (a)....... 883,000 966,655 3.50%, 02/15/2018........... 1,425,000 1,577,732 3.63%, 01/15/2010 (a)....... 257,000 265,910 3.63%, 06/15/2010 (a)....... 642,000 670,928 3.63%, 12/31/2012 (a)....... 604,000 665,240 3.63%, 05/15/2013........... 850,000 933,683 3.75%, 11/15/2018 (a)....... 1,300,000 1,471,639 3.88%, 05/15/2010 (a)....... 663,000 695,023 3.88%, 07/15/2010 (a)....... 161,000 169,810 3.88%, 09/15/2010........... 575,000 609,000 3.88%, 10/31/2012 (a)....... 609,000 673,694 3.88%, 02/15/2013 (a)....... 592,000 659,547 3.88%, 05/15/2018 (a)....... 994,000 1,133,627 4.00%, 03/15/2010 (a)....... 557,000 581,926 4.00%, 04/15/2010 (a)....... 236,000 247,413 4.00%, 11/15/2012 (a)....... 743,000 824,656 4.00%, 02/15/2014 (a)....... 1,239,000 1,404,084 4.00%, 02/15/2015 (a)....... 1,135,000 1,291,528 4.00%, 08/15/2018 (a)....... 1,173,000 1,354,745 4.13%, 08/15/2010 (a)....... 585,000 619,550 4.13%, 08/31/2012 (a)....... 614,000 678,894 4.13%, 05/15/2015 (a)....... 1,428,000 1,637,102 4.25%, 10/15/2010 (a)....... 536,000 572,491 4.25%, 01/15/2011 (a)....... 611,000 656,550 4.25%, 09/30/2012 (a)....... 314,000 350,302 4.25%, 08/15/2013 (a)....... 1,305,000 1,483,589 4.25%, 11/15/2013 (a)....... 834,000 951,986 4.25%, 08/15/2014 (a)....... 1,071,000 1,229,829 4.25%, 11/15/2014 (a)....... 826,000 955,418 4.25%, 08/15/2015 (a)....... 1,355,000 1,571,353 4.25%, 11/15/2017........... 989,000 1,151,740 4.38%, 12/15/2010........... 586,000 629,329 4.38%, 08/15/2012 (a)....... 681,000 764,640 4.50%, 05/15/2010 (a)....... 658,000 694,868 4.50%, 11/15/2010 (a)....... 614,000 659,025 4.50%, 02/28/2011 (a)....... 675,000 728,845 4.50%, 09/30/2011........... 693,000 759,715 4.50%, 11/30/2011........... 661,000 727,946 4.50%, 03/31/2012 (a)....... 623,000 688,951 4.50%, 04/30/2012 (a)....... 623,000 690,134 4.50%, 11/15/2015 (a)....... 675,000 800,111 4.50%, 02/15/2016 (a)....... 990,000 1,165,280 4.50%, 05/15/2017 (a)....... 995,000 1,167,911 4.63%, 08/31/2011 (a)....... 695,000 763,339 4.63%, 10/31/2011 (a)....... 608,000 671,202 4.63%, 12/31/2011 (a)....... 633,000 700,566 4.63%, 02/29/2012 (a)....... 597,000 661,995 4.63%, 07/31/2012 (a)....... 625,000 700,369 4.63%, 11/15/2016........... 971,000 1,146,887 4.63%, 02/15/2017 (a)....... 915,000 1,083,076 4.75%, 02/15/2010........... 755,000 790,908 4.75%, 03/31/2011 (a)....... 678,000 736,762 4.75%, 01/31/2012 (a)....... 575,000 638,422 4.75%, 05/31/2012 (a)....... 625,000 700,150 4.75%, 05/15/2014 (a)....... 1,148,000 1,351,391 4.75%, 08/15/2017 (a)....... 994,000 1,188,347 4.88%, 04/30/2011 (a)....... 664,000 727,146 4.88%, 05/31/2011........... 695,000 763,353 4.88%, 07/31/2011........... 665,000 733,475 4.88%, 02/15/2012 (a)....... 929,000 1,039,282 4.88%, 06/30/2012........... 585,000 657,382 4.88%, 08/15/2016 (a)....... 911,000 1,086,932 5.00%, 02/15/2011 (a)....... 969,000 1,057,954 5.00%, 08/15/2011 (a)....... 617,000 686,443 5.13%, 06/30/2011 (a)....... 670,000 741,154 5.13%, 05/15/2016 (a)....... 996,000 1,205,339 5.75%, 08/15/2010........... 904,000 982,124 6.50%, 02/15/2010 (a)....... 771,000 822,287 ----------- TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $89,936,860).......... 94,075,407 -----------
See accompanying notes to financial statements. 39 SPDR BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 25.4% MONEY MARKET FUNDS -- 25.4% State Street Institutional Liquid Reserves Fund 1.34%, (b) (c)......................... 276,350 $ 276,350 State Street Navigator Securities Lending Prime Portfolio (c) (d)........... 23,817,724 23,817,724 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $24,094,074).......... 24,094,074 ------------ TOTAL INVESTMENTS -- 124.7% (Cost $114,030,934)......... 118,169,481 OTHER ASSETS AND LIABILITIES -- (24.7)%...... (23,421,505) ------------ NET ASSETS -- 100.0%.......... $ 94,747,976 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) The rate shown is the annualized seven-day yield at period end. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (d) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 40 SPDR BARCLAYS CAPITAL LONG TERM TREASURY ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- U.S. TREASURY OBLIGATIONS -- 99.0% Treasury Bonds 4.38%, 02/15/2038 (a)....... $ 665,000 $ 890,801 4.50%, 02/15/2036 (a)....... 1,051,000 1,395,970 4.50%, 05/15/2038 (a)....... 882,000 1,203,930 4.75%, 02/15/2037 (a)....... 631,000 879,387 5.00%, 05/15/2037 (a)....... 614,000 889,643 5.25%, 11/15/2028........... 407,000 536,988 5.25%, 02/15/2029 (a)....... 424,000 561,703 5.38%, 02/15/2031 (a)....... 674,000 927,208 5.50%, 08/15/2028 (a)....... 448,000 604,813 6.00%, 02/15/2026........... 511,000 712,773 6.13%, 11/15/2027 (a)....... 819,000 1,173,496 6.13%, 08/15/2029 (a)....... 388,000 569,375 6.25%, 08/15/2023 (a)....... 909,000 1,238,822 6.25%, 05/15/2030........... 661,000 993,794 6.38%, 08/15/2027........... 338,000 494,291 6.50%, 11/15/2026 (a)....... 385,000 566,712 6.63%, 02/15/2027........... 361,000 539,154 6.75%, 08/15/2026........... 312,000 470,196 6.88%, 08/15/2025 (a)....... 407,000 618,465 7.13%, 02/15/2023 (a)....... 587,000 850,939 7.25%, 08/15/2022 (a)....... 382,000 555,149 7.50%, 11/15/2024........... 300,000 481,089 7.63%, 11/15/2022........... 237,000 356,346 7.63%, 02/15/2025 (a)....... 338,000 548,506 7.88%, 02/15/2021 (a)....... 374,000 554,369 8.00%, 11/15/2021 (a)....... 1,157,000 1,752,936 8.13%, 08/15/2019 (a)....... 707,000 1,043,136 8.13%, 05/15/2021 (a)....... 370,000 560,731 8.13%, 08/15/2021 (a)....... 334,000 507,486 8.50%, 02/15/2020 (a)....... 359,000 546,096 8.75%, 05/15/2020 (a)....... 253,000 392,894 8.75%, 08/15/2020 (a)....... 647,000 1,008,680 8.88%, 02/15/2019 (a)....... 469,000 719,596 ----------- TOTAL U.S. TREASURY OBLIGATIONS -- (Cost $21,528,860).......... 25,145,474 ----------- SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 26.2% MONEY MARKET FUNDS -- 26.2% State Street Institutional Liquid Reserves Fund 1.34%, (b) (c)......................... 12,844 $ 12,844 State Street Navigator Securities Lending Prime Portfolio (c) (d)........... 6,653,693 6,653,693 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $6,666,537)........... 6,666,537 ----------- TOTAL INVESTMENTS -- 125.2% (Cost $28,195,397).......... 31,812,011 OTHER ASSETS AND LIABILITIES -- (25.2)%...... (6,403,127) ----------- NET ASSETS -- 100.0%.......... $25,408,884 ===========
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) The rate shown is the annualized seven-day yield at period end. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (d) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 41 SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- CORPORATE BONDS & NOTES -- 22.7% AEROSPACE & DEFENSE -- 0.6% Boeing Co. 6.13%, 02/15/2033 (a)...... $ 150,000 $ 158,564 Honeywell International, Inc. 6.13%, 11/01/2011 (a)...... 805,000 848,971 ------------ 1,007,535 ------------ AIR FREIGHT & LOGISTICS -- 0.1% United Parcel Service, Inc. 6.20%, 01/15/2038.......... 235,000 268,594 ------------ BANKS-- 0.4% KfW Bankengruppe 4.00%, 10/15/2013 (a)...... 660,000 698,557 ------------ BEVERAGES -- 0.1% Diageo Capital PLC 5.75%, 10/23/2017.......... 235,000 225,563 ------------ BUILDING PRODUCTS -- 0.1% Masco Corp. 6.13%, 10/03/2016 (a)...... 235,000 175,789 ------------ CAPITAL MARKETS -- 1.5% Morgan Stanley 4.00%, 01/15/2010 (a)...... 965,000 936,050 Svensk Exportkredit AB 5.13%, 03/01/2017 (a)...... 375,000 414,322 The Goldman Sachs Group, Inc.: 5.35%, 01/15/2016.......... 1,180,000 1,043,116 5.95%, 01/15/2027.......... 300,000 231,482 ------------ 2,624,970 ------------ CHEMICALS -- 0.2% E.I. du Pont de Nemours & Co. 5.25%, 12/15/2016 (a)...... 375,000 369,001 ------------ COMMERCIAL BANKS -- 4.4% Bank of New York Mellon Corp. 4.95%, 11/01/2012.......... 495,000 502,524 Deutsche Bank AG London: 5.38%, 10/12/2012 (a)...... 375,000 377,680 6.00%, 09/01/2017.......... 430,000 434,279 European Investment Bank 5.00%, 02/08/2010.......... 1,225,000 1,268,340 HSBC Bank USA NA 4.63%, 04/01/2014 (a)...... 730,000 677,514 Inter-American Development Bank 5.13%, 09/13/2016.......... 375,000 430,721 International Bank for Reconstruction & Development 4.75%, 02/15/2035.......... 80,000 94,421 JPMorgan Chase Bank NA 6.00%, 10/01/2017.......... 510,000 511,645 Key Bank NA 5.80%, 07/01/2014.......... 430,000 379,815 Oesterreichische Kontrollbank AG 4.75%, 10/16/2012 (a)...... 375,000 403,714 Royal Bank of Scotland Group PLC 5.00%, 11/12/2013.......... 375,000 329,506 US Bank NA 6.38%, 08/01/2011 (a)...... 235,000 242,372 Wachovia Bank NA 5.85%, 02/01/2037.......... 655,000 605,346 Wells Fargo & Co.: 4.88%, 01/12/2011 (a)...... 375,000 377,246 5.63%, 12/11/2017.......... 235,000 241,209 Wells Fargo Bank NA 4.75%, 02/09/2015.......... 805,000 782,096 ------------ 7,658,428 ------------ COMMUNICATIONS EQUIPMENT -- 0.1% Cisco Systems, Inc. 5.50%, 02/22/2016.......... 225,000 237,888 ------------ COMPUTERS & PERIPHERALS -- 0.3% International Business Machines Corp. 5.88%, 11/29/2032 (a)...... 150,000 158,735 Oracle Corp. 5.00%, 01/15/2011 (a)...... 375,000 384,394 ------------ 543,129 ------------ DIVERSIFIED FINANCIAL SERVICES -- 4.9% Bank of America Corp. 7.80%, 02/15/2010.......... 565,000 577,183 Bank of America NA 5.30%, 03/15/2017.......... 1,105,000 1,045,037 CIT Group, Inc. 4.25%, 02/01/2010 (a)...... 310,000 279,000 Citigroup, Inc. 5.63%, 08/27/2012.......... 1,570,000 1,469,513 Credit Suisse USA, Inc. 6.50%, 01/15/2012.......... 930,000 954,054 General Electric Capital Corp.: 5.25%, 10/19/2012 (a)...... 375,000 377,380 5.63%, 05/01/2018.......... 810,000 811,354 6.75%, 03/15/2032.......... 225,000 239,042 HSBC Finance Corp. 5.25%, 01/14/2011 (a)...... 310,000 299,509 JPMorgan Chase & Co. 6.63%, 03/15/2012.......... 1,580,000 1,605,376 Merrill Lynch & Co, Inc. 6.88%, 04/25/2018.......... 535,000 556,345 National Rural Utilities Cooperative Finance Corp. 8.00%, 03/01/2032.......... 330,000 316,998 ------------ 8,530,791 ------------ ELECTRIC UTILITIES -- 1.1% Duke Energy Carolinas LLC 7.00%, 11/15/2018.......... 375,000 425,012 Pacific Gas & Electric Co. 4.80%, 03/01/2014 (a)...... 805,000 788,309 Progress Energy, Inc. 7.75%, 03/01/2031 (a)...... 375,000 377,454 Virginia Electric and Power Co. 5.10%, 11/30/2012 (a)...... 330,000 320,181 ------------ 1,910,956 ------------
See accompanying notes to financial statements. 42 SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- FOOD & STAPLES RETAILING -- 0.3% CVS Caremark Corp. 6.25%, 06/01/2027.......... $ 235,000 $ 219,504 Wal-Mart Stores, Inc. 5.88%, 04/05/2027.......... 300,000 324,162 ------------ 543,666 ------------ FOOD PRODUCTS -- 0.5% Archer-Daniels-Midland Co. 5.38%, 09/15/2035.......... 225,000 182,522 General Mills, Inc. 5.70%, 02/15/2017 (a)...... 375,000 367,808 Kraft Foods, Inc. 5.63%, 11/01/2011.......... 375,000 380,479 ------------ 930,809 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.1% Baxter International, Inc. 6.25%, 12/01/2037.......... 140,000 159,864 ------------ HEALTH CARE PROVIDERS & SERVICES -- 0.4% UnitedHealth Group, Inc. 5.25%, 03/15/2011 (a)...... 805,000 767,738 ------------ HOTELS, RESTAURANTS & LEISURE -- 0.2% McDonald's Corp. 5.35%, 03/01/2018.......... 330,000 338,373 ------------ HOUSEHOLD PRODUCTS -- 0.2% Procter & Gamble Co. 5.55%, 03/05/2037.......... 225,000 253,294 ------------ INDUSTRIAL CONGLOMERATES -- 0.2% General Electric Co. 5.25%, 12/06/2017.......... 330,000 326,503 ------------ INSURANCE -- 0.7% American International Group, Inc. 5.45%, 05/18/2017.......... 730,000 489,100 MetLife, Inc. 5.70%, 06/15/2035.......... 375,000 296,250 The Allstate Corp. 5.95%, 04/01/2036 (a)...... 150,000 131,975 The Travelers Cos., Inc. 6.25%, 03/15/2037 (b)...... 375,000 232,500 XL Capital, Ltd. 6.50%, 12/31/2049.......... 375,000 56,250 ------------ 1,206,075 ------------ MACHINERY -- 0.1% Caterpillar, Inc. 6.05%, 08/15/2036 (a)...... 150,000 143,475 ------------ MEDIA -- 0.6% Comcast Corp. 6.50%, 01/15/2017 (a)...... 300,000 295,383 News America, Inc. 6.15%, 03/01/2037.......... 225,000 204,484 Time Warner Cable, Inc. 5.85%, 05/01/2017.......... 300,000 271,413 Time Warner, Inc. 7.70%, 05/01/2032.......... 225,000 227,738 ------------ 999,018 ------------ METALS & MINING -- 0.3% Rio Tinto Finance USA, Ltd. 5.88%, 07/15/2013.......... 400,000 302,000 Vale Overseas, Ltd. 6.88%, 11/21/2036.......... 300,000 276,750 ------------ 578,750 ------------ MULTI-UTILITIES -- 0.2% Midamerican Energy Holdings Co. 6.13%, 04/01/2036 (a)...... 375,000 348,707 ------------ MULTILINE RETAIL -- 0.2% Macy's Retail Holdings, Inc. 5.35%, 03/15/2012.......... 375,000 281,250 ------------ OFFICE ELECTRONICS -- 0.2% Xerox Corp. 5.65%, 05/15/2013.......... 400,000 301,299 ------------ OIL, GAS & CONSUMABLE FUELS -- 1.3% Anadarko Petroleum Corp. 5.95%, 09/15/2016.......... 300,000 265,867 Canadian Natural Resources, Ltd. 6.25%, 03/15/2038.......... 375,000 291,385 ConocoPhillips Canada Funding Co. 5.63%, 10/15/2016 (a)...... 805,000 818,850 Kinder Morgan Energy Partners LP 5.80%, 03/15/2035.......... 160,000 112,535 Southern Natural Gas Co. 5.90%, 04/01/2017 (c)...... 805,000 672,007 Transocean, Inc. 6.00%, 03/15/2018.......... 140,000 125,764 ------------ 2,286,408 ------------ PHARMACEUTICALS -- 0.8% Abbott Laboratories 5.60%, 05/15/2011.......... 375,000 391,351 AstraZeneca PLC 6.45%, 09/15/2037 (a)...... 75,000 82,480 Eli Lilly & Co. 5.20%, 03/15/2017.......... 300,000 304,973 Schering-Plough Corp. 6.00%, 09/15/2017 (a)...... 375,000 373,691 Wyeth 5.95%, 04/01/2037 (a)...... 225,000 243,272 ------------ 1,395,767 ------------ REAL ESTATE INVESTMENT TRUST -- 0.1% Simon Property Group LP 5.60%, 09/01/2011 (a)...... 250,000 203,075 ------------ ROAD & RAIL -- 0.3% CSX Corp. 6.15%, 05/01/2037.......... 150,000 126,540 Norfolk Southern Corp. 7.70%, 05/15/2017.......... 300,000 336,284 ------------ 462,824 ------------ SPECIALTY RETAIL -- 0.2% Home Depot, Inc. 5.40%, 03/01/2016 (a)...... 375,000 327,176 ------------
See accompanying notes to financial statements. 43 SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- TELECOMMUNICATIONS -- 0.2% Verizon Communications, Inc. 6.40%, 02/15/2038 (a)...... $ 400,000 $ 416,972 ------------ TOBACCO -- 0.2% Philip Morris International, Inc. 4.88%, 05/16/2013 (a)...... 400,000 395,532 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 1.6% AT&T Corp. 8.00%, 11/15/2031 (a)...... 430,000 515,734 Deutsche Telekom International Finance BV 8.50%, 06/15/2010 (d)...... 805,000 829,468 Embarq Corp. 7.08%, 06/01/2016.......... 150,000 112,500 New Cingular Wireless Services, Inc. 8.13%, 05/01/2012.......... 375,000 397,985 Telecom Italia Capital 5.25%, 10/01/2015.......... 505,000 388,850 Verizon Global Funding Corp. 6.88%, 06/15/2012.......... 375,000 386,124 Vodafone Group PLC 5.63%, 02/27/2017 (a)...... 225,000 210,631 ------------ 2,841,292 ------------ TOTAL CORPORATE BONDS & NOTES -- (Cost $40,944,370)......... 39,759,068 ------------ FOREIGN GOVERNMENT OBLIGATIONS -- 1.8% Federal Republic of Brazil 8.25%, 01/20/2034.......... 330,000 401,775 Province of Ontario 4.95%, 06/01/2012.......... 430,000 456,135 Province of Quebec 7.50%, 09/15/2029.......... 430,000 641,576 Republic of Italy 5.63%, 06/15/2012.......... 730,000 795,561 United Mexican States 5.63%, 01/15/2017.......... 805,000 807,013 ------------ TOTAL FOREIGN GOVERNMENT OBLIGATIONS -- (Cost $2,994,891).......... 3,102,060 ------------ U.S. AGENCY MBS TBA -- 40.1% Fannie Mae 5.00%, 15YR TBA............ 2,900,000 2,979,750 5.50%, 30YR TBA............ 16,750,000 17,189,687 6.00%, 15YR TBA............ 2,700,000 2,802,937 6.50%, 30YR TBA............ 6,100,000 6,340,187 7.00%, 30YR TBA............ 2,000,000 2,092,500 Federal Home Loan Bank 5.50%, 15YR TBA............ 2,000,000 2,062,500 Freddie Mac 4.50%, 15YR TBA............ 3,350,000 3,428,516 4.50%, 30YR TBA............ 1,000,000 1,012,500 5.00%, 30YR TBA............ 11,900,000 12,143,578 6.00%, 30YR TBA............ 10,700,000 11,034,375 6.50%, 15YR TBA............ 1,500,000 1,560,938 Ginnie Mae 5.00%, 30YR TBA............ 1,050,000 1,077,727 5.50%, 30YR TBA............ 2,650,000 2,732,812 6.00%, 30YR TBA............ 2,500,000 2,581,641 6.50%, 30YR TBA............ 1,000,000 1,040,938 ------------ TOTAL U.S. AGENCY MBS TBA -- (Cost $68,312,835)......... 70,080,586 ------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 9.2% Fannie Mae 5.00%, 02/16/2012.......... 1,533,000 1,683,016 5.00%, 05/11/2017.......... 1,060,000 1,205,625 7.13%, 01/15/2030 (a)...... 720,000 1,084,393 Federal Home Loan Bank 5.13%, 08/14/2013.......... 1,535,000 1,721,501 5.38%, 08/19/2011.......... 2,715,000 2,975,939 Freddie Mac 3.88%, 06/29/2011 (a)...... 705,000 747,632 4.13%, 07/12/2010.......... 2,610,000 2,723,720 4.50%, 01/15/2013 (a)...... 960,000 1,050,542 4.88%, 02/09/2010 (a)...... 1,620,000 1,686,515 5.00%, 04/18/2017 (a)...... 1,108,000 1,259,869 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS -- (Cost $15,244,496)......... 16,138,752 ------------ U.S. TREASURY OBLIGATIONS -- 22.9% Treasury Bonds 4.38%, 02/15/2038 (a)...... 1,355,000 1,815,090 5.50%, 08/15/2028 (a)...... 1,700,000 2,295,051 8.00%, 11/15/2021 (a)...... 1,225,000 1,855,961 8.88%, 08/15/2017 (a)...... 2,938,000 4,372,273 Treasury Notes 2.00%, 02/28/2010 (a)...... 2,135,000 2,172,768 2.38%, 08/31/2010 (a)...... 4,140,000 4,266,146 2.88%, 06/30/2010 (a)...... 2,135,000 2,211,070 3.38%, 07/31/2013 (a)...... 6,525,000 7,129,737 3.88%, 05/15/2018 (a)...... 1,575,000 1,796,240 4.13%, 05/15/2015 (a)...... 1,900,000 2,178,217 4.50%, 04/30/2012 (a)...... 7,113,000 7,879,497 4.75%, 08/15/2017 (a)...... 1,750,000 2,092,160 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $37,660,804)......... 40,064,210 ------------
See accompanying notes to financial statements. 44 SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 54.3% MONEY MARKET FUNDS -- 54.3% State Street Institutional Liquid Reserves Fund 1.34%, (e) (f) (g)................ 71,204,148 $ 71,204,148 State Street Navigator Securities Lending Prime Portfolio (g) (h).......... 23,699,143 23,699,143 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $94,903,291)......... 94,903,291 ------------ TOTAL INVESTMENTS -- 151.0% (Cost $260,060,687)........ 264,047,967 OTHER ASSETS AND LIABILITIES -- (51.0)%..... (89,235,469) ------------ NET ASSETS -- 100.0%......... $174,812,498 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Variable Rate Security. Rate shown is as of December 31, 2008. (c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.38% of net assets as of December 31, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (d) Step up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2008. Maturity date disclosed is the ultimate maturity date. (e) Security or a portion of the security has been designated as collateral for TBA securities. (f) The rate shown is the annualized seven-day yield at period end. (g) Affiliated Fund managed by SSgA Funds Management, Inc. (h) Investments of cash collateral for securities loaned. TBA = To Be Announced See accompanying notes to financial statements. 45 SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 97.7% ALABAMA -- 1.3% Alabama, Auburn University, General Fee Revenue 5.00%, 06/01/2038 (a)...... $ 2,200,000 $ 2,092,684 Alabama, Public School & College Authority 5.00%, 12/01/2023.......... 1,500,000 1,518,210 Birmingham, AL, Capital Investment Series A 4.50%, 12/01/2027................. 1,000,000 861,980 ------------ 4,472,874 ------------ ARIZONA -- 1.9% Arizona, Salt River Project, Agricultural Improvement & Power District: Series A 5.00%, 01/01/2016................. 500,000 555,940 Series A 5.00%, 01/01/2022.............. 500,000 513,470 Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 07/01/2021.......... 1,500,000 1,565,310 Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, Senior Lien 5.50%, 07/01/2019.......... 1,000,000 1,112,430 Phoenix, AZ, General Obligation Series A 5.00%, 07/01/2017................. 1,000,000 1,123,350 Pima County, AZ, Industrial Development Authority, Lease Revenue 5.00%, 09/01/2039.......... 2,000,000 1,798,860 ------------ 6,669,360 ------------ CALIFORNIA -- 11.9% Azusa, CA, Public Financing Authority, Revenue 5.00%, 07/01/2039 (a)...... 1,200,000 1,069,476 California, Golden Empire Schools Financing Authority, Lease Revenue 4.00%, 05/01/2010.......... 4,000,000 4,064,760 California, State Economic Recovery, General Obligation: Series A 5.00%, 01/01/2011................. 1,000,000 1,045,370 Series A 5.00%, 07/01/2015.............. 575,000 615,934 California, State Public Works Board, Lease Revenue Series D 5.00%, 05/01/2025................. 1,000,000 982,420 California, State University Revenue Series A 4.50%, 11/01/2044 (a)........................ 6,090,000 4,692,528 Series A 5.00%, 11/01/2037 (a)..................... 1,000,000 950,200 Los Angeles County, CA, Public Work Financing Authority, Lease Revenue Series A 5.00%, 12/01/2027 (a)........................ 300,000 269,001 Los Angeles, CA, Unified School District: Series B 4.75%, 07/01/2019 (a)........................ 3,485,000 3,591,188 Series A-1 5.00%, 07/01/2016 (a)............. 3,000,000 3,219,750 Series A 5.00%, 07/01/2018................. 900,000 955,926 San Diego, CA, Community College District 5.00%, 05/01/2020 (a)...... 2,720,000 2,796,921 San Diego, CA, Unified School District Series C-2 5.50%, 07/01/2019 (a)............. 1,600,000 1,782,416 San Francisco, CA, Bay Area Rapid Transit District: Series B 5.00%, 08/01/2022................. 1,500,000 1,554,960 Series B 5.00%, 08/01/2032.............. 1,600,000 1,571,680 San Francisco, CA, City & County Public Utilities Commission Water Revenue Series A 4.50%, 11/01/2031 (a)........................ 1,000,000 814,820 San Francisco, CA, Toll Bridge Revenue Series F 5.00%, 04/01/2031................. 4,775,000 4,495,185 San Jose, CA, Evergreen Community College District Series A Zero Coupon, 09/01/2020 (a)............. 2,500,000 1,369,825 University of California: Series J 4.50%, 05/15/2031 (a)........................ 3,000,000 2,557,260 Series B 4.75%, 05/15/2038................. 1,300,000 1,123,434 West Valley-Mission Community College District, CA, Election 2004-A 5.00%, 08/01/2030 (a)...... 2,000,000 1,887,040 ------------ 41,410,094 ------------ COLORADO -- 1.5% Douglas County, CO, School District Series B 5.00%, 12/15/2019................. 2,000,000 2,156,040 University of Colorado, Enterprise System Revenue 5.00%, 06/01/2023 (a)...... 3,000,000 3,034,260 ------------ 5,190,300 ------------ CONNECTICUT -- 0.9% Connecticut, State General Obligation: Series A 4.50%, 05/01/2026................. 1,000,000 951,810 Series C 5.00%, 04/01/2011 (a)........................ 2,000,000 2,129,160 ------------ 3,080,970 ------------ DELAWARE -- 0.3% Delaware, State General Obligation 5.00%, 03/01/2013.......... 1,000,000 1,105,070 ------------ FLORIDA -- 2.9% Florida, State Board of Education, General Obligation Series B 5.25%, 06/01/2013................. 2,000,000 2,203,340 Florida, State Board of Education, Public Education Capital Outlay Series A 5.00%, 06/01/2016................. 900,000 991,044 Florida, State Department of Environmental Protection Revenue Series A 5.00%, 07/01/2009................. 1,000,000 1,015,810 Gainesville, FL, Utility System Revenue, (Pre- refunded) Series A 5.00%, 10/01/2035 (a)........................ 900,000 1,037,457 JEA, FL, Bulk Power Supply System Revenue, Scherer 4 Project Series A 5.63%, 10/01/2033................. 5,000,000 4,911,100 ------------ 10,158,751 ------------
See accompanying notes to financial statements. 46 SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- GEORGIA -- 1.8% Augusta, GA, Water & Sewer Revenue 5.00%, 10/01/2014 (a)...... $ 1,085,000 $ 1,196,115 Georgia, State General Obligation: Series D 5.00%, 07/01/2009................. 1,000,000 1,020,330 Series B 5.00%, 04/01/2012................. 2,000,000 2,183,100 Milledgeville -- Baldwin County, GA, Development Authority, (Pre-refunded) 5.50%, 09/01/2024.......... 1,500,000 1,759,230 ------------ 6,158,775 ------------ HAWAII -- 1.1% Hawaii, State General Obligation Series DJ 5.00%, 04/01/2023 (a)........................ 900,000 913,896 Hawaii, State Highway Revenue Series B 5.00%, 07/01/2015................. 1,285,000 1,437,864 Honolulu, HI, City & County General Obligation Series A 5.00%, 07/01/2029................. 1,500,000 1,473,570 ------------ 3,825,330 ------------ ILLINOIS -- 5.7% Chicago, IL, General Obligation: Series A 5.00%, 01/01/2015................. 900,000 994,842 Series B 5.00%, 01/01/2022 (a)........................ 1,000,000 1,017,720 Chicago, IL, Metropolitan Water Reclamation District: Series A 5.00%, 12/01/2020................. 1,000,000 1,076,240 Series C 5.25%, 12/01/2032................. 5,000,000 5,144,700 Chicago, IL, O'Hare International Airport Revenue Series A 5.00%, 01/01/2038................. 1,500,000 1,290,990 Chicago, IL, Water Revenue 5.25%, 11/01/2038.......... 2,500,000 2,401,625 Illinois, Finance Authority Revenue, University of Chicago Series B 6.25%, 07/01/2038................. 5,000,000 5,255,400 Illinois, State General Obligation Series B 5.00%, 03/01/2014................. 2,000,000 2,210,700 Southwestern, IL, Development Authority Revenue Zero Coupon, 12/01/2021 (a)........................ 1,125,000 555,356 ------------ 19,947,573 ------------ INDIANA -- 1.7% Indiana, Finance Authority, Highway Revenue Series A 4.50%, 12/01/2020 (a)........................ 1,000,000 980,100 Indiana, State Finance Authority, State Revolving Fund Program Revenue Series B 5.00%, 02/01/2018................. 1,535,000 1,680,917 Indiana, State Finance Authority, Lease Revenue Series A-1 5.00%, 11/01/2015................. 3,000,000 3,332,250 ------------ 5,993,267 ------------ KANSAS -- 0.6% Kansas, State Department of Transportation, Highway Revenue Series A 5.00%, 09/01/2011................. 2,000,000 2,148,300 ------------ KENTUCKY -- 1.1% Kentucky, State Property & Buildings Commission 5.00%, 08/01/2013.......... 1,000,000 1,071,980 Kentucky, State Turnpike Authority, Economic Development Road Revenue 5.00%, 07/01/2025 (a)...... 1,500,000 1,505,760 Kentucky, State Turnpike Authority, Economic Recovery Series B 4.50%, 07/01/2023................. 1,285,000 1,194,292 ------------ 3,772,032 ------------ MARYLAND -- 2.8% Maryland, State General Obligation: 5.00%, 08/01/2012.......... 1,250,000 1,371,750 Series A 5.25%, 02/15/2013................. 1,000,000 1,116,660 Maryland, State Department of Transportation 5.00%, 02/15/2015.......... 1,500,000 1,668,915 Montgomery County, MD, Public Improvement Series A 5.00%, 07/01/2016................. 1,500,000 1,705,200 Montgomery, MD, General Obligation Series A 5.00%, 09/01/2015................. 3,530,000 3,925,466 ------------ 9,787,991 ------------ MASSACHUSETTS -- 6.0% Massachusetts, Bay Transportation Authority Revenue Series A 5.00%, 07/01/2029................. 3,000,000 3,435,210 Massachusetts, Bay Transportation Authority, Sales Tax Revenue Series A 5.00%, 07/01/2021.......... 1,000,000 1,043,470 Massachusetts, School Building Authority: Series A 5.00%, 08/15/2024................. 1,000,000 1,010,030 Series A 5.00%, 08/15/2026................. 3,000,000 3,004,860 Massachusetts, State Construction Loan Series B 5.00%, 08/01/2015.......... 1,310,000 1,461,829 Massachusetts, State General Obligation: Series A 5.25%, 08/01/2019................. 900,000 1,002,744 Series C 5.50%, 12/01/2022(a).............. 2,500,000 2,753,450 Massachusetts, State Water Pollution Abatement Trust 5.25%, 08/01/2033.......... 2,000,000 2,022,040 Massachusetts, State Water Resources Authority Series A 5.13%, 08/01/2026................. 5,000,000 5,034,700 ------------ 20,768,333 ------------ MICHIGAN -- 0.5% Michigan, Municipal Bond Authority Revenue 5.00%, 10/01/2022.......... 1,700,000 1,734,850 ------------
See accompanying notes to financial statements. 47 SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MINNESOTA -- 1.2% Minnesota, State General Obligation: 5.00%, 06/01/2015.......... $ 1,820,000 $ 2,049,757 5.00%, 06/01/2018.......... 1,940,000 2,129,596 ------------ 4,179,353 ------------ MISSISSIPPI -- 0.3% Mississippi, State General Obligation 5.00%, 12/01/2013.......... 1,000,000 1,103,000 ------------ MISSOURI -- 0.9% Missouri, State Highways & Transit Commission, State Road Revenue, Second Lien 5.25%, 05/01/2020.......... 1,000,000 1,078,120 Missouri, State Regional Convention & Sports Complex Authority 5.25%, 08/15/2016 (a)...... 1,800,000 1,957,680 ------------ 3,035,800 ------------ MONTANA -- 0.7% Montana, State Department of Transportation Revenue 5.00%, 06/01/2015 (a)...... 2,130,000 2,375,120 ------------ NEBRASKA -- 1.4% Omaha, NE, Public Power District Series A 5.00%, 02/01/2039................. 5,000,000 4,689,950 ------------ NEVADA -- 4.8% Clark County, NV, General Obligation: 4.50%, 06/01/2018 (a)...... 1,475,000 1,528,498 4.75%, 06/01/2025 (a)...... 1,735,000 1,654,704 Clark County, NV, Highway Improvement Revenue 5.00%, 07/01/2012 (a)...... 1,000,000 1,086,100 Clark County, NV, School District, General Obligation: Series B 4.50%, 06/15/2016................. 1,010,000 1,064,813 Series A 5.00%, 06/15/2014................. 900,000 977,022 Series D 5.00%, 06/15/2017 (a)........................ 4,815,000 5,088,155 Las Vegas, NV, Convention & Visitors Authority Revenue 5.00%, 07/01/2016 (a)...... 2,360,000 2,552,435 Las Vegas Valley, NV, Water District, General Obligation Series B 5.00%, 06/01/2015................. 1,500,000 1,632,495 Nevada, State Highway Improvement Revenue 5.00%, 12/01/2017 (a)...... 1,000,000 1,108,570 ------------ 16,692,792 ------------ NEW JERSEY -- 1.1% New Jersey, State Educational Facilities Authority Revenue, Higher Education Capital Improvement Series A 5.00%, 09/01/2018................. 735,000 765,319 New Jersey, State Transportation Trust Fund Authority: (Escrow to Maturity) Series A 5.25%, 06/15/2012 (a)........................ 1,305,000 1,456,432 Series C Zero Coupon, 12/15/2029 (a)............. 2,585,000 694,357 New Jersey State Turnpike Authority Series A 5.25%, 01/01/2027 (a)........................ 1,000,000 1,012,800 ------------ 3,928,908 ------------ NEW MEXICO -- 0.6% New Mexico, Severance Tax Series A-1 4.00%, 07/01/2014................. 2,000,000 2,080,800 ------------ NEW YORK -- 15.0% Erie County, NY, Industrial Development Agency Revenue: Series A 5.75%, 05/01/2019 (a)........................ 1,500,000 1,623,525 Series A 5.75%, 05/01/2021................. 3,000,000 3,136,830 New York, NY, City Municipal Water Finance Authority: Series DD 4.63%, 06/15/2031................. 1,030,000 890,816 Series C 4.75%, 06/15/2033................. 1,000,000 876,420 Series C 5.00%, 06/15/2035.............. 2,320,000 2,183,862 Series A 5.00%, 06/15/2038................. 1,000,000 934,350 Series D 5.00%, 06/15/2038................. 1,000,000 934,350 New York, NY, City Transitional Finance Authority Revenue: Sub Series D-1 5.00%, 11/01/2013................. 1,500,000 1,635,030 Sub Series C-1 5.00%, 01/01/2020................. 900,000 930,420 Series B 5.00%, 08/01/2021................. 2,725,000 2,771,625 New York, NY, General Obligation: Series C-1 5.00%, 10/01/2012................. 1,400,000 1,486,996 Series B 5.25%, 08/01/2015................. 2,000,000 2,137,040 New York, State Local Government Assistance Corp. Series A 5.00%, 04/01/2020................. 3,000,000 3,151,470 New York, State Dormitory Authority Revenue Series A 5.00%, 07/01/2038................. 3,350,000 3,012,153 New York, State Dormitory Authority, State Income Tax Revenue Series B 5.00%, 03/15/2028................. 5,000,000 4,873,200 New York, State Environmental Facscorp Series A 4.50%, 06/15/2036................. 1,500,000 1,314,030 New York, State Thruway Authority, Second General Highway & Boarding Trust Fund: Series B 5.00%, 04/01/2019................. 5,400,000 5,610,600 Series A 5.00%, 04/01/2020................. 3,000,000 3,087,840 New York State Thruway Authority: Series G 4.75%, 01/01/2030 (a)........................ 920,000 828,791 Series B 5.00%, 04/01/2014 (a)........................ 2,000,000 2,160,180 Series A 5.00%, 04/01/2021................. 500,000 504,380 Series A 5.00%, 03/15/2028.............. 2,000,000 1,949,280 New York, State Urban Development Corp. Revenue: Series B 3.63%, 03/15/2012 (a)........................ 710,000 731,911 Series A-1 5.00%, 12/15/2022 (a)............. 1,000,000 1,003,460
See accompanying notes to financial statements. 48 SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- New York & New Jersey, Port Authority Revenue 144th Series: 5.00%, 10/01/2028.......... $ 3,000,000 $ 2,904,690 5.00%, 12/01/2029.......... 1,500,000 1,441,635 ------------ 52,114,884 ------------ NORTH CAROLINA -- 2.5% Charlotte, NC, Water & Sewer System Revenue 5.00%, 07/01/2038.......... 3,000,000 2,954,490 North Carolina, State General Obligation Series B 5.00%, 04/01/2016................. 2,000,000 2,268,100 University of North Carolina, Chapel Hill 5.00%, 12/01/2031.......... 3,640,000 3,642,402 ------------ 8,864,992 ------------ OHIO -- 1.2% Columbus, OH, General Obligation Series D 5.00%, 12/15/2009................. 1,000,000 1,037,870 Ohio, State General Obligation Series A 5.00%, 06/15/2010................. 2,170,000 2,273,118 Ohio, University of Akron, General Receipts Series A 5.00%, 01/01/2033 (a)........................ 1,000,000 929,740 ------------ 4,240,728 ------------ OREGON -- 0.6% Portland, OR, Sewer System Revenue Series A 5.00%, 06/01/2015 (a)............. 1,730,000 1,929,088 ------------ PENNSYLVANIA -- 3.0% Central Bucks, PA, School District 5.00%, 05/15/2023.......... 2,500,000 2,571,375 Pennsylvania, Commonwealth Financing Authority Revenue Series A 5.00%, 06/01/2025 (a)........................ 1,925,000 1,934,375 Pennsylvania, State General Obligation: Series A 4.50%, 11/01/2021................. 1,390,000 1,403,024 Series A 5.00%, 11/01/2013................. 1,000,000 1,109,930 5.38%, 07/01/2016.......... 3,000,000 3,429,150 ------------ 10,447,854 ------------ RHODE ISLAND -- 0.8% Rhode Island, State & Providence Plantations, Consolidated Capital Development Series E 4.70%, 11/01/2025................. 3,000,000 2,830,800 ------------ SOUTH CAROLINA -- 1.0% Charleston County, SC, Sales Tax Revenue 5.00%, 11/01/2018.......... 2,000,000 2,222,660 South Carolina, State Public Service Authority Series C 5.00%, 01/01/2016................. 1,275,000 1,410,086 ------------ 3,632,746 ------------ TENNESSEE -- 0.6% Nashville & Davidson County, TN, Health & Educational Facilities Board Revenue Series A 5.00%, 10/01/2013................. 2,000,000 2,213,460 ------------ TEXAS -- 11.5% Austin, TX, Electrical Utilities System Revenue 5.00%, 11/15/2035 (a)...... 5,100,000 4,648,344 Cypress-Fairbanks, TX, Independent School District 5.00%, 02/15/2023.......... 5,000,000 5,113,750 Dallas, TX, General Obligation: 4.75%, 02/15/2026.......... 1,500,000 1,458,825 5.00%, 02/15/2024.......... 2,055,000 2,080,749 Denton, TX, Independent School District, General Obligation 5.00%, 08/15/2028 (a)...... 1,000,000 995,000 Harris County, TX, Road Revenue Series B 5.25%, 08/15/2047................. 3,000,000 2,746,620 Houston, TX, Utility System Revenue Series A 5.25%, 11/15/2017................. 900,000 1,019,034 Houston, TX, Public Improvement Series B 5.00%, 03/01/2023................. 4,000,000 4,023,200 La Joya, TX, Independent School District 5.00%, 02/15/2034 (a)...... 2,800,000 2,706,592 Prosper, TX, Independent School District 5.00%, 02/15/2038 (a)...... 1,000,000 958,550 Texas, State General Obligation: 4.75%, 04/01/2036.......... 1,000,000 927,900 5.00%, 04/01/2029.......... 3,000,000 2,943,600 Texas, State Transportation Commission: Series A, 5.00%, 04/01/2020................. 1,000,000 1,050,690 5.00%, 04/01/2026.......... 2,555,000 2,574,852 University of Texas: Series F 4.75%, 08/15/2026................. 1,890,000 1,830,711 Series B 5.00%, 08/15/2010................. 1,000,000 1,050,160 Series D 5.00%, 08/15/2018................. 1,675,000 1,825,047 Williamson County, TX, General Obligation 5.25%, 02/15/2018 (a)...... 2,000,000 2,202,120 ------------ 40,155,744 ------------ UTAH -- 1.7% Utah, State General Obligation, (Pre-refunded) Series A 5.00%, 07/01/2015................. 2,000,000 2,257,140 Utah, Transport Authority Sales Tax Revenue Series A 5.00%, 06/15/2036................. 3,850,000 3,689,186 ------------ 5,946,326 ------------ VIRGINIA -- 2.4% Fairfax County, VA, General Obligation Series A 4.00%, 04/01/2011................. 1,675,000 1,752,368 Series A 4.00%, 04/01/2020................. 1,000,000 994,580
See accompanying notes to financial statements. 49 SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- Virginia, College Building Authority, Educational Facilities Revenue Series B 5.00%, 02/01/2009................. $ 1,000,000 $ 1,002,840 Virginia, State Public Building Authority, Public Facilities Revenue Series B 5.25%, 08/01/2027................. 2,000,000 2,062,140 Virginia, Upper Occoquan Sewage Authority, Regional Sewage Revenue 5.00%, 07/01/2022.......... 2,500,000 2,572,450 ------------ 8,384,378 ------------ WASHINGTON -- 3.8% Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue Series A 5.00%, 11/01/2036................. 2,000,000 1,904,680 Energy Northwest Washington Electric Revenue: Series A 5.00%, 07/01/2014................. 1,000,000 1,095,700 Series A 5.50%, 07/01/2012 (a)........................ 1,200,000 1,314,000 King County, WA, School District, General Obligation Series A 4.00%, 06/01/2011................. 1,250,000 1,302,650 Pierce County, WA, School District No. 3 5.00%, 12/01/2017.......... 800,000 870,952 Seattle, WA, Municipal Light & Power Revenue 5.50%, 04/01/2022.......... 1,435,000 1,511,816 Snohomish County, WA, School District No. 201 5.25%, 12/01/2024.......... 3,225,000 3,338,165 Washington, State General Obligation: Series C 4.25%, 01/01/2013................. 1,000,000 1,063,650 Series A 5.00%, 07/01/2023................. 900,000 918,711 ------------ 13,320,324 ------------ WISCONSIN -- 0.6% Wisconsin, State General Obligation Series C 5.00%, 05/01/2014................. 2,000,000 2,209,740 ------------ TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $346,337,732)........ 340,600,657 ------------ SECURITY DESCRIPTION SHARES - -------------------- ------ VALUE SHORT TERM INVESTMENTS -- 6.7% MONEY MARKET FUND -- 6.7% State Street Institutional Tax Free Money Market Fund 1.51%, (b) (c) (Cost $23,381,683)......... 23,381,683 $ 23,381,683 ------------ TOTAL INVESTMENTS -- 104.4% (Cost $369,719,415)........ 363,982,340 OTHER ASSETS AND LIABILITIES -- (4.4)%...... (15,385,374) ------------ NET ASSETS -- 100.0%......... $348,596,966 ============
(a) Bond is insured by one of these companies:
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ ---------- Financial Security Assurance, Inc.............................. 13.46% Municipal Bond Investors Assurance Corp............................. 4.70% Ambac Financial Group.............. 3.19% Financial Guaranty Insurance Co. .. 2.18% Permanent School Fund Guaranteed... 1.34%
(b) Affiliated Fund managed by SSgA Funds Management, Inc. (c) The rate shown is the annualized seven-day yield at period end. Escrow to Maturity = Bonds bearing this description are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. Pre-refunded = Bonds which are pre-refunded are collateralized usually by U.S. Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. See accompanying notes to financial statements. 50 SPDR BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 92.7% CALIFORNIA -- 92.1% Alameda, CA, Corridor Transportation Authority Revenue Series A Zero Coupon, 10/01/2018 (a).............. $1,045,000 $ 571,928 Azusa, CA, Public Financing Authority Revenue 5.00%, 07/01/2039 (a)....... 800,000 712,984 Bakersfield, CA, Wastewater Revenue Series A 5.00%, 09/15/2032 (a).............. 500,000 458,180 California, Educational Facilities Authority Revenue Series A 4.75%, 10/01/2037 (a)......................... 740,000 655,026 California, Infrastructure & Economic Development Bank Revenue, Lien A, (Pre- refunded) 5.00%, 07/01/2036 (a)....... 175,000 195,172 California, State Economic Recovery Series A 5.00%, 07/01/2015 (a).............. 1,000,000 1,071,190 California, State Public Works Board, Lease Revenue Series D 5.00%, 05/01/2025.. 500,000 491,210 California, State University Revenue: Series A 5.00%, 11/01/2025 (a).............. 250,000 245,795 Series A 5.00%, 11/01/2037 (a)......................... 220,000 209,044 Chabot-Las Positas Community College District, CA Series B Zero Coupon, 08/01/2024 (a).............. 1,400,000 534,268 Chaffey Community College District, CA, Election of 2002 Series C 5.00%, 06/01/2032 (a)......................... 1,000,000 916,750 Coast Community College District, CA Series B 5.00%, 08/01/2023 (a)......................... 800,000 805,984 Desert Community College District, CA Series C 5.00%, 08/01/2037 (a)......................... 300,000 275,082 Eastern Municipal Water District, CA, Water & Sewer Revenue Series H 5.00%, 07/01/2035.. 1,000,000 889,060 Los Altos, CA, School District 5.00%, 08/01/2018 (a)....... 780,000 844,787 Los Angeles, CA, Community College District Series A 5.00%, 08/01/2032 (a)......................... 1,000,000 937,300 Los Angeles, CA, Metro Transportation Authority, Sales Tax Revenue Series A 5.00%, 07/01/2013 (a)......................... 705,000 773,075 Los Angeles, CA, Unified School District Series B 5.00%, 07/01/2022 (a)......................... 1,000,000 1,008,250 Los Angeles, CA, Water & Power Revenue Series A-1 5.00%, 07/01/2023 (a)......................... 900,000 904,320 Los Angeles County, CA, Public Works Financing Authority Revenue 5.00%, 10/01/2015 (a)....... 1,000,000 1,108,890 North Orange County, CA, Community College District 5.00%, 08/01/2015 (a)....... 1,000,000 1,107,740 Redding, CA, Electric System Revenue, Certificate of Participation Series A 5.00%, 06/01/2030 (a)......................... 555,000 498,251 Sacramento, CA, Municipal Utility District, Electric Revenue Series U 5.00%, 08/15/2023 (a)......................... 1,000,000 981,660 San Diego, CA, Community College District 5.00%, 08/01/2032 (a)....... 1,000,000 937,300 San Diego County, CA, Water Authority Revenue Series 2008-A 5.00%, 05/01/2015 (a).............. 200,000 221,164 San Francisco, CA, Bay Area Rapid Transit District Series B 5.00%, 08/01/2022.. 500,000 518,320 San Francisco, CA, Bay Area Toll Authority Toll Bridge Revenue Series F 5.00%, 04/01/2025.. 800,000 791,176 San Francisco, CA, City & County Public Utilities Commission, Water Revenue: Series A 4.50%, 11/01/2031 (a)......................... 500,000 407,410 Series A 4.75%, 11/01/2036 (a)......................... 500,000 417,295 San Francisco, CA, Community College District Series B 5.25%, 06/15/2012 (a)......................... 800,000 870,448 San Jose, CA, Unified School District Santa Clara County Election of 2002 Series C 5.25%, 08/01/2019 (a)....... 1,000,000 1,056,160 San Juan, CA, Public Power Agency Project Revenue Series L 5.00%, 07/01/2022 (a)......................... 100,000 95,109 San Mateo County, CA, Community College District Series B 5.00%, 09/01/2031.. 315,000 299,017 Santa Clara Valley Transportation Authority, CA, Sales Tax Revenue Series A 5.00%, 04/01/2036 (a)......................... 500,000 456,220 University of California, Revenue Series A 5.13%, 05/15/2018 (a)......................... 500,000 521,660 ----------- 22,787,225 ----------- PUERTO RICO -- 0.6% Puerto Rico, Commonwealth Infrastructure Financing Authority Series A Zero Coupon, 07/01/2029 (a).............. 655,000 142,057 ----------- TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $24,149,718).......... 22,929,282 -----------
See accompanying notes to financial statements. 51 SPDR BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 9.7% MONEY MARKET FUND -- 9.7% State Street Institutional Tax Free Money Market Fund 1.51%, (b) (c)......................... 2,387,870 $ 2,387,870 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $2,387,870)........... 2,387,870 ----------- TOTAL INVESTMENTS -- 102.4% (Cost $26,537,588).......... 25,317,152 OTHER ASSETS AND LIABILITIES -- (2.4)%....... (586,470) ----------- NET ASSETS -- 100.0%.......... $24,730,682 ===========
(a) Bond is insured by one of these companies:
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ ---------- Financial Security Assurance, Inc.............................. 31.95% Ambac Financial Group.............. 25.45% Municipal Bond Investors Assurance Corp............................. 16.79% Financial Guaranty Insurance Co.... 3.79%
(b) Affiliated Fund managed by SSgA Funds Management, Inc. (c) The rate shown is the annualized seven-day yield at period end. Pre-refunded = Bonds which are pre-refunded are collateralized usually by U.S. treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. See accompanying notes to financial statements. 52 SPDR BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 95.8% NEW YORK -- 92.0% Battery Park City Authority, NY, Revenue Series A 5.25%, 11/01/2021.. $ 100,000 $ 103,561 Erie County, NY, Industrial Development Agency Series A 5.75%, 05/01/2024 (a)......................... 500,000 508,880 Liberty, NY, Development Corp. Revenue 5.25%, 10/01/2035........... 500,000 380,050 New York City, NY, Cultural Resource Revenue, Museum of Modern Art Series A-1 5.00%, 04/01/2031.................. 300,000 288,300 New York, NY, General Obligation, (Pre-refunded) Series J 5.50%, 06/01/2020.. 1,000,000 1,149,520 Series G 5.00%, 08/01/2025.. 385,000 356,733 New York, NY, Municipal Finance Authority, Water and Sewer System Revenue 5.00%, 06/15/2037........... 500,000 458,525 New York, NY, Transitional Finance Authority (Escrow to Maturity) 5.00%, 11/01/2009........... 450,000 465,588 New York, Sales Tax Asset Receivables Corp. Series A 5.00%, 10/15/2020 (a)......................... 500,000 523,685 New York, State Dormitory Authority Revenue: Series C 5.00%, 12/15/2020.. 500,000 518,895 Series A 5.00%, 07/01/2038.. 650,000 584,448 New York, State Dormitory Authority Revenue, Fordham University Series B 5.00%, 07/01/2033 (a)......................... 500,000 466,010 New York, State Environmental Facscorp Series A 4.50%, 06/15/2036.................. 885,000 775,278 New York, State General Obligation 5.00%, 04/15/2015........... 1,000,000 1,105,740 New York, State Local Government Assistance Corp. Series C 5.00%, 04/01/2018.. 650,000 709,715 New York, State Thruway Authority, General Revenue: Series B 5.00%, 04/01/2027.. 300,000 282,198 Series H 5.00%, 01/01/2032 (a)......................... 500,000 460,000 New York, State Urban Development Corp., Revenue: Series A-1 5.00%, 12/15/2022 (a)......................... 520,000 521,799 Series A-1 5.00%, 12/15/2027.................. 250,000 245,788 New York, Triborough Bridge & Tunnel Authority, Revenue 5.00%, 11/15/2037........... 500,000 468,120 New York & New Jersey, Port Authority Revenue 140th Series 5.00%, 12/01/2029.................. 500,000 480,545 Westchester County, NY, General Obligation Series A 3.75%, 11/15/2012.. 500,000 525,855 ----------- 11,379,233 ----------- PUERTO RICO -- 3.8% Puerto Rico Electric Power Authority Revenue Series UU 5.00%, 07/01/2016 (a)......................... 500,000 470,830 ----------- TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $12,558,177).......... 11,850,063 ----------- SHARES ------ SHORT TERM INVESTMENTS -- 3.6% MONEY MARKET FUND -- 3.6% State Street Institutional Tax Free Money Market Fund 1.51%, (b) (c) (Cost $443,010)............. 443,010 443,010 ----------- TOTAL INVESTMENTS -- 99.4% (Cost $13,001,187).......... 12,293,073 OTHER ASSETS AND LIABILITIES -- 0.6%......... 75,296 ----------- NET ASSETS -- 100.0%.......... $12,368,369 ===========
(a) Bond is insured by one of these companies:
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ ---------- Financial Security Assurance, Inc.............................. 7.92% Municipal Bond Investors Assurance Corp............................. 4.23% Ambac Financial Group.............. 4.22% Assured Guaranty Corporation....... 3.77% Financial Guaranty Insurance Co.... 3.72%
(b) Affiliated Fund managed by SSgA Funds Management, Inc. (c) The rate shown is the annualized seven-day yield at period end. Escrow to Maturity = Bonds bearing this description are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. Pre-refunded = Bonds which are pre-refunded are collateralized usually by U.S. Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. See accompanying notes to financial statements. 53 SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MUNICIPAL BONDS AND NOTES -- 93.6% ALASKA -- 0.4% Alaska, State General Obligation Series A 5.25%, 08/01/2010 (a)............. $ 1,000,000 $ 1,049,950 ------------ ARIZONA -- 4.8% Arizona, State Transportation Board, Excise Tax Revenue: 4.50%, 07/01/2009.......... 755,000 767,782 5.00%, 07/01/2013.......... 2,750,000 3,030,198 Maricopa County, AZ, Community College District Series B 4.00%, 07/01/2010................. 3,025,000 3,126,670 Phoenix, AZ, Civic Improvement Corp. Transit Excise Tax Revenue 5.00%, 07/01/2013 (a)...... 4,000,000 4,370,320 Phoenix, AZ, Civic Improvement Corp. Wastewater System Revenue Series B 5.00%, 07/01/2012 (a)........................ 1,000,000 1,071,900 ------------ 12,366,870 ------------ CALIFORNIA -- 5.3% California, State Economic Recovery General Obligation: Series A 5.00%, 01/01/2011................. 500,000 522,685 Series A 5.00%, 07/01/2012 (a)........................ 1,000,000 1,065,390 Series A 5.25%, 07/01/2013................. 1,000,000 1,085,900 Series B 5.00%, 07/01/2023 (b)........................ 5,250,000 5,475,327 Los Angeles, CA, Public Works Financing Authority, Revenue 5.00%, 10/01/2012 (a)...... 1,000,000 1,085,260 Los Angeles, CA, Unified School District Series B 4.00%, 07/01/2009................. 1,000,000 1,014,020 San Francisco, CA, City & County Series 2008-R1 5.00%, 06/15/2013.......... 3,000,000 3,269,880 ------------ 13,518,462 ------------ COLORADO -- 1.2% Denver, CO, City & County Excise Tax Revenue Series A 5.00%, 09/01/2013 (a)........................ 2,850,000 3,057,280 ------------ CONNECTICUT -- 2.9% Connecticut, State General Obligation: Series C 5.00%, 04/01/2011 (a)........................ 1,000,000 1,064,580 Series C 5.00%, 03/15/2013 (a)........................ 4,670,000 5,149,329 Connecticut, State Special Obligation, Rate Reduction Series A 5.00%, 06/30/2010................. 1,200,000 1,268,124 ------------ 7,482,033 ------------ DELAWARE -- 0.3% Delaware, State General Obligation 4.00%, 08/01/2011.......... 750,000 787,568 ------------ FLORIDA -- 2.6% Florida, State Board of Education 5.00%, 06/01/2013.......... 1,000,000 1,091,370 Florida, State Turnpike Authority, Turnpike Revenue Series A 5.00%, 07/01/2009 (a)........................ 1,280,000 1,304,013 Orlando, FL, Utilities Commission System Revenue 5.25%, 07/01/2009.......... 3,000,000 3,056,940 Polk, FL, School District, Sales Tax Revenue 4.00%, 10/01/2009 (a)...... 1,215,000 1,238,486 ------------ 6,690,809 ------------ GEORGIA -- 6.1% De Kalb County, GA, School District, General Obligation 5.00%, 02/01/2011 (a)...... 3,000,000 3,182,130 Georgia, Emory University, Authority Revenue Series B 5.00%, 09/01/2011................. 3,000,000 3,210,420 Georgia, State General Obligation: Series B 5.00%, 07/01/2010................. 1,000,000 1,050,940 Series G 5.00%, 10/01/2010................. 1,000,000 1,055,130 Series C 5.50%, 07/01/2010................. 2,590,000 2,740,893 Series C 5.50%, 07/01/2012................. 1,100,000 1,224,300 Georgia, State Road & Tollway Authority Revenue Series A 5.00%, 06/01/2012................. 3,000,000 3,259,500 ------------ 15,723,313 ------------ HAWAII -- 0.6% Hawaii, State General Obligation Series D 5.00%, 07/01/2013 (a)........................ 1,500,000 1,635,570 ------------ ILLINOIS -- 3.7% Chicago, IL, General Obligation Series C 5.00%, 01/01/2012 (a)........................ 700,000 746,515 Chicago, IL, Water Revenue 5.00%, 11/01/2011 (a)...... 2,000,000 2,124,000 Illinois, State General Obligation: Series B 5.00%, 01/01/2011................. 950,000 998,944 Series B 5.00%, 03/01/2013.............. 1,000,000 1,091,390 Illinois, State Toll Highway Authority Revenue Series A 5.00%, 01/01/2014 (a)........................ 4,000,000 4,401,000 ------------ 9,361,849 ------------ KANSAS -- 0.7% Kansas, State Department of Transportation, Highway Revenue Series A 5.00%, 09/01/2011................. 1,710,000 1,836,797 ------------ KENTUCKY -- 0.3% Kentucky, State Turnpike Authority, Economic Development Road Revenue 5.00%, 07/01/2011 (a)...... 750,000 800,348 ------------
See accompanying notes to financial statements. 54 SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- MARYLAND -- 3.6% Maryland, State General Obligation: 5.00%, 03/01/2011.......... $ 1,000,000 $ 1,065,280 5.00%, 08/01/2012.......... 1,750,000 1,920,450 Series A 5.25%, 02/15/2013................. 1,700,000 1,898,322 Maryland, State Transportation Authority Grant & Revenue 5.00%, 03/01/2013.......... 3,000,000 3,252,030 Montgomery County, MD, General Obligation Series A 5.00%, 05/01/2012................. 1,000,000 1,093,500 ------------ 9,229,582 ------------ MASSACHUSETTS -- 0.8% Massachusetts, State General Obligation: Series C 5.00%, 09/01/2010................. 1,000,000 1,049,340 (Pre-refunded) Series A 5.25%, 01/01/2017................. 1,000,000 1,061,160 ------------ 2,110,500 ------------ MICHIGAN -- 1.8% Michigan, Municipal Bond Authority Revenue: 5.00%, 10/01/2011.......... 1,630,000 1,749,593 5.00%, 10/01/2012.......... 500,000 545,800 Michigan, State Building Authority Revenue Series I 5.00%, 10/15/2010................. 2,155,000 2,221,309 ------------ 4,516,702 ------------ MINNESOTA -- 1.3% Minnesota, Public Facilities Authority, Water Pollution Control Revenue Series D 5.00%, 03/01/2014................. 2,000,000 2,243,340 Minnesota, State General Obligation 5.00%, 08/01/2010.......... 1,000,000 1,051,360 ------------ 3,294,700 ------------ MISSOURI -- 0.3% Missouri, State Highways & Transportation Commission, State Road Revenue Series A 5.00%, 05/01/2010................. 750,000 784,253 ------------ NEBRASKA -- 0.9% Nebraska, Public Power District Revenue Series B 5.00%, 01/01/2012 (a)........................ 1,250,000 1,341,612 Omaha, NE, General Obligation 3.75%, 06/01/2013.......... 1,000,000 1,052,220 ------------ 2,393,832 ------------ NEVADA -- 2.4% Clark County, NV, Highway Improvement Revenue 5.00%, 07/01/2012 (a)...... 4,300,000 4,670,230 Las Vegas Valley, NV, Water District Series B 5.00%, 06/01/2011................. 1,500,000 1,582,935 ------------ 6,253,165 ------------ NEW JERSEY -- 1.1% Essex County, NJ Series A 5.00%, 06/01/2010 (a)........................ 2,225,000 2,308,348 New Jersey, State Transportation Trust Fund Authority (Escrow to Maturity) Series C 5.00%, 06/15/2009................. 600,000 611,082 ------------ 2,919,430 ------------ NEW MEXICO -- 2.3% Albuquerque, NM, General Obligation Series A 4.00%, 07/01/2009 (a)........................ 2,000,000 2,028,520 New Mexico, State General Obligation 5.00%, 03/01/2012.......... 3,500,000 3,793,475 ------------ 5,821,995 ------------ NEW YORK -- 10.7% New York, State General Obligation Series C 4.00%, 04/15/2012................. 1,000,000 1,044,930 New York, State Local Government Assistance Corp. Series C 5.00%, 04/01/2013................. 2,220,000 2,424,862 New York State Thruway Authority, General Revenue: Series H 4.00%, 01/01/2012 (a)........................ 1,000,000 1,032,110 (Escrow to Maturity) Series A 5.25%, 04/01/2010 (a)........................ 2,000,000 2,103,360 Series F 5.25%, 01/01/2012 (a)........................ 1,000,000 1,067,640 New York, State Thruway Authority Highway & Bridge Series B 5.00%, 04/01/2012 (a)........................ 1,140,000 1,215,935 New York, State Urban Development Corp. Revenue 4.00%, 03/15/2011.......... 550,000 569,976 New York, NY, City Cultural Resource Revenue, Museum of Modern Art Series 1A 5.00%, 10/01/2010................. 1,000,000 1,046,360 New York, NY, City Transitional Finance Authority: (Escrow to Maturity) Series A-1 5.00%, 11/01/2009................. 2,000,000 2,069,280 Series A-1 5.00%, 11/01/2013................. 2,900,000 3,174,688 New York, NY, General Obligation: Series I-1 4.00%, 02/01/2013................. 1,040,000 1,068,694 Series J-1 5.00%, 08/01/2012................. 5,000,000 5,304,650 Series B 5.25%, 08/01/2011................. 1,000,000 1,056,240 New York, Triborough Bridge & Tunnel Authority Revenue: Series C 4.00%, 11/15/2011................. 2,500,000 2,606,975 Series C 5.00%, 11/15/2012.............. 1,500,000 1,627,860 ------------ 27,413,560 ------------
See accompanying notes to financial statements. 55 SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- NORTH CAROLINA -- 5.5% Mecklenburg County, NC Series C 5.00%, 02/01/2012................. $ 1,000,000 $ 1,087,000 North Carolina, Infrastructure Finance Corp. Certificate Participation Series A 5.00%, 02/01/2011 (a)........................ 5,000,000 5,297,300 North Carolina, State General Obligation: Series A 5.00%, 03/01/2011................. 1,000,000 1,064,630 Series A 5.50%, 03/01/2012.............. 5,000,000 5,517,450 Wake County, NC, General Obligation 5.00%, 03/01/2012.......... 1,000,000 1,089,270 ------------ 14,055,650 ------------ OHIO -- 4.4% Columbus, OH, General Obligation Series D 5.00%, 12/15/2009................. 2,000,000 2,075,740 Ohio, State Building Authority Series B 5.00%, 10/01/2013 (a)........................ 1,440,000 1,588,277 Ohio, State General Obligation: Series A 5.00%, 06/15/2010................. 1,000,000 1,047,520 Series K 5.00%, 05/01/2011................. 2,000,000 2,130,100 Ohio, State Major New Infrastructure Project Revenue Series 2008-1 5.00%, 06/15/2013................. 3,000,000 3,292,200 Ohio, State Water Development Authority, Water Quality -- Loan Fund 5.00%, 12/01/2011.......... 1,000,000 1,080,060 ------------ 11,213,897 ------------ OREGON -- 2.6% Portland, OR, Sewer System Revenue Series A 5.00%, 06/15/2012 (a)........................ 3,000,000 3,272,760 Salem-Keizer, OR, School District No. 24J, General Obligation 5.00%, 06/15/2013 (a)...... 3,000,000 3,314,730 ------------ 6,587,490 ------------ PENNSYLVANIA -- 4.4% Pennsylvania, State General Obligation: 5.00%, 03/01/2011.......... 1,300,000 1,381,172 5.00%, 10/01/2012.......... 5,000,000 5,476,750 5.00%, 05/15/2013.......... 3,000,000 3,314,310 5.25%, 02/01/2010 (a)...... 1,000,000 1,043,450 ------------ 11,215,682 ------------ RHODE ISLAND -- 0.4% Rhode Island, State Economic Development Corp. Revenue Series A 5.00%, 06/15/2013 (a)........................ 915,000 989,371 ------------ SOUTH CAROLINA -- 1.5% South Carolina State Public Service Authority Revenue: Series D 5.00%, 01/01/2010 (a)........................ 1,050,000 1,089,417 Series B 5.00%, 01/01/2011 (a)........................ 2,515,000 2,642,083 ------------ 3,731,500 ------------ TENNESSEE -- 0.8% Tennessee State School Bond Authority 5.00%, 05/01/2013 (a)...... 1,900,000 2,091,634 ------------ TEXAS -- 7.8% Arlington, TX, Independent School District, General Obligation 5.00%, 02/15/2012 (a)...... 880,000 952,512 Austin, TX, General Obligation 5.00%, 09/01/2009.......... 1,000,000 1,025,620 Austin, TX, Electric Utility System Revenue Series A 5.00%, 11/15/2010 (a)........................ 1,000,000 1,047,880 Dallas, TX, General Obligation: 5.00%, 02/15/2010.......... 1,500,000 1,565,100 5.00%, 02/15/2011.......... 710,000 751,478 El Paso, TX, Independent School District, General Obligation Zero Coupon, 08/15/2013 (a)........................ 1,980,000 1,731,609 San Antonio, TX, Independent School District 5.25%, 08/15/2012 (a)...... 1,890,000 2,073,708 Texas A&M University Revenue 5.00%, 05/15/2012.......... 3,000,000 3,261,270 Texas, North East Independent School District Series A Zero Coupon, 08/01/2009 (a)............. 1,300,000 1,289,938 Texas, State Public Finance Authority, General Obligation Series A 5.00%, 10/01/2011................. 1,000,000 1,073,920 Texas, State University System Financing Revenue: 5.00%, 03/15/2012.......... 1,000,000 1,079,390 5.00%, 03/15/2013 (a)...... 500,000 549,435 University of Texas, Permanent University Fund Series A 5.00%, 07/01/2012................. 1,265,000 1,377,459 University of Texas, Revenue Series D 5.00%, 08/15/2010................. 2,000,000 2,100,320 ------------ 19,879,639 ------------ UTAH -- 0.6% Salt Lake City, UT, General Obligation 5.00%, 06/15/2013.......... 1,500,000 1,668,045 ------------ VIRGINIA -- 4.4% Fairfax County, VA, General Obligation Series A 4.00%, 04/01/2011 (b)........................ 750,000 784,642 Loudoun County, VA, General Obligation 5.00%, 06/01/2012.......... 1,000,000 1,095,080 Virginia, State General Obligation Series A 5.00%, 06/01/2012................. 1,000,000 1,093,360 Virginia, State Public Building Authority, Building Revenue Bonds Series A 5.00%, 08/01/2010................. 1,000,000 1,050,560 Series A 5.00%, 08/01/2012................. 3,365,000 3,677,003 Virginia, State Public School Authority: Series B 5.00%, 08/01/2012................. 1,000,000 1,092,720 Series B 5.25%, 08/01/2011................. 1,000,000 1,078,380 Virginia, State Resources Authority Clean Water Revenue 4.50%, 10/01/2011.......... 1,200,000 1,277,148 ------------ 11,148,893 ------------
See accompanying notes to financial statements. 56 SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- WASHINGTON -- 4.4% Energy Northwest Washington, Electricity Revenue Series D 5.00%, 07/01/2012................. $ 4,000,000 $ 4,313,800 Port of Seattle, WA, Revenue Series A 5.00%, 03/01/2010 (a)........................ 1,000,000 1,036,670 Seattle, WA, Municipal Light & Power Revenue 5.00%, 04/01/2013.......... 3,000,000 3,256,800 Washington, State General Obligation Series D 4.50%, 01/01/2012 (a)........................ 2,450,000 2,605,403 ------------ 11,212,673 ------------ WISCONSIN -- 2.7% Wisconsin, State General Obligation: Series C 4.00%, 05/01/2013................. 5,000,000 5,267,350 Series 1 5.00%, 05/01/2013 (a)........................ 1,500,000 1,641,000 ------------ 6,908,350 ------------ TOTAL MUNICIPAL BONDS AND NOTES -- (Cost $236,771,578)...................... 239,751,392 ------------ SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 7.1% MONEY MARKET FUND -- 7.1% State Street Institutional Tax Free Money Market Fund 1.51%, (c)(d) (Cost $18,125,746)......... 18,125,746 18,125,746 ------------ TOTAL INVESTMENTS -- 100.7% (Cost $254,897,324)........ 257,877,138 OTHER ASSETS AND LIABILITIES -- (0.7)%...... (1,871,783) ------------ NET ASSETS -- 100.0%......... $256,005,355 ============
(a) Bond is insured by one of these companies:
AS A % OF TOTAL INSURANCE COVERAGE NET ASSETS - ------------------ ---------- Financial Security Assurance, Inc.............................. 14.91% Municipal Bond Investors Assurance Corp............................. 6.47% Ambac Financial Group.............. 6.10% Permanent School Fund Guaranteed... 2.36% Financial Guaranty Insurance Co. .. 0.71%
(b) Variable-rate security. Rate shown is as of December 31, 2008. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (d) The rate shown is the annualized seven-day yield at period end. Escrow to Maturity = Bonds bearing this description are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. Pre-refunded = Bonds which are pre-refunded are collateralized usually by U.S. Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. See accompanying notes to financial statements. 57 SPDR DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- FOREIGN GOVERNMENT OBLIGATIONS -- 94.2% AUSTRALIA -- 3.1% Commonwealth of Australia 4.00%, 08/20/2015......... 6,385,185 $ 4,806,352 4.00%, 08/20/2020......... 1,255,813 1,002,848 ------------ 5,809,200 ------------ BRAZIL -- 4.5% Federal Republic of Brazil 6.00%, 08/15/2012......... 6,254,052 2,521,817 6.00%, 05/15/2015......... 2,863,746 1,099,001 6.00%, 05/15/2017......... 8,199,262 3,064,776 6.00%, 08/15/2024......... 1,503,466 562,138 6.00%, 05/15/2035......... 3,567,153 1,289,082 ------------ 8,536,814 ------------ CANADA -- 4.6% Government of Canada 2.00%, 12/01/2041......... 514,925 414,906 3.00%, 12/01/2036......... 2,208,670 2,153,565 4.00%, 12/01/2031......... 1,817,430 1,972,909 4.25%, 12/01/2021......... 1,158,108 1,151,947 4.25%, 12/01/2026......... 2,839,156 2,979,263 ------------ 8,672,590 ------------ CHILE -- 3.4% Republic of Chile 3.00%, 05/01/2017......... 1,844,921,020 2,848,316 3.00%, 01/01/2018......... 1,222,796,490 1,889,626 5.00%, 01/01/2016......... 986,818,220 1,713,573 ------------ 6,451,515 ------------ FRANCE -- 18.6% Republic of France 1.00%, 07/25/2017......... 362,369 473,342 1.25%, 07/25/2010......... 2,496,006 3,443,896 1.60%, 07/25/2011......... 4,209,555 5,793,558 1.60%, 07/25/2015......... 4,092,163 5,686,545 1.80%, 07/25/2040......... 1,377,103 1,825,037 2.25%, 07/25/2020......... 2,347,634 3,327,614 2.50%, 07/25/2013......... 1,347,084 1,922,846 3.00%, 07/25/2012......... 4,093,783 5,907,370 3.15%, 07/25/2032......... 3,646,845 5,863,094 3.40%, 07/25/2029......... 594,819 998,147 ------------ 35,241,449 ------------ GERMANY -- 4.6% Federal Republic of Germany 1.50%, 04/15/2016......... 4,074,250 5,659,727 2.25%, 04/15/2013......... 2,168,367 3,060,072 ------------ 8,719,799 ------------ GREECE -- 4.1% Republic of Greece 2.30%, 07/25/2030......... 3,813,516 3,857,954 2.90%, 07/25/2025......... 3,201,996 3,897,681 ------------ 7,755,635 ------------ ISRAEL -- 4.6% State of Israel 4.00%, 07/30/2021......... 12,346,246 3,529,895 5.00%, 04/30/2015......... 17,097,653 5,137,984 ------------ 8,667,879 ------------ ITALY -- 4.6% Republic of Italy 0.95%, 09/15/2010......... 1,608,823 2,164,780 2.15%, 09/15/2014......... 2,489,070 3,366,965 2.35%, 09/15/2035......... 1,238,406 1,492,941 2.60%, 09/15/2023......... 1,267,200 1,659,041 ------------ 8,683,727 ------------ JAPAN -- 4.5% Government of Japan 10 Year Bond 1.00%, 06/10/2016......... 254,944,000 2,434,132 1.10%, 12/10/2016......... 642,311,100 6,146,772 ------------ 8,580,904 ------------ MEXICO -- 4.1% United Mexican States 3.50%, 12/19/2013......... 38,466,417 2,753,651 4.50%, 11/22/2035......... 16,712,158 1,274,366 5.00%, 06/16/2016......... 47,282,771 3,667,165 ------------ 7,695,182 ------------ POLAND -- 2.7% Republic of Poland 3.00%, 08/24/2016......... 14,832,277 5,125,971 ------------ SOUTH AFRICA -- 3.3% Republic of South Africa 3.45%, 12/07/2033......... 19,498,745 2,479,051 6.25%, 03/31/2013......... 31,111,609 3,783,451 ------------ 6,262,502 ------------ SOUTH KOREA -- 2.6% Republic of South Korea 2.75%, 03/10/2017......... 6,177,409,771 4,827,135 ------------ SWEDEN -- 5.4% Kingdom of Sweden 3.50%, 12/01/2015......... 10,828,808 1,511,093 4.00%, 12/01/2020......... 55,723,467 8,726,676 ------------ 10,237,769 ------------ TURKEY -- 3.0% Republic of Turkey 10.00%, 02/15/2012........ 9,621,018 5,734,588 ------------
See accompanying notes to financial statements. 58 SPDR DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- UNITED KINGDOM -- 16.5% United Kingdom Treasury Bond 0.75%, 11/22/2047......... 922,170 $ 1,382,841 1.13%, 11/22/2037......... 1,883,945 2,982,844 1.25%, 11/22/2017......... 2,110,853 2,893,758 1.25%, 11/22/2027......... 673,140 972,339 1.25%, 11/22/2055......... 1,517,939 2,790,438 1.88%, 11/22/2022......... 846,928 1,243,913 2.00%, 01/26/2035......... 247,811 452,978 2.50%, 08/23/2011......... 407,136 569,617 2.50%, 08/16/2013......... 6,146,613 8,676,391 2.50%, 07/26/2016......... 3,610,373 5,329,466 2.50%, 04/16/2020......... 523,589 792,431 4.13%, 07/22/2030......... 1,423,386 3,163,372 ------------ 31,250,388 ------------ TOTAL FOREIGN GOVERNMENT OBLIGATIONS -- (Cost $216,498,996)....... 178,253,047 ------------ SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS-- 5.1% MONEY MARKET FUND -- 5.1% State Street Institutional Liquid Reserves Fund 1.34% (a) (b) (Cost $9,682,063)......... 9,682,063 $ 9,682,063 ------------ TOTAL INVESTMENTS -- 99.3% (Cost $226,181,059)....... 187,935,110 OTHER ASSETS AND LIABILITIES -- 0.7%....... 1,314,993 ------------ NET ASSETS -- 100.0%........ $189,250,103 ============
(a) The rate shown is the annualized seven-day yield at period end. (b) Affiliated Fund managed by SSgA Funds Management, Inc. At December 31, 2008, Open Forward Foreign Currency Exchange Contracts were as follows: Forward Foreign Currency Contracts to Buy:
SETTLE- NET UNREALIZED MENT CONTRACTS TO VALUE AT IN EXCHANGE APPRECIATION/ DATE DELIVER DECEMBER 31, 2008 FOR U.S.$ (DEPRECIATION) ------- ------------ ----------------- ----------- -------------- 3/6/2009 3,372,900 EUR $4,677,559 $4,718,643 $(41,084) 3/6/2009 1,450,000 GBP 2,081,386 2,088,145 (6,759) 3/6/2009 7,900,000 MXN 560,670 562,412 (1,742) -------- $(49,585) ========
EUR-Euro GBP-Great British Pound MXN-Mexican Peso U.S.$-United States Dollar See accompanying notes to financial statements. 59 SPDR BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- FOREIGN GOVERNMENT OBLIGATIONS -- 93.5% AUSTRALIA -- 2.3% Commonwealth of Australia 5.25%, 08/15/2010......... 6,530,000 $ 4,732,957 6.00%, 02/15/2017......... 12,160,000 9,723,022 6.50%, 05/15/2013......... 8,400,000 6,580,515 ------------ 21,036,494 ------------ AUSTRIA -- 3.7% Republic of Austria 3.80%, 10/20/2013 (a)..... 9,000,000 12,848,850 4.65%, 01/15/2018......... 7,840,000 11,618,888 6.25%, 07/15/2027......... 5,100,000 9,018,236 ------------ 33,485,974 ------------ BELGIUM -- 4.6% Kingdom of Belgium 5.00%, 09/28/2012......... 12,715,000 18,786,217 5.00%, 03/28/2035......... 4,200,000 6,631,374 5.50%, 09/28/2017......... 10,100,000 15,859,493 ------------ 41,277,084 ------------ CANADA -- 3.8% Government of Canada 2.75%, 12/01/2010......... 4,300,000 3,591,170 4.00%, 06/01/2016......... 14,020,000 12,624,133 5.25%, 06/01/2012......... 9,500,000 8,645,962 5.75%, 06/01/2029......... 9,350,000 9,969,774 ------------ 34,831,039 ------------ DENMARK -- 3.0% Kingdom of Denmark 4.00%, 11/15/2010......... 10,700,000 2,047,832 4.00%, 11/15/2017......... 12,880,000 2,526,202 4.50%, 11/15/2039......... 17,180,000 3,631,069 5.00%, 11/15/2013......... 95,300,000 19,317,211 ------------ 27,522,314 ------------ FRANCE -- 4.6% Republic of France 4.00%, 04/25/2013......... 4,050,000 5,922,556 5.50%, 10/25/2010......... 17,490,000 25,717,070 5.75%, 10/25/2032......... 5,880,000 10,415,478 ------------ 42,055,104 ------------ GERMANY -- 11.7% Federal Republic of Germany 4.00%, 01/04/2037......... 5,640,000 8,399,958 4.25%, 07/04/2017......... 24,955,000 38,101,003 4.50%, 01/04/2013......... 6,550,000 9,839,399 5.25%, 01/04/2011......... 24,365,000 36,124,872 5.63%, 01/04/2028......... 7,560,000 13,083,736 ------------ 105,548,968 ------------ GREECE -- 4.0% Republic of Greece 3.10%, 04/20/2010......... 2,000,000 2,764,652 3.70%, 07/20/2015......... 25,740,000 33,437,752 4.50%, 09/20/2037......... 300,000 336,066 ------------ 36,538,470 ------------ ITALY -- 11.5% Republic of Italy 3.00%, 01/15/2010......... 20,355,000 28,515,997 4.00%, 02/01/2037......... 12,550,000 14,813,696 4.75%, 02/01/2013......... 7,910,000 11,440,598 5.25%, 08/01/2017......... 21,670,000 32,203,520 6.50%, 11/01/2027......... 10,500,000 16,965,829 ------------ 103,939,640 ------------ JAPAN -- 22.2% Government of Japan 5 Year Bond 0.60%, 09/20/2010......... 1,402,000,000 15,522,065 1.00%, 09/20/2010......... 800,000,000 8,917,092 1.50%, 03/20/2011......... 1,925,000,000 21,756,471 Government of Japan 10 Year Bond 1.30%, 06/20/2012......... 2,900,000,000 32,800,040 1.50%, 09/20/2014......... 4,550,000,000 52,324,900 Government of Japan 20 Year Bond 2.30%, 06/20/2027......... 1,720,000,000 20,740,676 2.60%, 03/20/2019......... 1,400,000,000 17,554,502 2.90%, 09/20/2019......... 1,685,000,000 21,472,309 Government of Japan 30 Year Bond 2.4%, 03/20/2037.......... 754,000,000 9,398,450 ------------ 200,486,505 ------------ MEXICO -- 2.5% United Mexican States 9.00%, 12/24/2009......... 80,800,000 5,901,664 9.00%, 12/20/2012......... 135,800,000 10,259,159 10.00%, 12/05/2024........ 72,900,000 6,046,881 ------------ 22,207,704 ------------ NETHERLANDS -- 3.8% Kingdom of the Netherlands 3.75%, 07/15/2014......... 13,700,000 19,699,538 4.50%, 07/15/2017......... 7,000,000 10,434,996 5.50%, 01/15/2028......... 2,520,000 4,235,417 ------------ 34,369,951 ------------ POLAND -- 2.5% Republic of Poland 4.25%, 05/24/2011......... 32,090,000 10,572,025 5.25%, 10/25/2017......... 5,675,000 1,891,581 6.25%, 10/24/2015......... 28,740,000 10,111,912 ------------ 22,575,518 ------------ SOUTH AFRICA -- 2.4% Republic of South Africa 10.50%, 12/21/2026........ 44,000,000 6,357,512 13.50%, 09/15/2015........ 109,000,000 15,636,106 ------------ 21,993,618 ------------ SPAIN -- 4.6% Kingdom of Spain 3.15%, 01/31/2016......... 11,500,000 15,507,917 3.25%, 07/30/2010......... 9,795,000 13,792,534 4.20%, 01/31/2037......... 3,930,000 5,480,484 6.15%, 01/31/2013......... 4,200,000 6,479,825 ------------ 41,260,760 ------------ SWEDEN -- 2.4% Kingdom of Sweden 3.75%, 08/12/2017......... 106,150,000 14,837,254 5.50%, 10/08/2012......... 50,610,000 7,252,437 ------------ 22,089,691 ------------
See accompanying notes to financial statements. 60 SPDR BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- TAIWAN -- 0.2% Government of Taiwan 2.38%, 09/21/2017......... 50,000,000 $ 1,654,263 ------------ UNITED KINGDOM -- 3.7% United Kingdom Treasury Bond 4.25%, 03/07/2011......... 885,000 1,338,842 4.75%, 09/07/2015......... 3,960,000 6,308,047 4.75%, 12/07/2038......... 5,145,000 8,782,726 5.00%, 03/07/2012......... 1,620,000 2,523,035 5.00%, 03/07/2025......... 6,950,000 11,308,160 5.75%, 12/07/2009......... 1,875,000 2,825,180 ------------ 33,085,990 ------------ TOTAL FOREIGN GOVERNMENT OBLIGATIONS -- (Cost $843,741,341)....... 845,959,087 ------------ SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 4.0% MONEY MARKET FUND -- 4.0% State Street Institutional Liquid Reserves Fund 1.34%, (b) (c) (Cost $36,000,554)........ 36,000,554 $ 36,000,554 ------------ TOTAL INVESTMENTS -- 97.5% (Cost $879,741,895)....... 881,959,641 OTHER ASSETS AND LIABILITIES -- 2.5%....... 22,473,426 ------------ NET ASSETS -- 100.0%........ $904,433,067 ============
(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.42% of net assets as of December 31, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (b) The rate shown is the annualized seven-day yield at period end. (c) Affiliated Fund managed by SSgA Funds Management, Inc. At December 31, 2008, Open Forward Foreign Currency Exchange Contracts were as follows: Forward Foreign Currency Contracts to Buy:
SETTLE- NET UNREALIZED MENT CONTRACTS TO VALUE AT IN EXCHANGE APPRECIATION/ DATE DELIVER DECEMBER 31, 2008 FOR U.S.$ (DEPRECIATION) ------- ------------ ----------------- ----------- -------------- 3/6/2009 775,000 AUD $ 536,899 $ 528,389 $ 8,509 3/6/2009 500,000 CAD 405,116 411,503 (6,386) 3/6/2009 11,600,000 DKK 2,158,284 2,025,218 133,066 3/6/2009 11,500,000 EUR 15,948,273 15,541,725 406,548 3/6/2009 3,320,000 GBP 4,765,657 4,998,475 (232,818) 3/6/2009 660,000,000 JPY 7,290,732 7,308,112 (17,380) 3/6/2009 11,500,000 MXN 816,165 835,342 (19,177) 3/6/2009 1,800,000 PLN 603,568 607,231 (3,663) 3/6/2009 9,400,000 SEK 1,187,649 1,188,975 (1,326) 3/6/2009 800,000,000 TWD 24,459,082 24,031,187 427,895 3/6/2009 9,000,000 ZAR 957,737 912,720 45,017 --------- $ 740,285 =========
See accompanying notes to financial statements. 61 SPDR BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- Forward Foreign Currency Contracts to Sell:
SETTLE- NET UNREALIZED MENT CONTACTS TO VALUE AT IN EXCHANGE APPRECIATION/ DATE DELIVER DECEMBER 31, 2008 FOR U.S.$ (DEPRECIATION) ------- ----------- ----------------- ----------- -------------- 3/6/2009 400,000 AUD $ 277,109 274,932 $ (2,177) 3/6/2009 500,000 CAD 405,116 410,587 5,471 3/6/2009 9,800,000 DKK 1,823,378 1,700,104 (123,274) 3/6/2009 7,600,000 EUR 10,539,728 10,168,256 (371,473) 3/6/2009 300,000 GBP 430,632 437,094 6,462 3/6/2009 220,000,000 JPY 2,430,244 2,446,674 16,430 3/6/2009 3,500,000 MXN 248,398 258,131 9,733 3/6/2009 900,000 PLN 301,784 307,167 5,383 3/6/2009 2,200,000 SEK 277,960 283,871 5,911 --------- $(447,534) ========= $ 292,751 =========
AUD-Australian Dollar CAD-Canadian Dollar DKK-Danish Krone EUR-Euro GBP-Great British Pound JPY-Japanese Yen MXN-Mexican Peso PLN-Polish Zloty SEK-Swedish Krona TWD-Taiwan Dollar U.S.$-United States Dollar ZAR-South African Rand See accompanying notes to financial statements. 62 SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- CORPORATE BONDS & NOTES -- 82.1% AEROSPACE & DEFENSE -- 0.5% BE Aerospace, Inc. 8.50%, 07/01/2018.......... $ 4,000,000 $ 3,600,000 ------------ AUTO COMPONENTS -- 0.6% TRW Automotive, Inc.: 7.00%, 03/15/2014 (a)...... 3,000,000 1,590,000 7.25%, 03/15/2017 (a)...... 5,250,000 2,677,500 ------------ 4,267,500 ------------ BEVERAGES -- 0.8% Constellation Brands, Inc.: 7.25%, 09/01/2016.......... 4,000,000 3,780,000 7.25%, 05/15/2017.......... 1,500,000 1,417,500 ------------ 5,197,500 ------------ BUILDING PRODUCTS -- 1.5% Hanson, PLC 6.13%, 08/15/2016.......... 5,000,000 1,741,230 Nortek, Inc. 10.00%, 12/01/2013......... 5,500,000 3,740,000 Owens Corning, Inc. 6.50%, 12/01/2016.......... 3,050,000 2,208,832 Ply Gem Industries, Inc. 11.75%, 06/15/2013......... 5,500,000 2,970,000 ------------ 10,660,062 ------------ CHEMICALS -- 0.6% Hexion U.S. Finance Corp. 9.75%, 11/15/2014.......... 3,000,000 855,000 Ineos Group Holdings PLC 8.50%, 02/15/2016 (a)...... 4,300,000 387,000 LyondellBasell Industries AF S.C.A. 8.38%, 08/15/2015 (a)...... 2,750,000 68,750 Momentive Performance Materials, Inc. 9.75%, 12/01/2014 (b)...... 4,450,000 1,891,250 Sabic Innovative Plastics 9.50%, 08/15/2015 (a) (c).. 1,250,000 1,200,000 ------------ 4,402,000 ------------ COMMERCIAL SERVICES & SUPPLIES -- 4.4% Allied Waste North America, Inc. 6.88%, 06/01/2017.......... 5,200,000 4,836,000 ARAMARK Corp. 8.50%, 02/01/2015.......... 11,300,000 10,226,500 Hertz Corp. 8.88%, 01/01/2014.......... 18,650,000 11,469,750 Servicemaster Co. PIK 10.75%, 07/15/2015 (a)..... 12,500,000 3,875,000 ------------ 30,407,250 ------------ COMPUTERS & PERIPHERALS -- 0.6% Ceridian Corp. 11.25%, 11/15/2015 (a)..... 4,600,000 2,443,750 Seagate Technology HDD Holdings 6.80%, 10/01/2016.......... 3,750,000 1,950,000 ------------ 4,393,750 ------------ CONTAINERS & PACKAGING -- 0.7% Crown Americas, LLC 7.75%, 11/15/2015.......... 4,000,000 3,980,000 Smurfit-Stone Container Enterprises, Inc. 8.00%, 03/15/2017 (d)...... 4,000,000 760,000 ------------ 4,740,000 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.3% RSC Equipment Rental, Inc. 9.50%, 12/01/2014.......... 3,500,000 1,925,000 ------------ DIVERSIFIED FINANCIAL SERVICES -- 3.1% Ford Motor Credit Co. LLC 9.75%, 09/15/2010.......... 14,175,000 11,339,915 GMAC LLC 6.63%, 05/15/2012.......... 5,050,000 3,892,075 Nuveen Investments, Inc. 10.50%, 11/15/2015 (a)..... 4,750,000 1,050,938 Petroplus Finance, Ltd. 7.00%, 05/01/2017 (a)...... 8,000,000 4,880,000 ------------ 21,162,928 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 8.8% Cricket Communications, Inc. 9.38%, 11/01/2014.......... 11,450,000 10,305,000 Intelsat Bermuda, Ltd. 11.25%, 06/15/2016......... 16,000,000 14,560,000 Level 3 Financing, Inc. 9.25%, 11/01/2014.......... 9,550,000 5,539,000 MetroPCS Wireless, Inc. 9.25%, 11/01/2014.......... 14,950,000 13,380,250 West Corp. 9.50%, 10/15/2014.......... 5,500,000 3,025,000 Windstream Corp. 8.63%, 08/01/2016.......... 15,650,000 13,850,250 ------------ 60,659,500 ------------ ELECTRIC UTILITIES -- 9.6% AES Corp. 8.00%, 10/15/2017.......... 10,800,000 8,856,000 Edison Mission Energy 7.00%, 05/15/2017.......... 10,300,000 8,961,000 Mirant North America LLC 7.38%, 12/31/2013.......... 6,000,000 5,760,000 NRG Energy, Inc.: 7.38%, 02/01/2016.......... 17,500,000 16,275,000 7.38%, 01/15/2017.......... 1,000,000 920,000 Reliant Energy, Inc. 7.88%, 06/15/2017.......... 5,450,000 4,414,500 Texas Competitive Electric Holdings Co. LLC 10.50%, 11/01/2015 (a) (b)........................ 29,500,000 20,945,000 ------------ 66,131,500 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.1% NXP BV/NXP Funding LLC 9.50%, 10/15/2015.......... 6,050,000 1,149,500 RBS Global, Inc. and Rexnord Corp. 9.50%, 08/01/2014.......... 6,950,000 5,177,750
See accompanying notes to financial statements. 63 SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- Sanmina-SCI Corp. 8.13%, 03/01/2016.......... $ 4,000,000 $ 1,560,000 ------------ 7,887,250 ------------ ENERGY EQUIPMENT & SERVICES -- 0.5% Complete Production Services, Inc. 8.00%, 12/15/2016.......... 5,000,000 3,150,000 ------------ FOOD PRODUCTS -- 0.8% Tyson Foods, Inc. 7.85%, 04/01/2016 (b)...... 7,000,000 5,180,000 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 3.4% Bausch & Lomb, Inc.: 9.88%, 11/01/2015.......... 1,500,000 1,125,000 9.88%, 11/01/2015 (a)...... 6,500,000 4,875,000 Biomet, Inc. 11.63%, 10/15/2017......... 11,200,000 9,576,000 Boston Scientific Corp. 6.40%, 06/15/2016.......... 7,000,000 5,985,000 VWR Funding, Inc. (c) Series B PIK 10.25%, 07/15/2015......... 3,500,000 2,205,000 ------------ 23,766,000 ------------ HEALTH CARE PROVIDERS & SERVICES -- 7.2% Community Health Systems, Inc. 8.88%, 07/15/2015.......... 24,850,000 22,862,000 HCA, Inc. 9.25%, 11/15/2016.......... 29,350,000 26,928,625 ------------ 49,790,625 ------------ HOME BUILDERS -- 0.7% K Hovnanian Enterprises, Inc. 11.50%, 05/01/2013......... 6,500,000 4,940,000 ------------ HOTELS, RESTAURANTS & LEISURE -- 2.2% Fontainebleau Las Vegas Holdings LLC 10.25%, 06/15/2015 (a)..... 2,500,000 243,750 Harrah's Operating Co., Inc.: 10.00%, 12/15/2018 (a)..... 5,012,000 1,829,380 10.75%, 02/01/2016 (a)..... 21,840,000 6,224,400 MGM Mirage, Inc. 13.00%, 11/15/2013......... 7,500,000 7,143,750 ------------ 15,441,280 ------------ HOUSEHOLD DURABLES -- 0.3% Jarden Corp. 7.50%, 05/01/2017.......... 3,000,000 2,047,500 ------------ INSURANCE -- 1.0% Liberty Mutual Group, Inc. 10.75%, 06/15/2058 (a)..... 12,000,000 6,600,000 ------------ MACHINERY -- 0.6% Terex Corp. 8.00%, 11/15/2017.......... 5,050,000 4,292,500 ------------ MEDIA -- 7.3% CCH I LLC 11.00%, 10/01/2015......... 4,350,000 761,250 Clear Channel Communications, Inc.: 5.75%, 01/15/2013.......... 2,000,000 290,000 6.25%, 03/15/2011.......... 3,000,000 900,000 DIRECTV Holdings LLC: 6.38%, 06/15/2015.......... 3,750,000 3,459,375 7.63%, 05/15/2016.......... 13,500,000 13,095,000 Echostar DBS Corp.: 6.38%, 10/01/2011.......... 2,000,000 1,860,000 7.13%, 02/01/2016.......... 12,100,000 10,103,500 Idearc, Inc. 8.00%, 11/15/2016.......... 11,550,000 866,250 Nielsen Finance LLC/Nielsen Finance Co. 10.00%, 08/01/2014......... 8,750,000 7,000,000 Quebecor Media, Inc. 7.75%, 03/15/2016.......... 8,500,000 5,737,500 RH Donnelley Corp. 8.88%, 10/15/2017.......... 6,050,000 907,500 The Reader's Digest Association, Inc. 9.00%, 02/15/2017.......... 2,000,000 172,500 TL Acquisitions, Inc. 10.50%, 01/15/2015 (a)..... 7,400,000 3,034,000 Univision Communications, Inc. 9.75%, 03/15/2015 (a)...... 7,850,000 981,250 XM Satellite Radio, Inc. 13.00%, 08/01/2013 (a)..... 4,000,000 920,000 ------------ 50,088,125 ------------ METALS & MINING -- 3.1% FMG Finance Property, Ltd. 10.63%, 09/01/2016 (a)..... 13,900,000 8,062,000 Novelis, Inc. 7.25%, 02/15/2015 (b)...... 11,985,000 6,951,300 Steel Dynamics, Inc. 7.38%, 11/01/2012.......... 6,000,000 4,380,000 Vedanta Resources PLC 9.50%, 07/18/2018 (a)...... 3,500,000 1,820,000 ------------ 21,213,300 ------------ MULTILINE RETAIL -- 1.9% Dollar General Corp. 10.63%, 07/15/2015......... 10,550,000 10,075,250 Neiman-Marcus Group, Inc. 9.00%, 10/15/2015.......... 3,000,000 1,320,000 Rite Aid Corp. 9.50%, 06/15/2017.......... 4,200,000 1,459,500 ------------ 12,854,750 ------------ OIL, GAS & CONSUMABLE FUELS -- 12.6% Chesapeake Energy Corp.: 6.50%, 08/15/2017.......... 4,300,000 3,289,500 7.25%, 12/15/2018.......... 2,750,000 2,145,000 Citic Resources Finance, Ltd. 6.75%, 05/15/2014 (a)...... 4,500,000 2,925,000 Connacher Oil and Gas, Ltd. 10.25%, 12/15/2015 (a)..... 7,500,000 3,000,000 Dynegy Holdings, Inc.: 7.75%, 06/01/2019.......... 10,500,000 7,245,000 8.38%, 05/01/2016.......... 2,000,000 1,420,000 El Paso Corp. 7.00%, 06/15/2017.......... 7,250,000 5,673,886 Energy XXI Gulf Coast, Inc. 10.00%, 06/15/2013......... 3,000,000 1,320,000
See accompanying notes to financial statements. 64 SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
PRINCIPAL SECURITY DESCRIPTION AMOUNT VALUE - -------------------- --------- ----- Enterprise Products Operating LP 7.03%, 01/15/2068 (e)...... $ 4,250,000 $ 1,997,500 Forest Oil Corp.: 7.25%, 06/15/2019.......... 1,500,000 1,095,000 7.25%, 06/15/2019.......... 3,950,000 2,883,500 Hilcorp Energy I LP / Hilcorp Finance Co. 7.75%, 11/01/2015 (a)...... 3,000,000 2,115,000 Kinder Morgan Finance Co. ULC 5.70%, 01/05/2016.......... 5,600,000 4,172,000 Massey Energy Co. 6.88%, 12/15/2013.......... 5,800,000 4,292,000 Newfield Exploration, Co. 7.13%, 05/15/2018.......... 5,500,000 4,345,000 OPTI Canada, Inc. 8.25%, 12/15/2014.......... 9,300,000 5,022,000 Peabody Energy Corp. 7.38%, 11/01/2016.......... 4,000,000 3,760,000 PetroHawk Energy Corp. 7.88%, 06/01/2015 (a)...... 5,750,000 4,255,000 Plains Exploration & Production, Co. 7.75%, 06/15/2015.......... 3,750,000 2,831,250 Sabine Pass LNG LP 7.50%, 11/30/2016.......... 13,300,000 9,576,000 SandRidge Energy, Inc. 8.00%, 06/01/2018 (a)...... 6,000,000 3,330,000 Southern Union Co. 7.20%, 11/01/2066.......... 5,000,000 1,725,000 Southwestern Energy, Co. 7.50%, 02/01/2018 (a)...... 4,750,000 4,156,250 Williams Partners LP/Williams Partners Finance Corp. 7.25%, 02/01/2017.......... 5,000,000 3,950,000 ------------ 86,523,886 ------------ PAPER & FOREST PRODUCTS -- 0.7% Georgia-Pacific LLC 7.13%, 01/15/2017 (a)...... 5,675,000 4,767,000 ------------ REAL ESTATE INVESTMENT TRUST -- 1.1% Host Hotels & Resorts LP 6.75%, 06/01/2016.......... 7,450,000 5,438,500 iStar Financial, Inc. (c) 5.95%, 10/15/2013.......... 5,000,000 1,575,000 Rouse Co. LP/TRC Co.-Issuer, Inc. 6.75%, 05/01/2013 (a)...... 2,000,000 720,000 ------------ 7,733,500 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.2% Realogy Corp. 10.50%, 04/15/2014......... 6,400,000 1,104,000 ------------ SEMICONDUCTORS -- 1.3% Freescale Semiconductor, Inc. 8.88%, 12/15/2014.......... 20,000,000 8,800,000 ------------ SOFTWARE -- 1.5% First Data Corp. 9.88%, 09/24/2015.......... 17,150,000 10,375,750 ------------ SPECIALTY RETAIL -- 0.9% Limited Brands, Inc. 6.90%, 07/15/2017.......... 5,000,000 3,034,045 Michaels Stores, Inc. 10.00%, 11/01/2014......... 7,250,000 3,298,750 ------------ 6,332,795 ------------ TELECOMMUNICATIONS -- 2.2% Nextel Communications, Inc., Series D 7.38%, 08/01/2015.......... 13,000,000 5,460,000 Nortel Networks, Ltd.: 10.75%, 07/15/2016 (d)..... 1,000,000 265,000 10.75%, 07/15/2016 (a) (d)..................... 3,000,000 795,000 Sprint Nextel Corp. 6.00%, 12/01/2016.......... 9,000,000 6,345,000 Telesat Canada 11.00%, 11/01/2015 (a)..... 3,000,000 2,145,000 ------------ 15,010,000 ------------ TOTAL CORPORATE BONDS & NOTES -- (Cost $725,563,563)........ 565,445,251 ------------ CREDIT-LINKED TRUST CERTIFICATE -- 4.3% CDX North America High Yield 8.88%, 06/29/2013 (a) (Cost $30,067,326)......... 33,000,000 29,700,000 ------------ SHARES ------ SHORT TERM INVESTMENTS -- 12.5% MONEY MARKET FUND -- 12.5% State Street Institutional Liquid Reserves Fund (f) (g) 1.34%, (Cost $86,303,279)......... 86,303,279 86,303,279 ------------ TOTAL INVESTMENTS -- 98.9% (Cost $841,934,168)........ 681,448,530 OTHER ASSETS AND LIABILITIES -- 1.1%........ 7,812,093 ------------ NET ASSETS -- 100.0%......... $689,260,623 ============
(a) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 19.10% of net assets as of December 31, 2008, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (b) Step up Bond -- coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2008. Maturity date indicated represents the instrument's ultimate maturity date. (c) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Security is in default and/or issuer is in bankruptcy. (e) Variable-rate security. Rate shown is as of December 31, 2008. (f) Rate shown is the annualized seven-day yield at period end. (g) Affiliated Fund managed by SSgA Funds Management, Inc. PIK = Payment in Kind See accompanying notes to financial statements. 65 SPDR SERIES TRUST STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS CAPITAL 1-3 MONTH CAPITAL CAPITAL INTERMEDIATE CAPITAL LONG TERM T-BILL ETF TIPS ETF TERM TREASURY ETF TREASURY ETF ----------------- ------------- -------------------- ----------------- ASSETS Investments in securities of unaffiliated issuers, at value* (Note 2)........... $742,012,902 $139,237,250 $ 94,075,407 $25,145,474 Investments in securities of affiliated issuers, at value (Note 3)............ 1,204,875 37,509,200 24,094,074 6,666,537 ------------ ------------ ------------ ----------- Total Investments..................... 743,217,777 176,746,450 118,169,481 31,812,011 Foreign currency, at value............... -- -- -- -- Unrealized appreciation on forward foreign currency contracts............ -- -- -- -- Receivable for fund shares sold in-kind.. -- -- -- -- Receivable for investments sold.......... -- -- 2,952,874 -- Receivable for dollar rolls.............. -- -- -- -- Interest receivable...................... 201,900 1,325,439 865,740 336,417 ------------ ------------ ------------ ----------- TOTAL ASSETS.......................... 743,419,677 178,071,889 121,988,095 32,148,428 ------------ ------------ ------------ ----------- LIABILITIES Payable upon return of securities loaned................................ -- 37,408,834 23,817,724 6,653,693 Payable for investments purchased ....... -- -- 3,198,009 -- Payable for when issued/delayed delivery securities............................ -- -- -- -- Unrealized depreciation on forward foreign currency contracts............ -- -- -- -- Distributions payable.................... 456,982 -- 213,206 82,945 Accrued advisory fee (Note 3)............ 86,054 21,679 10,984 2,858 Accrued trustees fee (Note 3)............ 1,529 502 196 48 ------------ ------------ ------------ ----------- TOTAL LIABILITIES..................... 544,565 37,431,015 27,240,119 6,739,544 ------------ ------------ ------------ ----------- NET ASSETS............................ $742,875,112 $140,640,874 $ 94,747,976 $25,408,884 ============ ============ ============ =========== NET ASSETS CONSIST OF: Paid in capital (Note 4)................. $743,174,134 $152,935,827 $ 90,615,095 $21,787,685 Undistributed (distribution in excess of) net investment income................. (633,057) (1,583,761) (105,604) (15,677) Accumulated net realized gain (loss) on investments, foreign currency transactions.......................... 271,808 (916,000) 99,938 20,262 Net unrealized appreciation (depreciation) on : Investments........................... 62,227 (9,795,192) 4,138,547 3,616,614 Foreign currency transactions......... -- -- -- -- ------------ ------------ ------------ ----------- NET ASSETS............................ $742,875,112 $140,640,874 $ 94,747,976 $25,408,884 ============ ============ ============ =========== NET ASSET VALUE PER SHARE Net asset value per share................ $ 45.86 $ 46.88 $ 59.21 $ 63.52 ============ ============ ============ =========== Shares outstanding (unlimited amount authorized, $0.01 par value).......... 16,200,437 3,000,048 1,600,166 400,000 ============ ============ ============ =========== COST OF INVESTMENTS: Unaffiliated issuers..................... $741,950,675 $149,032,442 $ 89,936,860 $21,528,860 Affiliated issuers....................... 1,204,875 37,509,200 24,094,074 6,666,537 ------------ ------------ ------------ ----------- Total cost of investments................ $743,155,550 $186,541,642 $114,030,934 $28,195,397 ============ ============ ============ =========== Foreign currency, at cost................ $ -- $ -- $ -- $ -- ============ ============ ============ ===========
* Includes $0, $36,219,132, $23,290,135, $6,401,255, $23,108,483, $0, $0, $0, $0, $0, $0 and $0, respectively, of investments in securities on loan, at value. See accompanying notes to financial statements. 66 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS CAPITAL AGGREGATE CAPITAL MUNICIPAL CAPITAL CALIFORNIA CAPITAL NEW YORK CAPITAL SHORT TERM BOND ETF BOND ETF MUNICIPAL BOND ETF MUNICIPAL BOND ETF MUNICIPAL BOND ETF ----------------- ----------------- ------------------ ------------------ ------------------ $169,144,676 $340,600,657 $22,929,282 $11,850,063 $239,751,392 94,903,291 23,381,683 2,387,870 443,010 18,125,746 ------------ ------------ ----------- ----------- ------------ 264,047,967 363,982,340 25,317,152 12,293,073 257,877,138 -- -- -- -- -- -- -- -- -- -- -- -- -- -- 9,307,241 2,969,533 -- -- -- -- 25,008 -- -- -- -- 1,646,797 4,354,934 368,230 123,257 3,475,006 ------------ ------------ ----------- ----------- ------------ 268,689,305 368,337,274 25,685,382 12,416,330 270,659,385 ------------ ------------ ----------- ----------- ------------ 23,699,143 -- -- -- -- -- 18,506,672 860,147 -- 14,066,722 69,409,779 -- -- -- -- -- -- -- -- -- 748,917 1,179,761 90,383 45,867 548,990 18,401 52,700 4,074 2,035 37,635 567 1,175 96 59 683 ------------ ------------ ----------- ----------- ------------ 93,876,807 19,740,308 954,700 47,961 14,654,030 ------------ ------------ ----------- ----------- ------------ $174,812,498 $348,596,966 $24,730,682 $12,368,369 $256,005,355 ============ ============ =========== =========== ============ $171,142,588 $355,745,249 $26,061,865 $13,177,358 $253,334,299 (373,508) (460,383) (17,222) (1,012) (302,850) 56,138 (950,825) (93,525) (99,863) (5,908) 3,987,280 (5,737,075) (1,220,436) (708,114) 2,979,814 -- -- -- -- -- ------------ ------------ ----------- ----------- ------------ $174,812,498 $348,596,966 $24,730,682 $12,368,369 $256,005,355 ============ ============ =========== =========== ============ $ 54.63 $ 21.26 $ 20.61 $ 20.61 $ 23.27 ============ ============ =========== =========== ============ 3,200,023 16,400,661 1,200,001 600,010 11,000,106 ============ ============ =========== =========== ============ $165,157,396 $346,337,732 $24,149,718 $12,558,177 $236,771,578 94,903,291 23,381,683 2,387,870 443,010 18,125,746 ------------ ------------ ----------- ----------- ------------ $260,060,687 $369,719,415 $26,537,588 $13,001,187 $254,897,324 ============ ============ =========== =========== ============ $ -- $ -- $ -- $ -- $ -- ============ ============ =========== =========== ============ SPDR DB INTERNATIONAL GOVERNMENT SPDR BARCLAYS SPDR BARCLAYS INFLATION-PROTECTED CAPITAL INTERNATIONAL CAPITAL HIGH BOND ETF TREASURY BOND ETF YIELD BOND ETF ------------------- --------------------- -------------- $178,253,047 $845,959,087 $ 595,145,251 9,682,063 36,000,554 86,303,279 ------------ ------------ ------------- 187,935,110 881,959,641 681,448,530 253,728 8,125,991 -- -- 740,285 -- -- 21,653,691 -- 765,280 -- -- -- -- -- 1,683,310 13,094,204 19,446,321 ------------ ------------ ------------- 190,637,428 925,573,812 700,894,851 ------------ ------------ ------------- -- -- -- 786,729 18,464,131 2,768,516 -- -- -- 49,585 447,534 -- 473,634 1,872,636 8,683,506 76,176 352,675 180,189 1,201 3,769 2,017 ------------ ------------ ------------- 1,387,325 21,140,745 11,634,228 ------------ ------------ ------------- $189,250,103 $904,433,067 $ 689,260,623 ============ ============ ============= $256,137,838 $931,722,401 $ 875,543,584 (907,838) (2,437,612) (4,736,514) (27,564,786) (27,268,834) (21,060,809) (38,245,949) 2,217,746 (160,485,638) (169,162) 199,366 -- ------------ ------------ ------------- $189,250,103 $904,433,067 $ 689,260,623 ============ ============ ============= $ 47.31 $ 53.84 $ 29.46 ============ ============ ============= 4,000,416 16,800,014 23,400,000 ============ ============ ============= $216,498,996 $843,741,341 $ 755,630,889 9,682,063 36,000,554 86,303,279 ------------ ------------ ------------- $226,181,059 $879,741,895 $ 841,934,168 ============ ============ ============= $ 283,779 $ 8,282,308 $ -- ============ ============ =============
67 SPDR SERIES TRUST STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS CAPITAL 1-3 MONTH CAPITAL CAPITAL INTERMEDIATE CAPITAL LONG TERM T-BILL ETF TIPS ETF TERM TREASURY ETF TREASURY ETF ----------------- ------------- -------------------- ----------------- INVESTMENT INCOME Interest income on securities of unaffiliated issuers (Note 2)..... $2,585,089 $ 1,467,136 $ 880,409 $ 361,047 Interest income on securities of affiliated issuers (Note 3)....... 7,798 2,048 2,103 594 Affiliated securities lending -- net (Note 3 and Note 8)............... 818,150 191,213 138,602 31,847 Foreign taxes withheld............... -- -- -- -- ---------- ------------ ---------- ---------- TOTAL INVESTMENT INCOME.............. 3,411,037 1,660,397 1,021,114 393,488 ---------- ------------ ---------- ---------- EXPENSES Advisory fee (Note 3)................ 373,756 115,394 45,386 11,902 Trustees fee (Note 3)................ 4,382 1,271 509 137 ---------- ------------ ---------- ---------- TOTAL EXPENSES BEFORE WAIVERS........ 378,138 116,665 45,895 12,039 ---------- ------------ ---------- ---------- Expenses waived by Adviser (Note 3).. -- -- -- -- ---------- ------------ ---------- ---------- NET EXPENSES......................... 378,138 116,665 45,895 12,039 ---------- ------------ ---------- ---------- NET INVESTMENT INCOME (LOSS)......... 3,032,899 1,543,732 975,219 381,449 ---------- ------------ ---------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on: Investments in securities of unaffiliated issuers............ 340,424 (713,568) 737,237 20,565 Foreign currency transactions..... -- -- -- -- Net change in unrealized appreciation (depreciation) on: Investments....................... 54,186 (10,895,291) 4,606,337 3,516,389 Foreign currency transactions..... -- -- -- -- ---------- ------------ ---------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS............. 394,610 (11,608,859) 5,343,574 3,536,954 ---------- ------------ ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............ $3,427,509 $(10,065,127) $6,318,793 $3,918,403 ========== ============ ========== ==========
See accompanying notes to financial statements. 68 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR BARCLAYS SPDR DB SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS CAPITAL CAPITAL INTERNATIONAL CAPITAL SPDR BARCLAYS CAPITAL CAPITAL CAPITAL CALIFORNIA NEW YORK SHORT TERM GOVERNMENT INTERNATIONAL CAPITAL AGGREGATE MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL INFLATION-PROTECTED TREASURY HIGH YIELD BOND ETF BOND ETF BOND ETF BOND ETF BOND ETF BOND ETF BOND ETF BOND ETF ------------- ------------- ------------------ ------------- ------------- ------------------- ------------- ------------- $2,784,206 $ 5,792,228 $ 509,510 $ 275,836 $2,459,348 $ 7,932,400 $ 14,355,738 $ 30,017,767 165,192 65,017 9,082 3,617 69,584 8,663 306,927 141,684 150,908 -- -- -- -- 12,201 10,299 -- -- -- -- -- -- (83,294) (57,384) -- ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 3,100,306 5,857,245 518,592 279,453 2,528,932 7,869,970 14,615,580 30,159,451 ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 127,848 416,395 22,879 12,642 180,939 584,077 2,071,499 943,443 1,414 2,938 248 84 1,788 2,953 9,430 5,037 ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 129,262 419,333 23,127 12,726 182,727 587,030 2,080,929 948,480 ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- (36,058) (141,726) -- -- -- -- -- -- ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 93,204 277,607 23,127 12,726 182,727 587,030 2,080,929 948,480 ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 3,007,102 5,579,638 495,465 266,727 2,346,205 7,282,940 12,534,651 29,210,971 ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 71,914 (955,400) (80,985) (89,547) (50,132) (27,888,421) (17,624,890) (20,099,936) -- -- -- -- -- 329,025 (6,207,413) -- 5,400,364 (2,456,066) (997,898) (482,874) 3,935,158 (39,036,200) 103,585 (147,951,323) -- -- -- -- -- (165,755) (300,821) -- ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- 5,472,278 (3,411,466) (1,078,883) (572,421) 3,885,026 (66,761,351) (24,029,539) (168,051,259) ---------- ----------- ----------- --------- ---------- ------------ ------------ ------------- $8,479,380 $ 2,168,172 $ (583,418) $(305,694) $6,231,231 $(59,478,411) $(11,494,888)$(138,840,288) ========== =========== =========== ========= ========== ============ ============ =============
69 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SPDR BARCLAYS CAPITAL 1-3 MONTHS SPDR BARCLAYS T-BILL ETF CAPITAL TIPS ETF ---------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED FOR THE ENDED FOR THE 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ ------------- ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................ $ 3,032,899 $ 4,836,986 $ 1,543,732 $ 3,407,258 Net realized gain (loss) on investments and foreign currency transactions............ 340,424 280,409 (713,568) 496,913 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.................... 54,186 (7,514) (10,895,291) 1,663,628 ------------ ------------- ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................ 3,427,509 5,109,881 (10,065,127) 5,567,799 ------------ ------------- ------------ ------------ Net equalization credits and charges........ 300,182 337,250 200,160 (123,242) ------------ ------------- ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................... (3,678,845) (4,990,990) (3,864,782) (3,165,753) Net realized gains.......................... (179,112) -- -- -- ------------ ------------- ------------ ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS......... (3,857,957) (4,990,990) (3,864,782) (3,165,753) ------------ ------------- ------------ ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from sale of shares............ 523,094,509 348,453,490 80,398,963 82,387,859 Net proceeds from reinvestment of distributions............................ 10,682 9,343 2,219 155 Cost of shares redeemed..................... (64,234,740) (100,912,911) (19,434,252) (48,644,433) Net income equalization..................... (300,182) (337,250) (200,160) 123,242 Other capital (Note 4)...................... -- -- 1,500 -- ------------ ------------- ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......... 458,570,269 247,212,672 60,768,270 33,866,823 ------------ ------------- ------------ ------------ Net increase (decrease) in net assets during the period............................... 458,440,003 247,668,813 47,038,521 36,145,627 Net assets at beginning of period........... 284,435,109 36,766,296 93,602,353 57,456,726 ------------ ------------- ------------ ------------ NET ASSETS END OF PERIOD (1).................. $742,875,112 $ 284,435,109 $140,640,874 $ 93,602,353 ============ ============= ============ ============ SHARES OF BENEFICIAL INTEREST: Shares sold................................. 11,400,000 7,600,000 1,600,000 1,600,000 Shares issued to shareholders from reinvestment of distributions............ 233 204 45 3 Shares redeemed............................. (1,400,000) (2,200,000) (400,000) (1,000,000) ------------ ------------- ------------ ------------ NET INCREASE (DECREASE)..................... 10,000,233 5,400,204 1,200,045 600,003 ============ ============= ============ ============ (1) Including undistributed (distribution in excess of) net investment income............ $ (633,057) $ 12,889 $ (1,583,761) $ 737,289 ============ ============= ============ ============
* Commencement of operations See accompanying notes to financial statements. 70 - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR BARCLAYS CAPITAL INTERMEDIATE CAPITAL LONG TERM SPDR BARCLAYS CAPITAL SPDR BARCLAYS CAPITAL TERM TREASURY ETF TREASURY ETF AGGREGATE BOND ETF MUNICIPAL BOND ETF ---------------------------- --------------------------- ---------------------------- ------------------------------ FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS MONTHS ENDED FOR THE ENDED FOR THE ENDED FOR THE ENDED FOR THE PERIOD 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 YEAR ENDED 12/31/08 9/11/07*- (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ ------------ ----------- ------------ ------------ ------------ ------------ -------------- $ 975,219 $ 806,692 $ 381,449 $ 774,639 $ 3,007,102 $ 2,394,805 $ 5,579,638 $ 4,055,088 737,237 721,618 20,565 327,835 71,914 185,128 (955,400) 40,458 4,606,337 (422,657) 3,516,389 233,683 5,400,364 (1,315,261) (2,456,066) (3,281,009) ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ 6,318,793 1,105,653 3,918,403 1,336,157 8,479,380 1,264,672 2,168,172 814,537 ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ 42,856 69,365 22,392 (3,088) 68,863 302,261 159,068 275,770 ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ (1,118,610) (815,670) (445,421) (772,861) (3,509,710) (2,317,464) (6,585,543) (3,509,293) -- (8,570) -- (5,106) (197,445) -- -- -- ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ (1,118,610) (824,240) (445,421) (777,967) (3,707,155) (2,317,464) (6,585,543) (3,509,293) ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ 57,034,583 44,715,172 11,257,729 10,548,934 53,157,724 107,513,855 105,257,450 307,365,510 618 8,553 -- -- 1,160 53 5,240 9,312 (11,748,736) (11,256,588) -- (10,362,809) -- -- (8,670,066) (48,306,353) (42,856) (69,365) (22,392) 3,088 (68,863) (302,261) (159,068) (275,770) -- -- -- -- 1,500 -- 17,250 30,750 ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ 45,243,609 33,397,772 11,235,337 189,213 53,091,521 107,211,647 96,450,806 258,823,449 ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ 50,486,648 33,748,550 14,730,711 744,315 57,932,609 106,461,116 92,192,503 256,404,463 44,261,328 10,512,778 10,678,173 9,933,858 116,879,889 10,418,773 256,404,463 -- ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ $ 94,747,976 $ 44,261,328 $25,408,884 $ 10,678,173 $174,812,498 $116,879,889 $348,596,966 $256,404,463 ============ ============ =========== ============ ============ ============ ============ ============ 1,000,000 800,000 200,000 200,000 1,000,000 2,000,000 5,000,000 14,000,000 11 155 -- -- 22 1 238 423 (200,000) (200,000) -- (200,000) -- -- (400,000) (2,200,000) ------------ ------------ ----------- ------------ ------------ ------------ ------------ ------------ 800,011 600,155 200,000 -- 1,000,022 2,000,001 4,600,238 11,800,423 ============ ============ =========== ============ ============ ============ ============ ============ $ (105,604) $ 37,787 $ (15,677) $ 48,295 $ (373,508) $ 129,100 $ (460,383) $ 545,522 ============ ============ =========== ============ ============ ============ ============ ============
71 SPDR SERIES TRUST STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR BARCLAYS CAPITAL CALIFORNIA SPDR BARCLAYS CAPITAL NEW MUNICIPAL BOND ETF YORK MUNICIPAL BOND ETF ---------------------------- ---------------------------- FOR THE SIX FOR THE SIX MONTHS MONTHS ENDED FOR THE PERIOD ENDED FOR THE PERIOD 12/31/08 10/10/07*- 12/31/08 10/11/07*- (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ----------- -------------- ----------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss).............. $ 495,465 $ 445,409 $ 266,727 $ 380,161 Net realized gain (loss) on investments and foreign currency transactions...... (80,985) (13,270) (89,547) (10,316) Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.......... (997,898) (222,538) (482,874) (225,240) ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.............. (583,418) 209,601 (305,694) 144,605 ----------- ----------- ----------- ----------- Net equalization credits and charges...... 3,625 13,374 -- -- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................... (559,655) (397,711) (311,844) (336,056) Net realized gains........................ -- -- -- -- ----------- ----------- ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS....... (559,655) (397,711) (311,844) (336,056) ----------- ----------- ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from sale of shares.......... 8,480,061 17,579,534 -- 13,177,140 Net proceeds from reinvestment of distributions.......................... 20 -- 153 65 Cost of shares redeemed................... -- -- -- -- Net income equalization................... (3,625) (13,374) -- -- Other capital (Note 4).................... 1,500 750 -- -- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... 8,477,956 17,566,910 153 13,177,205 ----------- ----------- ----------- ----------- Net increase (decrease) in net assets during the period...................... 7,338,508 17,392,174 (617,385) 12,985,754 Net assets at beginning of period......... 17,392,174 -- 12,985,754 -- ----------- ----------- ----------- ----------- NET ASSETS END OF PERIOD (1)................ $24,730,682 $17,392,174 $12,368,369 $12,985,754 =========== =========== =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold............................... 400,000 800,000 -- 600,000 Shares issued to shareholders from reinvestment of distributions.......... 1 -- 7 3 Shares redeemed........................... -- -- -- -- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE)................... 400,001 800,000 7 600,003 =========== =========== =========== =========== (1) Including undistributed (distribution in excess of) net investment income.......... $ (17,222) $ 46,968 $ (1,012) $ 44,105 =========== =========== =========== ===========
* Commencement of operations See accompanying notes to financial statements. 72 - --------------------------------------------------------------------------------
SPDR DB INTERNATIONAL SPDR BARCLAYS GOVERNMENT SPDR BARCLAYS CAPITAL SHORT TERM INFLATION-PROTECTED CAPITAL INTERNATIONAL SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF BOND ETF TREASURY BOND ETF HIGH YIELD BOND ETF --------------------------- --------------------------- ---------------------------- ---------------------------- FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX MONTHS MONTHS MONTHS MONTHS ENDED FOR THE PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD ENDED FOR THE PERIOD 12/31/08 10/10/07*- 12/31/08 3/13/08*- 12/31/08 10/2/07*- 12/31/08 11/28/07*- (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ -------------- ------------ -------------- ------------- -------------- ------------- -------------- $ 2,346,205 $ 1,021,362 $ 7,282,940 $ 1,831,653 $ 12,534,651 $ 9,734,528 $ 29,210,971 $ 10,525,285 (50,132) (6,397) (27,559,396) (479,527) (23,832,303) (4,952,845) (20,099,936) (960,873) 3,935,158 (955,344) (39,201,955) 786,844 (197,236) 2,614,348 (147,951,323) (12,534,315) ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ 6,231,231 59,621 (59,478,411) 2,138,970 (11,494,888) 7,396,031 (138,840,288) (2,969,903) ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ 136,680 136,259 37,215 144,555 (143,315) 852,840 2,842,124 1,668,124 ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ (2,776,701) (893,716) (8,381,362) (1,166,932) (14,391,750) (8,816,601) (35,464,906) (9,010,627) -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ (2,776,701) (893,716) (8,381,362) (1,166,932) (14,391,750) (8,816,601) (35,464,906) (9,010,627) ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ 138,409,707 124,042,133 126,680,014 205,369,849 269,944,815 905,984,795 502,636,493 406,287,555 2,435 -- 19,063 119 623 109 -- -- (9,107,605) -- (76,075,207) -- (100,723,347) (143,799,720) (33,499,201) -- (136,680) (136,259) (37,215) (144,555) 143,315 (852,840) (2,842,124) (1,668,124) 21,750 16,500 72,000 72,000 108,000 225,000 82,500 39,000 ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ 129,189,607 123,922,374 50,658,655 205,297,413 169,473,406 761,557,344 466,377,668 404,658,431 ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ 132,780,817 123,224,538 (17,163,903) 206,414,006 143,443,453 760,989,614 294,914,598 394,346,025 123,224,538 -- 206,414,006 -- 760,989,614 -- 394,346,025 -- ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ $256,005,355 $123,224,538 $189,250,103 $206,414,006 $ 904,433,067 $ 760,989,614 $ 689,260,623 $394,346,025 ============ ============ ============ ============ ============= ============= ============= ============ 6,000,000 5,400,000 2,200,000 3,400,000 5,000,000 16,400,000 15,400,000 9,000,000 106 -- 414 2 12 2 -- -- (400,000) -- (1,600,000) -- (2,000,000) (2,600,000) (1,000,000) -- ------------ ------------ ------------ ------------ ------------- ------------- ------------- ------------ 5,600,106 5,400,000 600,414 3,400,002 3,000,012 13,800,002 14,400,000 9,000,000 ============ ============ ============ ============ ============= ============= ============= ============ $ (302,850) $ 127,646 $ (907,838) $ 190,584 $ (2,437,612) $ (580,513)$ (4,736,514) $ 1,517,421 ============ ============ ============ ============ ============= ============= ============= ============
73 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR BARCLAYS CAPITAL 1-3 MONTH SPDR BARCLAYS T-BILL ETF CAPITAL TIPS ETF ------------------------------------------ ------------------------------------------ FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE FOR THE PERIOD MONTHS ENDED FOR THE FOR THE PERIOD 12/31/08 YEAR ENDED 5/25/07*- 12/31/08 YEAR ENDED 5/25/07*- (UNAUDITED) 6/30/08 6/30/07 (UNAUDITED)* 6/30/08 6/30/07 ------------ ---------- -------------- ------------ ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD..... $ 45.88 $ 45.96 $ 45.74 $ 52.00 $ 47.88 $ 48.01 -------- -------- ------- -------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)............. 0.30 1.32 0.20 0.75 2.86 0.41 Net realized and unrealized gain (loss) (1).................................... 0.01 0.03 0.02 (4.27) 4.24 (0.57) -------- -------- ------- -------- ------- ------- Total from investment operations......... 0.31 1.35 0.22 (3.52) 7.10 (0.16) -------- -------- ------- -------- ------- ------- Net equalization credits and charges (6).................................... 0.02 0.09 -- 0.08 (0.12) 0.03 -------- -------- ------- -------- ------- ------- Other capital (6)........................ -- -- -- 0.00(5) -- -- -------- -------- ------- -------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................... (0.34) (1.52) -- (1.68) (2.86) -- Net realized gains....................... (0.01) -- -- -- -- -- -------- -------- ------- -------- ------- ------- Total distributions...................... (0.35) (1.52) -- (1.68) (2.86) -- -------- -------- ------- -------- ------- ------- NET ASSET VALUE, END OF PERIOD........... $ 45.86 $ 45.88 $ 45.96 $ 46.88 $ 52.00 $ 47.88 ======== ======== ======= ======== ======= ======= TOTAL RETURN (2)......................... 0.72% 3.18% 0.48% (6.79)% 14.96% (0.27)% Net assets, end of period (in 000's)..... $742,875 $284,435 $36,766 $140,641 $93,602 $57,457 Ratio of expenses to average net assets.. 0.14%(3) 0.14% 0.14%(3) 0.19%(3) 0.19% 0.19%(3) Ratio of expenses to average net assets before waivers......................... -- -- -- -- -- -- Ratio of net investment income (loss) to average net assets..................... 1.09%(3) 2.72% 4.49%(3) 2.47%(3) 6.49% 10.23%(3) Portfolio turnover rate (4).............. 290% 583% 2% 8% 16% 0%
See accompanying notes to financial statements. 74 --------------------------------------------------------------------------
SPDR BARCLAYS SPDR BARCLAYS SPDR BARCLAYS CAPITAL INTERMEDIATE CAPITAL LONG TERM CAPITAL AGGREGATE TERM TREASURY ETF TREASURY ETF BOND ETF -------------------------------------- -------------------------------------- -------------------------------------- FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE FOR THE PERIOD MONTHS ENDED FOR THE FOR THE PERIOD MONTHS ENDED FOR THE FOR THE PERIOD 12/31/08 YEAR ENDED 5/23/07*- 12/31/08 YEAR ENDED 5/23/07*- 12/31/08 YEAR ENDED 5/23/07*- (UNAUDITED) 6/30/08 6/30/07 (UNAUDITED) 6/30/08 6/30/07 (UNAUDITED) 6/30/08 6/30/07 ------------ ---------- -------------- ------------ ---------- -------------- ------------ ---------- -------------- $ 55.32 $ 52.56 $ 52.57 $ 53.39 $ 49.67 $50.12 $ 53.13 $ 52.09 $ 52.36 ------- ------- ------- ------- ------- ------ -------- -------- ------- 0.84 2.06 0.22 1.14 2.47 0.22 1.18 2.44 0.24 3.96 2.81 (0.23) 10.34 3.72 (0.67) 1.71 0.91 (0.51) ------- ------- ------- ------- ------- ------ -------- -------- ------- 4.80 4.87 (0.01) 11.48 6.19 (0.45) 2.89 3.35 (0.27) ------- ------- ------- ------- ------- ------ -------- -------- ------- 0.04 0.17 -- 0.07 (0.01) -- 0.03 0.31 -- ------- ------- ------- ------- ------- ------ -------- -------- ------- -- -- -- -- -- -- 0.00(5) -- -- ------- ------- ------- ------- ------- ------ -------- -------- ------- (0.95) (2.24) -- (1.42) (2.45) -- (1.36) (2.62) -- -- (0.04) -- -- (0.01) -- (0.06) -- -- ------- ------- ------- ------- ------- ------ -------- -------- ------- (0.95) (2.28) -- (1.42) (2.46) -- (1.42) (2.62) -- ------- ------- ------- ------- ------- ------ -------- -------- ------- $ 59.21 $ 55.32 $ 52.56 $ 63.52 $ 53.39 $49.67 $ 54.63 $ 53.13 $ 52.09 ======= ======= ======= ======= ======= ====== ======== ======== ======= 8.84% 9.73% (0.02)% 22.03% 12.62% (0.90)% 5.60% 7.13% (0.52)% $94,748 $44,261 $10,513 $25,409 $10,678 $9,934 $174,812 $116,880 $10,419 0.14%(3) 0.14% 0.14%(3) 0.14%(3) 0.14% 0.14%(3) 0.13%(3) 0.13% 0.13%(3) -- -- -- -- -- -- 0.19%(3) 0.19% 0.19%(3) 2.89%(3) 3.51% 4.13%(3) 4.31%(3) 4.58% 4.29%(3) 4.34%(3) 4.13% 4.42%(3) 22% 36% 7% 4% 11% 4% 425% 151% 17%
75 SPDR SERIES TRUST FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR BARCLAYS SPDR CAPITAL NEW SPDR BARCLAYS BARCLAYS CAPITAL YORK CAPITAL MUNICIPAL CALIFORNIA MUNICIPAL MUNICIPAL BOND ETF BOND ETF BOND ETF ----------------------------- ----------------------------- ------------ FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD MONTHS ENDED 12/31/08 9/11/07*- 12/31/08 10/10/07*- 12/31/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) ------------ -------------- ------------ -------------- ------------ NET ASSET VALUE, BEGINNING OF PERIOD... $ 21.73 $ 22.16 $ 21.74 $ 22.18 $ 21.64 -------- -------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)........... 0.42 0.64 0.46 0.62 0.44 Net realized and unrealized gain (loss) (1).................................. (0.40) (0.53) (1.06) (0.52) (0.95) -------- -------- ------- ------- ------- Total from investment operations....... 0.02 0.11 (0.60) 0.10 (0.51) -------- -------- ------- ------- ------- Net equalization credits and charges (6).................................. 0.01 0.05 0.00(5) 0.02 -- -------- -------- ------- ------- ------- Other capital (6)...................... 0.00(5) 0.00(5) 0.00(5) 0.00(5) -- -------- -------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................. (0.50) (0.59) (0.53) (0.56) (0.52) Net realized gains..................... -- -- -- -- -- -------- -------- ------- ------- ------- Total distributions.................... (0.50) (0.59) (0.53) (0.56) (0.52) -------- -------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD......... $ 21.26 $ 21.73 $ 20.61 $ 21.74 $ 20.61 ======== ======== ======= ======= ======= TOTAL RETURN (2)....................... 0.15% 0.73% (2.78)% 0.54% (2.37)% Net assets, end of period (in 000's)... $348,597 $256,404 $24,731 $17,392 $12,368 Ratio of expenses to average net assets............................... 0.20%(3) 0.20%(3) 0.20%(3) 0.20%(3) 0.20%(3) Ratio of expenses to average net assets before waivers....................... 0.30%(3) 0.30%(3) -- -- -- Ratio of net investment income (loss) to average net assets................ 4.02%(3) 3.79%(3) 4.33%(3) 4.04%(3) 4.22%(3) Portfolio turnover rate (4)............ 2% 0% 15% 17% 18% SPDR BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF -------------- FOR THE PERIOD 10/11/07*- 6/30/08 -------------- NET ASSET VALUE, BEGINNING OF PERIOD... $ 21.96 ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)........... 0.63 Net realized and unrealized gain (loss) (1).................................. (0.39) ------- Total from investment operations....... 0.24 ------- Net equalization credits and charges (6).................................. -- ------- Other capital (6)...................... -- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................. (0.56) Net realized gains..................... -- ------- Total distributions.................... (0.56) ------- NET ASSET VALUE, END OF PERIOD......... $ 21.64 ======= TOTAL RETURN (2)....................... 1.08% Net assets, end of period (in 000's)... $12,986 Ratio of expenses to average net assets............................... 0.20%(3) Ratio of expenses to average net assets before waivers....................... -- Ratio of net investment income (loss) to average net assets................ 4.02%(3) Portfolio turnover rate (4)............ 32%
* 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 in kind processing of creations or redemptions. (5) Amount is less than $0.005 per share. (6) Per share numbers have been calculated using the average shares method. See accompanying notes to financial statements. 76 --------------------------------------------------------------------------
SPDR DB INTERNATIONAL GOVERNMENT SPDR INFLATION- BARCLAYS CAPITAL SPDR BARCLAYS PROTECTED INTERNATIONAL CAPITAL HIGH BOND ETF TREASURY BOND ETF YIELD BOND ETF --------------------------- --------------------------- --------------------------- SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF --------------------------- FOR THE SIX FOR THE SIX FOR THE SIX FOR THE SIX MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD MONTHS ENDED FOR THE PERIOD 12/31/08 10/10/07*- 12/31/08 3/13/08*- 12/31/08 10/2/2007*- 12/31/08 11/28/07*- (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 (UNAUDITED) 6/30/08 ------------ -------------- ------------ -------------- ------------ -------------- ------------ -------------- $ 22.82 $ 22.53 $ 60.71 $ 61.85 $ 55.14 $ 51.55 $ 43.82 $ 47.29 -------- -------- -------- -------- -------- -------- -------- -------- 0.30 0.45 1.64 0.73 0.82 0.97 2.14 2.19 0.48 0.19 (13.15) (1.35) (1.20) 3.49 (14.21) (4.04) -------- -------- -------- -------- -------- -------- -------- -------- 0.78 0.64 (11.51) (0.62) (0.38) 4.46 (12.07) (1.85) -------- -------- -------- -------- -------- -------- -------- -------- 0.02 0.06 0.01 0.10 (0.01) 0.11 0.21 0.39 -------- -------- -------- -------- -------- -------- -------- -------- 0.00(5) 0.01 0.02 0.05 0.01 0.03 0.01 0.01 -------- -------- -------- -------- -------- -------- -------- -------- (0.35) (0.42) (1.92) (0.67) (0.92) (1.01) (2.51) (2.02) -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- (0.35) (0.42) (1.92) (0.67) (0.92) (1.01) (2.51) (2.02) -------- -------- -------- -------- -------- -------- -------- -------- $ 23.27 $ 22.82 $ 47.31 $ 60.71 $ 53.84 $ 55.14 $ 29.46 $ 43.82 ======== ======== ======== ======== ======== ======== ======== ======== 3.53% 3.16% (19.18)% (0.73)% (0.61)% 8.95% (27.73)% (3.10)% $256,005 $123,225 $189,250 $206,414 $904,433 $760,990 $689,261 $394,346 0.20%(3) 0.20%(3) 0.50%(3) 0.50%(3) 0.50%(3) 0.50%(3) 0.40%(3) 0.40%(3) -- -- -- -- -- -- -- -- 2.59%(3) 2.66%(3) 6.23%(3) 6.89%(3) 3.03%(3) 3.03%(3) 12.38%(3) 9.43%(3) 2% 2% 44% 2% 29% 54% 15% 19%
77 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION The SPDR Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end investment management company that was organized as a Massachusetts business trust on June 12, 1998. As of December 31, 2008, the Trust offered thirty-eight (38) portfolios, each of which represents a separate series of beneficial interests in the Trust (each referred to as a "Fund", collectively as the "Funds"). The financial statements herein relate to the following twelve (12) Funds: SPDR Barclays Capital 1-3 Month T-Bill ETF, SPDR Barclays Capital TIPS ETF, SPDR Barclays Capital Intermediate Term Treasury ETF, SPDR Barclays Capital Long Term Treasury ETF, SPDR Barclays Capital Aggregate Bond ETF, SPDR Barclays Capital Municipal Bond ETF, SPDR Barclays Capital California Municipal Bond ETF, SPDR Barclays Capital New York Municipal Bond ETF, SPDR Barclays Capital Short Term Municipal Bond ETF, SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital International Treasury Bond ETF and SPDR Barclays Capital High Yield Bond ETF. Each SPDR Barclays Capital ETF named above, except SPDR Barclays Capital TIPS ETF, was formerly a SPDR Lehman ETF. The name change occurred during the period as a result of Barclays Capital acquiring the Lehman Indexes. 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 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 The value of each Fund's portfolio securities is based on the market price of the securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. Investments in open-end investment companies are valued at their net asset value each business day. U.S. fixed income securities may be valued as of the announced closing time for trading in fixed income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. If a security's market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the "Board") believes will better reflect fair value in accordance with the Trust's valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the "Committee"). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security in a Fund's portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded (such as in the case of a corporate action or other news that may materially affect the 78 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- price of the security) or trading in a security has been suspended or halted. Accordingly, a Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. Effective July 1, 2008, the Funds adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157 ("FAS 157"), "Fair Value Measurements." This standard defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below. - - Level 1 -- quoted prices in active markets for identical investments - - Level 2 -- other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 -- significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments) Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds' net assets are computed and that may materially affect the value of the Funds' investments). Examples of events that may be "significant events" are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations. Fair value pricing could result in a difference between the prices used to calculate a Fund's net asset value and the prices used by the Fund's benchmark index, which, in turn, could result in a difference between the Fund's performance and the performance of the Fund's benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments. The following table summarizes the inputs used in valuing the Funds' investments, as of December 31, 2008:
LEVEL 2 - OTHER LEVEL 3 - LEVEL 1- SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE SPDR SERIES TRUST PRICES INPUTS INPUTS TOTAL - ----------------- ----------- ------------ ------------ ------------ SPDR Barclays Capital 1-3 Month T-Bill ETF......... $ 1,204,875 $742,012,902 $ -- $743,217,777 SPDR Barclays Capital TIPS ETF..................... 37,509,200 139,237,250 -- 176,746,450 SPDR Barclays Capital Intermediate Term Treasury ETF.............................................. 24,094,074 94,075,407 -- 118,169,481 SPDR Barclays Capital Long Term Treasury ETF....... 6,666,537 25,145,474 -- 31,812,011 SPDR Barclays Capital Aggregate Bond ETF........... 94,903,291 169,144,676 -- 264,047,967 SPDR Barclays Capital Municipal Bond ETF........... 23,381,683 340,600,657 -- 363,982,340 SPDR Barclays Capital California Municipal Bond ETF.............................................. 2,387,870 22,929,282 -- 25,317,152 SPDR Barclays Capital New York Municipal Bond ETF.. 443,010 11,850,063 -- 12,293,073 SPDR Barclays Capital Short Term Municipal Bond ETF.............................................. 18,125,746 239,751,392 -- 257,877,138 SPDR DB International Government Inflation- Protected Bond ETF............................... 9,682,063 178,253,047 -- 187,935,110 SPDR Barclays Capital International Treasury Bond ETF.............................................. 36,000,554 845,959,087 -- 881,959,641 SPDR Barclays Capital High Yield Bond ETF.......... 86,303,279 593,945,251 1,200,000 681,448,530
79 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
LEVEL 2 - OTHER LEVEL 3 - LEVEL 1- SIGNIFICANT SIGNIFICANT QUOTED OBSERVABLE UNOBSERVABLE SPDR SERIES TRUST-OTHER FINANCIAL INSTRUMENTS* PRICES INPUTS INPUTS TOTAL - ---------------------------------------------- -------- ----------- ------------ -------- SPDR DB International Government Inflation-Protected Bond ETF.......................................... $-- $(49,585) $-- $(49,585) SPDR Barclays Capital International Treasury Bond ETF............................................... -- 292,751 -- 292,751
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at December 31, 2008:
NET CHANGE IN REALIZED UNREALIZED GAIN (LOSS) (DEPRECIATION) (AMORTIZED AND CHANGE IN FROM PREMIUMS) UNREALIZED NET BALANCE INVESTMENTS BALANCE AT ACCRETED APPRECIATION/ PURCHASES/ NET TRANSFERS AT STILL HELD AT SPDR SERIES TRUST 6/30/08 DISCOUNTS (DEPRECIATION) (SALES) IN AND/OR OUT 12/31/08 12/31/08 - ----------------- ---------- ---------- -------------- ---------- ------------- ---------- -------------- SPDR Barclays Capital High Yield Bond ETF... $-- $(1,495) $-- $-- $1,387,500 $1,200,000 $(186,005)
INVESTMENT INCOME Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. EXPENSES Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds. EQUALIZATION 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 dividends) are recorded net of foreign tax holdings. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency on the statement of operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. 80 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 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. FORWARD FOREIGN CURRENCY CONTRACTS The SPDR DB International Government Inflation-Protected Bond ETF and the SPDR Barclays Capital International Treasury Bond ETF may enter into forward foreign currency contracts to hedge their portfolio holdings against future movements in certain foreign currency exchange rates. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities of the Fund, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts to sell limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts. MORTGAGE DOLLAR ROLLS The SPDR Barclays Capital Aggregate Bond ETF may enter into mortgage dollar roll transactions with respect to mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially 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 SPDR Barclays Capital Aggregate Bond ETF's use of to-be-announced ("TBA") mortgage dollar rolls may cause the fund to experience 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 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 The SPDR Barclays Capital TIPS ETF and SPDR DB International Government Inflation-Protected Bond ETF may invest almost exclusively in inflation-indexed instruments which are fixed income securities whose principal value is 81 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 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. Deflation may cause dividends to be suspended. SWAP AGREEMENTS Each Fund may enter into swap agreements, including interest rate, index, and total return swap agreements. Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. In return, the other party agrees to make payments to the first party based on the return of a different specified rate, index or asset. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of a Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund. In the case of a credit default swap ("CDS"), the contract gives one party (the buyer) the right to recoup the economic value of a decline in the value of debt securities of the reference issuer if the credit event (a downgrade or default) occurs. This value is obtained by delivering a debt security of the reference issuer to the party in return for a previously agreed payment from the other party (frequently, the par value of the debt security). As the seller of a CDS contract, a Fund would be required to pay the par (or other agreed upon) value of a referenced debt obligation to the counterparty in the event of a default or other credit event by the reference issuer, such as a U.S. or foreign corporate issuer, with respect to debt obligations. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, a Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would be subject to investment exposure on the notional amount of the swap. The SPDR Barclays Capital High Yield Bond ETF invests in a credit-linked trust certificate. A credit-linked trust certificate is a security with an embedded credit default swap allowing the issuer to transfer a specific credit risk to credit investors. The certificate is created through a Special Purpose Company (SPC), or Trust, which is collateralized with AAA-rated securities. Investors buy securities from a Trust that pays a fixed or floating coupon during the life of the note. At maturity, the investors receive par unless the referenced credit defaults or declares bankruptcy, in which case they receive an amount equal to the recovery rate. The Trust enters into a default swap with a deal arranger. In case of default, the trust pays the dealer par minus the recovery rate in exchange for an annual fee which is passed on to the investors in the form of a higher yield on the notes. Potential losses related to credit-linked trust certificates are limited to the initial cost of investments. 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 and losses deferred due to wash sales. Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes. 82 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- The Funds have reviewed the tax positions for the open tax years as of June 30, 2008 and have determined that no provision for income tax is required in the Funds' Financial Statements. The Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. For the six months ended December 31, 2008, the Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:
NET GAIN (LOSS) RECLASSIFIED TO PAID IN CAPITAL ------------------ SPDR Barclays Capital 1-3 Month T-Bill ETF............................. $ 11,278 SPDR Barclays Capital TIPS ETF......................................... 143,289 SPDR Barclays Capital Intermediate Term Treasury ETF................... 626,347 SPDR Barclays Capital Long Term Treasury ETF........................... -- SPDR Barclays Capital Aggregate Bond ETF............................... -- SPDR Barclays Capital Municipal Bond ETF............................... (4,302) SPDR Barclays Capital California Municipal Bond ETF.................... -- SPDR Barclays Capital New York Municipal Bond ETF...................... -- SPDR Barclays Capital Short Term Municipal Bond ETF.................... (50,621) SPDR DB International Government Inflation-Protected Bond ETF.......... -- SPDR Barclays Capital International Treasury Bond ETF.................. -- SPDR Barclays Capital High Yield Bond ETF.............................. --
At December 31, 2008, SPDR Barclays Capital TIPS ETF had capital loss carryforwards of $1,158 which may be utilized to offset any net realized capital gains expiring June 30, 2016. Under current tax laws, capital losses realized after October 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds incurred the following losses during the period November 1, 2007 through June 30, 2008 that are deferred for tax purposes until fiscal 2009:
DEFERRED LOSSES --------------- SPDR Barclays Capital 1-3 Month T-Bill ETF.............................. $ -- SPDR Barclays Capital TIPS ETF.......................................... (17,520) SPDR Barclays Capital Intermediate Term Treasury ETF.................... -- SPDR Barclays Capital Long Term Treasury ETF............................ -- SPDR Barclays Capital Aggregate Bond ETF................................ -- SPDR Barclays Capital Municipal Bond ETF................................ -- SPDR Barclays Capital California Municipal Bond ETF..................... (13,234) SPDR Barclays Capital New York Municipal Bond ETF....................... (10,316) SPDR Barclays Capital Short Term Municipal Bond ETF..................... (6,397) SPDR DB International Government Inflation-Protected Bond ETF........... (296) SPDR Barclays Capital International Treasury Bond ETF................... (478,033) SPDR Barclays Capital High Yield Bond ETF............................... (842,413)
DISTRIBUTIONS Each Fund declares and distributes dividends from net investment income, if any, to its shareholders monthly. Each Fund 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. 83 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- NEW ACCOUNTING PRONOUNCEMENTS In March, 2008, FASB issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds' derivative and hedging activities. Management is currently evaluating the impact, if any, the adoption of SFAS 161 will have on the Funds' financial statement disclosures. 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 Barclays Capital 1-3 Month T-Bill ETF....................... 0.1345% SPDR Barclays Capital TIPS ETF................................... 0.1845 SPDR Barclays Capital Intermediate Term Treasury ETF............. 0.1345 SPDR Barclays Capital Long Term Treasury ETF..................... 0.1345 SPDR Barclays Capital Aggregate Bond ETF......................... 0.1845* SPDR Barclays Capital Municipal Bond ETF......................... 0.3000* SPDR Barclays Capital California Municipal Bond ETF.............. 0.2000 SPDR Barclays Capital New York Municipal Bond ETF................ 0.2000 SPDR Barclays Capital Short Term Municipal Bond ETF.............. 0.2000 SPDR DB International Government Inflation-Protected Bond ETF.... 0.5000 SPDR Barclays Capital International Treasury Bond ETF............ 0.5000 SPDR Barclays Capital High Yield Bond ETF........................ 0.4000
* The Adviser has contractually agreed to waive a portion of its advisory fee to the extent necessary to limit annual operating expenses to 0.1345% and 0.2000% until October 31, 2009 for the SPDR Barclays Capital Aggregate Bond ETF and the SPDR Barclays Capital Municipal Bond ETF, respectively. 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, acquired fund fees and 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 from the Adviser. See also Note 4. State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. See Note 8 for additional information regarding securities lending. 84 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- For the period July 1, 2008 through December 31, 2008, State Street earned securities lending agent fees as follows:
SECURITIES LENDING AGENT FEES ------------------ SPDR Barclays Capital 1-3 Month T-Bill ETF............................. $143,956 SPDR Barclays Capital TIPS ETF......................................... 33,645 SPDR Barclays Capital Intermediate Term Treasury ETF................... 24,394 SPDR Barclays Capital Long Term Treasury ETF........................... 5,606 SPDR Barclays Capital Aggregate Bond ETF............................... 26,553 SPDR Barclays Capital Municipal Bond ETF............................... -- SPDR Barclays Capital California Municipal Bond ETF.................... -- SPDR Barclays Capital New York Municipal Bond ETF...................... -- SPDR Barclays Capital Short Term Municipal Bond ETF.................... -- SPDR DB International Government Inflation-Protected Bond ETF.......... 2,146 SPDR Barclays Capital International Treasury Bond ETF.................. 1,811 SPDR Barclays Capital High Yield Bond ETF.............................. --
DISTRIBUTOR State Street Global Markets, LLC (the "Distributor"), an affiliate of the Adviser, serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan, pursuant to Rule 12b-1 under the 1940 Act, 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, 2009 and therefore no such payments have been made to the Distributor. TRUSTEES' FEES 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 and $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 Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series. TRANSACTIONS WITH AFFILIATES Each Fund may invest in 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 income on securities of affiliated issuers in the accompanying Statement of Operations. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio ("Navigator") for which SSgA FM serves as the investment adviser. Navigator is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. 85 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- Amounts related to investments in Navigator, Liquid Reserves Fund and/or Tax Free Money Market Fund at December 31, 2008 and for the period then ended are: SPDR BARCLAYS CAPITAL 1-3 MONTH T-BILL ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 327,088 66,709,397 65,831,610 1,204,875 $ 7,798 State Street Navigator Securities Lending Prime Portfolio................... 73,495,181 1,003,878,895 1,077,374,076 0 $815,748
SPDR BARCLAYS CAPITAL TIPS ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 12,260 1,940,387 1,852,281 100,366 $ 2,048 State Street Navigator Securities Lending Prime Portfolio................... 26,647,080 92,573,843 81,812,089 37,408,834 $190,642
SPDR BARCLAYS CAPITAL INTERMEDIATE TERM TREASURY ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 89,760 3,138,937 2,952,347 276,350 $ 2,103 State Street Navigator Securities Lending Prime Portfolio................... 12,637,933 29,994,041 18,814,250 23,817,724 $138,200
SPDR BARCLAYS CAPITAL LONG TERM TREASURY ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 331 773,784 761,271 12,844 $ 594 State Street Navigator Securities Lending Prime Portfolio................... 3,014,608 16,209,590 12,570,505 6,653,693 $31,756
SPDR BARCLAYS CAPITAL AGGREGATE BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 3,112,372 128,053,806 59,962,030 71,204,148 $165,192 State Street Navigator Securities Lending Prime Portfolio................... 19,106,254 57,963,130 53,370,241 23,699,143 $150,448
SPDR BARCLAYS CAPITAL MUNICIPAL BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Tax Free Money Market Fund...... 612,570 89,316,380 66,547,267 23,381,683 $65,017
86 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR BARCLAYS CAPITAL CALIFORNIA MUNICIPAL BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Tax Free Money Market Fund...... 43,702 9,878,095 7,533,927 2,387,870 $9,082
SPDR BARCLAYS CAPITAL NEW YORK MUNICIPAL BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Tax Free Money Market Fund...... 283,700 2,088,960 1,929,650 443,010 $3,617
SPDR BARCLAYS CAPITAL SHORT TERM MUNICIPAL BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Tax Free Money Market Fund...... 6,086,569 108,130,606 96,091,429 18,125,746 $69,584
SPDR DB INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 51,056 35,206,812 25,575,805 9,682,063 $ 8,663 State Street Navigator Securities Lending Prime Portfolio................... 1,449,068 2,524,316 3,973,384 0 $12,161
SPDR BARCLAYS CAPITAL INTERNATIONAL TREASURY BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 18,968,224 103,399,427 86,367,097 36,000,554 $306,927 State Street Navigator Securities Lending Prime Portfolio................... 0 20,401,732 20,401,732 0 $ 10,260
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF
NUMBER OF SHARES SHARES PURCHASED SHARES SOLD NUMBER OF INCOME EARNED HELD AT FOR THE YEAR ENDED FOR THE YEAR ENDED SHARES HELD FOR THE YEAR ENDED SECURITY DESCRIPTION 6/30/08 12/31/08 12/31/08 AT 12/31/08 12/31/08 - -------------------- ---------------- ------------------ ------------------ ----------- ------------------ State Street Institutional Liquid Reserves Fund........ 6,684,245 296,842,465 217,223,431 86,303,279 $141,684
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 Barclays Capital Aggregate Bond ETF, cash in lieu of TBA positions. Transaction fees ranging from of $250 to $1,500 per Creation Unit for each Fund regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those institutions creating or redeeming Creation Units. An additional fee of up to three times these amounts may be charged for certain transactions. Transaction Fees from certain Creation Unit transactions are received by the Trust and/or Custodian and are used to defray related expenses. These fees are shown as other capital on the Statement of Changes in Net Assets. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities. 87 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (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, 2008 were as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) ------------ ------------ ------------ -------------- SPDR Barclays Capital 1-3 Month T-Bill ETF...... $743,155,550 $ 71,318 $ 9,091 $ 62,227 SPDR Barclays Capital TIPS ETF.................. 186,541,642 2,660 9,797,852 (9,795,192) SPDR Barclays Capital Intermediate Term Treasury ETF........................................... 114,030,934 4,156,485 17,938 4,138,547 SPDR Barclays Capital Long Term Treasury ETF.... 28,195,397 3,616,614 -- 3,616,614 SPDR Barclays Capital Aggregate Bond ETF........ 260,060,687 5,706,177 1,718,897 3,987,280 SPDR Barclays Capital Municipal Bond ETF........ 369,719,415 3,117,156 8,854,231 (5,737,075) SPDR Barclays Capital California Municipal Bond ETF........................................... 26,537,588 145,775 1,366,211 (1,220,436) SPDR Barclays Capital New York Municipal Bond ETF........................................... 13,001,187 125,259 833,373 (708,114) SPDR Barclays Capital Short Term Municipal Bond ETF........................................... 254,897,324 3,155,526 175,712 2,979,814 SPDR DB International Government Inflation- Protected Bond ETF............................ 226,181,059 529,459 38,775,408 (38,245,949) SPDR Barclays Capital International Treasury Bond ETF...................................... 879,741,895 40,249,081 38,031,335 2,217,746 SPDR Barclays Capital High Yield Bond ETF....... 841,934,168 2,488,150 162,973,788 (160,485,638)
6. INVESTMENT TRANSACTIONS For the six months ended December 31, 2008, the Trust had in-kind contributions and in-kind redemptions as follows:
CONTRIBUTIONS REDEMPTIONS ------------- ----------- SPDR Barclays Capital 1-3 Month T-Bill ETF...................... $522,792,638 $64,216,095 SPDR Barclays Capital TIPS ETF.................................. 60,212,492 9,494,144 SPDR Barclays Capital Intermediate Term Treasury ETF............ 56,399,593 11,643,803 SPDR Barclays Capital Long Term Treasury ETF.................... 11,128,439 -- SPDR Barclays Capital Aggregate Bond ETF........................ 25,130,249 -- SPDR Barclays Capital Municipal Bond ETF........................ 8,308,596 4,225,800 SPDR Barclays Capital California Municipal Bond ETF............. -- -- SPDR Barclays Capital New York Municipal Bond ETF............... -- -- SPDR Barclays Capital Short Term Municipal Bond ETF............. -- 4,201,330 SPDR DB International Government Inflation-Protected Bond ETF... -- -- SPDR Barclays Capital International Treasury Bond ETF........... -- -- SPDR Barclays Capital 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. 88 SPDR SERIES TRUST NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- For the six months ended December 31, 2008, 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 Barclays Capital 1-3 Month T- Bill ETF), as follows:
U.S. GOVERNMENT OBLIGATIONS OTHER SECURITIES ------------------------------- --------------------------- PURCHASES SALES PURCHASES SALES -------------- -------------- ------------ ------------ SPDR Barclays Capital 1-3 Month T-Bill ETF.. $1,589,954,448 $1,593,617,780 $ -- $ -- SPDR Barclays Capital TIPS ETF.............. 16,623,127 9,338,510 -- -- SPDR Barclays Capital Intermediate Term Treasury ETF.............................. 15,366,954 14,749,621 -- -- SPDR Barclays Capital Long Term Treasury ETF....................................... 834,193 783,755 -- -- SPDR Barclays Capital Aggregate Bond ETF.... 523,042,338 497,013,357 74,799,833 77,037,173 SPDR Barclays Capital Municipal Bond ETF.... -- -- 93,955,964 6,052,826 SPDR Barclays Capital California Municipal Bond ETF.................................. -- -- 10,177,391 3,262,372 SPDR Barclays Capital New York Municipal Bond ETF.................................. -- -- 2,179,659 2,310,271 SPDR Barclays Capital Short Term Municipal Bond ETF.................................. -- 127,968,408 3,011,662 SPDR DB International Government Inflation- Protected Bond ETF........................ -- -- 135,423,023 98,295,980 SPDR Barclays Capital International Treasury Bond ETF.................................. -- -- 360,776,337 222,376,922 SPDR Barclays Capital High Yield Bond ETF... -- -- 453,475,035 69,186,785
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 instrument, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry, group of industries or type of instrument. 8. SECURITIES LENDING Each Fund may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. Proceeds collected by State Street on investment cash collateral or any fee income is partially allocated to State Street as compensation for its lending services. The market value of securities on loan as of December 31, 2008 and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. 89 SPDR SERIES TRUST OTHER INFORMATION DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SHAREHOLDER EXPENSE EXAMPLE As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees 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, 2008 and held for the six months ended December 31, 2008. ACTUAL EXPENSES The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second table 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.
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* ACTUAL 7/1/08 12/31/08 7/1/08-12/31/08 - ------ ------------- ------------- --------------- SPDR Barclays Capital 1-3 Month T-Bill ETF.......... $1,000 $1,007.20 $0.71 SPDR Barclays Capital TIPS ETF...................... 1,000 932.10 0.93 SPDR Barclays Capital Intermediate Term Treasury ETF............................................... 1,000 1,088.40 0.74 SPDR Barclays Capital Long Term Treasury ETF........ 1,000 1,220.30 0.78 SPDR Barclays Capital Aggregate Bond ETF............ 1,000 1,056.00 0.67 SPDR Barclays Capital Municipal Bond ETF............ 1,000 1,001.50 1.01 SPDR Barclays Capital California Municipal Bond ETF............................................... 1,000 972.20 0.99 SPDR Barclays Capital New York Municipal Bond ETF... 1,000 976.30 1.00 SPDR Barclays Capital Short Term Municipal Bond ETF............................................... 1,000 1,035.30 1.03 SPDR DB International Government Inflation-Protected Bond ETF.......................................... 1,000 808.20 2.28 SPDR Barclays Capital International Treasury Bond ETF............................................... 1,000 993.80 2.51 SPDR Barclays Capital High Yield Bond ETF........... 1,000 722.70 1.74
90 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* HYPOTHETICAL 7/1/08 12/31/08 7/1/08-12/31/08 - ------------ ------------- ------------- --------------- SPDR Barclays Capital 1-3 Month T-Bill ETF.......... $1,000 $1,024.50 $0.71 SPDR Barclays Capital TIPS ETF...................... 1,000 1,024.25 0.97 SPDR Barclays Capital Intermediate Term Treasury ETF............................................... 1,000 1,024.50 0.71 SPDR Barclays Capital Long Term Treasury ETF........ 1,000 1,024.50 0.71 SPDR Barclays Capital Aggregate Bond ETF............ 1,000 1,024.55 0.66 SPDR Barclays Capital Municipal Bond ETF............ 1,000 1,024.20 1.02 SPDR Barclays Capital California Municipal Bond ETF............................................... 1,000 1,024.20 1.02 SPDR Barclays Capital New York Municipal Bond ETF... 1,000 1,024.20 1.02 SPDR Barclays Capital Short Term Municipal Bond ETF............................................... 1,000 1,024.20 1.02 SPDR DB International Government Inflation-Protected Bond ETF.......................................... 1,000 1,022.68 2.55 SPDR Barclays Capital International Treasury Bond ETF............................................... 1,000 1,022.68 2.55 SPDR Barclays Capital High Yield Bond ETF........... 1,000 1,023.19 2.04
* Expenses are equal to the Funds' net annualized expense ratios of 0.14%, 0.19%, 0.14%, 0.14%, 0.13%, 0.20%, 0.20%, 0.20%, 0.20%, 0.50%, 0.50%, and 0.40% respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365. 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 website of the Securities and Exchange Commission ("SEC") at www.sec.gov. Information regarding how the investment adviser voted proxies for the prior 12 months ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Funds' website at www.spdrs.com. QUARTERLY PORTFOLIO SCHEDULE The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC'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.spdrs.com. APPROVAL OF INVESTMENT ADVISORY AGREEMENT At an in-person meeting held on August 27, 2008 (the "Meeting"), the Board of Trustees of the Trust (the "Board") evaluated the proposal to continue the Investment Advisory Agreement (the "Agreement") between the Trust and SSgA Funds Management, Inc. (the "Adviser") with respect to the fixed income series of the Trust (each an "ETF", collectively, 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, Securities Lending Agent and Custodian ("State Street"). In deciding whether to renew the Agreement, the Board considered various factors, including (i) the nature, extent and quality of the services provided by the Adviser under the Agreement, (ii) investment performance of the 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 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 ETF in accordance with 91 SPDR SERIES TRUST OTHER INFORMATION (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- 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 the portfolio management and compliance of the ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each ETF's compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and ETFs in particular. The Board considered the Adviser's experience in managing fixed income ETFs. The Board then determined that the nature, extent and quality of the services provided by the Adviser to the Trust were necessary and appropriate. The Board then reviewed the ETFs' performance, noting that the distinctive indexed investment objective of each of the ETFs made the analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board was more concerned with the extent to which each ETF achieved its objective of providing investment results that, before fees and expenses, correspond generally to the price and yield performance of a specified index. The Board reviewed information regarding the ETFs' index tracking and tracking error, noting that each ETF satisfactorily tracked its benchmark index. The Board also reviewed the tax efficiency of each ETF. The Board then determined that the performance of each ETF was satisfactory. The Board considered the profitability of the advisory arrangement with the ETFs to the Adviser, including data on the 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 the profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser's relationship with the ETFs had been profitable, profitability was not excessive. The Board considered whether the Adviser or its affiliates benefited in other ways from their relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust's brokerage transactions. The Board concluded that, to the extent that the Adviser or its affiliates derive other benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser's fees with respect to the ETFs to be excessive. The Board determined that the Adviser is likely to realize economies of scale in managing the ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as ETFs grow in size and assess whether fee breakpoints may be warranted. The Board evaluated the ETFs' unitary fee through 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 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 their direct competitors. The Board's conclusions regarding the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser were appropriate; (b) the performance and, more importantly, the index tracking, of each ETF had been satisfactory; (c) the Adviser's fees for each ETF and the unitary fee, considered in relation to the services 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) the fees paid to the Adviser adequately shared the economies of scale with the ETFs. 92 THE SPDR 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 Global Titans ETF (DGT) SPDR DJ Wilshire REIT ETF (RWR) SPDR KBW Bank ETF (KBE) SPDR KBW Capital Markets ETF (KCE) SPDR KBW Insurance ETF (KIE) SPDR Morgan Stanley Technology ETF (MTK) SPDR S&P Dividend ETF (SDY) SPDR S&P Biotech ETF (XBI) SPDR S&P Homebuilders ETF (XHB) SPDR S&P Metals & Mining ETF (XME) SPDR S&P Oil & Gas Equipment & Services ETF (XES) SPDR S&P Oil & Gas Exploration & Production ETF (XOP) SPDR S&P Pharmaceuticals ETF (XPH) SPDR S&P Retail ETF (XRT) SPDR S&P Semiconductor ETF (XSD) SPDR KBW Regional Banking ETF (KRE) SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL) SPDR Barclays Capital Short Term Municipal Bond ETF (SHM) SPDR Barclays Capital Intermediate Term Treasury ETF (ITE) SPDR Barclays Capital Long Term Treasury ETF (TLO) SPDR Barclays Capital TIPS ETF (IPE) SPDR Barclays Capital California Municipal Bond ETF (CXA) SPDR Barclays Capital New York Municipal Bond ETF (INY) SPDR Barclays Capital Municipal Bond ETF (TFI) SPDR Barclays Capital Aggregate Bond ETF (LAG) SPDR Barclays Capital International Treasury Bond ETF (BWX) SPDR Barclays Capital High Yield Bond ETF (JNK) SPDR DB International Government Inflation-Protected Bond ETF (WIP) SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ) SPDR Barclays Capital Mortgage Backed Bond ETF (MBG) SPDR Barclays Capital Intermediate Term Credit Bond ETF (ITR) Prior to December 19, 2008, the SPDR Barclays Capital ETFs were known as SPDR Lehman ETFs, excluding SPDR Barclays Capital TIPS ETF. 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 S&P International Mid Cap ETF (MDD) SPDR S&P Emerging Markets Small Cap ETF (EWX) SPDR DJ Wilshire Global Real Estate ETF (RWO) 93 SPDR INDEX SHARES FUNDS (CONTINUED) SPDR DJ Wilshire International Real Estate ETF (RWX) SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) SPDR MSCI ACWI ex-US ETF (CWI) SPDR Russell/Nomura PRIME Japan ETF (JPP) SPDR Russell/Nomura Small Cap Japan ETF (JSC) SPDR S&P International Consumer Discretionary Sector ETF (IPD) SPDR S&P International Consumer Staples Sector ETF (IPS) SPDR S&P International Energy Sector ETF (IPW) SPDR S&P International Financial Sector ETF (IPF) SPDR S&P International Health Care Sector ETF (IRY) SPDR S&P International Industrial Sector ETF (IPN) SPDR S&P International Materials Sector ETF (IRV) SPDR S&P International Technology Sector ETF (IPK) SPDR S&P International Telecommunications Sector ETF (IST) SPDR S&P International Utilities Sector ETF (IPU) DIAMONDS TRUST, SERIES 1 (DIA) SPDR TRUST, SERIES 1 (SPY) THE SELECT SECTOR SPDR TRUST The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF) The Health Care Select Sector SPDR Fund (XLV) The Industrial Select Sector SPDR Fund (XLI) The Materials Select Sector SPDR Fund (XLB) The Technology Select Sector SPDR Fund (XLK) The Utilities Select Sector SPDR Fund (XLU) State Street Global Markets, LLC, member 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. 94 (SPDR LOGO) 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 Ryan M. Louvar, 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 and SIPC. The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting WWW.SPDRS.COM Please read the prospectus carefully before you invest. State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will 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. 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 ETFs are 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 ETFs. Barclays Capital makes no representation regarding the advisability of investing in the SPDR Barclays Capital ETFs or use of any Barclays Index or any data included therein. Barclays Capital is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC ("Barclays Capital") and has been licensed for use in connection with the listing and trading of the SPDR Barclays Capital ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays Capital and Barclays Capital makes no representation regarding the advisability of investing in them. "Deutsche Bank" and "DB Global Government ex-US Inflation-Linked Bond Capped Index(SM)" are reprinted with permission. (C)Copyright 2008 Deutsche Bank AG. All rights reserved. "Deutsche Bank" and DB Global Government ex-US Inflation-Linked Bond Capped Index(SM) are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by State Street Global Advisors. The SPDR DB International Government Inflation-Protected Bond is not sponsored, endorsed, sold or promoted by Deutsche Bank AG. Deutsche Bank AG, as Index Provider, makes no representation, express or implied, regarding the advisability of investing in this product. Please read the prospectus carefully before you invest or send money. (C) 2009 State Street Corporation SPDR FISAR For more complete information, please call 866.787.2257 or visit www.spdrs.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, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.4% AEROSPACE & DEFENSE -- 2.3% BE Aerospace, Inc. (a)........ 513 $ 3,945 Boeing Co. ................... 10,594 452,046 Ceradyne, Inc. (a)(b)......... 503 10,216 General Dynamics Corp. ....... 4,571 263,244 Goodrich Corp. ............... 2,840 105,137 Honeywell International, Inc. ....................... 10,711 351,642 L-3 Communications Holdings, Inc. ....................... 2,084 153,758 Lockheed Martin Corp. ........ 4,703 395,428 Northrop Grumman Corp. ....... 4,413 198,761 Precision Castparts Corp. .... 1,682 100,045 Raytheon Co. (b).............. 7,237 369,376 Rockwell Collins, Inc. ....... 3,301 129,036 Taser International, Inc. (a)(b)...................... 942 4,974 United Technologies Corp. (b)......................... 12,391 664,158 ------------ 3,201,766 ------------ AIR FREIGHT & LOGISTICS -- 0.8% C.H. Robinson Worldwide, Inc. (b)......................... 2,196 120,846 Expeditors International Washington, Inc. ........... 5,217 173,570 FedEx Corp. (b)............... 4,332 277,898 Forward Air Corp. (b)......... 3,430 83,246 United Parcel Service, Inc. (Class B)................... 8,372 461,799 ------------ 1,117,359 ------------ AIRLINES -- 0.2% AMR Corp. (a)(b).............. 4,847 51,718 Continental Airlines, Inc. (Class B) (a)(b)............ 1,567 28,300 Delta Air Lines, Inc. (a)..... 8,927 102,303 JetBlue Airways Corp. (a)(b).. 5,048 35,841 Pinnacle Airlines Corp. (a)(b)...................... 354 602 Southwest Airlines Co. (b).... 10,952 94,406 UAL Corp. (b)................. 1,666 18,359 ------------ 331,529 ------------ AUTO COMPONENTS -- 0.2% American Axle & Manufacturing Holdings, Inc. (b).......... 998 2,884 BorgWarner, Inc. (b).......... 1,213 26,407 Gentex Corp. (b).............. 5,350 47,241 Johnson Controls, Inc. ....... 9,508 172,665 Lear Corp. (a)(b)............. 2,141 3,019 Modine Manufacturing Co. (b).. 3,164 15,409 Proliance International, Inc. (a)(b)...................... 4,617 1,662 The Goodyear Tire & Rubber Co. (a)(b)...................... 5,025 29,999 WABCO Holdings, Inc. ......... 984 15,537 ------------ 314,823 ------------ AUTOMOBILES -- 0.1% Ford Motor Co. (a)(b)......... 28,068 64,276 General Motors Corp. (b)...... 8,531 27,299 Harley-Davidson, Inc. (b)..... 4,417 74,956 Thor Industries, Inc. (b)..... 525 6,920 ------------ 173,451 ------------ BEVERAGES -- 2.1% Central European Distribution Corp. (a)(b)................ 687 13,534 Coca-Cola Enterprises, Inc. (b)......................... 5,732 68,956 Constellation Brands, Inc. (Class A) (a)(b)............ 4,087 64,452 Dr. Pepper Snapple Group, Inc. (a)......................... 2,228 36,205 Hansen Natural Corp. (a)...... 1,101 36,917 Molson Coors Brewing Co. (Class B) (b)............... 1,238 60,563 PepsiCo, Inc. ................ 22,824 1,250,070 The Coca-Cola Co. ............ 30,271 1,370,368 The Pepsi Bottling Group, Inc. ....................... 3,952 88,960 ------------ 2,990,025 ------------ BIOTECHNOLOGY -- 2.6% Acadia Pharmaceuticals, Inc. (a)(b)...................... 382 344 Alexion Pharmaceuticals, Inc. (a)(b)...................... 1,025 37,095 Alfacell Corp. (a)(b)......... 6,271 1,693 Amgen, Inc. (a)............... 15,575 899,456 Amylin Pharmaceuticals, Inc. (a)(b)...................... 2,053 22,275 AVI BioPharma, Inc. (a)(b).... 4,942 3,252 BioCryst Pharmaceuticals, Inc. (a)(b)...................... 948 1,299 Biogen Idec, Inc. (a)......... 4,752 226,338 BioMarin Pharmaceutical, Inc. (a)(b)...................... 1,231 21,912 Celgene Corp. (a)............. 7,362 406,971 Cephalon, Inc. (a)(b)......... 2,233 172,030 Chelsea Therapeutics International, Inc. (a)..... 6,846 9,174 Cubist Pharmaceuticals, Inc. (a)(b)...................... 907 21,913 CV Therapeutics, Inc. (a)(b).. 298 2,745 Dynavax Technologies Corp. (a)(b)...................... 2,660 2,234 Facet Biotech Corp. (a)....... 2,357 22,604 Genentech, Inc. (a)........... 6,739 558,731 Genzyme Corp. (a)............. 4,031 267,537 Gilead Sciences, Inc. (a)(b).. 14,778 755,747 Human Genome Sciences, Inc. (a)(b)...................... 6,182 13,106 InterMune, Inc. (a)(b)........ 471 4,983 Isis Pharmaceuticals, Inc. (a)(b)...................... 1,494 21,185 Isolagen, Inc. (a)(b)......... 11,600 2,204 Martek Biosciences Corp. (b).. 372 11,275 Medarex, Inc. (a)(b).......... 420 2,344 Myriad Genetics, Inc. (a)(b).. 504 33,395 Neurocrine Biosciences, Inc. (a)(b)...................... 1,967 6,294 Novavax, Inc. (a)(b).......... 3,610 6,823 Onyx Pharmaceuticals, Inc. (a)(b)...................... 729 24,903 OSI Pharmaceuticals, Inc. (a)(b)...................... 1,121 43,775 PDL BioPharma, Inc. (b)....... 1,978 12,224 Pharmasset, Inc. (a)(b)....... 372 4,877 SIGA Technologies, Inc. (a)(b)...................... 7,983 26,104 StemCells, Inc. (a)(b)........ 5,374 7,309 Threshold Pharmaceuticals, Inc. (a).................... 119 65 Vanda Pharmaceuticals, Inc. (a)(b)...................... 289 147 Vertex Pharmaceuticals, Inc. (a)(b)...................... 2,074 63,008 ------------ 3,717,371 ------------ BUILDING PRODUCTS -- 0.1% Masco Corp. (b)............... 5,987 66,635 Quanex Building Products Corp. ...................... 566 5,303 Simpson Manufacturing Co., Inc. (b).................... 518 14,380 USG Corp. (a)(b).............. 1,063 8,547 ------------ 94,865 ------------ CAPITAL MARKETS -- 2.1% Affiliated Managers Group, Inc. (a)(b)................. 474 19,870 Ameriprise Financial, Inc. ... 3,131 73,140 BlackRock, Inc. (b)........... 164 22,001
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Diamond Hill Investment Group, Inc. (a)(b)................. 124 $ 8,060 E*TRADE Financial Corp. (a)(b)...................... 8,647 9,944 Eaton Vance Corp. (b)......... 1,422 29,876 Franklin Resources, Inc. (b).. 2,350 149,883 International Assets Holding Corp. (a)................... 2,660 22,823 Invesco, Ltd. (b)............. 5,370 77,543 Janus Capital Group, Inc. (b)......................... 6,249 50,179 Jefferies Group, Inc. (a)(b).. 1,689 23,747 KBW, Inc. (a)(b).............. 780 17,940 Legg Mason, Inc. (b).......... 2,775 60,800 Merrill Lynch & Co., Inc. .... 17,633 205,248 Morgan Stanley................ 14,924 239,381 Northern Trust Corp. ......... 3,562 185,723 Raymond James Financial, Inc. (b)......................... 1,250 21,413 SEI Investments Co. (b)....... 5,658 88,887 State Street Corp. (c)........ 6,037 237,435 T. Rowe Price Group, Inc. (b)......................... 3,432 121,630 TD Ameritrade Holding Corp. (a)......................... 3,995 56,929 The Bank of New York Mellon Corp. ...................... 16,699 473,083 The Charles Schwab Corp. ..... 15,569 251,751 The Goldman Sachs Group, Inc. ....................... 5,958 502,796 Waddell & Reed Financial, Inc. (Class A) (b)............... 4,440 68,642 ------------ 3,018,724 ------------ CHEMICALS -- 1.7% Air Products & Chemicals, Inc. (b)......................... 3,457 173,784 Airgas, Inc. ................. 779 30,373 Ashland, Inc. ................ 1,618 17,005 Cabot Corp. (b)............... 763 11,674 Celanese Corp. (Series A) (b)......................... 1,724 21,429 CF Industries Holdings, Inc. (b)......................... 473 23,253 Chemtura Corp. (b)............ 4,823 6,752 E. I. du Pont de Nemours & Co. ........................ 13,471 340,816 Eastman Chemical Co. (b)...... 2,010 63,737 Ecolab, Inc. (b).............. 4,109 144,431 FMC Corp. (b)................. 821 36,723 Monsanto Co. ................. 8,278 582,357 Nalco Holding Co. ............ 1,146 13,225 PPG Industries, Inc. ......... 2,911 123,514 Praxair, Inc. ................ 5,267 312,649 Rohm & Haas Co. .............. 2,972 183,640 Sigma-Aldrich Corp. (b)....... 1,382 58,376 Terra Industries, Inc. ....... 1,551 25,855 The Dow Chemical Co. (b)...... 13,462 203,142 The Mosaic Co. ............... 2,167 74,978 ------------ 2,447,713 ------------ COMMERCIAL BANKS -- 3.6% Arrow Financial Corp. (b)..... 4,096 102,973 Bank of Hawaii Corp. (b)...... 763 34,465 BB&T Corp. (b)................ 7,189 197,410 Capitol Bancorp, Ltd. (b)..... 2,919 22,768 Cathay General Bancorp (b).... 566 13,443 Centerstate Banks of Florida, Inc. ....................... 2,170 36,868 Citizens Republic Bancorp, Inc. (b).................... 4,279 12,751 Columbia Banking System, Inc. (b)......................... 4,162 49,653 Comerica, Inc. ............... 1,166 23,145 CVB Financial Corp. (b)....... 8,139 96,854 F.N.B. Corp. (b).............. 7,817 103,184 Farmers Capital Bank Corp. (b)......................... 1,922 46,935 Fifth Third Bancorp (b)....... 6,530 53,938 First Bancorp- North Carolina (b)......................... 2,445 44,866 First Commonwealth Financial Corp. (b)................... 9,907 122,649 First Horizon National Corp. (a)(b)...................... 3,237 34,217 First Merchants Corp. (b)..... 4,678 103,898 Horizon Financial Corp. (b)... 3,392 16,078 Huntington Bancshares, Inc. (b)......................... 5,043 38,629 Independent Bank Corp.- Massachusetts (b)........... 3,232 84,549 Integra Bank Corp. (b)........ 3,050 4,179 International Bancshares Corp. ...................... 838 18,294 Keycorp....................... 5,402 46,025 Lakeland Financial Corp. (b).. 5,670 135,059 M&T Bank Corp. (b)............ 1,146 65,792 Marshall & Ilsley Corp. (b)... 3,173 43,280 National City Corp. (b)....... 7,637 13,823 National Penn Bancshares, Inc. (b)......................... 6,440 93,444 Old National Bancorp (b)...... 948 17,216 PacWest Bancorp (b)........... 1,748 47,021 PNC Financial Services Group, Inc. ....................... 4,679 229,271 Popular, Inc. (b)............. 3,425 17,673 Regions Financial Corp. (b)... 11,339 90,258 Renasant Corp. (b)............ 5,451 92,831 Sandy Spring Bancorp, Inc. (b)......................... 3,274 71,471 Simmons First National Corp. (b)......................... 3,551 104,648 StellarOne Corp. (b).......... 6,632 112,081 SunTrust Banks, Inc. (b)...... 4,340 128,204 Susquehanna Bancshares, Inc. (b)......................... 5,734 91,228 Synovus Financial Corp. (b)... 1,382 11,471 The Colonial BancGroup, Inc. (b)......................... 1,832 3,792 Trustmark Corp. (b)........... 689 14,876 U.S. Bancorp (b).............. 23,387 584,909 UCBH Holdings, Inc. (b)....... 4,840 33,299 Umpqua Holdings Corp. (b)..... 4,985 72,133 United Bankshares, Inc. (b)... 518 17,208 United Community Banks, Inc. (b)......................... 3,585 48,683 Wachovia Corp. ............... 26,907 149,065 Wells Fargo & Co. ............ 49,367 1,455,339 Zions Bancorp (b)............. 763 18,701 ------------ 5,070,547 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.7% ACCO Brands Corp. (a)(b)...... 568 1,960 Avery Dennison Corp. (b)...... 2,332 76,326 Cintas Corp. (b).............. 3,200 74,336 Courier Corp. (b)............. 2,767 49,529 Covanta Holding Corp. (a)(b).. 1,872 41,109 Ennis, Inc. (b)............... 5,502 66,629 Herman Miller, Inc. (b)....... 3,008 39,194 Iron Mountain, Inc. (a)(b).... 4,696 116,132 Kimball International, Inc. (Class B) (b)............... 5,494 47,303 Pitney Bowes, Inc. ........... 3,858 98,302 R.R. Donnelley & Sons Co. .... 4,892 66,433 Republic Services, Inc. ...... 2,060 51,068 Waste Connections, Inc. (a)... 777 24,530 Waste Management, Inc. ....... 8,432 279,437 ------------ 1,032,288 ------------ COMMUNICATIONS EQUIPMENT -- 2.3% 3Com Corp. (a)(b)............. 18,176 41,441 ADC Telecommunications, Inc. (a)(b)...................... 3,548 19,408 Arris Group, Inc. (a)(b)...... 733 5,827
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Avocent Corp. (a)(b).......... 763 $ 13,665 Brocade Communications Systems, Inc. (a)........... 3,425 9,590 CIENA Corp. (a)(b)............ 3,416 22,887 Cisco Systems, Inc. (a)....... 87,668 1,428,988 CommScope, Inc. (a)(b)........ 1,165 18,104 Comtech Telecommunications Corp. (a)(b)................ 91 4,170 Corning, Inc. ................ 22,871 217,961 Digital Angel Corp. (a)....... 1,533 767 EchoStar Corp. (Class A) (a)(b)...................... 947 14,082 F5 Networks, Inc. (a)(b)...... 1,295 29,604 Finisar Corp. (a)(b).......... 5,706 2,168 Harmonic, Inc. (a)............ 2,186 12,263 Harris Corp. ................. 3,275 124,614 InterDigital, Inc. (a)(b)..... 372 10,230 JDS Uniphase Corp. (a)(b)..... 4,903 17,896 Juniper Networks, Inc. (a)(b)...................... 9,881 173,016 Motorola, Inc. (b)............ 34,164 151,347 MRV Communications, Inc. (a).. 6,655 5,124 Occam Networks, Inc. (a)(b)... 1,326 3,182 Phazar Corp. (a).............. 1,328 2,776 Plantronics, Inc. (b)......... 763 10,072 Polycom, Inc. (a)............. 1,679 22,683 Proxim Wireless Corp. (a)..... 10,269 2,054 QUALCOMM, Inc. (b)............ 23,819 853,435 Relm Wireless Corp. (a)....... 182 131 Tellabs, Inc. (a)............. 9,752 40,178 ------------ 3,257,663 ------------ COMPUTERS & PERIPHERALS -- 3.7% Apple, Inc. (a)(b)............ 12,930 1,103,575 Avid Technology, Inc. (a)(b).. 1,277 13,932 Dell, Inc. (a)................ 27,067 277,166 EMC Corp. (a)................. 35,491 371,591 Hewlett-Packard Co. .......... 35,688 1,295,118 Icad, Inc. (a)(b)............. 6,847 7,532 International Business Machines Corp. ............. 19,440 1,636,070 Interphase Corp. (a)(b)....... 1,529 2,538 Lexmark International, Inc. (Class A) (a)(b)............ 1,617 43,497 NCR Corp. (a)................. 3,560 50,338 NetApp, Inc. (a).............. 6,227 86,991 Novatel Wireless, Inc. (a)(b)...................... 1,415 6,566 Palm, Inc. (a)(b)............. 1,146 3,518 QLogic Corp. (a)(b)........... 4,543 61,058 SanDisk Corp. (a)(b).......... 5,397 51,811 Seagate Technology (b)........ 7,748 34,324 Sun Microsystems, Inc. (a).... 12,817 48,961 Teradata Corp. (a)............ 3,252 48,227 Western Digital Corp. (a)(b).. 4,539 51,972 ------------ 5,194,785 ------------ CONSTRUCTION & ENGINEERING -- 0.4% EMCOR Group, Inc. (a)......... 764 17,136 Fluor Corp. .................. 3,518 157,853 Foster Wheeler, Ltd. (a)...... 2,399 56,089 Jacobs Engineering Group, Inc. (a)(b)...................... 3,525 169,552 KBR, Inc. (b)................. 2,186 33,227 Quanta Services, Inc. (a)(b).. 2,642 52,312 The Shaw Group, Inc. (a)...... 1,372 28,085 URS Corp. (a)(b).............. 1,023 41,708 ------------ 555,962 ------------ CONSTRUCTION MATERIALS -- 0.2% Eagle Materials, Inc. (b)..... 566 10,420 Headwaters, Inc. (a)(b)....... 566 3,821 Martin Marietta Materials, Inc. (b).................... 902 87,566 Vulcan Materials Co. (b)...... 1,786 124,270 ------------ 226,077 ------------ CONSUMER FINANCE -- 0.5% American Express Co. (b)...... 15,348 284,706 AmeriCredit Corp. (a)(b)...... 3,575 27,313 Capital One Financial Corp. (b)......................... 5,680 181,135 Discover Financial Services... 6,979 66,510 SLM Corp. (a)(b).............. 8,066 71,787 The First Marblehead Corp. (a)(b)...................... 372 480 ------------ 631,931 ------------ CONTAINERS & PACKAGING -- 0.3% Crown Holdings, Inc. (a)...... 4,672 89,703 Myers Industries, Inc. (b).... 518 4,144 Owens-Illinois, Inc. (a)...... 3,678 100,520 Pactiv Corp. (a)(b)........... 4,497 111,885 Sealed Air Corp. (b).......... 4,448 66,453 Smurfit-Stone Container Corp. (a)......................... 6,883 1,755 Temple-Inland, Inc. (b)....... 2,219 10,651 ------------ 385,111 ------------ DISTRIBUTORS -- 0.0% (d) Genuine Parts Co. ............ 948 35,892 LKQ Corp. (a)(b).............. 2,267 26,433 ------------ 62,325 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.5% Apollo Group, Inc. (a)........ 2,566 196,607 Career Education Corp. (a)(b)...................... 2,487 44,617 Corinthian Colleges, Inc. (a)(b)...................... 1,910 31,267 DeVry, Inc. .................. 867 49,774 H&R Block, Inc. (b)........... 4,850 110,192 ITT Educational Services, Inc. (a)(b)...................... 1,579 149,973 Service Corp. International... 10,336 51,370 Sotheby's (b)................. 1,042 9,263 Strayer Education, Inc. (b)... 172 36,879 ------------ 679,942 ------------ DIVERSIFIED FINANCIAL SERVICES -- 2.7% Bank of America Corp. ........ 71,295 1,003,834 CIT Group, Inc. (b)........... 4,285 19,454 Citigroup, Inc. .............. 76,814 515,422 CME Group, Inc. .............. 1,028 213,937 Intercontinental Exchange, Inc. (a).................... 1,248 102,885 JPMorgan Chase & Co. ......... 49,065 1,547,019 Leucadia National Corp. (a)... 4,517 89,437 Medallion Financial Corp. (b)......................... 984 7,508 Moody's Corp. (b)............. 4,339 87,170 NYSE Euronext (b)............. 4,615 126,359 PHH Corp. (a)................. 1,029 13,099 The Nasdaq OMX Group, Inc. (a)(b)...................... 2,610 64,493 ------------ 3,790,617 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.0% AT&T, Inc. ................... 84,787 2,416,430 Cbeyond, Inc. (a)(b).......... 40 639 CenturyTel, Inc. (b).......... 1,712 46,789 Cogent Communications Group, Inc. (a)(b)................. 2,660 17,370 Embarq Corp. ................. 1,881 67,641
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- FairPoint Communications, Inc. (b)......................... 715 $ 2,345 Fibernet Telecom Group, Inc. (a)(b)...................... 4,186 43,953 Frontier Communications Corp. (b)......................... 9,163 80,085 GigOptix, Inc. (a)(b)......... 765 765 Level 3 Communications, Inc. (a)(b)...................... 13,318 9,323 Qwest Communications International, Inc. (b)..... 29,973 109,102 SureWest Communications (b)... 2,708 30,925 tw telecom, inc. (a)(b)....... 1,452 12,298 Verizon Communications, Inc. ....................... 40,236 1,364,000 Windstream Corp. (b).......... 4,276 39,339 ------------ 4,241,004 ------------ ELECTRIC UTILITIES -- 2.3% Allegheny Energy, Inc. ....... 3,738 126,569 American Electric Power Co., Inc. (b).................... 6,302 209,731 Brookfield Infrastructure Partners LP (b)............. 1,880 21,056 Central Vermont Public Service Corp. (b)................... 5,176 123,499 DPL, Inc. .................... 124 2,832 Duke Energy Corp. (b)......... 15,722 235,987 Edison International.......... 5,125 164,615 Entergy Corp. ................ 2,748 228,441 Exelon Corp. ................. 9,770 543,310 FirstEnergy Corp. ............ 4,753 230,901 FPL Group, Inc. .............. 5,459 274,751 Maine & Maritimes Corp. ...... 124 4,817 MGE Energy, Inc. ............. 3,205 105,765 Northeast Utilities........... 1,412 33,973 Pepco Holdings, Inc. ......... 6,356 112,883 Pinnacle West Capital Corp. .. 310 9,960 PPL Corp. .................... 6,690 205,316 Progress Energy, Inc. ........ 2,887 115,047 The Southern Co. (b).......... 11,130 411,810 Unitil Corp. (b).............. 2,401 49,581 ------------ 3,210,844 ------------ ELECTRICAL EQUIPMENT -- 0.7% BTU International, Inc. (a)(b)...................... 382 1,528 Capstone Turbine Corp. (a)(b)...................... 7,983 6,706 Cooper Industries, Ltd. (Class A) (b)...................... 3,930 114,874 Emerson Electric Co. ......... 11,513 421,491 Energy Conversion Devices, Inc. (a)(b)................. 824 20,773 Evergreen Solar, Inc. (a)(b).. 860 2,743 First Solar, Inc. (a)(b)...... 650 89,674 GrafTech International, Ltd. (a)......................... 2,105 17,514 Hubbell, Inc. (Class B) (b)... 2,134 69,739 PowerSecure International, Inc. (a)(b)................. 3,045 10,018 Rockwell Automation, Inc. .... 2,919 94,108 Roper Industries, Inc. (b).... 2,495 108,308 SunPower Corp. (Class A) (a)(b)...................... 1,076 39,812 ------------ 997,288 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.6% Agilent Technologies, Inc. (a)......................... 6,554 102,439 American Technology Corp. (a)(b)...................... 3,994 3,395 Amphenol Corp. (Class A)...... 4,411 105,776 Arrow Electronics, Inc. (a)... 3,472 65,412 Avnet, Inc. (a)............... 3,994 72,731 Benchmark Electronics, Inc. (a)......................... 338 4,316 Dolby Laboratories, Inc. (Class A) (a)(b)............ 954 31,253 FLIR Systems, Inc. (a)(b)..... 1,836 56,328 Itron, Inc. (a)(b)............ 557 35,503 Jabil Circuit, Inc. .......... 3,824 25,812 L-1 Identity Solutions, Inc. (a)(b)...................... 2,217 14,943 Lightpath Technologies, Inc. (a)(b)...................... 7,796 6,003 Mechanical Technology, Inc. (a)(b)...................... 764 894 Molex, Inc. (b)............... 3,727 54,004 National Instruments Corp. (b)......................... 763 18,587 RAE Systems, Inc. (a)......... 4,371 2,448 Sanmina-SCI Corp. (a)......... 14,254 6,699 Superconductor Technologies, Inc. (a).................... 172 174 Tech Data Corp. (a)........... 336 5,994 Trimble Navigation, Ltd. (a)(b)...................... 3,659 79,071 Tyco Electronics, Ltd. ....... 6,458 104,684 Vishay Intertechnology, Inc. (a)(b)...................... 5,569 19,046 ------------ 815,512 ------------ ENERGY EQUIPMENT & SERVICES -- 1.7% Baker Hughes, Inc. (b)........ 4,536 145,470 BJ Services Co. .............. 5,433 63,403 Bronco Drilling Co., Inc. (a)(b)...................... 439 2,836 Cal Dive International, Inc. (a)(b)...................... 341 2,220 Cameron International Corp. (a)(b)...................... 3,301 67,671 Diamond Offshore Drilling, Inc. (b).................... 763 44,971 ENSCO International, Inc. (b)......................... 3,287 93,318 Exterran Holdings, Inc. (a)(b)...................... 382 8,137 FMC Technologies, Inc. (a)(b)...................... 2,008 47,851 Global Industries, Ltd. (a)(b)...................... 386 1,347 Halliburton Co. .............. 14,817 269,373 Helmerich & Payne, Inc. (b)... 1,146 26,072 IHS, Inc. (Class A) (a)(b).... 726 27,167 Matrix Service Co. (a)(b)..... 288 2,209 Nabors Industries, Ltd. (a)(b)...................... 5,198 62,220 National-Oilwell Varco, Inc. (a)......................... 7,929 193,785 Noble Corp. (b)............... 4,883 107,865 Omni Energy Services Corp. (a)......................... 7,601 9,045 Patterson-UTI Energy, Inc. (b)......................... 4,085 47,018 Precision Drilling Trust...... 1,566 13,139 Pride International, Inc. (a)(b)...................... 2,094 33,462 Rowan Cos., Inc. (b).......... 3,412 54,251 Schlumberger, Ltd. ........... 17,280 731,462 Smith International, Inc. (b)......................... 2,814 64,412 Superior Energy Services, Inc. (a)......................... 4,358 69,423 TGC Industries, Inc. (a)...... 5,166 10,694 Tidewater, Inc. (b)........... 689 27,746 Weatherford International, Ltd. (a)(b)................. 8,753 94,707 ------------ 2,321,274 ------------ FOOD & STAPLES RETAILING -- 2.8% Costco Wholesale Corp. ....... 7,125 374,062 CVS Caremark Corp. ........... 21,832 627,452 Safeway, Inc. (b)............. 7,275 172,927 SUPERVALU, Inc. (b)........... 4,001 58,414 Sysco Corp. (b)............... 9,613 220,522 The Kroger Co. (b)............ 8,843 233,544 Wal-Mart Stores, Inc. ........ 32,598 1,827,444 Walgreen Co. (b).............. 13,362 329,640 Whole Foods Market, Inc. (b).. 1,915 18,078 ------------ 3,862,083 ------------ FOOD PRODUCTS -- 1.8% Archer-Daniels-Midland Co. (b)......................... 10,145 292,480 Bunge, Ltd. (b)............... 2,296 118,864 Campbell Soup Co. (b)......... 4,915 147,499
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- ConAgra Foods, Inc. (b)....... 8,867 $ 146,305 Dean Foods Co. (a)(b)......... 3,486 62,643 Del Monte Foods Co. .......... 9,245 66,009 Flowers Foods, Inc. (b)....... 3,426 83,457 General Mills, Inc. .......... 5,393 327,625 H.J. Heinz Co. (b)............ 5,716 214,922 Kellogg Co. .................. 2,970 130,235 Kraft Foods, Inc. (b)......... 20,952 562,561 McCormick & Co., Inc. (b)..... 1,712 54,544 Sanderson Farms, Inc. (b)..... 178 6,152 Sara Lee Corp. ............... 12,668 124,020 Smithfield Foods, Inc. (a)(b)...................... 1,769 24,890 The Hershey Co. (b)........... 2,686 93,312 The J.M. Smucker Co. (b)...... 821 35,599 TreeHouse Foods, Inc. (a)(b).. 638 17,379 Tyson Foods, Inc. (Class A) (b)......................... 5,736 50,247 ------------ 2,558,743 ------------ GAS UTILITIES -- 0.1% Chesapeake Utilities Corp. (b)......................... 3,657 115,122 Delta Natural Gas Co., Inc. .. 248 6,014 Energy West, Inc. ............ 490 4,048 Questar Corp. (b)............. 2,184 71,395 RGC Resources, Inc. .......... 124 3,162 ------------ 199,741 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 2.2% ABIOMED, Inc. (a)(b).......... 1,799 29,540 Advanced Medical Optics, Inc. (a)(b)...................... 2,105 13,914 Align Technology, Inc. (a)(b)...................... 313 2,739 American Medical Systems Holdings, Inc. (a)(b)....... 178 1,600 Angeion Corp. (a)(b).......... 3,230 9,690 Baxter International, Inc. ... 9,338 500,423 Becton, Dickinson & Co. ...... 3,753 256,668 Boston Scientific Corp. (a)... 16,762 129,738 Bovie Medical Corp. (a)(b).... 1,232 7,626 C.R. Bard, Inc. (b)........... 1,964 165,487 Cambridge Heart, Inc. (a)(b).. 12,349 938 Covidien, Ltd. ............... 7,198 260,855 Daxor Corp. .................. 124 1,910 DENTSPLY International, Inc. (b)......................... 1,540 43,490 Edwards Lifesciences Corp. (a)(b)...................... 2,049 112,593 ev3, Inc. (a)(b).............. 2,606 15,897 Gen-Probe, Inc. (a)........... 720 30,845 Hologic, Inc. (a)(b).......... 6,403 83,687 Hospira, Inc. (a)............. 3,287 88,157 Immucor, Inc. (a)............. 1,084 28,813 Insite Vision, Inc. (a)(b).... 4,557 866 Intuitive Surgical, Inc. (a)(b)...................... 517 65,654 Inverness Medical Innovations, Inc. (a)(b)................. 1,413 26,720 Kinetic Concepts, Inc. (a)(b)...................... 1,363 26,142 MAKO Surgical Corp. (a)(b).... 612 4,088 Masimo Corp. (a)(b)........... 901 26,877 Medtronic, Inc. .............. 16,148 507,370 Mentor Corp. ................. 1,345 41,601 NuVasive, Inc. (a)(b)......... 676 23,423 ResMed, Inc. (a)(b)........... 908 34,032 St. Jude Medical, Inc. (a).... 5,389 177,621 Stryker Corp. (b)............. 4,000 159,800 Thoratec Corp. (a)(b)......... 1,062 34,504 Varian Medical Systems, Inc. (a)......................... 2,737 95,904 Vascular Solutions, Inc. (a)(b)...................... 1,108 9,994 Volcano Corp. (a)............. 137 2,055 Zimmer Holdings, Inc. (a)..... 3,342 135,084 ------------ 3,156,345 ------------ HEALTH CARE PROVIDERS & SERVICES -- 2.3% Aetna, Inc. .................. 6,681 190,408 Almost Family, Inc. (a)(b).... 124 5,578 Amedisys, Inc. (a)(b)......... 515 21,290 AmerisourceBergen Corp. ...... 4,157 148,239 Cardinal Health, Inc. (b)..... 6,522 224,813 CIGNA Corp. .................. 5,632 94,899 Coventry Health Care, Inc. (a)(b)...................... 2,866 42,646 DaVita, Inc. (a).............. 2,149 106,526 Dialysis Corp. of America (a)......................... 372 2,604 Express Scripts, Inc. (Class A) (a)...................... 3,904 214,642 Health Management Associates, Inc. (Class A) (a)(b)....... 4,418 7,908 Health Net, Inc. (a)(b)....... 2,876 31,320 Healthsouth Corp. (a)(b)...... 372 4,077 Healthways, Inc. (a).......... 382 4,385 Henry Schein, Inc. (a)(b)..... 2,544 93,339 Humana, Inc. (a).............. 3,002 111,915 Laboratory Corp. of America Holdings (a)(b)............. 2,553 164,439 Lincare Holdings, Inc. (a).... 2,360 63,555 McKesson Corp. (b)............ 4,715 182,612 Medco Health Solutions, Inc. (a)......................... 8,700 364,617 Omnicare, Inc. (b)............ 2,477 68,762 Patterson Cos., Inc. (a)(b)... 2,479 46,481 PharMerica Corp. (a)(b)....... 346 5,422 PSS World Medical, Inc. (a)(b)...................... 248 4,667 Psychiatric Solutions, Inc. (a)(b)...................... 566 15,763 Quest Diagnostics, Inc. (b)... 2,016 104,651 Tenet Healthcare Corp. (a).... 9,041 10,397 UnitedHealth Group, Inc. ..... 18,059 480,369 VCA Antech, Inc. (a)(b)....... 2,614 51,966 WellCare Health Plans, Inc. (a)......................... 336 4,321 WellPoint, Inc. (a)........... 8,092 340,916 ------------ 3,213,527 ------------ HEALTH CARE TECHNOLOGY -- 0.1% HLTH Corp. (a)(b)............. 2,228 23,305 IMS Health, Inc. ............. 5,272 79,924 Phase Forward, Inc. (a)....... 1,456 18,229 Transcend Services, Inc. (a)(b)...................... 372 3,649 ------------ 125,107 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.7% Bob Evans Farms, Inc. (b)..... 4,322 88,298 Brinker International, Inc. .. 1,574 16,590 Carnival Corp. ............... 6,288 152,924 Darden Restaurants, Inc. (b).. 3,254 91,698 Gaylord Entertainment Co. (a)(b)...................... 566 6,135 International Game Technology (b)......................... 6,060 72,053 Interval Leisure Group, Inc. (a)......................... 850 4,581 Las Vegas Sands Corp. (a)(b).. 1,880 11,148 Marriott International, Inc. (Class A)................... 5,809 112,985 McDonald's Corp. ............. 16,189 1,006,794 MGM Mirage, Inc. (a)(b)....... 2,276 31,318 Orient-Express Hotels, Ltd. (Class A) (b)............... 416 3,187 Panera Bread Co. (Class A) (a)(b)...................... 382 19,956 Penn National Gaming, Inc. (a)......................... 1,276 27,281
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Ruby Tuesday, Inc. (a)(b)..... 948 $ 1,479 Scientific Games Corp. (Class A) (a)(b)................... 3,011 52,813 Starbucks Corp. (a)(b)........ 11,019 104,240 Starwood Hotels & Resorts Worldwide, Inc. (b)......... 3,348 59,929 The Cheesecake Factory, Inc. (a)(b)...................... 3,225 32,572 The Steak n Shake Co. (a)(b).. 3,983 23,699 Wendy's/Arby's Group, Inc. ... 8,854 43,739 Wyndham Worldwide Corp. (b)... 2,952 19,336 Wynn Resorts, Ltd. (a)(b)..... 1,638 69,222 Yum! Brands, Inc. ............ 8,558 269,577 ------------ 2,321,554 ------------ HOUSEHOLD DURABLES -- 0.6% American Greetings Corp. (Class A) (b)............... 3,158 23,906 Bassett Furniture Industries, Inc. (b).................... 5,066 16,971 Beazer Homes USA, Inc. (a)(b)...................... 1,383 2,185 Centex Corp. (b).............. 5,329 56,701 D.R. Horton, Inc. (b)......... 5,390 38,107 Fortune Brands, Inc. ......... 2,263 93,417 Garmin, Ltd. (b).............. 2,084 39,950 Handheld Entertainment, Inc. (a)......................... 518 14 Harman International Industries, Inc. (b)........ 1,363 22,803 Hovnanian Enterprises, Inc. (a)(b)...................... 592 1,018 Jarden Corp. (a)(b)........... 80 920 KB HOME (b)................... 3,189 43,434 Leggett & Platt, Inc. (b)..... 4,324 65,682 Lennar Corp. (Class A) (b).... 3,520 30,518 Mohawk Industries, Inc. (a)(b)...................... 763 32,786 National Presto Industries, Inc. (b).................... 676 52,052 Newell Rubbermaid, Inc. ...... 5,917 57,868 NVR, Inc. (a)(b).............. 129 58,856 Pulte Homes, Inc. (b)......... 6,247 68,280 Ryland Group, Inc. (b)........ 1,235 21,823 The Black & Decker Corp. (b).. 1,517 63,426 Toll Brothers, Inc. (a)(b).... 2,491 53,382 Whirlpool Corp. (b)........... 1,365 56,443 ------------ 900,542 ------------ HOUSEHOLD PRODUCTS -- 2.7% Church & Dwight Co., Inc. (b)......................... 2,673 150,009 Colgate-Palmolive Co. ........ 7,421 508,635 Energizer Holdings, Inc. (a)(b)...................... 1,793 97,073 Kimberly-Clark Corp. ......... 6,023 317,653 Procter & Gamble Co. (b)...... 42,101 2,602,684 The Clorox Co. ............... 2,020 112,231 ------------ 3,788,285 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.3% AMEN Properties, Inc. (a)(b).. 372 1,674 Calpine Corp. (a)(b).......... 2,556 18,608 Constellation Energy Group, Inc. (b).................... 3,058 76,725 Mirant Corp. (a).............. 3,787 71,461 NRG Energy, Inc. (a)(b)....... 5,261 122,739 Reliant Energy, Inc. (a)...... 7,695 44,477 The AES Corp. (a)............. 11,054 91,085 ------------ 426,769 ------------ INDUSTRIAL CONGLOMERATES -- 2.2% 3M Co. (b).................... 9,438 543,062 General Electric Co. ......... 142,485 2,308,257 McDermott International, Inc. (a)(b)...................... 4,423 43,699 Textron, Inc. ................ 3,957 54,884 Tyco International, Ltd. (b).. 6,676 144,202 ------------ 3,094,104 ------------ INSURANCE -- 3.9% AFLAC, Inc. .................. 6,766 310,153 AMBAC Financial Group, Inc. (b)......................... 2,084 2,709 American International Group, Inc. (b).................... 32,442 50,934 American Physicians Service Group, Inc. ................ 1,801 38,739 AON Corp. .................... 5,242 239,455 Arthur J. Gallagher & Co. (b)......................... 490 12,696 Assurant, Inc. ............... 3,435 103,050 Berkshire Hathaway, Inc. (Class A) (a)(b)............ 14 1,352,400 Chubb Corp. .................. 5,796 295,596 Cincinnati Financial Corp. (b)......................... 2,146 62,384 Crawford & Co. (Class B) (a)(b)...................... 490 7,125 Donegal Group, Inc. (Class A) (b)......................... 2,092 35,083 Eastern Insurance Holdings, Inc. ....................... 984 7,902 Everest Re Group, Ltd. ....... 910 69,287 Fidelity National Financial, Inc. (Class A) (b).......... 4,258 75,579 Genworth Financial, Inc. (Class A) (b)............... 5,183 14,668 Hartford Financial Services Group, Inc. ................ 4,174 68,537 IPC Holdings, Ltd. ........... 1,655 49,484 Lincoln National Corp. (b).... 4,071 76,698 Loews Corp. .................. 7,363 208,005 Marsh & McLennan Cos., Inc. .. 7,095 172,196 MBIA, Inc. (a)(b)............. 2,621 10,667 Mercer Insurance Group, Inc. ....................... 372 4,702 MetLife, Inc. (b)............. 6,381 222,442 Nationwide Financial Services, Inc. (Class A) (b).......... 514 26,836 NYMAGIC, Inc. (b)............. 1,701 32,404 Old Republic International Corp. (b)................... 2,408 28,703 PartnerRe, Ltd. .............. 303 21,595 PMA Capital Corp. (a)......... 3,499 24,773 Principal Financial Group, Inc. (b).................... 4,770 107,659 ProAssurance Corp. (a)........ 2,090 110,310 Prudential Financial, Inc. ... 6,193 187,400 Reinsurance Group of America, Inc. ....................... 856 36,654 RenaissanceRe Holdings, Ltd. ....................... 1,044 53,829 SeaBright Insurance Holdings, Inc. (a)(b)................. 2,443 28,681 Selective Insurance Group, Inc. ....................... 4,652 106,670 The Allstate Corp. ........... 9,381 307,322 The Hanover Insurance Group, Inc. ....................... 1,707 73,350 The Phoenix Cos., Inc. (b).... 6,906 22,583 The Progressive Corp. ........ 9,653 142,961 The Travelers Cos., Inc. ..... 9,272 419,094 Torchmark Corp. (b)........... 689 30,798 Transatlantic Holdings, Inc. (b)......................... 346 13,861 Unico American Corp. (a)(b)... 4,715 41,539 Unum Group.................... 6,593 122,630 WR Berkley Corp. ............. 1,360 42,160 XL Capital, Ltd. (Class A) (b)......................... 1,953 7,226 ------------ 5,479,529 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- INTERNET & CATALOG RETAIL -- 0.3% Amazon.com, Inc. (a)(b)....... 5,328 $ 273,220 Expedia, Inc. (a)............. 4,242 34,954 HSN, Inc. (a)(b).............. 850 6,179 Liberty Media Holding Corp. -- Interactive (Series A) (a)(b)................... 9,689 30,230 Priceline.com, Inc. (a)(b).... 427 31,449 Ticketmaster (a)(b)........... 850 5,457 ------------ 381,489 ------------ INTERNET SOFTWARE & SERVICES -- 1.3% Akamai Technologies, Inc. (a)(b)...................... 4,400 66,396 Art Technology Group, Inc. (a)......................... 5,516 10,646 EarthLink, Inc. (a)(b)........ 7,491 50,639 eBay, Inc. (a)................ 15,072 210,405 EDGAR Online, Inc. (a)(b)..... 568 710 Equinix, Inc. (a)(b).......... 417 22,180 Google, Inc. (Class A) (a).... 3,357 1,032,781 IAC/InterActiveCorp (a)(b).... 2,117 33,301 Internap Network Services Corp. (a)(b)................ 4,443 11,108 Local.com Corp. (a)(b)........ 4,752 7,603 Move, Inc. (a)(b)............. 1,712 2,739 NaviSite, Inc. (a)............ 6,463 2,585 Quepasa Corp. (a)(b).......... 5,898 9,850 Terremark Worldwide, Inc. (a)(b)...................... 3,124 12,152 VeriSign, Inc. (a)(b)......... 4,382 83,609 VistaPrint, Ltd. (a)(b)....... 1,016 18,908 Websense, Inc. (a)(b)......... 689 10,314 Yahoo!, Inc. (a)(b)........... 16,481 201,068 ------------ 1,786,994 ------------ IT SERVICES -- 1.4% Accenture, Ltd. (Class A)..... 6,393 209,627 Affiliated Computer Services, Inc. (Class A) (a).......... 2,265 104,077 Alliance Data Systems Corp. (a)(b)...................... 992 46,158 Automatic Data Processing, Inc. (b).................... 8,109 319,008 Broadridge Financial Solutions, Inc. ............ 2,021 25,343 Cognizant Technology Solutions Corp. (Class A) (a)(b)...... 5,107 92,232 Computer Sciences Corp. (a)(b)...................... 3,323 116,770 Fidelity National Information Services, Inc. ............. 4,362 70,970 Fiserv, Inc. (a).............. 3,548 129,041 Lender Processing Services, Inc. (b).................... 2,024 59,607 Mastercard, Inc. (Class A) (b)......................... 1,196 170,944 Metavante Technologies, Inc. (a)(b)...................... 510 8,216 Paychex, Inc. (b)............. 5,655 148,613 SAIC, Inc. (a)................ 1,232 23,999 The Western Union Co. (b)..... 9,934 142,454 Total System Services, Inc. .. 677 9,478 Unisys Corp. (a).............. 9,356 7,953 Visa, Inc. (Class A) (b)...... 6,087 319,263 ------------ 2,003,753 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.2% Brunswick Corp. (b)........... 2,524 10,626 Eastman Kodak Co. (b)......... 5,284 34,769 Hasbro, Inc. (b).............. 3,520 102,678 Mattel, Inc. ................. 8,026 128,416 Pool Corp. (b)................ 2,432 43,703 ------------ 320,192 ------------ LIFE SCIENCES TOOLS & SERVICES -- 0.6% Affymetrix, Inc. (a)(b)....... 1,641 4,907 AMAG Pharmaceuticals, Inc. (a)(b)...................... 302 10,827 Charles River Laboratories International, Inc. (a)(b).. 948 24,838 Covance, Inc. (a)(b).......... 763 35,121 Illumina, Inc. (a)(b)......... 1,187 30,921 Life Technologies Corp. (a)... 5,048 117,669 Medivation, Inc. (a)(b)....... 1,413 20,587 Millipore Corp. (a)(b)........ 1,668 85,935 Nektar Therapeutics (a)(b).... 1,146 6,372 PerkinElmer, Inc. ............ 4,329 60,216 Pure Bioscience (a)(b)........ 13,300 40,964 Sequenom, Inc. (a)(b)......... 1,872 37,140 Techne Corp. ................. 1,506 97,167 Thermo Fisher Scientific, Inc. (a)(b)...................... 5,908 201,286 Waters Corp. (a)(b)........... 2,234 81,876 ------------ 855,826 ------------ MACHINERY -- 2.0% AGCO Corp. (a)(b)............. 555 13,092 Bucyrus International, Inc. (Class A) (b)............... 1,107 20,502 Caterpillar, Inc. ............ 9,470 423,025 CLARCOR, Inc. (b)............. 763 25,316 Crane Co. .................... 763 13,154 Cummins, Inc. (b)............. 2,480 66,290 Danaher Corp. (b)............. 3,431 194,229 Deere & Co. .................. 6,253 239,615 Donaldson Co., Inc. (b)....... 687 23,118 Dover Corp. (b)............... 2,704 89,016 Eaton Corp. (b)............... 2,578 128,152 Federal Signal Corp. ......... 5,406 44,383 Flowserve Corp. (b)........... 783 40,325 Harsco Corp. ................. 3,323 91,981 IDEX Corp. (b)................ 4,410 106,502 Illinois Tool Works, Inc. (b)......................... 6,870 240,794 Ingersoll-Rand Co., Ltd. (Class A)................... 6,166 106,980 ITT Corp. .................... 3,379 155,400 John Bean Technologies Corp. ...................... 431 3,521 Joy Global, Inc. ............. 3,573 81,786 Lincoln Electric Holdings, Inc. (b).................... 566 28,826 Oshkosh Corp. (b)............. 948 8,428 PACCAR, Inc. (b).............. 4,991 142,743 Pall Corp. ................... 4,279 121,652 Parker-Hannifin Corp. ........ 3,549 150,974 Pentair, Inc. (b)............. 2,493 59,009 SPX Corp. .................... 1,531 62,082 Terex Corp. (a)(b)............ 1,619 28,041 The Manitowoc Co., Inc. (b)... 2,216 19,191 The Timken Co. ............... 3,634 71,335 Watts Water Technologies, Inc. (b)......................... 2,576 64,323 ------------ 2,863,785 ------------ MEDIA -- 2.5% Ascent Media Corp. (Class A) (a)......................... 211 4,608 Cablevision Systems Corp. (Class A) (b)............... 4,225 71,149 CBS Corp. (b)................. 10,370 84,930 Charter Communications, Inc. (a)(b)...................... 9,124 746 Citadel Broadcasting Corp. (a)......................... 2,133 341 Comcast Corp. (Class A) (b)... 41,118 694,072
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Discovery Communications, Inc. (Class A) (a)(b)............ 2,105 $ 29,807 DISH Network Corp. (Class A) (a)(b)...................... 4,752 52,700 Gannett Co., Inc. (b)......... 3,259 26,072 Journal Communications, Inc. ....................... 5,533 13,556 Knology, Inc. (a)(b).......... 3,802 19,618 Lamar Advertising Co. (a)(b).. 1,900 23,864 Liberty Global, Inc. (a)(b)... 6,316 100,551 Liberty Media Corp. -- Entertainment (Series A) (a).............. 7,758 135,610 Liberty Media Corp. -- Capital (Series A) (a)(b)........... 1,935 9,114 Live Nation, Inc. (a)(b)...... 1,062 6,096 LodgeNet Interactive Corp. (a)(b)...................... 261 183 McClatchy Co. (Class A) (b)... 372 298 News Corp. (Class A).......... 33,504 304,551 Omnicom Group, Inc. (b)....... 5,586 150,375 R.H. Donnelley Corp. (a)(b)... 610 226 Scripps Networks Interactive (Class A) (b)............... 1,064 23,408 Sirius XM Radio, Inc. (a)(b).. 39,299 4,716 The DIRECTV Group, Inc. (a)(b)...................... 9,783 224,128 The E.W. Scripps Co. (Class A) (b)......................... 382 844 The Interpublic Group of Cos., Inc. (a)(b)................. 8,842 35,014 The McGraw-Hill Cos., Inc. ... 5,841 135,453 The New York Times Co. (Class A) (b)...................... 1,759 12,893 The Walt Disney Co. .......... 25,294 573,921 Time Warner, Inc. (b)......... 56,357 566,951 Viacom, Inc. (a).............. 7,981 152,118 Virgin Media, Inc. (b)........ 4,646 23,184 ------------ 3,481,097 ------------ METALS & MINING -- 0.8% AK Steel Holding Corp. ....... 1,673 15,592 Alcoa, Inc. (b)............... 12,924 145,524 Allegheny Technologies, Inc. (b)......................... 1,506 38,448 Cliffs Natural Resources, Inc. ....................... 1,123 28,760 Commercial Metals Co. ........ 372 4,416 Freeport-McMoRan Copper & Gold, Inc. ................. 6,551 160,107 Metalline Mining, Inc. (a)(b)...................... 11,599 2,900 Newmont Mining Corp. (b)...... 8,772 357,020 Nucor Corp. (b)............... 5,183 239,455 Southern Copper Corp. (b)..... 3,124 50,172 Steel Dynamics, Inc. (b)...... 2,666 29,806 Titanium Metals Corp. (b)..... 1,910 16,827 United States Steel Corp. .... 2,316 86,155 Worthington Industries, Inc. (b)......................... 864 9,521 ------------ 1,184,703 ------------ MULTI-UTILITIES -- 1.2% Ameren Corp. (b).............. 3,041 101,144 CMS Energy Corp. (b).......... 6,000 60,660 Consolidated Edison, Inc. .... 3,996 155,564 Dominion Resources, Inc. (b).. 9,162 328,366 DTE Energy Co. (b)............ 1,529 54,539 Florida Public Utilities Co. ........................ 612 6,432 NiSource, Inc. ............... 1,896 20,799 PG&E Corp. (b)................ 6,549 253,512 PNM Resources, Inc. (b)....... 763 7,691 Public Service Enterprise Group, Inc. ................ 6,591 192,260 Puget Energy, Inc. ........... 1,636 44,614 Sempra Energy................. 3,519 150,015 TECO Energy, Inc. (b)......... 6,337 78,262 Wisconsin Energy Corp. (b).... 1,506 63,222 Xcel Energy, Inc. ............ 8,359 155,059 ------------ 1,672,139 ------------ MULTILINE RETAIL -- 0.8% Big Lots, Inc. (a)............ 2,712 39,297 Dillard's, Inc. (Class A) (b)......................... 948 3,763 Dollar Tree Stores, Inc. (a)(b)...................... 3,377 141,159 Family Dollar Stores, Inc. (b)......................... 3,647 95,077 J. C. Penney Co., Inc. (b).... 4,085 80,474 Kohl's Corp. (a).............. 4,618 167,172 Macy's, Inc. (b).............. 8,573 88,730 Nordstrom, Inc. (b)........... 4,103 54,611 Sears Holdings Corp. (a)(b)... 1,370 53,252 Target Corp. (b).............. 10,588 365,604 ------------ 1,089,139 ------------ OFFICE ELECTRONICS -- 0.1% Xerox Corp. .................. 14,360 114,449 Zebra Technologies Corp. (Class A) (a)(b)............ 1,755 35,556 ------------ 150,005 ------------ OIL, GAS & CONSUMABLE FUELS -- 10.7% Abraxas Petroleum Corp. (a)(b)...................... 5,703 4,106 Adams Resources & Energy, Inc. ....................... 372 6,324 Alpha Natural Resources, Inc. (a)......................... 1,073 17,372 Anadarko Petroleum Corp. (b).. 6,659 256,704 Apache Corp. ................. 4,994 372,203 Approach Resources, Inc. (a).. 490 3,582 Arch Coal, Inc. (b)........... 3,046 49,619 Arena Resources, Inc. (a)(b).. 821 23,062 ATP Oil & Gas Corp. (a)(b).... 312 1,825 Barnwell Industries, Inc. .... 860 3,827 Blue Dolphin Energy Co. (a)... 15,014 5,255 BPZ Resources, Inc. (a)(b).... 1,232 7,885 Cano Petroleum, Inc. (a)(b)... 5,703 2,509 Cheniere Energy, Inc. (a)(b).. 907 2,585 Chesapeake Energy Corp. (b)... 7,603 122,940 Chevron Corp. ................ 29,972 2,217,029 Clayton Williams Energy, Inc. (a)(b)...................... 124 5,634 Concho Resources, Inc. (a)(b)...................... 1,124 25,650 ConocoPhillips (b)............ 20,762 1,075,472 CONSOL Energy, Inc. .......... 4,078 116,549 Contango Oil & Gas Co. (a)(b)...................... 248 13,962 CREDO Petroleum Corp. (a)(b).. 490 4,126 Cross Timbers Royalty Trust (b)......................... 2,388 66,506 Crosstex Energy LP............ 2,222 9,710 Delta Petroleum Corp. (a)(b).. 1,101 5,241 Denbury Resources, Inc. (a)(b)...................... 9,827 107,311 Devon Energy Corp. ........... 6,630 435,657 Double Eagle Petroleum Co. (a)(b)...................... 860 6,037 Dune Energy, Inc. (a)(b)...... 4,371 787 El Paso Corp. (b)............. 12,302 96,325 Encore Acquisition Co. (a)(b)...................... 566 14,444 Energy Transfer Partners LP (b)......................... 824 28,024 Enterprise Products Partners LP.......................... 5,027 104,210 EOG Resources, Inc. .......... 3,912 260,461 Exxon Mobil Corp. ............ 73,889 5,898,559 Forest Oil Corp. (a)(b)....... 763 12,582
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Frontier Oil Corp. (b)........ 720 $ 9,094 Gasco Energy, Inc. (a)(b)..... 9,697 3,782 Genesis Energy LP (b)......... 2,776 24,234 GeoResources, Inc. (a)(b)..... 372 3,233 Global Energy Holdings Group (a)......................... 8,496 1,104 GMX Resources, Inc. (a)(b).... 248 6,279 GreenHunter Energy, Inc. (a)(b)...................... 372 1,830 Hess Corp. (b)................ 4,099 219,870 Hiland Partners LP (b)........ 490 2,514 Holly Corp. (b)............... 763 13,909 Holly Energy Partners LP...... 490 10,461 Houston American Energy Corp. (b)......................... 7,798 26,357 Hugoton Royalty Trust (b)..... 352 5,650 Isramco, Inc. (a)............. 124 3,875 Kinder Morgan Energy Partners LP (b)...................... 1,660 75,945 Linn Energy LLC (b)........... 2,810 42,066 Marathon Oil Corp. ........... 11,410 312,178 Massey Energy Co. (b)......... 2,183 30,104 Mexco Energy Corp. (a)........ 248 3,073 Murphy Oil Corp. (b).......... 3,002 133,139 Newfield Exploration Co. (a)(b)...................... 1,622 32,034 Noble Energy, Inc. (b)........ 3,218 158,390 Occidental Petroleum Corp. (b)......................... 12,012 720,600 ONEOK Partners LP (b)......... 696 31,703 Panhandle Oil & Gas, Inc. (b)......................... 372 6,696 Patriot Coal Corp. (a)(b)..... 720 4,500 Peabody Energy Corp. ......... 4,116 93,639 Petrohawk Energy Corp. (a)(b)...................... 3,555 55,565 Pioneer Natural Resources Co. (b)......................... 2,844 46,016 Plains All American Pipeline LP.......................... 2,537 88,008 Plains Exploration & Production Co. (a)(b)....... 2,596 60,331 PrimeEnergy Corp. (a)(b)...... 124 6,442 Range Resources Corp. ........ 4,641 159,604 Rex Energy Corp. (a)(b)....... 1,108 3,257 SandRidge Energy, Inc. (a)(b)...................... 167 1,027 Southwestern Energy Co. (a)(b)...................... 5,470 158,466 Spectra Energy Corp. ......... 7,811 122,945 St. Mary Land & Exploration Co. (b)..................... 3,002 60,971 Stone Energy Corp. (a)(b)..... 31 342 Sunoco, Inc. (b).............. 2,478 107,694 Tesoro Corp. (b).............. 3,543 46,661 The Williams Cos., Inc. (b)... 9,420 136,402 Toreador Resources Corp. (a)(b)...................... 984 5,402 TransMontaigne Partners LP (b)......................... 612 8,140 Ultra Petroleum Corp. (a)..... 1,872 64,603 Valero Energy Corp. .......... 9,144 197,876 Walter Industries, Inc. ...... 861 15,076 Whiting Petroleum Corp. (a)... 45 1,506 XTO Energy, Inc. ............. 7,752 273,413 Zion Oil & Gas, Inc. (a)...... 1,232 7,996 ------------ 14,988,076 ------------ PAPER & FOREST PRODUCTS -- 0.2% International Paper Co. (b)... 7,681 90,636 MeadWestvaco Corp. ........... 5,013 56,095 Weyerhaeuser Co. (b).......... 3,179 97,309 ------------ 244,040 ------------ PERSONAL PRODUCTS -- 0.2% Avon Products, Inc. .......... 7,095 170,493 The Estee Lauder Cos., Inc. (Class A) (b)............... 2,861 88,576 ------------ 259,069 ------------ PHARMACEUTICALS -- 6.6% Abbott Laboratories........... 21,918 1,169,764 Allergan, Inc. ............... 4,454 179,585 Auxilium Pharmaceuticals, Inc. (a)(b)...................... 911 25,909 Bristol-Myers Squibb Co. ..... 27,367 636,283 Cortex Pharmaceuticals, Inc. (a)......................... 3,425 1,952 Eli Lilly & Co. .............. 13,627 548,759 Emisphere Technologies, Inc. (a)......................... 767 606 Endo Pharmaceuticals Holdings, Inc. (a)(b)................. 1,774 45,911 Forest Laboratories, Inc. (a)......................... 6,016 153,228 Johnson & Johnson............. 39,923 2,388,593 King Pharmaceuticals, Inc. (a)(b)...................... 2,889 30,681 Merck & Co., Inc. (b)......... 31,037 943,525 Middlebrook Pharmaceuticals, Inc. (a)(b)................. 9,692 14,538 Mylan, Inc. (a)(b)............ 5,789 57,253 Penwest Pharmaceuticals Co. (a)(b)...................... 510 801 Perrigo Co. (b)............... 1,255 40,549 Pfizer, Inc. ................. 97,230 1,721,943 Questcor Pharmaceuticals, Inc. (a)(b)...................... 1,353 12,596 Replidyne, Inc. (a)(b)........ 2,277 2,118 Repros Therapeutics, Inc. (a)(b)...................... 3,424 36,020 Schering-Plough Corp. (b)..... 23,433 399,064 Sepracor, Inc. (a)(b)......... 2,047 22,476 Spectrum Pharmaceuticals, Inc. (a)(b)...................... 3,127 4,565 Sucampo Pharmaceuticals, Inc. (Class A) (a)(b)............ 372 2,139 Valeant Pharmaceuticals International (a)(b)........ 44 1,008 VIVUS, Inc. (a)(b)............ 3,930 20,908 Watson Pharmaceuticals, Inc. (a)(b)...................... 2,614 69,454 Wyeth......................... 19,007 712,953 ------------ 9,243,181 ------------ PROFESSIONAL SERVICES -- 0.3% Equifax, Inc. (b)............. 3,113 82,557 Hudson Highland Group, Inc. (a)......................... 209 700 Manpower, Inc. ............... 1,104 37,525 Monster Worldwide, Inc. (a)(b)...................... 3,239 39,160 Robert Half International, Inc. (b).................... 4,203 87,506 The Dun & Bradstreet Corp. ... 1,731 133,633 ------------ 381,081 ------------ REAL ESTATE INVESTMENT TRUSTS -- 1.8% Agree Realty Corp. (b)........ 3,754 68,060 AMB Property Corp. (b)........ 1,146 26,839 American Campus Communities, Inc. (b).................... 479 9,810 American Land Lease, Inc. (b)......................... 3,293 45,509 Annaly Capital Management, Inc. (b).................... 6,562 104,139 Anthracite Capital, Inc. (b).. 9,506 21,198 Apartment Investment & Management Co. (Class A) (b)......................... 2,378 27,466 Ashford Hospitality Trust, Inc. (b).................... 8,373 9,629 Avalonbay Communities, Inc. (b)......................... 932 56,461 BioMed Realty Trust, Inc. (b)......................... 1,504 17,627 Boston Properties, Inc. (b)... 1,320 72,600
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- BRE Properties, Inc. (b)...... 907 $ 25,378 CapitalSource, Inc. (b)....... 1,626 7,512 Care Investment Trust, Inc. (b)......................... 2,990 23,292 CBL & Associates Properties, Inc. (b).................... 1,138 7,397 Cedar Shopping Centers, Inc. (b)......................... 2,553 18,075 Cogdell Spencer, Inc. (b)..... 1,765 16,520 Corporate Office Properties Trust (b)................... 3,114 95,600 Developers Diversified Realty Corp. (b)................... 2,184 10,658 Digital Realty Trust, Inc. (b)......................... 729 23,948 Duke Realty Corp. (b)......... 2,428 26,611 Equity Residential............ 5,451 162,549 Extra Space Storage, Inc. (b)......................... 2,186 22,559 Friedman, Billings, Ramsey Group, Inc. (a)(b).......... 6,294 1,070 General Growth Properties, Inc. (b).................... 5,627 7,259 Glimcher Realty Trust (b)..... 4,502 12,651 Gramercy Capital Corp. (b).... 903 1,156 HCP, Inc. .................... 2,289 63,565 Home Properties, Inc. (b)..... 372 15,103 Hospitality Properties Trust (b)......................... 1,283 19,078 Host Hotels & Resorts, Inc. (b)......................... 10,706 81,044 Investors Real Estate Trust (b)......................... 10,475 112,187 iStar Financial, Inc. (b)..... 687 1,532 Kimco Realty Corp. (b)........ 2,130 38,936 Kite Realty Group Trust (b)... 551 3,064 LaSalle Hotel Properties (b).. 3,512 38,808 Lexington Realty Trust (b).... 2,008 10,040 Liberty Property Trust........ 299 6,826 Maguire Properties, Inc. (a)(b)...................... 729 1,064 Monmouth Real Estate Investment Corp. (b)........ 6,374 44,618 National Retail Properties, Inc. (b).................... 7,618 130,953 Nationwide Health Properties, Inc. (b).................... 1,324 38,025 Pennsylvania Real Estate Investment Trust (b)........ 3,000 22,350 Pittsburgh & West Virginia Railroad (b)................ 2,751 39,477 Plum Creek Timber Co., Inc. (b)......................... 4,728 164,251 Post Properties, Inc. (b)..... 566 9,339 ProLogis (b).................. 5,083 70,603 Public Storage (b)............ 937 74,491 Ramco-Gershenson Properties Trust....................... 271 1,675 Realty Income Corp. (b)....... 2,186 50,606 Senior Housing Properties Trust (b)................... 312 5,591 Simon Property Group, Inc. (b)......................... 3,391 180,164 Tanger Factory Outlet Centers, Inc. (b).................... 4,103 154,355 The Macerich Co. (b).......... 866 15,727 Transcontinental Realty Investors, Inc. (a)(b)...... 844 9,706 UDR, Inc. (b)................. 1,199 16,534 Urstadt Biddle Properties (Class A) (b)............... 5,760 91,757 Ventas, Inc. (b).............. 1,731 58,110 Vornado Realty Trust.......... 853 51,479 Weingarten Realty Investors (b)......................... 1,713 35,442 ------------ 2,578,073 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% American Realty Investors, Inc. (a).................... 248 2,220 Brookfield Properties Corp. .. 2,393 18,498 CB Richard Ellis Group, Inc. (Class A) (a)............... 5,832 25,194 CKX Lands, Inc. .............. 1,297 17,574 Forestar Real Estate Group, Inc. (a)(b)................. 810 7,711 Jones Lang LaSalle, Inc. (b).. 382 10,582 The St. Joe Co. (a)(b)........ 1,407 34,218 ------------ 115,997 ------------ ROAD & RAIL -- 1.1% Avis Budget Group, Inc. (a)... 2,262 1,583 Burlington Northern Santa Fe Corp. (b)................... 4,815 364,544 CSX Corp. .................... 7,860 255,214 J.B. Hunt Transport Services, Inc. (b).................... 4,701 123,495 Kansas City Southern (a)(b)... 948 18,059 Landstar Systems, Inc. (b).... 3,431 131,853 Norfolk Southern Corp. (b).... 6,761 318,105 Union Pacific Corp. (b)....... 6,827 326,331 YRC Worldwide, Inc. (a)(b).... 1,712 4,914 ------------ 1,544,098 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.2% Advanced Micro Devices, Inc. (a)(b)...................... 8,486 18,330 Aetrium, Inc. (a)(b).......... 7,417 14,463 Altera Corp. ................. 4,979 83,199 Amkor Technology, Inc. (a)(b)...................... 764 1,666 Anadigics, Inc. (a)(b)........ 2,478 3,667 Analog Devices, Inc. ......... 5,733 109,042 Applied Materials, Inc. (b)... 24,687 250,079 Atheros Communications, Inc. (a)(b)...................... 294 4,207 AXT, Inc. (a)................. 8,177 11,039 Broadcom Corp. (Class A) (a).. 7,678 130,296 Conexant Systems, Inc. (a)(b)...................... 302 207 Cypress Semiconductor Corp. (a)(b)...................... 2,560 11,443 FEI Co. (a)(b)................ 381 7,186 Intel Corp. (b)............... 80,755 1,183,868 International Rectifier Corp. (a)(b)...................... 1,757 23,719 Intersil Corp. (Class A) (b).. 4,629 42,541 KLA-Tencor Corp. (b).......... 3,316 72,256 Lam Research Corp. (a)(b)..... 3,126 66,521 Linear Technology Corp. (b)... 4,662 103,123 LSI Logic Corp. (a)(b)........ 9,848 32,400 Marvell Technology Group, Ltd. (a)......................... 6,968 46,477 MEMC Electronic Materials, Inc. (a)(b)................. 4,410 62,975 Microchip Technology, Inc. (b)......................... 3,855 75,288 Micron Technology, Inc. (a)(b)...................... 11,982 31,632 Microsemi Corp. (a)........... 948 11,983 MKS Instruments, Inc. (a)(b).. 308 4,555 National Semiconductor Corp. (b)......................... 6,227 62,706 Novellus Systems, Inc. (a)(b)...................... 3,561 43,943 NVIDIA Corp. (a).............. 9,900 79,893 OmniVision Technologies, Inc. (a)(b)...................... 395 2,074 ON Semiconductor Corp. (a)(b)...................... 4,548 15,463 Rambus, Inc. (a)(b)........... 1,882 29,961 Sigma Designs, Inc. (a)(b).... 518 4,921 Sirf Technology Holdings, Inc. (a)(b)...................... 673 861 Teradyne, Inc. (a)............ 5,140 21,691 Texas Instruments, Inc. ...... 21,132 327,969 Xilinx, Inc. (b).............. 4,228 75,343 ------------ 3,066,987 ------------ SOFTWARE -- 3.7% Activision Blizzard, Inc. (a)......................... 12,522 108,190 Adobe Systems, Inc. (a)....... 10,418 221,799 Authentidate Holding Corp. (a)......................... 7,983 2,004
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Autodesk, Inc. (a)(b)......... 4,069 $ 79,956 BMC Software, Inc. (a)(b)..... 5,270 141,816 CA, Inc. (b).................. 7,062 130,859 Cadence Design Systems, Inc. (a)(b)...................... 7,242 26,506 Citrix Systems, Inc. (a)(b)... 4,534 106,866 Compuware Corp. (a)........... 8,742 59,008 Ebix, Inc. (a)................ 124 2,964 Electronic Arts, Inc. (a)(b).. 4,540 72,822 Intuit, Inc. (a)(b)........... 6,825 162,367 Jack Henry & Associates, Inc. (b)......................... 1,146 22,244 McAfee, Inc. (a)(b)........... 3,487 120,546 Microsoft Corp. .............. 115,354 2,242,482 Novell, Inc. (a).............. 10,701 41,627 Nuance Communications, Inc. (a)(b)...................... 3,034 31,432 Oracle Corp. (a)(b)........... 57,643 1,022,010 Parametric Technology Corp. (a)......................... 4,887 61,820 Red Hat, Inc. (a)(b).......... 5,260 69,537 Salesforce.com, Inc. (a)(b)... 1,457 46,639 Smith Micro Software, Inc. (a)(b)...................... 1,915 10,647 Soapstone Networks, Inc. (a)(b)...................... 3,615 9,327 Symantec Corp. (a)(b)......... 17,658 238,736 Synopsys, Inc. (a)(b)......... 4,721 87,433 Versant Corp. (a)(b).......... 2,434 36,364 ------------ 5,156,001 ------------ SPECIALTY RETAIL -- 2.0% Abercrombie & Fitch Co. (Class A) (b)...................... 1,667 38,458 Advance Auto Parts, Inc. ..... 2,360 79,414 American Eagle Outfitters, Inc. (b).................... 4,153 38,872 AutoNation, Inc. (a)(b)....... 4,981 49,212 AutoZone, Inc. (a)(b)......... 1,165 162,483 Bed Bath & Beyond, Inc. (a)(b)...................... 4,919 125,041 Best Buy Co., Inc. (b)........ 6,189 173,973 Borders Group, Inc. (a)(b).... 948 379 Chico's FAS, Inc. (a)(b)...... 3,254 13,602 Dick's Sporting Goods, Inc. (a)(b)...................... 729 10,286 Foot Locker, Inc. (b)......... 3,390 24,883 GameStop Corp. (Class A) (a)(b)...................... 2,178 47,176 Genesco, Inc. (a)(b).......... 373 6,311 Limited Brands, Inc. ......... 5,760 57,830 Lowe's Cos., Inc. ............ 20,156 433,757 Mens Wearhouse, Inc. (b)...... 763 10,331 O'Reilly Automotive, Inc. (a)(b)...................... 3,287 101,042 Office Depot, Inc. (a)........ 5,836 17,391 PetSmart, Inc. ............... 3,430 63,284 RadioShack Corp. (b).......... 3,350 39,999 Rent-A-Center, Inc. (a)....... 1,146 20,227 Ross Stores, Inc. (b)......... 3,302 98,168 Staples, Inc. (b)............. 11,052 198,052 The Finish Line, Inc. (Class A).......................... 125 700 The Gap, Inc. ................ 9,396 125,812 The Home Depot, Inc. (b)...... 25,634 590,095 The Sherwin-Williams Co. (b).. 689 41,168 The TJX Cos., Inc. (b)........ 5,995 123,317 Tiffany & Co. (b)............. 2,840 67,109 Urban Outfitters, Inc. (a)(b)...................... 2,693 40,341 Williams-Sonoma, Inc. ........ 2,088 16,412 Zale Corp. (a)(b)............. 689 2,294 ------------ 2,817,419 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Carter's, Inc. (a)(b)......... 490 9,437 Coach, Inc. (a)............... 6,399 132,907 CROCS, Inc. (a)(b)............ 1,715 2,127 Hanesbrands, Inc. (a)(b)...... 1,582 20,171 Iconix Brand Group, Inc. (a).. 682 6,670 Jones Apparel Group, Inc. (b)......................... 3,502 20,522 Liz Claiborne, Inc. (b)....... 3,030 7,878 NIKE, Inc. (Class B).......... 5,442 277,542 Quiksilver, Inc. (a).......... 5,066 9,321 Under Armour, Inc. (Class A) (a)(b)...................... 867 20,669 V. F. Corp. (b)............... 518 28,371 Wolverine World Wide, Inc. (b)......................... 3,648 76,754 ------------ 612,369 ------------ THRIFTS & MORTGAGE FINANCE -- 0.5% Astoria Financial Corp. ...... 1,332 21,951 Berkshire Hills Bancorp, Inc. ....................... 2,544 78,508 Fannie Mae (b)................ 17,253 13,112 Freddie Mac (b)............... 12,220 8,921 Guaranty Financial Group, Inc. (a)(b)...................... 810 2,114 Hudson City Bancorp, Inc. .... 4,704 75,076 MGIC Investment Corp. (b)..... 2,032 7,071 New York Community Bancorp, Inc. (b).................... 2,073 24,793 NewAlliance Bancshares, Inc. (b)......................... 8,753 115,277 OceanFirst Financial Corp. (b)......................... 4,788 79,481 People's United Financial, Inc. ....................... 7,411 132,138 Radian Group, Inc. (b)........ 2,397 8,821 Sovereign Bancorp, Inc. (a)(b)...................... 5,965 17,776 TF Financial Corp. ........... 248 4,786 Tree.com, Inc. (a)(b)......... 136 354 TrustCo Bank Corp. NY (b)..... 8,792 83,612 WVS Financial Corp. .......... 124 1,972 ------------ 675,763 ------------ TOBACCO -- 1.5% Altria Group, Inc. ........... 29,910 450,445 Lorillard, Inc. .............. 1,460 82,271 Philip Morris International, Inc. ....................... 29,384 1,278,498 Reynolds American, Inc. (b)... 3,069 123,711 UST, Inc. .................... 3,135 217,506 ------------ 2,152,431 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.2% Fastenal Co. (b).............. 3,585 124,937 Kaman Corp. (Class A)......... 4,486 81,331 W.W. Grainger, Inc. (b)....... 518 40,839 Willis Lease Finance Corp. (a)......................... 490 4,543 ------------ 251,650 ------------ TRANSPORTATION INFRASTRUCTURE -- 0.0% (d) Macquarie Infrastructure Co. LLC (b)..................... 427 1,610 ------------ WATER UTILITIES -- 0.2% Aqua America, Inc. (b)........ 1,712 35,250 Artesian Resources Corp. (b).. 490 7,752 Cadiz, Inc. (a)(b)............ 858 10,734 Connecticut Water Service, Inc. (b).................... 1,200 28,332 Middlesex Water Co. (b)....... 5,889 101,467 Pennichuck Corp. ............. 248 5,091 Southwest Water Co. (b)....... 2,467 7,944 The York Water Co. (b)........ 2,759 33,494 ------------ 230,064 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE TOTAL MARKET ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- WIRELESS TELECOMMUNICATION SERVICES -- 0.4% American Tower Corp. (Class A) (a)(b)...................... 6,714 $ 196,854 Crown Castle International Corp. (a)(b)................ 5,184 91,135 FiberTower Corp. (a)(b)....... 4,370 699 Goamerica, Inc. (a)(b)........ 3,229 14,886 Leap Wireless International, Inc. (a)(b)................. 566 15,220 MetroPCS Communications, Inc. (a)(b)...................... 2,659 39,486 NII Holdings, Inc. (a)........ 2,872 52,213 SBA Communications Corp. (a).. 2,150 35,088 Sprint Nextel Corp. (a)(b).... 39,169 71,679 Telephone & Data Systems, Inc. (b)......................... 2,225 70,644 ------------ 587,904 ------------ TOTAL COMMON STOCKS -- (Cost $174,176,533)......... 139,702,060 ------------ SHORT TERM INVESTMENTS -- 17.3% MONEY MARKET FUNDS -- 17.3% State Street Navigator Securities Lending Prime Portfolio (e)(f)............ 23,054,817 23,054,817 STIC Prime Portfolio.......... 1,248,503 1,248,503 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $24,303,320).......... 24,303,320 ------------ TOTAL INVESTMENTS -- 116.7% (Cost $198,479,853)......... 164,005,380 OTHER ASSET AND LIABILITIES -- (16.7)%...... (23,511,395) ------------ NET ASSETS -- 100.0%.......... $140,493,985 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Affiliated issuer. (Note 3) (d) Amount shown represents less than 0.05% of net assets. (e) Investments of cash collateral for securities loaned. (f) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% AEROSPACE & DEFENSE -- 2.4% Alliant Techsystems, Inc. (a)(b)....................... 90 $ 7,718 Boeing Co. (b)................. 1,770 75,526 General Dynamics Corp. (b)..... 860 49,527 Goodrich Corp. ................ 335 12,402 Honeywell International, Inc. ........................ 1,757 57,682 L-3 Communications Holdings, Inc. ........................ 325 23,979 Lockheed Martin Corp. (b)...... 852 71,636 Northrop Grumman Corp. ........ 831 37,428 Precision Castparts Corp. ..... 373 22,186 Raytheon Co. (b)............... 1,115 56,910 Rockwell Collins, Inc. (b)..... 433 16,926 Spirit Aerosystems Holdings, Inc. (a)(b).................. 270 2,746 United Technologies Corp. (b).. 2,363 126,657 ----------- 561,323 ----------- AIR FREIGHT & LOGISTICS -- 0.8% C.H. Robinson Worldwide, Inc. (b).......................... 455 25,038 Expeditors International Washington, Inc. (b)......... 584 19,430 FedEx Corp. (b)................ 785 50,358 United Parcel Service, Inc. (Class B) (b)................ 1,745 96,254 ----------- 191,080 ----------- AIRLINES -- 0.2% AMR Corp. (a)(b)............... 728 7,767 Delta Air Lines, Inc. (a)...... 1,641 18,806 Southwest Airlines Co. (b)..... 1,961 16,904 ----------- 43,477 ----------- AUTO COMPONENTS -- 0.2% BorgWarner, Inc. (b)........... 302 6,574 Johnson Controls, Inc. ........ 1,579 28,675 The Goodyear Tire & Rubber Co. (a)(b)....................... 624 3,725 WABCO Holdings, Inc. .......... 177 2,795 ----------- 41,769 ----------- AUTOMOBILES -- 0.1% Ford Motor Co. (a)(b).......... 6,146 14,075 General Motors Corp. (b)....... 1,311 4,195 Harley-Davidson, Inc. (b)...... 632 10,725 ----------- 28,995 ----------- BEVERAGES -- 2.5% Brown-Forman Corp. (Class B) (b).......................... 241 12,409 Coca-Cola Enterprises, Inc. (b).......................... 836 10,057 Constellation Brands, Inc. (Class A) (a)(b)............. 511 8,058 Dr. Pepper Snapple Group, Inc. (a).......................... 677 11,001 Hansen Natural Corp. (a)....... 189 6,337 Molson Coors Brewing Co. (Class B) (b)....................... 393 19,226 PepsiCo, Inc. ................. 4,195 229,760 The Coca-Cola Co. (b).......... 5,703 258,175 The Pepsi Bottling Group, Inc. ........................ 372 8,374 ----------- 563,397 ----------- BIOTECHNOLOGY -- 2.6% Abraxis Bioscience, Inc. (a)(b)....................... 11 725 Alexion Pharmaceuticals, Inc. (a)(b)....................... 208 7,528 Amgen, Inc. (a)................ 2,831 163,490 Amylin Pharmaceuticals, Inc. (a)(b)....................... 365 3,960 Biogen Idec, Inc. (a).......... 786 37,437 BioMarin Pharmaceutical, Inc. (a)(b)....................... 254 4,521 Celgene Corp. (a)(b)........... 1,225 67,718 Cephalon, Inc. (a)(b).......... 184 14,175 Genentech, Inc. (a)............ 1,239 102,726 Genzyme Corp. (a)(b)........... 712 47,256 Gilead Sciences, Inc. (a)...... 2,454 125,498 Vertex Pharmaceuticals, Inc. (a)(b)....................... 382 11,605 ----------- 586,639 ----------- BUILDING PRODUCTS -- 0.1% Masco Corp. (b)................ 983 10,941 USG Corp. (a)(b)............... 181 1,455 ----------- 12,396 ----------- CAPITAL MARKETS -- 2.2% Affiliated Managers Group, Inc. (a)(b)....................... 109 4,569 AllianceBernstein Holding LP (b).......................... 83 1,726 Ameriprise Financial, Inc. (b).......................... 591 13,806 BlackRock, Inc. (b)............ 54 7,244 Eaton Vance Corp. (b).......... 307 6,450 Federated Investors, Inc. (Class B) (b)................ 251 4,257 Franklin Resources, Inc. (b)... 424 27,043 Invesco, Ltd. (b).............. 1,038 14,989 Janus Capital Group, Inc. (b).. 437 3,509 Legg Mason, Inc. (b)........... 368 8,063 Merrill Lynch & Co., Inc. ..... 3,427 39,890 Morgan Stanley................. 2,549 40,886 Northern Trust Corp. (b)....... 589 30,710 Och-Ziff Capital Management Group LLC.................... 115 592 Raymond James Financial, Inc. (b).......................... 260 4,454 SEI Investments Co. (b)........ 370 5,813 State Street Corp. (c)......... 1,164 45,780 T. Rowe Price Group, Inc. (b).. 695 24,631 TD Ameritrade Holding Corp. (a)(b)....................... 645 9,191 The Bank of New York Mellon Corp. (b).................... 3,059 86,662 The Blackstone Group LP (b).... 379 2,475 The Charles Schwab Corp. ...... 2,543 41,120 The Goldman Sachs Group, Inc. ........................ 1,072 90,466 ----------- 514,326 ----------- CHEMICALS -- 1.8% Air Products & Chemicals, Inc. (b).......................... 526 26,442 Airgas, Inc. .................. 200 7,798 Albemarle Corp. (b)............ 242 5,397 Ashland, Inc. ................. 166 1,745 Celanese Corp. (b)............. 402 4,997 CF Industries Holdings, Inc. (b).......................... 153 7,521 E. I. du Pont de Nemours & Co. (b).......................... 2,416 61,125 Eastman Chemical Co. (b)....... 194 6,152 Ecolab, Inc. (b)............... 471 16,556 FMC Corp. (b).................. 198 8,856 Huntsman Corp. (b)............. 247 850 International Flavors & Fragrances, Inc. (b)......... 211 6,271 Intrepid Potash, Inc. (a)(b)... 86 1,786 Lubrizol Corp. (b)............. 181 6,586 Monsanto Co. .................. 1,455 102,359 PPG Industries, Inc. (b)....... 437 18,542 Praxair, Inc. ................. 838 49,744 Rohm & Haas Co. (b)............ 329 20,329 Sigma-Aldrich Corp. (b)........ 284 11,996 Terra Industries, Inc. (b)..... 245 4,084
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Dow Chemical Co. (b)....... 2,489 $ 37,559 The Mosaic Co. (b)............. 392 13,563 ----------- 420,258 ----------- COMMERCIAL BANKS -- 2.8% BB&T Corp. (b)................. 1,479 40,613 City National Corp. (b)........ 111 5,406 Comerica, Inc. (b)............. 407 8,079 Commerce Bancshares, Inc. (b).. 163 7,164 Fifth Third Bancorp (b)........ 1,453 12,002 Huntington Bancshares, Inc. (b).......................... 1,021 7,821 Keycorp........................ 1,345 11,459 M&T Bank Corp. (b)............. 209 11,999 Marshall & Ilsley Corp. (b).... 644 8,784 National City Corp. (b)........ 1,679 3,039 PNC Financial Services Group, Inc. (b)..................... 931 45,619 Regions Financial Corp. (b).... 1,872 14,901 SunTrust Banks, Inc. (b)....... 949 28,033 Synovus Financial Corp. (b).... 736 6,109 U.S. Bancorp (b)............... 4,630 115,796 Wachovia Corp. ................ 5,768 31,955 Wells Fargo & Co. (b).......... 9,367 276,139 Zions Bancorp (b).............. 282 6,912 ----------- 641,830 ----------- COMMERCIAL SERVICES & SUPPLIES -- 0.6% Avery Dennison Corp. (b)....... 248 8,117 Cintas Corp. (b)............... 357 8,293 Copart, Inc. (a)(b)............ 172 4,677 Corrections Corp. of America (a)(b)....................... 335 5,481 Covanta Holding Corp. (a)(b)... 328 7,203 Iron Mountain, Inc. (a)(b)..... 480 11,870 Pitney Bowes, Inc. ............ 563 14,345 R.R. Donnelley & Sons Co. (b).. 557 7,564 Republic Services, Inc. ....... 904 22,410 Stericycle, Inc. (a)(b)........ 238 12,395 Waste Management, Inc. (a)(b).. 1,340 44,408 ----------- 146,763 ----------- COMMUNICATIONS EQUIPMENT -- 2.3% Cisco Systems, Inc. (a)........ 15,822 257,899 Corning, Inc. (b).............. 4,191 39,940 EchoStar Corp. (Class A) (a)(b)....................... 110 1,636 Harris Corp. .................. 357 13,584 JDS Uniphase Corp. (a)(b)...... 548 2,000 Juniper Networks, Inc. (a)(b).. 1,449 25,372 Motorola, Inc. (b)............. 5,636 24,967 QUALCOMM, Inc. (b)............. 4,391 157,330 ----------- 522,728 ----------- COMPUTERS & PERIPHERALS -- 4.0% Apple, Inc. (a)(b)............. 2,390 203,987 Dell, Inc. (a)(b).............. 4,559 46,684 EMC Corp. (a)(b)............... 5,526 57,857 Hewlett-Packard Co. ........... 6,605 239,695 International Business Machines Corp. (b).................... 3,625 305,080 Lexmark International, Inc. (Class A) (a)(b)............. 231 6,214 NCR Corp. (a)(b)............... 447 6,321 NetApp, Inc. (a)............... 874 12,210 SanDisk Corp. (a)(b)........... 604 5,798 Seagate Technology (b)......... 1,293 5,728 Sun Microsystems, Inc. (a)(b).. 2,021 7,720 Teradata Corp. (a)(b).......... 479 7,104 Western Digital Corp. (a)(b)... 582 6,664 ----------- 911,062 ----------- CONSTRUCTION & ENGINEERING -- 0.3% Fluor Corp. (b)................ 477 21,403 Foster Wheeler, Ltd. (a)....... 380 8,884 Jacobs Engineering Group, Inc. (a)(b)....................... 327 15,729 KBR, Inc. (b).................. 441 6,703 Quanta Services, Inc. (a)(b)... 499 9,880 The Shaw Group, Inc. (a)....... 203 4,156 URS Corp. (a)(b)............... 227 9,255 ----------- 76,010 ----------- CONSTRUCTION MATERIALS -- 0.1% Martin Marietta Materials, Inc. (b).......................... 111 10,776 Vulcan Materials Co. (b)....... 245 17,047 ----------- 27,823 ----------- CONSUMER FINANCE -- 0.5% American Express Co. (b)....... 2,741 50,846 Capital One Financial Corp. (b).......................... 1,072 34,186 Discover Financial Services (b).......................... 1,258 11,989 SLM Corp. (a)(b)............... 1,247 11,098 ----------- 108,119 ----------- CONTAINERS & PACKAGING -- 0.3% Ball Corp. (b)................. 266 11,063 Bemis Co., Inc. (b)............ 275 6,512 Crown Holdings, Inc. (a)(b).... 425 8,160 Owens-Illinois, Inc. (a)....... 457 12,490 Pactiv Corp. (a)(b)............ 349 8,683 Sealed Air Corp. (b)........... 425 6,349 Sonoco Products Co. ........... 261 6,045 ----------- 59,302 ----------- DISTRIBUTORS -- 0.1% Genuine Parts Co. (b).......... 431 16,318 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.3% Apollo Group, Inc. (a)(b)...... 352 26,970 DeVry, Inc. ................... 165 9,473 H&R Block, Inc. (b)............ 878 19,948 ITT Educational Services, Inc. (a)(b)....................... 106 10,068 Weight Watchers International, Inc. (b)..................... 102 3,001 ----------- 69,460 ----------- DIVERSIFIED FINANCIAL SERVICES -- 3.1% Bank of America Corp. ......... 13,412 188,841 CIT Group, Inc. (b)............ 964 4,377 Citigroup, Inc. ............... 14,571 97,771 CME Group, Inc. (b)............ 176 36,627 Intercontinental Exchange, Inc. (a)(b)....................... 186 15,334 JPMorgan Chase & Co. .......... 10,025 316,088 Leucadia National Corp. (a)(b)....................... 461 9,128 Moody's Corp. (b).............. 481 9,663 NYSE Euronext (b).............. 596 16,319 The Nasdaq OMX Group, Inc. (a)(b)....................... 423 10,452 ----------- 704,600 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 3.4% AT&T, Inc. .................... 15,897 453,065 CenturyTel, Inc. (b)........... 273 7,461 Embarq Corp. (b)............... 382 13,737 Frontier Communications Corp. (b).......................... 838 7,324 Level 3 Communications, Inc. (a)(b)....................... 4,197 2,938
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Qwest Communications International, Inc. (b)...... 3,819 $ 13,901 Verizon Communications, Inc. (b).......................... 7,662 259,742 Windstream Corp. (b)........... 1,182 10,874 ----------- 769,042 ----------- ELECTRIC UTILITIES -- 2.3% Allegheny Energy, Inc. (b)..... 452 15,305 American Electric Power Co., Inc. (b)..................... 1,088 36,209 DPL, Inc. (b).................. 302 6,898 Duke Energy Corp. (b).......... 3,352 50,313 Edison International (b)....... 799 25,664 Entergy Corp. ................. 515 42,812 Exelon Corp. (b)............... 1,764 98,096 FirstEnergy Corp. ............. 823 39,981 FPL Group, Inc. ............... 1,017 51,186 Northeast Utilities (b)........ 411 9,889 Pepco Holdings, Inc. (b)....... 540 9,590 Pinnacle West Capital Corp. (b).......................... 286 9,189 PPL Corp. (b).................. 1,010 30,997 Progress Energy, Inc. (b)...... 704 28,054 The Southern Co. (b)........... 2,059 76,183 ----------- 530,366 ----------- ELECTRICAL EQUIPMENT -- 0.6% AMETEK, Inc. (b)............... 279 8,429 Cooper Industries, Ltd. (Class A) (b)....................... 462 13,504 Emerson Electric Co. .......... 2,092 76,588 First Solar, Inc. (a)(b)....... 120 16,555 Hubbell, Inc. (Class B) (b).... 143 4,673 Rockwell Automation, Inc. (b).. 347 11,187 Roper Industries, Inc. (b)..... 236 10,245 SunPower Corp. (Class A) (a)(b)....................... 228 8,436 ----------- 149,617 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.5% Agilent Technologies, Inc. (a).......................... 959 14,989 Amphenol Corp. (Class A) (b)... 467 11,199 Arrow Electronics, Inc. (a).... 322 6,067 Avnet, Inc. (a)(b)............. 392 7,138 Dolby Laboratories, Inc. (a)(b)....................... 141 4,619 FLIR Systems, Inc. (a)(b)...... 380 11,658 Ingram Micro, Inc. (Class A) (a).......................... 379 5,075 Itron, Inc. (a)(b)............. 88 5,609 Jabil Circuit, Inc. (b)........ 484 3,267 Mettler-Toledo International, Inc. (a)(b).................. 88 5,931 Molex, Inc. (b)................ 355 5,144 Trimble Navigation, Ltd. (a)(b)....................... 345 7,456 Tyco Electronics, Ltd. ........ 1,257 20,376 ----------- 108,528 ----------- ENERGY EQUIPMENT & SERVICES -- 1.6% Baker Hughes, Inc. (b)......... 840 26,939 BJ Services Co. (b)............ 788 9,196 Cameron International Corp. (a)(b)....................... 580 11,890 Diamond Offshore Drilling, Inc. (b).......................... 176 10,373 ENSCO International, Inc. (b).. 386 10,959 Exterran Holdings, Inc. (a)(b)....................... 172 3,664 FMC Technologies, Inc. (a)(b).. 344 8,197 Halliburton Co. ............... 2,358 42,868 Helmerich & Payne, Inc. (b).... 248 5,642 IHS, Inc. (Class A) (a)(b)..... 121 4,528 Nabors Industries, Ltd. (a)(b)....................... 760 9,097 National-Oilwell Varco, Inc. (a)(b)....................... 1,098 26,835 Noble Corp. (b)................ 717 15,838 Patterson-UTI Energy, Inc. (b).......................... 413 4,754 Pride International, Inc. (a)(b)....................... 456 7,287 Rowan Cos., Inc. (b)........... 292 4,643 Schlumberger, Ltd. (b)......... 3,190 135,033 Smith International, Inc. (b).. 579 13,253 Superior Energy Services, Inc. (a)(b)....................... 217 3,457 Weatherford International, Ltd. (a)(b)....................... 1,812 19,606 ----------- 374,059 ----------- FOOD & STAPLES RETAILING -- 3.1% Costco Wholesale Corp. (b)..... 1,143 60,007 CVS Caremark Corp. (b)......... 3,832 110,132 Safeway, Inc. (b).............. 1,179 28,025 SUPERVALU, Inc. (b)............ 563 8,220 Sysco Corp. ................... 1,608 36,887 The Kroger Co. (b)............. 1,633 43,128 Wal-Mart Stores, Inc. ......... 6,529 366,016 Walgreen Co. (b)............... 2,669 65,844 Whole Foods Market, Inc. (b)... 370 3,493 ----------- 721,752 ----------- FOOD PRODUCTS -- 1.6% Archer-Daniels-Midland Co. (b).......................... 1,569 45,234 Bunge, Ltd. (b)................ 319 16,515 Campbell Soup Co. (b).......... 616 18,486 ConAgra Foods, Inc. (b)........ 1,211 19,981 Dean Foods Co. (a)............. 405 7,278 General Mills, Inc. ........... 859 52,184 H.J. Heinz Co. (b)............. 850 31,960 Hormel Foods Corp. (b)......... 195 6,061 Kellogg Co. ................... 636 27,888 Kraft Foods, Inc. (b).......... 3,618 97,143 McCormick & Co., Inc. (b)...... 306 9,749 Sara Lee Corp. (b)............. 1,729 16,927 Smithfield Foods, Inc. (a)(b).. 326 4,587 The Hershey Co. (b)............ 432 15,008 Tyson Foods, Inc. (Class A) (b).......................... 735 6,439 ----------- 375,440 ----------- GAS UTILITIES -- 0.2% Energen Corp. (b).............. 171 5,016 Equitable Resources, Inc. (b).. 348 11,675 National Fuel Gas Co. (b)...... 182 5,702 ONEOK, Inc. ................... 264 7,688 Questar Corp. (b).............. 460 15,037 ----------- 45,118 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 2.1% Baxter International, Inc. .... 1,675 89,763 Beckman Coulter, Inc. (b)...... 162 7,118 Becton, Dickinson & Co. ....... 620 42,402 Boston Scientific Corp. (a)(b)....................... 3,960 30,650 C.R. Bard, Inc. ............... 264 22,245 Covidien, Ltd. ................ 1,324 47,982 Dentsply International, Inc. (b).......................... 369 10,421 Hologic, Inc. (a)(b)........... 672 8,783 Hospira, Inc. (a).............. 425 11,398 IDEXX Laboratories, Inc. (a)(b)....................... 160 5,773 Intuitive Surgical, Inc. (a)(b)....................... 107 13,588 Kinetic Concepts, Inc. (a)(b).. 136 2,608 Medtronic, Inc. ............... 3,020 94,888 St. Jude Medical, Inc. (a)..... 909 29,961
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Stryker Corp. (b).............. 849 $ 33,918 Varian Medical Systems, Inc. (a)(b)....................... 338 11,844 Zimmer Holdings, Inc. (a)...... 601 24,292 ----------- 487,634 ----------- HEALTH CARE PROVIDERS & SERVICES -- 2.1% Aetna, Inc. (b)................ 1,257 35,824 AmerisourceBergen Corp. (b).... 426 15,191 Cardinal Health, Inc. (b)...... 965 33,264 CIGNA Corp. ................... 736 12,402 Community Health Systems, Inc. (a)(b)....................... 246 3,587 Coventry Health Care, Inc. (a)(b)....................... 396 5,892 DaVita, Inc. (a)............... 286 14,177 Express Scripts, Inc. (Class A) (a)(b)....................... 557 30,624 Health Net, Inc. (a)(b)........ 281 3,060 Henry Schein, Inc. (a)(b)...... 250 9,173 Humana, Inc. (a)(b)............ 472 17,596 Laboratory Corp. of America Holdings (a)(b).............. 295 19,001 Lincare Holdings, Inc. (a)(b).. 189 5,090 McKesson Corp. (b)............. 743 28,776 Medco Health Solutions, Inc. (a)(b)....................... 1,317 55,195 Omnicare, Inc. (b)............. 292 8,106 Patterson Cos., Inc. (a)(b).... 303 5,681 Quest Diagnostics, Inc. (b).... 402 20,868 UnitedHealth Group, Inc. ...... 3,290 87,514 Universal Health Services, Inc. (Class B).................... 130 4,884 WellPoint, Inc. (a)(b)......... 1,367 57,592 ----------- 473,497 ----------- HEALTH CARE TECHNOLOGY -- 0.1% Cerner Corp. (a)(b)............ 170 6,536 IMS Health, Inc. (b)........... 473 7,171 ----------- 13,707 ----------- HOTELS, RESTAURANTS & LEISURE -- 1.5% Burger King Holdings, Inc. (b).......................... 242 5,779 Carnival Corp. (b)............. 1,127 27,409 Darden Restaurants, Inc. (b)... 333 9,384 International Game Technology (b).......................... 800 9,512 Las Vegas Sands Corp. (a)(b)... 766 4,542 Marriott International, Inc. (Class A) (b)................ 816 15,871 McDonald's Corp. (b)........... 2,998 186,446 MGM Mirage, Inc. (a)(b)........ 253 3,481 Penn National Gaming, Inc. (a)(b)....................... 196 4,190 Royal Caribbean Cruises, Ltd. (b).......................... 366 5,033 Starbucks Corp. (a)(b)......... 1,954 18,485 Starwood Hotels & Resorts Worldwide, Inc. (b).......... 457 8,180 Wyndham Worldwide Corp. (b).... 487 3,190 Wynn Resorts, Ltd. (a)(b)...... 188 7,945 Yum! Brands, Inc. (b).......... 1,253 39,469 ----------- 348,916 ----------- HOUSEHOLD DURABLES -- 0.4% D.R. Horton, Inc. (b).......... 723 5,112 Fortune Brands, Inc. (b)....... 406 16,760 Garmin, Ltd. (b)............... 329 6,307 Leggett & Platt, Inc. (b)...... 427 6,486 Mohawk Industries, Inc. (a)(b)....................... 143 6,145 Newell Rubbermaid, Inc. (b).... 731 7,149 NVR, Inc. (a)(b)............... 14 6,387 Pulte Homes, Inc. (b).......... 553 6,044 The Black & Decker Corp. (b)... 167 6,982 The Stanley Works (b).......... 211 7,195 Toll Brothers, Inc. (a)(b)..... 362 7,758 Whirlpool Corp. (b)............ 198 8,187 ----------- 90,512 ----------- HOUSEHOLD PRODUCTS -- 3.0% Church & Dwight Co., Inc. (b).. 185 10,382 Colgate-Palmolive Co. (b)...... 1,368 93,763 Energizer Holdings, Inc. (a)(b)....................... 154 8,338 Kimberly-Clark Corp. .......... 1,118 58,963 Procter & Gamble Co. .......... 7,948 491,345 The Clorox Co. ................ 379 21,057 ----------- 683,848 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.3% Calpine Corp. (a)(b)........... 936 6,814 Constellation Energy Group, Inc. (b)..................... 477 11,968 Dynegy, Inc. (Class A) (a)(b).. 1,394 2,788 Mirant Corp. (a)............... 382 7,208 NRG Energy, Inc. (a)(b)........ 634 14,791 Reliant Energy, Inc. (a)(b).... 909 5,254 The AES Corp. (a)(b)........... 1,773 14,610 ----------- 63,433 ----------- INDUSTRIAL CONGLOMERATES -- 2.5% 3M Co. (b)..................... 1,723 99,142 General Electric Co. .......... 26,720 432,864 McDermott International, Inc. (a).......................... 609 6,017 Textron, Inc. ................. 662 9,182 Tyco International, Ltd. (b)... 1,269 27,410 ----------- 574,615 ----------- INSURANCE -- 4.1% AFLAC, Inc. ................... 1,267 58,079 American International Group, Inc. (b)..................... 6,255 9,820 AON Corp. (b).................. 653 29,829 Arch Capital Group, Ltd. (a)(b)....................... 134 9,393 Assurant, Inc. (b)............. 263 7,890 Axis Capital Holdings, Ltd. (b).......................... 408 11,881 Berkshire Hathaway, Inc. (Class A) (a)(b).................... 3 289,800 Brown & Brown, Inc. (b)........ 300 6,270 Chubb Corp. (b)................ 962 49,062 Cincinnati Financial Corp. (b).......................... 401 11,657 CNA Financial Corp. (b)........ 71 1,167 Everest Re Group, Ltd. (b)..... 157 11,954 Fidelity National Financial, Inc. (Class A) (b)........... 552 9,798 Genworth Financial, Inc. (Class A) (b)....................... 1,159 3,280 Hartford Financial Services Group, Inc. ................. 808 13,267 Lincoln National Corp. (b)..... 691 13,019 Loews Corp. (b)................ 944 26,668 Markel Corp. (a)(b)............ 25 7,475 Marsh & McLennan Cos., Inc. ... 1,367 33,177 MetLife, Inc. ................. 1,400 48,804 Nationwide Financial Services, Inc. (Class A) (b)........... 143 7,466 Old Republic International Corp. (b).................... 658 7,843 PartnerRe, Ltd. (b)............ 146 10,406 Principal Financial Group, Inc. (b).......................... 644 14,535 Protective Life Corp. (b)...... 181 2,597 Prudential Financial, Inc. (b).......................... 1,139 34,466 RenaissanceRe Holdings, Ltd. (b).......................... 162 8,353
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Allstate Corp. (b)......... 1,444 $ 47,306 The Progressive Corp. (b)...... 1,730 25,621 The Travelers Cos., Inc. ...... 1,582 71,507 Torchmark Corp. (b)............ 233 10,415 Transatlantic Holdings, Inc. (b).......................... 66 2,644 Unum Group (b)................. 934 17,372 W.R. Berkley Corp. (b)......... 386 11,966 White Mountains Insurance Group, Ltd. (b).............. 22 5,877 XL Capital, Ltd. (Class A) (b).......................... 837 3,097 ----------- 933,761 ----------- INTERNET & CATALOG RETAIL -- 0.3% Amazon.com, Inc. (a)(b)........ 830 42,562 Expedia, Inc. (a)(b)........... 553 4,557 Liberty Media Holding Corp. -- Interactive (Series A) (a)(b).................... 1,641 5,120 priceline.com, Inc. (a)(b)..... 118 8,691 ----------- 60,930 ----------- INTERNET SOFTWARE & SERVICES -- 1.3% Akamai Technologies, Inc. (a)(b)....................... 446 6,730 eBay, Inc. (a)................. 2,990 41,740 Google, Inc. (Class A) (a)(b).. 607 186,744 IAC/InterActiveCorp (a)(b)..... 172 2,706 VeriSign, Inc. (a)(b).......... 518 9,883 Yahoo!, Inc. (a)(b)............ 3,443 42,005 ----------- 289,808 ----------- IT SERVICES -- 1.6% Accenture, Ltd. (Class A) (b).. 1,484 48,660 Affiliated Computer Services, Inc. (Class A) (a)(b)........ 243 11,166 Alliance Data Systems Corp. (a)(b)....................... 181 8,422 Automatic Data Processing, Inc. (b).......................... 1,383 54,407 Cognizant Technology Solutions Corp. (Class A) (a)(b)....... 767 13,852 Computer Sciences Corp. (a)(b)....................... 404 14,197 DST Systems, Inc. (a)(b)....... 111 4,216 Fidelity National Information Services, Inc. .............. 504 8,200 Fiserv, Inc. (a)(b)............ 437 15,894 Global Payments, Inc. (b)...... 217 7,115 Hewitt Associates, Inc. (Class A) (a)(b).................... 237 6,726 Lender Processing Services, Inc. (b)..................... 252 7,421 Mastercard, Inc. (Class A) (b).......................... 229 32,731 Metavante Technologies, Inc. (a)(b)....................... 240 3,866 Paychex, Inc. (b).............. 864 22,706 SAIC, Inc. (a)................. 495 9,643 The Western Union Co. (b)...... 1,953 28,006 Total System Services, Inc. (b).......................... 535 7,490 Visa, Inc. (Class A)........... 1,138 59,688 ----------- 364,406 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.1% Eastman Kodak Co. (b).......... 752 4,948 Hasbro, Inc. (b)............... 338 9,860 Mattel, Inc. (b)............... 952 15,232 ----------- 30,040 ----------- LIFE SCIENCES TOOLS & SERVICES -- 0.4% Charles River Laboratories International, Inc. (a)(b)... 185 4,847 Covance, Inc. (a)(b)........... 171 7,871 Illumina, Inc. (a)(b).......... 308 8,023 Life Technologies Corp (a)(b).. 429 10,000 Millipore Corp. (a)(b)......... 145 7,470 PerkinElmer, Inc. (b).......... 317 4,410 Pharmaceutical Product Development, Inc. (b)........ 278 8,065 Thermo Fisher Scientific, Inc. (a)(b)....................... 1,124 38,295 Waters Corp. (a)(b)............ 263 9,639 ----------- 98,620 ----------- MACHINERY -- 1.8% AGCO Corp. (a)(b).............. 238 5,614 Bucyrus International, Inc. (Class A) (b)................ 198 3,667 Caterpillar, Inc. ............. 1,643 73,393 Cummins, Inc. ................. 491 13,125 Danaher Corp. (b).............. 658 37,249 Deere & Co. (b)................ 1,153 44,183 Donaldson Co., Inc. (b)........ 186 6,259 Dover Corp. (b)................ 507 16,691 Eaton Corp. (b)................ 438 21,773 Flowserve Corp. (b)............ 154 7,931 Harsco Corp. (b)............... 221 6,117 Illinois Tool Works, Inc. (b).. 1,189 41,675 Ingersoll-Rand Co., Ltd. (Class A) (b)....................... 837 14,522 ITT Corp. (a)(b)............... 484 22,259 Joy Global, Inc. (b)........... 287 6,569 Lincoln Electric Holdings, Inc. (b).......................... 109 5,551 Navistar International Corp. (a)(b)....................... 165 3,528 PACCAR, Inc. (b)............... 932 26,655 Pall Corp. .................... 319 9,069 Parker-Hannifin Corp. ......... 452 19,228 Pentair, Inc. ................. 258 6,107 SPX Corp. (b).................. 143 5,799 Terex Corp. (a)(b)............. 266 4,607 The Manitowoc Co., Inc. (b).... 337 2,918 ----------- 404,489 ----------- MEDIA -- 2.6% Ascent Media Corp. (Series A) (a).......................... 32 699 Cablevision Systems Corp. (Class A) (b)................ 608 10,239 CBS Corp. (b).................. 1,622 13,284 Clear Channel Outdoor Holdings, Inc. (Class A) (a)(b)........ 104 640 Comcast Corp. (Class A) (b).... 7,368 124,372 Discovery Communications, Inc. (a)(b)....................... 747 10,577 DISH Network Corp. (Class A) (a)(b)....................... 565 6,266 Gannett Co., Inc. (b).......... 614 4,912 Lamar Advertising Co. (Class A) (a)(b)....................... 180 2,261 Liberty Global, Inc. (Series A) (a)(b)....................... 826 13,150 Liberty Media Corp. -- Entertainment (Series A) (a)............... 1,387 24,245 News Corp. (Class A) (b)....... 6,201 56,367 Omnicom Group, Inc. (b)........ 807 21,724 Scripps Networks Interactive (Class A) (b)................ 217 4,774 Sirius XM Radio, Inc. (a)(b)... 8,415 1,010 The DIRECTV Group, Inc. (a)(b)....................... 1,433 32,830 The Interpublic Group of Cos., Inc. (a)(b).................. 1,310 5,188 The McGraw-Hill Cos., Inc. (b).......................... 855 19,827 The Walt Disney Co. (b)........ 4,615 104,714 The Washington Post Co. (b).... 14 5,463
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Time Warner Cable, Inc. (Class A) (a)(b).................... 413 $ 8,859 Time Warner, Inc. (b).......... 10,068 101,284 Viacom, Inc. (a)(b)............ 1,468 27,980 Virgin Media, Inc. (b)......... 791 3,947 ----------- 604,612 ----------- METALS & MINING -- 0.8% AK Steel Holding Corp. (b)..... 292 2,721 Alcoa, Inc. (b)................ 2,165 24,378 Allegheny Technologies, Inc. (b).......................... 254 6,485 Cliffs Natural Resources, Inc. (b).......................... 287 7,350 Freeport-McMoRan Copper & Gold, Inc. (b)..................... 1,018 24,880 Newmont Mining Corp. .......... 1,178 47,945 Nucor Corp. (b)................ 764 35,297 Reliance Steel & Aluminum Co. (b).......................... 170 3,390 Southern Copper Corp. (b)...... 595 9,556 Steel Dynamics, Inc. (b)....... 519 5,802 United States Steel Corp. (b).. 317 11,792 ----------- 179,596 ----------- MULTI-UTILITIES -- 1.5% Alliant Energy Corp. (b)....... 297 8,666 Ameren Corp. (b)............... 558 18,559 CenterPoint Energy, Inc. (b)... 828 10,449 CMS Energy Corp. (b)........... 584 5,904 Consolidated Edison, Inc. (b).. 723 28,146 Dominion Resources, Inc. (b)... 1,539 55,158 DTE Energy Co. (b)............. 437 15,588 Integrys Energy Group, Inc. (b).......................... 203 8,725 MDU Resources Group, Inc. (b).. 450 9,711 NiSource, Inc. ................ 719 7,887 NSTAR (b)...................... 283 10,327 PG&E Corp. (b)................. 954 36,929 Public Service Enterprise Group, Inc. ................. 1,375 40,109 Puget Energy, Inc. (b)......... 315 8,590 SCANA Corp. (b)................ 296 10,538 Sempra Energy (b).............. 614 26,175 TECO Energy, Inc. (b).......... 530 6,546 Wisconsin Energy Corp. (b)..... 312 13,098 Xcel Energy, Inc. ............. 1,241 23,021 ----------- 344,126 ----------- MULTILINE RETAIL -- 0.6% Dollar Tree Stores, Inc. (a)(b)....................... 241 10,074 Family Dollar Stores, Inc. (b).......................... 351 9,151 J. C. Penney Co., Inc. (b)..... 526 10,362 Kohl's Corp. (a)(b)............ 775 28,055 Macy's, Inc. (b)............... 1,110 11,488 Nordstrom, Inc. (b)............ 456 6,069 Sears Holdings Corp. (a)(b).... 145 5,636 Target Corp. (b)............... 1,811 62,534 ----------- 143,369 ----------- OFFICE ELECTRONICS -- 0.1% Xerox Corp. (b)................ 2,330 18,570 ----------- OIL, GAS & CONSUMABLE FUELS -- 11.5% Alpha Natural Resources, Inc. (a)(b)....................... 187 3,028 Anadarko Petroleum Corp. ...... 1,248 48,110 Apache Corp. (b)............... 889 66,257 Arch Coal, Inc. (b)............ 380 6,190 Boardwalk Pipeline Partners LP (b).......................... 131 2,329 Cabot Oil & Gas Corp. (b)...... 289 7,514 Chesapeake Energy Corp. (b).... 1,561 25,241 Chevron Corp. ................. 5,455 403,506 Cimarex Energy Co. (b)......... 215 5,758 CNX Gas Corp. (a)(b)........... 73 1,993 ConocoPhillips (b)............. 3,712 192,282 CONSOL Energy, Inc. (b)........ 491 14,033 Continental Resources, Inc. (a)(b)....................... 88 1,822 Denbury Resources, Inc. (a)(b)....................... 653 7,131 Devon Energy Corp. (b)......... 1,128 74,121 El Paso Corp. (b).............. 1,886 14,767 Enbridge Energy Partners LP (b).......................... 165 4,207 Energy Transfer Equity LP (b).. 490 7,943 Energy Transfer Partners LP.... 230 7,822 Enterprise GP Holdings LP (b).. 90 1,569 Enterprise Products Partners LP (b).......................... 762 15,796 EOG Resources, Inc. (b)........ 665 44,276 Exxon Mobil Corp. (b).......... 13,642 1,089,041 Forest Oil Corp. (a)(b)........ 212 3,496 Hess Corp. .................... 787 42,215 Kinder Morgan Energy Partners LP (b)....................... 439 20,084 Kinder Morgan Management LLC (a)(b)....................... 200 7,996 Marathon Oil Corp. ............ 1,919 52,504 Massey Energy Co. (b).......... 228 3,144 Murphy Oil Corp. (b)........... 505 22,397 Newfield Exploration Co. (a)(b)....................... 344 6,794 Noble Energy, Inc. (b)......... 468 23,035 Occidental Petroleum Corp. (b).......................... 2,201 132,038 ONEOK Partners LP (b).......... 142 6,468 Patriot Coal Corp. (a)(b)...... 162 1,013 Peabody Energy Corp. (b)....... 722 16,425 Petrohawk Energy Corp. (a)(b).. 659 10,300 Pioneer Natural Resources Co. (b).......................... 320 5,178 Plains All American Pipeline LP (b).......................... 285 9,887 Plains Exploration & Production Co. (a)(b)................... 284 6,600 Quicksilver Resources, Inc. (a)(b)....................... 291 1,621 Range Resources Corp. (b)...... 411 14,134 SandRidge Energy, Inc. (a)(b).. 243 1,494 Southwestern Energy Co. (a).... 912 26,421 Spectra Energy Corp. (b)....... 1,653 26,018 Sunoco, Inc. (b)............... 317 13,777 Teekay Corp. (b)............... 105 2,063 The Williams Cos., Inc. (b).... 1,541 22,314 Ultra Petroleum Corp. (a)(b)... 402 13,873 Valero Energy Corp. (b)........ 1,401 30,318 Walter Industries, Inc. (b).... 150 2,626 Whiting Petroleum Corp. (a)(b)....................... 111 3,714 XTO Energy, Inc. (b)........... 1,525 53,787 ----------- 2,626,470 ----------- PAPER & FOREST PRODUCTS -- 0.2% Domtar Corp. (a)(b)............ 1,290 2,154 International Paper Co. (b).... 1,157 13,653 MeadWestvaco Corp. (b)......... 437 4,890 Weyerhaeuser Co. (b)........... 564 17,264 ----------- 37,961 ----------- PERSONAL PRODUCTS -- 0.2% Avon Products, Inc. (b)........ 1,142 27,442 The Estee Lauder Cos., Inc. (Class A) (b)................ 288 8,917 ----------- 36,359 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- PHARMACEUTICALS -- 7.3% Abbott Laboratories (b)........ 4,123 $ 220,044 Allergan, Inc. ................ 827 33,345 Bristol-Myers Squibb Co. ...... 5,293 123,062 Eli Lilly & Co. ............... 2,585 104,098 Endo Pharmaceuticals Holdings, Inc. (a)(b).................. 301 7,790 Forest Laboratories, Inc. (a).. 817 20,809 Johnson & Johnson.............. 7,477 447,349 King Pharmaceuticals, Inc. (a)(b)....................... 647 6,871 Merck & Co., Inc. (b).......... 5,689 172,946 Mylan, Inc. (a)(b)............. 856 8,466 Pfizer, Inc. .................. 18,038 319,453 Schering-Plough Corp. (b)...... 4,366 74,353 Warner Chilcott, Ltd. (Class A) (a)(b)....................... 215 3,117 Wyeth.......................... 3,570 133,911 ----------- 1,675,614 ----------- PROFESSIONAL SERVICES -- 0.2% Equifax, Inc. (b).............. 340 9,017 FTI Consulting, Inc. (a)(b).... 132 5,898 Manpower, Inc. ................ 205 6,968 Monster Worldwide, Inc. (a)(b)....................... 324 3,917 Robert Half International, Inc. (b).......................... 425 8,848 The Dun & Bradstreet Corp. .... 154 11,889 ----------- 46,537 ----------- REAL ESTATE INVESTMENT TRUSTS -- 1.4% AMB Property Corp. (b)......... 261 6,113 Annaly Capital Management, Inc. (b).......................... 1,470 23,329 Apartment Investment & Management Co. (Class A) (b).......................... 251 2,899 Avalonbay Communities, Inc. (b).......................... 205 12,419 Boston Properties, Inc. (b).... 319 17,545 Camden Property Trust (b)...... 143 4,482 CapitalSource, Inc. (b)........ 595 2,749 Developers Diversified Realty Corp. (b).................... 320 1,562 Duke Realty Corp. (b).......... 383 4,198 Equity Residential............. 729 21,739 Federal Realty Investment Trust (b).......................... 154 9,560 General Growth Properties, Inc. (b).......................... 670 864 HCP, Inc. (b).................. 668 18,550 Health Care REIT, Inc. (b)..... 273 11,521 Host Hotels & Resorts, Inc. (b).......................... 1,375 10,409 Kimco Realty Corp. (b)......... 592 10,822 Liberty Property Trust (a)..... 242 5,525 Mack-Cali Realty Corp. (b)..... 169 4,140 Plum Creek Timber Co., Inc. (b).......................... 457 15,876 ProLogis (b)................... 702 9,751 Public Storage (b)............. 341 27,109 Rayonier, Inc. (b)............. 208 6,521 Regency Centers Corp. (b)...... 184 8,593 Simon Property Group, Inc. (b).......................... 599 31,825 SL Green Realty Corp. (b)...... 157 4,066 The Macerich Co. (b)........... 195 3,541 UDR, Inc. (b).................. 337 4,647 Ventas, Inc. (b)............... 383 12,857 Vornado Realty Trust (a)(b).... 384 23,174 Weingarten Realty Investors (b).......................... 205 4,241 ----------- 320,627 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0% (d) Brookfield Properties Corp. ... 541 4,182 CB Richard Ellis Group, Inc. (Class A) (a)(b)............. 568 2,453 Forest City Enterprises, Inc. (Class A) (b)................ 184 1,233 ----------- 7,868 ----------- ROAD & RAIL -- 1.0% Burlington Northern Santa Fe Corp. (b).................... 761 57,615 CSX Corp. ..................... 1,035 33,607 Hertz Global Holdings, Inc. (a)(b)....................... 357 1,810 J.B. Hunt Transport Services, Inc. (b)..................... 295 7,750 Kansas City Southern (a)(b).... 242 4,610 Norfolk Southern Corp. (b)..... 1,007 47,379 Ryder Systems, Inc. (b)........ 153 5,933 Union Pacific Corp. (b)........ 1,370 65,486 ----------- 224,190 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.1% Advanced Micro Devices, Inc. (a)(b)....................... 1,487 3,212 Altera Corp. (b)............... 792 13,234 Analog Devices, Inc. (b)....... 783 14,893 Applied Materials, Inc. (b).... 3,659 37,066 Broadcom Corp. (Class A) (a)(b)....................... 1,183 20,075 Cypress Semiconductor Corp. (a)(b)....................... 396 1,770 Intel Corp. (b)................ 14,953 219,211 Intersil Corp. (Class A) (b)... 339 3,115 KLA-Tencor Corp. (b)........... 467 10,176 Lam Research Corp. (a)(b)...... 342 7,278 Linear Technology Corp. (b).... 548 12,122 LSI Logic Corp. (a)(b)......... 1,705 5,609 Marvell Technology Group, Ltd. (a).......................... 1,249 8,331 Maxim Integrated Products, Inc. (b).......................... 855 9,764 MEMC Electronic Materials, Inc. (a)(b)....................... 602 8,597 Microchip Technology, Inc. (b).......................... 492 9,609 Micron Technology, Inc. (a)(b)....................... 2,016 5,322 National Semiconductor Corp. (b).......................... 612 6,163 NVIDIA Corp. (a)(b)............ 1,480 11,944 ON Semiconductor Corp. (a)(b).. 1,077 3,662 Texas Instruments, Inc. (b).... 3,499 54,304 Varian Semiconductor Equipment Associates, Inc. (a)(b)...... 192 3,479 Xilinx, Inc. (b)............... 738 13,151 ----------- 482,087 ----------- SOFTWARE -- 3.5% Activision Blizzard, Inc. (a)(b)....................... 1,567 13,539 Adobe Systems, Inc. (a)........ 1,428 30,402 Ansys, Inc. (a)(b)............. 239 6,666 Autodesk, Inc. (a)(b).......... 607 11,927 BMC Software, Inc. (a)(b)...... 531 14,289 CA, Inc. (b)................... 1,096 20,309 Citrix Systems, Inc. (a)....... 514 12,115 Electronic Arts, Inc. (a)(b)... 848 13,602 Intuit, Inc. (a)(b)............ 790 18,794 McAfee, Inc. (a)(b)............ 410 14,174 Microsoft Corp. ............... 21,240 412,906 Oracle Corp. (a)(b)............ 10,522 186,555 Red Hat, Inc. (a)(b)........... 501 6,623 Salesforce.com, Inc. (a)(b).... 272 8,707
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Symantec Corp. (a)(b).......... 2,258 $ 30,528 Synopsys, Inc. (a)(b).......... 373 6,908 VMware, Inc. (Class A) (a)(b).. 99 2,345 ----------- 810,389 ----------- SPECIALTY RETAIL -- 1.8% Abercrombie & Fitch Co. (Class A) (b)....................... 228 5,260 Advance Auto Parts, Inc. (b)... 269 9,052 American Eagle Outfitters, Inc. ........................ 479 4,483 AutoZone, Inc. (a)(b).......... 98 13,668 Bed Bath & Beyond, Inc. (a)(b)....................... 718 18,252 Best Buy Co., Inc. (b)......... 895 25,159 CarMax, Inc. (a)(b)............ 530 4,176 GameStop Corp. (Class A) (a)(b)....................... 402 8,707 Guess ?, Inc. (b).............. 164 2,517 Limited Brands, Inc. (b)....... 776 7,791 Lowe's Cos., Inc. (b).......... 3,924 84,445 O'Reilly Automotive, Inc. (a)(b)....................... 360 11,066 PetSmart, Inc. (b)............. 345 6,365 Ross Stores, Inc. (b).......... 363 10,792 Staples, Inc. (b).............. 1,892 33,905 The Gap, Inc. (b).............. 1,402 18,773 The Home Depot, Inc. (b)....... 4,553 104,810 The Sherwin-Williams Co. (b)... 264 15,774 The TJX Cos., Inc. (b)......... 1,123 23,100 Tiffany & Co. (b).............. 332 7,845 Urban Outfitters, Inc. (a)(b).. 310 4,644 ----------- 420,584 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.3% Coach, Inc. (a)................ 896 18,610 NIKE, Inc. (Class B) (b)....... 706 36,006 Polo Ralph Lauren Corp. (b).... 154 6,993 V. F. Corp. (b)................ 229 12,542 ----------- 74,151 ----------- THRIFTS & MORTGAGE FINANCE -- 0.2% Hudson City Bancorp, Inc. (b).. 1,304 20,812 New York Community Bancorp, Inc. (b)..................... 898 10,740 People's United Financial, Inc. (b).......................... 457 8,148 Sovereign Bancorp, Inc. (a)(b)....................... 1,413 4,211 TFS Financial Corp. (b)........ 296 3,818 ----------- 47,729 ----------- TOBACCO -- 1.7% Altria Group, Inc. ............ 5,544 83,493 Lorillard, Inc. ............... 460 25,921 Philip Morris International, Inc. (b)..................... 5,438 236,607 Reynolds American, Inc. (b).... 468 18,865 UST, Inc. (b).................. 373 25,879 ----------- 390,765 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.1% Fastenal Co. (b)............... 383 13,348 W.W. Grainger, Inc. (b)........ 173 13,639 ----------- 26,987 ----------- WATER UTILITIES(D) -- 0.0% (d) American Water Works Co., Inc. (b).......................... 154 3,216 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.4% American Tower Corp. (Class A) (a)(b)....................... 1,067 31,284 Crown Castle International Corp. (a)(b)................. 645 11,339 Leap Wireless International, Inc. (a)(b).................. 130 3,496 MetroPCS Communications, Inc. (a).......................... 613 9,103 NII Holdings, Inc. (a)(b)...... 443 8,054 SBA Communications Corp. (Class A) (a)....................... 276 4,504 Sprint Nextel Corp. (a)(b)..... 7,580 13,871 Telephone & Data Systems, Inc. (b).......................... 272 8,636 US Cellular Corp. (a)(b)....... 44 1,903 ----------- 92,190 ----------- TOTAL COMMON STOCKS -- (Cost $25,850,578)........... 22,853,810 ----------- SHORT TERM INVESTMENTS -- 24.6% MONEY MARKET FUNDS -- 24.6% State Street Navigator Securities Lending Prime Portfolio (e)(f)............. 5,408,269 5,408,269 STIC Prime Portfolio........... 235,398 235,398 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $5,643,667)............ 5,643,667 ----------- TOTAL INVESTMENTS -- 124.3% (Cost $31,494,245)........... 28,497,477 OTHER ASSETS AND LIABILITIES -- (24.3)%....... (5,573,637) ----------- NET ASSETS -- 100.0%........... $22,923,840 ===========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Affiliated issuer. (Note 3) (d) Amount shown represents less than 0.05% of net assets. (e) Investments of cash collateral for securities loaned. (f) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% AEROSPACE & DEFENSE -- 2.8% Alliant Techsystems, Inc. (a)(b)...................... 1,251 $ 107,286 General Dynamics Corp. ....... 12,520 721,027 L-3 Communications Holdings, Inc. ....................... 4,670 344,553 Lockheed Martin Corp. ........ 12,280 1,032,502 Precision Castparts Corp. .... 5,341 317,683 Rockwell Collins, Inc. ....... 6,091 238,097 Spirit Aerosystems Holdings, Inc. (a)(b)................. 3,774 38,381 United Technologies Corp. (b)......................... 33,963 1,820,417 ------------ 4,619,946 ------------ AIR FREIGHT & LOGISTICS -- 0.8% C.H. Robinson Worldwide, Inc. (b)......................... 6,578 361,987 Expeditors International Washington, Inc. (b)........ 8,243 274,245 FedEx Corp. .................. 11,136 714,374 ------------ 1,350,606 ------------ AIRLINES -- 0.2% AMR Corp. (a)(b).............. 10,689 114,052 Southwest Airlines Co. (b).... 28,263 243,627 ------------ 357,679 ------------ AUTO COMPONENTS -- 0.1% BorgWarner, Inc. (b).......... 4,464 97,181 The Goodyear Tire & Rubber Co. (a)(b)...................... 8,921 53,259 ------------ 150,440 ------------ AUTOMOBILES -- 0.1% Harley-Davidson, Inc. (b)..... 9,039 153,392 ------------ BEVERAGES -- 2.3% Brown-Forman Corp. (Class B) (b)......................... 3,546 182,584 Constellation Brands, Inc. (Class A) (a)(b)............ 7,219 113,844 Hansen Natural Corp. (a)...... 2,929 98,209 PepsiCo, Inc. ................ 60,202 3,297,264 The Pepsi Bottling Group, Inc. ....................... 5,297 119,235 ------------ 3,811,136 ------------ BIOTECHNOLOGY -- 5.1% Abraxis Bioscience, Inc. (a)(b)...................... 214 14,107 Alexion Pharmaceuticals, Inc. (a)(b)...................... 2,878 104,155 Amgen, Inc. (a)............... 40,677 2,349,097 Amylin Pharmaceuticals, Inc. (a)(b)...................... 4,857 52,698 Biogen Idec, Inc. (a)......... 11,255 536,076 BioMarin Pharmaceutical, Inc. (a)(b)...................... 3,916 69,705 Celgene Corp. (a)............. 17,462 965,299 Cephalon, Inc. (a)(b)......... 2,588 199,379 Genentech, Inc. (a)........... 17,848 1,479,778 Genzyme Corp. (a)............. 10,297 683,412 Gilead Sciences, Inc. (a)(b).. 35,131 1,796,599 Vertex Pharmaceuticals, Inc. (a)(b)...................... 5,787 175,809 ------------ 8,426,114 ------------ CAPITAL MARKETS -- 1.3% Affiliated Managers Group, Inc. (a)(b)................. 1,528 64,054 BlackRock, Inc. (b)........... 720 96,588 Eaton Vance Corp. (b)......... 4,481 94,146 Franklin Resources, Inc. (b).. 6,171 393,586 Invesco, Ltd. (b)............. 14,911 215,315 Raymond James Financial, Inc. (b)......................... 3,550 60,811 SEI Investments Co. (b)....... 5,170 81,221 T. Rowe Price Group, Inc. (b)......................... 9,831 348,411 TD Ameritrade Holding Corp. (a)......................... 9,516 135,603 The Charles Schwab Corp. ..... 36,085 583,494 ------------ 2,073,229 ------------ CHEMICALS -- 1.9% Airgas, Inc. ................. 2,616 101,998 Albemarle Corp. .............. 3,553 79,232 Celanese Corp. (Series A) (b)......................... 5,518 68,589 Ecolab, Inc. ................. 6,640 233,396 Huntsman Corp. (b)............ 3,173 10,915 Intrepid Potash, Inc. (a)(b).. 1,518 31,529 Monsanto Co. ................. 20,789 1,462,506 Praxair, Inc. ................ 12,139 720,571 Sigma-Aldrich Corp. .......... 4,176 176,394 Terra Industries, Inc. ....... 3,902 65,046 The Mosaic Co. ............... 5,770 199,642 ------------ 3,149,818 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.8% Cintas Corp. (b).............. 5,221 121,284 Copart, Inc. (a)(b)........... 2,373 64,522 Corrections Corp. of America (a)......................... 4,662 76,270 Covanta Holding Corp. (a)(b).. 4,816 105,759 Iron Mountain, Inc. (a)(b).... 7,043 174,174 Stericycle, Inc. (a)(b)....... 3,350 174,468 Waste Management, Inc. (a).... 18,942 627,738 ------------ 1,344,215 ------------ COMMUNICATIONS EQUIPMENT -- 4.5% Cisco Systems, Inc. (a)....... 226,532 3,692,472 Corning, Inc. ................ 60,013 571,924 EchoStar Corp. (Class A) (a)(b)...................... 1,494 22,216 Harris Corp. ................. 5,208 198,164 JDS Uniphase Corp. (a)(b)..... 8,362 30,521 Juniper Networks, Inc. (a)(b)...................... 20,935 366,572 Motorola, Inc. (b)............ 81,232 359,858 QUALCOMM, Inc. ............... 63,164 2,263,166 ------------ 7,504,893 ------------ COMPUTERS & PERIPHERALS -- 5.1% Apple, Inc. (a)(b)............ 34,197 2,918,714 Dell, Inc. (a)................ 66,371 679,639 EMC Corp. (a)................. 79,034 827,486 Hewlett-Packard Co. .......... 94,897 3,443,812 NCR Corp. (a)................. 6,025 85,193 NetApp, Inc. (a).............. 12,588 175,854 SanDisk Corp. (a)(b).......... 8,621 82,762 Teradata Corp. (a)............ 6,701 99,376 Western Digital Corp. (a)..... 8,719 99,833 ------------ 8,412,669 ------------ CONSTRUCTION & ENGINEERING -- 0.6% Fluor Corp. .................. 6,920 310,501 Foster Wheeler, Ltd. (a)...... 5,371 125,574 Jacobs Engineering Group, Inc. (a)(b)...................... 4,675 224,868 KBR, Inc. (b)................. 6,127 93,130 Quanta Services, Inc. (a)..... 7,588 150,242 The Shaw Group, Inc. (a)...... 2,837 58,073 ------------ 962,388 ------------ CONSTRUCTION MATERIALS -- 0.1% Martin Marietta Materials, Inc. (b).................... 1,606 155,911 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- CONSUMER FINANCE -- 0.6% American Express Co. (b)...... 39,164 $ 726,492 Discover Financial Services... 18,411 175,457 ------------ 901,949 ------------ CONTAINERS & PACKAGING -- 0.3% Ball Corp. (b)................ 3,620 150,556 Crown Holdings, Inc. (a)...... 6,187 118,790 Pactiv Corp. (a)(b)........... 5,023 124,972 Sealed Air Corp. ............. 6,093 91,030 ------------ 485,348 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.6% Apollo Group, Inc. (a)........ 5,053 387,161 DeVry, Inc. .................. 2,384 136,866 H&R Block, Inc. (b)........... 12,995 295,246 ITT Educational Services, Inc. (a)(b)...................... 1,484 140,950 Weight Watchers International, Inc. (b).................... 1,283 37,746 ------------ 997,969 ------------ DIVERSIFIED FINANCIAL SERVICES -- 0.9% CME Group, Inc. .............. 2,573 535,467 Intercontinental Exchange, Inc. (a).................... 2,811 231,739 Leucadia National Corp. (a)... 6,421 127,136 Moody's Corp. (b)............. 7,855 157,807 NYSE Euronext (b)............. 8,737 239,219 The Nasdaq OMX Group, Inc. (a)(b)...................... 6,046 149,396 ------------ 1,440,764 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.1% Level 3 Communications, Inc. (a)(b)...................... 59,436 41,605 Windstream Corp. (b).......... 16,363 150,540 ------------ 192,145 ------------ ELECTRIC UTILITIES -- 0.1% Allegheny Energy, Inc. ....... 6,513 220,530 ------------ ELECTRICAL EQUIPMENT -- 1.2% AMETEK, Inc. ................. 4,127 124,676 Cooper Industries, Ltd. (Class A) (b)...................... 6,739 196,981 Emerson Electric Co. ......... 30,080 1,101,229 First Solar, Inc. (a)(b)...... 1,705 235,222 Roper Industries, Inc. (b).... 3,495 151,718 SunPower Corp. (Class A) (a)(b)...................... 3,184 117,808 ------------ 1,927,634 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.9% Agilent Technologies, Inc. (a)......................... 13,645 213,271 Amphenol Corp. (Class A) (b).. 6,506 156,014 Arrow Electronics, Inc. (a)... 4,505 84,874 Avnet, Inc. (a)............... 5,545 100,974 Dolby Laboratories, Inc. (a)(b)...................... 1,956 64,079 FLIR Systems, Inc. (a)(b)..... 5,372 164,813 Itron, Inc. (a)(b)............ 1,276 81,332 Jabil Circuit, Inc. .......... 6,933 46,798 Mettler-Toledo International, Inc. (a)(b)................. 1,322 89,103 Molex, Inc. (b)............... 5,289 76,638 Trimble Navigation, Ltd. (a)(b)...................... 4,499 97,223 Tyco Electronics, Ltd. ....... 18,185 294,779 ------------ 1,469,898 ------------ ENERGY EQUIPMENT & SERVICES -- 3.2% Baker Hughes, Inc. (b)........ 11,810 378,747 BJ Services Co. (b)........... 10,954 127,833 Cameron International Corp. (a)......................... 8,108 166,214 Diamond Offshore Drilling, Inc. (b).................... 2,523 148,706 ENSCO International, Inc. .... 5,479 155,549 Exterran Holdings, Inc. (a)(b)...................... 2,371 50,502 FMC Technologies, Inc. (a).... 4,925 117,363 Halliburton Co. .............. 34,435 626,028 Helmerich & Payne, Inc. (b)... 3,647 82,969 IHS, Inc. (Class A) (a)(b).... 1,653 61,855 Nabors Industries, Ltd. (a)(b)...................... 10,727 128,402 National-Oilwell Varco, Inc. (a)......................... 15,769 385,394 Noble Corp. .................. 10,303 227,593 Patterson-UTI Energy, Inc. (b)......................... 5,809 66,862 Pride International, Inc. (a)......................... 6,412 102,464 Rowan Cos., Inc. ............. 4,137 65,778 Schlumberger, Ltd. ........... 45,886 1,942,354 Smith International, Inc. .... 8,361 191,383 Superior Energy Services, Inc. (a)......................... 2,961 47,169 Weatherford International, Ltd. (a)(b)................. 26,120 282,619 ------------ 5,355,784 ------------ FOOD & STAPLES RETAILING -- 5.6% Costco Wholesale Corp. ....... 16,709 877,223 CVS Caremark Corp. ........... 55,063 1,582,511 Sysco Corp. .................. 23,135 530,717 Wal-Mart Stores, Inc. ........ 93,904 5,264,258 Walgreen Co. (b).............. 38,182 941,950 Whole Foods Market, Inc. ..... 5,137 48,493 ------------ 9,245,152 ------------ FOOD PRODUCTS -- 0.5% Archer-Daniels-Midland Co. ... 22,527 649,453 Dean Foods Co. (a)(b)......... 5,946 106,850 ------------ 756,303 ------------ GAS UTILITIES -- 0.3% Energen Corp. (b)............. 2,383 69,893 Equitable Resources, Inc. (b)......................... 4,992 167,482 ONEOK, Inc. .................. 3,795 110,510 Questar Corp. (b)............. 6,697 218,925 ------------ 566,810 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 4.1% Baxter International, Inc. ... 23,837 1,277,425 Beckman Coulter, Inc. (b)..... 2,330 102,380 Becton, Dickinson & Co. ...... 8,831 603,952 Boston Scientific Corp. (a)... 56,917 440,538 C.R. Bard, Inc. (b)........... 3,809 320,946 Covidien, Ltd. ............... 18,896 684,791 Dentsply International, Inc. (b)......................... 5,175 146,142 Hologic, Inc. (a)(b).......... 9,982 130,465 IDEXX Laboratories, Inc. (a)(b)...................... 2,204 79,520 Intuitive Surgical, Inc. (a)(b)...................... 1,474 187,183 Kinetic Concepts, Inc. (a)(b)...................... 1,855 35,579 Medtronic, Inc. .............. 43,186 1,356,904 St. Jude Medical, Inc. (a).... 13,091 431,479 Stryker Corp. ................ 12,047 481,278 Varian Medical Systems, Inc. (a)(b)...................... 4,851 169,979 Zimmer Holdings, Inc. (a)..... 8,620 348,421 ------------ 6,796,982 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- HEALTH CARE PROVIDERS & SERVICES -- 3.8% Aetna, Inc. .................. 17,831 $ 508,184 AmerisourceBergen Corp. ...... 6,095 217,348 Cardinal Health, Inc. ........ 13,698 472,170 Community Health Systems, Inc. (a)(b)...................... 3,486 50,826 Coventry Health Care, Inc. (a)(b)...................... 5,500 81,840 DaVita, Inc. (a).............. 4,032 199,866 Express Scripts, Inc. (Class A) (a)...................... 8,032 441,599 Health Net, Inc. (a)(b)....... 3,944 42,950 Henry Schein, Inc. (a)........ 3,504 128,562 Humana, Inc. (a).............. 6,565 244,743 Lincare Holdings, Inc. (a)(b)...................... 2,938 79,120 McKesson Corp. (b)............ 10,664 413,017 Medco Health Solutions, Inc. (a)......................... 19,465 815,778 Omnicare, Inc. ............... 3,945 109,513 Patterson Cos., Inc. (a)(b)... 4,396 82,425 Quest Diagnostics, Inc. (b)... 5,774 299,728 UnitedHealth Group, Inc. ..... 47,279 1,257,621 WellPoint, Inc. (a)........... 19,642 827,518 ------------ 6,272,808 ------------ HEALTH CARE TECHNOLOGY -- 0.1% Cerner Corp. (a)(b)........... 2,407 92,549 IMS Health, Inc. ............. 6,999 106,105 ------------ 198,654 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.1% Burger King Holdings, Inc. (b)......................... 3,382 80,762 Darden Restaurants, Inc. (b).. 4,987 140,534 International Game Technology (b)......................... 11,270 134,000 Las Vegas Sands Corp. (a)(b).. 10,731 63,635 Marriott International, Inc. (Class A) (b)............... 11,762 228,771 MGM Mirage, Inc. (a)(b)....... 3,497 48,119 Penn National Gaming, Inc. (a)......................... 2,655 56,764 Starbucks Corp. (a)........... 28,253 267,273 Starwood Hotels & Resorts Worldwide, Inc. (b)......... 6,293 112,645 Wyndham Worldwide Corp. (b)... 6,358 41,645 Wynn Resorts, Ltd. (a)........ 2,548 107,678 Yum! Brands, Inc. ............ 17,945 565,267 ------------ 1,847,093 ------------ HOUSEHOLD DURABLES -- 0.2% Garmin, Ltd. (b).............. 4,607 88,316 Pulte Homes, Inc. (b)......... 8,120 88,752 Toll Brothers, Inc. (a)(b).... 4,750 101,792 ------------ 278,860 ------------ HOUSEHOLD PRODUCTS -- 5.4% Church & Dwight Co., Inc. .... 2,674 150,065 Colgate-Palmolive Co. (b)..... 19,577 1,341,807 Energizer Holdings, Inc. (a)(b)...................... 2,133 115,481 Procter & Gamble Co. (b)...... 113,982 7,046,367 The Clorox Co. ............... 5,291 293,968 ------------ 8,947,688 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.5% Calpine Corp. (a)(b).......... 13,921 101,345 Constellation Energy Group, Inc. (b).................... 6,877 172,544 Dynegy, Inc. (Class A) (a).... 18,024 36,048 NRG Energy, Inc. (a)(b)....... 8,846 206,377 Reliant Energy, Inc. (a)...... 12,898 74,550 The AES Corp. (a)(b).......... 25,657 211,414 ------------ 802,278 ------------ INDUSTRIAL CONGLOMERATES -- 0.1% McDermott International, Inc. (a)......................... 8,450 83,486 ------------ INSURANCE -- 1.0% AFLAC, Inc. .................. 18,109 830,116 Axis Capital Holdings, Ltd. .. 5,461 159,024 Brown & Brown, Inc. .......... 4,124 86,192 The Progressive Corp. ........ 24,338 360,446 W.R. Berkley Corp. ........... 5,299 164,269 ------------ 1,600,047 ------------ INTERNET & CATALOG RETAIL -- 0.5% Amazon.com, Inc. (a).......... 11,892 609,822 Expedia, Inc. (a)............. 7,442 61,322 Liberty Media Holding Corp. -- Interactive (Series A) (a)(b)................... 22,605 70,528 priceline.com, Inc. (a)(b).... 1,514 111,506 ------------ 853,178 ------------ INTERNET SOFTWARE & SERVICES -- 2.5% Akamai Technologies, Inc. (a)(b)...................... 6,529 98,523 eBay, Inc. (a)................ 43,004 600,336 Google, Inc. (Class A) (a).... 8,723 2,683,631 IAC/InterActiveCorp (a)(b).... 2,359 37,107 VeriSign, Inc. (a)(b)......... 7,473 142,585 Yahoo!, Inc. (a)(b)........... 49,637 605,571 ------------ 4,167,753 ------------ IT SERVICES -- 3.0% Accenture, Ltd. (Class A)..... 21,278 697,706 Affiliated Computer Services, Inc. (Class A) (a).......... 3,549 163,076 Alliance Data Systems Corp. (a)(b)...................... 2,465 114,696 Automatic Data Processing, Inc. (b).................... 19,787 778,420 Cognizant Technology Solutions Corp. (Class A) (a)(b)...... 11,169 201,712 DST Systems, Inc. (a)(b)...... 1,599 60,730 Fidelity National Information Services, Inc. ............. 7,026 114,313 Fiserv, Inc. (a).............. 6,396 232,622 Global Payments, Inc. ........ 3,058 100,272 Hewitt Associates, Inc. (Class A) (a)...................... 3,489 99,018 Mastercard, Inc. (Class A) (b)......................... 3,309 472,955 Metavante Technologies, Inc. (a)(b)...................... 3,216 51,810 Paychex, Inc. (b)............. 12,445 327,055 SAIC, Inc. (a)................ 7,370 143,568 The Western Union Co. ........ 28,073 402,567 Total System Services, Inc. .. 7,721 108,094 Visa, Inc. (Class A) (b)...... 16,508 865,845 ------------ 4,934,459 ------------ LIFE SCIENCES TOOLS & SERVICES -- 0.9% Charles River Laboratories International, Inc. (a)(b).. 2,640 69,168 Covance, Inc. (a)............. 2,413 111,070 Illumina, Inc. (a)(b)......... 4,758 123,946 Life Technologies Corp (a)(b)...................... 6,715 156,527 Millipore Corp. (a)(b)........ 2,175 112,056 PerkinElmer, Inc. ............ 4,406 61,287 Pharmaceutical Product Development, Inc. .......... 3,958 114,822
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Thermo Fisher Scientific, Inc. (a)(b)...................... 16,137 $ 549,788 Waters Corp. (a)(b)........... 3,825 140,186 ------------ 1,438,850 ------------ MACHINERY -- 3.0% AGCO Corp. (a)(b)............. 3,398 80,159 Bucyrus International, Inc. (Class A) (b)............... 2,796 51,782 Caterpillar, Inc. ............ 23,430 1,046,618 Cummins, Inc. ................ 7,015 187,511 Danaher Corp. (b)............. 9,471 536,153 Deere & Co. (b)............... 16,620 636,879 Donaldson Co., Inc. .......... 2,597 87,389 Dover Corp. (b)............... 7,331 241,337 Harsco Corp. (b).............. 3,134 86,749 Illinois Tool Works, Inc. (b)......................... 17,163 601,563 ITT Corp. .................... 7,025 323,080 Joy Global, Inc. ............. 4,036 92,384 Lincoln Electric Holdings, Inc. (b).................... 1,528 77,821 Navistar International Corp. (a)(b)...................... 2,274 48,618 PACCAR, Inc. (b).............. 13,410 383,526 Pall Corp. ................... 4,666 132,654 Parker-Hannifin Corp. ........ 6,471 275,276 Terex Corp. (a)............... 3,657 63,339 The Manitowoc Co., Inc. (b)... 4,767 41,282 ------------ 4,994,120 ------------ MEDIA -- 5.0% Ascent Media Corp. (Series A) (a)......................... 493 10,767 Cablevision Systems Corp. (Class A) (b)............... 8,645 145,582 Clear Channel Outdoor Holdings, Inc. (Class A) (b)......................... 1,342 8,253 Comcast Corp. (Class A)....... 106,074 1,790,529 Discovery Communications, Inc. (Series A) (a)(b)........... 10,422 147,575 DISH Network Corp. (Class A) (a)(b)...................... 7,875 87,334 Lamar Advertising Co. (Class A) (a)(b)................... 2,569 32,267 Liberty Global, Inc. (Series A) (a)(b)................... 11,573 184,242 Liberty Media Corp. -- Entertainment (Series A) (a).............. 19,920 348,202 News Corp. (Class A).......... 88,835 807,510 Omnicom Group, Inc. .......... 12,324 331,762 Scripps Networks Interactive (Class A) (b)............... 3,030 66,660 Sirius XM Radio, Inc. (a)(b).. 118,371 14,204 The DIRECTV Group, Inc. (a)(b)...................... 21,065 482,599 The McGraw-Hill Cos., Inc. ... 12,336 286,072 The Walt Disney Co. .......... 67,043 1,521,206 Time Warner Cable, Inc. (Class A) (a)(b)................... 5,773 123,831 Time Warner, Inc. (b)......... 144,205 1,450,702 Viacom, Inc. (a)(b)........... 21,213 404,320 Virgin Media, Inc. (b)........ 11,524 57,505 ------------ 8,301,122 ------------ METALS & MINING -- 1.2% AK Steel Holding Corp. ....... 4,370 40,728 Allegheny Technologies, Inc. (b)......................... 3,700 94,461 Freeport-McMoRan Copper & Gold, Inc. ................. 14,684 358,877 Newmont Mining Corp. ......... 16,990 691,493 Nucor Corp. (b)............... 10,912 504,134 Reliance Steel & Aluminum Co. ........................ 2,386 47,577 Southern Copper Corp. (b)..... 8,166 131,146 Steel Dynamics, Inc. ......... 7,408 82,822 ------------ 1,951,238 ------------ MULTI-UTILITIES -- 0.3% Public Service Enterprise Group, Inc. ................ 19,436 566,948 ------------ MULTILINE RETAIL -- 1.1% Dollar Tree Stores, Inc. (a).. 3,559 148,766 Family Dollar Stores, Inc. (b)......................... 5,206 135,720 J. C. Penney Co., Inc. (b).... 7,505 147,849 Kohl's Corp. (a)(b)........... 11,229 406,490 Nordstrom, Inc. (b)........... 6,194 82,442 Target Corp. (b).............. 26,258 906,689 ------------ 1,827,956 ------------ OFFICE ELECTRONICS -- 0.2% Xerox Corp. .................. 33,896 270,151 ------------ OIL, GAS & CONSUMABLE FUELS -- 4.3% Alpha Natural Resources, Inc. (a)......................... 2,626 42,515 Anadarko Petroleum Corp. (b).. 17,900 690,045 Arch Coal, Inc. (b)........... 5,230 85,197 Cabot Oil & Gas Corp. ........ 3,790 98,540 Chesapeake Energy Corp. (b)... 23,108 373,656 Cimarex Energy Co. (b)........ 2,983 79,885 CNX Gas Corp. (a)(b).......... 1,008 27,518 CONSOL Energy, Inc. .......... 7,029 200,889 Continental Resources, Inc. (a)(b)...................... 1,094 22,657 Denbury Resources, Inc. (a)(b)...................... 9,376 102,386 Energy Transfer Equity LP (b)......................... 7,620 123,520 EOG Resources, Inc. .......... 9,482 631,311 Hess Corp. ................... 11,190 600,232 Kinder Morgan Energy Partners LP (b)...................... 6,453 295,225 Kinder Morgan Management LLC (a)(b)...................... 2,705 108,146 Massey Energy Co. ............ 3,130 43,163 Murphy Oil Corp. ............. 7,282 322,957 Newfield Exploration Co. (a).. 5,064 100,014 Patriot Coal Corp. (a)(b)..... 1,949 12,181 Peabody Energy Corp. ......... 10,423 237,123 Petrohawk Energy Corp. (a).... 9,650 150,829 Plains Exploration & Production Co. (a)(b)....... 3,894 90,497 Quicksilver Resources, Inc. (a)(b)...................... 4,173 23,244 Range Resources Corp. ........ 5,952 204,689 SandRidge Energy, Inc. (a)(b)...................... 3,438 21,144 Southwestern Energy Co. (a)(b)...................... 13,163 381,332 Sunoco, Inc. (b).............. 4,547 197,613 The Williams Cos., Inc. (b)... 22,101 320,022 Ultra Petroleum Corp. (a)..... 5,685 196,189 Valero Energy Corp. .......... 20,094 434,834 Walter Industries, Inc. ...... 2,032 35,580 XTO Energy, Inc. ............. 22,178 782,218 ------------ 7,035,351 ------------ PERSONAL PRODUCTS -- 0.3% Avon Products, Inc. .......... 16,371 393,395 The Estee Lauder Cos., Inc. (Class A) (b)............... 3,885 120,280 ------------ 513,675 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- PHARMACEUTICALS -- 5.2% Allergan, Inc. ............... 11,822 $ 476,663 Endo Pharmaceuticals Holdings, Inc. (a)(b)................. 4,596 118,944 Forest Laboratories, Inc. (a)......................... 11,600 295,452 Johnson & Johnson............. 107,517 6,432,742 King Pharmaceuticals, Inc. (a)......................... 9,198 97,683 Mylan, Inc. (a)(b)............ 11,104 109,819 Schering-Plough Corp. (b)..... 62,300 1,060,969 Warner Chilcott, Ltd. (Class A) (a)(b)................... 2,950 42,775 ------------ 8,635,047 ------------ PROFESSIONAL SERVICES -- 0.4% Equifax, Inc. (b)............. 4,791 127,057 FTI Consulting, Inc. (a)(b)... 1,864 83,283 Manpower, Inc. ............... 3,040 103,330 Monster Worldwide, Inc. (a)(b)...................... 4,517 54,611 Robert Half International, Inc. (b).................... 5,927 123,400 The Dun & Bradstreet Corp. ... 2,149 165,903 ------------ 657,584 ------------ REAL ESTATE INVESTMENT TRUSTS -- 0.4% Camden Property Trust (b)..... 1,948 61,050 CapitalSource, Inc. (b)....... 8,400 38,808 Simon Property Group, Inc. (b)......................... 8,587 456,227 Ventas, Inc. (b).............. 5,347 179,499 ------------ 735,584 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Brookfield Properties Corp. .. 7,580 58,594 CB Richard Ellis Group, Inc. (Class A) (a)(b)............ 9,632 41,610 ------------ 100,204 ------------ ROAD & RAIL -- 0.8% CSX Corp. .................... 15,399 500,006 Hertz Global Holdings, Inc. (a)(b)...................... 4,644 23,545 J.B. Hunt Transport Services, Inc. (b).................... 4,221 110,886 Norfolk Southern Corp. (b).... 14,405 677,755 ------------ 1,312,192 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.3% Advanced Micro Devices, Inc. (a)(b)...................... 21,680 46,829 Altera Corp. ................. 11,415 190,745 Analog Devices, Inc. ......... 11,134 211,769 Applied Materials, Inc. (b)... 52,157 528,350 Broadcom Corp. (Class A) (a).. 16,664 282,788 Cypress Semiconductor Corp. (a)(b)...................... 5,603 25,045 Intersil Corp. (Class A)...... 4,461 40,997 KLA-Tencor Corp. (b).......... 6,402 139,500 Lam Research Corp. (a)(b)..... 4,897 104,208 Linear Technology Corp. (b)... 7,883 174,372 LSI Logic Corp. (a)(b)........ 24,560 80,802 Marvell Technology Group, Ltd. (a)......................... 18,229 121,587 Maxim Integrated Products, Inc. ....................... 12,451 142,190 MEMC Electronic Materials, Inc. (a)(b)................. 8,676 123,893 Microchip Technology, Inc. (b)......................... 7,116 138,976 Micron Technology, Inc. (a)(b)...................... 29,264 77,257 National Semiconductor Corp. (b)......................... 8,802 88,636 NVIDIA Corp. (a).............. 21,378 172,520 ON Semiconductor Corp. (a)(b)...................... 14,704 49,994 Texas Instruments, Inc. ...... 50,111 777,723 Varian Semiconductor Equipment Associates, Inc. (a)(b)..... 2,660 48,199 Xilinx, Inc. (b).............. 10,564 188,251 ------------ 3,754,631 ------------ SOFTWARE -- 7.0% Activision Blizzard, Inc. (a)......................... 22,866 197,562 Adobe Systems, Inc. (a)....... 20,341 433,060 Ansys, Inc. (a)(b)............ 3,313 92,399 Autodesk, Inc. (a)(b)......... 8,355 164,176 BMC Software, Inc. (a)(b)..... 7,475 201,152 CA, Inc. ..................... 15,904 294,701 Citrix Systems, Inc. (a)...... 7,175 169,115 Electronic Arts, Inc. (a)(b).. 12,258 196,618 Intuit, Inc. (a)(b)........... 11,330 269,541 McAfee, Inc. (a)(b)........... 5,845 202,062 Microsoft Corp. .............. 304,449 5,918,488 Oracle Corp. (a)(b)........... 151,019 2,677,567 Red Hat, Inc. (a)(b).......... 7,400 97,828 Salesforce.com, Inc. (a)(b)... 3,865 123,719 Symantec Corp. (a)............ 32,448 438,697 VMware, Inc. (Class A) (a)(b)...................... 1,369 32,432 ------------ 11,509,117 ------------ SPECIALTY RETAIL -- 3.4% Abercrombie & Fitch Co. (Class A) (b)...................... 3,252 75,024 Advance Auto Parts, Inc. ..... 3,672 123,563 American Eagle Outfitters, Inc. ....................... 6,365 59,576 AutoZone, Inc. (a)............ 1,364 190,237 Bed Bath & Beyond, Inc. (a)(b)...................... 10,108 256,945 Best Buy Co., Inc. (b)........ 12,953 364,109 CarMax, Inc. (a)(b)........... 7,114 56,058 GameStop Corp. (Class A) (a)(b)...................... 5,841 126,516 Guess ?, Inc. ................ 2,213 33,970 Lowe's Cos., Inc. ............ 56,242 1,210,328 O'Reilly Automotive, Inc. (a)(b)...................... 4,983 153,177 PetSmart, Inc. (b)............ 4,817 88,874 Ross Stores, Inc. (b)......... 4,982 148,115 Staples, Inc. (b)............. 27,121 486,008 The Gap, Inc. ................ 20,350 272,487 The Home Depot, Inc. (b)...... 65,318 1,503,620 The TJX Cos., Inc. ........... 16,158 332,370 Tiffany & Co. (b)............. 4,721 111,557 Urban Outfitters, Inc. (a)(b)...................... 4,309 64,549 ------------ 5,657,083 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.5% Coach, Inc. (a)............... 12,722 264,236 NIKE, Inc. (Class B).......... 10,383 529,533 Polo Ralph Lauren Corp. (b)... 2,165 98,313 ------------ 892,082 ------------ THRIFTS & MORTGAGE FINANCE -- 0.2% Hudson City Bancorp, Inc. (b)......................... 18,290 291,908 TFS Financial Corp. (b)....... 3,410 43,989 ------------ 335,897 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.1% Fastenal Co. (b).............. 5,437 189,479 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.7% American Tower Corp. (Class A) (a)(b)...................... 15,260 447,423
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Crown Castle International Corp. (a)(b)................ 9,361 $ 164,566 Leap Wireless International, Inc. (a)(b)................. 2,021 54,345 MetroPCS Communications, Inc. (a)(b)...................... 9,508 141,194 NII Holdings, Inc. (a)........ 6,158 111,952 SBA Communications Corp. (Class A) (a)............... 4,524 73,832 Telephone & Data Systems, Inc. (b)......................... 3,859 122,523 US Cellular Corp. (a)......... 502 21,707 ------------ 1,137,542 ------------ TOTAL COMMON STOCKS -- (Cost $247,837,734)......... 164,631,861 ------------ SHORT TERM INVESTMENTS -- 18.1% MONEY MARKET FUNDS -- 18.1% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 28,955,817 28,955,817 STIC Prime Portfolio.......... 1,045,590 1,045,590 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $30,001,407)................ 30,001,407 ------------ TOTAL INVESTMENTS -- 117.8% (Cost $277,839,141)......... 194,633,268 OTHER ASSETS AND LIABILITIES -- (17.8)%...... (29,450,154) ------------ NET ASSETS -- 100.0%.......... $165,183,114 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan as of December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% AEROSPACE & DEFENSE -- 2.1% Boeing Co. ................... 15,569 $ 664,329 Goodrich Corp. ............... 2,975 110,135 Honeywell International, Inc. ....................... 15,797 518,616 Northrop Grumman Corp. ....... 7,183 323,522 Raytheon Co. (a).............. 9,857 503,101 ------------ 2,119,703 ------------ AIR FREIGHT & LOGISTICS -- 0.8% United Parcel Service, Inc. (Class B)................... 15,375 848,085 ------------ AIRLINES -- 0.2% Delta Air Lines, Inc. (b)..... 15,013 172,049 ------------ AUTO COMPONENTS -- 0.3% Johnson Controls, Inc. (a).... 14,062 255,366 WABCO Holdings, Inc. ......... 1,633 25,785 ------------ 281,151 ------------ AUTOMOBILES -- 0.2% Ford Motor Co. (a)(b)......... 56,634 129,692 General Motors Corp. (a)...... 11,529 36,893 ------------ 166,585 ------------ BEVERAGES -- 2.6% Coca-Cola Enterprises, Inc. (a)......................... 7,433 89,419 Dr. Pepper Snapple Group, Inc. (b)......................... 6,048 98,280 Molson Coors Brewing Co. (Class B) (a)............... 3,529 172,639 The Coca-Cola Co. ............ 50,502 2,286,225 ------------ 2,646,563 ------------ BUILDING PRODUCTS -- 0.1% Masco Corp. (a)............... 8,712 96,964 USG Corp. (a)(b).............. 1,592 12,800 ------------ 109,764 ------------ CAPITAL MARKETS -- 3.2% AllianceBernstein Holding LP (a)......................... 760 15,800 Ameriprise Financial, Inc. ... 5,092 118,949 Federated Investors, Inc. (Class B)................... 2,171 36,820 Janus Capital Group, Inc. (a)......................... 3,811 30,602 Legg Mason, Inc. (a).......... 3,307 72,456 Merrill Lynch & Co., Inc. .... 30,609 356,289 Morgan Stanley................ 22,962 368,311 Northern Trust Corp. (a)...... 5,259 274,204 Och-Ziff Capital Management Group LLC (a)............... 773 3,981 State Street Corp. (c)........ 10,312 405,571 The Bank of New York Mellon Corp. ...................... 27,114 768,140 The Blackstone Group LP (a)... 3,479 22,718 The Goldman Sachs Group, Inc. ....................... 9,538 804,912 ------------ 3,278,753 ------------ CHEMICALS -- 1.8% Air Products & Chemicals, Inc. (a)......................... 4,711 236,822 Ashland, Inc. (a)............. 1,612 16,942 CF Industries Holdings, Inc. (a)......................... 1,347 66,219 E. I. du Pont de Nemours & Co. ........................ 21,407 541,597 Eastman Chemical Co. (a)...... 1,641 52,036 FMC Corp. (a)................. 1,788 79,977 International Flavors & Fragrances, Inc. (a)........ 1,877 55,784 Lubrizol Corp. (a)............ 1,678 61,062 PPG Industries, Inc. (a)...... 3,948 167,514 Rohm & Haas Co. .............. 2,940 181,663 The Dow Chemical Co. ......... 22,223 335,345 ------------ 1,794,961 ------------ COMMERCIAL BANKS -- 5.6% BB&T Corp. (a)................ 13,166 361,538 City National Corp. (a)....... 972 47,336 Comerica, Inc. (a)............ 3,609 71,639 Commerce Bancshares, Inc. (a)......................... 1,438 63,200 Fifth Third Bancorp (a)....... 12,764 105,431 Huntington Bancshares, Inc. (a)......................... 8,533 65,363 Keycorp....................... 11,565 98,534 M&T Bank Corp. (a)............ 1,878 107,816 Marshall & Ilsley Corp. (a)... 5,800 79,112 National City Corp. (a)....... 14,766 26,727 PNC Financial Services Group, Inc. ....................... 8,258 404,642 Regions Financial Corp. (a)... 16,597 132,112 SunTrust Banks, Inc. (a)...... 8,443 249,406 Synovus Financial Corp. (a)... 6,725 55,818 U.S. Bancorp (a).............. 41,012 1,025,710 Wachovia Corp. ............... 51,567 285,681 Wells Fargo & Co. (a)......... 83,086 2,449,375 Zions Bancorp (a)............. 2,575 63,113 ------------ 5,692,553 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.5% Avery Dennison Corp. (a)...... 2,205 72,169 Pitney Bowes, Inc. ........... 4,954 126,228 R.R. Donnelley & Sons Co. (a)......................... 5,002 67,927 Republic Services, Inc. ...... 7,982 197,874 ------------ 464,198 ------------ COMPUTERS & PERIPHERALS -- 2.8% International Business Machines Corp. ............. 32,150 2,705,744 Lexmark International, Inc. (Class A) (a)(b)............ 1,881 50,599 Seagate Technology (a)........ 11,307 50,090 Sun Microsystems, Inc. (b).... 17,945 68,550 ------------ 2,874,983 ------------ CONSTRUCTION & ENGINEERING -- 0.1% URS Corp. (a)(b).............. 2,018 82,274 ------------ CONSTRUCTION MATERIALS -- 0.1% Vulcan Materials Co. (a)...... 2,176 151,406 ------------ CONSUMER FINANCE -- 0.4% Capital One Financial Corp. (a)......................... 9,253 295,078 SLM Corp. (a)(b).............. 11,147 99,208 ------------ 394,286 ------------ CONTAINERS & PACKAGING -- 0.2% Bemis Co., Inc. (a)........... 2,462 58,300 Owens-Illinois, Inc. (b)...... 4,043 110,495 Sonoco Products Co. .......... 2,376 55,028 ------------ 223,823 ------------ DISTRIBUTORS -- 0.1% Genuine Parts Co. ............ 3,759 142,316 ------------ DIVERSIFIED FINANCIAL SERVICES -- 5.3% Bank of America Corp. ........ 118,960 1,674,957 CIT Group, Inc. (a)........... 8,504 38,608 Citigroup, Inc. .............. 129,198 866,918 JPMorgan Chase & Co. ......... 88,605 2,793,716 ------------ 5,374,199 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- DIVERSIFIED TELECOMMUNICATION SERVICES -- 6.6% AT&T, Inc. ................... 140,993 $ 4,018,300 CenturyTel, Inc. (a).......... 2,438 66,631 Embarq Corp. (a).............. 3,402 122,336 Frontier Communications Corp. (a)......................... 7,532 65,830 Qwest Communications International, Inc. (a)..... 33,643 122,460 Verizon Communications, Inc. ....................... 67,911 2,302,183 ------------ 6,697,740 ------------ ELECTRIC UTILITIES -- 4.5% American Electric Power Co., Inc. (a).................... 9,574 318,623 DPL, Inc. (a)................. 2,735 62,467 Duke Energy Corp. (a)......... 29,947 449,505 Edison International.......... 7,145 229,497 Entergy Corp. (a)............. 4,485 372,838 Exelon Corp. (a).............. 15,615 868,350 FirstEnergy Corp. ............ 7,280 353,663 FPL Group, Inc. (a)........... 8,967 451,309 Northeast Utilities (a)....... 3,805 91,548 Pepco Holdings, Inc. (a)...... 5,120 90,931 Pinnacle West Capital Corp. (a)......................... 2,407 77,337 PPL Corp. .................... 8,884 272,650 Progress Energy, Inc. (a)..... 6,241 248,704 The Southern Co. (a).......... 18,230 674,510 ------------ 4,561,932 ------------ ELECTRICAL EQUIPMENT -- 0.1% Hubbell, Inc. (Class B) (a)... 1,281 41,863 Rockwell Automation, Inc. .... 3,003 96,817 ------------ 138,680 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.0% (d) Ingram Micro, Inc. (Class A) (b)......................... 3,424 45,847 ------------ FOOD & STAPLES RETAILING -- 0.7% Safeway, Inc. (a)............. 10,203 242,525 SUPERVALU, Inc. (a)........... 5,085 74,241 The Kroger Co. (a)............ 14,551 384,292 ------------ 701,058 ------------ FOOD PRODUCTS -- 2.8% Bunge, Ltd. (a)............... 2,882 149,201 Campbell Soup Co. (a)......... 5,282 158,513 ConAgra Foods, Inc. (a)....... 10,606 174,999 General Mills, Inc. .......... 7,580 460,485 H.J. Heinz Co. (a)............ 7,446 279,970 Hormel Foods Corp. (a)........ 1,816 56,441 Kellogg Co. .................. 5,691 249,550 Kraft Foods, Inc. (a)......... 31,906 856,676 McCormick & Co., Inc. (a)..... 2,814 89,654 Sara Lee Corp. ............... 16,013 156,767 Smithfield Foods, Inc. (a)(b)...................... 3,055 42,984 The Hershey Co. (a)........... 3,808 132,290 Tyson Foods, Inc. (Class A) (a)......................... 6,698 58,675 ------------ 2,866,205 ------------ GAS UTILITIES -- 0.1% National Fuel Gas Co. (a)..... 1,663 52,102 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.1% Hospira, Inc. (b)............. 3,799 101,889 ------------ HEALTH CARE PROVIDERS & SERVICES -- 0.3% CIGNA Corp. .................. 6,558 110,502 Laboratory Corp. of America Holdings (a)(b)............. 2,531 163,022 Universal Health Services, Inc. (Class B) (a).......... 1,136 42,679 ------------ 316,203 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.9% Carnival Corp. ............... 10,078 245,097 McDonald's Corp. ............. 26,444 1,644,553 Royal Caribbean Cruises, Ltd. (a)......................... 3,047 41,896 ------------ 1,931,546 ------------ HOUSEHOLD DURABLES -- 0.6% D.R. Horton, Inc. (a)......... 6,519 46,089 Fortune Brands, Inc. (a)...... 3,580 147,782 Leggett & Platt, Inc. (a)..... 3,827 58,132 Mohawk Industries, Inc. (a)(b)...................... 1,266 54,400 Newell Rubbermaid, Inc. ...... 6,753 66,044 NVR, Inc. (a)(b).............. 119 54,294 The Black & Decker Corp. (a).. 1,434 59,956 The Stanley Works (a)......... 1,851 63,119 Whirlpool Corp. (a)........... 1,776 73,438 ------------ 623,254 ------------ HOUSEHOLD PRODUCTS -- 0.5% Kimberly-Clark Corp. ......... 9,817 517,749 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% Mirant Corp. (a)(b)........... 3,763 71,008 ------------ INDUSTRIAL CONGLOMERATES -- 5.0% 3M Co. (a).................... 15,162 872,422 General Electric Co. ......... 236,927 3,838,217 Textron, Inc. ................ 5,745 79,683 Tyco International, Ltd. (a).. 11,340 244,944 ------------ 5,035,266 ------------ INSURANCE -- 7.3% American International Group, Inc. (a).................... 55,916 87,788 AON Corp. (a)................. 5,631 257,224 Arch Capital Group, Ltd. (a)(b)...................... 1,190 83,419 Assurant, Inc. ............... 2,354 70,620 Berkshire Hathaway, Inc. (Class A) (a)(b)............ 28 2,704,800 Chubb Corp. .................. 8,395 428,145 Cincinnati Financial Corp. (a)......................... 3,521 102,355 CNA Financial Corp. (a)....... 651 10,702 Everest Re Group, Ltd. ....... 1,410 107,357 Fidelity National Financial, Inc. (Class A) (a).......... 5,175 91,856 Genworth Financial, Inc. (Class A) (a)............... 10,327 29,225 Hartford Financial Services Group, Inc. ................ 7,197 118,175 Lincoln National Corp. (a).... 6,190 116,620 Loews Corp. .................. 8,459 238,967 Markel Corp. (a)(b)........... 238 71,162 Marsh & McLennan Cos., Inc. .. 12,201 296,118 MetLife, Inc. ................ 12,031 419,401 Nationwide Financial Services, Inc. (Class A) (a).......... 1,276 66,620 Old Republic International Corp. (a)................... 5,361 63,903 PartnerRe, Ltd. (a)........... 1,332 94,932 Principal Financial Group, Inc. (a).................... 5,737 129,484
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Protective Life Corp. (a)..... 1,540 $ 22,099 Prudential Financial, Inc. (a)......................... 10,198 308,592 RenaissanceRe Holdings, Ltd. (a)......................... 1,462 75,381 The Allstate Corp. ........... 12,719 416,674 The Travelers Cos., Inc. ..... 13,892 627,918 Torchmark Corp. (a)........... 2,078 92,887 Transatlantic Holdings, Inc. (a)......................... 658 26,360 Unum Group.................... 7,837 145,768 White Mountains Insurance Group, Ltd. ................ 193 51,552 XL Capital, Ltd. (Class A) (a)......................... 7,495 27,732 ------------ 7,383,836 ------------ IT SERVICES -- 0.2% Computer Sciences Corp. (a)(b)...................... 3,614 126,996 Lender Processing Services, Inc. (a).................... 2,263 66,645 ------------ 193,641 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.3% Eastman Kodak Co. (a)......... 6,418 42,231 Hasbro, Inc. (a).............. 3,031 88,414 Mattel, Inc. (a).............. 8,426 134,816 ------------ 265,461 ------------ MACHINERY -- 0.5% Eaton Corp. (a)............... 3,913 194,515 Flowserve Corp. (a)........... 1,378 70,967 Ingersoll-Rand Co., Ltd. (Class A)................... 7,578 131,478 Pentair, Inc. (a)............. 2,382 56,382 SPX Corp. .................... 1,311 53,161 ------------ 506,503 ------------ MEDIA -- 0.3% CBS Corp. (a)................. 14,495 118,714 Gannett Co., Inc. (a)......... 5,322 42,576 The Interpublic Group of Cos., Inc. (a)(b)................. 11,378 45,057 The Washington Post Co. (a)... 132 51,513 ------------ 257,860 ------------ METALS & MINING -- 0.4% Alcoa, Inc. (a)............... 19,013 214,086 Cliffs Natural Resources, Inc. ....................... 2,564 65,664 United States Steel Corp. (a)......................... 2,823 105,016 ------------ 384,766 ------------ MULTI-UTILITIES -- 2.7% Alliant Energy Corp. ......... 2,703 78,874 Ameren Corp. (a).............. 4,894 162,774 CenterPoint Energy, Inc. ..... 7,258 91,596 CMS Energy Corp. (a).......... 5,350 54,089 Consolidated Edison, Inc. (a)......................... 6,468 251,799 Dominion Resources, Inc. (a).. 13,756 493,015 DTE Energy Co. (a)............ 3,907 139,363 Integrys Energy Group, Inc. (a)......................... 1,815 78,009 MDU Resources Group, Inc. .... 3,938 84,982 NiSource, Inc. ............... 6,620 72,621 NSTAR (a)..................... 2,566 93,633 PG&E Corp. (a)................ 8,507 329,306 Puget Energy, Inc. ........... 2,798 76,301 SCANA Corp. (a)............... 2,536 90,282 Sempra Energy................. 5,364 228,667 TECO Energy, Inc. (a)......... 4,591 56,699 Wisconsin Energy Corp. (a).... 2,822 118,468 Xcel Energy, Inc. ............ 10,688 198,262 ------------ 2,698,740 ------------ MULTILINE RETAIL -- 0.2% Macy's, Inc. (a).............. 10,022 103,728 Sears Holdings Corp. (a)(b)... 1,487 57,799 ------------ 161,527 ------------ OIL, GAS & CONSUMABLE FUELS -- 18.7% Apache Corp. ................. 7,857 585,582 Boardwalk Pipeline Partners LP (a)......................... 1,209 21,496 Chevron Corp. ................ 48,202 3,565,502 ConocoPhillips (a)............ 32,726 1,695,207 Devon Energy Corp. ........... 9,906 650,923 El Paso Corp. (a)............. 16,843 131,881 Enbridge Energy Partners LP (a)......................... 1,513 38,581 Energy Transfer Partners LP (a)......................... 1,872 63,667 Enterprise GP Holdings LP (a)......................... 859 14,972 Enterprise Products Partners LP.......................... 6,705 138,995 Exxon Mobil Corp. ............ 120,653 9,631,729 Forest Oil Corp. (a)(b)....... 1,893 31,216 Marathon Oil Corp. ........... 16,960 464,026 Noble Energy, Inc. (a)........ 4,073 200,473 Occidental Petroleum Corp. (a)......................... 19,486 1,168,965 ONEOK Partners LP (a)......... 1,175 53,521 Pioneer Natural Resources Co. (a)......................... 2,851 46,129 Plains All American Pipeline LP.......................... 2,570 89,153 Spectra Energy Corp. ......... 14,680 231,063 Teekay Corp. (a).............. 1,057 20,770 Whiting Petroleum Corp. (a)(b)...................... 1,012 33,862 ------------ 18,877,713 ------------ PAPER & FOREST PRODUCTS -- 0.3% Domtar Corp. (a)(b)........... 11,720 19,573 International Paper Co. (a)... 10,260 121,068 MeadWestvaco Corp. (a)........ 3,853 43,115 Weyerhaeuser Co. (a).......... 5,007 153,264 ------------ 337,020 ------------ PHARMACEUTICALS -- 9.4% Abbott Laboratories........... 36,541 1,950,193 Bristol-Myers Squibb Co. ..... 46,661 1,084,868 Eli Lilly & Co. .............. 22,926 923,230 Merck & Co., Inc. (a)......... 50,141 1,524,287 Pfizer, Inc. ................. 159,963 2,832,945 Wyeth......................... 31,671 1,187,979 ------------ 9,503,502 ------------ REAL ESTATE INVESTMENT TRUSTS -- 2.4% AMB Property Corp. (a)........ 2,360 55,271 Annaly Capital Management, Inc. (a).................... 12,837 203,723 Apartment Investment & Management Co. (Class A) (a)......................... 2,403 27,755 Avalonbay Communities, Inc. (a)......................... 1,836 111,225 Boston Properties, Inc. (a)... 2,841 156,255 Developers Diversified Realty Corp. (a)................... 2,855 13,932 Duke Realty Corp. (a)......... 3,316 36,343 Equity Residential (a)........ 6,471 192,965 Federal Realty Investment Trust (a)................... 1,431 88,836 General Growth Properties, Inc. (a).................... 6,006 7,748 HCP, Inc. (a)................. 5,873 163,093 Health Care REIT, Inc. (a).... 2,432 102,630 Host Hotels & Resorts, Inc. (a)......................... 12,435 94,133
See accompanying notes to financial statements. SPDR DJ WILSHIRE LARGE CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Kimco Realty Corp. (a)........ 5,266 $ 96,263 Liberty Property Trust........ 2,260 51,596 Mack-Cali Realty Corp. (a).... 1,453 35,599 Plum Creek Timber Co., Inc. (a)......................... 3,999 138,925 ProLogis (a).................. 6,268 87,063 Public Storage (a)............ 3,068 243,906 Rayonier, Inc. (a)............ 1,874 58,750 Regency Centers Corp. (a)..... 1,597 74,580 SL Green Realty Corp. (a)..... 1,389 35,975 The Macerich Co. (a).......... 1,735 31,508 UDR, Inc. (a)................. 3,210 44,266 Vornado Realty Trust (a)...... 3,436 207,363 Weingarten Realty Investors (a)......................... 1,873 38,752 ------------ 2,398,455 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.0% (d) Forest City Enterprises, Inc. (Class A) (a)............... 1,704 11,417 ------------ ROAD & RAIL -- 1.2% Burlington Northern Santa Fe Corp. (a)................... 6,715 508,392 Kansas City Southern (a)(b)... 2,176 41,453 Ryder Systems, Inc. (a)....... 1,346 52,198 Union Pacific Corp. (a)....... 12,056 576,277 ------------ 1,178,320 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.9% Intel Corp. (a)............... 131,947 1,934,343 ------------ SOFTWARE -- 0.1% Synopsys, Inc. (a)(b)......... 3,452 63,931 ------------ SPECIALTY RETAIL -- 0.2% Limited Brands, Inc. ......... 6,943 69,708 The Sherwin-Williams Co. (a).. 2,360 141,010 ------------ 210,718 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.1% V. F. Corp. (a)............... 2,014 110,307 ------------ THRIFTS & MORTGAGE FINANCE -- 0.2% New York Community Bancorp, Inc. (a).................... 8,137 97,319 People's United Financial, Inc. (a).................... 4,145 73,905 Sovereign Bancorp, Inc. (a)(b)...................... 12,213 36,395 ------------ 207,619 ------------ TOBACCO -- 3.4% Altria Group, Inc. ........... 49,048 738,663 Lorillard, Inc. .............. 4,030 227,090 Philip Morris International, Inc. ....................... 48,000 2,088,480 Reynolds American, Inc. ...... 4,076 164,304 UST, Inc. .................... 3,335 231,382 ------------ 3,449,919 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.1% W.W. Grainger, Inc. (a)....... 1,577 124,331 ------------ WATER UTILITIES -- 0.0% (d) American Water Works Co., Inc. (a)......................... 1,385 28,919 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.1% Sprint Nextel Corp. (a)(b).... 67,912 124,279 ------------ TOTAL COMMON STOCKS -- (Cost $139,624,421)......... 100,891,258 ------------ SHORT TERM INVESTMENTS -- 16.1% MONEY MARKET FUNDS -- 16.1% State Street Navigator Securities Lending prime Portfolio (e)(f)...................... 15,076,946 15,076,946 STIC Prime Portfolio.......... 1,177,060 1,177,060 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $16,254,006).......... 16,254,006 ------------ TOTAL INVESTMENTS -- 115.8% (Cost $155,878,427)......... 117,145,264 OTHER ASSETS AND LIABILITIES -- (15.8)%...... (15,972,693) ------------ NET ASSETS -- 100.0%.......... $101,172,571 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Affiliated Issuer. (Note 3) (d) Amount shown represents less than 0.05% of net assets. (e) Investments of cash collateral for securities loaned. (f) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% AEROSPACE & DEFENSE -- 1.0% Alliant Techsystems, Inc. (a)(b)....................... 744 $ 63,805 BE Aerospace, Inc. (a)......... 2,254 17,333 Curtiss-Wright Corp. (b)....... 1,036 34,592 Moog, Inc. (Class A) (a)(b).... 864 31,597 Spirit Aerosystems Holdings, Inc. (a)(b).................. 2,313 23,523 Teledyne Technologies, Inc. (a)(b)....................... 770 34,304 ----------- 205,154 ----------- AIRLINES -- 1.1% AMR Corp. (a)(b)............... 6,339 67,637 Delta Air Lines, Inc. (a)...... 14,344 164,382 ----------- 232,019 ----------- AUTO COMPONENTS -- 0.6% BorgWarner, Inc. (b)........... 2,670 58,126 Gentex Corp. (b)............... 3,238 28,592 TRW Automotive Holdings Corp. (a)(b)....................... 1,209 4,352 WABCO Holdings, Inc. .......... 1,567 24,743 ----------- 115,813 ----------- BEVERAGES -- 0.9% Central European Distribution Corp. (a)(b)................. 872 17,179 Constellation Brands, Inc. (Class A) (a)(b)............. 4,407 69,498 Hansen Natural Corp. (a)(b).... 1,668 55,928 PepsiAmericas, Inc. (b)........ 1,452 29,563 ----------- 172,168 ----------- BIOTECHNOLOGY -- 2.2% Abraxis Bioscience, Inc. (a)(b)....................... 131 8,636 Alexion Pharmaceuticals, Inc. (a)(b)....................... 1,766 63,912 Amylin Pharmaceuticals, Inc. (a)(b)....................... 3,102 33,657 BioMarin Pharmaceutical, Inc. (a)(b)....................... 2,253 40,103 Myriad Genetics, Inc. (a)(b)... 1,057 70,037 Onyx Pharmaceuticals, Inc. (a)(b)....................... 1,259 43,007 OSI Pharmaceuticals, Inc. (a)(b)....................... 1,316 51,390 United Therapeutics Corp. (a)(b)....................... 517 32,338 Vertex Pharmaceuticals, Inc. (a)(b)....................... 3,422 103,960 ----------- 447,040 ----------- BUILDING PRODUCTS -- 0.5% Armstrong World Industries, Inc. ........................ 403 8,713 Lennox International, Inc. (b).......................... 1,188 38,361 Owens Corning, Inc. (a)(b)..... 2,028 35,084 USG Corp. (a)(b)............... 1,496 12,028 ----------- 94,186 ----------- CAPITAL MARKETS -- 2.1% Affiliated Managers Group, Inc. (a)(b)....................... 914 38,315 AllianceBernstein Holding LP (b).......................... 743 15,447 Eaton Vance Corp. (b).......... 2,659 55,866 Federated Investors, Inc. (Class B) (b)................ 2,172 36,837 GLG Partners, Inc. ............ 4,494 10,201 Janus Capital Group, Inc. (b).. 3,614 29,020 Jefferies Group, Inc. (b)...... 2,639 37,104 Lazard, Ltd. (Class A) (b)..... 1,728 51,391 Raymond James Financial, Inc. (b).......................... 2,182 37,378 SEI Investments Co. (b)........ 3,206 50,366 The Blackstone Group LP (b).... 3,689 24,089 Waddell & Reed Financial, Inc. (Class A).................... 1,949 30,132 ----------- 416,146 ----------- CHEMICALS -- 2.6% Airgas, Inc. (b)............... 1,588 61,916 Albemarle Corp. (b)............ 2,112 47,097 Ashland, Inc. ................. 1,511 15,881 Cytec Industries, Inc. ........ 1,068 22,663 Eastman Chemical Co. (b)....... 1,554 49,277 Huntsman Corp. (b)............. 2,172 7,472 International Flavors & Fragrances, Inc. (b)......... 1,778 52,842 Intrepid Potash, Inc. (a)(b)... 783 16,263 Lubrizol Corp. ................ 1,554 56,550 Nalco Holding Co. (b).......... 3,129 36,109 Olin Corp. (b)................. 1,520 27,482 Rockwood Holdings, Inc. (a)(b)....................... 1,024 11,059 RPM International, Inc. ....... 2,995 39,803 Terra Industries, Inc. ........ 2,322 38,708 Valhi, Inc. (b)................ 254 2,718 Valspar Corp. (b).............. 2,121 38,369 W.R. Grace & Co. (a)(b)........ 1,352 8,071 ----------- 532,280 ----------- COMMERCIAL BANKS -- 4.3% Associated Bancorp (b)......... 2,700 56,511 BancorpSouth, Inc. (b)......... 1,780 41,581 Bank of Hawaii Corp. (b)....... 1,085 49,009 BOK Financial Corp. (b)........ 514 20,766 City National Corp. (b)........ 896 43,635 Comerica, Inc. (b)............. 3,470 68,880 Commerce Bancshares, Inc. ..... 1,411 62,014 Cullen/Frost Bankers, Inc. .... 1,268 64,262 First Horizon National Corp. (b).......................... 4,717 49,859 Fulton Financial Corp. (b)..... 3,928 37,787 Huntington Bancshares, Inc. (b).......................... 8,335 63,846 Marshall & Ilsley Corp. (b).... 5,575 76,043 PNC Financial Services Group, Inc. ........................ 1 49 Popular, Inc. (b).............. 5,752 29,680 Synovus Financial Corp. (b).... 6,204 51,493 UMB Financial Corp. (b)........ 719 35,332 Valley National Bancorp (b).... 3,068 62,127 Zions Bancorp (b).............. 2,622 64,265 ----------- 877,139 ----------- COMMERCIAL SERVICES & SUPPLIES -- 1.5% Cintas Corp. (b)............... 3,041 70,642 Copart, Inc. (a)(b)............ 1,408 38,284 Corrections Corp. of America (a)(b)....................... 2,829 46,282 Covanta Holding Corp. (a)(b)... 2,802 61,532 The Brink's Co. ............... 894 24,031 Waste Connections, Inc. (a)(b)....................... 1,789 56,479 ----------- 297,250 ----------- COMMUNICATIONS EQUIPMENT -- 0.9% Brocade Communications Systems, Inc. (a)..................... 8,320 23,296 CommScope, Inc. (a)(b)......... 1,573 24,445 EchoStar Corp. (Class A) (a)(b)....................... 945 14,052 F5 Networks, Inc. (a)(b)....... 1,848 42,245 JDS Uniphase Corp. (a)(b)...... 4,811 17,560 Polycom, Inc. (a)(b)........... 1,892 25,561 Tellabs, Inc. (a)(b)........... 8,420 34,690 ----------- 181,849 ----------- COMPUTERS & PERIPHERALS -- 1.4% Diebold, Inc. (b).............. 1,515 42,556 Lexmark International, Inc. (Class A) (a)(b)............. 1,783 47,963 NCR Corp. (a).................. 3,589 50,748
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- QLogic Corp. (a)(b)............ 2,909 $ 39,097 SanDisk Corp. (a)(b)........... 5,081 48,778 Teradata Corp. (a)............. 4,002 59,350 ----------- 288,492 ----------- CONSTRUCTION & ENGINEERING -- 1.3% Aecom Technology Corp. (a)(b).. 1,696 52,118 EMCOR Group, Inc. (a).......... 1,466 32,882 KBR, Inc. ..................... 3,674 55,845 The Shaw Group, Inc. (a)(b).... 1,763 36,089 URS Corp. (a).................. 1,899 77,422 ----------- 254,356 ----------- CONSTRUCTION MATERIALS -- 0.4% Martin Marietta Materials, Inc. (b).......................... 938 91,061 ----------- CONSUMER FINANCE -- 0.0% (c) The Student Loan Corp. ........ 90 3,690 ----------- CONTAINERS & PACKAGING -- 2.6% Aptargroup, Inc. .............. 1,451 51,133 Ball Corp. .................... 2,151 89,460 Bemis Co., Inc. (b)............ 2,278 53,943 Crown Holdings, Inc. (a)....... 3,617 69,446 Greif, Inc. (Class A).......... 694 23,201 Packaging Corp. of America (b).......................... 2,329 31,348 Pactiv Corp. (a)............... 2,965 73,769 Sealed Air Corp. .............. 3,578 53,455 Silgan Holdings, Inc. ......... 564 26,965 Sonoco Products Co. ........... 2,253 52,180 ----------- 524,900 ----------- DISTRIBUTORS -- 0.2% LKQ Corp. (a)(b)............... 3,124 36,426 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.5% Brink's Home Security Holdings, Inc. (a)..................... 940 20,605 DeVry, Inc. (b)................ 1,409 80,891 ITT Educational Services, Inc. (a)(b)....................... 889 84,437 Service Corp. International (b).......................... 5,847 29,059 Strayer Education, Inc. (b).... 326 69,898 Weight Watchers International, Inc. (b)..................... 820 24,124 ----------- 309,014 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.3% CIT Group, Inc. (b)............ 8,208 37,265 MSCI, Inc. (Class A) (a)(b).... 1,578 28,025 ----------- 65,290 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.8% CenturyTel, Inc. (b)........... 2,277 62,230 Frontier Communications Corp. (b).......................... 7,079 61,871 tw telecom, inc. (a)(b)........ 3,434 29,086 ----------- 153,187 ----------- ELECTRIC UTILITIES -- 2.3% DPL, Inc. (b).................. 2,637 60,229 Great Plains Energy, Inc. ..... 2,681 51,824 Hawaiian Electric Industries, Inc. (b)..................... 2,050 45,387 ITC Holdings Corp. (b)......... 1,119 48,878 Northeast Utilities............ 3,557 85,581 NV Energy, Inc. ............... 5,295 52,368 Pinnacle West Capital Corp. (b).......................... 2,288 73,513 Westar Energy, Inc. ........... 2,463 50,516 ----------- 468,296 ----------- ELECTRICAL EQUIPMENT -- 1.0% Brady Corp. (Class A) (b)...... 1,084 25,962 Energy Conversion Devices, Inc. (a)(b)....................... 1,021 25,739 General Cable Corp. (a)(b)..... 1,189 21,033 GrafTech International, Ltd. (a)(b)....................... 2,682 22,314 Hubbell, Inc. (Class B) (b).... 1,210 39,543 Sunpower Corp. (Class B) (a)... 1 31 Thomas & Betts Corp. (a)....... 1,271 30,530 Woodward Governor Co. ......... 1,319 30,363 ----------- 195,515 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 2.4% Anixter International, Inc. (a)(b)....................... 695 20,933 Arrow Electronics, Inc. (a).... 2,707 51,000 Avnet, Inc. (a)(b)............. 3,399 61,896 Dolby Laboratories, Inc. (a)... 1,196 39,181 Ingram Micro, Inc. (Class A) (a).......................... 3,265 43,718 Itron, Inc. (a)(b)............. 774 49,335 Jabil Circuit, Inc. (b)........ 4,150 28,012 Mettler-Toledo International, Inc. (a)(b).................. 763 51,426 Molex, Inc. (b)................ 3,032 43,934 National Instruments Corp. (b).......................... 1,279 31,156 Trimble Navigation, Ltd. (a)... 2,732 59,039 ----------- 479,630 ----------- ENERGY EQUIPMENT & SERVICES -- 2.0% Atwood Oceanics, Inc. (a)(b)... 1,245 19,024 Complete Production Services, Inc. (a)(b).................. 1,104 8,998 Dresser-Rand Group, Inc. (a)... 1,892 32,637 Dril-Quip, Inc. (a)(b)......... 705 14,459 Exterran Holdings, Inc. (a)(b)....................... 1,491 31,758 Helix Energy Solutions Group, Inc. (a)(b).................. 1,891 13,691 IHS, Inc. (Class A) (a)(b)..... 1,020 38,168 Key Energy Services, Inc. (a).. 2,814 12,410 Oceaneering International, Inc. (a)(b)....................... 1,248 36,367 Oil States International, Inc. (a).......................... 1,109 20,727 Patterson-UTI Energy, Inc. (b).......................... 3,554 40,906 Rowan Cos., Inc. (b)........... 2,548 40,513 Superior Energy Services, Inc. (a)(b)....................... 1,763 28,085 Tidewater, Inc. (b)............ 1,186 47,760 Unit Corp. (a)................. 1,069 28,564 ----------- 414,067 ----------- FOOD & STAPLES RETAILING -- 0.4% BJ'S Wholesale Club, Inc. (a)(b)....................... 1,374 47,073 Whole Foods Market, Inc. (b)... 3,145 29,689 ----------- 76,762 ----------- FOOD PRODUCTS -- 2.2% Corn Products International, Inc. (b)..................... 1,678 48,410 Dean Foods Co. (a)(b).......... 3,500 62,895 Flowers Foods, Inc. (b)........ 1,913 46,601 Hormel Foods Corp. ............ 1,661 51,624 Ralcorp Holdings, Inc. (a)..... 1,283 74,927 Smithfield Foods, Inc. (a)(b).. 2,942 41,394 The J.M. Smucker Co. .......... 2,683 116,335 ----------- 442,186 ----------- GAS UTILITIES -- 2.0% AGL Resources, Inc. (b)........ 1,738 54,486 Atmos Energy Corp. (b)......... 2,050 48,585 Energen Corp. (b).............. 1,505 44,142 National Fuel Gas Co. (b)...... 1,595 49,971
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Nicor, Inc. ................... 1,033 $ 35,887 ONEOK, Inc. ................... 2,227 64,850 Piedmont Natural Gas Co., Inc. ........................ 1,584 50,165 UGI Corp. ..................... 2,445 59,707 ----------- 407,793 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 2.5% Beckman Coulter, Inc. ......... 1,425 62,615 Edwards Lifesciences Corp. (a)(b)....................... 1,266 69,567 Gen-Probe, Inc. (a)............ 1,223 52,393 IDEXX Laboratories, Inc. (a)(b)....................... 1,345 48,528 Immucor, Inc. (a).............. 1,595 42,395 Inverness Medical Innovations, Inc. (a)(b).................. 1,747 33,036 Kinetic Concepts, Inc. (a)(b).. 1,211 23,227 Masimo Corp. (a)(b)............ 1,093 32,604 ResMed, Inc. (a)............... 1,721 64,503 STERIS Corp. .................. 1,360 32,490 Teleflex, Inc. ................ 901 45,140 ----------- 506,498 ----------- HEALTH CARE PROVIDERS & SERVICES -- 1.8% Brookdale Senior Living, Inc. (b).......................... 933 5,206 Community Health Systems, Inc. (a)(b)....................... 2,165 31,566 Health Net, Inc. (a)(b)........ 2,421 26,365 Lincare Holdings, Inc. (a)(b).. 1,659 44,677 Omnicare, Inc. (b)............. 2,416 67,068 Patterson Cos., Inc. (a)(b).... 2,275 42,656 Pediatrix Medical Group, Inc. (a).......................... 1,037 32,873 Psychiatric Solutions, Inc. (a)(b)....................... 1,205 33,559 Tenet Healthcare Corp. (a)(b).. 10,715 12,322 Universal Health Services, Inc. (Class B) (b)................ 1,075 40,388 VCA Antech, Inc. (a)(b)........ 1,885 37,474 ----------- 374,154 ----------- HEALTH CARE TECHNOLOGY -- 0.7% Cerner Corp. (a)(b)............ 1,445 55,560 HLTH Corp. (a)(b).............. 2,045 21,391 IMS Health, Inc. (b)........... 4,155 62,990 ----------- 139,941 ----------- HOTELS, RESTAURANTS & LEISURE -- 1.6% Brinker International, Inc. ... 2,276 23,989 Burger King Holdings, Inc. (b).......................... 2,123 50,697 Chipotle Mexican Grill, Inc. (a)(b)....................... 750 46,485 Darden Restaurants, Inc. ...... 2,944 82,962 International Speedway Corp. (Class A) (b)................ 723 20,772 Orient-Express Hotels, Ltd. (Class A) (b)................ 900 6,894 Penn National Gaming, Inc. (a)(b)....................... 1,527 32,647 Scientific Games Corp. (Class A) (a)(b).................... 1,568 27,503 Wyndham Worldwide Corp. (b).... 4,046 26,501 ----------- 318,450 ----------- HOUSEHOLD DURABLES -- 2.7% D.R. Horton, Inc. (b).......... 6,191 43,770 Harman International Industries, Inc. ............ 1,309 21,900 Leggett & Platt, Inc. (b)...... 3,552 53,955 Mohawk Industries, Inc. (a)(b)....................... 1,266 54,400 NVR, Inc. (a)(b)............... 112 51,100 Pulte Homes, Inc. (b).......... 4,771 52,147 Snap-on, Inc. (b).............. 1,300 51,194 The Black & Decker Corp. (b)... 1,364 57,029 The Stanley Works.............. 1,774 60,493 Toll Brothers, Inc. (a)(b)..... 2,898 62,104 Tupperware Brands Corp. ....... 1,428 32,416 ----------- 540,508 ----------- HOUSEHOLD PRODUCTS -- 0.8% Church & Dwight Co., Inc. (b).. 1,592 89,343 Energizer Holdings, Inc. (a)(b)....................... 1,317 71,302 ----------- 160,645 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2% Dynegy, Inc. (Class A) (a)(b).. 11,514 23,028 Ormat Technologies, Inc. ...... 403 12,844 ----------- 35,872 ----------- INDUSTRIAL CONGLOMERATES -- 0.2% Carlisle Cos., Inc. (b)........ 1,393 28,835 Seaboard Corp. (b)............. 9 10,746 ----------- 39,581 ----------- INSURANCE -- 7.0% Alleghany Corp. (a)............ 137 38,634 American Financial Group, Inc. ........................ 1,756 40,177 American National Insurance Co. (b).......................... 358 26,395 Arch Capital Group, Ltd. (a)(b)....................... 1,131 79,283 Arthur J. Gallagher & Co. (b).. 2,160 55,966 Aspen Insurance Holdings, Ltd. (b).......................... 1,629 39,503 Brown & Brown, Inc. ........... 2,567 53,650 Cincinnati Financial Corp. (b).......................... 3,454 100,408 Endurance Specialty Holdings, Ltd. (b)..................... 1,161 35,445 Erie Indemnity Co. (Class A) (b).......................... 719 27,056 Fidelity National Financial, Inc. (Class A)............... 4,809 85,360 First American Corp. (b)....... 1,862 53,793 HCC Insurance Holdings, Inc. (b).......................... 2,603 69,630 Markel Corp. (a)............... 228 68,172 MBIA, Inc. (a)(b).............. 5,264 21,425 Mercury General Corp. (b)...... 593 27,272 Odyssey Re Holdings Corp. (b).. 403 20,880 Old Republic International Corp. (b).................... 5,237 62,425 PartnerRe, Ltd. (b)............ 1,244 88,660 Protective Life Corp. (b)...... 1,577 22,630 Reinsurance Group of America, Inc. ........................ 1,404 60,119 RenaissanceRe Holdings, Ltd. .. 1,392 71,772 StanCorp Financial Group, Inc. (b).......................... 1,117 46,657 The Hanover Insurance Group, Inc. ........................ 1,189 51,091 Transatlantic Holdings, Inc. (b).......................... 597 23,916 W.R. Berkley Corp. ............ 3,205 99,355 Wesco Financial Corp. ......... 32 9,213 White Mountains Insurance Group, Ltd. (b).............. 176 47,011 ----------- 1,425,898 ----------- INTERNET & CATALOG RETAIL -- 0.3% Priceline.com, Inc. (a)(b)..... 923 67,979 ----------- INTERNET SOFTWARE & SERVICES -- 0.5% Akamai Technologies, Inc. (a)(b)....................... 3,823 57,689 Equinix, Inc. (a)(b)........... 732 38,935 ----------- 96,624 ----------- IT SERVICES -- 3.4% Affiliated Computer Services, Inc. (Class A) (a)(b)........ 2,090 96,036 Broadridge Financial Solutions, Inc. (b)..................... 3,128 39,225 DST Systems, Inc. (a)(b)....... 900 34,182
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Fidelity National Information Services, Inc. .............. 4,314 $ 70,189 Gartner, Inc. (a)(b)........... 1,431 25,515 Genpact, Ltd. (a)(b)........... 1,256 10,324 Global Payments, Inc. ......... 1,815 59,514 Hewitt Associates, Inc. (Class A) (a)(b).................... 1,953 55,426 Lender Processing Services, Inc. (b)..................... 2,145 63,170 Mantech International Corp. (Class A) (a)(b)............. 468 25,361 Metavante Technologies, Inc. (a)(b)....................... 2,066 33,283 Perot Systems Corp. (Class A) (a)(b)....................... 1,938 26,492 SAIC, Inc. (a)................. 4,377 85,264 Total System Services, Inc. ... 4,561 63,854 ----------- 687,835 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.2% Eastman Kodak Co. (b).......... 6,105 40,171 ----------- LIFE SCIENCES TOOLS & SERVICES -- 1.6% Bio-Rad Laboratories, Inc. (Class A) (a)................ 436 32,835 Bruker Corp. (a)(b)............ 1,136 4,589 Charles River Laboratories International, Inc. (a)(b)... 1,531 40,112 Life Technologies Corp. (a)(b)....................... 3,919 91,352 Millipore Corp. (a)(b)......... 1,241 63,936 PerkinElmer, Inc. ............. 2,682 37,307 Techne Corp. .................. 874 56,391 ----------- 326,522 ----------- MACHINERY -- 3.2% Bucyrus International, Inc. (Class A) (b)................ 1,688 31,262 CLARCOR, Inc. (b).............. 1,176 39,020 Crane Co. ..................... 1,182 20,378 Donaldson Co., Inc. (b)........ 1,534 51,619 Gardner Denver, Inc. (a)....... 1,176 27,448 Graco, Inc. (b)................ 1,349 32,012 Harsco Corp. .................. 1,903 52,675 IDEX Corp. (b)................. 1,848 44,629 Kennametal, Inc. .............. 1,698 37,678 Lincoln Electric Holdings, Inc. (b).......................... 918 46,754 Navistar International Corp. (a)(b)....................... 1,432 30,616 Nordson Corp. (b).............. 689 22,248 Pentair, Inc. ................. 2,260 53,494 The Manitowoc Co., Inc. ....... 2,934 25,408 The Timken Co. (b)............. 1,760 34,549 Trinity Industries, Inc. (b)... 1,839 28,983 Valmont Industries, Inc. (b)... 421 25,832 Wabtec Corp. (b)............... 1,097 43,606 ----------- 648,211 ----------- MARINE -- 0.3% Alexander & Baldwin, Inc. (b).. 927 23,231 Genco Shipping & Trading, Ltd. (b).......................... 709 10,493 Kirby Corp. (a)(b)............. 1,216 33,270 ----------- 66,994 ----------- MEDIA -- 1.7% DreamWorks Animation SKG, Inc. (Class A) (a)................ 1,317 33,267 Gannett Co., Inc. (b).......... 5,202 41,616 Hearst-Argyle Television, Inc. (b).......................... 571 3,460 Interactive Data Corp. ........ 817 20,147 John Wiley & Sons, Inc. (Class A) (b)....................... 1,170 41,629 Lamar Advertising Co. (Class A) (a)(b)....................... 1,502 18,865 Liberty Media Corp.-Interactive (Class A) (a)(b)............. 2,098 9,881 Marvel Entertainment, Inc. (a)(b)....................... 1,176 36,162 Morningstar, Inc. (a)(b)....... 396 14,058 Regal Entertainment Group...... 1,770 18,072 Sirius XM Radio, Inc. (a)(b)... 79,895 9,587 The Interpublic Group of Cos., Inc. (a)(b).................. 10,808 42,800 The New York Times Co. (Class A) (b)....................... 2,599 19,051 Virgin Media, Inc. (b)......... 6,623 33,049 ----------- 341,644 ----------- METALS & MINING -- 0.9% Century Aluminum Co. (a)(b).... 785 7,850 Commercial Metals Co. (b)...... 2,570 30,506 Compass Minerals International, Inc. (b)..................... 749 43,936 Reliance Steel & Aluminum Co. ......................... 1,443 28,773 Steel Dynamics, Inc. (b)....... 4,132 46,196 Titanium Metals Corp. (b)...... 2,208 19,453 ----------- 176,714 ----------- MULTI-UTILITIES -- 3.3% Alliant Energy Corp. .......... 2,509 73,213 CMS Energy Corp. (b)........... 5,079 51,349 Integrys Energy Group, Inc. (b).......................... 1,738 74,699 NiSource, Inc. ................ 6,228 68,321 NSTAR (b)...................... 2,441 89,072 OGE Energy Corp. .............. 2,075 53,493 Puget Energy, Inc. ............ 2,655 72,402 SCANA Corp. (b)................ 2,395 85,262 TECO Energy, Inc. (b).......... 4,556 56,266 Vectren Corp. (b).............. 1,865 46,644 ----------- 670,721 ----------- MULTILINE RETAIL -- 0.9% Big Lots, Inc. (a)(b).......... 1,875 27,169 Dollar Tree Stores, Inc. (a)(b)....................... 2,059 86,066 Family Dollar Stores, Inc. (b).......................... 3,014 78,575 ----------- 191,810 ----------- OFFICE ELECTRONICS -- 0.1% Zebra Technologies Corp. (Class A) (a)(b).................... 1,458 29,539 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.6% Atlas Energy Resources LLC..... 757 9,667 Boardwalk Pipeline Partners LP (b).......................... 1,262 22,438 Buckeye Partners LP (b)........ 1,095 35,314 Cabot Oil & Gas Corp. (b)...... 2,361 61,386 Cimarex Energy Co. ............ 1,905 51,016 CNX Gas Corp. (a)(b)........... 627 17,117 Comstock Resources, Inc. (a)(b)....................... 1,049 49,565 Concho Resources, Inc. (a)(b).. 1,445 32,975 Continental Resources, Inc. (a)(b)....................... 697 14,435 Enbridge Energy Partners LP (b).......................... 1,398 35,649 Encore Acquisition Co. (a)(b).. 1,166 29,756 Enterprise GP Holdings LP (b).. 808 14,083 EXCO Resources, Inc. (a)(b).... 3,868 35,044 Forest Oil Corp. (a)(b)........ 1,993 32,865 Foundation Coal Holdings, Inc. (b).......................... 1,028 14,413 Kinder Morgan Management LLC (a)(b)....................... 1,646 65,807 Linn Energy LLC (b)............ 2,518 37,694 Magellan Midstream Partners LP (b).......................... 1,504 45,436 Mariner Energy, Inc. (a)....... 1,851 18,880 Massey Energy Co. (b).......... 1,915 26,408 Natural Resource Partners LP (b).......................... 724 12,634 NuStar Energy LP (b)........... 982 40,321 Overseas Shipholding Group, Inc. (b)..................... 516 21,729 Patriot Coal Corp. (a)(b)...... 1,192 7,450
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Penn Virginia Corp. ........... 965 $ 25,071 Quicksilver Resources, Inc. (a)(b)....................... 2,549 14,198 SandRidge Energy, Inc. (a)(b).. 2,099 12,909 Ship Finance International, Ltd. (b)..................... 901 9,956 Southern Union Co. (b)......... 2,361 30,787 St. Mary Land & Exploration Co. (b).......................... 1,385 28,129 Sunoco, Inc. (b)............... 2,673 116,169 Teekay Corp. (b)............... 950 18,668 TEPPCO Partners LP (b)......... 1,935 37,868 Tesoro Corp. (b)............... 3,095 40,761 W&T Offshore, Inc. (b)......... 616 8,821 Walter Industries, Inc. (b).... 1,259 22,045 Whiting Petroleum Corp. (a).... 963 32,222 ----------- 1,129,686 ----------- PAPER & FOREST PRODUCTS -- 0.3% Domtar Corp. (a)(b)............ 11,111 18,555 MeadWestvaco Corp. (b)......... 3,653 40,877 ----------- 59,432 ----------- PERSONAL PRODUCTS -- 0.5% Alberto-Culver Co. ............ 1,992 48,824 Herbalife, Ltd. (b)............ 1,444 31,306 NBTY, Inc. (a)(b).............. 1,255 19,641 ----------- 99,771 ----------- PHARMACEUTICALS -- 1.9% Endo Pharmaceuticals Holdings, Inc. (a)(b).................. 2,722 70,445 King Pharmaceuticals, Inc. (a).......................... 5,603 59,504 Mylan, Inc. (a)(b)............. 6,876 68,004 Perrigo Co. (b)................ 1,924 62,164 Sepracor, Inc. (a)(b).......... 2,422 26,594 Warner Chilcott, Ltd. (Class A) (a)(b)....................... 1,927 27,941 Watson Pharmaceuticals, Inc. (a)(b)....................... 2,372 63,024 ----------- 377,676 ----------- PROFESSIONAL SERVICES -- 1.7% Equifax, Inc. ................. 2,872 76,165 FTI Consulting, Inc. (a)(b).... 1,151 51,427 Manpower, Inc. ................ 1,773 60,264 Monster Worldwide, Inc. (a)(b)....................... 2,824 34,142 Robert Half International, Inc. (b).......................... 3,545 73,807 Watson Wyatt Worldwide, Inc. (Class A).................... 962 46,003 ----------- 341,808 ----------- REAL ESTATE INVESTMENT TRUSTS -- 5.9% Alexander's, Inc. (b).......... 58 14,784 Alexandria Real Estate Equities, Inc. (b)........... 720 43,445 AMB Property Corp. (b)......... 2,210 51,758 Apartment Investment & Management Co. (Class A) (b).......................... 2,309 26,669 BRE Properties, Inc. (b)....... 1,158 32,401 Camden Property Trust (b)...... 1,188 37,232 CapitalSource, Inc. (b)........ 5,107 23,594 Developers Diversified Realty Corp. (b).................... 2,694 13,147 Digital Realty Trust, Inc. (b).......................... 1,532 50,326 Douglas Emmett, Inc. (b)....... 2,522 32,937 Duke Realty Corp. (b).......... 3,299 36,157 Essex Property Trust, Inc. (b).......................... 609 46,741 Federal Realty Investment Trust (b).......................... 1,344 83,436 Health Care REIT, Inc. (b)..... 2,339 98,706 Highwoods Properties, Inc. (b).......................... 1,445 39,535 Hospitality Properties Trust... 2,125 31,599 Liberty Property Trust......... 2,230 50,911 Mack-Cali Realty Corp. (b)..... 1,497 36,676 Nationwide Health Properties, Inc. (b)..................... 2,259 64,878 Rayonier, Inc. (b)............. 1,805 56,587 Realty Income Corp. (b)........ 2,371 54,889 Regency Centers Corp. (b)...... 1,573 73,459 Senior Housing Properties Trust (b).......................... 2,605 46,682 Taubman Centers, Inc. (b)...... 1,192 30,348 The Macerich Co. (b)........... 1,694 30,763 UDR, Inc. (b).................. 3,093 42,652 Weingarten Realty Investors (b).......................... 1,837 38,008 ----------- 1,188,320 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.4% CB Richard Ellis Group, Inc. (Class A) (a)(b)............. 5,225 22,572 Forest City Enterprises, Inc. (Class A) (b)................ 1,559 10,446 The St. Joe Co. (a)(b)......... 2,104 51,169 ----------- 84,187 ----------- ROAD & RAIL -- 1.2% Con-way, Inc. (b).............. 1,056 28,090 Hertz Global Holdings, Inc. (a)(b)....................... 3,018 15,301 J.B. Hunt Transport Services, Inc. (b)..................... 2,517 66,122 Kansas City Southern (a)(b).... 2,067 39,376 Landstar Systems, Inc. (b)..... 1,198 46,039 Ryder Systems, Inc. (b)........ 1,276 49,483 ----------- 244,411 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.0% Advanced Micro Devices, Inc. (a)(b)....................... 12,565 27,140 Atheros Communications, Inc. (a)(b)....................... 1,329 19,018 Cree, Inc. (a)................. 1,845 29,280 Cypress Semiconductor Corp. (a)(b)....................... 3,380 15,109 Integrated Device Technology, Inc. (a)..................... 3,844 21,565 Intersil Corp. (Class A)....... 2,784 25,585 Lam Research Corp. (a)(b)...... 2,871 61,095 LSI Logic Corp. (a)(b)......... 14,662 48,238 Micron Technology, Inc. (a)(b)....................... 17,092 45,123 Microsemi Corp. (a)............ 1,788 22,600 Novellus Systems, Inc. (a)(b).. 2,237 27,604 ON Semiconductor Corp. (a)(b).. 9,364 31,838 Varian Semiconductor Equipment Associates, Inc. (a)(b)...... 1,686 30,550 ----------- 404,745 ----------- SOFTWARE -- 2.8% Ansys, Inc. (a)................ 2,035 56,756 Cadence Design Systems, Inc. (a)(b)....................... 5,800 21,228 Compuware Corp. (a)(b)......... 5,605 37,834 Concur Technologies, Inc. (a)(b)....................... 1,123 36,857 Factset Research Systems, Inc. (b).......................... 986 43,621 Jack Henry & Associates, Inc. ........................ 1,940 37,655 MICROS Systems, Inc. (a)(b).... 1,859 30,339 Novell, Inc. (a)(b)............ 7,907 30,758 Nuance Communications, Inc. (a)(b)....................... 4,291 44,455 Parametric Technology Corp. (a)(b)....................... 2,686 33,978 Red Hat, Inc. (a)(b)........... 4,384 57,956 Sybase, Inc. (a)(b)............ 1,843 45,651 Synopsys, Inc. (a)............. 3,260 60,375 VMware, Inc. (Class A) (a)(b).. 872 20,658 ----------- 558,121 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SPECIALTY RETAIL -- 2.6% Abercrombie & Fitch Co. (Class A) (b)....................... 1,973 $ 45,517 Advance Auto Parts, Inc. ...... 2,150 72,347 Aeropostale, Inc. (a)(b)....... 1,517 24,424 American Eagle Outfitters, Inc. (b).......................... 4,060 38,002 AutoNation, Inc. (a)(b)........ 2,528 24,977 CarMax, Inc. (a)(b)............ 4,556 35,901 Dick's Sporting Goods, Inc. (a)(b)....................... 1,878 26,499 Foot Locker, Inc. ............. 3,602 26,439 Guess ?, Inc. ................. 1,363 20,922 O'Reilly Automotive, Inc. (a)(b)....................... 3,043 93,542 PetSmart, Inc. ................ 2,920 53,874 RadioShack Corp. (b)........... 2,845 33,969 Signet Jewelers, Ltd. ......... 1,914 16,594 Williams-Sonoma, Inc. (b)...... 2,165 17,017 ----------- 530,024 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Fossil, Inc. (a)(b)............ 1,108 18,504 Hanesbrands, Inc. (a)(b)....... 2,106 26,851 Phillips-Van Heusen Corp. ..... 1,154 23,230 The Warnaco Group, Inc. (a).... 1,031 20,239 ----------- 88,824 ----------- THRIFTS & MORTGAGE FINANCE -- 0.4% Astoria Financial Corp. (b).... 1,975 32,548 Capitol Federal Financial (b).. 479 21,843 TFS Financial Corp. (b)........ 2,249 29,012 ----------- 83,403 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.3% GATX Corp. (b)................. 962 29,793 MSC Industrial Direct Co., Inc. (Class A) (b)................ 982 36,167 ----------- 65,960 ----------- WATER UTILITIES -- 0.4% American Water Works Co., Inc. (b).......................... 1,302 27,186 Aqua America, Inc. (b)......... 3,071 63,232 ----------- 90,418 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.8% Leap Wireless International, Inc. (a)(b).................. 1,130 30,386 SBA Communications Corp. (Class A) (a)(b).................... 2,651 43,264 Telephone & Data Systems, Inc. ........................ 2,333 74,073 US Cellular Corp. (a).......... 351 15,177 ----------- 162,900 ----------- TOTAL COMMON STOCKS -- (Cost $29,509,045)........... 20,177,706 ----------- SHORT TERM INVESTMENTS -- 26.1% MONEY MARKET FUNDS -- 26.1% State Street Navigator Securities Lending Prime Portfolio (d)(e)............. 5,154,190 5,154,190 STIC Prime Portfolio........... 132,336 132,336 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $5,286,526)............ 5,286,526 ----------- TOTAL INVESTMENTS -- 125.7% (Cost $34,795,571)........... 25,464,232 OTHER ASSETS AND LIABILITIES -- (25.7)%....... (5,203,130) ----------- NET ASSETS -- 100.0%........... $20,261,102 ===========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Amount shown represents less than 0.05% of net assets. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. REIT = Real Estate Investment Trust See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AEROSPACE & DEFENSE -- 1.6% Alliant Techsystems, Inc. (a)(b)....................... 1,850 $ 158,656 BE Aerospace, Inc. (a)......... 5,590 42,987 Moog, Inc. (Class A) (a)(b).... 2,174 79,503 Spirit Aerosystems Holdings, Inc. (a)(b).................. 5,749 58,467 Teledyne Technologies, Inc. (a)(b)....................... 1,870 83,309 ----------- 422,922 ----------- AIRLINES -- 0.6% AMR Corp. (a)(b)............... 15,654 167,028 ----------- AUTO COMPONENTS -- 0.8% BorgWarner, Inc. (b)........... 6,538 142,332 Gentex Corp. .................. 7,885 69,625 ----------- 211,957 ----------- BEVERAGES -- 1.3% Central European Distribution Corp. (a)(b)................. 2,167 42,690 Constellation Brands, Inc. (Class A) (a)(b)............. 10,901 171,909 Hansen Natural Corp. (a)....... 4,130 138,479 ----------- 353,078 ----------- BIOTECHNOLOGY -- 4.1% Abraxis Bioscience, Inc. (a)(b)....................... 338 22,281 Alexion Pharmaceuticals, Inc. (a).......................... 4,383 158,621 Amylin Pharmaceuticals, Inc. (a)(b)....................... 7,747 84,055 BioMarin Pharmaceutical, Inc. (a)(b)....................... 5,615 99,947 Myriad Genetics, Inc. (a)(b)... 2,625 173,932 Onyx Pharmaceuticals, Inc. (a)(b)....................... 3,135 107,092 OSI Pharmaceuticals, Inc. (a)(b)....................... 3,224 125,897 United Therapeutics Corp. (a)(b)....................... 1,288 80,564 Vertex Pharmaceuticals, Inc. (a)(b)....................... 8,437 256,316 ----------- 1,108,705 ----------- CAPITAL MARKETS -- 2.2% Affiliated Managers Group, Inc. (a)(b)....................... 2,302 96,500 Eaton Vance Corp. (b).......... 6,515 136,880 Lazard, Ltd. (Class A) (b)..... 4,245 126,247 Raymond James Financial, Inc. (b).......................... 5,448 93,324 SEI Investments Co. (b)........ 7,875 123,716 ----------- 576,667 ----------- CHEMICALS -- 2.0% Airgas, Inc. (b)............... 3,944 153,777 Albemarle Corp. (b)............ 5,153 114,912 Huntsman Corp. (b)............. 5,443 18,724 Intrepid Potash, Inc. (a)(b)... 1,954 40,585 Nalco Holding Co. (b).......... 7,785 89,839 Rockwood Holdings, Inc. (a)(b)....................... 2,533 27,356 Terra Industries, Inc. (b)..... 5,765 96,102 ----------- 541,295 ----------- COMMERCIAL SERVICES & SUPPLIES -- 2.7% Cintas Corp. .................. 7,501 174,248 Copart, Inc. (a)(b)............ 3,506 95,328 Corrections Corp. of America (a)(b)....................... 7,039 115,158 Covanta Holding Corp. (a)(b)... 6,883 151,151 The Brink's Co. ............... 2,192 58,921 Waste Connections, Inc. (a).... 4,461 140,834 ----------- 735,640 ----------- COMMUNICATIONS EQUIPMENT -- 1.4% Brocade Communications Systems, Inc. (a)..................... 20,865 58,422 CommScope, Inc. (a)(b)......... 3,963 61,585 EchoStar Corp. (Class A) (a)(b)....................... 2,380 35,391 F5 Networks, Inc. (a)(b)....... 4,522 103,373 JDS Uniphase Corp. (a)(b)...... 12,051 43,986 Polycom, Inc. (a)(b)........... 4,634 62,605 ----------- 365,362 ----------- COMPUTERS & PERIPHERALS -- 1.8% NCR Corp. (a).................. 8,917 126,086 QLogic Corp. (a)(b)............ 7,202 96,795 SanDisk Corp. (a)(b)........... 12,634 121,287 Teradata Corp. (a)............. 9,912 146,995 ----------- 491,163 ----------- CONSTRUCTION & ENGINEERING -- 1.3% Aecom Technology Corp. (a)(b).. 4,221 129,711 KBR, Inc. (b).................. 9,064 137,773 The Shaw Group, Inc. (a)(b).... 4,398 90,027 ----------- 357,511 ----------- CONSTRUCTION MATERIALS -- 0.8% Martin Marietta Materials, Inc. (b).......................... 2,333 226,488 ----------- CONTAINERS & PACKAGING -- 2.7% Ball Corp. .................... 5,316 221,092 Crown Holdings, Inc. (a)....... 9,039 173,549 Pactiv Corp. (a)............... 7,376 183,515 Sealed Air Corp. (b)........... 8,906 133,056 ----------- 711,212 ----------- DISTRIBUTORS -- 0.3% LKQ Corp. (a)(b)............... 7,838 91,391 ----------- DIVERSIFIED CONSUMER SERVICES -- 2.6% Brink's Home Security Holdings, Inc. (a)..................... 2,411 52,849 DeVry, Inc. (b)................ 3,503 201,107 ITT Educational Services, Inc. (a)(b)....................... 2,196 208,576 Strayer Education, Inc. (b).... 804 172,386 Weight Watchers International, Inc. ........................ 2,031 59,752 ----------- 694,670 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.3% MSCI, Inc. (Class A) (a)(b).... 3,943 70,028 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.3% tw telecom, inc. (a)(b)........ 8,306 70,352 ----------- ELECTRIC UTILITIES -- 0.5% ITC Holdings Corp. (b)......... 2,784 121,605 ----------- ELECTRICAL EQUIPMENT -- 0.7% Energy Conversion Devices, Inc. (a)(b)....................... 2,547 64,210 General Cable Corp. (a)(b)..... 2,981 52,734 Woodward Governor Co. (b)...... 3,225 74,239 ----------- 191,183 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.8% Arrow Electronics, Inc. (a).... 6,747 127,114 Avnet, Inc. (a)(b)............. 8,421 153,346 Dolby Laboratories, Inc. (a)(b)....................... 2,916 95,528 Itron, Inc. (a)(b)............. 1,921 122,445 Jabil Circuit, Inc. (b)........ 10,322 69,674 Mettler-Toledo International, Inc. (a)(b).................. 1,926 129,812 Molex, Inc. (b)................ 7,520 108,965
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- National Instruments Corp. (b).......................... 3,201 $ 77,976 Trimble Navigation, Ltd. (a)(b)....................... 6,771 146,321 ----------- 1,031,181 ----------- ENERGY EQUIPMENT & SERVICES -- 3.4% Atwood Oceanics, Inc. (a)(b)... 3,097 47,322 Complete Production Services, Inc. (a)(b).................. 2,740 22,331 Dresser-Rand Group, Inc. (a)(b)....................... 4,634 79,937 Dril-Quip, Inc. (a)(b)......... 1,694 34,744 Exterran Holdings, Inc. (a)(b)....................... 3,614 76,978 Helix Energy Solutions Group, Inc. (a)(b).................. 4,748 34,376 IHS, Inc. (Class A) (a)(b)..... 2,559 95,758 Key Energy Services, Inc. (a).. 6,857 30,239 Oceaneering International, Inc. (a).......................... 3,115 90,771 Oil States International, Inc. (a).......................... 2,783 52,014 Patterson-UTI Energy, Inc. (b).......................... 8,730 100,482 Rowan Cos., Inc. (b)........... 6,344 100,870 Superior Energy Services, Inc. (a)(b)....................... 4,352 69,327 Unit Corp. (a)................. 2,661 71,102 ----------- 906,251 ----------- FOOD & STAPLES RETAILING -- 0.7% BJ'S Wholesale Club, Inc. (a)(b)....................... 3,367 115,354 Whole Foods Market, Inc. (b)... 7,855 74,151 ----------- 189,505 ----------- FOOD PRODUCTS -- 1.0% Dean Foods Co. (a)(b).......... 8,668 155,764 Flowers Foods, Inc. (b)........ 4,853 118,219 ----------- 273,983 ----------- GAS UTILITIES -- 1.0% Energen Corp. ................. 3,674 107,758 ONEOK, Inc. (b)................ 5,491 159,898 ----------- 267,656 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.7% Beckman Coulter, Inc. (b)...... 3,529 155,064 Edwards Lifesciences Corp. (a).......................... 3,122 171,554 Gen-Probe, Inc. (a)............ 3,032 129,891 IDEXX Laboratories, Inc. (a)(b)....................... 3,349 120,832 Immucor, Inc. (a).............. 3,943 104,805 Kinetic Concepts, Inc. (a)(b).. 3,014 57,809 Masimo Corp. (a)(b)............ 2,650 79,049 ResMed, Inc. (a)............... 4,273 160,152 ----------- 979,156 ----------- HEALTH CARE PROVIDERS & SERVICES -- 3.0% Brookdale Senior Living, Inc. (b).......................... 2,329 12,996 Community Health Systems, Inc. (a)(b)....................... 5,211 75,976 Health Net, Inc. (a)(b)........ 5,866 63,881 Lincare Holdings, Inc. (a)(b).. 4,227 113,833 Omnicare, Inc. (b)............. 6,013 166,921 Patterson Cos., Inc. (a)(b).... 5,672 106,350 Pediatrix Medical Group, Inc. (a).......................... 2,558 81,089 Psychiatric Solutions, Inc. (a)(b)....................... 2,950 82,158 VCA Antech, Inc. (a)(b)........ 4,696 93,356 ----------- 796,560 ----------- HEALTH CARE TECHNOLOGY -- 1.3% Cerner Corp. (a)(b)............ 3,594 138,189 HLTH Corp. (a)(b).............. 5,505 57,582 IMS Health, Inc. (b)........... 10,216 154,875 ----------- 350,646 ----------- HOTELS, RESTAURANTS & LEISURE-- 2.7% Brinker International, Inc. ... 5,646 59,509 Burger King Holdings, Inc. (b).......................... 5,182 123,746 Chipotle Mexican Grill, Inc. (a)(b)....................... 1,860 115,283 Darden Restaurants, Inc. (b)... 7,266 204,756 Orient-Express Hotels, Ltd. (Class A) (b)................ 2,220 17,005 Penn National Gaming, Inc. (a)(b)....................... 3,791 81,051 Scientific Games Corp. (Class A) (a)(b).................... 3,902 68,441 Wyndham Worldwide Corp. (b).... 10,094 66,116 ----------- 735,907 ----------- HOUSEHOLD DURABLES -- 1.3% Harman International Industries, Inc. ............ 3,278 54,841 Pulte Homes, Inc. (b).......... 11,871 129,750 Toll Brothers, Inc. (a)(b)..... 7,238 155,110 ----------- 339,701 ----------- HOUSEHOLD PRODUCTS -- 1.5% Church & Dwight Co., Inc. (b).. 3,956 222,011 Energizer Holdings, Inc. (a)(b)....................... 3,290 178,120 ----------- 400,131 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.3% Dynegy, Inc. (Class A) (a)(b).. 28,117 56,234 Ormat Technologies, Inc. (b)... 1,023 32,603 ----------- 88,837 ----------- INDUSTRIAL CONGLOMERATES -- 0.1% Seaboard Corp. (b)............. 21 25,074 ----------- INSURANCE -- 1.4% Brown & Brown, Inc. (b)........ 6,387 133,488 W.R. Berkley Corp. ............ 7,898 244,838 ----------- 378,326 ----------- INTERNET & CATALOG RETAIL -- 0.6% Priceline.com, Inc. (a)(b)..... 2,263 166,670 ----------- INTERNET SOFTWARE & SERVICES -- 0.9% Akamai Technologies, Inc. (a)(b)....................... 9,520 143,657 Equinix, Inc. (a)(b)........... 1,814 96,487 ----------- 240,144 ----------- IT SERVICES -- 5.8% Affiliated Computer Services, Inc. (Class A) (a)(b)........ 5,255 241,467 Broadridge Financial Solutions, Inc. (b)..................... 7,789 97,674 DST Systems, Inc. (a)(b)....... 2,246 85,303 Fidelity National Information Services, Inc. .............. 10,632 172,983 Gartner, Inc. (a).............. 3,594 64,081 Genpact, Ltd. (a)(b)........... 3,247 26,690 Global Payments, Inc. ......... 4,515 148,047 Hewitt Associates, Inc. (Class A) (a)....................... 4,802 136,281 Mantech International Corp. (Class A) (a)(b)............. 1,174 63,619 Metavante Technologies, Inc. (a)(b)....................... 5,032 81,066 Perot Systems Corp. (Class A) (a)(b)....................... 4,866 66,518 SAIC, Inc. (a)................. 10,828 210,929 Total System Services, Inc. (b).......................... 11,151 156,114 ----------- 1,550,772 ----------- LIFE SCIENCES TOOLS & SERVICES -- 3.0% Bio-Rad Laboratories, Inc. (Class A) (a)................ 1,085 81,711 Bruker Corp. (a)(b)............ 2,823 11,405
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Charles River Laboratories International, Inc. (a)(b)... 3,826 $ 100,241 Life Technologies Corp. (a).... 9,647 224,872 Millipore Corp. (a)(b)......... 3,075 158,424 PerkinElmer, Inc. ............. 6,674 92,835 Techne Corp. .................. 2,177 140,460 ----------- 809,948 ----------- MACHINERY -- 3.7% Bucyrus International, Inc. (Class A) (b)................ 4,229 78,321 CLARCOR, Inc. (b).............. 2,875 95,393 Donaldson Co., Inc. (b)........ 3,768 126,793 Gardner Denver, Inc. (a)....... 2,904 67,779 Graco, Inc. (b)................ 3,389 80,421 Harsco Corp. .................. 4,737 131,120 Lincoln Electric Holdings, Inc. (b).......................... 2,287 116,477 Navistar International Corp. (a)(b)....................... 3,576 76,455 Nordson Corp. (b).............. 1,729 55,829 The Manitowoc Co., Inc. (b).... 7,314 63,339 Wabtec Corp. (b)............... 2,734 108,677 ----------- 1,000,604 ----------- MARINE -- 0.3% Kirby Corp. (a)................ 3,031 82,928 ----------- MEDIA -- 1.7% Interactive Data Corp. (b)..... 2,040 50,306 John Wiley & Sons, Inc. (Class A) (b)....................... 2,854 101,545 Lamar Advertising Co. (Class A) (a)(b)....................... 3,719 46,711 Liberty Media Corp.-Interactive (Class A) (a)(b)............. 5,211 24,544 Marvel Entertainment, Inc. (a)(b)....................... 2,927 90,005 Morningstar, Inc. (a)(b)....... 1,006 35,713 Sirius XM Radio, Inc. (a)(b)... 197,640 23,717 Virgin Media, Inc. (b)......... 16,495 82,310 ----------- 454,851 ----------- METALS & MINING -- 0.9% Reliance Steel & Aluminum Co. ......................... 3,616 72,103 Steel Dynamics, Inc. (b)....... 10,223 114,293 Titanium Metals Corp. (b)...... 5,489 48,358 ----------- 234,754 ----------- MULTILINE RETAIL -- 1.5% Dollar Tree Stores, Inc. (a)(b)....................... 5,089 212,720 Family Dollar Stores, Inc. (b).......................... 7,495 195,395 ----------- 408,115 ----------- OFFICE ELECTRONICS -- 0.3% Zebra Technologies Corp. (Class A) (a)(b).................... 3,568 72,288 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.7% Atlas Energy Resources LLC..... 1,881 24,020 Cabot Oil & Gas Corp. (b)...... 5,810 151,060 Cimarex Energy Co. (b)......... 4,656 124,688 CNX Gas Corp. (a)(b)........... 1,574 42,970 Comstock Resources, Inc. (a)(b)....................... 2,568 121,338 Concho Resources, Inc. (a)(b).. 3,517 80,258 Continental Resources, Inc. (a)(b)....................... 1,766 36,574 EXCO Resources, Inc. (a)(b).... 9,657 87,492 Foundation Coal Holdings, Inc. (b).......................... 2,581 36,186 Kinder Morgan Management, LLC.. 4,095 163,718 Mariner Energy, Inc. (a)(b).... 4,603 46,951 Massey Energy Co. (b).......... 4,778 65,889 Patriot Coal Corp. (a)(b)...... 2,961 18,506 Penn Virginia Corp. (b)........ 2,350 61,053 Quicksilver Resources, Inc. (a)(b)....................... 6,381 35,542 SandRidge Energy, Inc. (a)(b).. 5,322 32,730 St. Mary Land & Exploration Co. (b).......................... 3,466 70,394 Sunoco, Inc. (b)............... 6,648 288,922 Walter Industries, Inc. (b).... 3,052 53,441 ----------- 1,541,732 ----------- PERSONAL PRODUCTS -- 0.5% Herbalife, Ltd. (b)............ 3,588 77,788 NBTY, Inc. (a)(b).............. 3,178 49,736 ----------- 127,524 ----------- PHARMACEUTICALS -- 2.3% Endo Pharmaceuticals Holdings, Inc. (a)(b).................. 6,741 174,457 King Pharmaceuticals, Inc. (a).......................... 13,864 147,236 Mylan, Inc. (a)(b)............. 17,007 168,199 Sepracor, Inc. (a)(b).......... 6,083 66,791 Warner Chilcott, Ltd. (Class A) (a)(b)....................... 4,771 69,180 ----------- 625,863 ----------- PROFESSIONAL SERVICES -- 2.7% Equifax, Inc. ................. 7,133 189,167 FTI Consulting, Inc. (a)(b).... 2,825 126,221 Manpower, Inc. ................ 4,390 149,216 Monster Worldwide, Inc. (a)(b)....................... 7,082 85,621 Robert Half International, Inc. (b).......................... 8,820 183,633 ----------- 733,858 ----------- REAL ESTATE INVESTMENT TRUSTS -- 1.5% Alexander's, Inc. (b).......... 147 37,470 Camden Property Trust (b)...... 2,973 93,174 CapitalSource, Inc. (b)........ 12,678 58,572 Digital Realty Trust, Inc. (b).......................... 3,744 122,991 Taubman Centers, Inc. (b)...... 2,974 75,718 ----------- 387,925 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.2% CB Richard Ellis Group, Inc. (Class A) (a)(b)............. 12,985 56,095 ----------- ROAD & RAIL -- 1.2% Hertz Global Holdings, Inc. (a)(b)....................... 7,426 37,650 J.B. Hunt Transport Services, Inc. (b)..................... 6,217 163,321 Landstar Systems, Inc. (b)..... 2,970 114,137 ----------- 315,108 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.7% Advanced Micro Devices, Inc. (a)(b)....................... 31,341 67,697 Atheros Communications, Inc. (a)(b)....................... 3,330 47,652 Cree, Inc. (a)(b).............. 4,509 71,558 Cypress Semiconductor Corp. (a)(b)....................... 8,162 36,484 Integrated Device Technology, Inc. (a)(b).................. 9,650 54,136 Intersil Corp. (Class A)....... 6,973 64,082 Lam Research Corp. (a)(b)...... 7,071 150,471 LSI Logic Corp. (a)(b)......... 35,913 118,154 Micron Technology, Inc. (a)(b)....................... 42,621 112,519 Microsemi Corp. (a)............ 4,411 55,755 Novellus Systems, Inc. (a)(b).. 5,622 69,375 ON Semiconductor Corp. (a)(b).. 22,857 77,714 Varian Semiconductor Equipment Associates, Inc. (a)(b)...... 4,098 74,256 ----------- 999,853 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SOFTWARE -- 3.5% Ansys, Inc. (a)................ 4,989 $ 139,143 Cadence Design Systems, Inc. (a)(b)....................... 14,527 53,169 Concur Technologies, Inc. (a)(b)....................... 2,786 91,437 Factset Research Systems, Inc. (b).......................... 2,477 109,582 Jack Henry & Associates, Inc. ........................ 4,752 92,236 MICROS Systems, Inc. (a)....... 4,543 74,142 Nuance Communications, Inc. (a)(b)....................... 10,603 109,847 Parametric Technology Corp. (a).......................... 6,545 82,794 Red Hat, Inc. (a)(b)........... 10,749 142,102 VMware, Inc. (Class A) (a)(b).. 2,204 52,213 ----------- 946,665 ----------- SPECIALTY RETAIL -- 4.1% Abercrombie & Fitch Co. (Class A) (b)....................... 4,934 113,827 Advance Auto Parts, Inc. ...... 5,347 179,927 Aeropostale, Inc. (a)(b)....... 3,771 60,713 American Eagle Outfitters, Inc. (b).......................... 9,932 92,964 CarMax, Inc. (a)(b)............ 11,074 87,263 Dick's Sporting Goods, Inc. (a)(b)....................... 4,695 66,246 Guess ?, Inc. ................. 3,440 52,804 O'Reilly Automotive, Inc. (a)(b)....................... 7,568 232,640 PetSmart, Inc. (b)............. 7,175 132,379 Signet Jewelers, Ltd. ......... 4,846 42,015 Williams-Sonoma, Inc. (b)...... 5,368 42,193 ----------- 1,102,971 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Fossil, Inc. (a)(b)............ 2,650 44,255 The Warnaco Group, Inc. (a).... 2,610 51,234 ----------- 95,489 ----------- THRIFTS & MORTGAGE FINANCE -- 0.3% TFS Financial Corp. (b)........ 5,487 70,782 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.3% MSC Industrial Direct Co., Inc. (Class A) (b)................ 2,476 91,191 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 1.5% Leap Wireless International, Inc. (a)(b).................. 2,816 75,722 SBA Communications Corp. (Class A) (a)....................... 6,555 106,977 Telephone & Data Systems, Inc. (b).......................... 5,789 183,801 US Cellular Corp. (a).......... 890 38,484 ----------- 404,984 ----------- TOTAL COMMON STOCKS -- (Cost $43,417,484)........... 26,792,285 ----------- SHORT TERM INVESTMENTS -- 27.8% MONEY MARKET FUNDS -- 27.8% State Street Navigator Securities Lending Prime Portfolio (c)(d)............. 7,368,056 7,368,056 STIC Prime Portfolio........... 98,663 98,663 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $7,466,719)............ 7,466,719 ----------- TOTAL INVESTMENTS -- 127.6% (Cost $50,884,203)........... 34,259,004 OTHER ASSETS AND LIABILITIES -- (27.6)%....... (7,411,235) ----------- NET ASSETS -- 100.0%........... $26,847,769 ===========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Investments of cash collateral for securities loaned. (d) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP VALUE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% AEROSPACE & DEFENSE -- 0.4% Curtiss-Wright Corp. (a)....... 1,157 $ 38,632 ----------- AIRLINES -- 1.7% Delta Air Lines, Inc. (b)...... 16,363 187,520 ----------- AUTO COMPONENTS -- 0.3% TRW Automotive Holdings Corp. (a)(b)....................... 1,396 5,026 WABCO Holdings, Inc. (a)....... 1,799 28,406 ----------- 33,432 ----------- BEVERAGES -- 0.3% PepsiAmericas, Inc. (a)........ 1,644 33,472 ----------- BUILDING PRODUCTS -- 1.0% Armstrong World Industries, Inc. ........................ 457 9,880 Lennox International, Inc. (a).......................... 1,346 43,462 Owens Corning, Inc. (a)(b)..... 2,254 38,994 USG Corp. (a)(b)............... 1,713 13,773 ----------- 106,109 ----------- CAPITAL MARKETS -- 1.9% AllianceBernstein Holding LP (a).......................... 852 17,713 Federated Investors, Inc. (Class B) (a)................ 2,472 41,925 GLG Partners, Inc. (a)......... 5,106 11,591 Janus Capital Group, Inc. (a).. 4,105 32,963 Jefferies Group, Inc. (a)...... 3,001 42,194 The Blackstone Group LP (a).... 4,182 27,309 Waddell & Reed Financial, Inc. (Class A) (a)................ 2,187 33,811 ----------- 207,506 ----------- CHEMICALS -- 3.3% Ashland, Inc. ................. 1,714 18,014 Cytec Industries, Inc. (a)..... 1,243 26,376 Eastman Chemical Co. (a)....... 1,761 55,841 International Flavors & Fragrances, Inc. (a)......... 2,026 60,213 Lubrizol Corp. (a)............. 1,769 64,374 Olin Corp. (a)................. 1,772 32,038 RPM International,Inc. ........ 3,356 44,601 Valhi, Inc. (a)................ 281 3,007 Valspar Corp. (a).............. 2,417 43,724 W.R. Grace & Co. (a)(b)........ 1,551 9,259 ----------- 357,447 ----------- COMMERCIAL BANKS -- 9.3% Associated Bancorp (a)......... 3,072 64,297 BancorpSouth, Inc. (a)......... 1,990 46,486 Bank of Hawaii Corp. (a)....... 1,231 55,604 BOK Financial Corp. (a)........ 579 23,392 City National Corp. (a)........ 1,025 49,917 Comerica, Inc. (a)............. 3,933 78,070 Commerce Bancshares, Inc. ..... 1,588 69,793 Cullen/Frost Bankers, Inc. (a).......................... 1,447 73,334 First Horizon National Corp. (a).......................... 5,297 55,994 Fulton Financial Corp. (a)..... 4,469 42,992 Huntington Bancshares, Inc. (a).......................... 9,450 72,387 Marshall & Ilsley Corp. (a).... 6,320 86,205 PNC Financial Services Group, Inc. ........................ 1 49 Popular, Inc. (a).............. 6,596 34,035 Synovus Financial Corp. (a).... 7,059 58,590 UMB Financial Corp. (a)........ 800 39,312 Valley National Bancorp (a).... 3,479 70,450 Zions Bancorp.................. 3,005 73,653 ----------- 994,560 ----------- COMMUNICATIONS EQUIPMENT -- 0.4% Tellabs, Inc. (a)(b)........... 9,384 38,662 ----------- COMPUTERS & PERIPHERALS -- 0.9% Diebold, Inc. (a).............. 1,692 47,528 Lexmark International, Inc. (Class A) (a)(b)............. 2,021 54,365 ----------- 101,893 ----------- CONSTRUCTION & ENGINEERING -- 1.2% EMCOR Group, Inc. (a)(b)....... 1,685 37,795 URS Corp. (a)(b)............... 2,173 88,593 ----------- 126,388 ----------- CONSUMER FINANCE -- 0.0% (c) The Student Loan Corp. (a)..... 100 4,100 ----------- CONTAINERS & PACKAGING -- 2.5% Aptargroup, Inc. .............. 1,650 58,146 Bemis Co., Inc. (a)............ 2,591 61,355 Greif, Inc. (Class A) (a)...... 789 26,376 Packaging Corp. of America (a).......................... 2,640 35,535 Silgan Holdings, Inc. ......... 647 30,933 Sonoco Products Co. ........... 2,564 59,382 ----------- 271,727 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.3% Service Corp. International (a).......................... 6,629 32,946 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.4% CIT Group, Inc. (a)............ 9,443 42,871 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.3% CenturyTel, Inc. (a)........... 2,582 70,566 Frontier Communications Corp. (a).......................... 8,026 70,147 ----------- 140,713 ----------- ELECTRIC UTILITIES -- 4.5% DPL, Inc. ..................... 2,989 68,269 Great Plains Energy, Inc. (a).. 3,040 58,763 Hawaiian Electric Industries, Inc. (a)..................... 2,325 51,476 Northeast Utilities (a)........ 4,067 97,852 NV Energy, Inc. ............... 6,024 59,577 Pinnacle West Capital Corp. (a).......................... 2,619 84,148 Westar Energy, Inc. (a)........ 2,792 57,264 ----------- 477,349 ----------- ELECTRICAL EQUIPMENT -- 1.3% Brady Corp. (Class A) (a)...... 1,245 29,818 GrafTech International, Ltd. (b).......................... 3,076 25,592 Hubbell, Inc. (Class B)........ 1,351 44,151 Thomas & Betts Corp. (a)(b).... 1,441 34,613 ----------- 134,174 ----------- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.7% Anixter International, Inc. (a)(b)....................... 788 23,735 Ingram Micro, Inc. (Class A) (b).......................... 3,698 49,516 ----------- 73,251 ----------- ENERGY EQUIPMENT & SERVICES -- 0.5% Tidewater, Inc. (a)............ 1,328 53,479 ----------- FOOD PRODUCTS -- 3.6% Corn Products International, Inc. (a)..................... 1,908 55,046 Hormel Foods Corp. ............ 1,892 58,803
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Ralcorp Holdings, Inc. (b)..... 1,468 $ 85,731 Smithfield Foods, Inc. (a)(b).. 3,413 48,021 The J.M. Smucker Co. (a)....... 3,064 132,855 ----------- 380,456 ----------- GAS UTILITIES -- 3.2% AGL Resources, Inc. (a)........ 1,972 61,822 Atmos Energy Corp. ............ 2,325 55,103 National Fuel Gas Co. (a)...... 1,834 57,459 Nicor, Inc. ................... 1,159 40,264 Piedmont Natural Gas Co., Inc. ........................ 1,777 56,278 UGI Corp. ..................... 2,775 67,765 ----------- 338,691 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 1.2% Inverness Medical Innovations, Inc. (a)(b).................. 1,992 37,669 STERIS Corp. .................. 1,528 36,504 Teleflex, Inc. (a)............. 1,023 51,252 ----------- 125,425 ----------- HEALTH CARE PROVIDERS & SERVICES -- 0.6% Tenet Healthcare Corp. (a)(b).. 12,229 14,063 Universal Health Services, Inc. (Class B) (a)................ 1,229 46,174 ----------- 60,237 ----------- HOTELS RESTAURANTS & LEISURE -- 0.2% International Speedway Corp. (Class A).................... 826 23,731 ----------- HOUSEHOLD DURABLES -- 4.3% D.R. Horton, Inc. (a).......... 7,045 49,808 Leggett & Platt, Inc. (a)...... 4,027 61,170 Mohawk Industries, Inc. (a)(b)....................... 1,423 61,147 NVR, Inc. (a)(b)............... 129 58,856 Snap-on, Inc. (a).............. 1,481 58,322 The Black & Decker Corp. (a)... 1,546 64,638 The Stanley Works (a).......... 2,018 68,814 Tupperware Brands Corp. (a).... 1,590 36,093 ----------- 458,848 ----------- INDUSTRIAL CONGLOMERATES -- 0.3% Carlisle Cos., Inc. (a)........ 1,573 32,561 ----------- INSURANCE -- 13.6% Alleghany Corp. (a)(b)......... 155 43,710 American Financial Group, Inc. ........................ 2,022 46,263 American National Insurance Co. (a).......................... 410 30,229 Arch Capital Group, Ltd. (a)(b)....................... 1,294 90,710 Arthur J. Gallagher & Co. (a).. 2,449 63,454 Aspen Insurance Holdings, Ltd. (a).......................... 1,815 44,014 Cincinnati Financial Corp. (a).......................... 3,946 114,710 Endurance Specialty Holdings, Ltd. (a)..................... 1,316 40,178 Erie Indemnity Co. (Class A) (a).......................... 826 31,082 Fidelity National Financial, Inc. (Class A) (a)........... 5,499 97,607 First American Corp. .......... 2,111 60,987 HCC Insurance Holdings, Inc. (a).......................... 2,991 80,009 Markel Corp. (a)(b)............ 257 76,843 MBIA, Inc. (a)(b).............. 6,011 24,465 Mercury General Corp. (a)...... 678 31,181 Odyssey Re Holdings Corp. (a).. 456 23,625 Old Republic International Corp. (a).................... 6,024 71,806 PartnerRe, Ltd. ............... 1,431 101,987 Protective Life Corp. (a)...... 1,791 25,701 Reinsurance Group of America, Inc. ........................ 1,616 69,197 RenaissanceRe Holdings, Ltd. .. 1,594 82,187 StanCorp Financial Group, Inc. (a).......................... 1,263 52,756 The Hanover Insurance Group, Inc. ........................ 1,329 57,107 Transatlantic Holdings, Inc. .. 678 27,161 Wesco Financial Corp. (a)...... 36 10,364 White Mountains Insurance Group, Ltd. (a).............. 198 52,888 ----------- 1,450,221 ----------- IT SERVICES -- 0.7% Lender Processing Services, Inc. ........................ 2,445 72,005 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.4% Eastman Kodak Co. (a).......... 6,921 45,540 ----------- MACHINERY -- 2.6% Crane Co. (a).................. 1,343 23,153 IDEX Corp. (a)................. 2,139 51,657 Kennametal, Inc. .............. 1,901 42,183 Pentair, Inc. ................. 2,572 60,879 The Timken Co. ................ 1,991 39,083 Trinity Industries, Inc. (a)... 2,051 32,324 Valmont Industries, Inc. (a)... 479 29,392 ----------- 278,671 ----------- MARINE -- 0.4% Alexander & Baldwin, Inc. (a).. 1,065 26,689 Genco Shipping & Trading, Ltd. (a).......................... 812 12,017 ----------- 38,706 ----------- MEDIA -- 1.7% DreamWorks Animation SKG, Inc. (Class A) (b)................ 1,494 37,738 Gannett Co., Inc. (a).......... 5,925 47,400 Hearst-Argyle Television, Inc. (a).......................... 681 4,127 Regal Entertainment Group...... 2,006 20,481 The Interpublic Group of Cos., Inc. (b)..................... 12,283 48,641 The New York Times Co. (Class A) (a)....................... 2,979 21,836 ----------- 180,223 ----------- METALS & MINING -- 0.9% Century Aluminum Co. (a)(b).... 991 9,910 Commercial Metals Co. (a)...... 2,954 35,064 Compass Minerals International, Inc. (a)..................... 836 49,040 ----------- 94,014 ----------- MULTI-UTILITIES -- 7.1% Alliant Energy Corp. .......... 2,871 83,776 CMS Energy Corp. (a)........... 5,779 58,426 Integrys Energy Group, Inc. (a).......................... 1,970 84,671 NiSource, Inc. ................ 7,131 78,227 NSTAR.......................... 2,774 101,223 OGE Energy Corp. .............. 2,361 60,866 Puget Energy, Inc. ............ 3,053 83,255 SCANA Corp. (a)................ 2,738 97,473 TECO Energy, Inc. (a).......... 5,128 63,331 Vectren Corp. (a).............. 2,087 52,196 ----------- 763,444 ----------- MULTILINE RETAIL -- 0.3% Big Lots, Inc. (a)(b).......... 2,098 30,400 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.4% Boardwalk Pipeline Partners LP (a).......................... 1,430 25,425 Buckeye Partners LP (a)........ 1,258 40,571 Enbridge Energy Partners LP (a).......................... 1,591 40,571 Encore Acquisition Co. (a)(b).. 1,300 33,176 Enterprise GP Holdings LP...... 924 16,105
See accompanying notes to financial statements. SPDR DJ WILSHIRE MID CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Forest Oil Corp. (a)(b)........ 2,260 $ 37,267 Linn Energy LLC (a)............ 2,843 42,560 Magellan Midstream Partners LP (a).......................... 1,710 51,659 Natural Resource Partners LP... 823 14,361 NuStar Energy LP (a)........... 1,098 45,084 Overseas Shipholding Group, Inc. (a)..................... 586 24,676 Ship Finance International, Ltd. (a)..................... 1,022 11,293 Southern Union Co. (a)......... 2,698 35,182 Teekay Corp. (a)............... 1,095 21,517 TEPPCO Partners LP (a)......... 2,194 42,937 Tesoro Corp. (a)............... 3,522 46,385 W&T Offshore, Inc. (a)......... 698 9,995 Whiting Petroleum Corp. (a)(b)....................... 1,098 36,739 ----------- 575,503 ----------- PAPER & FOREST PRODUCTS -- 0.6% Domtar Corp. (a)(b)............ 12,707 21,221 MeadWestvaco Corp. (a)......... 4,161 46,561 ----------- 67,782 ----------- PERSONAL PRODUCT -- 0.5% Alberto-Culver Co. (a)......... 2,259 55,368 ----------- PHARMACEUTICALS -- 1.3% Perrigo Co. (a)................ 2,182 70,500 Watson Pharmaceuticals, Inc. (a)(b)....................... 2,721 72,297 ----------- 142,797 ----------- PROFESSIONAL SERVICES -- 0.5% Watson Wyatt Worldwide, Inc. (Class A) (a)................ 1,093 52,267 ----------- REAL ESTATE INVESTMENT TRUSTS -- 11.0% Alexandria Real Estate Equities, Inc. (a)........... 824 49,720 AMB Property Corp. (a)......... 2,524 59,112 Apartment Investment & Management Co. (Class A) (a).......................... 2,610 30,145 BRE Properties, Inc. (a)....... 1,318 36,878 Developers Diversified Realty Corp. (a).................... 3,090 15,079 Douglas Emmett, Inc. (a)....... 2,810 36,699 Duke Realty Corp. (a).......... 3,764 41,253 Essex Property Trust, Inc. (a).......................... 691 53,034 Federal Realty Investment Trust (a).......................... 1,528 94,858 Health Care REIT, Inc. (a)..... 2,688 113,434 Highwoods Properties, Inc. (a).......................... 1,638 44,816 Hospitality Properties Trust (a).......................... 2,419 35,971 Liberty Property Trust......... 2,529 57,737 Mack-Cali Realty Corp. (a)..... 1,699 41,625 Nationwide Health Properties, Inc. (a)..................... 2,589 74,356 Rayonier, Inc. (a)............. 2,021 63,358 Realty Income Corp. (a)........ 2,688 62,227 Regency Centers Corp. (a)...... 1,802 84,153 Senior Housing Properties Trust (a).......................... 2,993 53,635 The Macerich Co. (a)........... 1,962 35,630 UDR, Inc. (a).................. 3,507 48,362 Weingarten Realty Investors (a).......................... 2,082 43,077 ----------- 1,175,159 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.6% Forest City Enterprises, Inc. (Class A) (a)................ 1,776 11,899 The St. Joe Co. (a)(b)......... 2,364 57,493 ----------- 69,392 ----------- ROAD & RAIL -- 1.2% Con-way, Inc. (a).............. 1,178 31,335 Kansas City Southern (a)(b).... 2,351 44,787 Ryder Systems, Inc. (a)........ 1,434 55,610 ----------- 131,732 ----------- SOFTWARE -- 1.9% Compuware Corp. (a)(b)......... 6,355 42,896 Novell, Inc. (a)(b)............ 8,900 34,621 Sybase, Inc. (a)(b)............ 2,090 51,769 Synopsys, Inc. (a)(b).......... 3,755 69,543 ----------- 198,829 ----------- SPECIALTY RETAIL -- 0.9% AutoNation, Inc. (a)(b)........ 2,863 28,286 Foot Locker, Inc. (a).......... 4,035 29,617 RadioShack Corp. (a)........... 3,224 38,495 ----------- 96,398 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.5% Hanesbrands, Inc. (a)(b)....... 2,417 30,817 Phillips-Van Heusen Corp. ..... 1,322 26,612 ----------- 57,429 ----------- THRIFTS & MORTGAGE FINANCE -- 0.6% Astoria Financial Corp. (a).... 2,271 37,426 Capitol Federal Financial (a).. 548 24,989 ----------- 62,415 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.3% GATX Corp. (a)................. 1,117 34,593 ----------- WATER UTILITIES -- 1.0% American Water Works Co., Inc. (a).......................... 1,495 31,216 Aqua America, Inc. (a)......... 3,483 71,715 ----------- 102,931 ----------- TOTAL COMMON STOCKS -- (Cost $14,722,874)........... 10,651,999 ----------- SHORT TERM INVESTMENTS -- 22.6% MONEY MARKET FUNDS -- 22.6% State Street Navigator Securities Lending Prime Portfolio (d)(e)............. 2,325,652 2,325,652 STIC Prime Portfolio........... 83,286 83,286 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $2,408,938)............ 2,408,938 ----------- TOTAL INVESTMENTS -- 122.2% (Cost $17,131,812)........... 13,060,937 OTHER ASSETS AND LIABILITIES -- (22.2)%....... (2,369,494) ----------- NET ASSETS -- 100.0%........... $10,691,443 ===========
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Amount represents less than 0.05% of net assets. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. REIT = Real Estate Investment Trust See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.5% AEROSPACE & DEFENSE -- 1.5% AAR Corp. (a)(b)............... 627 $ 11,543 Aerovironment, Inc. (a)(b)..... 224 8,246 American Science & Engineering, Inc. (b)..................... 145 10,724 Argon ST, Inc. (a)(b).......... 227 4,281 Axsys Technologies, Inc. (a)(b)....................... 148 8,119 BE Aerospace, Inc. (a)......... 1,519 11,681 Ceradyne, Inc. (a)(b).......... 431 8,754 Cubic Corp. ................... 243 6,610 Curtiss-Wright Corp.(b)........ 744 24,842 DynCorp International, Inc. (a).......................... 436 6,614 Esterline Technologies Corp. (a).......................... 464 17,581 GenCorp, Inc. (a)(b)........... 850 3,128 Heico Corp. ................... 318 9,209 Hexcel Corp. (a)(b)............ 1,570 11,602 Ladish Co., Inc. (a)(b)........ 229 3,172 Moog, Inc. (Class A)(a)........ 639 23,368 Orbital Sciences Corp. (a)(b).. 969 18,925 Stanley, Inc. (a).............. 286 10,359 Taser International, Inc. (a)(b)....................... 1,057 5,581 Teledyne Technologies, Inc. (a)(b)....................... 548 24,413 TransDigm Group, Inc. (a)...... 414 13,898 Triumph Group, Inc. (b)........ 271 11,507 ----------- 254,157 ----------- AIR FREIGHT & LOGISTICS -- 0.3% Atlas Air Worldwide Holdings, Inc. (a)(b).................. 214 4,045 Forward Air Corp. (b).......... 466 11,310 HUB Group, Inc. (Class A) (a)(b)....................... 636 16,873 Pacer International, Inc. (b).. 559 5,830 UTI Worldwide, Inc. ........... 1,473 21,123 ----------- 59,181 ----------- AIRLINES -- 0.9% AirTran Holdings, Inc. (a)(b).. 1,849 8,210 Alaska Air Group, Inc. (a)..... 587 17,170 Allegiant Travel Co. (a)(b).... 221 10,734 Continental Airlines, Inc. (Class B) (a)(b)............. 1,782 32,183 Hawaiian Holdings, Inc. (a)(b)....................... 688 4,389 JetBlue Airways Corp. (a)...... 2,977 21,137 Republic Airways Holdings, Inc. (a)(b)....................... 587 6,263 SkyWest, Inc. (b).............. 940 17,484 UAL Corp. (b).................. 2,054 22,635 US Airways Group, Inc. (a)(b).. 1,695 13,102 ----------- 153,307 ----------- AUTO COMPONENTS -- 0.4% American Axle & Manufacturing Holdings, Inc. (b)........... 750 2,168 ArvinMeritor, Inc. (b)......... 1,195 3,406 Cooper Tire & Rubber Co. (b)... 954 5,877 Dana Holding Corp. (a)(b)...... 1,173 868 Drew Industries, Inc. (a)(b)... 332 3,984 Exide Technologies (a)(b)...... 745 3,941 Federal-Mogul Corp. (Class A) (a)(b)....................... 409 1,730 Fuel Systems Solutions, Inc. (a)(b)....................... 188 6,159 Gentex Corp. (b)............... 2,339 20,653 Lear Corp. (a)(b).............. 1,460 2,059 Modine Manufacturing Co. (b)... 527 2,566 Superior Industries International, Inc. (b)...... 354 3,724 Tenneco Automotive, Inc. (a)(b)....................... 755 2,227 TRW Automotive Holdings Corp. (a).......................... 878 3,161 Visteon Corp. (a)(b)........... 2,064 722 ----------- 63,245 ----------- AUTOMOBILES -- 0.1% Fleetwood Enterprises, Inc. (a).......................... 1,231 123 Thor Industries, Inc. (b)...... 621 8,185 Winnebago Industries, Inc. .... 464 2,798 ----------- 11,106 ----------- BEVERAGES -- 0.2% Boston Beer Co., Inc. (a)(b)... 160 4,544 Central European Distribution Corp. (a)(b)................. 623 12,273 Coca-Cola Hellenic Bottling Co. SA (b)....................... 64 2,941 National Beverage Corp. (a).... 167 1,503 PepsiAmericas, Inc. ........... 1,041 21,195 ----------- 42,456 ----------- BIOTECHNOLOGY -- 2.8% Acorda Therapeutics, Inc. (a)(b)....................... 620 12,716 Affymax, Inc. (a).............. 125 1,249 Alkermes, Inc. (a)(b).......... 1,583 16,859 Allos Therapeutics, Inc. (a)... 918 5,618 Alnylam Pharmaceuticals, Inc. (a)(b)....................... 595 14,714 Arena Pharmaceuticals, Inc. (a)(b)....................... 1,228 5,121 Ariad Pharmaceuticals, Inc. (a)(b)....................... 1,063 904 Celera Corp. (a)(b)............ 1,298 14,447 Cepheid, Inc. (a)(b)........... 923 9,581 Cougar Biotechnology, Inc. (a)(b)....................... 276 7,176 Cubist Pharmaceuticals, Inc. (a)(b)....................... 938 22,662 CV Therapeutics, Inc. (a)(b)... 944 8,694 Dendreon Corp. (a)(b).......... 1,458 6,678 Enzon Pharmaceuticals, Inc. (a)(b)....................... 661 3,854 Facet Biotech Corp. (a)........ 396 3,794 Genomic Health, Inc. (a)(b).... 257 5,006 Geron Corp. (a)(b)............. 1,398 6,529 GTx, Inc. (a)(b)............... 285 4,799 Halozyme Therapeutics, Inc. (a)(b)....................... 1,109 6,210 Human Genome Sciences, Inc. (a)(b)....................... 2,198 4,660 Idenix Pharmaceuticals, Inc. (a)(b)....................... 332 1,922 Incyte Corp. (a)(b)............ 1,542 5,844 Indevus Pharmaceuticals, Inc. (a)(b)....................... 1,152 3,617 InterMune, Inc. (a)(b)......... 502 5,311 Isis Pharmaceuticals, Inc. (a).......................... 1,473 20,887 Lexicon Genetics, Inc. (a)(b).. 1,491 2,087 Ligand Pharmaceuticals, Inc. (Class B) (a)(b)............. 1,125 3,083 MannKind Corp. (a)(b).......... 841 2,885 Martek Biosciences Corp. (b)... 552 16,731 Maxygen, Inc. (a)(b)........... 461 4,112 Medarex, Inc. (a).............. 2,072 11,562 Momenta Pharmaceuticals, Inc. (a)(b)....................... 479 5,556 Myriad Genetics, Inc. (a)(b)... 767 50,822 Neurocrine Biosciences, Inc. (a)(b)....................... 587 1,878 Onyx Pharmaceuticals, Inc. (a)(b)....................... 919 31,393 Opko Health, Inc. (a).......... 1,736 2,812 OSI Pharmaceuticals, Inc. (a)(b)....................... 949 37,059 Osiris Therapeutics, Inc. (a).. 295 5,652 PDL BioPharma, Inc. (b)........ 1,978 12,224 Pharmasset, Inc. (a)........... 267 3,500 Progenics Pharmaceuticals, Inc. (a)(b)....................... 411 4,238 Regeneron Pharmaceuticals, Inc. (a)(b)....................... 1,011 18,562
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Rigel Pharmaceuticals, Inc. (a)(b)....................... 594 $ 4,752 Sangamo Biosciences, Inc. (a)(b)....................... 607 2,112 Savient Pharmaceuticals, Inc. (a)(b)....................... 877 5,078 Seattle Genetics, Inc. (a)(b).. 910 8,136 Theravance, Inc. (a)(b)........ 849 10,519 United Therapeutics Corp. (a)(b)....................... 373 23,331 Zymogenetics, Inc. (a)(b)...... 615 1,845 ----------- 468,781 ----------- BUILDING PRODUCTS -- 0.7% American Woodmark Corp. ....... 151 2,753 Ameron International Corp. .... 139 8,746 Apogee Enterprises, Inc. (b)... 459 4,755 Armstrong World Industries, Inc. (b)..................... 298 6,443 Builders FirstSource, Inc. (a)(b)....................... 263 402 Gibraltar Industries, Inc. .... 444 5,301 Griffon Corp. (a)(b)........... 1,128 10,524 Lennox International, Inc. (b).......................... 837 27,027 NCI Building Systems, Inc. (a)(b)....................... 317 5,167 Owens Corning, Inc. (a)(b)..... 1,457 25,206 Quanex Building Products Corp. (b).......................... 607 5,688 Simpson Manufacturing Co., Inc. ........................ 616 17,100 Universal Forest Products, Inc. (b).......................... 289 7,777 ----------- 126,889 ----------- CAPITAL MARKETS -- 1.6% BGC Partners, Inc. (b)......... 484 1,336 Calamos Asset Management, Inc. (Class A) (b)................ 323 2,390 Cohen & Steers, Inc. (b)....... 270 2,967 E*TRADE Financial Corp. (a)(b)....................... 7,214 8,296 FBR Capital Markets Corp. (a)(b)....................... 506 2,459 FCStone Group, Inc. (a)(b)..... 431 1,909 Fortress Investment Group LLC (Class A) (b)................ 644 644 GAMCO Investors, Inc. (b)...... 103 2,814 GFI Group, Inc. (b)............ 1,057 3,742 GLG Partners, Inc. (b)......... 3,240 7,355 Greenhill & Co., Inc. (b)...... 209 14,582 Investment Technology Group, Inc. (a)..................... 728 16,540 Jefferies Group, Inc. (b)...... 1,894 26,630 KBW, Inc. (a)(b)............... 543 12,489 Knight Capital Group, Inc. (Class A) (a)................ 1,448 23,385 LaBranche & Co., Inc. (a)(b)... 932 4,464 Lazard, Ltd. (Class A) (b)..... 1,224 36,402 MF Global, Ltd. (a)(b)......... 1,596 3,256 optionsXpress Holdings, Inc. .. 757 10,113 Penson Worldwide, Inc. (a)(b).. 338 2,576 Piper Jaffray Cos., Inc. (a)(b)....................... 303 12,047 Pzena Investment Management, Inc. (Class A) (b)........... 87 367 Riskmetrics Group, Inc. (a)(b)....................... 495 7,370 Stifel Financial Corp. (a)(b).. 408 18,707 SWS Group, Inc. (b)............ 442 8,376 Thomas Weisel Partners Group, Inc. (a)(b).................. 362 1,709 TradeStation Group, Inc. (a)... 577 3,722 W.P. Carey & Co. LLC (b)....... 442 10,356 Waddell & Reed Financial, Inc. (Class A).................... 1,404 21,706 ----------- 268,709 ----------- CHEMICALS -- 2.0% A. Schulman, Inc. (b).......... 381 6,477 American Vanguard Corp.(b)..... 334 3,908 Arch Chemicals, Inc. (b)....... 427 11,132 Balchem Corp. (b).............. 296 7,373 Cabot Corp. (b)................ 820 12,546 Calgon Carbon Corp. (a)(b)..... 850 13,056 Chemtura Corp. ................ 3,887 5,442 Cytec Industries, Inc. ........ 777 16,488 Ferro Corp. (b)................ 713 5,027 Flotek Industries, Inc. (a)(b)....................... 366 922 H.B. Fuller Co. (b)............ 791 12,743 Innophos Holdings, Inc. (b).... 170 3,368 Koppers Holdings, Inc. (b)..... 335 7,243 Kronos Worldwide, Inc. (b)..... 50 583 LSB Industries, Inc. (a)(b).... 247 2,055 Minerals Technologies, Inc. ... 314 12,843 Nalco Holding Co. ............. 2,206 25,457 NewMarket Corp. ............... 179 6,249 NL Industries, Inc. (b)........ 117 1,568 Olin Corp. .................... 1,105 19,978 OM Group, Inc. (a)(b).......... 499 10,534 PolyOne Corp. (a).............. 1,370 4,315 Rockwood Holdings, Inc. (a)(b)....................... 735 7,938 RPM International, Inc. ....... 2,088 27,750 Sensient Technologies Corp. (b).......................... 789 18,841 Solutia, Inc. (a)(b)........... 1,071 4,819 Spartech Corp. ................ 486 3,042 Stepan Co. (b)................. 116 5,451 Terra Nitrogen Co. LP (b)...... 119 11,276 The Scotts Miracle-Gro Co. (Class A) (b)................ 710 21,101 Valhi, Inc. (b)................ 185 1,979 Valspar Corp. (b).............. 1,490 26,954 W.R. Grace & Co. (a)(b)........ 973 5,809 Westlake Chemical Corp. (b).... 323 5,262 Zep, Inc. (b).................. 336 6,488 Zoltek Cos., Inc. (a)(b)....... 445 4,001 ----------- 340,018 ----------- COMMERCIAL BANKS -- 7.6% 1st Source Corp. (b)........... 227 5,364 AMCORE Financial, Inc. (b)..... 335 1,213 Associated Banc-Corp (b)....... 1,922 40,227 Bancfirst Corp. (b)............ 127 6,721 BancorpSouth, Inc. (b)......... 1,237 28,896 Bank of Hawaii Corp. (b)....... 768 34,691 Bank of the Ozarks, Inc. (b)... 201 5,958 Banner Corp. (b)............... 235 2,211 BOK Financial Corp. ........... 369 14,908 Boston Private Financial Holdings, Inc. (b)........... 920 6,293 Capital City Bank Group, Inc. ........................ 215 5,857 Capitol Bancorp, Ltd. (b)...... 254 1,981 Cascade Bancorp (b)............ 345 2,329 Cathay General Bancorp (b)..... 812 19,285 Central Pacific Financial Corp. (b).......................... 460 4,618 Chemical Financial Corp. (b)... 358 9,981 Citizens Republic Bancorp, Inc. (b).......................... 2,166 6,455 City Bank (b).................. 219 1,139 City Holding Co. .............. 269 9,356 CoBiz, Inc. (b)................ 347 3,380 Columbia Banking System, Inc. (b).......................... 285 3,400 Community Bank System, Inc. (b).......................... 494 12,049 Community Trust Bancorp, Inc. (b).......................... 216 7,938 Cullen/Frost Bankers, Inc. .... 915 46,372 CVB Financial Corp. (b)........ 1,103 13,126 East West Bancorp, Inc. (b).... 1,033 16,497
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- F.N.B. Corp. (b)............... 1,425 $ 18,810 First Bancorp- North Carolina.. 266 4,881 First BanCorp- Puerto Rico (b).......................... 1,265 14,092 First Busey Corp. (b).......... 456 8,317 First Citizens Bancshares, Inc. (Class A).................... 97 14,822 First Commonwealth Financial Corp. (b).................... 1,297 16,057 First Community Bancshares, Inc. (b)..................... 161 5,614 First Financial Bancorp (b).... 622 7,707 First Financial Bankshares, Inc. (b)..................... 291 16,066 First Financial Corp. (b)...... 167 6,845 First Horizon National Corp. (b).......................... 3,408 36,028 First Merchants Corp. (b)...... 371 8,240 First Midwest Bancorp, Inc. (b).......................... 796 15,896 FirstMerit Corp. (b)........... 1,221 25,140 Frontier Financial Corp. (b)... 771 3,362 Fulton Financial Corp. (b)..... 2,881 27,715 Glacier Bancorp, Inc. (b)...... 976 18,563 Guaranty Bancorp (a)(b)........ 829 1,658 Hancock Holding Co. (b)........ 435 19,775 Hanmi Financial Corp. (b)...... 720 1,483 Harleysville National Corp. (b).......................... 663 9,574 Home Bancshares, Inc. (b)...... 260 7,007 IBERIABANK Corp. (b)........... 238 11,424 Independent Bank Corp.- Massachusetts (b)............ 262 6,854 Independent Bank Corp.- Michigan (b)................. 340 734 International Bancshares Corp. (b).......................... 885 19,319 Investors Bancorp, Inc. (a).... 733 9,844 MB Financial, Inc. (b)......... 581 16,239 Midwest Banc Holdings, Inc. (b).......................... 383 536 Nara Bancorp, Inc. (b)......... 382 3,755 National Penn Bancshares, Inc. (b).......................... 1,302 18,892 NBT Bancorp, Inc. (b).......... 527 14,735 Northfield Bancorp, Inc. ...... 329 3,701 Old National Bancorp (b)....... 1,088 19,758 Old Second Bancorp, Inc. (b)... 216 2,506 Oriental Financial Group (b)... 365 2,208 Pacific Capital Bancorp (b).... 761 12,846 PacWest Bancorp (b)............ 429 11,540 Park National Corp. (b)........ 184 13,202 Pinnacle Financial Partners, Inc. (a)(b).................. 368 10,970 Popular, Inc. (b).............. 4,147 21,398 PrivateBancorp, Inc. (b)....... 510 16,555 Prosperity Bancshares, Inc. (b).......................... 752 22,252 Provident Bankshares Corp. (b).......................... 586 5,661 Renasant Corp. (b)............. 341 5,807 Republic Bancorp, Inc.- Kentucky (b)................. 164 4,461 S&T Bancorp, Inc. (b).......... 447 15,868 S.Y. Bancorp, Inc. (b)......... 192 5,280 Sandy Spring Bancorp, Inc. (b).......................... 290 6,331 Santander Bancorp (b).......... 86 1,074 Seacoast Banking Corp. of Florida(b)................... 237 1,564 Signature Bank (a)(b).......... 556 15,952 Simmons First National Corp.(b)..................... 206 6,071 South Financial Group, Inc. (b).......................... 1,194 5,158 Sterling Bancorp (b)........... 321 4,504 Sterling Bancshares, Inc. (b).. 1,210 7,357 Sterling Financial Corp. -- Washington (b)...... 840 7,392 Suffolk Bancorp (b)............ 154 5,533 Sun Bancorp, Inc. (a).......... 302 2,262 Susquehanna Bancshares, Inc. (b).......................... 1,403 22,322 SVB Financial Group (a)(b)..... 528 13,849 TCF Financial Corp. (b)........ 2,056 28,085 Texas Capital Bancshares, Inc. (a).......................... 456 6,092 The Colonial BancGroup, Inc. (b).......................... 3,295 6,821 Tompkins Trustco, Inc. (b)..... 131 7,591 TowneBank (b).................. 396 9,817 Trico Bancshares (b)........... 242 6,043 Trustmark Corp. (b)............ 827 17,855 UCBH Holdings, Inc. (b)........ 1,831 12,597 UMB Financial Corp. ........... 513 25,209 Umpqua Holdings Corp. (b)...... 983 14,224 United Bankshares, Inc. (b).... 706 23,453 United Community Banks, Inc. (b).......................... 790 10,729 Valley National Bancorp (b).... 2,176 44,064 W Holding Co, Inc. (b)......... 39 402 Washington Trust Bancorp, Inc. (b).......................... 186 3,673 Webster Financial Corp. (b).... 858 11,823 WesBanco, Inc. (b)............. 429 11,673 West Coast Bancorp (b)......... 237 1,562 Westamerica Bancorp (b)........ 474 24,245 Western Alliance Bancorp (a)(b)....................... 383 3,864 Whitney Holding Corp. (b)...... 1,072 17,141 Wilmington Trust Corp. (b)..... 1,119 24,887 Wintrust Financial Corp. (b)... 383 7,878 ----------- 1,293,339 ----------- COMMERCIAL SERVICES & SUPPLIES -- 2.1% ABM Industries, Inc. (b)....... 741 14,116 ACCO Brands Corp. (a)(b)....... 884 3,050 American Ecology Corp. ........ 258 5,219 American Reprographics Co. (a).......................... 648 4,471 ATC Technology Corp. (a)(b).... 339 4,960 Bowne & Co., Inc. (b).......... 450 2,646 Cenveo, Inc. (a)(b)............ 816 3,631 Clean Harbors, Inc. (a)........ 329 20,872 Comfort Systems USA, Inc. ..... 641 6,833 Consolidated Graphics, Inc. (a)(b)....................... 161 3,645 Courier Corp. (b).............. 175 3,132 Deluxe Corp. (b)............... 841 12,581 EnergySolutions, Inc. (b)...... 1,115 6,300 EnerNOC, Inc. (a)(b)........... 168 1,250 Ennis, Inc. ................... 410 4,965 Fuel Tech, Inc. (a)(b)......... 306 3,240 G & K Services, Inc. (Class A) (b).......................... 326 6,592 GeoEye, Inc. (a)(b)............ 290 5,577 Healthcare Services Group, Inc. (b).......................... 635 10,116 Herman Miller, Inc. (b)........ 909 11,844 HNI Corp. (b).................. 546 8,649 Innerworkings, Inc. (a)(b)..... 459 3,006 Interface, Inc. (Class A) (b).. 873 4,051 Kimball International, Inc. (Class B) (b)................ 403 3,470 Knoll, Inc. ................... 793 7,153 M&F Worldwide Corp. (a)(b)..... 204 3,152 McGrath Rentcorp............... 352 7,519 Metalico, Inc. (a)(b).......... 429 665 Mine Safety Appliances Co. (b).......................... 517 12,361 Mobile Mini, Inc. (a)(b)....... 560 8,075 Rollins, Inc. (b).............. 845 15,278 Schawk, Inc. (b)............... 216 2,475 Standard Parking Corp. (a)(b).. 144 2,785 Steelcase, Inc. (Class A) (b).. 1,092 6,137 Sykes Enterprises, Inc. (a).... 561 10,726 Team, Inc. (a)(b).............. 299 8,282
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Tetra Tech, Inc. (a)(b)........ 971 $ 23,450 The Brink's Co. ............... 664 17,848 The Geo Group, Inc. (a)(b)..... 830 14,965 United Stationers, Inc. (a)(b)....................... 379 12,693 Viad Corp. .................... 308 7,620 Waste Connections, Inc. (a).... 1,277 40,315 ----------- 355,715 ----------- COMMUNICATIONS EQUIPMENT -- 2.3% 3Com Corp. (a)(b).............. 6,552 14,939 Acme Packet, Inc. (a)(b)....... 531 2,793 ADC Telecommunications, Inc. (a)(b)....................... 1,997 10,924 Adtran, Inc. (b)............... 981 14,597 Airvana, Inc. (a)(b)........... 557 3,409 Arris Group, Inc. (a)(b)....... 1,931 15,351 Aruba Networks, Inc. (a)(b).... 1,148 2,927 Avocent Corp. (a)(b)........... 762 13,647 Bel Fuse, Inc. (Class B)....... 185 3,922 BigBand Networks, Inc. (a)..... 662 3,654 Black Box Corp. (b)............ 279 7,287 Blue Coat Systems, Inc. (a)(b)....................... 622 5,225 Brocade Communications Systems, Inc. (a)..................... 6,061 16,971 CIENA Corp. (a)(b)............. 1,473 9,869 CommScope, Inc. (a)(b)......... 1,141 17,731 Comtech Telecommunications Corp. (a)(b)................. 394 18,053 Emulex Corp. (a)............... 1,373 9,583 Extreme Networks, Inc. (a)(b).. 2,102 4,919 F5 Networks, Inc. (a)(b)....... 1,314 30,038 Finisar Corp. (a)(b)........... 6,797 2,583 Harmonic, Inc. (a)(b).......... 1,529 8,578 Harris Stratex Networks, Inc. (a)(b)....................... 363 1,873 Hughes Communications, Inc. (a)(b)....................... 140 2,232 Infinera Corp. (a)(b).......... 1,492 13,368 InterDigital, Inc. (a)......... 686 18,865 Ixia (a)(b).................... 601 3,474 Loral Space & Communications, Ltd. (a)(b).................. 196 2,848 Netgear, Inc. (a)(b)........... 575 6,561 Neutral Tandem, Inc. (a)....... 339 5,499 OpNext, Inc. (a)(b)............ 332 581 Plantronics, Inc. ............. 794 10,481 Polycom, Inc. (a).............. 1,324 17,887 Powerwave Technologies, Inc. (a)(b)....................... 2,134 1,067 Riverbed Technology, Inc. (a)(b)....................... 879 10,012 ShoreTel, Inc. (a)............. 314 1,410 Sonus Networks, Inc. (a)(b).... 4,417 6,979 Starent Networks Corp. (a)(b).. 520 6,204 Sycamore Networks, Inc. (a)(b)....................... 3,134 8,430 Tekelec (a)(b)................. 931 12,419 Tellabs, Inc. (a).............. 5,826 24,003 Utstarcom, Inc. (a)(b)......... 1,589 2,940 ViaSat, Inc. (a)(b)............ 468 11,269 ----------- 385,402 ----------- COMPUTERS & PERIPHERALS -- 0.8% 3PAR, Inc. (a)................. 479 3,674 Adaptec, Inc. (a)(b)........... 1,729 5,706 Avid Technology, Inc. (a)(b)... 487 5,313 Data Domain, Inc. (a)(b)....... 575 10,810 Diebold, Inc. ................. 1,090 30,618 Electronics for Imaging, Inc. (a).......................... 855 8,174 Hutchinson Technology, Inc. (a)(b)....................... 385 1,340 Hypercom Corp. (a)............. 810 875 Imation Corp. (b).............. 511 6,934 Intermec, Inc. (a)(b).......... 782 10,385 Isilon Systems, Inc. (a)....... 393 1,293 Novatel Wireless, Inc. (a)(b).. 508 2,357 Palm, Inc. (a)(b).............. 1,636 5,023 QLogic Corp. (a)............... 2,051 27,566 Quantum Corp. (a)(b)........... 3,454 1,243 Rackable Systems, Inc. (a)(b).. 476 1,875 STEC, Inc. (a)(b).............. 419 1,785 Stratasys, Inc. (a)(b)......... 348 3,741 Synaptics, Inc. (a)(b)......... 574 9,505 ----------- 138,217 ----------- CONSTRUCTION & ENGINEERING -- 0.8% Aecom Technology Corp. (a)(b).. 1,251 38,443 Dycom Industries, Inc. (a)..... 659 5,417 EMCOR Group, Inc. (a).......... 1,079 24,202 Furmanite Corp. (a)(b)......... 595 3,207 Granite Construction, Inc. (b).......................... 531 23,327 Great Lakes Dredge & Dock Corp. (b).......................... 712 2,955 Insituform Technologies, Inc. (a)(b)....................... 456 8,979 Layne Christensen Co. (a)(b)... 309 7,419 Mastec, Inc. (a)............... 778 9,009 Northwest Pipe Co. (a)(b)...... 145 6,179 Perini Corp. (a)(b)............ 456 10,661 Pike Electric Corp. (a)........ 287 3,530 ----------- 143,328 ----------- CONSTRUCTION MATERIALS -- 0.2% Eagle Materials, Inc. (b)...... 716 13,181 Headwaters, Inc. (a)(b)........ 693 4,678 Texas Industries, Inc. (b)..... 442 15,249 ----------- 33,108 ----------- CONSUMER FINANCE -- 0.4% Advance America Cash Advance Centers, Inc. ............... 837 1,582 Advanta Corp. (Class B) (b).... 668 1,396 AmeriCredit Corp. (a)(b)....... 1,874 14,317 Cardtronics, Inc. (a).......... 237 306 Cash America International, Inc. ........................ 494 13,511 CompuCredit Corp. (a)(b)....... 507 2,804 Credit Acceptance Corp. (a)(b)....................... 34 466 Dollar Financial Corp. (a)(b).. 424 4,367 Ezcorp, Inc. (a)............... 636 9,673 First Cash Financial Services, Inc. (a)(b).................. 418 7,967 Nelnet, Inc. (b)............... 463 6,635 The First Marblehead Corp. (a)(b)....................... 1,047 1,351 The Student Loan Corp. ........ 64 2,624 World Acceptance Corp. (a)(b).. 244 4,821 ----------- 71,820 ----------- CONTAINERS & PACKAGING -- 0.8% Aptargroup, Inc. .............. 1,031 36,333 Boise, Inc. (a)(b)............. 484 208 Graphic Packaging Holding Co. (a)(b)....................... 1,305 1,488 Greif, Inc. (Class A).......... 500 16,715 Myers Industries, Inc. ........ 452 3,616 Packaging Corp. of America (b).......................... 1,714 23,070 Rock-Tenn Co. (b).............. 622 21,260 Silgan Holdings, Inc. ......... 419 20,032
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Smurfit-Stone Container Corp. (a).......................... 4,162 $ 1,061 Temple-Inland, Inc. (b)........ 1,461 7,013 ----------- 130,796 ----------- DISTRIBUTORS -- 0.2% Audiovox Corp. (Class A) (a)(b)....................... 286 1,433 LKQ Corp. (a)(b)............... 2,273 26,503 ----------- 27,936 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.5% American Public Education, Inc. (a).......................... 214 7,959 Brink's Home Security Holdings, Inc. (a)..................... 664 14,555 Capella Education Co. (a)(b)... 233 13,691 Career Education Corp. (a)(b).. 1,485 26,641 Coinstar, Inc. (a)(b).......... 423 8,253 Corinthian Colleges, Inc. (a).. 1,389 22,738 Grand Canyon Education, Inc. (a).......................... 171 3,211 Hillenbrand, Inc. ............. 1,011 16,864 Jackson Hewitt Tax Service, Inc. (b)..................... 415 6,511 Lincoln Educational Services Corp. (a)(b)................. 40 530 Matthews International Corp. (Class A).................... 506 18,560 Pre-Paid Legal Services, Inc. (a)(b)....................... 134 4,997 Regis Corp. ................... 699 10,156 Service Corp. International (b).......................... 4,262 21,182 Sotheby's (b).................. 1,096 9,743 Steiner Leisure, Ltd. (a)(b)... 220 6,494 Stewart Enterprises, Inc. (Class A) (b)................ 1,365 4,109 Strayer Education, Inc. (b).... 230 49,314 thinkorswim Group, Inc. (a)(b)....................... 772 4,339 Universal Technical Institute, Inc. (a)(b).................. 357 6,130 ----------- 255,977 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.5% Asset Acceptance Capital Corp. (a)(b)....................... 225 1,150 Financial Federal Corp. (b).... 415 9,657 Interactive Brokers Group, Inc. (Class A) (a)(b)............. 657 11,754 KKR Financial Holdings LLC (b).......................... 2,442 3,858 MarketAxess Holdings, Inc. (a).......................... 452 3,688 MSCI, Inc. (Class A) (a)(b).... 1,158 20,566 NewStar Financial, Inc. (a)(b)....................... 386 1,540 PHH Corp. (a)(b)............... 886 11,279 Pico Holdings, Inc. (a)(b)..... 267 7,097 Portfolio Recovery Associates, Inc. (a)(b).................. 247 8,359 Resource America, Inc. ........ 237 948 ----------- 79,896 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.7% Alaska Communications Systems Group, Inc. (b).............. 741 6,951 Atlantic Tele-Network, Inc. ... 155 4,115 Cbeyond, Inc. (a)(b)........... 398 6,360 Cincinnati Bell, Inc. (a)(b)... 3,949 7,622 Cogent Communications Group, Inc. (a)(b).................. 715 4,669 Consolidated Communications Holdings, Inc. (b)........... 372 4,419 FairPoint Communications, Inc. (b).......................... 1,452 4,763 General Communication, Inc. (Class A) (a)................ 621 5,024 Global Crossing, Ltd. (a)(b)... 425 3,374 Globalstar, Inc. (a)(b)........ 1,146 229 Iowa Telecommunications Services, Inc. (b)........... 517 7,383 NTELOS Holdings Corp. ......... 475 11,713 PAETEC Holding Corp. (a)....... 2,055 2,959 Premiere Global Services, Inc. (a)(b)....................... 921 7,930 Shenandoah Telecommunications Co. (b)...................... 384 10,771 SureWest Communications (b).... 249 2,844 tw telecom, Inc. (a)(b)........ 2,406 20,379 Vonage Holdings Corp. (a)(b)... 1,323 873 ----------- 112,378 ----------- ELECTRIC UTILITIES -- 1.9% ALLETE, Inc. (b)............... 419 13,521 Brookfield Infrastructure Partners LP (b).............. 349 3,909 Cleco Corp. (b)................ 991 22,625 El Paso Electric Co. (a)(b).... 710 12,844 Empire District Electric Co. .. 561 9,874 Great Plains Energy, Inc. ..... 1,900 36,727 Hawaiian Electric Industries, Inc. (b)..................... 1,487 32,922 IDACORP, Inc. ................. 745 21,940 ITC Holdings Corp. (b)......... 820 35,818 MGE Energy, Inc. .............. 363 11,979 NV Energy, Inc. ............... 3,763 37,216 Portland General Electric Co. ......................... 1,038 20,210 UIL Holdings Corp. (b)......... 378 11,351 Unisource Energy Corp. (b)..... 570 16,735 Westar Energy, Inc. ........... 1,740 35,687 ----------- 323,358 ----------- ELECTRICAL EQUIPMENT -- 1.6% A.O. Smith Corp. (b)........... 341 10,066 Acuity Brands, Inc. (b)........ 663 23,145 Advanced Battery Technologies, Inc. (a)(b).................. 653 1,737 American Superconductor Corp. (a)(b)....................... 667 10,879 AZZ, Inc. (a)(b)............... 198 4,970 Baldor Electric Co. (b)........ 682 12,174 Belden CDT, Inc. (b)........... 715 14,929 Brady Corp. (Class A) (b)...... 800 19,160 Encore Wire Corp. (b).......... 308 5,840 Ener1, Inc. (a)(b)............. 913 6,528 Energy Conversion Devices, Inc. (a)(b)....................... 735 18,529 EnerSys (a)(b)................. 691 7,601 Evergreen Solar, Inc. (a)(b)... 2,471 7,882 Franklin Electric Co., Inc. (b).......................... 291 8,180 FuelCell Energy, Inc. (a)(b)... 1,028 3,989 General Cable Corp. (a)(b)..... 861 15,231 GrafTech International, Ltd. (a)(b)....................... 1,951 16,232 GT Solar International, Inc. (a)(b)....................... 490 1,416 II-VI, Inc. (a)(b)............. 409 7,808 Orion Energy Systems, Inc. (a)(b)....................... 366 1,980 Plug Power, Inc. (a)(b)........ 1,164 1,187 Polypore International, Inc. (a).......................... 307 2,321 Powell Industries, Inc. (a).... 124 3,598 Power-One, Inc. (a)(b)......... 1,266 1,507 Regal-Beloit Corp. (b)......... 535 20,325 Thomas & Betts Corp. (a)....... 892 21,426 Valence Technology, Inc. (a)(b)....................... 985 1,793 Vicor Corp. (b)................ 288 1,904 Woodward Governor Co. ......... 954 21,961 ----------- 274,298 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 1.5% Agilysys, Inc. (b)............. 367 $ 1,574 Anixter International, Inc. (a)(b)....................... 499 15,030 AVX Corp. (b).................. 834 6,622 Benchmark Electronics, Inc. (a).......................... 1,095 13,983 Brightpoint, Inc. (a)(b)....... 856 3,724 Checkpoint Systems, Inc. (a)... 652 6,416 Cogent, Inc. (a)(b)............ 641 8,698 Cognex Corp. .................. 619 9,161 Coherent, Inc. (a)(b).......... 362 7,769 CTS Corp. (b).................. 549 3,025 Daktronics, Inc. (b)........... 617 5,775 DTS Inc. (a)(b)................ 296 5,432 Echelon Corp. (a)(b)........... 540 4,401 Electro Scientific Industries, Inc. (a)(b).................. 424 2,879 FARO Technologies, Inc. (a)(b)....................... 243 4,097 ICx Technologies, Inc. (a)(b).. 197 1,558 Insight Enterprises, Inc. (a)(b)....................... 764 5,272 IPG Photonics Corp. (a)(b)..... 386 5,087 KEMET Corp. (a)(b)............. 1,282 346 L-1 Identity Solutions, Inc. (a)(b)....................... 1,167 7,866 Littelfuse, Inc. (a)(b)........ 351 5,827 Measurement Specialties, Inc. (a).......................... 252 1,751 Methode Electronics, Inc. (Class A).................... 610 4,111 MTS Systems Corp. ............. 282 7,512 Multi-Fineline Electronix, Inc. (a)(b)....................... 148 1,730 National Instruments Corp. .... 940 22,898 Newport Corp. (a)(b)........... 599 4,061 OSI Systems, Inc. (a)(b)....... 266 3,684 Park Electrochemical Corp. (b).......................... 309 5,859 Plexus Corp. (a)(b)............ 641 10,865 Rofin-Sinar Technologies, Inc. (a)(b)....................... 480 9,878 Rogers Corp. (a)(b)............ 291 8,081 Sanmina-SCI Corp. (a)(b)....... 8,720 4,098 Scansource, Inc. (a)(b)........ 425 8,190 Smart Modular Technologies (WWH), Inc. (a).............. 591 910 SYNNEX Corp. (a)(b)............ 284 3,218 Tech Data Corp. (a)............ 797 14,219 Technitrol, Inc. (b)........... 666 2,318 TTM Technologies, Inc. (a)(b).. 671 3,496 Universal Display Corp. (a)(b)....................... 528 4,990 Vishay Intertechnology, Inc. (a).......................... 2,762 9,446 ----------- 255,857 ----------- ENERGY EQUIPMENT & SERVICES -- 1.9% Allis-Chalmers Energy, Inc. (a)(b)....................... 465 2,558 Atwood Oceanics, Inc. (a)(b)... 909 13,890 Basic Energy Services, Inc. (a)(b)....................... 386 5,034 Bristow Group, Inc. (a)(b)..... 449 12,029 Bronco Drilling Co., Inc. (a)(b)....................... 471 3,043 Cal Dive International, Inc. (a)(b)....................... 639 4,160 CARBO Ceramics, Inc. (b)....... 359 12,755 Complete Production Services, Inc. (a)(b).................. 796 6,487 Dawson Geophysical Co. (a)(b).. 117 2,084 Dresser-Rand Group, Inc. (a)... 1,369 23,615 Dril-Quip, Inc. (a)(b)......... 511 10,481 ENGlobal Corp. (a)(b).......... 293 952 Exterran Partners LP........... 167 1,875 Global Industries, Ltd. (a)(b)....................... 1,407 4,910 Gulf Island Fabrication, Inc. (b).......................... 199 2,868 Gulfmark Offshore, Inc. (a)(b)....................... 365 8,683 Helix Energy Solutions Group, Inc. (a)..................... 1,363 9,868 Hercules Offshore, Inc. (a)(b)....................... 1,436 6,821 Hornbeck Offshore Services, Inc. (a)..................... 388 6,340 ION Geophysical Corp. (a)(b)... 1,368 4,692 Key Energy Services, Inc. (a).. 2,035 8,974 Lufkin Industries, Inc. (b).... 237 8,177 Matrix Service Co. (a)(b)...... 432 3,313 NATCO Group, Inc. (a)(b)....... 327 4,964 Newpark Resources, Inc. (a).... 1,445 5,347 Oceaneering International, Inc. (a)(b)....................... 900 26,226 Oil States International, Inc. (a).......................... 834 15,588 Parker Drilling Co. (a)........ 1,806 5,237 PHI, Inc. (a)(b)............... 224 3,138 Pioneer Drilling Co. (a)(b).... 815 4,540 Precision Drilling Trust (b)... 504 4,227 RPC, Inc. (b).................. 528 5,153 SEACOR Holdings, Inc. (a)(b)... 319 21,261 Superior Well Services, Inc. (a)(b)....................... 239 2,390 T-3 Energy Services, Inc. (a).. 202 1,907 Tesco Corp. (a)................ 451 3,220 Tetra Technologies, Inc. (a)(b)....................... 1,201 5,837 Tidewater, Inc. (b)............ 829 33,384 Trico Marine Services, Inc. (a)(b)....................... 211 943 Unit Corp. (a)................. 770 20,574 ----------- 327,545 ----------- FOOD & STAPLES RETAILING -- 0.9% Arden Group, Inc. (Class A)(b)........................ 19 2,394 BJ'S Wholesale Club, Inc. (a)(b)....................... 991 33,952 Casey's General Stores, Inc. (b).......................... 830 18,899 Great Atlantic & Pacific Tea Co. (a)(b)................... 571 3,580 Ingles Markets, Inc. (b)....... 191 3,360 Nash Finch Co. (b)............. 209 9,382 Pantry, Inc. (a)............... 384 8,237 Pricesmart, Inc. (b)........... 236 4,876 Rite Aid Corp. (a)(b).......... 9,405 2,916 Ruddick Corp.(b)............... 701 19,383 Spartan Stores, Inc. (b)....... 358 8,323 The Andersons, Inc. (b)........ 292 4,812 United Natural Foods, Inc. (a)(b)....................... 635 11,316 Weis Markets, Inc. (b)......... 196 6,591 Winn-Dixie Stores, Inc. (a)(b)....................... 885 14,248 ----------- 152,269 ----------- FOOD PRODUCTS -- 2.2% Alico, Inc. (b)................ 58 2,377 American Italian Pasta Co. (a).......................... 318 7,104 B&G Foods, Inc. (b)............ 577 3,116 Cal-Maine Foods, Inc. (b)...... 184 5,281 Chiquita Brands International, Inc. (a)(b).................. 698 10,316 Corn Products International, Inc. (b)..................... 1,222 35,255 Darling International, Inc. (a)(b)....................... 1,324 7,269 Del Monte Foods Co. ........... 3,302 23,576 Farmer Brothers Co. (b)........ 98 2,444 Flowers Foods, Inc. ........... 1,399 34,080 Fresh Del Monte Produce, Inc. (a).......................... 770 17,263 Green Mountain Coffee Roasters, Inc. (a)(b).................. 295 11,417 Hain Celestial Group, Inc. (a)(b)....................... 641 12,237 J&J Snack Foods Corp. ......... 226 8,109 Lancaster Colony Corp. ........ 336 11,525 Lance, Inc. (b)................ 512 11,745
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Ralcorp Holdings, Inc. (a)..... 927 $ 54,137 Reddy Ice Holdings, Inc. (b)... 337 485 Sanderson Farms, Inc. (b)...... 286 9,884 The J.M. Smucker Co. .......... 1,915 83,034 Tootsie Roll Industries, Inc. ........................ 361 9,245 TreeHouse Foods, Inc. (a)(b)... 504 13,729 ----------- 373,628 ----------- GAS UTILITIES -- 2.1% AGL Resources, Inc. (b)........ 1,232 38,623 Amerigas Partners LP (b)....... 530 14,909 Atmos Energy Corp. ............ 1,496 35,455 Ferrellgas Partners LP......... 645 9,456 Laclede Group, Inc. ........... 331 15,504 New Jersey Resources Corp. .... 679 26,719 Nicor, Inc. (b)................ 746 25,916 Northwest Natural Gas Co. (b).. 436 19,284 Piedmont Natural Gas Co., Inc. (b).......................... 1,143 36,199 South Jersey Industries, Inc. (b).......................... 481 19,168 Southwest Gas Corp. ........... 720 18,158 Spectra Energy Partners LP..... 255 5,044 Suburban Propane Partners LP (b).......................... 535 18,966 UGI Corp. ..................... 1,738 42,442 WGL Holdings, Inc. (b)......... 813 26,577 ----------- 352,420 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 3.8% Abaxis, Inc. (a)(b)............ 354 5,675 ABIOMED, Inc. (a)(b)........... 553 9,080 Accuray, Inc. (a)(b)........... 625 3,225 Advanced Medical Optics, Inc. (a)(b)....................... 983 6,498 Align Technology, Inc. (a)(b).. 987 8,636 American Medical Systems Holdings, Inc. (a)(b)........ 1,181 10,617 Analogic Corp. (b)............. 217 5,920 Arthrocare Corp. (a)(b)........ 431 2,056 Conceptus, Inc. (a)(b)......... 361 5,494 CONMED Corp. (a)(b)............ 463 11,084 CryoLife, Inc. (a)............. 417 4,049 Cyberonics, Inc. (a)(b)........ 372 6,164 Datascope Corp. (b)............ 222 11,597 Edwards Lifesciences Corp. (a)(b)....................... 913 50,169 ev3, Inc. (a)(b)............... 1,040 6,344 Gen-Probe, Inc. (a)............ 891 38,171 Greatbatch, Inc. (a)(b)........ 380 10,055 Haemonetics Corp. (a)(b)....... 420 23,730 Hill-Rom Holdings, Inc. (b).... 1,011 16,641 I-Flow Corp. (a)(b)............ 400 1,920 ICU Medical, Inc. (a)(b)....... 217 7,191 Immucor, Inc. (a).............. 1,123 29,849 Insulet Corp. (a)(b)........... 335 2,586 Integra LifeSciences Holdings Corp. (a)(b)................. 338 12,023 Invacare Corp. (b)............. 526 8,164 Inverness Medical Innovations, Inc. (a)(b).................. 1,258 23,789 Kensey Nash Corp. (a)(b)....... 138 2,679 Masimo Corp. (a)(b)............ 767 22,880 Mentor Corp. (b)............... 555 17,166 Meridian Bioscience, Inc. (b).. 652 16,606 Merit Medical Systems, Inc. (a).......................... 469 8,409 Natus Medical, Inc. (a)........ 439 5,685 NuVasive, Inc. (a)(b).......... 580 20,097 OraSure Technologies, Inc. (a)(b)....................... 892 3,283 Orthofix International N.V. (a)(b)....................... 277 4,246 Palomar Medical Technologies, Inc. (a)..................... 310 3,574 Quidel Corp. (a)............... 490 6,404 ResMed, Inc. (a)(b)............ 1,222 45,801 RTI Biologics, Inc. (a)(b)..... 784 2,164 Sirona Dental Systems, Inc. (a)(b)....................... 280 2,940 SonoSite, Inc. (a)............. 279 5,323 STERIS Corp. .................. 981 23,436 SurModics, Inc. (a)(b)......... 257 6,494 Symmetry Medical, Inc. (a)..... 536 4,272 Teleflex, Inc. (b)............. 649 32,515 The Cooper Cos., Inc. (b)...... 735 12,054 Thoratec Corp. (a)(b).......... 915 29,728 TomoTherapy, Inc. (a)(b)....... 892 2,123 Trans1, Inc. (a)(b)............ 152 1,096 Volcano Corp. (a)(b)........... 531 7,965 West Pharmaceutical Services, Inc. (b)..................... 535 20,207 Wright Medical Group, Inc. (a)(b)....................... 616 12,585 Zoll Medical Corp. (a)(b)...... 340 6,423 ----------- 646,882 ----------- HEALTH CARE PROVIDERS & SERVICES -- 3.0% Air Methods Corp. (a)(b)....... 177 2,830 Alliance Imaging, Inc. (a)..... 458 3,650 Amedisys, Inc. (a)(b).......... 437 18,066 AMERIGROUP Corp. (a)........... 847 25,003 AMN Healthcare Services, Inc. (a)(b)....................... 548 4,636 AmSurg Corp. (a)(b)............ 530 12,370 Assisted Living Concepts, Inc. (a)(b)....................... 884 3,669 athenahealth, Inc. (a)(b)...... 345 12,979 Brookdale Senior Living, Inc. (b).......................... 666 3,716 CardioNet, Inc. (a)............ 354 8,726 Centene Corp. (a).............. 732 14,428 Chemed Corp. .................. 374 14,874 Corvel Corp. (a)(b)............ 132 2,901 Cross Country Healthcare, Inc. (a)(b)....................... 457 4,017 Emeritus Corp. (a)(b).......... 330 3,310 Genoptix, Inc. (a)(b).......... 157 5,351 Gentiva Health Services, Inc. (a).......................... 460 13,460 Hanger Orthopedic Group, Inc. (a)(b)....................... 575 8,343 Health Management Associates, Inc. (Class A) (a)(b)........ 3,971 7,108 HealthExtras, Inc. (a)......... 554 13,490 Healthsouth Corp. (a)(b)....... 1,452 15,914 Healthspring, Inc. (a)(b)...... 866 17,294 Healthways, Inc. (a)(b)........ 557 6,394 HMS Holdings Corp. (a)(b)...... 396 12,482 inVentiv Health, Inc. (a)...... 534 6,162 IPC The Hospitalist Co. (a)(b)....................... 181 3,046 Kindred Healthcare, Inc. (a)... 520 6,770 Landauer, Inc. ................ 152 11,142 LHC Group, Inc. (a)(b)......... 235 8,460 LifePoint Hospitals, Inc. (a)(b)....................... 848 19,368 Magellan Health Services, Inc. (a)(b)....................... 635 24,867 Medcath Corp. (a)(b)........... 260 2,714 Molina Healthcare, Inc. (a)(b)....................... 221 3,892 MWI Veterinary Supply, Inc. (a)(b)....................... 197 5,311 National Healthcare Corp. (b).. 145 7,343 Nighthawk Radiology Holdings, Inc. (a)(b).................. 383 1,861 Odyssey Healthcare, Inc. (a)... 586 5,421 Owens & Minor, Inc. (b)........ 677 25,489
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Pediatrix Medical Group, Inc. (a).......................... 729 $ 23,109 PharMerica Corp. (a)(b)........ 458 7,177 PSS World Medical, Inc. (a)(b)....................... 962 18,105 Psychiatric Solutions, Inc. (a)(b)....................... 854 23,784 RehabCare Group, Inc. (a)...... 305 4,624 Res-Care, Inc. (a)............. 440 6,609 Skilled Healthcare Group, Inc. (Class A) (a)(b)............. 310 2,616 Sun Healthcare Group, Inc. (a).......................... 650 5,753 Sunrise Assisted Living, Inc. (a)(b)....................... 722 1,213 Tenet Healthcare Corp. (a)(b).. 7,723 8,881 Triple-S Management Corp. (Class B) (a)(b)............. 297 3,416 Universal American Financial Corp. (a)(b)................. 679 5,989 VCA Antech, Inc. (a)(b)........ 1,332 26,480 Virtual Radiologic Corp. (a)(b)....................... 117 992 WellCare Health Plans, Inc. (a)(b)....................... 691 8,886 ----------- 514,491 ----------- HEALTH CARE TECHNOLOGY -- 0.4% Allscripts-Misys Healthcare Solutions, Inc. (b).......... 934 9,265 Eclipsys Corp. (a)(b).......... 887 12,587 HLTH Corp. (a)(b).............. 1,562 16,338 MedAssets, Inc. (a)(b)......... 475 6,935 Omnicell, Inc. (a)(b).......... 539 6,581 Phase Forward, Inc. (a)........ 696 8,714 ----------- 60,420 ----------- HOTELS, RESTAURANTS & LEISURE -- 2.5% AFC Enterprises, Inc. (a)(b)... 430 2,017 Ambassadors Group, Inc. (b).... 309 2,843 Ameristar Casinos, Inc. (b).... 371 3,205 Bally Technologies, Inc. (a)(b)....................... 920 22,108 BJ's Restaurants, Inc. (a)(b).. 286 3,080 Bob Evans Farms, Inc. (b)...... 502 10,256 Boyd Gaming Corp. (b).......... 943 4,460 Brinker International, Inc. ... 1,651 17,402 Buffalo Wild Wings, Inc. (a)(b)....................... 268 6,874 California Pizza Kitchen, Inc. (a).......................... 410 4,395 CEC Entertainment, Inc. (a)(b)....................... 351 8,512 Cedar Fair LP (b).............. 858 10,751 Chipotle Mexican Grill, Inc. (a)(b)....................... 531 32,911 Choice Hotels International, Inc. (b)..................... 535 16,082 Churchill Downs, Inc. ......... 165 6,669 CKE Restaurants, Inc. (b)...... 800 6,944 Cracker Barrel Old Country Store, Inc. ................. 357 7,351 DineEquity, Inc. (b)........... 249 2,878 Domino's Pizza, Inc. (a)....... 686 3,231 Gaylord Entertainment Co. (a)(b)....................... 670 7,263 Great Wolf Resorts, Inc. (a)(b)....................... 482 742 International Speedway Corp. (Class A).................... 528 15,169 Interval Leisure Group, Inc. (a).......................... 636 3,428 Isle of Capri Casinos, Inc. (a)(b)....................... 301 963 Jack in the Box, Inc. (a)(b)... 926 20,455 Krispy Kreme Doughnuts, Inc. (a)(b)....................... 890 1,495 Landry's Restaurants, Inc. (a).......................... 170 1,972 Life Time Fitness, Inc. (a)(b)....................... 568 7,356 Marcus Corp. (b)............... 365 5,924 Morgans Hotel Group Co. (a)(b)....................... 472 2,200 O'Charleys, Inc. (b)........... 333 666 Orient-Express Hotels, Ltd. (Class A) (b)................ 645 4,941 P F Chang's China Bistro, Inc. (a)(b)....................... 366 7,664 Panera Bread Co. (Class A) (a)(b)....................... 500 26,120 Papa John's International, Inc. (a)(b)....................... 364 6,709 Peet's Coffee & Tea, Inc. (a)(b)....................... 243 5,650 Pinnacle Entertainment, Inc. (a)(b)....................... 978 7,511 Red Robin Gourmet Burgers, Inc. (a)(b)....................... 244 4,107 Ruby Tuesday, Inc. (a)(b)...... 874 1,363 Scientific Games Corp. (Class A) (a)(b).................... 1,148 20,136 Shuffle Master, Inc. (a)(b).... 867 4,300 Sonic Corp. (a)(b)............. 996 12,121 Speedway Motorsports, Inc. .... 233 3,754 Texas Roadhouse, Inc. (Class A) (a)(b)....................... 862 6,680 The Cheesecake Factory, Inc. (a)(b)....................... 869 8,777 The Steak n Shake Co. (a)(b)... 478 2,844 Vail Resorts, Inc. (a)(b)...... 453 12,050 Wendy's/Arby's Group, Inc. (b).......................... 6,390 31,567 WMS Industries, Inc. (a)(b).... 708 19,045 ----------- 424,941 ----------- HOUSEHOLD DURABLES -- 1.4% American Greetings Corp. (Class A) (b)....................... 736 5,572 Beazer Homes USA, Inc. (a)(b).. 611 965 Blyth, Inc. (b)................ 438 3,434 Brookfield Homes Corp .(b)..... 169 730 Centex Corp. .................. 2,017 21,461 Champion Enterprises, Inc. (a)(b)....................... 1,256 703 CSS Industries, Inc. (b)....... 139 2,466 Ethan Allen Interiors, Inc. (b).......................... 444 6,380 Furniture Brands International, Inc. (b)..................... 592 1,308 Harman International Industries, Inc. (b)......... 949 15,877 Helen of Troy, Ltd. (a)........ 484 8,402 Hovnanian Enterprises, Inc. (a)(b)....................... 962 1,655 iRobot Corp. (a)............... 312 2,817 Jarden Corp. (a)(b)............ 1,167 13,421 KB HOME (b).................... 1,236 16,834 La-Z-Boy, Inc. ................ 846 1,836 Lennar Corp. (Class A) (b)..... 2,271 19,690 M.D.C. Holdings, Inc. ......... 587 17,786 M/I Homes, Inc. (b)............ 226 2,382 Meritage Homes Corp. (a)(b).... 459 5,586 National Presto Industries, Inc. (b)..................... 80 6,160 Russ Berrie & Co., Inc. (a)(b)....................... 200 594 Ryland Group, Inc. (b)......... 699 12,351 Sealy Corp. ................... 723 1,815 Skyline Corp. (b).............. 107 2,139 Snap-on, Inc. (b).............. 925 36,426 Standard Pacific Corp. (a)(b).. 2,019 3,594 Tempur-Pedic International, Inc. (b)..................... 1,157 8,203 Tupperware Brands Corp. (b).... 1,028 23,336 ----------- 243,923 ----------- HOUSEHOLD PRODUCTS -- 0.1% Central Garden & Pet Co. (Class A) (a)(b).................... 1,051 6,201 WD-40 Co. (b).................. 247 6,988 ----------- 13,189 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% Ormat Technologies, Inc. (b)... 291 9,274 Synthesis Energy Systems, Inc. (a)(b)....................... 484 329 ----------- 9,603 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- INDUSTRIAL CONGLOMERATES -- 0.4% Carlisle Cos., Inc. ........... 997 $ 20,638 Icahn Enterprises LP (b)....... 100 2,645 Otter Tail Corp. .............. 505 11,782 Raven Industries, Inc. (b)..... 299 7,206 Seaboard Corp. (b)............. 6 7,164 Standex International Corp. ... 201 3,988 Tredegar Corp. (b)............. 397 7,217 ----------- 60,640 ----------- INSURANCE -- 5.6% Alleghany Corp. (a)(b)......... 99 27,918 Allied World Assurance Holdings, Ltd. .............. 571 23,183 AMBAC Financial Group, Inc. (b).......................... 4,703 6,114 American Equity Investment Life Holding Co. (b).............. 878 6,146 American Financial Group, Inc. ........................ 1,256 28,737 American National Insurance Co. ......................... 262 19,317 American Physicians Capital, Inc. (b)..................... 144 6,926 Amtrust Financial Services, Inc. (b)..................... 670 7,772 Argo Group International Holdings, Ltd. (a)(b)........ 502 17,028 Arthur J. Gallagher & Co. ..... 1,527 39,565 Aspen Insurance Holdings, Ltd. (b).......................... 1,150 27,887 Assured Guaranty, Ltd. ........ 963 10,978 Baldwin & Lyons, Inc. (Class B) (b).......................... 175 3,183 Castlepoint Holdings, Ltd. (b).......................... 577 7,824 CNA Surety Corp. (a)........... 260 4,992 Conseco, Inc. (a)(b)........... 2,989 15,483 Crawford & Co. (a)(b).......... 404 5,874 Delphi Financial Group (b)..... 665 12,263 Donegal Group, Inc. (b)........ 212 3,555 eHealth, Inc. (a)(b)........... 407 5,405 Employers Holdings, Inc. ...... 808 13,332 Endurance Specialty Holdings, Ltd. ........................ 817 24,943 Enstar Group, Ltd. (a)......... 116 6,860 Erie Indemnity Co. (Class A) (b).......................... 532 20,019 FBL Financial Group, Inc. (Class A) (b)................ 207 3,198 First American Corp. .......... 1,336 38,597 Flagstone Reinsurance Holdings, Ltd. (b)..................... 755 7,376 FPIC Insurance Group, Inc. (a).......................... 135 5,910 Greenlight Capital Re, Ltd. (a).......................... 484 6,287 Harleysville Group, Inc. (b)... 224 7,780 HCC Insurance Holdings, Inc. (b).......................... 1,857 49,675 Hilltop Holdings, Inc. (a)(b).. 825 8,036 Horace Mann Educators Corp. ... 646 5,937 Infinity Property & Casualty Corp. ....................... 223 10,421 IPC Holdings, Ltd. (b)......... 746 22,305 Kansas City Life Insurance Co. (b).......................... 73 3,165 Maiden Holdings Ltd. .......... 769 2,407 Max Re Capital, Ltd. (b)....... 763 13,505 MBIA, Inc. (a)(b).............. 3,796 15,450 Mercury General Corp. ......... 436 20,052 Montpelier Re Holdings, Ltd. (b).......................... 1,400 23,506 National Financial Partners Corp. (b).................... 640 1,946 National Interstate Corp. (b).. 94 1,680 National Western Life Insurance Co. (Class A)................ 39 6,598 Navigators Group, Inc. (a)(b).. 220 12,080 Odyssey Re Holdings Corp. (b).. 279 14,455 OneBeacon Insurance Group, Ltd. (b).......................... 371 3,873 Platinum Underwriters Holdings, Ltd. ........................ 765 27,601 Presidential Life Corp. (b).... 362 3,580 ProAssurance Corp. (a)(b)...... 491 25,915 Reinsurance Group of America, Inc. ........................ 1,000 42,820 RLI Corp. ..................... 313 19,143 Safety Insurance Group, Inc. (b).......................... 263 10,010 Selective Insurance Group, Inc. ........................ 876 20,087 StanCorp Financial Group, Inc. (b).......................... 788 32,915 State Auto Financial Corp. (b).......................... 237 7,124 Stewart Information Services Corp. ....................... 273 6,413 The Hanover Insurance Group, Inc. ........................ 830 35,665 The Phoenix Cos., Inc. (b)..... 1,767 5,778 Tower Group, Inc. (b).......... 348 9,817 United America Indemnity, Ltd. (a).......................... 284 3,638 United Fire & Casualty Co. (b).......................... 342 10,626 Unitrin, Inc. ................. 744 11,859 Validus Holdings, Ltd. ........ 528 13,812 Wesco Financial Corp. ......... 22 6,334 Zenith National Insurance Corp. ....................... 610 19,258 ----------- 941,938 ----------- INTERNET & CATALOG RETAIL -- 0.3% 1-800-FLOWERS.COM, Inc. (Class A) (a)(b).................... 376 1,436 Blue Nile, Inc. (a)(b)......... 254 6,221 Gaiam, Inc. (Class A) (a)(b)... 216 998 HSN, Inc. (a)(b)............... 636 4,624 Netflix, Inc. (a)(b)........... 738 22,059 NutriSystem, Inc. (b).......... 468 6,828 Orbitz Worldwide, Inc. (a)(b).. 599 2,324 Overstock.com, Inc. (a)(b)..... 257 2,770 Shutterfly, Inc. (a)(b)........ 208 1,454 Stamps.com, Inc. (a)........... 262 2,575 Ticketmaster (a)(b)............ 636 4,083 ----------- 55,372 ----------- INTERNET SOFTWARE & SERVICES -- 1.5% Ariba, Inc. (a)(b)............. 1,374 9,907 Art Technology Group, Inc. (a)(b)....................... 2,091 4,036 Bankrate, Inc. (a)(b).......... 241 9,158 comScore, Inc. (a)(b).......... 267 3,404 Constant Contact, Inc. (a)(b).. 214 2,835 DealerTrack Holdings, Inc. (a)(b)....................... 647 7,693 Dice Holdings, Inc. (a)(b)..... 377 1,538 Digital River, Inc. (a)........ 624 15,475 DivX, Inc. (a)................. 440 2,301 EarthLink, Inc. (a)(b)......... 1,817 12,283 Equinix, Inc. (a)(b)........... 526 27,978 GSI Commerce, Inc. (a)(b)...... 339 3,566 Infospace, Inc. (b)............ 581 4,387 Internap Network Services Corp. (a)(b)....................... 787 1,967 Interwoven, Inc. (a)........... 742 9,349 j2 Global Communications, Inc. (a)(b)....................... 714 14,309 Limelight Networks, Inc. (a)(b)....................... 632 1,548 LoopNet, Inc. (a)(b)........... 446 3,042 Marchex, Inc. (Class B) (b).... 462 2,693 ModusLink Global Solutions, Inc. (a)..................... 801 2,315 Move, Inc. (a)(b).............. 2,405 3,848 NIC, Inc. (b).................. 641 2,949 Omniture, Inc. (a)(b).......... 1,162 12,364 Perficient, Inc. (a)(b)........ 500 2,390 Rackspace Hosting, Inc. (a)(b)....................... 242 1,302 RealNetworks, Inc. (a)(b)...... 1,523 5,376 S1 Corp. (a)................... 815 6,430 SAVVIS, Inc. (a)(b)............ 632 4,354
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SonicWALL, Inc. (a)(b)......... 941 $ 3,745 Switch & Data Facilities Co., Inc. (a)(b).................. 364 2,690 TechTarget, Inc. (a)(b)........ 121 523 Terremark Worldwide, Inc. (a)(b)....................... 677 2,634 The Knot, Inc. (a)............. 516 4,293 United Online, Inc. (b)........ 1,324 8,037 ValueClick, Inc. (a)........... 1,347 9,213 Vignette Corp. (a)(b).......... 406 3,820 VistaPrint, Ltd. (a)(b)........ 672 12,506 Vocus, Inc. (a)(b)............. 331 6,028 WebMD Health Corp. (Class A) (a)(b)....................... 130 3,067 Websense, Inc. (a)(b).......... 735 11,003 ----------- 246,356 ----------- IT SERVICES -- 1.7% Acxiom Corp. (b)............... 1,072 8,694 BearingPoint, Inc. (a)......... 74 100 Broadridge Financial Solutions, Inc. ........................ 2,295 28,779 CACI International, Inc. (Class A) (a)(b).................... 498 22,455 CIBER, Inc. (a)(b)............. 836 4,021 Convergys Corp. (a)............ 1,926 12,346 CSG Systems International, Inc. (a)(b)....................... 580 10,133 CyberSource Corp. (a)(b)....... 1,174 14,076 Euronet Worldwide, Inc. (a)(b)....................... 756 8,777 ExlService Holdings, Inc. (a).. 238 2,040 Forrester Research, Inc. (a)... 246 6,940 Gartner, Inc. (a)(b)........... 1,058 18,864 Genpact, Ltd. (a)(b)........... 922 7,579 Global Cash Access, Inc. (a)(b)....................... 687 1,525 Heartland Payment Systems, Inc. (b).......................... 462 8,085 iGate Corp. (a)................ 623 4,056 infoUSA, Inc. ................. 538 2,550 Integral Systems Inc. (a)...... 279 3,362 Lionbridge Technologies, Inc. (a)(b)....................... 862 1,078 Mantech International Corp. (Class A) (a)(b)............. 341 18,479 MAXIMUS, Inc. ................. 303 10,638 MoneyGram International, Inc. (a).......................... 1,314 1,327 NeuStar, Inc. (Class A) (a).... 1,280 24,486 Perot Systems Corp. (Class A) (a).......................... 1,431 19,562 RightNow Technologies, Inc. (a)(b)....................... 396 3,061 Sapient Corp. (a)(b)........... 1,372 6,092 SRA International, Inc. (a)(b)....................... 702 12,109 Syntel, Inc. (b)............... 197 4,555 TeleTech Holdings, Inc. (a)(b)....................... 651 5,436 TNS, Inc. (a)(b)............... 391 3,671 Unisys Corp. (a)............... 5,464 4,644 VeriFone Holdings, Inc. (a)(b)....................... 1,088 5,331 Wright Express Corp. (a)....... 628 7,913 ----------- 292,764 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.4% Brunswick Corp. (b)............ 1,417 5,966 Callaway Golf Co. (b).......... 1,073 9,968 JAKKS Pacific, Inc. (a)(b)..... 442 9,118 Leapfrog Enterprises, Inc. (a)(b)....................... 563 1,970 Marine Products Corp.(b)....... 231 1,298 Polaris Industries, Inc. (b)... 537 15,385 Pool Corp. (b)................. 778 13,981 RC2 Corp. (a)(b)............... 283 3,020 Smith & Wesson Holding Corp. (a)(b)....................... 612 1,389 ----------- 62,095 ----------- LIFE SCIENCES TOOLS & SERVICES -- 1.1% Affymetrix, Inc. (a)........... 1,129 3,376 Albany Molecular Research, Inc. (a)(b)....................... 364 3,545 AMAG Pharmaceuticals, Inc. (a)(b)....................... 280 10,038 Bio-Rad Laboratories, Inc. (Class A) (a)................ 322 24,250 Bruker Corp. (a)(b)............ 830 3,353 Cambrex Corp. (a)(b)........... 464 2,144 Dionex Corp. (a)(b)............ 304 13,634 Enzo Biochem, Inc. (a)(b)...... 647 3,164 eResearch Technology, Inc. (a)(b)....................... 700 4,641 Exelixis, Inc. (a)(b).......... 1,715 8,609 Kendle International, Inc. (a)(b)....................... 212 5,453 Luminex Corp. (a).............. 663 14,162 Medivation, Inc. (a)(b)........ 397 5,784 Nektar Therapeutics (a)(b)..... 1,588 8,829 PAREXEL International Corp. (a).......................... 917 8,904 PharmaNet Development Group, Inc. (a)(b).................. 304 277 Sequenom, Inc. (a)(b).......... 824 16,348 Techne Corp. .................. 623 40,196 Varian, Inc. (a)(b)............ 494 16,554 ----------- 193,261 ----------- MACHINERY -- 3.4% Actuant Corp. (Class A) (b).... 932 17,727 Albany International Corp. (Class A) (b)................ 412 5,290 Altra Holdings, Inc. (a)(b).... 429 3,393 American Railcar Industries, Inc. (b)..................... 138 1,453 Ampco-Pittsburgh Corp. (b)..... 136 2,951 Astec Industries, Inc. (a)(b).. 281 8,804 Badger Meter, Inc. (b)......... 235 6,820 Barnes Group, Inc. (b)......... 704 10,208 Blount International, Inc. (a)(b)....................... 673 6,380 Briggs & Stratton Corp. (b).... 809 14,230 Cascade Corp. (b).............. 165 4,927 Chart Industries, Inc. (a)..... 458 4,869 CIRCOR International, Inc. (b).......................... 272 7,480 CLARCOR, Inc. (b).............. 829 27,506 Colfax Corp. (a)(b)............ 465 4,831 Columbus McKinnon Corp. (a).... 309 4,218 Crane Co. ..................... 879 15,154 Dynamic Materials Corp. (b).... 203 3,920 Energy Recovery, Inc. (a)(b)... 485 3,676 EnPro Industries, Inc. (a)(b).. 327 7,044 ESCO Technologies, Inc. (a).... 410 16,789 Federal Signal Corp. .......... 774 6,354 Force Protection, Inc. (a)..... 1,017 6,082 Freightcar America, Inc. (b)... 188 3,435 Gardner Denver, Inc. (a)....... 868 20,259 Graco, Inc. (b)................ 982 23,303 Graham Corp. .................. 164 1,774 IDEX Corp. (b)................. 1,345 32,482 K-Tron International, Inc. (a)(b)....................... 43 3,436 Kaydon Corp. (b)............... 544 18,686 Kennametal, Inc. .............. 1,200 26,628 L.B. Foster Co. (a)............ 180 5,630 Lindsay Manufacturing Co. (b).. 184 5,849 Middleby Corp. (a)............. 275 7,499 Mueller Industries, Inc. (b)... 607 15,224 Mueller Water Products, Inc. (Class B) (b)................ 1,877 15,842 NACCO Industries, Inc. ........ 88 3,292 Nordson Corp. (b).............. 510 16,468
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Oshkosh Corp. (b).............. 1,212 $ 10,775 RBC Bearings, Inc. (a)(b)...... 358 7,260 Robbins & Myers, Inc. ......... 440 7,115 Sauer-Danfoss, Inc. (b)........ 177 1,549 Sun Hydraulics Corp. (b)....... 196 3,693 Tecumseh Products Co. (Class A) (a)(b)....................... 250 2,395 Tennant Co. (b)................ 263 4,050 The Gorman-Rupp Co. (b)........ 236 7,344 The Greenbrier Cos., Inc. (b).. 245 1,683 The Timken Co. ................ 1,261 24,753 The Toro Co. (b)............... 565 18,645 Titan International, Inc. (b).. 556 4,587 Trinity Industries, Inc. (b)... 1,329 20,945 Valmont Industries, Inc. (b)... 296 18,163 Wabash National Corp. ......... 496 2,232 Wabtec Corp. (b)............... 780 31,005 Watts Water Technologies, Inc. (b).......................... 481 12,011 Xerium Technologies, Inc. (a)(b)....................... 303 200 ----------- 568,318 ----------- MARINE -- 0.4% Alexander & Baldwin, Inc. (b).. 685 17,166 American Commercial Lines, Inc. (a)(b)....................... 619 3,033 Eagle Bulk Shipping, Inc. (b).. 764 5,210 Excel Maritime Carriers, Ltd. (b).......................... 618 4,351 Genco Shipping & Trading, Ltd. (b).......................... 511 7,563 Horizon Lines, Inc. (b)........ 495 1,727 Kirby Corp. (a)................ 877 23,995 TBS International, Ltd. (a)(b)....................... 258 2,588 ----------- 65,633 ----------- MEDIA -- 1.3% Arbitron, Inc. (b)............. 442 5,870 Belo Corp. .................... 1,488 2,321 Charter Communications, Inc. (a)(b)....................... 6,135 502 Cinemark Holdings, Inc. (b).... 577 4,287 Citadel Broadcasting Corp. (a)(b)....................... 2,795 447 CKX, Inc. (a)(b)............... 1,093 4,011 Cox Radio, Inc. (Class A) (a)(b)....................... 403 2,422 Crown Media Holdings, Inc. (Class A) (a)(b)............. 148 422 Cumulus Media, Inc. (a)(b)..... 524 1,305 Dolan Media Co. (a)(b)......... 407 2,682 DreamWorks Animation SKG, Inc. (Class A) (a)(b)............. 926 23,391 Entercom Communications Corp. (b).......................... 461 567 Entravision Communications Corp. (a)(b)................. 907 1,415 Fisher Communications, Inc. (b).......................... 102 2,105 Harte-Hanks, Inc. (b).......... 622 3,881 Hearst-Argyle Television, Inc. (b).......................... 410 2,485 Interactive Data Corp. ........ 589 14,525 John Wiley & Sons, Inc. (Class A) (b)....................... 812 28,891 Journal Communications, Inc. (b).......................... 682 1,671 Lee Enterprises, Inc. (b)...... 636 261 Liberty Media Corp.-Interactive (Series A) (a)(b)............ 1,351 6,363 Lin TV Corp. (Class A) (a)(b).. 415 452 Live Nation, Inc. (a)(b)....... 1,235 7,089 Martha Stewart Living Omnimedia, Inc. (Class A) (a)(b)....................... 452 1,175 Marvel Entertainment, Inc. (a)(b)....................... 859 26,414 McClatchy Co. (Class A) (b).... 864 691 Media General, Inc. (Class A)( b)........................... 209 366 Mediacom Communications Corp. (a)(b)....................... 640 2,752 Meredith Corp. (b)............. 598 10,238 Morningstar, Inc. (a)(b)....... 285 10,117 National CineMedia, Inc. (b)... 688 6,976 Primedia, Inc. ................ 294 638 R.H. Donnelley Corp. (a)(b).... 1,141 422 RCN Corp. (a).................. 611 3,605 Regal Entertainment Group...... 1,279 13,059 Scholastic Corp. (b)........... 535 7,265 Sinclair Broadcast Group, Inc. (b).......................... 835 2,589 The New York Times Co. (Class A) (b)....................... 1,891 13,861 Valassis Communications, Inc. (a)(b)....................... 757 999 Warner Music Group Corp. (b)... 981 2,963 World Wrestling Entertainment, Inc. (Class A) (b)........... 322 3,568 ----------- 225,063 ----------- METALS & MINING -- 1.2% AM Castle & Co. (b)............ 283 3,065 AMCOL International Corp. (b).. 417 8,736 Brush Engineered Materials, Inc. (a)..................... 332 4,223 Carpenter Technology Corp. (b).......................... 703 14,440 Century Aluminum Co. (a)(b).... 571 5,710 Coeur d' Alene Mines Corp. (a)(b)....................... 8,911 7,842 Commercial Metals Co. (b)...... 1,864 22,126 Compass Minerals International, Inc. (b)..................... 539 31,618 General Moly, Inc. (a)(b)...... 994 1,173 Haynes International, Inc. (a).......................... 195 4,801 Hecla Mining Co. (a)(b)........ 2,589 7,249 Horsehead Holding Corp. (a)(b)....................... 564 2,651 Kaiser Aluminum Corp. (b)...... 255 5,743 Olympic Steel, Inc. (b)........ 154 3,137 Royal Gold, Inc. (b)........... 506 24,900 RTI International Metals, Inc. (a)(b)....................... 378 5,409 Schnitzer Steel Industries, Inc. (Class A) (b)........... 339 12,763 Stillwater Mining Co. (a)(b)... 710 3,507 Titanium Metals Corp. (b)...... 1,608 14,166 WHX Corp. (a).................. 416 3,328 Worthington Industries, Inc. (b).......................... 1,096 12,078 ----------- 198,665 ----------- MULTI-UTILITIES -- 0.9% Avista Corp. (b)............... 863 16,725 Black Hills Corp. (b).......... 644 17,362 CH Energy Group, Inc. (b)...... 261 13,413 NorthWestern Corp. (b)......... 564 13,237 OGE Energy Corp. .............. 1,476 38,051 PNM Resources, Inc. (b)........ 1,281 12,913 Vectren Corp. ................. 1,344 33,613 ----------- 145,314 ----------- MULTILINE RETAIL -- 0.3% 99 Cents Only Stores (a)(b).... 898 9,815 Big Lots, Inc. (a)............. 1,329 19,258 Dillard's, Inc. (Class A) (b).. 1,000 3,970 Fred's, Inc. (Class A) (b)..... 620 6,671 Retail Ventures, Inc. (a)...... 451 1,565 Saks, Inc. (a)................. 2,029 8,887 Tuesday Morning Corp. (a)...... 462 753 ----------- 50,919 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- OFFICE ELECTRONICS -- 0.1% Zebra Technologies Corp. (Class A) (a)....................... 1,010 $ 20,463 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.3% Alliance Holdings GP LP........ 196 2,901 Alliance Resource Partners LP (b).......................... 334 8,978 Alon USA Energy, Inc. (b)...... 201 1,839 APCO Argentina, Inc. (b)....... 150 3,995 Arena Resources, Inc. (a)(b)... 626 17,584 Atlas America, Inc. (b)........ 618 9,177 Atlas Energy Resources LLC..... 546 6,972 Atlas Pipeline Holdings LP (b).......................... 162 612 Atlas Pipeline Partners LP (b).......................... 645 3,870 ATP Oil & Gas Corp. (a)(b)..... 461 2,697 Aventine Renewable Energy Holdings, Inc. (a)(b)........ 463 301 Berry Petroleum Co. (Class A).. 672 5,080 Bill Barrett Corp. (a)(b)...... 534 11,283 BP Prudhoe Bay Royalty Trust... 350 25,669 BPZ Resources, Inc. (a)(b)..... 904 5,786 BreitBurn Energy Partners LP... 862 6,038 Brigham Exploration Co. (a)(b)....................... 555 1,776 Buckeye GP Holdings LP......... 197 2,522 Buckeye Partners LP (b)........ 804 25,929 Calumet Specialty Products Partners LP (b).............. 228 1,997 Capital Product Partners LP.... 194 1,513 Carrizo Oil & Gas, Inc. (a)(b)....................... 445 7,165 Cheniere Energy Partners LP (b).......................... 219 813 Cheniere Energy, Inc. (a)(b)... 760 2,166 Clayton Williams Energy, Inc. (a)(b)....................... 158 7,180 Clean Energy Fuels Corp. (a)(b)....................... 335 2,023 Comstock Resources, Inc. (a)(b)....................... 756 35,721 Concho Resources, Inc. (a)(b).. 994 22,683 Contango Oil & Gas Co. (a)(b).. 228 12,836 Copano Energy LLC.............. 726 8,472 Crosstex Energy LP............. 638 2,788 Crosstex Energy, Inc. (b)...... 743 2,898 CVR Energy, Inc. (a)(b)........ 889 3,556 DCP Midstream Partners LP (b).. 399 3,751 Delek US Holdings, Inc. (b).... 234 1,238 Delta Petroleum Corp. (a)(b)... 1,063 5,060 DHT Maritime, Inc. ............ 638 3,535 Dorchester Minerals LP......... 429 6,808 Duncan Energy Partners LP (b).. 239 3,250 Eagle Rock Energy Partners LP.. 638 3,005 El Paso Pipeline Partners LP (b).......................... 401 6,256 Enbridge Energy Management LLC (a)(b)....................... 196 4,792 Encore Acquisition Co. (a)(b).. 820 20,926 Encore Energy Partners LP...... 454 5,893 Energy Partners, Ltd. (a)(b)... 442 597 EV Energy Partner LP (b)....... 193 2,831 EXCO Resources, Inc. (a)(b).... 2,789 25,268 Foundation Coal Holdings, Inc. (b).......................... 735 10,305 Frontier Oil Corp. (b)......... 1,690 21,345 Gastar Exploration Ltd. (a).... 2,566 847 General Maritime Corp (b)...... 1,108 11,966 Genesis Energy LP.............. 386 3,370 GeoMet, Inc. (a)............... 344 592 GMX Resources, Inc. (a)(b)..... 306 7,748 Goodrich Petroleum Corp. (a)(b)....................... 447 13,388 Gulfport Energy Corp. (a)(b)... 426 1,683 Harvest Natural Resources, Inc. (a)(b)....................... 589 2,533 Hiland Holdings GP LP.......... 126 297 Hiland Partners LP (b)......... 81 416 Holly Corp. (b)................ 679 12,378 Holly Energy Partners LP....... 132 2,818 Hugoton Royalty Trust (b)...... 672 10,786 Inergy Holdings LP (b)......... 190 4,117 Inergy LP (b).................. 735 12,524 International Coal Group, Inc. (a)(b)....................... 1,730 3,979 James River Coal Co. (a)(b).... 407 6,239 K-Sea Transportation Partners LP........................... 202 2,606 Legacy Reserves LP............. 316 2,947 Linn Energy LLC (b)............ 1,808 27,066 Magellan Midstream Holdings LP........................... 382 5,298 Magellan Midstream Partners LP (b).......................... 1,101 33,261 Mariner Energy, Inc. (a)....... 1,333 13,597 Markwest Energy Partners LP.... 801 6,392 Martin Midstream Partners LP... 144 2,117 McMoRan Exploration Co. (a)(b)....................... 1,053 10,319 Natural Resource Partners LP... 523 9,126 NuStar Energy LP (b)........... 705 28,947 NuStar GP Holdings LLC (b)..... 552 9,759 OSG America LP................. 113 556 Overseas Shipholding Group, Inc. (b)..................... 358 15,075 Parallel Petroleum Corp. (a)(b)....................... 679 1,365 Penn Virginia Corp. ........... 680 17,666 Penn Virginia GP Holdings LP (b).......................... 340 3,376 Penn Virginia Resource Partners LP (b)....................... 505 5,742 Petroleum Development Corp. (a)(b)....................... 242 5,825 Petroquest Energy, Inc. (a)(b)....................... 708 4,786 Pioneer Southwest Energy Partners, L.P. .............. 138 1,891 Regency Energy Partners LP (b).......................... 607 4,886 Rentech, Inc. (a)(b)........... 2,779 1,890 Rex Energy Corp. (a)(b)........ 392 1,152 Rosetta Resources, Inc. (a)(b)....................... 835 5,912 SemGroup Energy Partners LP.... 344 867 Ship Finance International, Ltd. (b)..................... 652 7,205 Southern Union Co. (b)......... 1,704 22,220 St. Mary Land & Exploration Co. (b).......................... 1,004 20,391 Stone Energy Corp. (a)(b)...... 557 6,138 Sunoco Logistics Partners LP... 269 12,143 Swift Energy Co. (a)(b)........ 495 8,321 Targa Resources Partners LP (b).......................... 552 4,278 TC Pipelines LP................ 271 6,301 Teekay LNG Partners LP (b)..... 280 4,186 Teekay Offshore Partners LP (b).......................... 244 2,660 TEPPCO Partners LP (b)......... 1,365 26,713 Tesoro Corp. (b)............... 2,231 29,382 USEC, Inc. (a)(b).............. 1,794 8,055 Venoco, Inc. (a)(b)............ 349 946 VeraSun Energy Corp. (a)(b).... 366 20 W&T Offshore, Inc. (b)......... 439 6,287 Warren Resources, Inc. (a)..... 960 1,910 Western Gas Partners LP (b).... 367 4,709 Western Refining, Inc. (b)..... 443 3,438 Williams Partners LP (b)....... 661 7,892 Williams Pipeline Partners LP (b).......................... 257 3,644 World Fuel Services Corp. (b).. 472 17,464 ----------- 902,088 ----------- PAPER & FOREST PRODUCTS -- 0.2% AbitibiBowater, Inc. (a)(b).... 860 404 Buckeye Technologies, Inc. (a)(b)....................... 618 2,250 Clearwater Paper Corp. (a)(b).. 184 1,544
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Deltic Timber Corp. (b)........ 188 $ 8,601 Glatfelter..................... 728 6,770 Louisiana-Pacific Corp. (b).... 1,709 2,666 Neenah Paper, Inc. (b)......... 232 2,051 Schweitzer-Mauduit International, Inc. ......... 249 4,985 Verso Paper Corp. (b).......... 227 234 Wausau-Mosinee Paper Corp. .... 792 9,060 ----------- 38,565 ----------- PERSONAL PRODUCTS -- 0.7% Alberto-Culver Co. ............ 1,410 34,559 Bare Escentuals, Inc. (a)(b)... 1,094 5,722 Chattem, Inc. (a)(b)........... 279 19,957 Elizabeth Arden, Inc. (a)(b)... 431 5,435 Herbalife, Ltd. ............... 1,063 23,046 Inter Parfums, Inc. (b)........ 231 1,774 NBTY, Inc. (a)(b).............. 927 14,508 Nu Skin Enterprises, Inc. (Class A).................... 850 8,865 Prestige Brands Holdings, Inc. (a).......................... 567 5,982 Revlon, Inc. (a)............... 318 2,121 USANA Health Sciences, Inc. (a)(b)....................... 134 4,588 ----------- 126,557 ----------- PHARMACEUTICALS -- 1.4% Akorn, Inc. (a)(b)............. 829 1,907 Auxilium Pharmaceuticals, Inc. (a)(b)....................... 656 18,657 Biodel, Inc. (a)(b)............ 232 1,118 BioForm Medical, Inc. (a)(b)... 158 144 Caraco Pharmaceutical Laboratories, Ltd. (a)(b).... 174 1,030 Jazz Pharmaceuticals, Inc. (a)(b)....................... 296 571 KV Pharmaceutical Co. (Class A) (a)(b)....................... 611 1,760 Medicis Pharmaceutical Corp. (Class A) (b)................ 919 12,774 Noven Pharmaceuticals, Inc. (a)(b)....................... 395 4,345 Pain Therapeutics, Inc. (a)(b)....................... 555 3,285 Par Pharmaceutical Cos., Inc. (a)(b)....................... 562 7,536 Perrigo Co. (b)................ 1,367 44,168 Salix Pharmaceuticals, Ltd. (a)(b)....................... 796 7,029 Sepracor, Inc. (a)(b).......... 1,759 19,314 Sucampo Pharmaceuticals, Inc. (a)(b)....................... 111 638 The Medicines Co. (a)(b)....... 848 12,491 Valeant Pharmaceuticals International (a)(b)......... 1,117 25,579 Viropharma, Inc. (a)(b)........ 1,294 16,848 VIVUS, Inc. (a)(b)............. 1,124 5,980 Watson Pharmaceuticals, Inc. (a)(b)....................... 1,686 44,797 Xenoport, Inc. (a)(b).......... 362 9,079 ----------- 239,050 ----------- PROFESSIONAL SERVICES -- 1.2% Administaff, Inc. (b).......... 373 8,087 Advisory Board Co. (a)(b)...... 239 5,330 CBIZ, Inc. (a)(b).............. 863 7,465 CDI Corp. (b).................. 229 2,963 CoStar Group, Inc. (a)(b)...... 318 10,475 CRA International, Inc. (a)(b)....................... 174 4,686 Diamond Management & Technology Consultants, Inc. (b)........ 448 1,886 Duff & Phelps Corp. (Class A) (a)(b)....................... 176 3,365 Exponent, Inc. (a)............. 242 7,279 First Advantage Corp. (Class A) (a).......................... 187 2,646 Heidrick & Struggles International, Inc. (b)...... 275 5,924 Hill International, Inc. (a)(b)....................... 499 3,513 Huron Consulting Group, Inc. (a)(b)....................... 347 19,873 Kelly Services, Inc. (Class A) (b).......................... 443 5,763 Kforce, Inc. (a)(b)............ 611 4,693 Korn/Ferry International (a)(b)....................... 756 8,634 LECG Corp. (a)(b).............. 393 2,637 MPS Group, Inc. (a)(b)......... 1,526 11,491 Navigant Consulting, Inc. (a)(b)....................... 787 12,490 Resources Connection, Inc. (a)(b)....................... 777 12,727 School Specialty, Inc. (a)(b).. 270 5,162 Spherion Corp. (a)(b).......... 906 2,002 The Corporate Executive Board Co. ......................... 572 12,618 TrueBlue, Inc. (a)(b).......... 721 6,900 Volt Information Sciences, Inc. (a)(b)....................... 227 1,641 Watson Wyatt Worldwide, Inc. (Class A).................... 682 32,613 ----------- 202,863 ----------- REAL ESTATE INVESTMENT TRUSTS -- 6.0% Acadia Realty Trust (b)........ 494 7,049 Alexander's, Inc. (b).......... 43 10,961 Alexandria Real Estate Equities, Inc. (b)........... 530 31,980 American Campus Communities, Inc. (b)..................... 690 14,131 Anthracite Capital, Inc. (b)... 1,207 2,692 Anworth Mortgage Asset Corp.(b)..................... 1,335 8,584 Arbor Realty Trust, Inc. (b)... 404 1,192 Ashford Hospitality Trust, Inc. (b).......................... 1,197 1,377 BioMed Realty Trust, Inc. ..... 1,305 15,295 Brandywine Realty Trust (b).... 1,447 11,156 BRE Properties, Inc. (b)....... 834 23,335 Capital Lease Funding, Inc. (b).......................... 713 1,233 Capital Trust, Inc. (Class A) (b).......................... 268 965 Capstead Mortgage Corp. (b).... 914 9,844 CBL & Associates Properties, Inc. (b)..................... 1,078 7,007 Cedar Shopping Centers, Inc. (b).......................... 736 5,211 Chimera Investment Corp. (b)... 3,000 10,350 Colonial Properties Trust (b).. 677 5,639 Corporate Office Properties Trust (b).................... 886 27,200 Cousins Properties, Inc. (b)... 670 9,280 DCT Industrial Trust, Inc. (b).......................... 2,783 14,082 DiamondRock Hospitality Co. (b).......................... 1,540 7,808 Digital Realty Trust, Inc. (b).......................... 1,102 36,201 Douglas Emmett, Inc. (b)....... 1,816 23,717 DuPont Fabros Technology, Inc. ........................ 582 1,205 EastGroup Properties, Inc. (b).......................... 419 14,908 Education Realty Trust, Inc. (b).......................... 444 2,318 Entertainment Properties Trust (b).......................... 506 15,079 Equity Lifestyle Properties, Inc. (b)..................... 370 14,193 Equity One, Inc. (b)........... 535 9,469 Essex Property Trust, Inc. (b).......................... 443 34,000 Extra Space Storage, Inc. (b).. 1,338 13,808 FelCor Lodging Trust, Inc. (b).......................... 1,022 1,880 First Industrial Realty Trust, Inc. (b)..................... 720 5,436 First Potomac Realty Trust (b).......................... 465 4,325 Franklin Street Properties Corp. ....................... 1,047 15,443 Friedman, Billings, Ramsey Group, Inc. (a)(b)........... 2,493 424 Getty Realty Corp. (b)......... 304 6,402 Glimcher Realty Trust (b)...... 599 1,683 Gramercy Capital Corp. (b)..... 631 808 Hatteras Financial Corp. ...... 552 14,683 Healthcare Realty Trust, Inc. ........................ 939 22,048 Highwoods Properties, Inc. (b).......................... 1,017 27,825 Home Properties, Inc. (b)...... 527 21,396
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Hospitality Properties Trust (b).......................... 1,533 $ 22,796 HRPT Properties Trust.......... 3,647 12,290 Inland Real Estate Corp. (b)... 970 12,591 Investors Real Estate Trust (b).......................... 929 9,950 iStar Financial, Inc. (b)...... 2,187 4,877 JER Investors Trust, Inc. (b).. 382 355 Kilroy Realty Corp. (b)........ 534 17,868 Kite Realty Group Trust (b).... 598 3,325 LaSalle Hotel Properties (b)... 655 7,238 Lexington Realty Trust (b)..... 1,347 6,735 LTC Properties, Inc. (b)....... 337 6,834 Maguire Properties, Inc. (a)(b)....................... 620 905 Medical Properties Trust, Inc. (b).......................... 1,074 6,777 MFA Mortgage Investments, Inc. (b).......................... 3,230 19,025 Mid-America Apartment Communities, Inc. ........... 449 16,685 National Health Investors, Inc. (b).......................... 414 11,356 National Retail Properties, Inc. (b)..................... 1,307 22,467 Nationwide Health Properties, Inc. (b)..................... 1,599 45,923 Newcastle Investment Corp. (b).......................... 833 700 NorthStar Realty Finance Corp. (b).......................... 932 3,644 Omega Healthcare Investors, Inc. ........................ 1,303 20,809 Parkway Properties, Inc. (b)... 246 4,428 Pennsylvania Real Estate Investment Trust (b)......... 643 4,790 Post Properties, Inc. (b)...... 715 11,797 Potlatch Corp. ................ 644 16,750 PS Business Parks, Inc. ....... 260 11,612 RAIT Investment Trust (b)...... 943 2,452 Ramco-Gershenson Properties Trust (b).................... 299 1,848 Realty Income Corp. (b)........ 1,677 38,823 Redwood Trust, Inc. (b)........ 454 6,769 Saul Centers, Inc. (b)......... 174 6,873 Senior Housing Properties Trust........................ 1,829 32,776 Sovran Self Storage, Inc. (b).. 355 12,780 Strategic Hotels & Resorts, Inc. (b)..................... 1,218 2,046 Sun Communities, Inc. (b)...... 274 3,836 Sunstone Hotel Investors, Inc. (b).......................... 841 5,206 Tanger Factory Outlet Centers, Inc. (b)..................... 516 19,412 Taubman Centers, Inc. (b)...... 859 21,870 U-Store-It Trust (b)........... 754 3,355 Universal Health Realty Income Trust (b).................... 184 6,055 Urstadt Biddle Properties...... 55 784 Urstadt Biddle Properties (Class A) (b)................ 326 5,193 Washington Real Estate Investment Trust (b)......... 817 23,121 ----------- 1,009,348 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.4% Avatar Holdings, Inc. (a)...... 90 2,387 Forestar Real Estate Group, Inc. (a)(b).................. 535 5,093 Jones Lang LaSalle, Inc. (b)... 537 14,875 Meruelo Maddux Properties, Inc. (a).......................... 598 741 Tejon Ranch Co. (a)(b)......... 216 5,344 The St. Joe Co. (a)(b)......... 1,478 35,945 ----------- 64,385 ----------- ROAD & RAIL -- 0.9% Amerco, Inc. (a)............... 105 3,626 Arkansas Best Corp. (b)........ 370 11,141 Avis Budget Group, Inc. (a)(b)....................... 1,669 1,168 Con-way, Inc. (b).............. 746 19,844 Genesee & Wyoming, Inc. (Class A) (a)....................... 516 15,738 Heartland Express, Inc. (b).... 958 15,098 Knight Transportation, Inc. (b).......................... 920 14,830 Landstar Systems, Inc. (b)..... 875 33,626 Marten Transport, Ltd. (a)..... 246 4,664 Old Dominion Freight Line, Inc. (a)(b)....................... 512 14,572 Werner Enterprises, Inc. (b)... 836 14,496 YRC Worldwide, Inc. (a)(b)..... 922 2,646 ----------- 151,449 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 2.7% Actel Corp. (a)(b)............. 411 4,817 Advanced Analogic Technologies, Inc. (a)(b).................. 737 2,226 Advanced Energy Industries, Inc. (a)..................... 547 5,443 Amkor Technology, Inc. (a)(b).. 1,723 3,756 Anadigics, Inc. (a)(b)......... 1,018 1,507 Applied Micro Circuits Corp. (a)(b)....................... 1,051 4,130 Atheros Communications, Inc. (a)(b)....................... 999 14,296 Atmel Corp. (a)(b)............. 7,425 23,240 ATMI, Inc. (a)(b).............. 513 7,916 Axcelis Technologies, Inc. (a).......................... 1,621 827 Brooks Automation, Inc. (a)(b)....................... 967 5,618 Cabot Microelectronics Corp. (a)(b)....................... 384 10,011 Cavium Networks, Inc. (a)(b)... 582 6,117 Cirrus Logic, Inc. (a)(b)...... 949 2,543 Cohu, Inc. .................... 346 4,204 Conexant Systems, Inc. (a)(b).. 757 519 Cree, Inc. (a)(b).............. 1,333 21,155 Cymer, Inc. (a)................ 500 10,955 Diodes, Inc. (a)(b)............ 501 3,036 DSP Group, Inc. (a)(b)......... 394 3,160 EMCORE Corp. (a)(b)............ 1,064 1,383 Entegris, Inc. (a)(b).......... 1,851 4,054 Exar Corp. (a)(b).............. 622 4,149 Fairchild Semiconductor International, Inc. (a)...... 2,008 9,819 FEI Co. (a)(b)................. 593 11,184 Formfactor, Inc. (a)(b)........ 796 11,622 Hittite Microwave Corp. (a)(b)....................... 272 8,013 Integrated Device Technology, Inc. (a)..................... 2,712 15,214 International Rectifier Corp. (a).......................... 1,209 16,322 IXYS Corp. (b)................. 405 3,345 Kulicke & Soffa Industries, Inc. (a)(b).................. 856 1,455 Lattice Semiconductor Corp. (a)(b)....................... 1,798 2,715 Mattson Technology, Inc. (a)... 809 1,141 Micrel, Inc. .................. 837 6,119 Microsemi Corp. (a)(b)......... 1,360 17,190 MKS Instruments, Inc. (a)(b)... 715 10,575 Monolithic Power Systems, Inc. (a)(b)....................... 486 6,128 Netlogic Microsystems, Inc. (a)(b)....................... 298 6,559 Novellus Systems, Inc. (a)(b).. 1,626 20,065 OmniVision Technologies, Inc. (a)(b)....................... 837 4,394 PMC-Sierra, Inc. (a)(b)........ 3,436 16,699 Power Integrations, Inc. (b)... 492 9,781 Rambus, Inc. (a)(b)............ 1,683 26,793 RF Micro Devices, Inc. (a)(b).. 3,945 3,077 Rubicon Technology, Inc. (a)(b)....................... 224 954 Semtech Corp. (a)(b)........... 1,057 11,912 Sigma Designs, Inc. (a)(b)..... 430 4,085 Silicon Image, Inc. (a)........ 1,185 4,977 Silicon Laboratories, Inc. (a)(b)....................... 735 18,213 Silicon Storage Technology, Inc. (a)..................... 1,532 3,508 Skyworks Solutions, Inc., (a).. 2,737 15,163
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Spansion, Inc. (a)(b).......... 2,072 $ 392 Standard Microsystems Corp. (a)(b)....................... 377 6,160 Teradyne, Inc. (a)............. 2,775 11,711 Tessera Technologies, Inc. (a)(b)....................... 823 9,777 Trident Microsystems, Inc. (a)(b)....................... 963 1,820 TriQuint Semiconductor, Inc. (a).......................... 2,326 8,001 Ultratech, Inc. (a)............ 298 3,564 Veeco Instruments, Inc. (a).... 489 3,100 Zoran Corp. (a)(b)............. 841 5,744 ----------- 462,353 ----------- SOFTWARE -- 3.4% ACI Worldwide, Inc. (a)(b)..... 561 8,920 Advent Software, Inc. (a)(b)... 294 5,871 Blackbaud, Inc. (b)............ 723 9,761 Blackboard, Inc. (a)(b)........ 479 12,564 Cadence Design Systems, Inc. (a)(b)....................... 4,209 15,405 Commvault Systems, Inc. (a)(b)....................... 526 7,054 Compuware Corp. (a)............ 3,950 26,662 Concur Technologies, Inc. (a)(b)....................... 806 26,453 Deltek, Inc. (a)(b)............ 177 821 Epicor Software Corp. (a)(b)... 884 4,243 Factset Research Systems, Inc. (b).......................... 697 30,835 Fair Isaac Corp. .............. 801 13,505 FalconStor Software, Inc. (a).. 628 1,746 i2 Technologies, Inc. (a)(b)... 286 1,828 Informatica Corp. (a)(b)....... 1,468 20,156 Jack Henry & Associates, Inc. ........................ 1,439 27,931 JDA Software Group, Inc. (a)... 492 6,460 Kenexa Corp. (a)(b)............ 321 2,562 Lawson Software, Inc. (a)(b)... 2,149 10,186 Macrovision Solutions Corp. (a)(b)....................... 1,303 16,483 Magma Design Automation, Inc. (a)(b)....................... 611 623 Manhattan Associates, Inc. (a)(b)....................... 401 6,340 Mentor Graphics Corp. (a)...... 1,483 7,667 MICROS Systems, Inc. (a)....... 1,342 21,901 MicroStrategy, Inc. (a)(b)..... 155 5,755 Midway Games, Inc. (a)(b)...... 165 31 Monotype Imaging Holdings, Inc. (a)(b)....................... 371 2,152 MSC Software Corp. (a)......... 727 4,856 Netscout Systems, Inc. (a)..... 422 3,638 NetSuite, Inc. (a)............. 298 2,515 Novell, Inc. (a)(b)............ 5,784 22,500 Nuance Communications, Inc. (a)(b)....................... 3,001 31,090 Parametric Technology Corp. (a).......................... 1,916 24,237 Pegasystems, Inc. (b).......... 252 3,115 Progress Software Corp. (a).... 625 12,038 Quality Systems, Inc. (b)...... 296 12,912 Quest Software, Inc. (a)....... 1,187 14,944 Radiant Systems, Inc. (a)(b)... 451 1,520 Renaissance Learning, Inc. .... 118 1,061 Solera Holdings, Inc. (a)(b)... 1,138 27,426 SPSS, Inc. (a)(b).............. 295 7,953 SuccessFactors, Inc. (a)(b).... 416 2,388 Sybase, Inc. (a)(b)............ 1,303 32,275 Symyx Technologies, Inc. (a)... 563 3,344 Synchronoss Technologies, Inc. (a)(b)....................... 303 3,230 Take-Two Interactive Software, Inc. (b)..................... 1,209 9,140 Taleo Corp. (a)................ 434 3,398 THQ, Inc. (a)(b)............... 1,096 4,592 TIBCO Software, Inc. (a)....... 2,992 15,528 TiVo, Inc. (a)(b).............. 1,654 11,843 Tyler Technologies, Inc. (a)(b)....................... 620 7,428 Ultimate Software Group, Inc. (a)(b)....................... 401 5,855 Vasco Data Security International (a)(b)......... 486 5,020 Wind River Systems, Inc. (a)(b)....................... 1,210 10,926 ----------- 578,687 ----------- SPECIALTY RETAIL -- 2.5% Aaron Rents, Inc. (b).......... 803 21,376 AC Moore Arts & Crafts, Inc. (a).......................... 320 448 Aeropostale, Inc. (a).......... 1,093 17,597 AnnTaylor Stores Corp. (a)(b).. 972 5,608 Asbury Automotive Group, Inc. ........................ 513 2,344 AutoNation, Inc. (a)(b)........ 1,812 17,903 Barnes & Noble, Inc. (b)....... 610 9,150 Bebe Stores, Inc. (b).......... 482 3,601 Big 5 Sporting Goods Corp. (b).......................... 307 1,599 Blockbuster, Inc. (Class A) (a)(b)....................... 2,995 3,774 Borders Group, Inc. (a)........ 788 315 Brown Shoe Co., Inc. (b)....... 685 5,802 Cabela's, Inc. (a)(b).......... 664 3,871 Charlotte Russe Holding, Inc. (a).......................... 338 2,194 Charming Shoppes, Inc. (a)(b).. 1,578 3,850 Chico's FAS, Inc. (a)(b)....... 2,877 12,026 Christopher & Banks Corp.(b)... 555 3,108 Coldwater Creek, Inc. (a)(b)... 955 2,722 Collective Brands, Inc. (a)(b)....................... 1,035 12,130 Conn's, Inc. (a)(b)............ 181 1,535 Dick's Sporting Goods, Inc. (a)(b)....................... 1,380 19,472 DSW, Inc. (Class A) (a)(b)..... 229 2,853 Foot Locker, Inc. (b).......... 2,597 19,062 Genesco, Inc. (a)(b)........... 313 5,296 Group 1 Automotive, Inc. (b)... 381 4,103 Gymboree Corp. (a)(b).......... 491 12,810 hhgregg, Inc. (a)(b)........... 254 2,205 Hibbett Sports, Inc. (a)(b).... 460 7,227 Hot Topic, Inc. (a)(b)......... 749 6,943 J. Crew Group, Inc. (a)(b)..... 874 10,663 Jo-Ann Stores, Inc. (a)(b)..... 408 6,320 Jos. A. Bank Clothiers, Inc. (a)(b)....................... 292 7,636 Mens Wearhouse, Inc. (b)....... 753 10,196 New York & Co., Inc. (a)(b).... 425 986 Office Depot, Inc. (a)(b)...... 4,454 13,273 OfficeMax, Inc. (b)............ 1,231 9,405 Pacific Sunwear of California, Inc. (a)..................... 1,140 1,813 Penske Automotive Group, Inc. (b).......................... 687 5,276 Pier 1 Imports, Inc. (a)(b).... 1,265 468 RadioShack Corp. (b)........... 2,001 23,892 Rent-A-Center, Inc. (a)........ 1,111 19,609 Sally Beauty Holdings, Inc. (a)(b)....................... 1,392 7,920 Signet Jewelers, Ltd. (b)...... 1,392 12,069 Sonic Automotive, Inc. (Class A) (b)....................... 469 1,867 Stage Stores, Inc. ............ 637 5,255 Stein Mart, Inc. (a)(b)........ 409 462 Systemax, Inc. (b)............. 210 2,262 Talbots, Inc. (b).............. 364 870 The Buckle, Inc. (b)........... 386 8,422 The Cato Corp. (Class A) (b)... 448 6,765 The Children's Place Retail Stores, Inc. (a)............. 405 8,780 The Dress Barn, Inc. (a)(b).... 721 7,743 The Finish Line, Inc. (Class A)........................... 725 4,060 The Pep Boys -- Manny, Moe & Jack (b)..................... 743 3,069 Tractor Supply Co. (a)(b)...... 500 18,070 Tween Brands, Inc. (a)(b)...... 393 1,698
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Ulta Salon Cosmetics & Fragrance, Inc. (a)(b)....... 450 $ 3,726 Williams-Sonoma, Inc. (b)...... 1,599 12,568 Zale Corp. (a)(b).............. 230 766 Zumiez, Inc. (a)(b)............ 327 2,436 ----------- 429,269 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.3% American Apparel, Inc. (a)(b).. 549 1,093 Carter's, Inc. (a)(b).......... 946 18,220 Columbia Sportswear Co. (b).... 244 8,630 Crocs, Inc. (a)(b)............. 1,347 1,670 Deckers Outdoor Corp. (a)(b)... 216 17,252 Fossil, Inc. (a)............... 789 13,176 Hanesbrands, Inc. (a)(b)....... 1,537 19,597 Iconix Brand Group, Inc. (a)... 932 9,115 Jones Apparel Group, Inc. (b).. 1,384 8,110 K-Swiss, Inc. (Class A) (b).... 420 4,788 Kenneth Cole Productions, Inc. (Class A) (b)................ 135 956 Liz Claiborne, Inc. (b)........ 1,534 3,988 Maidenform Brands, Inc. (a).... 294 2,984 Movado Group, Inc. (b)......... 299 2,808 Oxford Industries, Inc. (b).... 227 1,991 Phillips-Van Heusen Corp. ..... 839 16,889 Quiksilver, Inc. (a)........... 2,052 3,776 Skechers USA, Inc. (a)(b)...... 537 6,884 Steven Madden, Ltd. (a)........ 260 5,543 The Timberland Co. (Class A) (a).......................... 811 9,367 The Warnaco Group, Inc. (a).... 751 14,742 True Religion Apparel, Inc. (a).......................... 263 3,272 Under Armour, Inc. (Class A) (a)(b)....................... 552 13,160 UniFirst Corp. (b)............. 231 6,858 Volcom, Inc. (a)(b)............ 240 2,616 Wolverine World Wide, Inc. .... 800 16,832 ----------- 214,317 ----------- THRIFTS & MORTGAGE FINANCE -- 1.6% Anchor Bancorp Wisconsin, Inc. (b).......................... 303 836 Astoria Financial Corp. ....... 1,443 23,781 Bank Mutual Corp. (b).......... 797 9,197 Beneficial Mutual Bancorp, Inc. (a).......................... 609 6,851 Brookline Bancorp, Inc. (b).... 965 10,277 Capitol Federal Financial...... 350 15,960 Clifton Savings Bancorp, Inc. (b).......................... 184 2,182 Corus Bankshares, Inc. (b)..... 481 534 Dime Community Bancshares (b).. 539 7,169 Doral Financial Corp. (a)(b)... 78 585 Fannie Mae (b)................. 18,107 13,761 First Financial Holdings, Inc. (b).......................... 210 4,250 First Niagara Financial Group, Inc. (b)..................... 1,904 30,788 First Place Financial Corp. (b).......................... 301 1,153 Flagstar Bancorp, Inc. (a)(b).. 1,006 714 Flushing Financial Corp. ...... 330 3,947 Freddie Mac (b)................ 10,548 7,700 Guaranty Financial Group, Inc. (a)(b)....................... 1,279 3,338 Kearny Financial Corp. (b)..... 363 4,646 MGIC Investment Corp. (b)...... 2,020 7,030 NewAlliance Bancshares, Inc. .. 1,658 21,836 Northwest Bancorp, Inc. ....... 321 6,863 Ocwen Financial Corp. (a)(b)... 655 6,013 Oritani Financial Corp. (a)(b)....................... 157 2,646 Provident Financial Services, Inc. ........................ 910 13,923 Provident New York Bancorp (b).......................... 610 7,564 Radian Group, Inc. (b)......... 1,409 5,185 Roma Financial Corp.(b)........ 130 1,637 The PMI Group, Inc. (b)........ 1,266 2,469 TrustCo Bank Corp. NY (b)...... 1,238 11,773 ViewPoint Financial Group (b).. 186 2,985 Washington Federal, Inc. (b)... 1,413 21,139 Waterstone Financial, Inc. (a)(b)....................... 148 496 WSFS Financial Corp. (b)....... 100 4,799 ----------- 264,027 ----------- TOBACCO -- 0.1% Alliance One International, Inc. (a)(b).................. 1,468 4,316 Universal Corp. (b)............ 414 12,366 Vector Group, Ltd.(b).......... 588 8,009 ----------- 24,691 ----------- TRADING COMPANIES & DISTRIBUTORS -- 0.8% Aircastle, Ltd. (b)............ 729 3,485 Applied Industrial Technologies, Inc. (b)....... 634 11,995 Beacon Roofing Supply, Inc. (a)(b)....................... 716 9,938 GATX Corp. (b)................. 699 21,648 H&E Equipment Services, Inc. (a).......................... 288 2,220 Interline Brands, Inc. (a)(b).. 522 5,549 Kaman Corp. (Class A).......... 407 7,379 Lawson Products, Inc. (b)...... 68 1,554 MSC Industrial Direct Co., Inc. (Class A) (b)................ 692 25,486 RSC Holdings, Inc. (a)(b)...... 802 6,833 Rush Enterprises, Inc. (a)..... 532 4,559 TAL International Group, Inc. (b).......................... 178 2,510 Textainer Group Holdings, Ltd. (b).......................... 297 3,148 United Rentals, Inc. (a)(b).... 830 7,570 Watsco, Inc. (b)............... 403 15,475 WESCO International, Inc. (a)(b)....................... 682 13,115 ----------- 142,464 ----------- TRANSPORTATION INFRASTRUCTURE -- 0.0% (c) Macquarie Infrastructure Co. LLC (b)...................... 736 2,775 ----------- WATER UTILITIES -- 0.4% American States Water Co. (b).. 293 9,663 Aqua America, Inc. (b)......... 2,201 45,319 California Water Service Group........................ 326 15,136 SJW Corp. (b).................. 208 6,227 ----------- 76,345 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.2% Centennial Communications Corp. (a)(b)....................... 1,092 8,802 Clearwire Corp (a)(b).......... 1,156 5,699 FiberTower Corp. (a)(b)........ 1,864 298 ICO Global Communications Holdings, Ltd. (a)(b)........ 1,802 2,036 iPCS, Inc. (a)................. 253 1,736 Syniverse Holdings, Inc. (a)(b)....................... 482 5,755 TerreStar Corp. (a)(b)......... 1,546 618 USA Mobility, Inc. (a)......... 368 4,258 ----------- 29,202 ----------- TOTAL COMMON STOCKS -- (Cost $24,592,157)........... 16,873,821 -----------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- WARRANTS -- 0.0% COMMUNICATIONS EQUIPMENT -- 0.0% Pegasus Wireless Corp. expiring 12/18/2009 (a)(d) (Cost $0).................... 97 $ 0 ----------- SHORT TERM INVESTMENTS -- 27.7% MONEY MARKET FUNDS -- 27.7% State Street Navigator Securities Lending Prime Portfolio (e)(f)............. 4,572,151 4,572,151 STIC Prime Portfolio........... 131,883 131,883 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $4,704,034)............ 4,704,034 ----------- TOTAL INVESTMENTS -- 127.2% (Cost $29,296,191)........... 21,577,855 OTHER ASSETS AND LIABILITIES -- (27.2)%....... (4,619,205) ----------- NET ASSETS -- 100.0%........... $16,958,650 ===========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Amount represents less than 0.05% of net assets. (d) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (e) Investments of cash collateral for securities loaned. (f) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.2% AEROSPACE & DEFENSE -- 2.2% AAR Corp. (a)(b).............. 5,911 $ 108,821 Aerovironment, Inc. (a)(b).... 2,101 77,338 American Science & Engineering, Inc. (b)....... 1,316 97,331 Argon ST, Inc. (a)(b)......... 2,031 38,305 Axsys Technologies, Inc. (a)(b)...................... 1,360 74,610 BE Aerospace, Inc. (a)........ 14,688 112,951 Ceradyne, Inc. (a)............ 3,972 80,671 DynCorp International, Inc. (a)(b)...................... 3,868 58,678 Hexcel Corp. (a).............. 14,483 107,029 Ladish Co., Inc. (a)(b)....... 2,236 30,969 Moog, Inc. (Class A) (a)...... 5,809 212,435 Orbital Sciences Corp. (a)(b)...................... 8,840 172,645 Stanley, Inc. (a)............. 2,622 94,969 Taser International, Inc. (a)(b)...................... 8,869 46,828 Teledyne Technologies, Inc. (a)(b)...................... 5,059 225,378 TransDigm Group, Inc. (a)(b).. 3,882 130,319 ------------ 1,669,277 ------------ AIR FREIGHT & LOGISTICS -- 0.7% Atlas Air Worldwide Holdings, Inc. (a)(b)................. 1,985 37,516 Forward Air Corp. (b)......... 4,364 105,914 HUB Group, Inc. (Class A) (a)......................... 5,684 150,797 Pacer International, Inc. (b)......................... 5,197 54,205 UTI Worldwide, Inc. .......... 13,592 194,909 ------------ 543,341 ------------ AIRLINES -- 1.7% AirTran Holdings, Inc. (a)(b)...................... 17,315 76,879 Allegiant Travel Co. (a)(b)... 1,991 96,703 Continental Airlines, Inc. (Class B) (a)(b)............ 16,518 298,315 Hawaiian Holdings, Inc. (a)(b)...................... 6,357 40,558 JetBlue Airways Corp. (a)(b).. 27,142 192,708 Republic Airways Holdings, Inc. (a).................... 5,094 54,353 SkyWest, Inc. ................ 8,464 157,430 UAL Corp. (b)................. 19,063 210,074 US Airways Group, Inc. (a)(b)...................... 15,649 120,967 ------------ 1,247,987 ------------ AUTO COMPONENTS -- 0.4% Dana Holding Corp. (a)(b)..... 10,868 8,042 Drew Industries, Inc. (a)(b).. 2,918 35,016 Exide Technologies (a)(b)..... 7,483 39,585 Fuel Systems Solutions, Inc. (a)(b)...................... 1,738 56,937 Gentex Corp. (b).............. 20,773 183,426 Visteon Corp. (a)(b).......... 19,668 6,884 ------------ 329,890 ------------ AUTOMOBILES -- 0.1% Fleetwood Enterprises, Inc. (a)......................... 11,056 1,106 Thor Industries, Inc. (b)..... 5,631 74,216 ------------ 75,322 ------------ BEVERAGES -- 0.2% Boston Beer Co., Inc. (a)..... 1,427 40,527 Central European Distribution Corp. (a)................... 5,731 112,900 ------------ 153,427 ------------ BIOTECHNOLOGY -- 5.5% Acorda Therapeutics, Inc. (a)(b)...................... 5,612 115,102 Affymax, Inc. (a)(b).......... 1,028 10,270 Alkermes, Inc. (a)(b)......... 14,249 151,752 Allos Therapeutics, Inc. (a)(b)...................... 8,540 52,265 Alnylam Pharmaceuticals, Inc. (a)(b)...................... 5,215 128,967 Arena Pharmaceuticals, Inc. (a)(b)...................... 10,945 45,641 Ariad Pharmaceuticals, Inc. (a)(b)...................... 9,230 7,846 Celera Corp. (a)(b)........... 11,950 133,003 Cepheid, Inc. (a)(b).......... 8,461 87,825 Cubist Pharmaceuticals, Inc. (a)(b)...................... 8,373 202,292 CV Therapeutics, Inc. (a)(b).. 8,488 78,174 Enzon Pharmaceuticals, Inc. (a)(b)...................... 5,709 33,283 Facet Biotech Corp. (a)....... 3,594 34,463 Genomic Health, Inc. (a)(b)... 2,422 47,181 Geron Corp. (a)(b)............ 12,146 56,722 GTx, Inc. (a)(b).............. 2,662 44,828 Halozyme Therapeutics, Inc. (a)(b)...................... 9,967 55,815 Human Genome Sciences, Inc. (a)(b)...................... 19,865 42,114 Idenix Pharmaceuticals, Inc. (a)(b)...................... 3,085 17,862 Incyte Corp. (a)(b)........... 13,788 52,257 Indevus Pharmaceuticals, Inc. (a)(b)...................... 10,710 33,629 InterMune, Inc. (a)(b)........ 4,718 49,916 Isis Pharmaceuticals, Inc. (a)(b)...................... 13,624 193,188 Lexicon Genetics, Inc. (a)(b)...................... 13,607 19,050 Ligand Pharmaceuticals, Inc. (Class B) (a)(b)....... 13,305 36,456 MannKind Corp. (a)(b)......... 8,100 27,783 Martek Biosciences Corp. (b).. 4,942 149,792 Maxygen, Inc. (a)(b).......... 4,388 39,141 Medarex, Inc. (a)(b).......... 18,683 104,251 Momenta Pharmaceuticals, Inc. (a)(b)...................... 4,236 49,138 Myriad Genetics, Inc. (a)(b).. 6,916 458,254 Neurocrine Biosciences, Inc. (a)(b)...................... 5,116 16,371 Onyx Pharmaceuticals, Inc. (a)(b)...................... 8,343 284,997 Opko Health, Inc. (a)......... 16,097 26,077 OSI Pharmaceuticals, Inc. (a)(b)...................... 8,569 334,619 Osiris Therapeutics, Inc. (a)(b)...................... 2,720 52,115 PDL BioPharma, Inc. (b)....... 17,972 111,067 Pharmasset, Inc. (a)(b)....... 2,471 32,395 Progenics Pharmaceuticals, Inc. (a)(b)................. 4,123 42,508 Regeneron Pharmaceuticals, Inc. (a)(b)................. 9,300 170,748 Rigel Pharmaceuticals, Inc. (a)(b)...................... 5,452 43,616 Sangamo Biosciences, Inc. (a)(b)...................... 5,608 19,516 Savient Pharmaceuticals, Inc. (a)(b)...................... 7,935 45,944 Seattle Genetics, Inc. (a)(b)...................... 8,627 77,125 Theravance, Inc. (a)(b)....... 7,691 95,291 United Therapeutics Corp. (a)(b)...................... 3,449 215,735 Zymogenetics, Inc. (a)(b)..... 5,948 17,844 ------------ 4,144,228 ------------ BUILDING PRODUCTS -- 0.4% Griffon Corp. (a)(b).......... 9,815 91,574 Quanex Building Products Corp. ...................... 5,567 52,163 Simpson Manufacturing Co., Inc. (b).................... 5,679 157,649 ------------ 301,386 ------------ CAPITAL MARKETS -- 1.6% Calamos Asset Management, Inc. (Class A) (b)............... 2,970 21,978 E*TRADE Financial Corp. (a)(b)...................... 66,655 76,653 Fortress Investment Group LLC (Class A) (b)............... 5,940 5,940 GFI Group, Inc. (b)........... 9,387 33,230
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Greenhill & Co., Inc. (b)..... 1,873 $ 130,679 KBW, Inc. (a)(b).............. 4,977 114,471 Knight Capital Group, Inc. (Class A) (a)(b)....... 13,545 218,752 Lazard, Ltd. (Class A) (b).... 11,395 338,887 MF Global, Ltd. (a)(b)........ 14,711 30,011 optionsXpress Holdings, Inc. ....................... 7,022 93,814 Penson Worldwide, Inc. (a).... 3,123 23,797 Pzena Investment Management, Inc. (Class A).............. 875 3,693 Riskmetrics Group, Inc. (a)(b)...................... 4,619 68,777 TradeStation Group, Inc. (a)(b)...................... 5,045 32,540 ------------ 1,193,222 ------------ CHEMICALS -- 1.1% American Vanguard Corp. (b)... 2,878 33,673 Balchem Corp. (b)............. 2,723 67,830 Calgon Carbon Corp. (a)....... 8,064 123,863 Flotek Industries, Inc. (a)(b)...................... 3,227 8,132 LSB Industries, Inc. (a)(b)... 2,191 18,229 Nalco Holding Co. ............ 20,564 237,308 PolyOne Corp. (a)(b).......... 13,066 41,158 Rockwood Holdings, Inc. (a)... 6,882 74,326 The Scotts Miracle-Gro Co. (Class A)................... 6,573 195,349 Zoltek Cos., Inc. (a)(b)...... 4,215 37,893 ------------ 837,761 ------------ COMMERCIAL BANKS -- 1.2% Bank of the Ozarks, Inc. (b).. 1,896 56,197 Cascade Bancorp (b)........... 2,898 19,562 CoBiz, Inc. (b)............... 3,014 29,356 East West Bancorp, Inc. (b)... 9,368 149,607 Nara Bancorp, Inc. (b)........ 3,486 34,267 Pinnacle Financial Partners, Inc. (a)(b)................. 3,464 103,262 PrivateBancorp, Inc. (b)...... 4,683 152,010 Signature Bank (a)(b)......... 5,242 150,393 Texas Capital Bancshares, Inc. (a)......................... 4,555 60,855 UCBH Holdings, Inc. (b)....... 16,867 116,045 Western Alliance Bancorp (a)(b)...................... 3,954 39,896 ------------ 911,450 ------------ COMMERCIAL SERVICES & SUPPLIES -- 3.1% American Ecology Corp. (b).... 2,355 47,642 American Reprographics Co. (a)......................... 5,477 37,791 Cenveo, Inc. (a)(b)........... 7,035 31,306 Clean Harbors, Inc. (a)(b).... 3,019 191,525 EnergySolutions, Inc. (b)..... 10,300 58,195 EnerNOC, Inc. (a)(b).......... 1,703 12,670 Fuel Tech, Inc. (a)(b)........ 2,850 30,181 GeoEye, Inc. (a)(b)........... 2,616 50,306 Healthcare Services Group, Inc. (b).................... 5,863 93,398 HNI Corp. (b)................. 5,072 80,340 Innerworkings, Inc. (a)(b).... 3,921 25,683 Interface, Inc. (Class A)..... 8,002 37,129 Knoll, Inc. .................. 7,230 65,215 M&F Worldwide Corp. (a)(b).... 1,940 29,973 Metalico, Inc. (a)(b)......... 3,964 6,144 Mine Safety Appliances Co. (b)......................... 4,806 114,911 Mobile Mini, Inc. (a)(b)...... 5,255 75,777 Rollins, Inc. ................ 7,770 140,482 Schawk, Inc. (b).............. 1,943 22,267 Standard Parking Corp. (a)(b)...................... 1,349 26,090 Steelcase, Inc. (Class A) (b)......................... 9,402 52,839 Sykes Enterprises, Inc. (a)(b)...................... 4,884 93,382 Team, Inc. (a)(b)............. 2,740 75,898 Tetra Tech, Inc. (a)(b)....... 8,965 216,505 The Brink's Co. .............. 5,821 156,468 The Geo Group, Inc. (a)(b).... 7,729 139,354 Waste Connections, Inc. (a)... 11,947 377,167 ------------ 2,288,638 ------------ COMMUNICATIONS EQUIPMENT -- 3.9% Acme Packet, Inc. (a)(b)...... 4,688 24,659 ADC Telecommunications, Inc. (a)(b)...................... 17,704 96,841 Adtran, Inc. (b).............. 9,199 136,881 Airvana, Inc. (a)(b).......... 4,960 30,355 Arris Group, Inc. (a)(b)...... 18,513 147,178 Aruba Networks, Inc. (a)(b)... 8,966 22,863 Avocent Corp. (a)............. 6,615 118,475 BigBand Networks, Inc. (a)(b)...................... 5,889 32,507 Blue Coat Systems, Inc. (a)(b)...................... 5,706 47,930 Brocade Communications Systems, Inc. (a)(b)........ 55,886 156,481 CIENA Corp. (a)(b)............ 13,610 91,187 CommScope, Inc. (a)........... 10,515 163,403 Comtech Telecommunications Corp. (a)(b)................ 3,658 167,610 Extreme Networks, Inc. (a)(b)...................... 16,498 38,605 F5 Networks, Inc. (a)(b)...... 12,078 276,103 Finisar Corp. (a)(b).......... 60,414 22,957 Harmonic, Inc. (a)(b)......... 13,867 77,794 Harris Stratex Networks, Inc. (a)(b)...................... 3,167 16,342 Hughes Communications, Inc. (a)(b)...................... 1,238 19,734 Infinera Corp. (a)(b)......... 13,857 124,159 InterDigital, Inc. (a)(b)..... 6,476 178,090 Ixia (a)(b)................... 4,821 27,865 Netgear, Inc. (a)(b).......... 5,284 60,291 Neutral Tandem, Inc. (a)...... 2,969 48,157 OpNext, Inc. (a)(b)........... 2,917 5,105 Plantronics, Inc. ............ 7,352 97,046 Polycom, Inc. (a)............. 12,408 167,632 Riverbed Technology, Inc. (a)(b)...................... 7,885 89,810 ShoreTel, Inc. (a)(b)......... 2,575 11,562 Sonus Networks, Inc. (a)(b)... 40,957 64,712 Starent Networks Corp. (a)(b)...................... 4,786 57,097 Sycamore Networks, Inc. (a)... 28,243 75,974 Tekelec (a)(b)................ 8,415 112,256 Utstarcom, Inc. (a)(b)........ 13,925 25,761 ViaSat, Inc. (a).............. 4,594 110,624 ------------ 2,944,046 ------------ COMPUTERS & PERIPHERALS -- 1.0% 3PAR, Inc. (a)(b)............. 4,780 36,663 Data Domain, Inc. (a)(b)...... 5,454 102,535 Hypercom Corp. (a)............ 6,792 7,335 Intermec, Inc. (a)(b)......... 7,320 97,210 Isilon Systems, Inc. (a)(b)... 3,388 11,147 Novatel Wireless, Inc. (a)(b)...................... 4,597 21,330 Palm, Inc. (a)(b)............. 14,274 43,821 QLogic Corp. (a)(b)........... 19,063 256,207 Quantum Corp. (a)(b).......... 30,886 11,119 Rackable Systems, Inc. (a)(b)...................... 4,397 17,324 STEC, Inc. (a)(b)............. 3,840 16,358 Stratasys, Inc. (a)(b)........ 2,986 32,100 Synaptics, Inc. (a)(b)........ 5,124 84,853 ------------ 738,002 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- CONSTRUCTION & ENGINEERING -- 1.0% Aecom Technology Corp. (a)(b)...................... 11,289 $ 346,911 Dycom Industries, Inc. (a)(b)...................... 6,049 49,723 Furmanite Corp. (a)(b)........ 5,453 29,391 Great Lakes Dredge & Dock Corp. (b)................... 6,559 27,220 Layne Christensen Co. (a)(b).. 2,772 66,556 Mastec, Inc. (a)(b)........... 7,287 84,383 Perini Corp. (a)(b)........... 4,226 98,804 Pike Electric Corp. (a)(b).... 2,636 32,423 ------------ 735,411 ------------ CONSTRUCTION MATERIALS -- 0.2% Eagle Materials, Inc. (b)..... 6,489 119,463 Headwaters, Inc. (a)(b)....... 6,459 43,598 ------------ 163,061 ------------ CONSUMER FINANCE -- 0.7% AmeriCredit Corp. (a)(b)...... 16,928 129,330 Cardtronics, Inc. (a)(b)...... 2,323 2,997 Cash America International, Inc. (b).................... 4,395 120,203 CompuCredit Corp. (a)(b)...... 4,306 23,812 Credit Acceptance Corp. (a)(b)...................... 277 3,795 Ezcorp, Inc. (a).............. 5,652 85,967 First Cash Financial Services, Inc. (a)(b)................. 3,760 71,666 Nelnet, Inc. (b).............. 4,152 59,498 The First Marblehead Corp. (a)(b)...................... 9,603 12,388 World Acceptance Corp. (a)(b)...................... 2,162 42,721 ------------ 552,377 ------------ CONTAINERS & PACKAGING -- 0.1% Boise, Inc. (a)(b)............ 5,467 2,351 Graphic Packaging Holding Co. (a)(b)...................... 11,757 13,403 Myers Industries, Inc. ....... 3,721 29,768 ------------ 45,522 ------------ DISTRIBUTORS -- 0.3% LKQ Corp. (a)(b).............. 20,788 242,388 ------------ DIVERSIFIED CONSUMER SERVICES -- 2.7% American Public Education, Inc. (a)(b)................. 2,030 75,496 Brink's Home Security Holdings, Inc. (a).......... 6,365 139,521 Capella Education Co. (a)(b).. 2,244 131,858 Career Education Corp. (a)(b)...................... 13,343 239,373 Coinstar, Inc. (a)(b)......... 3,834 74,801 Corinthian Colleges, Inc. (a)(b)...................... 12,688 207,703 Grand Canyon Education, Inc. (a)......................... 1,740 32,677 Hillenbrand, Inc. (b)......... 9,387 156,575 Lincoln Educational Services Corp. (a)(b)................ 672 8,904 Matthews International Corp. (Class A)................... 4,663 171,039 Pre-Paid Legal Services, Inc. (a)(b)...................... 1,184 44,151 Sotheby's (b)................. 10,252 91,140 Steiner Leisure, Ltd. (a)(b).. 2,186 64,531 Strayer Education, Inc. (b)... 2,141 459,052 thinkorswim Group, Inc. (a)(b)...................... 7,192 40,419 Universal Technical Institute, Inc. (a)(b)................. 3,349 57,502 ------------ 1,994,742 ------------ DIVERSIFIED FINANCIAL SERVICES -- 0.4% Asset Acceptance Capital Corp. (a)(b)...................... 2,194 11,211 MarketAxess Holdings, Inc. (a)......................... 4,127 33,676 MSCI, Inc. (Class A) (a)(b)... 10,518 186,800 NewStar Financial, Inc. (a)(b)...................... 3,466 13,829 Portfolio Recovery Associates, Inc. (a)(b)................. 2,216 74,990 ------------ 320,506 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.9% Cbeyond, Inc. (a)(b).......... 3,678 58,774 General Communication, Inc. (Class A) (a)(b)....... 5,978 48,362 Global Crossing, Ltd. (a)(b).. 3,992 31,697 Globalstar, Inc. (a)(b)....... 9,896 1,979 NTELOS Holdings Corp. ........ 4,381 108,035 PAETEC Holding Corp. (a)(b)... 18,322 26,384 Premiere Global Services, Inc. (a)......................... 8,402 72,341 Shenandoah Telecommunications Co. (b)..................... 3,580 100,419 tw telecom, inc. (a)(b)....... 22,225 188,246 Vonage Holdings Corp. (a)(b).. 9,733 6,424 ------------ 642,661 ------------ ELECTRIC UTILITIES -- 0.4% ITC Holdings Corp. (b)........ 7,448 325,329 ------------ ELECTRICAL EQUIPMENT -- 1.5% Advanced Battery Technologies, Inc. (a)(b)................. 5,892 15,673 American Superconductor Corp. (a)(b)...................... 5,947 96,996 AZZ, Inc. (a)(b).............. 1,850 46,435 Encore Wire Corp. (b)......... 2,747 52,083 Energy Conversion Devices, Inc. (a)(b)................. 6,850 172,688 EnerSys (a)(b)................ 6,223 68,453 Evergreen Solar, Inc. (a)(b).. 22,871 72,958 Franklin Electric Co., Inc. (b)......................... 2,679 75,307 FuelCell Energy, Inc. (a)(b).. 9,369 36,352 General Cable Corp. (a)(b).... 8,010 141,697 GT Solar International, Inc. (a)(b)...................... 4,677 13,516 II-VI, Inc. (a)............... 3,629 69,278 Orion Energy Systems, Inc. (a)(b)...................... 3,243 17,545 Plug Power, Inc. (a)(b)....... 11,065 11,286 Polypore International, Inc. (a)......................... 2,844 21,501 Power-One, Inc. (a)(b)........ 13,472 16,032 Valence Technology, Inc. (a)(b)...................... 9,182 16,711 Vicor Corp. (b)............... 2,832 18,719 Woodward Governor Co. (b)..... 8,652 199,169 ------------ 1,162,399 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 2.1% Benchmark Electronics, Inc. (a)......................... 9,671 123,499 Brightpoint, Inc. (a)......... 8,011 34,848 Cogent, Inc. (a)(b)........... 5,667 76,901 Cognex Corp. ................. 5,552 82,170 CTS Corp. (b)................. 4,722 26,018 Daktronics, Inc. (b).......... 5,724 53,577 DTS Inc. (a)(b)............... 2,717 49,857 Echelon Corp. (a)(b).......... 4,969 40,497 Electro Scientific Industries, Inc. (a).................... 3,843 26,094 FARO Technologies, Inc. (a)(b)...................... 2,242 37,800 ICx Technologies, Inc. (a)(b)...................... 2,084 16,484 Insight Enterprises, Inc. (a)(b)...................... 6,872 47,417
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- IPG Photonics Corp. (a)(b).... 3,284 $ 43,283 KEMET Corp. (a)(b)............ 12,117 3,272 L-1 Identity Solutions, Inc. (a)(b)...................... 11,796 79,505 Measurement Specialties, Inc. (a)(b)...................... 1,996 13,872 MTS Systems Corp. (b)......... 2,590 68,998 Multi-Fineline Electronix, Inc. (a)(b)................. 1,192 13,934 National Instruments Corp. (b)......................... 8,518 207,499 Newport Corp. (a)............. 5,328 36,124 OSI Systems, Inc. (a)......... 2,467 34,168 Plexus Corp. (a)(b)........... 5,859 99,310 Rofin-Sinar Technologies, Inc. (a)......................... 4,299 88,473 Rogers Corp. (a)(b)........... 2,732 75,868 Sanmina-SCI Corp. (a)(b)...... 78,573 36,929 Scansource, Inc. (a)(b)....... 3,964 76,386 Smart Modular Technologies (WWH), Inc. (a)............. 4,960 7,638 TTM Technologies, Inc. (a)(b)...................... 6,358 33,125 Universal Display Corp. (a)(b)...................... 4,516 42,676 ------------ 1,576,222 ------------ ENERGY EQUIPMENT & SERVICES -- 3.0% Allis-Chalmers Energy, Inc. (a)(b)...................... 4,236 23,298 Atwood Oceanics, Inc. (a)(b).. 8,327 127,237 Basic Energy Services, Inc. (a)(b)...................... 3,687 48,078 Bronco Drilling Co., Inc. (a)(b)...................... 4,307 27,823 Cal Dive International, Inc. (a)(b)...................... 6,167 40,147 CARBO Ceramics, Inc. (b)...... 3,170 112,630 Complete Production Services, Inc. (a)(b)................. 7,389 60,220 Dawson Geophysical Co. (a)(b)...................... 1,107 19,716 Dresser-Rand Group, Inc. (a)(b)...................... 12,188 210,243 Dril-Quip, Inc. (a)(b)........ 4,438 91,023 ENGlobal Corp. (a)(b)......... 2,752 8,944 Exterran Partners LP (b)...... 1,570 17,631 Global Industries, Ltd. (a)(b)...................... 12,550 43,799 Gulf Island Fabrication, Inc. (b)......................... 1,855 26,731 Helix Energy Solutions Group, Inc. (a)(b)................. 12,590 91,152 Hercules Offshore, Inc. (a)(b)...................... 12,967 61,593 Hornbeck Offshore Services, Inc. (a)(b)................. 3,509 57,337 ION Geophysical Corp. (a)(b).. 12,381 42,467 Key Energy Services, Inc. (a)......................... 18,059 79,640 Lufkin Industries, Inc. ...... 2,222 76,659 Matrix Service Co. (a)........ 3,807 29,200 NATCO Group, Inc. (a)(b)...... 3,030 45,995 Newpark Resources, Inc. (a)... 12,902 47,737 Oceaneering International, Inc. (a)(b)................. 8,313 242,241 Oil States International, Inc. (a)......................... 7,474 139,689 Parker Drilling Co. (a)(b).... 16,922 49,074 Pioneer Drilling Co. (a)(b)... 7,374 41,073 Precision Drilling Trust (b).. 3,896 32,689 RPC, Inc. (b)................. 4,685 45,726 Superior Well Services, Inc. (a)(b)...................... 2,177 21,770 T-3 Energy Services, Inc. (a)......................... 1,766 16,671 Tesco Corp. (a)(b)............ 4,668 33,330 Tetra Technologies, Inc. (a)(b)...................... 11,201 54,437 Unit Corp. (a)(b)............. 7,062 188,697 ------------ 2,254,697 ------------ FOOD & STAPLES RETAILING -- 0.9% Arden Group, Inc. (Class A) (b)......................... 187 23,562 BJ'S Wholesale Club, Inc. (a)(b)...................... 8,922 305,668 Great Atlantic & Pacific Tea Co. (a)(b).................. 5,311 33,300 Pantry, Inc. (a)(b)........... 3,326 71,343 Pricesmart, Inc. (b).......... 2,232 46,113 Rite Aid Corp. (a)(b)......... 89,277 27,676 Spartan Stores, Inc. (b)...... 3,294 76,585 United Natural Foods, Inc. (a)(b)...................... 5,896 105,067 ------------ 689,314 ------------ FOOD PRODUCTS -- 0.8% Cal-Maine Foods, Inc. (b)..... 1,713 49,163 Darling International, Inc. (a)......................... 11,643 63,920 Flowers Foods, Inc. (b)....... 12,719 309,835 Green Mountain Coffee Roasters, Inc. (a)(b)....... 2,642 102,246 J&J Snack Foods Corp. ........ 2,090 74,989 ------------ 600,153 ------------ GAS UTILITIES -- 0.1% Spectra Energy Partners LP.... 2,282 45,138 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 6.1% Abaxis, Inc. (a)(b)........... 3,182 51,007 ABIOMED, Inc. (a)(b).......... 5,074 83,315 Accuray, Inc. (a)(b).......... 5,437 28,055 Align Technology, Inc. (a)(b)...................... 8,730 76,387 American Medical Systems Holdings, Inc. (a)(b)....... 10,874 97,757 Analogic Corp. (b)............ 1,985 54,151 Arthrocare Corp. (a)(b)....... 4,006 19,109 Conceptus, Inc. (a)(b)........ 3,317 50,485 CryoLife, Inc. (a)(b)......... 3,839 37,277 Cyberonics, Inc. (a)(b)....... 3,239 53,670 Edwards Lifesciences Corp. (a)(b)...................... 8,391 461,085 ev3, Inc. (a)................. 9,972 60,829 Gen-Probe, Inc. (a)........... 8,105 347,218 Greatbatch, Inc. (a)(b)....... 3,417 90,414 Haemonetics Corp. (a)(b)...... 3,761 212,496 I-Flow Corp. (a)(b)........... 3,775 18,120 ICU Medical, Inc. (a)......... 1,986 65,816 Immucor, Inc. (a)............. 10,539 280,127 Insulet Corp. (a)(b).......... 3,147 24,295 Integra LifeSciences Holdings Corp. (a)(b)................ 3,095 110,089 Kensey Nash Corp. (a)......... 1,302 25,272 Masimo Corp. (a)(b)........... 7,108 212,032 Mentor Corp. (b).............. 5,048 156,135 Meridian Bioscience, Inc. (b)......................... 5,865 149,381 Merit Medical Systems, Inc. (a)......................... 4,176 74,876 Natus Medical, Inc. (a)....... 4,087 52,927 NuVasive, Inc. (a)(b)......... 5,353 185,481 OraSure Technologies, Inc. (a)......................... 6,317 23,247 Palomar Medical Technologies, Inc. (a)(b)................. 2,581 29,759 Quidel Corp. (a).............. 4,240 55,417 ResMed, Inc. (a)(b)........... 11,262 422,100 RTI Biologics, Inc. (a)(b).... 7,283 20,101 Sirona Dental Systems, Inc. (a)......................... 2,662 27,951 SonoSite, Inc. (a)............ 2,526 48,196 SurModics, Inc. (a)(b)........ 2,343 59,208 Symmetry Medical, Inc. (a)(b)...................... 4,841 38,583 Thoratec Corp. (a)(b)......... 8,393 272,689 TomoTherapy, Inc. (a)(b)...... 6,677 15,891 Trans1, Inc. (a)(b)........... 1,488 10,728
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Volcano Corp. (a)(b).......... 4,765 $ 71,475 West Pharmaceutical Services, Inc. (b).................... 4,862 183,638 Wright Medical Group, Inc. (a)(b)...................... 5,643 115,286 Zoll Medical Corp. (a)(b)..... 3,046 57,539 ------------ 4,529,614 ------------ HEALTH CARE PROVIDERS & SERVICES -- 4.7% Air Methods Corp. (a)(b)...... 1,599 25,568 Alliance Imaging, Inc. (a)(b)...................... 4,285 34,151 Amedisys, Inc. (a)(b)......... 4,036 166,848 AMERIGROUP Corp. (a).......... 7,864 232,145 AMN Healthcare Services, Inc. (a)......................... 4,802 40,625 AmSurg Corp. (a).............. 4,646 108,438 Assisted Living Concepts, Inc. (a)(b)...................... 7,901 32,789 athenahealth, Inc. (a)(b)..... 3,152 118,578 Brookdale Senior Living, Inc. (b)......................... 6,057 33,798 CardioNet, Inc. (a)(b)........ 3,394 83,662 Centene Corp. (a)............. 6,468 127,484 Chemed Corp. (b).............. 3,354 133,389 Corvel Corp. (a).............. 1,228 26,991 Cross Country Healthcare, Inc. (a)......................... 4,361 38,333 Emeritus Corp. (a)(b)......... 2,933 29,418 Genoptix, Inc. (a)............ 1,275 43,452 Gentiva Health Services, Inc. (a)(b)...................... 4,310 126,111 Health Management Associates, Inc. (Class A) (a)(b)....... 36,848 65,958 HealthExtras, Inc. (a)........ 5,189 126,352 Healthsouth Corp. (a)(b)...... 13,225 144,946 Healthspring, Inc. (a)(b)..... 7,835 156,465 Healthways, Inc. (a)(b)....... 4,981 57,182 HMS Holdings Corp. (a)(b)..... 3,516 110,824 inVentiv Health, Inc. (a)(b).. 4,840 55,854 IPC The Hospitalist Co. (a)(b)...................... 1,707 28,729 LHC Group, Inc. (a)(b)........ 2,220 79,920 Molina Healthcare, Inc. (a)(b)...................... 1,974 34,762 MWI Veterinary Supply, Inc. (a)(b)...................... 1,637 44,134 Nighthawk Radiology Holdings, Inc. (a)(b)................. 3,168 15,396 Odyssey Healthcare, Inc. (a)(b)...................... 4,896 45,288 Pediatrix Medical Group, Inc. (a)......................... 6,791 215,275 PharMerica Corp. (a)(b)....... 4,210 65,971 PSS World Medical, Inc. (a)(b)...................... 9,023 169,813 Psychiatric Solutions, Inc. (a)(b)...................... 7,886 219,625 Skilled Healthcare Group, Inc. (Class A) (a)(b)............ 2,822 23,818 Sun Healthcare Group, Inc. (a)......................... 5,549 49,109 Sunrise Assisted Living, Inc. (a)(b)...................... 6,473 10,875 Triple-S Management Corp. (Class B) (a)(b)............ 2,589 29,773 Universal American Financial Corp. (a)(b)................ 5,877 51,835 VCA Antech, Inc. (a)(b)....... 12,564 249,772 Virtual Radiologic Corp. (a)(b)...................... 1,068 9,057 WellCare Health Plans, Inc. (a)(b)...................... 6,333 81,442 ------------ 3,543,955 ------------ HEALTH CARE TECHNOLOGY -- 0.7% Allscripts-Misys Healthcare Solutions, Inc. (b)......... 8,773 87,028 Eclipsys Corp. (a)(b)......... 8,170 115,932 HLTH Corp. (a)(b)............. 13,375 139,903 MedAssets, Inc. (a)(b)........ 4,507 65,802 Omnicell, Inc. (a)(b)......... 4,553 55,592 Phase Forward, Inc. (a)(b).... 6,305 78,939 ------------ 543,196 ------------ HOTELS, RESTAURANTS & LEISURE -- 3.3% Ambassadors Group, Inc. (b)... 2,888 26,570 Bally Technologies, Inc. (a)(b)...................... 8,139 195,580 BJ's Restaurants, Inc. (a)(b)...................... 2,920 31,448 Brinker International, Inc. .. 15,300 161,262 Buffalo Wild Wings, Inc. (a)(b)...................... 2,591 66,459 California Pizza Kitchen, Inc. (a)......................... 3,776 40,479 CEC Entertainment, Inc. (a)(b)...................... 3,331 80,777 Chipotle Mexican Grill, Inc. (a)(b)...................... 4,964 307,669 Choice Hotels International, Inc. (b).................... 5,099 153,276 CKE Restaurants, Inc. ........ 6,992 60,691 Gaylord Entertainment Co. (a)(b)...................... 6,148 66,644 Great Wolf Resorts, Inc. (a)(b)...................... 4,109 6,328 Interval Leisure Group, Inc. (a)......................... 5,927 31,947 Life Time Fitness, Inc. (a)(b)...................... 5,285 68,441 Morgans Hotel Group Co. (a)(b)...................... 4,430 20,644 Orient-Express Hotels, Ltd. (Class A) (b)............... 6,007 46,014 P F Chang's China Bistro, Inc. (a)(b)...................... 3,456 72,369 Panera Bread Co. (Class A) (a)......................... 4,531 236,699 Papa John's International, Inc. (a)(b)................. 3,224 59,418 Peet's Coffee & Tea, Inc. (a)(b)...................... 2,113 49,127 Red Robin Gourmet Burgers, Inc. (a)(b)................. 2,050 34,501 Scientific Games Corp. (Class A) (a)(b)................... 10,489 183,977 Shuffle Master, Inc. (a)(b)... 7,614 37,765 Sonic Corp. (a)(b)............ 9,005 109,591 Texas Roadhouse, Inc. (Class A) (a)(b)....... 7,588 58,807 The Cheesecake Factory, Inc. (a)(b)...................... 8,372 84,557 The Steak n Shake Co. (a)(b).. 4,251 25,293 WMS Industries, Inc. (a)(b)... 6,674 179,531 ------------ 2,495,864 ------------ HOUSEHOLD DURABLES -- 0.5% Champion Enterprises, Inc. (a)(b)...................... 11,894 6,661 Harman International Industries, Inc. (b)........ 8,777 146,839 iRobot Corp. (a)(b)........... 2,789 25,185 Jarden Corp. (a)(b)........... 10,471 120,416 Tempur-Pedic International, Inc. ....................... 10,507 74,495 ------------ 373,596 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.1% Ormat Technologies, Inc. (b).. 2,753 87,738 Synthesis Energy Systems, Inc. (a)(b)...................... 4,547 3,092 ------------ 90,830 ------------ INDUSTRIAL CONGLOMERATES -- 0.2% Raven Industries, Inc. (b).... 2,738 65,986 Seaboard Corp. (b)............ 54 64,476 ------------ 130,462 ------------ INSURANCE -- 0.3% Crawford & Co. (a)(b)......... 3,719 54,074 Donegal Group, Inc. (b)....... 1,975 33,121
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- eHealth, Inc. (a)(b).......... 3,797 $ 50,424 Tower Group, Inc. (b)......... 3,087 87,084 ------------ 224,703 ------------ INTERNET & CATALOG RETAIL -- 0.7% 1-800-FLOWERS.COM, Inc. (Class A) (a)(b)....... 3,152 12,041 Blue Nile, Inc. (a)(b)........ 2,210 54,123 Gaiam, Inc. (Class A) (a)(b).. 2,113 9,762 HSN, Inc. (a)(b).............. 5,927 43,089 Netflix, Inc. (a)(b).......... 6,873 205,434 NutriSystem, Inc. (b)......... 4,155 60,621 Orbitz Worldwide, Inc. (a)(b)...................... 5,367 20,824 Overstock.com, Inc. (a)(b).... 2,268 24,449 Shutterfly, Inc. (a)(b)....... 1,870 13,071 Stamps.com, Inc. (a).......... 2,514 24,713 Ticketmaster (a)(b)........... 5,941 38,141 ------------ 506,268 ------------ INTERNET SOFTWARE & SERVICES -- 2.9% Ariba, Inc. (a)(b)............ 12,871 92,800 Art Technology Group, Inc. (a)......................... 19,305 37,259 Bankrate, Inc. (a)(b)......... 2,196 83,448 comScore, Inc. (a)(b)......... 2,524 32,181 Constant Contact, Inc. (a)(b)...................... 1,936 25,652 DealerTrack Holdings, Inc. (a)......................... 5,500 65,395 Dice Holdings, Inc. (a)(b).... 3,470 14,158 Digital River, Inc. (a)....... 5,654 140,219 DivX, Inc. (a)(b)............. 4,047 21,166 EarthLink, Inc. (a)(b)........ 16,111 108,910 Equinix, Inc. (a)(b).......... 4,815 256,110 GSI Commerce, Inc. (a)(b)..... 3,174 33,390 Infospace, Inc. (b)........... 5,280 39,864 Internap Network Services Corp. (a)(b)................ 7,058 17,645 Interwoven, Inc. (a).......... 6,859 86,423 j2 Global Communications, Inc. (a)......................... 6,667 133,607 Limelight Networks, Inc. (a)(b)...................... 5,356 13,122 LoopNet, Inc. (a)(b).......... 3,952 26,953 Marchex, Inc. (Class B) (b)... 4,149 24,189 ModusLink Global Solutions, Inc. (a).................... 7,267 21,002 Move, Inc. (a)(b)............. 21,329 34,126 NIC, Inc. (b)................. 5,830 26,818 Omniture, Inc. (a)(b)......... 10,843 115,370 Perficient, Inc. (a)(b)....... 4,718 22,552 Rackspace Hosting, Inc. (a)(b)...................... 2,434 13,095 RealNetworks, Inc. (a)(b)..... 13,556 47,853 S1 Corp. (a).................. 7,010 55,309 SAVVIS, Inc. (a)(b)........... 5,593 38,536 SonicWALL, Inc. (a)(b)........ 7,747 30,833 Switch & Data Facilities Co., Inc. (a)(b)................. 3,226 23,840 TechTarget, Inc. (a).......... 1,056 4,562 Terremark Worldwide, Inc. (a)(b)...................... 6,296 24,491 The Knot, Inc. (a)(b)......... 4,398 36,591 ValueClick, Inc. (a).......... 12,799 87,545 Vignette Corp. (a)(b)......... 3,745 35,240 VistaPrint, Ltd. (a)(b)....... 6,213 115,624 Vocus, Inc. (a)............... 2,831 51,553 WebMD Health Corp. (Class A) (a)(b)...................... 1,182 27,883 Websense, Inc. (a)(b)......... 6,621 99,116 ------------ 2,164,430 ------------ IT SERVICES -- 3.1% Acxiom Corp. (b).............. 9,689 78,578 Broadridge Financial Solutions, Inc. ............ 20,857 261,547 CACI International, Inc. (Class A) (a)(b)....... 4,507 203,221 CIBER, Inc. (a)............... 7,924 38,114 CyberSource Corp. (a)(b)...... 10,530 126,255 Euronet Worldwide, Inc. (a)(b)...................... 7,047 81,816 ExlService Holdings, Inc. (a)(b)...................... 2,408 20,637 Forrester Research, Inc. (a).. 2,121 59,833 Gartner, Inc. (a)(b).......... 9,597 171,114 Genpact, Ltd. (a)(b).......... 8,244 67,766 Global Cash Access, Inc. (a)(b)...................... 6,103 13,549 Heartland Payment Systems, Inc. (b).................... 4,357 76,247 iGate Corp. (a)............... 5,798 37,745 Integral Systems Inc. (a)..... 2,595 31,270 Lionbridge Technologies, Inc. (a)......................... 7,712 9,640 Mantech International Corp. (Class A) (a)(b)............ 3,100 167,989 NeuStar, Inc. (Class A) (a)... 11,662 223,094 Perot Systems Corp. (Class A) (a)......................... 13,048 178,366 RightNow Technologies, Inc. (a)......................... 3,700 28,601 Sapient Corp. (a)(b).......... 12,007 53,311 SRA International, Inc. (a)(b)...................... 6,194 106,846 Syntel, Inc. (b).............. 1,814 41,940 TeleTech Holdings, Inc. (a)(b)...................... 5,765 48,138 TNS, Inc. (a)(b).............. 3,654 34,311 VeriFone Holdings, Inc. (a)(b)...................... 10,959 53,699 Wright Express Corp. (a)...... 5,829 73,445 ------------ 2,287,072 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.2% Leapfrog Enterprises, Inc. (a)(b)...................... 4,915 17,202 Marine Products Corp. (b)..... 1,998 11,229 Pool Corp. (b)................ 7,178 128,989 Smith & Wesson Holding Corp. (a)(b)...................... 6,052 13,738 ------------ 171,158 ------------ LIFE SCIENCES TOOLS & SERVICES -- 2.0% Affymetrix, Inc. (a)(b)....... 10,158 30,372 Albany Molecular Research, Inc. (a)(b)................. 3,229 31,450 Bio-Rad Laboratories, Inc. (Class A) (a).......... 2,876 216,592 Bruker Corp. (a)(b)........... 7,686 31,051 Dionex Corp. (a).............. 2,670 119,749 Enzo Biochem, Inc. (a)(b)..... 5,448 26,641 eResearch Technology, Inc. (a)(b)...................... 6,270 41,570 Exelixis, Inc. (a)(b)......... 15,789 79,261 Kendle International, Inc. (a)(b)...................... 1,891 48,636 Luminex Corp. (a)(b).......... 6,099 130,275 Medivation, Inc. (a)(b)....... 3,719 54,186 Nektar Therapeutics (a)(b).... 13,720 76,283 PAREXEL International Corp. (a)......................... 8,524 82,768 PharmaNet Development Group, Inc. (a)(b)................. 2,704 2,461 Sequenom, Inc. (a)(b)......... 7,683 152,431 Techne Corp. ................. 5,811 374,926 ------------ 1,498,652 ------------ MACHINERY -- 3.3% Actuant Corp. (Class A) (b)... 8,425 160,244 Altra Holdings, Inc. (a)(b)... 3,957 31,300 American Railcar Industries, Inc. (b).................... 1,213 12,773
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Badger Meter, Inc. (b)........ 2,151 $ 62,422 Chart Industries, Inc. (a).... 4,138 43,987 CLARCOR, Inc. ................ 7,654 253,960 Columbus McKinnon Corp. (a)(b)...................... 2,959 40,390 Dynamic Materials Corp. (b)... 1,873 36,168 Energy Recovery, Inc. (a)(b).. 4,821 36,543 ESCO Technologies, Inc. (a)(b)...................... 3,930 160,933 Force Protection, Inc. (a)(b)...................... 10,492 62,742 Gardner Denver, Inc. (a)...... 7,710 179,951 Graco, Inc. (b)............... 8,960 212,621 Graham Corp. (b).............. 1,490 16,122 K-Tron International, Inc. (a)(b)...................... 375 29,963 L.B. Foster Co. (a)........... 1,610 50,361 Lindsay Manufacturing Co. (b)......................... 1,728 54,933 Middleby Corp. (a)(b)......... 2,474 67,466 Nordson Corp. (b)............. 4,589 148,179 Oshkosh Corp. (b)............. 11,242 99,941 RBC Bearings, Inc. (a)(b)..... 3,248 65,869 Sun Hydraulics Corp. (b)...... 1,845 34,760 The Gorman-Rupp Co. (b)....... 2,158 67,157 The Toro Co. (b).............. 5,295 174,735 Titan International, Inc. (b)......................... 5,233 43,172 Wabash National Corp. (b)..... 4,685 21,083 Wabtec Corp. (b).............. 7,298 290,095 ------------ 2,457,870 ------------ MARINE -- 0.4% American Commercial Lines, Inc. (a).................... 5,484 26,872 Horizon Lines, Inc. (b)....... 4,460 15,565 Kirby Corp. (a)(b)............ 8,089 221,315 TBS International, Ltd. (a)(b)...................... 2,353 23,601 ------------ 287,353 ------------ MEDIA -- 1.6% Arbitron, Inc. ............... 4,081 54,196 Charter Communications, Inc. (a)(b)...................... 56,130 4,592 Cinemark Holdings, Inc. (b)... 5,187 38,539 CKX, Inc. (a)................. 9,970 36,590 Crown Media Holdings, Inc. (Class A) (a)(b)....... 1,333 3,799 Dolan Media Co. (a)(b)........ 3,769 24,838 Entravision Communications Corp. (a)(b)................ 8,038 12,539 Interactive Data Corp. (b).... 5,431 133,929 John Wiley & Sons, Inc. (Class A) (b)...................... 7,607 270,657 Liberty Media Corp.- Interactive (Series A) (a)(b)...................... 13,494 63,557 Live Nation, Inc. (a)(b)...... 11,465 65,809 Martha Stewart Living Omnimedia, Inc. (Class A) (a)(b)....... 3,429 8,915 Marvel Entertainment, Inc. (a)(b)...................... 7,768 238,866 Mediacom Communications Corp. (a)(b)...................... 5,704 24,527 Morningstar, Inc. (a)(b)...... 2,702 95,921 National CineMedia, Inc. (b).. 6,317 64,054 Primedia, Inc. ............... 2,712 5,885 R.H. Donnelley Corp. (a)(b)... 10,735 3,972 Warner Music Group Corp. ..... 8,762 26,461 ------------ 1,177,646 ------------ METALS & MINING -- 0.8% AM Castle & Co. (b)........... 2,536 27,465 Brush Engineered Materials, Inc. (a).................... 3,090 39,305 Coeur d' Alene Mines Corp. (a)(b)...................... 82,205 72,340 General Moly, Inc. (a)(b)..... 9,124 10,766 Hecla Mining Co. (a)(b)....... 24,086 67,441 Royal Gold, Inc. (b).......... 4,775 234,978 Stillwater Mining Co. (a)(b).. 6,582 32,515 Titanium Metals Corp. (b)..... 14,841 130,749 ------------ 615,559 ------------ MULTILINE RETAIL -- 0.2% 99 Cents Only Stores (a)...... 8,120 88,751 Fred's, Inc. (Class A) (b).... 5,622 60,493 Retail Ventures, Inc. (a)(b).. 3,794 13,165 ------------ 162,409 ------------ OFFICE ELECTRONICS -- 0.3% Zebra Technologies Corp. (Class A) (a)(b)............ 9,483 192,125 ------------ OIL, GAS & CONSUMABLE FUELS -- 5.1% Alliance Holdings GP LP....... 1,771 26,211 Alon USA Energy, Inc. (b)..... 1,741 15,930 Arena Resources, Inc. (a)(b).. 5,673 159,355 Atlas America, Inc. (b)....... 5,482 81,408 Atlas Energy Resources LLC.... 4,913 62,739 Atlas Pipeline Holdings LP (b)......................... 1,412 5,337 ATP Oil & Gas Corp. (a)(b).... 4,122 24,114 Aventine Renewable Energy Holdings, Inc. (a)(b)....... 4,049 2,632 Berry Petroleum Co. (Class A) (b)......................... 5,948 44,967 Bill Barrett Corp. (a)(b)..... 4,956 104,720 BPZ Resources, Inc. (a)(b).... 8,397 53,741 BreitBurn Energy Partners LP.. 7,750 54,289 Brigham Exploration Co. (a)(b)...................... 5,182 16,582 Carrizo Oil & Gas, Inc. (a)(b)...................... 3,993 64,287 Cheniere Energy Partners LP (b)......................... 2,114 7,843 Cheniere Energy, Inc. (a)(b).. 6,840 19,494 Clean Energy Fuels Corp. (a)(b)...................... 4,184 25,271 Comstock Resources, Inc. (a)(b)...................... 6,848 323,568 Concho Resources, Inc. (a).... 9,415 214,850 Crosstex Energy, Inc. (b)..... 6,906 26,933 CVR Energy, Inc. (a)(b)....... 7,967 31,868 Delek US Holdings, Inc. (b)... 2,268 11,998 Delta Petroleum Corp. (a)(b).. 9,872 46,991 Duncan Energy Partners LP (b)......................... 2,276 30,954 Eagle Rock Energy Partners LP.......................... 5,988 28,203 El Paso Pipeline Partners LP (b)......................... 3,736 58,282 Enbridge Energy Management LLC (a)(b)...................... 1,790 43,765 Energy Partners, Ltd. (a)(b).. 3,791 5,118 EXCO Resources, Inc. (a)...... 25,826 233,984 Foundation Coal Holdings, Inc. ....................... 6,846 95,981 Frontier Oil Corp. (b)........ 15,585 196,839 Gastar Exploration Ltd. (a)... 22,922 7,564 Genesis Energy LP (b)......... 3,600 31,428 GeoMet, Inc. (a)(b)........... 2,991 5,144 GMX Resources, Inc. (a)(b).... 2,845 72,035 Goodrich Petroleum Corp. (a)(b)...................... 4,005 119,950 Gulfport Energy Corp. (a)(b).. 3,858 15,239 Hiland Holdings GP LP (b)..... 1,256 2,964 Holly Corp. (b)............... 6,365 116,034 International Coal Group, Inc. (a)(b)...................... 15,433 35,496 Legacy Reserves LP............ 2,406 22,436 Magellan Midstream Holdings LP (b)......................... 3,164 43,885 Mariner Energy, Inc. (a)(b)... 12,365 126,123 McMoRan Exploration Co. (a)(b)...................... 9,557 93,659
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Parallel Petroleum Corp. (a)(b)...................... 6,076 $ 12,213 Penn Virginia Corp. .......... 6,258 162,583 Penn Virginia GP Holdings LP (b)......................... 2,886 28,658 Petroleum Development Corp. (a)......................... 2,183 52,545 Petroquest Energy, Inc. (a)(b)...................... 6,269 42,378 Regency Energy Partners LP (b)......................... 5,626 45,289 Rentech, Inc. (a)(b).......... 24,641 16,756 Rex Energy Corp. (a)(b)....... 3,592 10,560 Rosetta Resources, Inc. (a)(b)...................... 7,535 53,348 SemGroup Energy Partners LP... 3,084 7,772 St. Mary Land & Exploration Co. (b)..................... 9,337 189,634 Targa Resources Partners LP (b)......................... 5,023 38,928 Teekay Offshore Partners LP (b)......................... 2,486 27,097 Venoco, Inc. (a)(b)........... 3,143 8,518 VeraSun Energy Corp. (a)(b)... 2,894 159 Warren Resources, Inc. (a)(b)...................... 8,361 16,638 Western Gas Partners LP....... 3,106 39,850 Western Refining, Inc. (b).... 4,018 31,180 Williams Pipeline Partners LP.......................... 2,542 36,046 World Fuel Services Corp. (b)......................... 4,355 161,135 ------------ 3,791,498 ------------ PERSONAL PRODUCTS -- 1.0% Bare Escentuals, Inc. (a)(b).. 10,132 52,990 Chattem, Inc. (a)(b).......... 2,530 180,971 Elizabeth Arden, Inc. (a)(b).. 4,008 50,541 Herbalife, Ltd. .............. 9,630 208,778 Inter Parfums, Inc. (b)....... 2,107 16,182 NBTY, Inc. (a)(b)............. 8,422 131,804 Prestige Brands Holdings, Inc. (a)......................... 5,225 55,124 USANA Health Sciences, Inc. (a)(b)...................... 1,006 34,446 ------------ 730,836 ------------ PHARMACEUTICALS -- 1.7% Akorn, Inc. (a)(b)............ 7,556 17,379 Auxilium Pharmaceuticals, Inc. (a)(b)...................... 5,917 168,280 Biodel, Inc. (a).............. 2,110 10,170 BioForm Medical, Inc. (a)(b).. 1,473 1,340 Caraco Pharmaceutical Laboratories, Ltd. (a)...... 1,772 10,490 Jazz Pharmaceuticals, Inc. (a)......................... 2,738 5,284 Medicis Pharmaceutical Corp. (Class A) (b)............... 8,316 115,592 Noven Pharmaceuticals, Inc. (a)(b)...................... 3,838 42,218 Pain Therapeutics, Inc. (a)(b)...................... 5,182 30,677 Salix Pharmaceuticals, Ltd. (a)(b)...................... 7,118 62,852 Sepracor, Inc. (a)(b)......... 16,309 179,073 Sucampo Pharmaceuticals, Inc. (a)(b)...................... 1,179 6,779 The Medicines Co. (a)......... 7,807 114,997 Valeant Pharmaceuticals International (a)(b)........ 10,375 237,588 Viropharma, Inc. (a).......... 11,691 152,217 VIVUS, Inc. (a)(b)............ 10,389 55,270 Xenoport, Inc. (a)(b)......... 3,265 81,886 ------------ 1,292,092 ------------ PROFESSIONAL SERVICES -- 1.6% Administaff, Inc. ............ 3,302 71,587 Advisory Board Co. (a)(b)..... 2,328 51,914 CBIZ, Inc. (a)(b)............. 7,430 64,270 CoStar Group, Inc. (a)(b)..... 2,912 95,921 CRA International, Inc. (a)(b)...................... 1,641 44,192 Diamond Management & Technology Consultants, Inc. (b)......................... 4,007 16,870 Exponent, Inc. (a)............ 2,016 60,641 First Advantage Corp. (Class A) (a)(b)................... 1,660 23,489 Hill International, Inc. (a)(b)...................... 4,580 32,243 Huron Consulting Group, Inc. (a)(b)...................... 3,066 175,590 Kforce, Inc. (a)(b)........... 5,435 41,741 Korn/Ferry International (a)(b)...................... 6,903 78,832 LECG Corp. (a)(b)............. 3,195 21,439 Navigant Consulting, Inc. (a)(b)...................... 7,258 115,185 Resources Connection, Inc. (a)......................... 6,777 111,007 Spherion Corp. (a)............ 7,505 16,586 The Corporate Executive Board Co. ........................ 5,185 114,381 TrueBlue, Inc. (a)(b)......... 6,365 60,913 ------------ 1,196,801 ------------ REAL ESTATE INVESTMENT TRUSTS -- 1.8% Alexander's, Inc. (b)......... 396 100,940 BioMed Realty Trust, Inc. (b)......................... 11,811 138,425 Cedar Shopping Centers, Inc. (b)......................... 6,677 47,273 Corporate Office Properties Trust (b)................... 7,724 237,127 Digital Realty Trust, Inc. (b)......................... 10,015 328,993 Equity Lifestyle Properties, Inc. (b).................... 3,455 132,534 Tanger Factory Outlet Centers, Inc. (b).................... 4,731 177,980 Taubman Centers, Inc. (b)..... 7,965 202,789 ------------ 1,366,061 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.1% Tejon Ranch Co. (a)........... 1,855 45,893 ------------ ROAD & RAIL -- 1.2% Genesee & Wyoming, Inc. (Class A) (a)...................... 4,761 145,211 Heartland Express, Inc. (b)... 8,883 139,996 Knight Transportation, Inc. (b)......................... 8,502 137,052 Landstar Systems, Inc. (b).... 7,936 304,980 Marten Transport, Ltd. (a).... 2,235 42,376 Old Dominion Freight Line, Inc. (a).................... 4,530 128,924 ------------ 898,539 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.1% Advanced Analogic Technologies, Inc. (a)...... 7,436 22,457 Advanced Energy Industries, Inc. (a).................... 4,970 49,452 Amkor Technology, Inc. (a).... 15,564 33,930 Anadigics, Inc. (a)(b)........ 9,109 13,481 Applied Micro Circuits Corp. (a)(b)...................... 9,612 37,775 Atheros Communications, Inc. (a)(b)...................... 8,966 128,304 Atmel Corp. (a)(b)............ 67,818 212,270 ATMI, Inc. (a)(b)............. 4,664 71,966 Axcelis Technologies, Inc. (a)......................... 14,725 7,510 Brooks Automation, Inc. (a)(b)...................... 8,653 50,274 Cabot Microelectronics Corp. (a)......................... 3,508 91,454 Cavium Networks, Inc. (a)(b).. 5,188 54,526 Cirrus Logic, Inc. (a)(b)..... 8,440 22,619 Conexant Systems, Inc. (a).... 6,859 4,698 Cree, Inc. (a)(b)............. 11,936 189,424 Cymer, Inc. (a)(b)............ 4,489 98,354 Diodes, Inc. (a)(b)........... 4,589 27,809 EMCORE Corp. (a)(b)........... 9,805 12,747 FEI Co. (a)(b)................ 5,452 102,825 Formfactor, Inc. (a)(b)....... 7,248 105,821 Hittite Microwave Corp. (a)(b)...................... 2,418 71,234 Integrated Device Technology, Inc. (a).................... 25,887 145,226 International Rectifier Corp. (a)......................... 10,765 145,328
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- IXYS Corp. ................... 3,721 $ 30,735 Kulicke & Soffa Industries, Inc. (a)(b)................. 7,544 12,825 Mattson Technology, Inc. (a)(b)...................... 6,920 9,757 Micrel, Inc. ................. 7,440 54,386 Microsemi Corp. (a)........... 11,702 147,913 MKS Instruments, Inc. (a)..... 6,420 94,952 Monolithic Power Systems, Inc. (a)(b)...................... 4,500 56,745 Netlogic Microsystems, Inc. (a)(b)...................... 2,656 58,459 Novellus Systems, Inc. (a)(b)...................... 15,074 186,013 OmniVision Technologies, Inc. (a)(b)...................... 7,997 41,984 PMC-Sierra, Inc. (a)(b)....... 32,764 159,233 Power Integrations, Inc. (b).. 4,465 88,764 Rambus, Inc. (a)(b)........... 15,880 252,810 RF Micro Devices, Inc. (a)(b)...................... 37,642 29,361 Rubicon Technology, Inc. (a)(b)...................... 1,990 8,477 Semtech Corp. (a)(b).......... 9,171 103,357 Sigma Designs, Inc. (a)(b).... 3,796 36,062 Silicon Image, Inc. (a)(b).... 10,587 44,465 Silicon Laboratories, Inc. (a)(b)...................... 6,887 170,660 Silicon Storage Technology, Inc. (a).................... 13,425 30,743 Skyworks Solutions, Inc. (a).. 24,508 135,774 Spansion, Inc. (a)(b)......... 19,342 3,661 Teradyne, Inc. (a)............ 24,960 105,331 Tessera Technologies, Inc. (a)......................... 7,232 85,916 Trident Microsystems, Inc. (a)(b)...................... 8,834 16,696 TriQuint Semiconductor, Inc. (a)......................... 21,637 74,431 Ultratech, Inc. (a)(b)........ 2,781 33,261 Zoran Corp. (a)............... 7,691 52,530 ------------ 3,824,785 ------------ SOFTWARE -- 5.9% ACI Worldwide, Inc. (a)(b).... 5,145 81,805 Advent Software, Inc. (a)(b).. 2,700 53,919 Blackbaud, Inc. .............. 6,418 86,643 Blackboard, Inc. (a)(b)....... 4,346 113,996 Cadence Design Systems, Inc. (a)(b)...................... 38,939 142,517 Commvault Systems, Inc. (a)(b)...................... 4,772 63,993 Concur Technologies, Inc. (a)(b)...................... 7,437 244,082 Deltek, Inc. (a)(b)........... 1,338 6,208 Epicor Software Corp. (a)(b).. 6,377 30,610 Factset Research Systems, Inc. (b)......................... 6,433 284,596 Fair Isaac Corp. (b).......... 7,235 121,982 FalconStor Software, Inc. (a)(b)...................... 5,591 15,543 i2 Technologies, Inc. (a)(b).. 2,419 15,457 Informatica Corp. (a)......... 13,374 183,625 Jack Henry & Associates, Inc. (b)......................... 12,750 247,477 JDA Software Group, Inc. (a).. 4,413 57,943 Kenexa Corp. (a)(b)........... 2,842 22,679 Lawson Software, Inc. (a)(b).. 18,351 86,984 Macrovision Solutions Corp. (a)(b)...................... 12,390 156,733 Magma Design Automation, Inc. (a)(b)...................... 5,481 5,591 Manhattan Associates, Inc. (a)......................... 3,551 56,141 Mentor Graphics Corp. (a)..... 13,719 70,927 MICROS Systems, Inc. (a)...... 12,036 196,428 MicroStrategy, Inc. (a)(b).... 1,415 52,539 Midway Games, Inc. (a)(b)..... 1,534 291 Monotype Imaging Holdings, Inc. (a)(b)................. 3,478 20,172 MSC Software Corp. (a)........ 6,720 44,890 Netscout Systems, Inc. (a).... 3,945 34,006 NetSuite, Inc. (a)............ 2,748 23,193 Nuance Communications, Inc. (a)(b)...................... 28,126 291,385 Parametric Technology Corp. (a)......................... 17,544 221,932 Pegasystems, Inc. ............ 2,347 29,009 Progress Software Corp. (a)... 5,934 114,289 Quality Systems, Inc. (b)..... 2,705 117,992 Quest Software, Inc. (a)(b)... 9,012 113,461 Radiant Systems, Inc. (a)..... 3,848 12,968 Solera Holdings, Inc. (a)..... 10,339 249,170 SPSS, Inc. (a)(b)............. 2,673 72,064 SuccessFactors, Inc. (a)(b)... 3,683 21,140 Symyx Technologies, Inc. (a).. 4,684 27,823 Synchronoss Technologies, Inc. (a)(b)...................... 2,713 28,921 Taleo Corp. (a)(b)............ 4,484 35,110 THQ, Inc. (a)(b).............. 9,857 41,301 TIBCO Software, Inc. (a)(b)... 26,637 138,246 TiVo, Inc. (a)(b)............. 15,512 111,066 Tyler Technologies, Inc. (a)(b)...................... 5,360 64,213 Ultimate Software Group, Inc. (a)(b)...................... 3,783 55,232 Vasco Data Security International (a)(b)........ 4,089 42,239 Wind River Systems, Inc. (a)(b)...................... 11,183 100,982 ------------ 4,409,513 ------------ SPECIALTY RETAIL -- 3.0% Aaron Rents, Inc. (Class B) (b)......................... 7,203 191,744 AC Moore Arts & Crafts, Inc. (a)(b)...................... 2,742 3,839 Aeropostale, Inc. (a)(b)...... 10,071 162,143 AnnTaylor Stores Corp. (a).... 8,738 50,418 Bebe Stores, Inc. (b)......... 4,769 35,624 Big 5 Sporting Goods Corp. (b)......................... 2,758 14,369 Cabela's, Inc. (a)(b)......... 5,928 34,560 Charming Shoppes, Inc. (a)(b)...................... 14,046 34,272 Chico's FAS, Inc. (a)(b)...... 25,985 108,617 Christopher & Banks Corp. (b)......................... 4,951 27,726 Coldwater Creek, Inc. (a)(b).. 8,135 23,185 Conn's, Inc. (a)(b)........... 1,598 13,551 Dick's Sporting Goods, Inc. (a)(b)...................... 12,601 177,800 DSW, Inc. (Class A) (a)(b).... 2,393 29,817 Gymboree Corp. (a)(b)......... 4,397 114,718 hhgregg, Inc. (a)(b).......... 2,509 21,778 Hibbett Sports, Inc. (a)(b)... 4,168 65,479 Hot Topic, Inc. (a)(b)........ 6,622 61,386 J. Crew Group, Inc. (a)(b).... 7,786 94,989 Jos. A. Bank Clothiers, Inc. (a)(b)...................... 2,732 71,442 Mens Wearhouse, Inc. (b)...... 6,848 92,722 New York & Co., Inc. (a)(b)... 4,187 9,714 Office Depot, Inc. (a)........ 41,169 122,684 Pacific Sunwear of California, Inc. (a).................... 10,357 16,468 Signet Jewelers, Ltd. ........ 12,859 111,487 Systemax, Inc. (b)............ 1,475 15,886 The Children's Place Retail Stores, Inc. (a)(b)......... 3,646 79,045 The Dress Barn, Inc. (a)(b)... 6,878 73,870 The Finish Line, Inc. (Class A).......................... 6,682 37,419 Tractor Supply Co. (a)(b)..... 4,687 169,388 Tween Brands, Inc. (a)(b)..... 3,532 15,258 Ulta Salon Cosmetics & Fragrance, Inc. (a)(b)...... 4,031 33,377 Williams-Sonoma, Inc. (b)..... 14,079 110,661 Zumiez, Inc. (a)(b)........... 2,540 18,923 ------------ 2,244,359 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP GROWTH ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- TEXTILES, APPAREL & LUXURY GOODS -- 1.4% American Apparel, Inc. (a)(b)...................... 4,858 $ 9,668 Carter's, Inc. (a)(b)......... 8,517 164,038 Crocs, Inc. (a)(b)............ 12,479 15,474 Deckers Outdoor Corp. (a)(b).. 1,964 156,865 Fossil, Inc. (a)(b)........... 7,170 119,739 Iconix Brand Group, Inc. (a).. 8,463 82,768 K-Swiss, Inc. (Class A) (b)... 3,756 42,818 Maidenform Brands, Inc. (a)(b)...................... 2,716 27,567 Quiksilver, Inc. (a).......... 18,374 33,808 Steven Madden, Ltd. (a)....... 2,335 49,782 The Warnaco Group, Inc. (a)... 6,925 135,938 True Religion Apparel, Inc. (a)(b)...................... 2,330 28,985 Under Armour, Inc. (Class A) (a)(b)...................... 5,156 122,919 Volcom, Inc. (a)(b)........... 2,446 26,661 ------------ 1,017,030 ------------ THRIFTS & MORTGAGE FINANCE -- 0.5% Beneficial Mutual Bancorp, Inc. (a).................... 5,552 62,460 NewAlliance Bancshares, Inc. ....................... 14,892 196,128 Ocwen Financial Corp. (a)(b).. 5,484 50,343 Oritani Financial Corp. (a)... 1,814 30,566 ViewPoint Financial Group (b)......................... 1,727 27,718 Waterstone Financial, Inc. (a)(b)...................... 1,370 4,589 ------------ 371,804 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.9% Beacon Roofing Supply, Inc. (a)(b)...................... 6,514 90,414 H&E Equipment Services, Inc. (a)(b)...................... 2,167 16,708 Interline Brands, Inc. (a)(b)...................... 4,776 50,769 MSC Industrial Direct Co., Inc. (Class A) (b).......... 6,429 236,780 RSC Holdings, Inc. (a)(b)..... 7,156 60,969 Rush Enterprises, Inc. (a).... 4,766 40,845 TAL International Group, Inc. (b)......................... 1,914 26,987 WESCO International, Inc. (a)(b)...................... 6,329 121,707 ------------ 645,179 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.3% Centennial Communications Corp. (a)................... 10,091 81,335 Clearwire Corp. (Class A) (a)(b)...................... 10,642 52,465 FiberTower Corp. (a)(b)....... 18,384 2,941 ICO Global Communications Holdings, Ltd. (a)(b)....... 16,391 18,522 iPCS, Inc. (a)(b)............. 2,306 15,819 Syniverse Holdings, Inc. (a)(b)...................... 4,214 50,315 ------------ 221,397 ------------ TOTAL COMMON STOCKS -- (Cost $119,377,123)......... 74,236,446 ------------ WARRANTS -- 0.0% (C) COMMUNICATIONS EQUIPMENT -- 0.0% Pegasus Wireless Corp. expiring 12/18/2009 (a)(c) (Cost $0)................... 569 0.00 ------------ SHORT TERM INVESTMENTS -- 23.5% MONEY MARKET FUNDS -- 23.5% State Street Navigator Securities Lending Prime Portfolio (d)(e)............ 16,990,202 16,990,202 STIC Prime Portfolio.......... 558,580 558,580 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $17,548,782).......... 17,548,782 ------------ TOTAL INVESTMENTS -- 122.7% (Cost $136,925,905)......... 91,785,228 OTHER ASSETS AND LIABILITIES -- (22.7)%...... (16,992,242) ------------ NET ASSETS -- 100.0%...................... $ 74,792,986 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at December 31, 2008. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% AEROSPACE & DEFENSE -- 0.8% Cubic Corp. .................. 1,975 $ 53,720 Curtiss-Wright Corp. (a)...... 5,540 184,980 Esterline Technologies Corp. (b)......................... 3,564 135,040 GenCorp, Inc. (a)(b).......... 6,498 23,913 Heico Corp. .................. 2,390 69,214 Triumph Group, Inc. (a)....... 2,019 85,727 ------------ 552,594 ------------ AIRLINES -- 0.2% Alaska Air Group, Inc. (b).... 4,473 130,835 ------------ AUTO COMPONENTS -- 0.3% American Axle & Manufacturing Holdings, Inc. (a).......... 5,630 16,271 ArvinMeritor, Inc. (a)........ 9,057 25,812 Cooper Tire & Rubber Co. (a).. 7,303 44,987 Federal-Mogul Corp. (Class A) (a)(b)...................... 3,099 13,109 Lear Corp. (a)(b)............. 9,816 13,841 Modine Manufacturing Co. (a).. 3,930 19,139 Superior Industries International, Inc. (a)..... 2,633 27,699 Tenneco Automotive, Inc. (a)(b)...................... 5,582 16,467 TRW Automotive Holdings Corp. (a)(b)...................... 6,599 23,756 ------------ 201,081 ------------ AUTOMOBILES -- 0.0% (C) Winnebago Industries, Inc. ... 3,660 22,070 ------------ BEVERAGES -- 0.3% Coca-Cola Hellenic Bottling Co. SA (a).................. 516 23,715 National Beverage Corp. (a)(b)...................... 1,340 12,060 PepsiAmericas, Inc. .......... 7,921 161,272 ------------ 197,047 ------------ BIOTECHNOLOGY -- 0.2% Cougar Biotechnology, Inc. (a)(b)...................... 2,066 53,716 Dendreon Corp. (a)(b)......... 10,834 49,620 ------------ 103,336 ------------ BUILDING PRODUCTS -- 1.1% American Woodmark Corp. ...... 1,174 21,402 Ameron International Corp. ... 1,042 65,563 Apogee Enterprises, Inc. (a).. 3,598 37,275 Armstrong World Industries, Inc. (a).................... 2,202 47,607 Builders FirstSource, Inc. (a)(b)...................... 1,868 2,858 Gibraltar Industries, Inc. (a)......................... 3,444 41,121 Lennox International, Inc. (a)......................... 6,420 207,302 NCI Building Systems, Inc. (a)(b)...................... 2,463 40,147 Owens Corning, Inc. (a)(b).... 10,855 187,791 Universal Forest Products, Inc. (a).................... 2,172 58,449 ------------ 709,515 ------------ CAPITAL MARKETS -- 1.6% BGC Partners, Inc. (a)........ 3,916 10,808 Cohen & Steers, Inc. (a)...... 2,042 22,442 FBR Capital Markets Corp. (b)......................... 3,789 18,414 FCStone Group, Inc. (a)(b).... 3,112 13,786 GAMCO Investors, Inc. (a)..... 784 21,419 GLG Partners, Inc. (a)........ 24,873 56,462 Investment Technology Group, Inc. (a)(b)................. 5,340 121,325 Jefferies Group, Inc. (a)..... 14,226 200,017 LaBranche & Co., Inc. (a)(b).. 7,100 34,009 Piper Jaffray Cos., Inc. (a)(b)...................... 2,376 94,470 Stifel Financial Corp. (a)(b)...................... 3,105 142,364 SWS Group, Inc. (a)........... 3,422 64,847 Thomas Weisel Partners Group, Inc. (a)(b)................. 2,872 13,556 W.P. Carey & Co. LLC (a)...... 3,632 85,098 Waddell & Reed Financial, Inc. (Class A).............. 10,389 160,614 ------------ 1,059,631 ------------ CHEMICALS -- 2.9% A. Schulman, Inc. ............ 2,843 48,331 Arch Chemicals, Inc. (a)...... 3,068 79,983 Cabot Corp. (a)............... 6,189 94,692 Chemtura Corp. ............... 30,271 42,379 Cytec Industries, Inc. ....... 5,926 125,750 Ferro Corp. (a)............... 5,382 37,943 H.B. Fuller Co. (a)........... 5,893 94,936 Innophos Holdings, Inc. (a)... 1,241 24,584 Koppers Holdings, Inc. (a).... 2,525 54,590 Kronos Worldwide, Inc. (a).... 402 4,683 Minerals Technologies, Inc. .. 2,285 93,456 NewMarket Corp. .............. 1,378 48,106 NL Industries, Inc. (a)....... 890 11,926 Olin Corp. ................... 8,407 151,999 OM Group, Inc. (a)(b)......... 3,814 80,514 RPM International, Inc. ...... 15,974 212,294 Sensient Technologies Corp. .. 5,903 140,964 Solutia, Inc. (a)(b).......... 8,800 39,600 Spartech Corp. ............... 3,833 23,995 Stepan Co. (a)................ 928 43,607 Terra Nitrogen Co. LP (a)..... 900 85,284 Valhi, Inc. (a)............... 1,382 14,787 Valspar Corp. (a)............. 11,488 207,818 W.R. Grace & Co. (a)(b)....... 7,578 45,241 Westlake Chemical Corp. (a)... 2,309 37,614 Zep, Inc. (a)................. 2,552 49,279 ------------ 1,894,355 ------------ COMMERCIAL BANKS -- 13.6% 1st Source Corp. ............. 1,702 40,218 AMCORE Financial, Inc. (a).... 2,611 9,452 Associated Banc-Corp (a)...... 14,664 306,918 Bancfirst Corp. (a)........... 885 46,834 BancorpSouth, Inc. (a)........ 9,496 221,827 Bank of Hawaii Corp. (a)...... 5,879 265,554 Banner Corp. (a).............. 1,816 17,089 BOK Financial Corp. (a)....... 2,763 111,625 Boston Private Financial Holdings, Inc. (a).......... 7,222 49,398 Capital City Bank Group, Inc. ....................... 1,573 42,849 Capitol Bancorp, Ltd. (a)..... 1,903 14,843 Cathay General Bancorp (a).... 6,109 145,089 Central Pacific Financial Corp. (a)................... 3,539 35,532 Chemical Financial Corp. (a).. 2,715 75,694 Citizens Republic Bancorp, Inc. (a).................... 15,292 45,570 City Bank (a)................. 1,726 8,975 City Holding Co. (a).......... 1,960 68,169 Columbia Banking System, Inc. (a)......................... 2,190 26,127 Community Bank System, Inc. (a)......................... 3,953 96,414 Community Trust Bancorp, Inc. (a)......................... 1,680 61,740 Cullen/Frost Bankers, Inc. (a)......................... 6,904 349,895
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- CVB Financial Corp. (a)....... 8,207 $ 97,663 F.N.B. Corp. (a).............. 10,755 141,966 First Bancorp- North Carolina (a)......................... 2,012 36,920 First BanCorp- Puerto Rico (a)......................... 9,526 106,120 First Busey Corp. (a)......... 3,507 63,968 First Citizens Bancshares, Inc. (Class A).............. 716 109,405 First Commonwealth Financial Corp. ...................... 9,487 117,449 First Community Bancshares, Inc. (a).................... 1,237 43,134 First Financial Bancorp (a)... 4,620 57,242 First Financial Bankshares, Inc. (a).................... 2,176 120,137 First Financial Corp. (a)..... 1,188 48,696 First Horizon National Corp. (a)......................... 25,432 268,814 First Merchants Corp. (a)..... 2,669 59,278 First Midwest Bancorp, Inc. (a)......................... 6,006 119,940 FirstMerit Corp. (a).......... 9,243 190,313 Frontier Financial Corp. (a).. 5,752 25,079 Fulton Financial Corp. (a).... 21,307 204,973 Glacier Bancorp, Inc. (a)..... 7,409 140,919 Guaranty Bancorp (a)(b)....... 5,794 11,588 Hancock Holding Co. (a)....... 3,288 149,472 Hanmi Financial Corp. (a)..... 5,879 12,111 Harleysville National Corp. (a)......................... 5,285 76,315 Home Bancshares, Inc. (a)..... 1,961 52,849 IBERIABANK Corp. (a).......... 1,749 83,952 Independent Bank Corp.- Massachusetts (a)........... 1,985 51,928 Independent Bank Corp.- Michigan (a)................ 2,684 5,797 International Bancshares Corp. ...................... 6,639 144,929 Investors Bancorp, Inc. (b)... 5,575 74,872 MB Financial, Inc. (a)........ 4,279 119,598 Midwest Banc Holdings, Inc. (a)......................... 2,896 4,054 National Penn Bancshares, Inc. (a)......................... 9,826 142,575 NBT Bancorp, Inc. (a)......... 3,967 110,917 Northfield Bancorp, Inc. ..... 2,463 27,709 Old National Bancorp (a)...... 8,268 150,147 Old Second Bancorp, Inc. (a).. 1,493 17,319 Oriental Financial Group (a).. 2,765 16,728 Pacific Capital Bancorp (a)... 5,789 97,718 PacWest Bancorp (a)........... 3,100 83,390 Park National Corp. (a)....... 1,401 100,522 Popular, Inc. (a)............. 31,292 161,467 Prosperity Bancshares, Inc. (a)......................... 5,664 167,598 Provident Bankshares Corp. (a)......................... 4,001 38,650 Renasant Corp. (a)............ 2,580 43,937 Republic Bancorp, Inc.- Kentucky (a)................ 1,291 35,115 S&T Bancorp, Inc. (a)......... 3,370 119,635 S.Y. Bancorp, Inc. (a)........ 1,459 40,123 Sandy Spring Bancorp, Inc. (a)......................... 1,991 43,464 Santander Bancorp (a)......... 694 8,668 Seacoast Banking Corp. of Florida (a)................. 1,852 12,223 Simmons First National Corp. (a)......................... 1,572 46,327 South Financial Group, Inc. (a)......................... 8,996 38,863 Sterling Bancorp (a).......... 2,166 30,389 Sterling Bancshares, Inc. .... 8,978 54,586 Sterling Financial Corp. -- Washington (a)..... 6,317 55,590 Suffolk Bancorp (a)........... 1,186 42,613 Sun Bancorp, Inc. (a)(b)...... 2,414 18,081 Susquehanna Bancshares, Inc. ....................... 10,519 167,357 SVB Financial Group (a)(b).... 3,955 103,740 TCF Financial Corp. (a)....... 15,182 207,386 The Colonial BancGroup, Inc. (a)......................... 25,047 51,847 Tompkins Trustco, Inc. (a).... 865 50,127 TowneBank (a)................. 2,994 74,221 Trico Bancshares (a).......... 1,823 45,520 Trustmark Corp. (a)........... 6,278 135,542 UMB Financial Corp. (a)....... 3,833 188,354 Umpqua Holdings Corp. (a)..... 7,341 106,224 United Bankshares, Inc. (a)... 5,320 176,730 United Community Banks, Inc. (a)......................... 5,964 80,985 Valley National Bancorp (a)... 16,604 336,231 W Holding Co, Inc. (a)........ 318 3,275 Washington Trust Bancorp, Inc. (a)......................... 1,474 29,112 Webster Financial Corp. (a)... 6,475 89,226 WesBanco, Inc. (a)............ 3,102 84,405 West Coast Bancorp............ 1,897 12,501 Westamerica Bancorp (a)....... 3,573 182,759 Whitney Holding Corp. (a)..... 7,861 125,697 Wilmington Trust Corp. (a).... 8,265 183,814 Wintrust Financial Corp. (a).. 2,890 59,447 ------------ 8,978,147 ------------ COMMERCIAL SERVICES & SUPPLIES -- 1.2% ABM Industries, Inc. ......... 5,653 107,690 ACCO Brands Corp. (a)(b)...... 6,309 21,766 ATC Technology Corp. (b)...... 2,472 36,165 Bowne & Co., Inc. (a)......... 3,274 19,251 Comfort Systems USA, Inc. .... 4,986 53,151 Consolidated Graphics, Inc. (b)......................... 1,165 26,376 Courier Corp. (a)............. 1,381 24,720 Deluxe Corp. ................. 6,254 93,560 Ennis, Inc. .................. 3,166 38,340 G & K Services, Inc. (Class A) (a)......................... 2,301 46,526 Herman Miller, Inc. .......... 6,518 84,929 Kimball International, Inc. (Class B) (a)............... 3,193 27,492 McGrath Rentcorp.............. 2,687 57,394 United Stationers, Inc. (a)(b)...................... 2,877 96,351 Viad Corp. ................... 2,385 59,005 ------------ 792,716 ------------ COMMUNICATIONS EQUIPMENT -- 0.7% 3Com Corp. (a)(b)............. 49,267 112,329 Bel Fuse, Inc. (Class B) (a).. 1,386 29,383 Black Box Corp. (a)........... 2,173 56,759 Emulex Corp. (b).............. 9,995 69,765 Loral Space & Communications, Ltd. (a)(b)................. 1,555 22,594 Powerwave Technologies, Inc. (a)(b)...................... 16,062 8,031 Tellabs, Inc. (b)............. 44,616 183,818 ------------ 482,679 ------------ COMPUTERS & PERIPHERALS -- 0.7% Adaptec, Inc. (a)(b).......... 12,642 41,719 Avid Technology, Inc. (a)(b).. 3,817 41,643 Diebold, Inc. ................ 8,086 227,136 Electronics for Imaging, Inc. (b)......................... 6,453 61,691 Hutchinson Technology, Inc. (b)......................... 2,927 10,186 Imation Corp. (a)............. 3,962 53,764 ------------ 436,139 ------------ CONSTRUCTION & ENGINEERING -- 0.7% EMCOR Group, Inc. (a)(b)...... 8,094 181,549 Granite Construction, Inc. (a)......................... 3,854 169,306
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Insituform Technologies, Inc. (a)(b)...................... 3,432 $ 67,576 Northwest Pipe Co. (a)(b)..... 1,135 48,362 ------------ 466,793 ------------ CONSTRUCTION MATERIALS -- 0.2% Texas Industries, Inc. (a).... 3,343 115,333 ------------ CONSUMER FINANCE -- 0.1% Advance America Cash Advance Centers, Inc. (a)........... 6,303 11,913 Advanta Corp. (Class B) (a)... 4,562 9,534 Dollar Financial Corp. (a)(b)...................... 2,987 30,766 The Student Loan Corp. ....... 492 20,172 ------------ 72,385 ------------ CONTAINERS & PACKAGING -- 1.4% Aptargroup, Inc. ............. 7,845 276,458 Greif, Inc. (Class A) (a)..... 3,728 124,627 Packaging Corp. of America (a)......................... 12,511 168,398 Rock-Tenn Co. (a)............. 4,650 158,937 Silgan Holdings, Inc. ........ 3,101 148,259 Smurfit-Stone Container Corp. (a)(b)...................... 30,503 7,778 Temple-Inland, Inc. (a)....... 11,074 53,155 ------------ 937,612 ------------ DISTRIBUTORS -- 0.0% (c) Audiovox Corp. (Class A) (a)(b)...................... 2,284 11,443 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.5% Jackson Hewitt Tax Service, Inc. (a).................... 3,100 48,639 Regis Corp. (a)............... 5,277 76,675 Service Corp. International (a)......................... 31,545 156,779 Stewart Enterprises, Inc. (Class A) (a)............... 10,516 31,653 ------------ 313,746 ------------ DIVERSIFIED FINANCIAL SERVICES -- 0.5% Financial Federal Corp. (a)... 3,148 73,254 Interactive Brokers Group, Inc. (Class A) (a)(b)....... 5,012 89,665 KKR Financial Holdings LLC (a)......................... 18,486 29,208 PHH Corp. (b)................. 6,684 85,087 Pico Holdings, Inc. (a)(b).... 2,030 53,957 Resource America, Inc. (a).... 1,893 7,572 ------------ 338,743 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.5% Alaska Communications Systems Group, Inc. (a)............. 5,450 51,121 Atlantic Tele-Network, Inc. .. 1,212 32,179 Cincinnati Bell, Inc. (a)(b).. 28,017 54,073 Cogent Communications Group, Inc. (a)(b)................. 5,072 33,120 Consolidated Communications Holdings, Inc. (a).......... 2,877 34,179 FairPoint Communications, Inc. (a)......................... 10,920 35,817 Iowa Telecommunications Services, Inc. (a).......... 3,984 56,891 SureWest Communications (a)... 1,680 19,186 ------------ 316,566 ------------ ELECTRIC UTILITIES -- 3.3% ALLETE, Inc. (a).............. 3,167 102,199 Brookfield Infrastructure Partners LP (a)............. 2,673 29,938 Cleco Corp. (a)............... 7,387 168,645 El Paso Electric Co. (b)...... 5,622 101,702 Empire District Electric Co. (a)......................... 4,165 73,304 Great Plains Energy, Inc. (a)......................... 14,512 280,517 Hawaiian Electric Industries, Inc. (a).................... 11,098 245,710 IDACORP, Inc. (a)............. 5,547 163,359 MGE Energy, Inc. ............. 2,784 91,872 NV Energy, Inc. .............. 28,710 283,942 Portland General Electric Co. ........................ 7,726 150,425 UIL Holdings Corp. (a)........ 2,797 83,994 Unisource Energy Corp. (a).... 4,235 124,339 Westar Energy, Inc. .......... 13,298 272,742 ------------ 2,172,688 ------------ ELECTRICAL EQUIPMENT -- 1.7% A.O. Smith Corp. (a).......... 2,522 74,449 Acuity Brands, Inc. (a)....... 4,958 173,084 Baldor Electric Co. (a)....... 5,235 93,445 Belden CDT, Inc. (a).......... 5,734 119,726 Brady Corp. (Class A) (a)..... 5,948 142,454 Ener1, Inc. (a)(b)............ 6,358 45,460 GrafTech International, Ltd. (a)(b)...................... 14,892 123,901 Powell Industries, Inc. (b)... 930 26,989 Regal-Beloit Corp. (a)........ 3,908 148,465 Thomas & Betts Corp. (b)...... 6,904 165,834 ------------ 1,113,807 ------------ ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS -- 0.9% Agilysys, Inc. ............... 2,891 12,402 Anixter International, Inc. (a)(b)...................... 3,790 114,155 AVX Corp. (a)................. 6,323 50,205 Checkpoint Systems, Inc. (b).. 4,706 46,307 Coherent, Inc. (a)(b)......... 2,812 60,345 Littelfuse, Inc. (a)(b)....... 2,657 44,106 Methode Electronics, Inc. (Class A)................... 4,588 30,923 Park Electrochemical Corp. ... 2,331 44,196 SYNNEX Corp. (a)(b)........... 2,023 22,921 Tech Data Corp. (b)........... 6,211 110,804 Technitrol, Inc. (a).......... 4,943 17,202 Vishay Intertechnology, Inc. (a)(b)...................... 21,392 73,161 ------------ 626,727 ------------ ENERGY EQUIPMENT & SERVICES -- 0.9% Bristow Group, Inc. (a)(b).... 3,380 90,550 Gulfmark Offshore, Inc. (a)(b)...................... 2,812 66,897 PHI, Inc. (a)(b).............. 1,654 23,173 SEACOR Holdings, Inc. (a)(b).. 2,444 162,893 Tidewater, Inc. (a)........... 6,308 254,023 Trico Marine Services, Inc. (b)......................... 1,450 6,481 ------------ 604,017 ------------ FOOD & STAPLES RETAILING -- 0.9% Casey's General Stores, Inc. ....................... 6,257 142,472 Ingles Markets, Inc. ......... 1,456 25,611 Nash Finch Co. (a)............ 1,585 71,151 Ruddick Corp. (a)............. 5,193 143,586 The Andersons, Inc. (a)....... 2,220 36,586 Weis Markets, Inc. ........... 1,381 46,443 Winn-Dixie Stores, Inc. (a)(b)...................... 6,611 106,437 ------------ 572,286 ------------ FOOD PRODUCTS -- 3.5% Alico, Inc. (a)............... 438 17,954 American Italian Pasta Co. (b)......................... 2,400 53,616 B&G Foods, Inc. (a)........... 4,548 24,559 Chiquita Brands International, Inc. (a)(b)................. 5,372 79,398
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Corn Products International, Inc. ....................... 9,169 $ 264,526 Del Monte Foods Co. .......... 24,418 174,344 Farmer Brothers Co. (a)....... 797 19,877 Fresh Del Monte Produce, Inc. (a)(b)...................... 5,664 126,987 Hain Celestial Group, Inc. (a)(b)...................... 4,685 89,437 Lancaster Colony Corp. ....... 2,517 86,333 Lance, Inc. (a)............... 3,879 88,984 Ralcorp Holdings, Inc. (b).... 6,886 402,142 Reddy Ice Holdings, Inc. (a).. 2,649 3,815 Sanderson Farms, Inc. (a)..... 2,194 75,825 The J.M. Smucker Co. ......... 14,522 629,674 Tootsie Roll Industries, Inc. (a)......................... 2,771 70,965 TreeHouse Foods, Inc. (a)(b).. 3,867 105,337 ------------ 2,313,773 ------------ GAS UTILITIES -- 3.9% AGL Resources, Inc. (a)....... 9,342 292,872 Amerigas Partners LP (a)...... 3,965 111,535 Atmos Energy Corp. ........... 11,086 262,738 Ferrellgas Partners LP........ 4,900 71,834 Laclede Group, Inc. .......... 2,480 116,163 New Jersey Resources Corp. ... 5,107 200,960 Nicor, Inc. (a)............... 5,492 190,792 Northwest Natural Gas Co. .... 3,298 145,871 Piedmont Natural Gas Co., Inc. (a)......................... 8,427 266,883 South Jersey Industries, Inc. (a)......................... 3,607 143,739 Southwest Gas Corp. .......... 5,360 135,179 Suburban Propane Partners LP (a)......................... 4,024 142,651 UGI Corp. .................... 13,219 322,808 WGL Holdings, Inc. (a)........ 6,059 198,069 ------------ 2,602,094 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.7% Advanced Medical Optics, Inc. (a)(b)...................... 7,714 50,990 CONMED Corp. (a)(b)........... 3,530 84,508 Datascope Corp. .............. 1,650 86,196 Hill-Rom Holdings, Inc. (a)... 7,642 125,787 Invacare Corp. (a)............ 3,953 61,351 Inverness Medical Innovations, Inc. (a)(b)................. 9,500 179,645 Orthofix International N.V. (b)......................... 2,165 33,190 STERIS Corp. ................. 7,327 175,042 Teleflex, Inc. (a)............ 4,824 241,682 The Cooper Cos., Inc. (a)..... 5,521 90,544 ------------ 1,128,935 ------------ HEALTH CARE PROVIDERS & SERVICES -- 1.4% Hanger Orthopedic Group, Inc. (a)(b)...................... 3,789 54,978 Kindred Healthcare, Inc. (b).. 3,972 51,715 Landauer, Inc. ............... 1,124 82,389 LifePoint Hospitals, Inc. (a)(b)...................... 6,570 150,059 Magellan Health Services, Inc. (b)......................... 4,703 184,170 Medcath Corp. (a)(b).......... 1,861 19,429 National Healthcare Corp. (a)......................... 1,033 52,311 Owens & Minor, Inc. (a)....... 5,022 189,078 RehabCare Group, Inc. (b)..... 2,179 33,034 Res-Care, Inc. (a)(b)......... 3,103 46,607 Tenet Healthcare Corp. (a)(b)...................... 58,871 67,702 ------------ 931,472 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.8% AFC Enterprises, Inc. (b)..... 3,395 15,923 Ameristar Casinos, Inc. (a)... 2,793 24,132 Bob Evans Farms, Inc. ........ 3,799 77,614 Boyd Gaming Corp. (a)......... 7,325 34,647 Cedar Fair LP (a)............. 6,388 80,042 Churchill Downs, Inc. (a)..... 1,315 53,152 Cracker Barrel Old Country Store, Inc. (a)............. 2,780 57,240 DineEquity, Inc. (a).......... 1,879 21,721 Domino's Pizza, Inc. (a)(b)... 5,257 24,760 International Speedway Corp. (Class A)................... 3,924 112,736 Isle of Capri Casinos, Inc. (a)(b)...................... 1,765 5,648 Jack in the Box, Inc. (a)(b).. 7,043 155,580 Krispy Kreme Doughnuts, Inc. (a)(b)...................... 7,220 12,130 Landry's Restaurants, Inc. (b)......................... 1,424 16,518 Marcus Corp. ................. 2,562 41,581 O'Charleys, Inc. (a).......... 2,388 4,776 Pinnacle Entertainment, Inc. (a)(b)...................... 7,314 56,172 Ruby Tuesday, Inc. (a)(b)..... 6,325 9,867 Speedway Motorsports, Inc. (a)......................... 1,719 27,693 Vail Resorts, Inc. (a)(b)..... 3,547 94,350 Wendy's/Arby's Group, Inc. (a)......................... 47,095 232,649 ------------ 1,158,931 ------------ HOUSEHOLD DURABLES -- 2.3% American Greetings Corp. (Class A) (a)............... 5,138 38,895 Beazer Homes USA, Inc. (a)(b)...................... 4,834 7,638 Blyth, Inc. (a)............... 3,425 26,852 Brookfield Homes Corp. (a).... 1,239 5,352 Centex Corp. (a).............. 15,181 161,526 CSS Industries, Inc. ......... 995 17,651 Ethan Allen Interiors, Inc. (a)......................... 3,368 48,398 Furniture Brands International, Inc. ........ 4,417 9,762 Helen of Troy, Ltd. (b)....... 3,531 61,298 Hovnanian Enterprises, Inc. (a)(b)...................... 7,311 12,575 KB HOME (a)................... 9,510 129,526 La-Z-Boy, Inc. (a)............ 6,420 13,931 Lennar Corp. (Class A) (a).... 17,043 147,763 M.D.C. Holdings, Inc. ........ 4,399 133,290 M/I Homes, Inc. (a)........... 1,676 17,665 Meritage Homes Corp. (a)(b)... 3,488 42,449 National Presto Industries, Inc. ....................... 619 47,663 Russ Berrie & Co., Inc. (a)(b)...................... 1,480 4,396 Ryland Group, Inc. (a)........ 5,291 93,492 Sealy Corp. .................. 5,427 13,622 Skyline Corp. (a)............. 894 17,871 Snap-on, Inc. (a)............. 7,034 276,999 Standard Pacific Corp. (a)(b)...................... 15,045 26,780 Tupperware Brands Corp. (a)... 7,582 172,111 ------------ 1,527,505 ------------ HOUSEHOLD PRODUCTS -- 0.2% Central Garden & Pet Co. (Class A) (a)(b)............ 8,193 48,339 WD-40 Co. (a)................. 1,973 55,816 ------------ 104,155 ------------ INDUSTRIAL CONGLOMERATES -- 0.5% Carlisle Cos., Inc. .......... 7,538 156,037 Icahn Enterprises LP (a)...... 724 19,150 Otter Tail Corp. (a).......... 3,848 89,774 Standex International Corp. .. 1,497 29,700 Tredegar Corp. (a)............ 3,050 55,449 ------------ 350,110 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- INSURANCE -- 10.5% Alleghany Corp. (b)........... 736 $ 207,552 Allied World Assurance Holdings, Ltd. ............. 4,291 174,215 AMBAC Financial Group, Inc. (a)......................... 35,344 45,947 American Equity Investment Life Holding Co. (a)........ 6,706 46,942 American Financial Group, Inc. ....................... 9,404 215,164 American National Insurance Co. (a)..................... 1,911 140,898 American Physicians Capital, Inc. (a).................... 1,014 48,773 Amtrust Financial Services, Inc. (a).................... 5,195 60,262 Argo Group International Holdings, Ltd. (a)(b)....... 3,750 127,200 Arthur J. Gallagher & Co. (a)......................... 11,702 303,199 Aspen Insurance Holdings, Ltd. (a)......................... 8,732 211,751 Assured Guaranty, Ltd. (a).... 7,298 83,197 Baldwin & Lyons, Inc. (Class B) (a)...................... 1,192 21,682 Castlepoint Holdings, Ltd. (a)......................... 4,314 58,498 CNA Surety Corp. (b).......... 1,975 37,920 Conseco, Inc. (a)(b).......... 22,704 117,607 Delphi Financial Group........ 4,976 91,757 Employers Holdings, Inc. ..... 6,183 102,020 Endurance Specialty Holdings, Ltd. (a).................... 6,309 192,614 Enstar Group, Ltd. (a)(b)..... 852 50,387 Erie Indemnity Co. (Class A) (a)......................... 3,948 148,563 FBL Financial Group, Inc. (Class A) (a)............... 1,647 25,446 First American Corp. (a)...... 10,019 289,449 Flagstone Reinsurance Holdings, Ltd. (a).......... 5,358 52,348 FPIC Insurance Group, Inc. (a)(b)...................... 1,031 45,137 Greenlight Capital Re, Ltd. (b)......................... 3,636 47,232 Harleysville Group, Inc. (a).. 1,584 55,012 HCC Insurance Holdings, Inc. ....................... 14,158 378,726 Hilltop Holdings, Inc. (a)(b)...................... 5,891 57,378 Horace Mann Educators Corp. .. 4,925 45,261 Infinity Property & Casualty Corp. ...................... 1,712 80,002 IPC Holdings, Ltd. ........... 5,749 171,895 Kansas City Life Insurance Co. (a)......................... 495 21,458 Maiden Holdings Ltd........... 6,600 20,658 Max Re Capital, Ltd. (a)...... 5,869 103,881 MBIA, Inc. (a)(b)............. 28,787 117,163 Mercury General Corp. ........ 3,212 147,720 Montpelier Re Holdings, Ltd. (a)......................... 10,470 175,791 National Financial Partners Corp. (a)................... 4,764 14,483 National Interstate Corp. (a)......................... 723 12,920 National Western Life Insurance Co. (Class A) (a)......................... 284 48,044 Navigators Group, Inc. (a)(b)...................... 1,632 89,613 Odyssey Re Holdings Corp. .... 2,132 110,459 OneBeacon Insurance Group, Ltd. (a).................... 2,895 30,224 Platinum Underwriters Holdings, Ltd. (a).......... 5,860 211,429 Presidential Life Corp. (a)... 2,643 26,139 ProAssurance Corp. (a)(b)..... 3,788 199,931 Reinsurance Group of America, Inc. ....................... 7,608 325,775 RLI Corp. .................... 2,367 144,766 Safety Insurance Group, Inc. (a)......................... 2,040 77,642 Selective Insurance Group, Inc. (a).................... 6,485 148,701 StanCorp Financial Group, Inc. (a)......................... 6,010 251,038 State Auto Financial Corp. (a)......................... 1,685 50,651 Stewart Information Services Corp. (a)................... 2,138 50,222 The Hanover Insurance Group, Inc. ....................... 6,350 272,860 The Phoenix Cos., Inc. (a).... 13,293 43,468 United America Indemnity, Ltd. (a)(b)...................... 2,188 28,028 United Fire & Casualty Co. (a)......................... 2,574 79,974 Unitrin, Inc. (a)............. 5,678 90,507 Validus Holdings, Ltd. ....... 3,989 104,352 Wesco Financial Corp. ........ 175 50,383 Zenith National Insurance Corp. (a)................... 4,589 144,875 ------------ 6,927,189 ------------ INTERNET SOFTWARE & SERVICES -- 0.1% United Online, Inc. (a)....... 10,164 61,695 ------------ IT SERVICES -- 0.5% Convergys Corp. (b)........... 14,301 91,670 CSG Systems International, Inc. (a)(b)................. 4,313 75,348 infoUSA, Inc. (a)............. 4,131 19,581 MAXIMUS, Inc. ................ 2,283 80,156 MoneyGram International, Inc. (a)(b)...................... 10,822 10,930 Unisys Corp. (b).............. 39,198 33,318 ------------ 311,003 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.5% Brunswick Corp. (a)........... 10,519 44,285 Callaway Golf Co. ............ 8,117 75,407 JAKKS Pacific, Inc. (a)(b).... 3,412 70,390 Polaris Industries, Inc. ..... 3,986 114,199 RC2 Corp. (b)................. 2,157 23,015 ------------ 327,296 ------------ LIFE SCIENCES TOOLS & SERVICES -- 0.3% AMAG Pharmaceuticals, Inc. (a)(b)...................... 2,067 74,102 Cambrex Corp. (b)............. 3,560 16,447 Varian, Inc. (b).............. 3,648 122,245 ------------ 212,794 ------------ MACHINERY -- 3.4% Albany International Corp. (Class A) (a)............... 3,112 39,958 Ampco-Pittsburgh Corp. (a).... 1,033 22,416 Astec Industries, Inc. (a)(b)...................... 2,067 64,759 Barnes Group, Inc. (a)........ 5,454 79,083 Blount International, Inc. (b)......................... 4,748 45,011 Briggs & Stratton Corp. (a)... 6,156 108,284 Cascade Corp. (a)............. 1,198 35,772 CIRCOR International, Inc. ... 2,070 56,925 Colfax Corp. (a)(b)........... 3,179 33,030 Crane Co. .................... 6,451 111,215 EnPro Industries, Inc. (a)(b)...................... 2,467 53,139 Federal Signal Corp. ......... 5,928 48,669 Freightcar America, Inc. ..... 1,501 27,423 IDEX Corp. (a)................ 10,108 244,108 Kaydon Corp. (a).............. 4,238 145,575 Kennametal, Inc. ............. 9,038 200,553 Mueller Industries, Inc. (a).. 4,605 115,494 Mueller Water Products, Inc. (Class B) (a)............... 14,346 121,080 NACCO Industries, Inc. ....... 657 24,579 Robbins & Myers, Inc. (a)..... 3,369 54,477 Sauer-Danfoss, Inc. (a)....... 1,387 12,136 Tecumseh Products Co. (Class A) (a)(b)................... 1,930 18,490 Tennant Co. (a)............... 1,999 30,785 The Greenbrier Cos., Inc. (a)......................... 1,836 12,613
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Timken Co. ............... 9,584 $ 188,134 Trinity Industries, Inc. ..... 9,755 153,739 Valmont Industries, Inc. (a).. 2,308 141,619 Watts Water Technologies, Inc. (a)......................... 3,592 89,692 Xerium Technologies, Inc. (a)(b)...................... 2,682 1,770 ------------ 2,280,528 ------------ MARINE -- 0.4% Alexander & Baldwin, Inc. (a)......................... 5,101 127,831 Eagle Bulk Shipping, Inc. (a)......................... 5,828 39,747 Excel Maritime Carriers, Ltd. (a)......................... 4,678 32,933 Genco Shipping & Trading, Ltd. (a)......................... 3,823 56,581 ------------ 257,092 ------------ MEDIA -- 1.1% Belo Corp. ................... 11,199 17,470 Citadel Broadcasting Corp. (a)(b)...................... 21,972 3,516 Cox Radio, Inc. (Class A) (a)(b)...................... 2,261 13,589 Cumulus Media, Inc. (a)(b).... 4,153 10,341 DreamWorks Animation SKG, Inc. (Class A) (b)............... 7,128 180,053 Entercom Communications Corp. (a)......................... 2,643 3,251 Fisher Communications, Inc. (a)......................... 825 17,028 Harte-Hanks, Inc. ............ 4,850 30,264 Hearst-Argyle Television, Inc. (a)......................... 3,085 18,695 Journal Communications, Inc. (a)......................... 4,643 11,375 Lee Enterprises, Inc. (a)..... 5,149 2,111 Lin TV Corp. (Class A) (a)(b)...................... 3,359 3,661 McClatchy Co. (Class A) (a)... 6,787 5,430 Media General, Inc. (Class A) (a)......................... 1,479 2,588 Meredith Corp. (a)............ 4,518 77,348 RCN Corp. (a)(b).............. 4,660 27,494 Regal Entertainment Group..... 9,696 98,996 Scholastic Corp. (a).......... 4,073 55,311 Sinclair Broadcast Group, Inc. (a)......................... 6,434 19,945 The New York Times Co. (Class A) (a)...................... 14,351 105,193 Valassis Communications, Inc. (a)(b)...................... 5,486 7,242 World Wrestling Entertainment, Inc. (Class A) (a).......... 2,383 26,404 ------------ 737,305 ------------ METALS & MINING -- 1.5% AMCOL International Corp. (a)......................... 3,178 66,579 Carpenter Technology Corp. (a)......................... 5,432 111,573 Century Aluminum Co. (a)(b)... 4,357 43,570 Commercial Metals Co. (a)..... 14,080 167,130 Compass Minerals International, Inc. (a)..... 3,961 232,352 Haynes International, Inc. (b)......................... 1,486 36,585 Horsehead Holding Corp. (a)(b)...................... 4,183 19,660 Kaiser Aluminum Corp. (a)..... 1,974 44,455 Olympic Steel, Inc. (a)....... 1,136 23,140 RTI International Metals, Inc. (a)(b)...................... 2,828 40,469 Schnitzer Steel Industries, Inc. (Class A) (a).......... 2,531 95,292 WHX Corp (b).................. 3,600 28,800 Worthington Industries, Inc. (a)......................... 7,872 86,750 ------------ 996,355 ------------ MULTI-UTILITIES -- 1.7% Avista Corp. (a).............. 6,531 126,571 Black Hills Corp. (a)......... 4,729 127,494 CH Energy Group, Inc. (a)..... 1,879 96,562 NorthWestern Corp. (a)........ 4,438 104,160 OGE Energy Corp. ............. 11,286 290,953 PNM Resources, Inc. (a)....... 9,568 96,445 Vectren Corp. ................ 10,027 250,775 ------------ 1,092,960 ------------ MULTILINE RETAIL -- 0.4% Big Lots, Inc. (a)(b)......... 9,979 144,596 Dillard's, Inc. (Class A) (a)......................... 7,539 29,930 Saks, Inc. (a)(b)............. 15,474 67,776 Tuesday Morning Corp. (a)(b).. 3,728 6,076 ------------ 248,378 ------------ OIL, GAS & CONSUMABLE FUELS -- 5.5% Alliance Resource Partners LP.......................... 2,519 67,711 Atlas Pipeline Partners LP (a)......................... 4,881 29,286 BP Prudhoe Bay Royalty Trust (a)......................... 2,648 194,204 Buckeye GP Holdings LP (a).... 1,547 19,802 Buckeye Partners LP (a)....... 5,919 190,888 Calumet Specialty Products Partners LP (a)............. 1,765 15,461 Capital Product Partners LP... 1,414 11,029 Clayton Williams Energy, Inc. (b)......................... 1,138 51,711 Contango Oil & Gas Co. (a)(b)...................... 1,753 98,694 Copano Energy LLC............. 5,264 61,431 Crosstex Energy LP............ 4,877 21,312 DCP Midstream Partners LP (a)......................... 3,034 28,520 DHT Maritime, Inc. (a)........ 4,728 26,193 Dorchester Minerals LP........ 3,268 51,863 Encore Acquisition Co. (b).... 6,196 158,122 Encore Energy Partners LP..... 3,509 45,547 EV Energy Partner LP (a)...... 1,406 20,626 General Maritime Corp (a)..... 5,901 63,731 Harvest Natural Resources, Inc. (a)(b)................. 4,312 18,542 Hiland Partners LP (a)........ 757 3,883 Holly Energy Partners LP...... 1,033 22,055 Hugoton Royalty Trust (a)..... 4,970 79,768 Inergy Holdings LP (a)........ 1,430 30,988 Inergy LP (a)................. 5,518 94,027 James River Coal Co. (a)(b)... 3,298 50,558 K-Sea Transportation Partners LP (a)...................... 1,468 18,937 Linn Energy LLC (a)........... 13,553 202,888 Magellan Midstream Partners LP (a)......................... 8,162 246,574 Markwest Energy Partners LP (a)......................... 5,995 47,840 Martin Midstream Partners LP (a)......................... 1,104 16,229 Natural Resource Partners LP.. 3,966 69,207 NuStar Energy LP (a).......... 5,232 214,826 NuStar GP Holdings LLC (a).... 4,233 74,839 OSG America LP................ 728 3,582 Overseas Shipholding Group, Inc. (a).................... 2,731 115,002 Penn Virginia Resource Partners LP (a)............. 3,842 43,684 Pioneer Southwest Energy Partners, L.P. (a).......... 1,134 15,536 Ship Finance International, Ltd. (a).................... 4,968 54,896 Southern Union Co. (a)........ 12,963 169,038 Stone Energy Corp. (a)(b)..... 4,218 46,482 Sunoco Logistics Partners LP.. 2,015 90,957 Swift Energy Co. (a)(b)....... 3,796 63,811 TC Pipelines LP (a)........... 1,982 46,081 Teekay LNG Partners LP (a).... 2,157 32,247 TEPPCO Partners LP............ 10,469 204,878 Tesoro Corp. (a).............. 16,933 223,008 USEC, Inc. (a)(b)............. 13,617 61,140
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- W&T Offshore, Inc. (a)........ 3,405 $ 48,760 Williams Partners LP (a)...... 4,969 59,330 ------------ 3,625,724 ------------ PAPER & FOREST PRODUCTS -- 0.4% AbitibiBowater, Inc. (a)(b)... 6,488 3,049 Buckeye Technologies, Inc. (a)(b)...................... 4,766 17,348 Clearwater Paper Corp (a)(b).. 1,398 11,729 Deltic Timber Corp. (a)....... 1,335 61,076 Glatfelter (a)................ 5,565 51,755 Louisiana-Pacific Corp. (a)... 12,866 20,071 Neenah Paper, Inc. (a)........ 1,780 15,735 Schweitzer-Mauduit International, Inc. ........ 1,979 39,620 Verso Paper Corp. (a)......... 1,599 1,647 Wausau-Mosinee Paper Corp. (a)......................... 5,975 68,354 ------------ 290,384 ------------ PERSONAL PRODUCTS -- 0.5% Alberto-Culver Co. (a)........ 10,764 263,826 Nu Skin Enterprises, Inc. (Class A)................... 6,445 67,221 ------------ 331,047 ------------ PHARMACEUTICALS -- 1.1% KV Pharmaceutical Co. (Class A) (a)(b)................... 4,638 13,357 Par Pharmaceutical Cos., Inc. (a)(b)...................... 4,334 58,119 Perrigo Co. (a)............... 10,404 336,153 Watson Pharmaceuticals, Inc. (a)(b)...................... 12,873 342,036 ------------ 749,665 ------------ PROFESSIONAL SERVICES -- 0.8% CDI Corp. (a)................. 1,588 20,549 Duff & Phelps Corp. (Class A) (a)(b)...................... 1,267 24,225 Heidrick & Struggles International, Inc. (a)..... 1,995 42,972 Kelly Services, Inc. (Class A).......................... 3,296 42,881 MPS Group, Inc. (b)........... 11,307 85,141 School Specialty, Inc. (a)(b)...................... 1,998 38,202 Volt Information Sciences, Inc. (a)(b)................. 1,234 8,922 Watson Wyatt Worldwide, Inc. (Class A)................... 5,251 251,103 ------------ 513,995 ------------ REAL ESTATE INVESTMENT TRUSTS -- 9.8% Acadia Realty Trust (a)....... 3,755 53,584 Alexandria Real Estate Equities, Inc. (a).......... 3,878 233,999 American Campus Communities, Inc. (a).................... 5,267 107,868 Anthracite Capital, Inc. (a).. 9,039 20,157 Anworth Mortgage Asset Corp. (a)......................... 10,321 66,364 Arbor Realty Trust, Inc. (a).. 2,971 8,764 Ashford Hospitality Trust, Inc. (a).................... 10,980 12,627 Brandywine Realty Trust (a)... 10,925 84,232 BRE Properties, Inc. (a)...... 6,260 175,155 Capital Lease Funding, Inc. (a)......................... 5,439 9,409 Capital Trust, Inc. (Class A).......................... 2,042 7,351 Capstead Mortgage Corp. (a)... 6,894 74,248 CBL & Associates Properties, Inc. (a).................... 8,098 52,637 Chimera Investment Corp. (a).. 21,633 74,634 Colonial Properties Trust (a)......................... 5,115 42,608 Cousins Properties, Inc. (a).. 5,127 71,009 DCT Industrial Trust, Inc. (a)......................... 21,110 106,817 DiamondRock Hospitality Co. (a)......................... 10,959 55,562 Douglas Emmett, Inc. (a)...... 13,539 176,819 DuPont Fabros Technology, Inc. (a)......................... 4,138 8,566 EastGroup Properties, Inc. (a)......................... 3,092 110,013 Education Realty Trust, Inc. (a)......................... 3,489 18,213 Entertainment Properties Trust (a)......................... 4,024 119,915 Equity One, Inc. (a).......... 4,165 73,720 Essex Property Trust, Inc. (a)......................... 3,240 248,670 Extra Space Storage, Inc. (a)......................... 10,101 104,242 FelCor Lodging Trust, Inc. (a)......................... 7,687 14,144 First Industrial Realty Trust, Inc. (a).................... 5,433 41,019 First Potomac Realty Trust (a)......................... 3,286 30,560 Franklin Street Properties Corp. (a)................... 7,884 116,289 Friedman, Billings, Ramsey Group, Inc. (a)(b).......... 17,218 2,927 Getty Realty Corp. (a)........ 2,095 44,121 Glimcher Realty Trust (a)..... 4,642 13,044 Gramercy Capital Corp. (a).... 4,747 6,076 Hatteras Financial Corp. ..... 4,322 114,965 Healthcare Realty Trust, Inc. (a)......................... 7,154 167,976 Highwoods Properties, Inc. ... 7,833 214,311 Home Properties, Inc. (a)..... 3,988 161,913 Hospitality Properties Trust (a)......................... 11,666 173,473 HRPT Properties Trust (a)..... 28,246 95,189 Inland Real Estate Corp. (a).. 7,467 96,922 Investors Real Estate Trust (a)......................... 7,229 77,423 iStar Financial, Inc. (a)..... 15,922 35,506 JER Investors Trust, Inc. (a)......................... 2,993 2,783 Kilroy Realty Corp. (a)....... 4,117 137,755 Kite Realty Group Trust (a)... 4,203 23,369 LaSalle Hotel Properties (a).. 5,089 56,233 Lexington Realty Trust (a).... 9,456 47,280 LTC Properties, Inc. (a)...... 2,570 52,120 Maguire Properties, Inc. (a)(b)...................... 4,244 6,196 Medical Properties Trust, Inc. (a)......................... 8,319 52,493 MFA Mortgage Investments, Inc. (a)......................... 25,372 149,441 Mid-America Apartment Communities, Inc. .......... 3,397 126,233 National Health Investors, Inc. (a).................... 3,079 84,457 National Retail Properties, Inc. (a).................... 9,585 164,766 Nationwide Health Properties, Inc. (a).................... 12,215 350,815 Newcastle Investment Corp. (a)......................... 6,464 5,430 NorthStar Realty Finance Corp. (a)......................... 7,100 27,761 Omega Healthcare Investors, Inc. ....................... 10,042 160,371 Parkway Properties, Inc. (a).. 1,898 34,164 Pennsylvania Real Estate Investment Trust (a)........ 4,837 36,036 Post Properties, Inc. (a)..... 5,440 89,760 Potlatch Corp. (a)............ 4,895 127,319 PS Business Parks, Inc. ...... 1,846 82,442 RAIT Investment Trust (a)..... 7,496 19,490 Ramco-Gershenson Properties Trust (a)................... 2,272 14,041 Realty Income Corp. (a)....... 12,822 296,829 Redwood Trust, Inc. .......... 3,522 52,513 Saul Centers, Inc. ........... 1,402 55,379 Senior Housing Properties Trust (a)................... 13,968 250,307 Sovran Self Storage, Inc. .... 2,730 98,280 Strategic Hotels & Resorts, Inc. (a).................... 9,161 15,390 Sun Communities, Inc. (a)..... 2,034 28,476 Sunstone Hotel Investors, Inc. (a)......................... 5,860 36,273 U-Store-It Trust (a).......... 5,840 25,988
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Universal Health Realty Income Trust (a)................... 1,385 $ 45,580 Urstadt Biddle Properties (a)......................... 514 7,325 Urstadt Biddle Properties (Class A)................... 2,280 36,320 Washington Real Estate Investment Trust (a)........ 6,179 174,866 ------------ 6,497,322 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.7% Avatar Holdings, Inc. (a)(b).. 712 18,882 Forestar Real Estate Group, Inc. (a)(b)................. 3,991 37,994 Jones Lang LaSalle, Inc. (a).. 4,223 116,977 Meruelo Maddux Properties, Inc. (b).................... 4,856 6,022 The St. Joe Co. (a)(b)........ 11,258 273,795 ------------ 453,670 ------------ ROAD & RAIL -- 0.6% Amerco, Inc. (b).............. 697 24,067 Arkansas Best Corp. (a)....... 2,766 83,284 Avis Budget Group, Inc. (a)(b)...................... 12,807 8,965 Con-way, Inc. ................ 5,646 150,184 Werner Enterprises, Inc. (a).. 6,343 109,988 YRC Worldwide, Inc. (a)(b).... 7,132 20,469 ------------ 396,957 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.5% Actel Corp. (b)............... 3,210 37,621 Cohu, Inc. ................... 2,685 32,623 DSP Group, Inc. (a)(b)........ 2,695 21,614 Entegris, Inc. (a)(b)......... 14,281 31,275 Exar Corp. (a)(b)............. 4,470 29,815 Fairchild Semiconductor International, Inc. (a)(b).. 15,321 74,920 Lattice Semiconductor Corp. (a)(b)...................... 14,547 21,966 Standard Microsystems Corp. (a)(b)...................... 2,778 45,392 Veeco Instruments, Inc. (a)(b)...................... 3,590 22,761 ------------ 317,987 ------------ SOFTWARE -- 1.0% Compuware Corp. (a)(b)........ 30,269 204,316 Novell, Inc. (a)(b)........... 42,348 164,734 Renaissance Learning, Inc. ... 929 8,352 Sybase, Inc. (a)(b)........... 9,910 245,470 Take-Two Interactive Software, Inc. (a).................... 9,289 70,225 ------------ 693,097 ------------ SPECIALTY RETAIL -- 2.1% Asbury Automotive Group, Inc. ....................... 3,916 17,896 AutoNation, Inc. (b).......... 13,632 134,684 Barnes & Noble, Inc. (a)...... 4,686 70,290 Blockbuster, Inc. (Class A) (a)(b)...................... 21,715 27,361 Borders Group, Inc. (b)....... 5,835 2,334 Brown Shoe Co., Inc. (a)...... 5,349 45,306 Charlotte Russe Holding, Inc. (a)(b)...................... 2,682 17,406 Collective Brands, Inc. (a)(b)...................... 7,841 91,897 Foot Locker, Inc. (a)......... 19,383 142,271 Genesco, Inc. (a)(b).......... 2,374 40,168 Group 1 Automotive, Inc. (a).. 2,792 30,070 Jo-Ann Stores, Inc. (a)(b).... 3,068 47,523 OfficeMax, Inc. .............. 9,347 71,411 Penske Automotive Group, Inc. (a)......................... 5,068 38,922 Pier 1 Imports, Inc. (a)(b)... 9,913 3,668 RadioShack Corp. (a).......... 15,379 183,625 Rent-A-Center, Inc. (a)(b).... 8,245 145,524 Sally Beauty Holdings, Inc. (a)(b)...................... 10,394 59,142 Sonic Automotive, Inc. (Class A) (a)...................... 3,503 13,942 Stage Stores, Inc. ........... 4,638 38,264 Stein Mart, Inc. (a)(b)....... 2,702 3,053 Talbots, Inc. (a)............. 2,810 6,716 The Buckle, Inc. (a).......... 2,957 64,522 The Cato Corp. (Class A)...... 3,387 51,144 The Pep Boys -- Manny, Moe & Jack (a).................... 5,514 22,773 Zale Corp. (a)(b)............. 2,701 8,994 ------------ 1,378,906 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 1.2% Columbia Sportswear Co. (a)... 1,863 65,894 Hanesbrands, Inc. (a)(b)...... 11,668 148,767 Jones Apparel Group, Inc. (a)......................... 10,383 60,844 Kenneth Cole Productions, Inc. (Class A) (a)............... 995 7,045 Liz Claiborne, Inc. (a)....... 11,594 30,144 Movado Group, Inc. (a)........ 2,293 21,531 Oxford Industries, Inc. (a)... 1,719 15,076 Phillips-Van Heusen Corp. .... 6,411 129,054 Skechers USA, Inc. (a)(b)..... 4,006 51,357 The Timberland Co. (Class A) (b)......................... 5,787 66,840 UniFirst Corp. (a)............ 1,720 51,067 Wolverine World Wide, Inc. (a)......................... 6,107 128,491 ------------ 776,110 ------------ THRIFTS & MORTGAGE FINANCE -- 2.5% Anchor Bancorp Wisconsin, Inc. ....................... 2,320 6,403 Astoria Financial Corp. ...... 10,805 178,066 Bank Mutual Corp. (a)......... 6,096 70,348 Brookline Bancorp, Inc. (a)... 7,331 78,075 Capitol Federal Financial (a)......................... 2,568 117,101 Clifton Savings Bancorp, Inc. (a)......................... 1,348 15,987 Corus Bankshares, Inc. (a).... 3,163 3,511 Dime Community Bancshares (a)......................... 3,818 50,779 Doral Financial Corp. (a)(b).. 538 4,035 Fannie Mae (a)................ 131,610 100,024 First Financial Holdings, Inc. (a)......................... 1,482 29,996 First Niagara Financial Group, Inc. (a).................... 14,528 234,918 First Place Financial Corp. (a)......................... 1,950 7,468 Flagstar Bancorp, Inc. (a)(b)...................... 7,051 5,006 Flushing Financial Corp. (a).. 2,461 29,434 Freddie Mac (a)............... 81,114 59,213 Guaranty Financial Group, Inc. (a)(b)...................... 8,016 20,922 Kearny Financial Corp. (a).... 2,661 34,061 MGIC Investment Corp. (a)..... 15,027 52,294 Northwest Bancorp, Inc. (a)... 2,463 52,659 Provident Financial Services, Inc. ....................... 6,940 106,182 Provident New York Bancorp (a)......................... 4,666 57,858 Radian Group, Inc. (a)........ 9,863 36,296 Roma Financial Corp. (a)...... 996 12,540 The PMI Group, Inc. (a)....... 9,961 19,424 TrustCo Bank Corp. NY (a)..... 9,437 89,746 Washington Federal, Inc. (a).. 10,740 160,670 WSFS Financial Corp. (a)...... 762 36,568 ------------ 1,669,584 ------------
See accompanying notes to financial statements. SPDR DJ WILSHIRE SMALL CAP VALUE ETF SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- TOBACCO -- 0.3% Alliance One International, Inc. (b).................... 11,163 $ 32,819 Universal Corp. (a)........... 3,173 94,778 Vector Group, Ltd. (a)........ 4,636 63,142 ------------ 190,739 ------------ TRADING COMPANIES & DISTRIBUTORS -- 0.8% Aircastle, Ltd. (a)........... 5,356 25,602 Applied Industrial Technologies, Inc. (a)...... 4,789 90,608 GATX Corp. (a)................ 5,286 163,707 Kaman Corp. (Class A)......... 3,141 56,946 Lawson Products, Inc. (a)..... 533 12,179 Textainer Group Holdings, Ltd. (a)......................... 2,189 23,203 United Rentals, Inc. (a)(b)... 6,279 57,265 Watsco, Inc. (a).............. 2,992 114,893 ------------ 544,403 ------------ TRANSPORTATION INFRASTRUCTURE -- 0.0% (c) Macquarie Infrastructure Co. LLC (a)..................... 5,551 20,927 ------------ WATER UTILITIES -- 0.8% American States Water Co. (a)......................... 2,085 68,763 Aqua America, Inc. (a)........ 16,398 337,635 California Water Service Group....................... 2,324 107,903 SJW Corp. (a)................. 1,577 47,216 ------------ 561,517 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.1% TerreStar Corp. (a)(b)........ 10,668 4,267 USA Mobility, Inc. (a)(b)..... 2,862 33,114 ------------ 37,381 ------------ TOTAL COMMON STOCKS -- (Cost $108,627,174)......... 65,841,276 ------------ SHORT TERM INVESTMENTS -- 26.6% MONEY MARKET FUNDS -- 26.6% State Street Navigator Securities Lending prime Portfolio (d)(e)............ 16,940,317 16,940,317 STIC Prime Portfolio.......... 615,434 615,434 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $17,555,751).......... 17,555,751 ------------ TOTAL INVESTMENTS -- 126.2% (Cost $126,182,925)......... 83,397,027 OTHER ASSETS AND LIABILITIES -- (26.2)%...... (17,337,134) ------------ NET ASSETS -- 100.0%.......... $ 66,059,893 ============
(a) Security, or portion thereof, was on loan at December 31, 2008. (b) Non-income producing security. (c) Amount represents less than 0.05% of net assets. (d) Investments of cash collateral for securities loaned. (e) Affiliated Fund managed by SSgA Funds Management, Inc. See accompanying notes to financial statements. 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 20, 2009 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 20, 2009 By: /s/ Gary L. French ------------------------------------ Gary L. French Treasurer and Principal Financial Officer Date: February 20, 2009 EX-99.CERT 2 b73723a1exv99wcert.txt CERTIFICATION OF PEO AND 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 20, 2009 /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 20, 2009 /s/ Gary L. French ------------------ Gary L. French Treasurer and Principal Financial Officer EX-99.906.CERT 3 b73723a1exv99w906wcert.txt SECTION 906 CERTIFICATION OF PEO AND PFO 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 20, 2009 By: /s/ Gary L. French ----------------------------------- Gary L. French Treasurer and Principal Financial Officer Date: February 20, 2009 -----END PRIVACY-ENHANCED MESSAGE-----